The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-10-29
! VOL. XLlv.-N0. 50.
LIFE INSURANCE TROUBLES
ePREsIDENT BUELL SAYS THAT THE
w. 8. COMPANY Is SOLID.

8uspicteps Conccrnina the Motives OF the
Plaintiff In the vexations ruh-What
Other Insurance Men ~av-tIow the Lonn-
ers' Bank and lps. Companies worked
The suit brought against the United
esAtes Life Insurance Company, and the grave
ohsrees made 10 the complaint against ITS on
csrs. have created great excitement among the
policy holders as well as In Insurance circles
asnerslIy. Following so closely on the failure
of the Continental Life, It has excited general
unessiness, which Is not alIsyed by the rumors
In circulation Us to the uhsoundness OF two
other large companies. y SUN preventative
called on Mr. James Buell.. President OF the
Company, yesterday afternoon. MIR. Buell. Is a
portly gentleman. with irOn-gray hair, pie SAINT
expression OF countenbnce, and the air Of
ksen nnancier. lie was at 1r,t decidedly ad-
worse 10 an interview. Pointing to large
pieoard, plumbers Of which adorned the count
ing rooms as well the private psrlors Of the
ofhcers, be said sternly. THAT Is our answer to
Jtbe charges until we meet them In due course
OF time In the courts" The plscard read as
follows:
orTrss Or s,I THF psl u tEs,bSs, s. Llys lNs. Co.
In answer TO oil at tnpts to b ckm u tns company,
we refer The ugur of the. ast swVtn statement OF
puolsSea IN ,se orncis ate reports %c are sound
ssssss sss sesG 70 ss ess sS cchpaS, wno
OF iuads are oeiter or Al eharges whstever
Tended IN De course There is The slightest
holders. JANIS BUELL. Presiient U =. Life lns. Co.
Mr. Buell. 6nally consented to make state
men,. the substance OF which Is "a follows;
IL have been President OF the United States
Life Insurance Company si0ce Aug. g. have
seen q copy Of the complaint made by O'Connor
In the Supreme Court Of Kings county. and pro-
nounoe the entIre etat mcnt lee. except that
which relates to the prosperity OF the company.
have my Suspicious TN 1 other persons besides
nj M nI
would not like to mention them. and will leave
30 counsel their being embraced IN The coui-
care to express any opinion rs to the motives
which prompt the suit. lhe allegation that an
attempt ON the part of the Directors IN colluson
with ex President Dewitt is being made to
transfer the companN's business or ssseis to
another COMPANY Is untrue. "id the subject has
never been considered by the D,ird OF Direc-
tors. Mr.. Dewitt-has not been seen by me
take the Presidency OF the Union Mutual Insur.
ance Company OF Maine His relations up To the
time OF bis leaving were perfectly iIlenuly Win
18th. in consideration OF his services. which
were requested by the company ani needed, as
any large corporation needs the services OF
competent man to instruct his successor In
once, be the latter ever so experienced.
He 10 not now stockhnlder or drector, or In
any way or manner conn cted with the com
peny Mr.. Dewitt's re sons Tor retiring we're
correctly stated in HE sun THIS morning.. They
were personal to limsrl.. He took charge OF a
larger company. maoy OF the directors OF winch
were his lifelong friends. and lie was unani-
mously elected President, as being tue most
avail ,bIe man To hl the position. IN former
president retiring In cons quence OF III health.
O'ConDor's staten ent AS TO NY being ignorant
OF life insurance IN tiers Is correct 9 far as re-
CARDS my und derstandipC them "A. he does. IL ia
best met nv the statement that have been IN
active director anu large stockho for years,
and received unanimous election q the Pres
ldenov. l am ana have been for eleven years
President OF the Importers and Traders Bank.
It, dividends during that time have averaged
lk per cent. and. IN addition, a sum has been
added to the Surplus more tnhn equal to the
capital stock. am a heavy stockboider IN that
Hero MIR. Buell. smiled as n rather amused at
Bucc charge being brought against him. Sew
or .isentiemen We resigned their positions as
direotors. but not on account OF want of hsr-
nony or dissatisfaction. They sold their stock
voluntarily, vacated their OH es. and Others
were elec,ed In their stead. ihe rresent Board
OF Droctors are;
.ss f. E Ss9SeT g T'T aS1a sTses e 4 I',rc y
urcr Greeawicn Savings Bauk Nm q. Bone- retired
sSS fs street, s Je,saaa T. ogH,cs Hershs@t il
PUB &c. New YORK. Rosa Van %insl6 % eouSs ior IS
wall street W. A: 6sden n gensn, councillor, POI
frSss cSnpaSy AZ 1s,vey jewel eegnseeT 5cs1os
Msss ThS1I' no n Jsa 10 ya4a1 sHysGsSa sS
ford Conn Nathan =. Graves, Pre- iusnt NGg YORK
psEsr, @efessnt aol Hs;hi9soS stree, jam gGelIi
Tesiaep Van & l io Es Se
Elward n Ammdoen, dry goeas. y LroLsrd street I;
~ psrs,ns' jr Cssfirr im i9irs ana Ira
VIII .tsi sary Sa aos p,sSi sSs'i Is TfaSi e
sireet ueor.e G. wiligin. Ci-.lcr cnemlcal National
BanK. Boston c. P. ii sivn. srcreiary
Mr.. Buell. represents the fnincili condition of
The co npany a. Derfec ~ spund and It's business
coed. only first class risks being taken. " he
surplus to-day SAID he. as reg .ris policy
holders H., In round figures, over $4,000. / he
placsrd hung az Is 10 answer 10 general charg 5
wnich are false, ana for which no good motive
IL known. Why hcss charges are brought by
O'Connor you must ascertain from M g.. II is a
we'll known tact tnat theio r. certain lawy ers
behind some Of these insurance sul's' ana we
have plrendy been approached uy some Of them
who desire to act as counsel. Our answer -
mo- and against all ATTEMPTS at bI ckm II -
pomP ny Is prepared 10 stanl ub [" 'ne bitter
bnd." Mr.. Bell, risinr,s l. an conclnsien' /
. know Of nothing to Isr.oct upon the soiyencv
OF the con pan" IN any way. snape. OF manner,
or upp" .uc integrity OF the trustees. On the
zoe of the complaint O'Connor ,ys he urincs
the suit because he Is AFRAID # hts stock beng
injured. 1t Is Ii tie curious tnat he Is The only
partv IN the suit. and that gu Of s2J0OO stock
pnly $3.50 owned ~ hi u should be represented
In this action. O'CuunOr IL also said 10 he with
out me MS and " Is curious tnai he shohld he
tbe oniv party IN a suit wbich al eady must ave
post lsree sum OF money. Tne course he Is
takins is one that VIII eventually oen~ht Tie
Nj FraliGh the Secretary OF the Comnany,
and other ufhoeis, testliy to the fact Of r.
O'Connur having Dten virtually dismisse from
the company some time since lie was for a
little while acting Secretary, out iaiied TO oh.
tain the position permanently anG was Telrgated
10 bis old place AS accountnnt.
A prominent insurance gent saws that IL was
well known ia Insurance ciicles a dIrirg months
pact, that an attem Was made some time
since To sell the business as ct. aud STOCK Of
the United States Life to the NV York Life
Insurance Company II WAS undrrstoud that
the latter accepted the prop Sal, tut when I le
time arrived for the trInrfer ui the stock IL was
found that The whole ~ II could not he bought
aud us the New Yoik Life refused I uurcn.se "A
fractional part OF the stock tue transaction fell
through.
A gentleman well posted In the affairs Of the
deiunct L'aners' Bank, an ORGANIZATION started
10 loan on cash paying polic e. at the modest
rate OF two per cent. per muntu. spld that when
certnin parties bought into the uank. paying
10000 IN cash for tue coutrOllius interest, Ntr
john ID witt. then President of the United
States Life, promised 1" 10 n the bank two NIL
lion dollars. III necessary. ON CASH y Ming poll
pies on which the bank received Two per cent.
Interest month"; and would in abolition, # de-
bred, take the policies on me hiuks hand s.
with his promises. 1his Was tue man cause Of
the failure OF tue Loanrrs' Bank, and. Il was al
legged. led to differences between A!e.srs. Buell.
and Dewitt. and ultimately to Mr. nswltis
retirement from the United States life lusu-