, 1877-07-06
TIE CHICAGO LIFE.
MEETING OF TIE nLHEt.ruas.


Thu Board Of Directors Of tho Chicago Ltfc-
Insurance Company met yesterday aftesnpon
to decide tho momentus question, u Ii
or not TO be ". e1prrssod In Hfe.
insurance parlanec, To reERsuru heIr risks
or b wound up After nearly tl,rce hours Of de.
liberation, thoy decided the attos coushe 10 be tho
w1eest under the circumstances MAJ. Il. M.
Woods, chicf clerk Of the Insurance Department,
and acting representative ct Auditor Needless read
tho report Of hts examination Into tho affairs Of
tho Company. According TO th!s document,
tho Company has boon doing q los-
ing business for tevossl ycars, which tho
fupon assigned tfrs renaon OF It's present condl
tton, instead Of any isuinagrnant Of It's business
ton Ind gone on. It waa i1npoeaibte 70 eay, owing
10 tho mixed sna UT 's which ths books datt been
sat saS sp IL au sst
G3app, sssfetsf. Ths rcpatt Charged lie ..eae!t to
Which ho Company had deelsrsa fiSm ttasna tma 70
time, when IT. condition would not seatly waTyant
Il 10 ~ aGlna bssIass th!
whlle no ir,tere~t had been paid On III
mortgages npon tho etocx "as oaaet, thus deprtv-
x sa csxs @ eoa aa
should have been discovered By the Directors On
p.npcr, examination Of tho booka and nceounts.
Lont1s bad bech made through sort Of q syndicate,
CoMrosED OF BARRY AND CLAFr,
who purchased securities from ting 10 tt1e. and.
vI, whsn tha COMPANY needed mondy, THO sane sc;
deeds taken IN tao natno of tic Company. a. fas,
.s aa Coapany ad money to par tho note. and
81: s:' e. ssP's'tSSs, Ss,as On ea.!ss.. ''s!s
tha syndicate 10 MAKE percentage IN the % seeart-
tea and cotnnisson on tho luan; second, bccausa
enahicd the Secretary to represent t!,ese securi
pany. Whenever the danger OF MI examination waa
Imntncnt- There wero cvrH now. tho report
stated. sccusttce n tho com,'.nya rault, caiirt,
which there were no c1tr1ss Of cash paid ont, and
which seumcd 10 havc bern left harry By CIapp rs
9, 9 e1sa r. @
Tnckor eiatnei WA never paia for IL cash BY tba
Co9 e.sI tos .hs i;gass ; q efdstns e.st ts
% y ~ s:set TX toa ta%s a.
ill., POI eent tesef!s s4l, s57. %. taas % shoR!nv ~
. dcheit Of slah 24l .ts; According T. ths d Per
s ns woed e
that the Company was tn no condition 10 transact
further buainc.s. and that il n,uat put itself At
Mni. Woods a,so ] sr,rs"naecd, a afto, rraa,ns b,s
Judge Williams tot tho sppo!at.nens of Iie.
Tho Director? had considered the subject b.
and wcfo fully prepared 70 tncet tho
tAktuElcS o. t16 EaHc. IN 181tA, ooWGteF, lhGFb
Was gteat deal Of oratorical wind 10 b. let joOse
bcfoEe formal resolution could be adopted ses-
ling forth thak unfcf The etrtn'stancts, iAe very
boat thlna tho Company could do wns to jos tunIg.
body bs appo!ntsa BY law 70 take cars Of II When
ne Aeee4xef l,as beon sppotnted It NIL! bo tscse-
t!onafy with the Court To authorize TINT ohIcor to
rcinsneo tho cpmpany's risks Or not Ths National
L!fe, U. 8. 4. and tho Northwestern Mutual Life
Of Aiswaaaco, had bid for tho job bcfoeu it was
known that on application would he Wadn 5or IL.
eelycr: Whether they will rsne~ their hlds should
shB reinsurance be decided nlont II not known III.
though such thing Ia not improbable.