The San Francisco call., 1906-06-12
Traders Company Victims
Are a Unit to Fight
for Rights.
First Strong Move Made
IN Own Behalf by
Claimants.
Continued Frem Page 1, Column Z.

pany OF Chicago and confirm my tele-
graphic replies as follows:
viii submit your telegram to Cir
cult Court for instructions, notifying
you further Thursday
And my telegram today: Confer
with my Adjuster Moore, Oakland. re-
garding Information desired
Referring to your request for list
or the stockholders, permit me to say
that l am advised by my counsel il is
not part of my duty as receiver to give
out such information. The stockhold-
ers of the Traders Insurance Com
pany are well known. and you will
doubtless have no difficulty in obtaining
their names and addresses if you wish
TO know them 1 regret not to oblige
you in this matter, but must fsllew the
advice of my counsel. Yours very truly,
BYRON L. SMITH, Receiver"
COMMITTEE REPORTS.
According to the statement that Hum
phrey made to the policy holders, he
learned nothing new in Oaklapd when
he went to call on Mr. Moore the rep
resentative of Receiver Smith
Your committee" said Humphrey,
finds it best for the policy holders of
the Traders Insurance Company to
elect nine persons to incorporate in
their behalf The committee cannot saw
how much can be collected from the
stockholders of the company or what
the cost will be. The committee thinks
that the cost may amount possibly to
Pa or 3 per cent, bat it will not exceed
probably one-half of / per cent Your
committee. which includes several law.
yers. does not desire to get yeu into lit
igatisn- There are but two forms of
compromise that are n view.
Lhe fist Of these is where the rights
of both parties are considered: where
the receiver of the Traders Insurance
Company would submit a statement of
assets of the company and also what
proportion 10 the liabilities in San
Francisco the available assets are On
that basis something might be accom-
plished.
The second form of compromise is
where the pelicy holders are put in
cerner and are told TO take what the
company sees At to give TO them That
is the compromise that is offered'
Then Mr.. Humphrey came TO the at
titude of the policy holders and said in
part: The expenses to be incurred are
not fer the benefit of attorneys, but for
the policy holders II is fer the
policy-helders 20 say whether they
wish to incorporate. Whether nine in
are named here today or
ton are not compelled to come in The
incorporation of Policyhelders will ac-
complish better results than If the
policy fight separately"
NO INFORMATION AFFORDED.
Humphrey also said that the COM
Tnittee had tried for two weeks to ind
out from the representatives of the
Traders Insurance Company who the
stockholders are and had correspond
ence with Receiver ByrOr~L Smith on
that subject I'VE couldn't find out
he explained. Il would say to the
policy holders that if you file your
proofs of loss whatever the corporation
does will not delay you in getting your
money. The company is in bankruptcy.
I desire TO move the adoption Of the
report submitted by the committee at
the last meeting, and that the plan of
Incorporation be pursued instead of an
assignment"
A policy-holder here called for the
reading of the report of the committee
as previously submitted. The substance
Of the recommendation was that the
policy holders should reject the propo-
sition suggested by Attorney Bates to
accept sixty cents on the dollar; to pra-
pare and file proofs of loss at once; to
appoint a committee to form a corpora
tion to take charge of the collection of
pDAlClCS duQ ~ CAlOACC Inv AAAA
of the stockholders
Several policy holders here related
their several experiences when they
tried to get payment on their policies.
A Davis of 1s1 Corbett avenue said
that he visited Mr.. Moore, the receiver $
representative in Oakland, and that he
was referred by Moore to an adjuster
who offered to give him only sixty cents
on the dollar.
Erse 2nnfhaT n0l1CN-
holder, reported that he saw Moore and
was asked by Moore to settle at forty
cents on the dollar
Mrs. Mann said that she and another
lady, her partner, held policy Tor
$1,000. She visited the Oakland ONCE
of the Traders Company and was Of
fered $500 only. She submitted this
proposition to her partner, who lG-
jected il.
Attorney w J. Herrin said that when
Attorney Bates came to San Francisco
he evidently thought that he could
force the people to accept terms OF a
settlement that he suggested The
stock of the Traders Company was
selling for $500 share just before the
san Francisco FIRE and il was snapped
an eagerly at that price. Herrin
favored the adoption Of the committee
report.
POSITION OF BANKERS.
1abn Partridge reported that he
Rad talked with Joseph Tobin OF the
Hibernia Savings Bank about the
rrrasars' policies. Tobin said that the
hank was interested in between 500
and 1000 policies in the Traders Com
many. The banker had telegraphed 70
Robert Campbell at Chicago to file an
application for an extension of the time
for filing proofs Of loss. The applica-
ton was made and was denied. The
court before which the matter came
was a Cook County Court, situated in
the county where the stockholders ilve
and have great political influence
Attorney Bates, also said Partridge,
according to his own statements ap-
peared as attorney at a, meeting OF the
stockholders of the Traders Company
and alse had appeared as attorney for
the receiver of the same company.
Bates was therefore found to be on
both sides OF the fence" Partridge ex-
pressed the opinion that ii was for the
interest of the Hibernia Bank to stand
for 100 cents on the dollar. If the