New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-12-06
NAY SHUT UP SHOP
CLERKS HUNTING JOBS.
Metropolitan Surety Company Or
dered to Stop Taking Business.

csrinE 10 an impairment q Its capital 10 inc
amount OF s1zss10 Il. the Metropolitan surety
C~-.- vrf.b main Offices In the Potter Building.
No IS Park Row. and agencies and branches al
over the country, has been ordered TO cease 'AhIe
new business by Otto II. Kelsey, State SupeIih-
te,aent Of Insurance The surplus Of the company
,,c,, ,ras scant enough 10 worry The department
last June has been wiped out and the IMPAIRMENT
Of its capital which had begun at that orle' mas
since materially increased
NJ Kelsey gave the company thirty days IN willch
-, oala AN the decrease in its capital failing which
the ATTORNEY Generals Office. which has been inves-
tigating the company with the State insurance -
rartrnent viii take steps for the Hqudauoh ol u.
coronsnv a man identified with the company
,s,,,,s-+ who did not care 70 be quoted, said
yesterday that there little Likelihood ~ d con-
tinuation OF the business. and that as the company
was entirely solvent al present. It's anairs "oU0
probably be wound up
The directors Of the company have oeen N Coii-
slant consultation for last three days With us
preside1,t NJ J. McCloskey. but no statement mas
been given out 10 the result OF their oe4loeIa-
tons 80. L..
II was strongly limited about the Office, when hau
50. cheerful aspect associated with funeral While
II was open yesterday. inst the present nlaaaee-
rneut had inherited hopeless task. II Is ulIde
stood that the reports Of the examiner OF the oIa'e
Insurance Department indicate that severe ioS9e'
49, recently been sustained by the company IN
San Francisco and Chicago. and that II was al1o
compelled 10 make good the bond Of contracting
arr1 which had failed to perform Its cohtT3c' ~
l,uild The nex barracks at West Point
The great number Of hurglaTies IN TINS CITY III
the las; year have hit the company nara
David Mcclure VINO invested heavily in the corl-
49,, when ne became its president. succeeding last
- ~ s~sulst+ the cornpany-s founder, is still
2 director Mr.. Mcclure WAS not at his ONCE g
.-5a, 81 being explained that his health kept HIM
At home a gooG deal At his home il was SAID al
dav in answer inquiries, that ne was oNl-
II Vas said that President McCloskey had ad-
dressed q circular letter 10 the employees, suggest
ing that they seek fresh employment ana WINE Il
was not possible TO gain confirmation OF TINS i =
certain that such course Is bel1s i'ilo"e- -
-,or of the clerks and stenOgrapheTs in the ONCE
The Metropolitan company sustained Its most Sc
we're recent blow by q court decision III C4I0eeo
which ties Up $4,000 Of its funds 1t hao bohueo
public Official OF the Chicago townships, anu
the nanlz in which lie mad deposited public tunoS
aas wrecked ry OF its officials He was nol
1,eTsonally accused. but the amount OF MS Doilo
was demanded from the surety company am
though an appeal has been taken, this none! -
indefinitely tied up. and has been written Oh as =
loss by the company. for the time being at least
sI5perintendent Kelsey gave this explanation yes
terday OF his action IN ordering me colill'a'! ~
take no new business:
ON December 2 acting the report Of the ex-
arniners covering period since June J. called up
te psle i1 INV t new hi5eiress he informed
that The company had already ceased doing busl-
been operating. except New Jersey Yesterday the
report Examiner AicAIthur was comlleteG. Slld
= showed ma ne 1870 -+ - $40 90 II At the
same time ! served The officers OF the company
with an order which directs them 70 make up me
srlr rrlrenr capital within thirty ua~S !ilueI
stand the president OF the company mas caL-ea q
meeting OF ne directors TO take up Ills matter
a once i is Up TO the stockholders 70 MAKE up
this large impairment and Il not the 4t.oIt i
General. with whom I have been in consultation
regarding this matter VIII take the necessary &C
tiCn dissulvinE the COMPANY
After the last previous examination OF the com
pany. which started on June So the Examiners oIs
covered that the company had scart surplus ana
.rr1ent capital 10 ABOUT ~
this examination ] sent the examiners
back to investigate thc affairs OF the company
TURNER and they discovered that since June ST.:
The scant surplus has been wiped cut and this
large impairment Of S149.9l0 i in capital was re
vesled. The company has been very marc MT ~
losses incurred bonding business when II wrote
IN Chicago. West Point and san Francisco The
West Point loss the result OF bonding on q
large contract
Daniel F Gordon Deputy Superintendent OF IN
s;1rance said that the impairment Of the MetroPo-
tan's capital might be made up by assessment II
such proposition should meet with the approval
of the directors. one Of the stockholders said the
deficiency might be made UP by the sale of $4,000
additional stock, The balance over the amount need
ed TO make I'D the deficiency being guarantee for
new business. or an assessment might be levied