Year: 1871

| CARDOZOS CONSPIRACY


| 1t is as hard for the Ethiopian to change his
skin, or the leopard his spots, Us for an in
| grained Tammany Judge to rid himself OF the
| brand of his owners. In verifcatiOn OF TINS,
see the action of Judge Cardozo in the matter
of the Mercantile Fire Insurance Company on
| Monday last. At noon on that day ten shares
of the capital stock of the Company, pur-
chased at auction, were transferred to one
Owens; at ten minutes before o'clock
gentleman walked into the office
and demanded the Company's keys, at
the same time serving on the President IN
injunction, granted by Judge Cardozo at the
suit of the aforesaid Owens, and notice OF
his own appointment to the receivership
This was the first intimation the astounded
| officers had of the existence of any such suit,
or the necessity for any injunction. Their
affairs had been carefully scrutinized by the
| Superintendent Of the Insurance Department,
who had given them certificate that if every
dollar ut risk on their policies in Chicago
should prove q total loss, their capital stock
would only be impaired some thirty per cent.
Moreover, they had taken steps to make up
this amount, and the Company was in the full
Jlut VI DlOHptlOub DuSluCoSs DOOu uiONA UiiN
appearance of the receiver stepped in MIR.
Gratz Nathan, Judge Cardozo's relative, as
attorney for the complainant or the receiver,
and the affairs of the unfortunate victim of
this shameful conspiracy were hermeticaly
sealed until yesterday morning, when the Com
pany's officers were required to show cause
why the injunction should not be made
perpetual. Meanwhile, drafts in adjustment OF
Chicago losses were necessarily sent to pro-
test, and the whole machinery of business was
stopped to await the further pleasure OF this
Tammany Judge.


But the Company sought Superintendent Mil
ler, and received prompt assurance that he
would be on hand on the return day of the
summons. He was on hand, and gave such
an explanation of facts to the Court as COM
PEELED an immediate vacation Of the inunc-
ton. Mr. Cardozo found he had gone step
too far, and aroused swarm of hornets about
his ears, and so he gracefully reccdcd But
what comes nextf What must be the state OF
the law when such high-handed proceeding
as this can be undertaken under color
of authority7 IF an honorable corpora
ton, perfectly solvent, well managed, and
energetic, enjoying the confidence of the State
officer specially charged by law with the ex-
elusive supervision of insurance affairs can
be thus invaded without notice, and its assets
thrown into the hands of u band of legalized
robbers at the caprice of Tammany judge,
what bank manufacturing company, or other
private corporation is exempt from like out
ragei That any Judge of the Supreme
Court, or any other Court, should dare act
in so outrageous manner, to suit the pur-
poses of his friends is an invasion of private
rights, and merits the indignant denunciation
which it received yesterday OF the crowded
meeting at Underwriters Hall, where the
feelings of the whole commercial public
found expression in the speeches of nu-
merous prominent underwriters, and in the
resolutions which we print in another column
The suggestion that concerted steps should
be taken to secure modification of the law
under which conspiracies like this of CardOzo's
are possible is timely. The Superintendent of
the Insurance Department should be made q
party in every action to close the affairs of q
company, and time should be given the de-
fendant to answer the complaint. This re-
formatOry feature is, we believe, embodied in
the new General Insurance Statute which the
National Convention adopted, after long de-
bate, as a suitable one to be recommended to
all the State Legislatures for adoption.


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