Morning journal and courier., 1886-09-20
In the matter of the sale O.

the Insurance building.
 John w. Stedman, insurance commissioner,
 vs. The American National Life and Trust
 company.
 To the honorable, the Superior court of New
 Haven county, Connecticut.
 The petition, protest and remonstrance of Benjamin Moves, of the city and State of New York for himself and for others alike situated in different States, against the sale of the property known as the Insurance building, in New Haven, Ct., by Talcott H. Russell, acting as receiver of the American National Life and Trust company. as adver- tised by said Russell, on the Sth day of Sep tember, 1886, without reserve, to the highest bidder, and among other reasons, for the fol- lowing:
 1. That the advertisements of said Russell, of said sale, are not fortified by incorporat ing therein all order of court showing to the public that the Superior any other court had ordered said receiver to sell said proper ty; and, therefore, far as appears by said advertisements, said receiver is acting with out authority; and void, there being no such suit pending, 50 far as relates to the terms of sale, this honorable court had issued no order or decree regulating or prescribing any terms and conditions to regulate the sale and purchase of said property, when said re- ceiver published said advertisements.
 3. That said Russell, in seeking of said court for authority to sell said property at auction, addressed said court in the manner following:
 John w. Stedman vs. The American Ma
 tional Life and Trust Go.
 When no such case or action was pending in said Superior court. That said John w. Stedman is a mere individual and has no case pending in said court against the American National Life and Trust company nor against either of the four other life insur- ance companies, to wit: Ths American Mu- tual, the Hartford Life and Health, the Ma tional of New York, etc., whose legal policy holders had, and have, lien on said Insur- ance building property; and said policy holders have not had an opportunity of being heard in court as to whether they would, at this time, exchange their said liens upon said building for such a petty sum az said building would bring now under sale as by receiver of saij American National Life and Trust company, which company in the year 1877, as appears by the land records of the town of New Haven, Ct., conveyed said property to another life insurance com pany by proper deed of conveyance (which was duly recorded) as part of the consider ation to the Washington company for full reinsurance; which said transaction was du- ly communicated to their policy-holders by circular on the 9th day Of June, 1877, and was also communicated to the insurance department of Connecticut and by said insurance department was com munieated to the legislature at it's annual session in 1877, and said report was accepted
 
 wound up, every loss was paid and said com pany went out of existence and disappeared from the list of Connecticut life insurance companies, and it's policy y-holders ratified the transaction by paying their premiums to said company's successor.
 3. That said Insurance building was paid for in cash during it's constrution out of the premiums which had been paid to the Amer ican Mutual Life Insurance company, which company had reinsured the Hartford Life and Health Insurance company, and not one dol lar was ever borrowed upon it; consequently said building is not now burdened and never has been by any debt for borrowed money.
 4. That no proceeding under the aforesaid application of said Russell, receiver, to wit, "John w. Stedman vs. Americ an National Life and Trust company" and no order of court under such entitled application, can reach or affect or control the sale of said Insurance building, ,inasmuch as hereinbefore stated no such action is pending in said Su. perior court, and it has never been determin- ed by court of last resort what portion or percentage if any of the said Insurance building is the property of the American Ma tional Life and Trust company, which company went out of existence and parted with it's assets long before said Russell was appointed receiver and nev- CT has revived it's existence or possess any assets.
 5. That in view of these facts, and they are well understood for the most part by the insurance companies of other States whose local interests in New England lead them to desire to become owners of fine buildings for department head centers, as they do now in western and southern cities your rela- tor is informed, and therefore believes and ayers, that at the present time, under pres ent facts and circumstances, they will not make any bid now, and therefore no attempt should be made to sell an undefined and un- certain interest, if any interest at all, of said American National Life and Trust company; and no adequate price would be bid by resi- dents of New Haven more than what could be afforded for legal venture, the which would be regarded by the real owners as an unlaw- ful taking of their property and would be pursued to the end, that any purchaser or purchasers would be busted by suit of eject ,,nans..,df mens if psrchanes a:s they should get price of mere venture, for it is well known principle of law that "the exercise of powers and jurisdiction does not establish the right to exercise either"
 6. That your petitioner prays that what ever order the said Superior court has issued in the premises may be recalled, and that said building may remain as it is until at some early day, the cloud over it's title and ownership may be cleared away and the property restored to it's true owners and proper value; after which it could be sold and title could be given which would justi- fly the payment of fair price and ensure peaceful possession.
 All of which is respectfully submitted.
 Dated at New Haven, Conn, this 18th day l of September, 1886. BENJAMIN NoYEs,
 Attorney for himself, holding claims on l said building, and in behalf of others alike | situated.
 The warm weather often has depressing |