The Conservative. (M'connelsville, Ohio) 1866-1871, 1868-09-10

~ Nnd by many powerful TRENDS Whom the
inquiry raised up about them. 20 trace the
object OF their regret and labor, but all in
vain. The sailor was seen no more.
... H -
Extensive Insurance Swindling-Fiye
Bogus Companies.
From the y. y Sun. Aur. 81
Several insurance companies have lately
sprung up in Jersey City, and like III weeds
have grown npace. They were doing u
roaring trade on little or no capital. Il
seems that in the latter part Of 1867 n man
named Logan bought up a number Of old
charters and shrted companies, one in the
fall of last year, md several others in the
spring of this year. They were styled the
mariners, 80 the Merchants, =" the Me
uhanics', % the "Fircmens',' and the First
National Offices were opened in Ex-
change place, and the ventures set afloat.
There was no lack Of energy and enter
prise. Agents were sent into every state
from Maine 10 Minnesota, and policies
were taken TO n large extent.
Tho public had no suspicion that these
companies were in any way connected with
each other, or that they were anything but
sound institutions. Il Is n noteworthy fact
that no policies of lnrge amount were issu-
ed in Jersey City or New York; but in the
Eastern and Western States, whore the peo-
pie had no opportunity TO investigate the
concerns, they were taken in aud done for.
Il is alleged that Que of these companies,
the Mariners had issued policies to the
amount Of $3.50. 900, and the others to
amounts ranging from sl0i, 600 TO $780,
O00, the total being over a million of dol
lars. The profits of the Mariners are
calculated at SO, 600.
The manner in which the cnSh capital
was procured to satisfy the Government
officers, whose duty 1t was TO inspect such
concerns, was unique. An Arrangement
was made witha New York money lender
to send his clerk over with bonds amount-
inc TO 500 0O0, and these borrowed bonds
were shown to the officers and Immediately
taken Lnck to New York by the clerk. For
this service the managers of the Mari
ners agreed 70 pay $500, but failed to
meet the demand nj the proper time. The
consequence was that Il suit was brought
against the company, and an attachment
procured against he Office furniture. II
takes, however one knavo to outwit an
other, and before the effects were levied
upon by tie money lender one of the clerks
in the Office had the same effects levied
upon T. satisfy the demand OF his bill Tor
salary. The oflire WINS Chased two weeks
ago, since which no officers Of the institu-
ton eau be found.
Associated with Mr.. Logan were, IL is al
legged, two relatives Of his wife bearing the
name Of Caudee, and his wife's brother,
named Alexander. These men acted in
the capacity of officers OF the institutions,
the two Former rs Presidents and the latter
ns' Secretary. Innocent persons were en-
uHpped into the scheme, Thus, it is
stated that an honest, hard-working man
nhincd MeEleTy, who kept n store i'm York
street, was offered. 5000 Il year for acting as.
President Of one Of the companies. he being
informed at the time that he would lie only
required 10 sign his name TO tho policies.
He accepted the position, and was kept
busy for several days signing policies in
advance, as the parties who inyeigled him
into the scheme We're evidently afraid he
would smell a rat and back out II was
not long before his suspicious We're aroused
by Il gentleman warming him that il he held
the position when the company burst up
he would be held responsible, aud very
likely be sent TO state prison. This was
enough One morning he was nm est. He
took fright and nan away TO Philadelphia.
The names Of two respectable and respon-
nble. residents Of Jersey City were an
nounced in cards as directors of one of the
concerns. The gentlemen referred to went
10 the Office, demanded the cards, which
they got, and took home aud burned, warn
ing the officials not to take the liberty of
using them names again. IL is stated that
the charters were renewed at Trenton
through political influence brought to bear
upon the Legislature. .r
No losses were over paid by these com
pnnies as far as can be ascortained at
least none of any magnitude. They did
not, 1t seems, condescend to pay their
honest debta One ofthem had in use II
safe ON which 500 had been paid. The
owners Of the article sued ont an attach
ment for the balance, but before the effects
could be LEVIED upon one of the clerks, as
IN the case Of the Mariners, had obtained
a previous attachment ior his salary.
Mr., Logan was modest, aud never ap-
peared rs principal in any Of the concerns.
He was generally to be fonnd at the First
National, where he assumed the simple
role Of agent, aud ns such transacted b,isi-
ness. When the Presidents were inquired
for, some evnsive answer was given. He
WAS NJ Long Branch, or Saratoga, or any
place else, no matter whore, No respon-
sible officer could ever be found. About
two weeks heo a fire took place in Banks
street. Jersey City. The building was in
sured in the Mariners, but when the poll.
cy holder went for his money, the officers
were nowhere 90 be found, Many losses
ia the country were also sent in for adj
justinent, but 1t is alleged none We're at
tended TO-. .rf
A short time since, II clerk in the en-
ploy OF A Of the companies was sent to
jail for three months on account of having
attempted, during a quarrel, to take anoth-
er mans lie. His time was up last week,
and on returning 10 jersey City and finding
the Mariners" shut mp, he began 10 tell
what he knew OF the internal working OF
the other Offices. This agreed with other
accounts, Another young man came from
Chicago and held II position in another
office for some time, until he found out
that al was not right, when he left.
pheagentB OF these companies are still
at large, Probably many OF them are un.
der the impression that they are working
for safainstitutionsa and are sincere in theiI
efforts TO push trade, although they there.
by Nctimize the public. o. Petsons in III,
! country should he on the lookout for thes,
parties, and becareiu about accepting poll
cies from companies bearing the aboy,
names or hailing from Jersey City. Their,
are some sound insurance companies il
the city, concerns which have been lon.
established me widely known. OF sucl
are the Jersey City, the State, the New Jer
sey, and the Hudson County Mutual com
panies.