New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-11-13
LOCAL MISCELLANY.


SUSPENDED INSURANCE COMPANIES
ruy FORMER rrtspsNr OF TIE SECURITY ON
rRl,l. ror PERJURY CONDITION OF THE con-
TfNtNTS!-
The tg0l Of Robert l.. Case, formerly presl-
dc,, Of The Security Lifc Insurance AMI Annuity TOM
rauy for socol porlry, in swearing 10 false state
mems Of tNc COvNauNs condition, WIS begun N'Sl'"'
In The Court Of over AMI Termuer. before Judge DAVIS
Attorney Phelps and Assistant DstricAttofueF
Io,rs conducted the prosecution AMI eN-Judge Nuam
Fnllerton william A. Beach, and Charles H. Nlnheiu'
a,,posrej FOR tho defendant Before j'rF was '''-
pannclIcd. Mt Beach claimed that the iadctmeh' was
defective beeusc ccrt9in ledger accounts from Whch
lie annual statement modo up, were not included IN
g. hut the point was 0voTllci In opening for the pros
couti3n Mr. Rollins said that with the growth Of the
business OF life insurance had grown mp system OF pay
ing Largo salaries and OF actual stealing Th' chNnces
Tor fraud in conduct u company wore so many ana
60 great that became necessary FOR The state TO require
annual reports as to their condition Tho statement OF
the Security Company FOR 1875 showed a surplus OF
SKIS 900. hut year later when the company sus-
pended the Insurance Department found dchcenc! Oh
e.. 100000
Moses T. Maclay n notary public, testified that the
statement OF tive Security Company's condition was
sworn 10 before him by Mr.. Case aud by MI Alien inc
secretary OF the company. when John A. Mccall u"
DEPUTY Superintendent OF Insurance testified that Wneh
lie pd the discrepancy between the amount OF cash as
tep in the statement and the actual sum, he asked Mt
Case how this could he accounted for. Mr. Case replied
that ne could give no explanation. and that he had noun
ing 70 say about IT, The points dwelt upon Ill ME-
McCal's testimony the cash account and the Iact
mat the real estate was put down valued at more than
$4,000 whereas largo part OF this sum represented
"accnts balances" and "commuted COMMISSIONS
TIE CoNTINENTAL's CONDITION.
A correspondent OF THE TRIBUNE desires to know the
present condition Of the Continental Life Insurance Com
papv The present receiver OF the company is John p
O'Neiu He was appointed May O. by Judge Wesorook,
and the order Of the directed the receiver deposit
the assets Of the company with the United States Trust
Compenv ~ Now York Whenever and rs often as they
sbaU reach the sum OF $4,000" Mr. ONclPs Office l. IN
The compauy's building at No 90 Nassau-St lie stated
Yesterday 10 TRIBUNE reporter, that proceedings au
been taken u foreclOsc oil mortgages on when
the interest had not hCen Maid regularly ano
which had been appraised at loss than the lace
amount The remaining mortgages, that pay :
per cent regularly. Ind not been dSturheNOo
lie had collected evidence or claims ah0uJ IZOuo
poccs Of the 20 900 iu force ~ the time the COMPANY
ae FIRST pnced n enc hands Of receiver Attorneys III
mis- tv he had been informed. held about 1000 more on
these policies No limit had vet been fixed by me coNri
bevond which the receiver might not accent evidences o
in. htcduess from p0licy-hO.d"rs Mr.. ONei tXnrse
q hove taat ne would hc abb 10 declare good diVd'uu
within the next SIX months.