The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-02-09
NO PAY FOR "A RECEIVER
MIR. TEETER'S INSURANCE COMPANY,
WHICH HAD DUT $I4 ASSETS.
Court Records Not Made Public-Expe-
rience of Lawyers in Prosecuting
Their Clients Claims.

The record I'm the Circuit Court of the ap-
pontment Of a receiver for the Union Fire
Insurance Company with sl4 assets and
$1,000 liabilities) simply shows that the
petition was fled Jan. IA and that the same
day Henry l.. Smith was appointed re-
ceiver. The officers of the court claim
there was nothing whatever out of the or
binary routine in the proceedings, although
they were kept off the public record given
TO the newspapers The company was rep
resented and made no defense to the appli-
cation for a receiver. Judge Allen said
yesterday that he distinctly remembered
one feature of the case. The attorneys
had agreed on Henry l.. Smith for receiver
and suggested that he be appointed. 1t had
already been stated that the company had
no assets. Judge Allen remarked that Mr..
Smith was a friend of his and he did not
care to appoint him receiver of a company
that had no assets and no means of paying
for the services of receiver, unless it was
Mr.. Smiths desire to be appointed. Upon
being assured that Mr.. Smith had been
consulted and was willing to take the
thankless and unremunerative position, he
was appointed.
The entry docket in the clerks office
shows that the case was received and hled
Jan. IA, and that the summons was made
returnable Jan. %, which would have made
waived this time and appeared the day the
application was filed.
Henry H. Hornbrook, of the firm of Dun
can, Smith * Hornbrook who brought the
suit for the appointment of a receiver for
the Union Fire Insurance Company. was
seen yesterday in regard to the matter. Mr.
Hornbrook said there had been nothing ir-
regular about the proceedings and no at
TO keep the facts from the newspapers.
Said he:
For some time / have had claim
against the Union Fire Insurance Com
pany. my clients being the Eicken-Weil
Packing Company, of Evansville. The
claim was for only $500. and was ar unpaid
Company. kept putting me off with prom
Uses TO pay and talk of reorganization.
finally grew tired of having it hang on
| so long, and brought suit for the appoint
ment of a receiver. There are other law
| yers here who have claims against the
| company. Mccullough d Spaan have one
| for $3.50, Fred Joss has one OF $3.50 and Rit-
| ter * Baker one of S400. l understand the
| liabilities are about S11.O0 or $1,000, and |
| suppose the Journals statement of the as
| sets, Sl4 is about correct 1ney may have
| some Claims against their agents, but these
can hardly be called assets. | believe about
1900 of the liabilities is unearned pre-
| miums, but the rest is unpaid fire losses"
john A. Finch also has a small claim
against the defunct company for client in
| been put off by Mr.. Teter's promises OF
reorganization, land now said he. the
way lie reOrSdnlZeS Is TO into the hands
| of = receiver and sell his charter to Mr..
| Coffin"
Mr.. Finch was warm in his condemna-
| ton of the methods of the special charter
| companies, of which the Union Fire In
| surance Company was one. Said he: 1.-The
people of Indiana have become debauched
by bad insurance laws and seem to have
| no idea of how 10 protect Themselves The
Union Company is only more in the
| list of the old charter companies which be-
come inSovent. go into the hands of a re-
/ ceiver and then sell the old charter. With
the old charter a new company is organized
| md things go on as before. / don't know
| newly acquired charter, but / suppose he
| Is trying 10 organize another company"
Mr.. Finch said he had been since 1873 try
| ing to secure some decent insurance legis-
| lation I'm Indiana. but for some reason his
bills have failed each year in one house or
| of which he is the author. are before the
| Legislature. Mr.. Finch does not claim that
| the bills are perfect, only that they will
| be an Improvement on the present laws
| He said yesterday he had recently consent
| ed 10 an amendment to his bills suggested
| so much lately in the millers' companies
| The amendment makes it possible for "A
company to operate under any charter ever
| granted. so that the charter of the Union
Company and others like it will still be
| valid Mr.. Finch said he consented to the
4 order to remove opposition to his bill other
| parts of which he thinks are more i'm
1 portant. He expressed himself yesterday
1 as strongly in favor of some legislation
which will render imperative all charters
1 OF companies not now doing business under
| them. This would knock out the Union
| Fire Insurance Company and others in the
| State like it,