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HAVEN'S TRUST COMPANY. Operations of the National Life and Trust Company. Petition of the Insurance Commissioner for the Appointment of a Trustee- The Liabilities in Excess of the Assets. NEW HAVEN, Conn, Nov. 19, 1874. Since the failure in 1871 of the Home Insurance Company of this city. with liabilities of over one million dollars, with available assets of less than ten per cent: the failure of the banking concern or Scranton & Co. in 1872, owing the enormous sum of $700,000, with less than $600.000 with which to pay their indebtedness; the suspension of the Townsend Savings Bank this fall, the appointment of receivers and their published statement that the capital of the bank was impaired to the extent of twenty. ave per cent; the opinion has been expressed by good business men that the devoted "City of Elms' had suffered enough. in a financial point of view, to answer all purposes during the next decade. They flattered themselves that about all the doubtful banking. trust and insurance companies had subsided, and that the future possessed elements of smoothness and safety. In this belief there have been a few weeks of comparative quiet; but while assurance seemed to be making itself doubly sure the dark rumors of doubt and distrust as to the management of the National Life and Trust Company force themselves upon their attention, and they are made to feel that another financial casualty IS about to be added. The first intimation that something was wrong in the conduct of the National Life and Trust Company began to crop out alter the State Insurance Commissioners made their report to the Legislature at its late session. Some alarm was excited at that time, but the managers were able e explain and prevent the distrust which an investigation of its affairs must nave induced, and it was not till after a new Board was appointed by Governor Ingersoil that any settied public conviction of THE TRUE CONDITION of the concern was arrived at. About one month ago Mr. John W. Stedman, 01 Norwich, one of the Commissioners, came to this city, and, being under the impression that the accounts of the Trust Company should be investigated, proneeded in that direction with the assistince or an actuary, Mr. Maltby by name. Insurance Commissioner Muler, of New York, also visited the city with an actuary and subjected the statements of the officers of the company to crutiny. While the results of that scrutiny are not yet fully made public, enough IS known, however, to give credence to the reports on the street that a deficit or not less than $300,000 in the accounts of the company exists, and that the general management of the concern, to say the least, has been OF questionable character. Commissioner Stedman's investigations, which have been pushed vigorously for some weeks. resulted in a meeting at the Probate Court last Saturday morning for the purpose 01 taking the necessary steps At 10r the appointment of a trustee. a tois meeting nothing was accomplished disagreement having arisen in estimates between in the actuary and the officers of the company. consequence of this Mr. Stedman agreed to allow the company a jew days time to review their figares with his actuary. Early this week the direclors had not thrown that light on the subject which the Commissioner demanded, and ne accordingly informed them that ne should proceed. as the law required. and have a petition flied in the Court of Probate to have a trustee, whose office is similar to that o: a bank receiver, appointed. The directors on hearing this were greatly astonished and surprised. They Legan to investigate their attairs anew. and on several valuations they again disagreed. The risks which the company had taken are manitold and it is officially stated that the accounts of the National Life Insurance Company at New York, which was consolidated with the Lue and Trust Company in December, 1873, have never been settled, and It has never been known to the public officially whether this consolidation was beneficial or not. Mr. Stedman, finding that there was no early prospect of a solution of the difficulty, returned to Hartford. Immediately on arriving at his office he wrote the application for the appointment or a trustee. This document lay upon the desk waiting to be transmitted to New Haven. At the same time be telegraphed the directors of the Trust Company to bring immediately to his office certain books and papers for reierence. AD agent filled the order in person. Enter. ing Mr Stedman's office the books and papers were placed on the desk. the application referred to resting beneath. When the agent retired he ne is alleged to have taken with him this document, and its absence was not discovered by Mr. Stedman till some hours alterward-long enough to enable the agent to return to New Haven and apprise the directors or bis company what was on loot. This, which was not generally known till yesterday, has been the means of building up opinions far from lavorable of the actual condition of the company, and is used as a owerful argument that they tear to have their affairs brought to the light. The company has a paid up CAPITAL STOCK of $100,000. Its officers are:-President, Benjamin Noyes; Vice President, John B. Robertson: Secretary, Richard F. Lyon: Treasurer, Willis Bristol. wirectors-James Punderford, C. L. Chaplain. J. B. Sargent, C.S. Maltby. H. D. Walker. marN. D. Sperry and P. Smith. The reputed get value or the stocks and bonds owned by toe company December 31, 1873, was as follows:$61,391 New Haven County National Bank stock 7,350 Germania American Bank stock. New York. 3,213 Merchants' National Bank stock. New Hampshire 20,000 Town bonas of Brighton. ill 5,000 Fair Haven Water Company stock. New York State Bounty Loan bonds. deposited with the Insurance Department, State of New York 104,000 Total S2JU,965 It is claimed that these are largely over-eaumated in value. In the matter of the liabilities, placed at $1.145.228, in December, 1873, the commission holds that they are really nearly or quite $1,300,000. and with the correction of figures made by the Board of Commissioners, the assets all below the amount as required by law, of notless than three. fourths of the liabilities.
