The sun., 1894-11-04
THE CoMMERCIaL Alliance.
Its AGair- in had shape william n
WINS Gives Up the Receivershtp.

| William III. Willis, who was appointed receiver
| OF the Commercial Alliance Life Insurance Com
pany on Oct. 30 last after strong objections to a
| receivership made by officers OF the company,
! petitioned Justice Barrett Of the Supreme Court
| yesterday to be permitted to lay down the trust
owing to the meagrc assets, the several years Of
| work which II will probably take to straghten
! out the company's tangled airairs,nnd the condi-
tlon of the health Of Mr. Willis. MIR. Willis had
| given a bond of S5O.OOO and then made tho in
quiry which, It is said, shows a deplorable state
| of affairs.
| When the Attorney General moved early last
! October for the appointment Of a receiver IL was
| declared by counsel for the company. backed up
by afdavts of its officers that an injustice had
been done the company in impeachng its
solvcncy, as IL was then, 1t was declared, one Of
the strongest insurance companies in the world.
Tho Attorncy-Gc moved on n report of the
Superintendent of Insurance. made last August,
which showed that tho companys liabilities
were then s35O,jl?, and its assets S273,3o6.
When the matter first came up in court It was
declared that the alleged deficiency had been
much more than made up by mortgages which
the company lad secured. but which the At
torncy -,iencrn declared were OF doubtful value
owing to questions OF title to the property. Tho
Attorncy-Gcncral contcndcd that tho delay
which the company secured had for its purpose
the collection OF premiums from the policy
holders which were about to mature.
In moving for the release OF Mr.. Willis from
the trust, Lawyer Henry u. lIotchkiss. his
counsel. said that 1t looked if there might
not be enough assets TO ray for the ndministra-
tion of the trust. Aside from the 100000 de-
posted with the Insurance Department as "a
prerequisite to doing business. required by
law, and which may he distributed from that
department. the receiver could find less than
$4,000 in cash; three pieces Of property two
Of which are abandoned factory sites in
other states of doubtful value; property at
Washington. the title Of ihe company to which
is in litigation. and claims nf perhaps 81. 900
against u number at agents IN GiN"rcnt States,
In some Instances ut diiCult collection. He said
that about $4,000 in claims have already been
nled against the company in different states,
nnd more are coming IA. II would be- necessary,
he tE.d, 20 have Incillary receivers appointed in
different states. ANA IL would probably take
years to CLOSE up the affair Gf the concern.
Deputy Attorney -jicurral Clarence W. Fran
els consented TO ;hC motion. Ju 1tcc barrett said
that hc would grant the motion. and that 1t
might he q difficult matter TO grt another COM
prtcnt receiver To take charge OF the company
owing to the condition IL which /; appeared to
be. lie added:
THE case looks suspicious. TO say tho least
Let the papers used by the officers of the COM
pany in opposing the motion for u receiver be
scaled and placed in the hands Of the County
Clerk for safe keeping. so that II on uhseQuent
examination 1t should appear that perjury has
been committed the matter may be placed be-
The officers Of the company. which did busi-
ness in this city nt 253 Broadway. were f.. \. |
Dunham, President, and Allison w. Trafford, |
Treasurer. Its capital was 100000.