New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-06-15
A CHANGE OF MEN WANTED
PETITION PRESENTED TO THE ATTOR-
NEY-GENERAL REGARDING THE
MUTUAL FIRE 1NsUR-
ANCE COMPANY,

Applfcation was made on Saturday last to the
Attorney General Of this State. at the instance Oh
+. g. Armstrong. the former president anu or
ganizer of the Mutual Fire Insurance company
through his counsel Messrs. Burnett, stayton
Hagen for the removal Of the officers trustees
and inspectors Of election Of that company TOT
n alfeasance In Office and the Attorney General mas
set the hour Of 10 o'clock on Thursday for hear
ing on the application.
Mr. Armstrong IN his petition alleges:
6rInS t tne e c1eS ~ s eers as
company. which Is not permitted ny '"' -
second~Tha, the laws Of this State prescribe
standard policy to be used by all companies an,
% /" Tsa SIs"s 81 ans'T law s
and has been Issuing for eighteen m0n.n5 H. p pav
FORM q PEsy n ns ocer n0'
statement the Insurance Departmeent Oh
they overestmate the value Of the companys, Sc &c,
cures and underrae It's liabilities Inc and in
the allegation are given at great 'e"s'" ""' "
minute detail In the petition. ,,,o. ,as con
Fourth-That the last annual election was COM
Sac;ed v as scush n is ae IT
that they permitted the bearing rsee ,be
,S yste who are the
the company. from voting which ~ IL c'"''"e' ;"
Fifth|That they Illegally expended during NJ c6 the
last eighteen months large sum OF money IN . took
company. to which end over 100000 was msapp'o-
prlated. $500, -. ,,,o-.s, q, n per
cent has been paid to the INTEREST," bearing receiV
holders which has subjeS,sd, the s and that
the money SO Illegally paid has come directly out
pockets Of the sGphSldinrs msc recss be
Cancelled outright under the Usury law ., no
the GTsTs and deceptive
Statements as prohibited by Sections ~ ana 70
Of the insurance Jaws of this State
II Is understood that this suit has been oroush'
as a last resort to compel absolute compliance WIN
the Insurance laws Of the State.
both General Burnett and w. ii. Stayton OF
counsel for the petition. were disinclined 10 as
cuss last night the action begun against the COM
pany but Mr. Armstrong himself was seen Dy
Tribune reporter and he criticised freeiy the pres
ent management Of the Mutual Fire Insurance
Company. Mr.. Armstrong explained at the outset
that the company had been organized as mu'uai
company and been so continued until the present
trustees began the violation OF the charter coih-
The trustees even applied to the Legislature
continued Mr. Armstrong. through pr cE nnn,'
pany. but through my efforts the Pill was deo
fea ted My reason for opposing any cnangc IN s,e
when it was conducted as a mutual company IL
made more money than any other nc, com nss
household word for strength honesty and integrity.
But It has lost rs mutual charac'er , py ret
has has not friend left in the fra ternity would
plead guilty to charge OF hayns persona ln,eF
would never have been drawn into opposition with
the existing management had those comprising IL
acted up to the pledges they signed when going
into office. that they would conduct the company
IN the mutual plan as was originally intended !
represent the policy holders OF the company Wno
have stood loyal to that mutual idea from hrs' "
last -, -. a,,,o, ., ,,a
company, / may point out that left 5000 in the
busipess invested in the scrip OF the company, put
owing to the misnana cement OF which complain ~,
n has been all practically absorbed. Moreover. py
Illegally wing the bearing receipt holders
out the pockets Of the scrip ds n p.c1in ha
hee, wiped out of existence. To be exact. the
scrip worth at one time $4,000 is now worm aoV so
1000 and II the company is allowed TO go on lot
sno,her sly months as now conducted Inc scrip VIII
not be worth the paper 1t Is written upon =,
Emil Calman and Charles Dittman, members OF
the BOARD OF Trustees Of the company. were also
seen last night but they refused 20 discuss the case
They referred the reporter TO Rudolph A Loswen.
thai the president OF the company, but ne coud not