New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-11-24
WORKING AT THE WRECK.
Trying; TO PUT THE CASUALTY COMPANY
IN SHAPE FOR THE RECEIVERS.
.,,,, e,.prp1vrrxpENT OF INSURANCE IN
CHARGE OF THE oFfiCE-oNLi
AVAILABLE AssET-JUDGMENTs
AGAINST THE INSTITUTION.

an =
AGAINST THE INSTITUTION.
clerks were busy yesterday at the oftces Oh 'ne
.a.,o,r casualty and Security Insurance com
"n'e. ~.aara,orv IN turning the offices over 10
p' oa,vers The Superintendent OF ihs"'
80. Jomes f. Pierce and his deputy M'o""
ena,ron were in charge Of the ONCE "e"e'a'
eIocunn who tried so hard to save the coinp""'
t,o downfall was tired out and renaiheu a' MN"
-, Mr. Pierce received word from Baltimore
~ ,,o commitment Of Edward Austen and ue Me'-
ropolitan Trust Company OF Baltimore aS NJ
- ~ the company for Maryland. John W. NO.
80 Tho Deputy Attorney-General was IN cohsu'-
,,.ion with Mr.. Pierce until late on "euiieS,''
ui,at and ne is expected to ask at Albany 'o-u"'
Gov the appointment Of an ancillary receiver IN ''
state He has with him full data regarding '"e
affairs OF the company. ,,
-, ,ha Superintendent of Insurance first looked
,. .be failure OF the company he was Of opinion
,,, the $4,000 which had been deposited WIN MN
a. secure policy holders was to cover the Po'0'
,,,r,,ten in this State alone. Yesterday, al'ei nv
CAREFUL study OF the law Mr.. Pierce Determined '
The deposit was general one. covering any iiH"'
,,,,ch may have been taken throughout ne eh'"e
country There IL deposit, however. *cV' ~
-. ,o,icv holders OF this amount $2JO,oW Is IN
en- hands OF the Superintendent of Insurance vi
this State $4,000 with the Insurance Depar
y, MARYLAND and $4,000 with the Insurance depart
ment OF Virginia. This amount of money ~VV"V'
Ia practically the only visible asset '"e 'o''f"''
has. - -,
The only asset which the company mas De-
aide the money deposited with the insur-
arce department Of the three States Is 'he
good will and plant. Insurance HE" 'aii-
not yet understand why the company shouiu
have gone under, even with the enormous
number of suits against it by railroads. IN
1892 risks were taken aggregdting so''vuVV0'
on these premiums were paid amounting 10 S-'''''-
OoO According TO the last statement maze 10 'ne
Insurance Department of this state tne LOSSES III
1892 amounted 10 about S3j00OO. and under orunai!
conditions there should be large fund IN manu-
10 meet losses One Of the best Indications OF the
value of the plant. which has been almost ue-
sroved is the amount of business done last month";
while there was still a cloud hanging over the
company. In that month over $4,000 was taken
IN in premiums OF which $1,000 was collected IN
Judge Beach Of the Supreme Court, yesterday
issued three attachments against the properly III
this State of the American Casualty insurance
ard security COMPANY of No Al Pine-st one was
in a suit brought by Geraldine l." Hoyt as tru rue
under the will of Lydig Hoyt, 10 recover sioo LOT
the rent of the sixth, seventh and eighth floors
Of the building No. "A Pine-st. The company mas
a lease for three years from May, lsS2, at a yearly
rental of No,0u =, -. s.o,,~.. l..
The other attachment was In suit brought by
Frank II Connolly, the assignee or a claim Tor
a. go on a nolicy Of Insurance. held by the Potts
VILE Iron and steel Company anu the Io''s'hie
Bridge Company . -
The Fidelity Title and Deposit Company secured
an attachment upon claim for $5,i2l % on Il bond
given as security