| Show NO RECEIVER FOR I ITHE THE United States Supreme Court Sits Down Upon the Application Application Application cation of J W Brown Washington March 1 IThe The supreme court of the United States today re reversed rev reversed versed v the he decision of the United States court cour of appeals for the Second circuit directing the court for the Southern district of or New Now York to hear he r the case of J Wilcox Brown vs the Equitable Assurance society involving charges of mismanagement Justice Peckham who announced to days decision m said the he court had con concluded on eluded that there was no cause for Mr Ir Browns action and held that he was wa entitled neither to an accounting not nor notto norto notto to the appointment of a receiver re Mr Ir Brown claimed to represent nt him himself himself self and the other policyholders He asked for or the tho appointment apP of a re receiver and a general accounting alleg alleging allegIng ing In that all the policyholders poll wire were en entitled entitled entitled titled to participate in the sion of the surplus He contended that the dis distribution distribution of profit had not been as ex extensive e as it should be beHe beH beHe He H charged indeed that more than was necessary had been re retained reo tamed in the lie treasury of the society and that the maintenance of or so 50 large a tl sum there had resulted in extravagant salaries and other wasteful expendi expenditures expenditures expenditures tures The court dismissed the bill on a demurrer but the th court of or ap aI appeals appeals peals held that as the bill alleged frauds the company must make answer or al allow allow allow low the ease case to be decided on its merits Opinion of the Court CourtIn In the course of oC hi his hili opinion Justice Peckham considered the effect of a de dl decision ciston along alon the lines line of oC Mr Browns Browna contention saying 1 Even if jf a court of or equity had bad jur jar jurisdiction i we mus consider the result i of or a decree de in accordance a with Mr lr 1 Browns complaint The corporation is isone isone i ione one of the largest in the world with I Imore more than half a million policyholders with almost incalculable outstanding risks and assets and liabilities and sur cur surplus surplus plus reaching into hundreds of mil millions millions lions To place the th institution in the hands of a receiver while it is paying prompt promptly ly all of its obligations and with un undoubted undoubted undoubted doubted resources to continue to pay I Ithem them and is daily engaged In taking new under a different manage management management ment would be bo a premature and wholly I unnecessary ending of the defendant and one which It would be mild to char characterize characterize as ruinous to the Interests of hundreds of thousands of people and really beneficial to none 1 ne |
