New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-04-05
Continental The companies generally are all SOUND ana
urvpv vrrpprp AND THE UNIVERSAL


Henry j. FurDer' 'icerresiuo"' vi 'n' o.. "a.
Insurance Company testified that he Ia connected WIN
:, ,,,., a. cn,ar,or Oak and until n month ago
'"e o 90 '. 49, 49,, .,,.,,oa Comnanv. there ia
was President OF tue Nof'n hnoii." c.. c.
stock in the Guardian and the New-York State CON-
- .-,,oh has hoan beld in his name 70 qualify him
as director IN them Dut wa With tie Universal in
Sopay Iass 90 manager Of the agents but with the
title OF vicepresdent; inc td holds re position
February OF INN. yea rivarsa, 10 nurey stock COM
of ce-president the is p ,hs arst nnrev
pany, with capt Vi rcd with the policy
STOCK eohpaHy ~ nc insurance for so much money:
peeahe a.tantinn was called 10 that company
re9rmly g eraminaton into il found All apparent
ana upon M nnn ~ az ass.ts IA compared with
deficiency OF FooooV u, @ diractors Of The universal
us egai = had mill mo $40 900 900 OF business
that TINS company hau JUN ~ SU.ness ~ the Omar
WIN tLs I ~ alone II wouid have gone into the
dian had Deen de. nUid we with $3.50 600 build up
hands OF receiver; coud WE we not Inv that bust
an equal business, OF a hs IrntversaI could afford
ness oi 81 and tate care of all of its policy holders and
10 Iahe J. anu Tho directors discussed the mat
build up orr 70 make that good in such
way as not to create nanny se The Tniyer-
the assets, am OH fr SSSo 600 and one for $3.50 900
sal and myseil-ohe ior los suws and shoud re-
to the effect that advance tnos % ON the Omar
eeve oefna nth me ann advanced by me snodd be
dams business uli ' vs. arranged so ns not to
returned 10 me; lnat pa! ,hare Was mo agreement
create n n. - hacL 10 me except out
to pay that money p" nnost that wCre sure;
Of certain sources Oh p lunt @ In he nearly
the apparent oee thss nor"n of the deficiency was
twice that much te G,net had no time to in.
not discovered p9ss So nd not have certainly gone
vesfigate u tine Sooo,ooo mou" oa,ror Id lean an
into the hanus VI ,o :, would have made the com
pointed alerWaiu, Iyu;,.rs,I arread 10 nav
pany apparently so'en, nc I.soa ~non outstanding
the Guardian s9 per Gem ran agTeed To- tay The UNI
obligations and the chairman e,a. thc' cnntract
versal so per cent OF Is premium nUn,r tho Universal
made to protect me- because - hem ., ud nave
had enough to pay that 50 per cena o Ri pnan an
resulted to the universal II IeceNei " s 100 do
pointed, nor 10 me- e,,ci O 80 thp time nv Inc Guar
were rensured III tue ohi'cieai "' INV 'o ~ ~
diam .,. uo. ,,o Universal or Won being
HOW uoes that pic' ~. ' ,ar,;,n ,pas ,nnontcdi
out In case receVeroi 'c 11n M rho ,Ssts NJ tne
n The ADDITION Oh lhe FoJo,Y',U, ahiies and nre-
Guardian maze lts FhetS cqu'i i.e a., ,n'ar ,pan
vented the appointment OIL receiver. aiI. Su
into long explanation OF the business ~
winch all three parties TO this TRANSACTION were peIcIy
loading is not paid for; only the reserve III
the Universal IN fact receives rlsk ht c * VI hI
per cent more than the usilai I'd .u 'rr had
gone the hands OF receiver, anu tne IeIcn n'
fit TO pay the so per cent 10 tne UhVesa o "a =,
tract continues and the UNIVERSAL uoes not lose anu
lie does not the policy Is forfeited ana the CneIsi
does not have pay As to other contingencies he WI
own The money, $33O,000 was paid on cheek OF MI
ness's certified by the bank on which ~ was drawn ne
money in the bank al the nie anu was ms onI
other company had anything 10 40 WIN nc
The witness appealed 10 the coinItte tnat .nIs s'
not to ask ln 10 go mo i5 a how Iona no
ton as 10 where nS optdineu .hc Va ~, No. mi
had had II. ihe SJZOooo on lie ocI ~ ~. phe
up III MORTGAGES "Ieh i5t aSa,,raJ ma Thar The
AFFAIR the officers U! ue S.,rn ano NJ = Romans
deficiency was hOl over ~ 5000 nao i, mortoa@es
put up thc adoi'iOiai ahou, VI J :, 60 l douc lie
did not 40 IL ptrsoHalp, uut Pio''ou ~ w ~
TO receive Onc-laH OF the Peiceh.uSG pau :, i
tuis transaction The money was actually drawn rU I