New-York tribune., 1885-01-15
I,NpROFTTABLE INSURANCE.
r,,r FRANKLIN COMPANY TO DISSOLVE.

THE FRANKLIN COMfANi ~ Oi''
AFTER FROM SUPERINTENDENT McALL-
NEW COMPANY TO BE FORMED.
r.o,llin and Emporium Fire insurance Com
lho coma ont of existence, and. according 10
ppas;dent. pan George Alger, it will rise from i.S
10 =, obout two weeks. A company under 'his
asio' orcanzcd in 1873. In 1879 it was merged
t.io W. rranklin Fire Insurance Company IL was
INV i.a "a IN insurance circles yesterday upon 'he
of men whose statements generally carry
a,;on with them that the AFFAIRS OF the coiii
,v.re not in such prosperous CONDITION as 'he
paiS 90 ;ts officers seemed to indicate FRAN
e."' n1,.,or presiient Of the Broadway BANK, Is
uo-r,on of the Executive Committee OF the 'lsui,
~ 'D".,o o,mnany Mr. Palmer was on the poiht VI
";no bis office yesterday when TRIBUNE re-
ter asked him for information regafuius '"o
iona;,;on of the insurance company. Ills huiiy
.os NOT apoarenty lessened by the question ana ne
'ant;nred on his way till he reached the sidewalk
and looked up and down Broadway IN es ses'TH bried
cao cn, ~ ba Nas induced to say: The company IN
upJs - recorgauze that is all. Some oil the stock
bolde,s were dissatisfied and we are going W KY KY
% nuiu. 3or thejr stock and let them get OUT. MI.
Wheeler is sci for the company and can tell you
all about IT. wbs.,er said: "The trouble if trouble
Eaer1 es called was caused by few shareholders
~ Nth td whom il was impossible to, get along; i9ey
,are old shareholders of the fTanKlin. No,n1nt nIt
wonld please them. They had only forty shsIes G
Tt,ra fbonsand but according to recent decision
man who owns fraction OF snare can lihHo MA .
complaint and bring sGit suSet as %e psrsena ns suits
ovSst Mr. Palmer and Mr.. Ager. Mr.. Palmer won
before the General Term and Mr. Aiger was given III,
new trial The company d Is M all @ rgh' anu COMMITTEES S
;ts shareholders about 13O per cent. eVin'"''S0
was anpointed to-day to reorganlze.
was aVe Won heard the rurner that the company is
financially embarrasedT asked the reP99r'eI;N W. .,a
Nr. Wheeler looked surprised and SAID: NO, ana
there isn't word of truth III 1t. 1t is absolutely
without foundation went over sno 0on Se'i
and the company has surplus ol was foupd
at his office In answer TO uumber OF questions
he said: Tho company has dissolved anu o VIII DC
Ieorganzed as TIE Emporium M 1nroncn rnro WcCnlI
was told in September that the amaIs Oh tne H9r
pany weren't legally conducted Inc company uun
care TO go to law about IT ana oeoaeI h;cb ~ the
charge was based is ths Mr.. Palmer, chairman OF I
the Executive Committee, made cail loan az
per cent Of 10000 to 2Osephb the W. CONSENT Of the
company 1t was irregular, but the company losU
nothing by it, That is the only ground IneIe Is
for any ru nor of financial trouble. committees
Consisting of Francis A. Palmer, Charles Cnrtiss,
Francis Z. Fernald, Hudson HoaGland, refer Cuin-
ming and George l.. Whitman, was appointed to
day to see that the risks of the COMPANY are rem
smred in new companies TO the satisfaction OF the
Insurance Commissioner, the Board OF directors
and the pollcyhoders. After the IisSs are rem EN-
sured and the liabilities cared Tor, the snare
holders viii receive 1921 or 133. The closing Of
the company will cost less in this way than IL ~
went into the hands of receiver. Since 1873 the
company has paid on ITS stock, $1,000 dividends
10 the amount of $216,000 Its gross assets are
$S22762 40: The liabilities are S5s415 o. me d,e,
Emporium Fire Insurance Company VIII DC reduy
to write risks in about two weeks
II was learned lastevening that special meeting
of the cOmpany's directors held yesterday TO
consider the following letter from the State super
mteRdent of Insurance:
INSURANCE DEPAR7MENT
ALBANY Jan. II. 1883. )
l,r GEO ALGER. President Franklin and Emporium ms
Co. o37 BroadlCoy, Nclo- York city ,--.,..
DEAR SIR: Ihave to notify you tnat my ehaniihlllon
of your affairs made last week ia NewIork City s com
The surplus shown by you in your annual statement
fer December 81, 1884, Is substantially correct am "a. ~
said statment but the United states bonus reI0rIr -
owned absolutely by you are NOT IN your any
The ca sh has been increased ny the amount W
Tho market value said securities IL does not seem 10
be repeat in ths cltei tho
tha. have expressed TO y9ur sehen Nii anagement
Of your company. From the assurances M g ~ my W Si
ar your Office am convinced that there VIII De no dy
IN the adoption of resolution DH your iii ept ,e
from being compelled TO invoke the ald or Inc AltOrey
General In procuring dissolution of your company ia
jt will save YOU the expense or recelNefsnll WHO y
saving will inuTe the beneft of your stockholdcrS
have 30 fully and explicitly stated TO You e particular
for this request OF Ioine tt your %
be fully Informed through you OF the reasons lof the ue
mand. ~ , III. T. ,,u ,t0
par value Of the outstanding stock liability after proNu
Ing for all liabilities to polcyhOlders
Asking be informed OF the result or The meeting OF
your directors, be held on Wednesday, am respect
fully YOURS JOHN A. MCCALL, jr, superintendent
Tn accordance with this request the directors
resolved TO cease to transact new business and a
committee was appointed TO consider plan of clos
ing up