New-York tribune., 1893-12-02
NO RECEIVER ASKED FOR.
POSITIVE DENIALS THAT THE ASSURANCE
LLOYDS Is IN SERIOUS TROUBLE.


CIuTIEs OF ITS AGENTS, BEECHEH. scHENCK
Co.-AN ATTACHMENT FOR $4,000
AGAINST THE LAsT-NAMED
CORPORATION.
The Supreme Court has issued an attachmeh'
for $4,000 in favor Of the Southern National Bank
aro,n., tho nronerty OF Beecher Schenck & Co.
The firm was the agent for the American Casualty
Insurance and Security Company and also Tor the
Assurance Ioyds of America. Rumors nave pec'
afoat that a receiver for the Assurance Loyns
would be asked for.
John r. Abney attorney for the bank eNpia'ne"
the attachment as follows: "The attachmeht was
issued on a note for $500 which came due severai
davs ago and has not been met. 1t is issued against
Reecher Schenck & Co as a corporation, not as d
firm"
Colonel Beecher OF the firm OF Beecher "chenoN
e. Co.. denied that application had been hiau' io'
receivers for the Assurance Lloyds. Inc STORY l.
without foundation" he said. II have before no"
refrained from making any statement IN connec-
tion with our affairs but / will say just this'
we began writing policies January last, ana TAX
ing the business from that time as Il OASIS we WIN
not hesitate 70 challenge comparison Win 'he o7'
of the stock companies
] W. Taylor treasurer Of the Assurance hos"'
and a member of the firm OF Beecher, Schehck
CO.. said
"All talk about an examination OF the poon'
having revealed a bad condition OF affairs Is shee'
nonsense The books have never been gone o'e'
nv exparts II would necessitatc the examination
~ o. (oo nolcies President John \. Mccall, OF the
Ncvyork Life Insurance Company, had his ex-
mort ur Whiting make a cursory examination 10
satisfy his own purposes The company starteu
with sin, coo carital At this time it has s6-'0"
In six different institutions They are the southern
National Bank and tho United States ana 81 Nlcuo-
las BANKS of this city, IN" fr"p-' s l!ua, "a % nn
many of Brooklyn, the Mercantile lrNsi anu anu s
,inr,l Vnrk Of cleveland. The preSlhcntS OF tH'Hs
institutions constitute the Finance C"mmitt'e oi
the Assurance I.loyds Company ~. ,,,, ri,o
John A. Mccall. president OF the NV i"'N Inv
Insurance Company. said: ... o.,o,,,ro,io,
''Yes II IS tr''e that moved Tor an eNahlnai' ~
of tin. books Permission was obtniheh 10 odai ~
" - Whiting, and a special meeting was V',h'u
=, rocciv, his report THIS eNamlnitloh sho""u a"
Impairment Of capital OF $3.50" down 10 sep
IL was SHOWN. however. that the earnings tor
October and November would reduce TINS I'm
pairrnent by something like 5000" II IL no. uu9 ui
that application has been made Tor receiver; ','I
I know OF no movement in thGt direction beng
r. entnn,l,tcd ! can eoc 10 way in which the ann
cultlrs Of l,eccher. ScHen"H q Co can hhect we
banks the presidents 81 which compose IN. ~ ~.
nance Committee. Mr. Whiting reports that tncse
presidents have certified to him that they nave
the funds in their pos;c'son , a.. ,o,.a.
.Whil. the situation f. bad enough the LioydS
have done no worse than other insurance COM
'"n.echer Sshenck a. Co deny that any impair
mcnt existed because the Iloyds arc 80 organized
tha, they are not under the State insurance Jaws
tained that whether the law demanded II or nor
common seiise did AMI therefore | Boy the capital
IA tie special m,etinr Rcccher Schenck & co.
offered their resignation aeen.s. which was ac-
rruted To take effect December -. when the an
nudl meeting l. held