New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-07-13

my Some w@nths afterward the Commercial" was
edited with entry. can Loan dcntor m inU In
went on the Universal Company books rs p'a va" nl
Stock and at ihe oa'e OF snn,sqen' at in rreity
Tor the purpose Of gain ng cot"l "I thc v,,tl,
$4,000 was paid fur what at the time was tpparcnlH
worthless stock: 100000 that A. W. Gill amt Everett
Ciapp, President aud Nc,-frCEdcni or the Hlauiim'
were ALLOW ed 10 draw acr the Company had been rem
sugcd, and for which II is safe 10 say u'A
never performed davis service, was ,n" ~
oS1 s76 some $50 900 were also paid to two octuares
MI Sheppard Romans and Mr. Iucius McAd1m, , ~" he
aries Int was discovered from tie books hat ,ne
nrst-namcd gentleman performed any work Tor ms piS'
and although Mr.. McAdam dreglary a. t1 c'i
pany's Office, the only reason d>cnNcfahe "I n's III
ance was the same that kpt Mr. Romans on the ll rS'
"a part o the agrcemeut' II was lni9 n ~ VS.
Der advanced Mcssrs. Clapp aud GIN S'2oo ul wa"
charged the Guardian without any explanation anu
that $3.50 in railroad-bondS given 10 tae ~
H. and charsed back to the Guardian lns'eau o
Toe testimony 81 Mr. Furber before Legislative Com
mitcc regarding the contract FOL reinsurance 'naue M
the Guardian by the Universal with the sworn siat'
menis On file in inis department eslansn ht "a o
ne Universal Life Insurance company aElteu 10 49, H
all the outstanding risks of the Guardian Mutual i IN
surauce Company. The contract il now repudiated bL
the I'm veisa or the ALLEGED tat the hlsaned
mcut. although it is very evident that IT was
the duty OF the gentlemen VINO controhGu oo, ,n
o CARNATIONS to see that tney we're iIue 10
taeinscv and that the promises made by themselves
o. Themselves were kept II is claimed t.ey Wrro r,
able t. meet the requirements nv nc fault OF theIr OWL
but because of the weakness and want OF Valne o Nh'
was snppos be available funds they snoud nave a.
when in full possession Of the Guardian; but 1t does not
say much for their reputation as discreet acute ana
c'tarbcadrd men that II took thrl, SIX months " S0
tain they had been dcccviug themselves.
THE NORTH AMERICA
The Superintendent gives in detail the TRANSACTIONS "V
tending the transfer contracts If the North America
Life Insurance Company to the officers OF the UNIVERSAL
No contract for reinsurance made. The change I'D
management IN this case brought about Dy
he officers of the Universal becoming pcleii-
liz elected directors therein. Mr.. Furhcr became
president VI the North America AID the ni'et'ai uun
neracs large sums of money winch were RAD ~ D. MOT
gam the former president, and mennels 0. Ms ,,iy
leaving corporation they had by gross ,h
brought the verge OF bankruptcy ana ~
ana carried into effect mat will throw some gut upon
ngt bow much money belonging, undoubtedly TO unor
tunate policy holders, M Morgan secured ine'l,,atS
ana wrongfuly while In losscsSicno the NOItb AeIo"
CONDITION OF THE UNIVERSAL
The character OF tie assets of the Universal is shown
when it is stated that from the s3,696oOo 80 OF leger
asset: sworn be in possession of the company on DC
cember 81 1876 there only received interest dur
ing the wear 1876, through the cashbook, $500 H.
t over one per cent In the statement Of The compa-
nv over $500 900 returned rs beng received as lhle
est but c superintendent shows that TINS statement Is
corcfnly prepared for purpose of deception Al the
different classes OF assets are examined III Get anu me
result IS summed W IN the following eNAlmt giving the
r,Gi ION o tue Universal Life Insurance Company on
May l, 1917 .ss,rs
vs. Bonds. ar volu, $1,000. si' s7S go go
Collateral loans ''''''''' Market value. Loan
People's Gas Light Co. Stock $1,000 200
Merchant a Traders Bank
stock l'vuu i''v
Pad up LIE pJlcles......---- luooU N"oV
r.., am, ,,or,oocos F-'VV s2372O 70
oon's anu '"0' 'h'7 .............. 524b36 o.
La .s'"' "a -, p.r1 ............. 1868 %
ash ONCE
Premium loans and liens 49,. ~.
Nc uncoliccted aid deferred premiums lo-uV' -
aian. " "a '"' ......,....'.. 10000 o.
Accrued interest and oo''' %
,ro..t .-sots t.............. S24iHGS9 -
LIABILITIES.
\, r,,,,, ,e.crve ................ S3l6'.9 45 90
~ h., .,yauce Ii4,JOc 81
Ii,'',,a it' ,t =, ,,t ........ 81 ii
pan ,,.'. .. ~, ,,, ~ $3.50 90
i.', I's 800 ,o'i arin1 uieIts 1877 -
,,,,ai i,.,iiies ................ S. f55.lOZ 81
Deficiency as regards policy holders.... SlOO'iI" %