New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-12
EMPIRE LIFE GIVES UP.
ASKS FOR Il RECETVER.
Durham Not to Sell StabIe-Andg
Fields Still Wanted.

The first life insurance company to take steps to
wind up its affairs a result of the Armstrong
investigation is the Empire. with offices at No 200
| Broadway. which yesterday appeared through it's
attorneys IN the Supreme Court and requested Jus
toe Davis to appoint receiver TO take charge OF
/ its assets When Stacey Wilson, secretary and
acting president Of this company, testified before
| the Armstrong committee It shown that al
though the company had S4,o000o0 outstanding In
surance and unpaid death claims of more than
$4,000, it's consisted Of 5000 in city water
! bonds and 5000 in cash. most OF 1t in bank IN
Trinidad.
4 few days ago Frederick W. Brewer obtained a
judgment against the company on which five
days stay granted According 70 Blandy.
Mooney & Shpman, the attorneys who made the
application for the receiver. this fastened the &C
ton. Deputy Attorney General Mason represented
the people in the proceedings, and Justice Davis
held the in allegiance until the attorneys Tor
Brewer could be advised that the application had
been made.
Secretary Wilson of the Empire Life. was called
before the Armstrong committee on December 10
He said that the company had been ORGANIZED IN
1891 as the Home Benefit Society, and was reor-
ganzed in 1885 as an assessment company. he les-
tihed that ii had 200 policies outstanding. rep
resenting a total Of more than s400'0o he saa
that for $500 a year he acted as secretary ana
manager. Since the death Of E. c B1sseii ne hao
also acted as president In 1904 according 10 Eis
testimony the company received $ISSS5 ana
Maid ont $40 OOo The showing which the company S
reports made caused it TO be barred from KENTUCKY
New-Jersey. Ohio and several other states. "
late it has been doing business only in New-York'
PENNSYLVANIA and West Virginia
At the investigation Mr.. Hughes read hteraIure
NJ +F,e COMPANY in which mention was made OF a
fund guaranteeing insurance. Mr.. wilson adrnltleu
that the fund did not exist, but had simply peeh
estimated and that there was no 20 per cent
,,,or+rs-v fund as was advertised. The company
was in trouble with the State Insurance Depart
nent in 1893 but ex-senator Charles P McCielano
Strengthened it out for fee of $7Oo 1t was Sho"-
Mr. Wilson testified that the company had no way
Of paying death claims except by assessment ana
the funds which came from outstanding pohcles.
REASONS FOR APPLICATION.
.rrha Empire company has had a lot OF undesira-
bic risks paIrned off it., said Charles Blandy OF
No Z TVall-st. one of the company's counsel yes
terday '.Sorne OF them were introduced into the
office through the want of loyalty in agents As q
consequence It has been frequently sued OF late but
the Unprecedented prejudice which jurors nave
against insurance companies has not permitted me
Empire Life to protect itself against fraud Thls
has resulted in a number Of judgments against the
company and not desiring preference shoulo De
obtained over the rest of the creditors the company
desired to avail itself Of the code provision that
majority of the directors If they discover that the
property IS not sufficient to pay all Just demands
NAV dissolve the corporation. Under this provision
the necessary petition was drawn and nouce pre-
sented 10 the Attorney General
The details of the manner in which ex-President
John A Mccall Of the New-York Life Insurance
Company assured that company Of the payment OF
tie ANDY Hamilton yellow dog fund of $1,000 be
came known Yesterday when mortgage. or Trust
deed for $4,000 was fled in the County Clerks
Office at Freehold n. J. The mortgage pears me
date of December 29. and covers the country seat
which Mr.. Mccall has owned for a number Of years
At West End So hg a d to ths COM s
pany In cash Three tracts of land are covered IN
and other valuable considerations.
The recent report that PTsdeT1ck a Burnnan.
Company. had ordered the sale of his horses ana
ceIeges ar r "9 eear sIo soPoe IS
was said Yesterday by persons n psd du 6eSi5t
to keep the eociety's holdings in bank and trust
company stocks unless the legislature p9siyely
Morton believes that investments like that In the
otber forms Of Investment which were nos criticised
in the recent investigation
EQUITABLE's HOLDINGS PAY WELL
The Equitable has than ss50OO00 invested in
Mercantile Trust Company stock. which has mar
ket value Of $12Soo0O0 and which pays 80 per cent
interest and $56S8 900 stock OF the Equitabs
Trust Company. which has market value OF
owns stock Of the National Bank of Commerce
which cost 81 10000 has market value of $lOlB0O0
lefty Trust Company investment. 20 per cent
from the Grard Trust y per cent from fn@ f1Tse
Union National Bank of Newark. and so on thrsugh
c. Il. WARREN wao was formerly an official Of
the Central Railroad Of Newersey It Is sac d mas F
I
the Mutual Life Insurance Company, at q salary
OF $4,000 year. The appointment has not yet PeeT
officially announced 1t has been definitely declded
that Robert A Grannis and Walter R Gillette. wee
presidents Of the Mutual will hold their places;
1t is likely that Andy Fields. Of the Albany
House Of Mirth' fame, viii be a long term exile
from New-York. His friends are said TO have IN
formed him that it is not safe for him to return 10
New York, though the Armstrong 1nyestlga-
ton is over Attorney General Mayer and District
Attorney Jerome both anxious TO talk with MIN
on insurance subjects. AS yet no trace has beeh
found Of the missing books and papers from Fields
supply department Of the Mutual Life
the office of Attorney General Mayer II was
said yesterday that the suit against the Equitable
| Society would be pushed IN the Supreme Court as
| RAPIDLY as possible The Attorney General Is
anxious ascertain the exact status or this IN
suranCe case before beginning proceedings asalnst
| other companies Mr. jerome is rapidly diseEInE
| the testimony of Armstrong committee, and
viii be ready before the grand jury early next
month. At the Bar Association Senator Armstrong
Hughes James McKeen and Matthew c. Fleming
are rapidly getting the report in shape. The gen.
topics have been outlined, anc the OL
/ the committee being filed in rapidly.
| The annual dinner OF the Home Life Insurance
| Company given last night at the Hotel Astor,
the guests OF honor being the agents VINO wrote te
| most business In November and December. cod
watches given to several who had particularly
good records. President Ide delivered an address,
| statement. which published few days ago
has greatly encouraged the agents, and the dinner
! was q most cheerful
| CHORT' VETGHT .SWJNDLEiS