, 1873-02-02

mn, mE SAID
.,,a taxing of testimony revealed that one item
10 10 which an asaessnent OF
~ tuo ,I.aI ..a AZ no e. which tha
80 per cent WAS askeo, was @74' 'o@'os' "iA.n .no
Stockholders paid by .ylEtno ot q re8olotion
naesad hv the Republic Insurance Company in
100 nho nnrnort of tho resolution
'Anuy, -1,;.,1,t oraot aoainst their
stock certain certificates OF Indebtedness, upon
- confirmation against the Company and its
s..,1.t, o1doru parsonts evidence would show
~ esoeA1 I.' -. oxacr+aa ro1eaaaa that
The stockholders bought up, at various rates
under 100 cents on the dollar, certificates OF IN
s.h+adnaaa md cama in under the resolution.
po' t.s-,:a5 ~ ~ t,,e1r stoclr With these
certificates, md executed releases. He claimed
Ehat they had no Eightto the contribution IN
t1;a nrocaed;n7 because they had made these
.-a,aaeos ana that tba item onrht not to be a.
te4e"so7' Ao ,;a1,;,;.;as ,,,,dor .,rhic,, az,
astimate Of assessment was to 30 MADE he
x.a1]ad attention to another item among the lin
h;1;tias in repara to ret1irn premiuns due and
ou s 90 o. n1,a +aa.;o,a,1 ,-oa Wv "a oi,a
about Il; whether mGans tnn5 r 'le e.tnrn is
pssumeu 70 canSua ptne1o tha A1 no,;cv.hn1dera
nneafned P5emlum 70 Ing Rono? uo.uoas, .aa ~
fna actu u ud ac;ea - - ~ Ia cancsod hV the
sntacpson q popf,es 10 oJ thst 'nc W onav a
to do it, Mr. 1de was wholly unable to deter
mine. If ho understood It aI1gnt, the company
had out largo number Of policies, ana Under
agencies" certain snn,s Of money for the pur-
pose Of cancelling policies By the return OF un-
earned premiums. He believed that some sums
Of money we're left at the agencies, and that
policy-holders never took the money, that no
sender was made, and that, in fact, no cance1la-
lion of policies occurred, tho policy. 1apsing by
their own limitation What the amount
pf uue1pi1ed policies we're which onght to
hs cancelled he could not determine BY the tes~
timony, the Assignee being unable to tell any
thing about it. He c1almed also that the capital
stock Of the Company amounted to, at least,
$200, 900 moro than was returned by the Assignee
It was 3 fact that the capital stock Of the Com
pany, in October, 1870 amounted to over
s459s, ,o0o.. The Assignee reported it at 81 rs!
400, accounting for the reduction by stating that
1t was retired by. the Executive Committee.
The only evidence ct it on the records Of the
company was q letter Written by the President
to the Executive Committee, IN which he stated
khat, by prior VOTE he was authorized to 1atire
$3.50 900 Of stock, and that in accordance thee
ssith he had retired about ei50,0oe,
Rud replaced it in the West. A continuation OF
his anthority WAS desired. Underneath the let
ter on the book was the simple statement "re~
port accepted and authority continued" The
records showed no " previous vote.' But haV-
ing retired e170 000 II he had authority he could
only retire the balance of the $25o, 600, about
50, ,oeo, A-tA~ -~--@*-..aa on. and retired $200
wv. me stock was heia bg certain new xork
ssockhotders; It came ~ Was Fassed. through the
achon OF tbs Presldent, INTO the hands OF Mr.
DoolnauSh OF tnis c1.y. me pooEs an ana me tes-
tinony showed that coolbaugh paid 20 per cent,
pr 900, about the latter part Of October, 1870:
Iho annual meehng OF the 111t nlrectors ) Waa held
IN the beginning ot January, Isl, and the BOOKS
revealed that, IN the latter part or the same
month ths stoek e. Was nae taken 9aek from Gool
IL. U.VH
M9n a*f pl Il e. vas, tnas ~ %as |eaneeilaloE.
afd asnH5nee M re stoSh "Es So.1G 60 Goolpaagh ne
Eono not nna onI. hseiYtn1ng lnacated mat It
vas g genuine sale ana t1ans1ef. He clalmed
ta that tae - stock a ought to be included IN the
a auoank 9 ek9ch Mn1cn 1no ~ Company nas, as> as-
ise1s, ana ongnE TO neaf IT'S proportion OF the na-
oeo en lse II .ne scneoule OF Aanl
xles M Mss oe-9sInnaseo 11 closing
mp tue estste N la9 n199kInptey: Ae claimed that
"a assessment c9u!o nat De made 1or TINS pur,
:pose. n r. TeSs1d S TO me amount of unsettled
aoseea Fo9,9yo, ne neleeea e., that 5n ne testimony
snGTeu ~ 70 Dc 1euocea 91o,oov. II tnese soTo
.ssal M Items we're fe9ectea, an assessment Of go
~ =" pes 'e''s "uo VI" w s,p.o 70 pay tne losses
,.,, ~: Hi ~. aosSI4 sss - sAD !,
e rs,, Ts :; - ~ oaGt ior an
y ep e9aq19 m1a WEI y WEE & &so9gas 10 Do
e. Ptecrtuo s ~. p5oper ssstlaIon az sommon
enM, Ina tho oSth19n ahan ind o. sne ae1ences
~ Gth e. 'ney rnu1gas M e1ey NO aanse any alalfn
2 ao1 Inc payment OF 1uttner soIn,o1 money.
Mh. MGAod ARauEn
knas 11e assesslnen' 81 ! snouto ge moe as low as
taoss1ole. ooag VI 'ue seocAnoloe1s na we're poor,
tAnu % sc1see!y aolo ~ pas ~ Pel cenI, hence
sman assessme9f m co ~as @ materal 70 5hen Tor T
as+,1t % ~ " S' T1ts asos "oula
dese as; ~ Ell. nato41p, 10 i,t ~ ie!ieMea 1he
saaassant nf m ,ar ~ ne,,t .ha5 an
= s, "a Uu re- vi. ~ - ioa naG
Mt ~ .inn,1ar u.s. fst tha - ana "as
t5-nn ;n9o h,ni-s,n+ce @ Wt,ats Gaagn1u ha3 oe
ea1a ~ NV t,,a enrp,1,s h., 1e o, nao ne
sha reho1dera 1 Who nn1rbsaad atncs @ not
cart;fcstes NJ en- +o sS cenfa ~, ~ an1isr
- he ,ao,;ssd ~ ,.aa1,. ~ H. % eoS;
at The rate Of dollar for dollar on the amopnt of
stoc1 t1nv bo15 1poa 4i.t on.,;taT ~ ;r -
1rnra aan5} nm ~ atnclr m 1G4ch I;aE;1;+- ~
neen f1;scheroad hv act;on ~ tha Tnsrd u N ~;
rectora. on the payment Of IS mar nenf and ~.
ssages had been arecnted Snhseors,ntiv e, III.
Erausaction was reopened. and certifcataa ~ ~ |
indebtedness arnounttng to 5000 0o0 were Issued.
This vas unexampled renerogity, but be did not |
complain Of it. The explanation was that Tie |
Company desired to retire this stock for the pur-
$3.50 Of selling it again. He claimed that the /
ra losses vero not ae Largo AZ stated in the net.