The New York herald., 1875-11-19

SIS, ,551, ,67s 35, the Connecticut Mutual has only
1868 81 on an annual premium income ano,,s -
s75l2l54 ~; vet the Phoenix claims and reports
S46l, ,s9i 30 on an annual premium. income of oh'y
81, 725. .257 73
II Is charged that by reason OF the fraudulent prac
tces OF many OF the agents OF said company heretofore
done and performed at the instance oi the oihcers
thereof those officers deferred by rear OF expo
sure from enforcing the payment OF large sums OF
money from said agents 10 the company, and that
not fy per OF the $46l 394 so due the company,
in consequence or the aforesaid EVIL practice will
II i charged upon oath that officers ofsaid company
In fraud OF lis policy holders in 1873 entered into
agreement with one Albert GIANT, of Washington d.
c., 70 furnish the means complete eleven
houses on lots l. B. l. D q. g. 10, IL, II aud H. IN
square I60 in the city OF Washington D. c. secured by
deeds Of trust that after said officers had advanced
they claim, over $500 600 on SAID property and when
$4,000 more would have completed all OF them and
rendered them at once productive, either through
rentals or sale, said company traudulently violated
their said agreement and refused 10 furnish the means
To complete the same for the apparent object OF keep
Ing said houses in an unfinished condition until
forced sale of the same under the deed OF trust could be
secured with the intent that the same should be pur-
chased by parties in collusion with said officers at
nominal sum for their individual benefit.
CONTROLLING THE TRUST FUNDS
1t charged upon oath that OF the officers OF
said company in violation OF their trust duty, well
knowing said company TO be insovent and its capital
stock vaueess yet TO get the control OF the assets OF
said company for their own individual profit paid
about $500 por share, though returned the tax
books at SIS per share; that in pursuance of that
fraudulent intent SAID purchasing stockholders having
thus obtained the control of the trust funds belonging
policy holders have been negotiating with
Now York life companies to sell out their stock and
the management OF the company, with all of
Us .soo ass assets & for the fshnlous sum Of over
paid up said Of over 500 900 he paid for
said really vauecss stock to be fraudulcny made up
out of the trust funds OF the policy holders is repre-
sened and charged and that for this largo
interest OF the policy holders to be placed the hands
Of spectators contemplating this wicked malappropri
alton
DECEPTIVE FIGURES PRINTED
1t is also charged upon oath that while the gross
at the full reported valuc claimed for it by
the company the LIST of January last
was $a,oa7,5S5 34 yet its officially reported
plus OF only s24, 5ss o. That in said gross assets
included about S400 0o0 claimed TO be due from said
Albert Grant, reported as good available and well Sc
cured while in late suit of the said company against
said Grant aidavits filed by sald company to the
effect that the real estate OF tho said Grantto wit lots
l. g. A. s. g. 8. Q, 10, IL, IL IA. 16, IL and Is OF A.
Grants recorded subdivision Of square 76o, city OF
Washington, u. c., which II is claimed said in
dcbedness is secured making II good and available
worth only about 5000 900, while the official
records show that only about $10S, 900 of the about
s4O0 OF reported assets is ndisputcd lien on said
property.
II is also charged upon oath that OF SAID loans
by the officers Of said company OF the trust funds
OF It's policy holders made upon usurous interest
in consequence whereof none OF the interest will ever
be realized, and that the
UNrAID INTEREST AMOUNTS TO ABOUT ONE HUNDRED
THOUSAND DOLLARS.
II is charged upon oath that much of the reputed assets
OF the said company OF the unsecured of
the agents OF said company for unpaid balances OF trust
funds due the company and that but little If any inter-
est is collected the same be, and that by
reason OF the fraudulent practices Of said officers the
said company dare not enforce the payment of said
agents notes because of the knowledge said agents
possess of the fraudulent practices OF said officers
ALLEGED FICTITIOUS VALUES.
1t is charged that many of the stocks and bonds held
by said company reported at fictitious values that
while the par value of of the railroad bonds is
reported 000 for instance the real value
not $40 000 that by OF the effort Ia
usurious interest the company has lost the legal lien
for the security of $l7S,077 50 credited interest
accrued cash loans and bonds tho schedule of
of the said company and that the
plaintiff verify believes that under the laws of many OF
the States only the interest but the principal will
be forfeited by reason of such maladminstration OF
taking usurious interest
IL IS also charged upon belief that the officers in vo-
ation OF their trust duties have made large individual
profits by purchasing with the funds the company rail-
bonds reduced prices and then transferring them
10 the company at their face value, and that not seventy
ve cent OF the assets could be realized that
the said company nsovcnt and that other suits Of
like nature to this pending against the company in
other States with njunctons.
These some OF the principal points in this fearful
Indictment, and the seriousness to the company may
be judged of by the distinguished counsel employed
The alleged sharp practice Of the officers OF the
pany OF them overrcach the interest OF this
Mr.. Grant of Washington, doubtless led TO the invcs-
cations upon which facts obtained and on which
this bill of complaint is founded The bill closes with
the usual prayer TO each and all of the
charges made with appropriate rnterrogatorics an
ncxcd and that receIvor be appointed.
Four million two hundred and eighteen thousand
five hundred and twenty three dollars and sixty
cents OF the assets Of the company consists of premium
notes and loans $1IS OF So OF uDcollectcd interest
$17 700 loaned personal secnrites S4O4 149 "a IN
cash in banks although bad SS 1856 Of unpaid losses
The case will come up for argument In the District
Court OF Washington in Equity, where the answer
TO these charges will be received.