New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-07-14
THE UNIVERSAL EXPOSURE.
Two vIEWs OIL me MATTER.

THE FLEnNG At 1uE CoMPANYS oFucE-wnAT |
Mr.. BrwIEY CI-.INs--A GENTt EMAN WHO GOES !
rUrTHER TnAN SUPERINTENDENT sMYTH.
Insurance Superintendent Smyths report of
his nNe, atou Ia Tie arS OF TIE Universal Lie In
surauee Company, aud OF the Guardian Mutual and |
North America winch amalganatcd with tue Uni
VcIsal Lie. on it, publication yesterday caused ap |
rarCntly more excitement than surprise in insurance
oircles There numerous callers al the |
Office OF tic Universal Life. Nos. II and 10
warren-st. hut tie officers appeared to take coolly
tho adverse criticism Of the Insurance Supeiip- |
tondcut Henry J. Fulbcr the Vice President was
uhsent being at Hartford business concerning the
Charter OAK of which he is the Financial Manager The
other officers present would not undertake to explain
transactions reported by Mr.. Smyth, such the loan
Of the Mercantile Trust Company and the loan Of mort
cages nom l. Smith Romans, which were conducted by
Mr. Furber personally. on this point employ6 Of the
Office said that in the Universal Life office every man
was obliged to attend his own funeral
John H. Bewley, Secretary OF the Universal Life, made
to a TRIBUNE reporter al the explanation he deemed
proper to from him. He said that the condition of
company better than it at the first of the
year. He claimed that IT was perfectly solvent, ana
thought the action OF the Insurance SUPERINTENDENT pee
cuiarly hard the policy holders and present claimants
against the company. The company had been asked to
show why receiver should not he appointed.
md would appear by counsel Tuesday next at Sche
ncctedy and ask for a referee The whole deficit
he asserted grew out Of difference in opinion
Judgment
assets IN real estate aud mortgages real estate most
ly in New-York aud part OF 1t rstclass business prop
erty. TIE Company claimed that the above amount was
fair valuation Of the property, hut the Insurance SUI
perinendent had marked the valuation down To $1,34S
3j6 10 The test, Mr.. Bewley claimed, II applied
even strong Company the National Life, would
render that Company inolyent and he considered 1t un
just that stronger should be applied the Uuiyer
sal Life than to other companies The Company came
into OF IT'S real estate advantages within two
three years. The North American, he said would
have gone into the hands OF receiver. and the
policy holders would not have saved dollar if the Uni
versal Life had not taken the Company The Universal
Life had been exposed neutrality-suspicious. aud mis-
representations and the Company in its transactions had
done nothing which he would not be willing to submit 10
the Judgment of fair business The Company would
contest the case OF Its ability in the inter
est of the pocy holders. Me-. Bewley sad he would
leave il to Nj Furber explain loans drained from
the Mercantile Trust Company aud with l. Smith Ho-
mans he would say that they honorable trans
actions The sdpernIeudcuts report makes this state
men o. the commission account OF the NicePresdcni,
The Secretary and Actuary, from Marth, 1874 to Dece
Der 81, 1876:
fd T. II Is e on ON accot comm 81 5dG56 o.
Paid account commiss GOoJ6 SO
Total 1927, II
Mr. Bewey said that the amount given certainly
too large regarded Mr. Furber. He did not think,
as the press ged that Life Insurance companies
aries. Tie quicker a company obtained large patron
acc the better ana surcr would he it, financial basis
And the commission, Of officers in three years would
properly amount what they might be expected to re-
celye years il they did in three years, by using cX-
ira energy. what would be fair six years business
Fun explanations would be made before the referee
AN UNAVOIDABLE OPINION
gentleman who has intimate acqu tintance With
the inner workings OF the Life Insurance Companies said
yesterday. that tue exposure Of the condition OF the Uni
versa Life TO tie public, but had been known
10 HIM for some time past Superintendent smyth had |
made true statement OF the facts He presumed that
The officers OF the Company would demand an in |
vestgaton and oppose the appointment Of Receiver
but ia his opinion il would be better for them not to Do
So They would do well 10 accept receiver Other de
veOpments likely to follow, OF nature to impress
the public with greater force than superintendent
smyths report ~ al al Of the glitter WAS not god
IN The statements OF t'.i'ac i"ns oi te n5 ie
He new the crcunlstan Is OF he i"tu Oh To'UVoV Sc
cured rom the Mercantile Trust Company by M Fur
LIE when secured TO MI FurDcr commissions on pre-
muins and tine estat for eff citing tue ANA nation OF
Ii was lis belief that tins money did not re-
American Exchange Bank TO the credit OF the Universal
Life The cheek Wac assigned Ia the Universal LIE bY
turned back To- lie Mercantile Trust Company. In tic
statements Of tie Un,versl Lh TIE Amercan Exchange
BauA was charged win deposit OF 9oJvVVo' NHeh un'
dollar Of the money stood ii the banks books to the
credit o the Universal Lie.
tbs gentleman said Tat second contract allowing |
commissions 10 Ar Furber for ryccs rendered was |
consideration OF certain mortgages which MI HpnIus
hal assigned 10 the Guardians Mutual III MI turbti,
request. Mr. FuIb.r lad been reported as saying re
Gently, thai the mortgage we're assigned by sheppard
iom1ne Dut l. smith ltunau, ODjo,e and made such
fuss the rinsdciHu that the mortgages were re-
turned. Aud yet these mortgages had Inquired III the |
statements Of tGt company as part Of The assets
TIE gentleman 81 that his ci1cnce led MN 10 hc
leyc that the ie insurance business As conductor %,
many companies, Swind,e Tie com
ma Ity. Figures proved that only about per |
cent Of the assured had sought policy for |
themselves As q rule mad been gotten |
into fa insurance through urgent solicitation, and Tia
most successful plan OF the agents 10 W TX on IN
feelings ANA sentn us OF husbands aud fathers
families. lie knew of one poor IN with disabled |
hand aud serious Do lily inf mites which were a-steNa-
ed b. nard manual work, WHO had worked Ike slave
for several years pay a large annual premium II
company which had since become bank tpt lie SAID the
details Of muumcrdDc Of this and, which had been
his notice, enough TO make hcir-S!c
any nan possessed the least sympathy for bis fellow