New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-09-16
THE HANOVER NOT FOR SALE.
DIRECTORS TO RESIST BROKERS' ATTEMPT

DIRECTORS TO RESIST BROKERS' ATTEMPT
TO SECURE CONTROLLING INTEREST.
One Of the most important meetings held recent
y OF directors OF nre-nsurance company was
yesterdays meeting OF the Board OF the Hanover
Fire Insurance Company The occasion was tho
monthly meeting but question which vitality
affected the company was at stake.
1t has been rumored in insurance circles for some
time that Price Mccormick & Co.. the well-known
firm Of bankers and brokers. OF No. Y Broadway.
has been attempting to obtain a controlling inter-
est In the Hanover company. On Wednesday Price.
Mccormick & Co. sent TO the stockholders OF the
company eight-page circulars offering to buy the
stock at a higher price than that at which 1t Is
quoted on the market. II was supposed that the
object Of the brokerage firm TO wind up the
affairs Of the company and to start trust COM
pany II was also said that the object was to sell
the charter of the company. reinsuring the risks
carried by the Hanover In some other company.
Whatever may have been the motive for the offer
OF Price. Mccormick & Co.. their attempt 10 secure
control has been unsuccessful. At the meeting OF
the directors OF the Hanover company yesterday
afternoon the following preamble and resolutions
were unanimously adopted:
Whereas II having come to the notice OF the off,
GERS of this company that certain not here
tofore interested in its welfare, or who have OBJ
tanned small interest within short time, are
about to or have approached the stockholders for
and
Whereas, The attention Of the Committee on FL
nance ana Accounts having been caHed 10 the mat
ter IT directed that circular should be sent TO
each stakeholder the signature Of the officers,
advising them OF the fact. and that in its Judgment
any such movement not In the interest OF the
company and that reason existed for change
In the management; and
Whereas Two circular letters have recently been
brought to our attention bearing the printed sig.
nature Of Price. Mccormick & Co, and addressed
to "a stakeholder Of record in the Hanover Fire
Insurance Company" in of which II 10 as
serted in the following words: This company tine
Hanover Trust Company we propose to organize
under the auspices and with the assistance OF your
present directors, therefore, be II
Resolved. That the action taken by the 0ff1cers
and the Committee Finance and Accounts has
rectors at regular meeting held this day. take
this occasion to entirely dsapprove any attempt
which shall have for its object the securing con-
troll Of this company's stock. either for the pur-
pose OF reinsurng. closing up. or for any other
purpose than the prosecution OF the business for
which II was created
sought be conveyed in the aforesaid circular let
ter Of Price Mccormick & Co., that a Board
OF Directors or as individual members thereof. we
are Interested in. or that we have rendered or will
render any assistance to the plan or scheme set
forth in said letter.
Resolved. That the results Of the company's bua-
aeement have been profitable and satisfactory dts
surplus having increased from $4,000 on January ].
1898. and that the officers have our fullest conn.,
dence and shall continue TO have most cordial
support
Resolved, That the Who'll. subject relative to the
attempt Of Price Mccormick g. Co. to obtain con-
power take such action through our attorneys.
Parsons. Shepard e. ogden. may be deemed wise
to protect the business OF the company and It's
CHARLES L. ROE. Secretary President
The members OF the firm OF Price. Mccormick d
Co. would not say anything about the matter yes
terday.