New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-13
RECEIVER In CHARGE
,Tdsrdrd Broscne Custodian of the
Empire Life's So 900.

Edward Browne was appointed yesterday tenn
porary receiver OF the Empire Life Insurance
Company. OF this city, which is the first Of the
companies investigated by the Armstrong in
surance committee to give up the ghost. The
appointment was made in the morning by JUS
tee Davis, of the Supreme Court, and before
night Mr.. Browne took charge of the company g
Office at No. 200 Broadway. He gave bond OF
$4,000. Warren Leslie has been appointed
referee. The order to show cause why the re-
Ownership Should not be made permanent is set
down for April 16.
The attorneys for Mrs. Mary D. Brewer yes
terday morning filed an attachment for $3.50 a.
the amount OF a judgment which she received
on January g. but which was held up for hve
DAYS by a court order obtained by the company
She contends that the filing Of her attachment
before the permanent receiver actually was ap-
pointed gives her a preferred claim Charles
Blandey, Of Blandey Mooney & shipman or NO
Z waIl-st attorneys for the company, declares
that the attachment will not stand, as the sp-
pncation for a temporary receiver had beeh
made He said Mrs Brewer viii have TO take
her chances with the other creditors
The receiver has had TO file bond which ex-
ceeds by $1,000 the total assets of the company
OF these assets 600 are in city water bonds
few hundred in cash is on deposit with New
York bank there is another deposit in BANK III
the island of Trinidad. and the remainder OF the
$1,000 is made up Of well worn office furpltuIe'
The application for the receivership was MADE
by George ". Godward. Stacey Wilson. Thomas
N. Nichols and A Judson Stone. majority OF
the directors Attached 10 the application was
che list of poIicyhoiders OF the company, cover
ing eishty-nine pages There was also long
aist of rnetured claims. claims pending ana
claims In dispute.
Although the affairs of the company could
hardly be in worse condition, Assistant Attor-
ney General Mason, who has looked into the
case for the State. says there has been nothing
criminal in the management The secretary
who acted as manager and president. received
GALAXY Of So 500 a year. The cashier was PAID
only IS a week. It was simply an assessment
company, based on a plan that looked well
enough on paper. but refused to work out.
There is no possible relief in sight for the policy
holders who have been paying assessments from
month TO month. They lose everything they
have paid in, and now find themselves without
insurance It is possible that the receiver may
have TO make further assessments to wind up
the company's affairs The Attorney General is
of the opinion that the sooner the company goes
out Of business the better.
Attention was called yesterday to the way in
which the railroad men have been figuring in
the new management of the life insurance com
panies. Paul Morton, the new head of the Equi-
table, is best known from his connections with
the santa Ee- William ii. lrueSQaIe, pIeSluSHS
OF the Delaware, LackaWanna and Western, IS
cleaning up the Mutual Life. President Pea
body Of the Mutual is director in several rail-
road corporations Stuyvesant Fish, president
Of the Illinois Central, made a hard fight to be
elected president of this company, and Is said
10 be greatly disappointed that he not Sc
Iected. c. II. Warren, who has for some time
been connected with the Central Railroad or
New-JeTsey. has fallen into the newly created
berth of assistant to the president of the Mutual
Life. Alexander Z. Orr who succeeds John A
Mccall as president of the New-York Life, has
long been identified with local traction matters
as head OF the Rapid Transit Board z. H.
Hartman, of the Union and Southern Pacific
lines is still fighting because he did not get
control of the Equitable, and Thomas T. Ryan,
who obtained the control, has many railroad IN
rerests.
Attorney General Mayer said yesterday that
his brief in the case of the State against the
Equitable would be ready early next week.
Those who demurred have q week from that
date in which to file their answers. He hopes
that a decision Will be reached before the end
Of the month. On this decision depends the
nature of the which will be brought
against the Mutual Life and the New-York Life.