New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-02-28
INVESTIGATING THE NORTH AMERICA.

JUDGE DYKMAN GRANTS AN ORDER TO sHo" CAUSE
WHY A RECEIVER SHOULD NOT DE APPOINTED
WILLIAM H. LEONARD MADE REFEREE.
Suit has been begun in the Supreme Court
Of KINGS County by Ethebe B"lkuap against the N0rtH
Au.r,c, Life insurance Company. the Guardian Mutua
Life Insurance Company, the Universal Life insurance
Company, Henry J Furber, VIM. Walker, Edward W
lambert George T. Hope, Samuel ". TOrrcy, kober; A.
Lancaster John d. McCook. John II. Bewley, George
I Montague Nathan u. Morgan, and John H. McC0ol'
for the purpose inquirng INTO the management OF the
North American Lie Insurance Company. Judge D!H
man granted IN order yesterday to show cause On satu
day March g. why a receiver Of the North American
Company should not be appointed, ana especially why
he present officers Of the company should not be re
,r.,ued from having further control The order also
directs the North America the Guardian Mutual, and
the Universal Life companies TO submit themselves 10
i.atiou by the Court Of Equity, and appoints william
II Leonard as referee with ylsitotial powers
The complainant alleges that in 1874 Henry j. Furber
and others whose names present nnknown sought
10 eyade the law by agreeing ina the UNIVERSAL ''h
pany should control the business Of the North America
in ts own interests induce it, policy hoderst to surrender
their polces and To take policies in the UNIVERSAL
40 far as they desirable risks, and hnay To ABSORB
the business, profits, and advantages OF tne Nor'n
America IL IL alleged that II was the design OF M VI
her and others TO secure themselves large portions OF
e reserve OF the North America being or intending all
~ ,vhi "a he officers Of both companies, and To draw
salaries from each. BY representing that the North
America was insOlvent, a panic Was createu
among its policy holders. causing them TO allow
their policies to lapse surrender them to the Uni
arq,I Bv such unlawful and fraudulent devices, II Is
charged there was Withdrawn from the Norm Aherlca
dining is75 and expended for policies apsed' surrel
J~T.d or purchased SlI2S,1S1 H. besides an l,n oI
5-l A93 for death LOSSES and pOhcy claims III hiuI"n
fberrto" which Latter phrase Il believed 10 cover olhs
nurrlases Gr Of other policies Inc reserve LOT IotO
tvns - i23I6 and for 1873 T2,5OO9hJ. Inc lhcome
tor 1874 was 1893 us " and the. expenditure
N oIO q IA the lncOme for l-iJ was 9l-' ii1O "
and the e expenditure S3l77,92s 81
The plaintiff charges that Mr.. Furber ana Others nave
nnroiated large part of the reserve t0 tnet own USE
und that they ought Immediately To return II me
stockboles aud policy nOlders of the Uh'tI5 uhueI
the name of pronts received ana are enjoying he
henent of the funds which the North America anu Nj
Furber and its officers ought TO nave protected anu
nreseryed The Universal. by Reinsurance OF u1ls cOn
tu,c with the Guardian Mutual Life, has obtained aige
suus Of money or property winch A not thttled uo
hold and has mingled the money OF the Guhriah WIN
that OF the North America and its own that IL WIN De l
nn..lhe 10 trace IL without accounting among ehch
~ the three companies which the plalnth III peha
of himself and Others prays . ,
II rs further alleged that the North America and Mr.
Furper are now coudng and c0nsprng with others or
the Defendants ~ have receiver OF the company APP
nopte after their own heart 20 protect them and the
Universal nom the consequences OF their alleged wrongs
and uasds. - l., ,,. 4,