, 1877-07-17
TIE REPUBLIC.
THE STOCK or TIE NATIONAL.

In tho article m tho Eiae anu downfall OF tho Re.
public 1i5e-lnaurancc Company, which appeared IN
bNndaY'd TafrCSE, reference was 1aaia to the al
vances by Mr. Samuel II. Elekerton. PRECEDENT Of
tho First National Uank. Of sums Of money to pay
tho Ncpublic's death 1usscs. This borrowing began
In No, en,Ics OF last year and BY the lst OF May Of
This year Tue debt had reached S13O. D00 whrn 1t
was consolidated Into certain notes secured by the
plrdge OF 8, uU sharos Of tho National Life stoek.
About the middle Of May the Republic Was place4
III the aaals Ut d 1teeciver. to b. wound Mp Mr..
Nsckerron wanted his money, The notes wrrc psss
due, and on the :9th Of juno be made the follow.
Ing formal demand on the Receiver:
s s4e' s:d 7s:: ..ss nsiss
th"t hettby sintHa ptyMvnt q thc olo.tng n":es
a@s. Gstfa Msy e is "A psy.hs q q 4
ssss st 81 san' "sk ~ &
y of ~ i:sa I'll t.
sn5s ey te sans ouasss M o1 sn.rss q tata stsk
aa''' :S:i' Sissesd e II :s ssssssss u
thesr proceeding.-Mr. Warl reported to Judge
Williams TINT As had rreevsd this fornal demand
anu applied for Instructions to what cbuTAe tu
pursue IN regard 10 selta. The stock. Iudgo VIII
tan.s recommended that TUG Receiver ei,hor ges IN
aee nj ths same time asccrtun il any pcstons wete
wns to "kS pForSn,!s fo' the 1taek s.ta
Rcce,,sr inadr ) rctort 10 Jadgu Wllliau.,
stanE th.t 4s H. a atsptsd f. F.s nons, q
Will hc hold. $50 M ot, III ot ,ho ssuei Of n. M
unsueees.fn;. .Judye Williams theroupon directed
II chicago, Two IN Philadelphia. no in New Ysrs.
and two2 so"sot. for bids for tho stock either Ia
ANAL parcels or ~ d wholr
Fix oil FouR.
Judge Wt!ltama was occupied tsusac the morning
in heaIing exception: to tho Masters report Ii! tl,o
question was referred to H. ilaf.ly. the Ma.ter IN
Chancrry. 10 determine whether tho prpsent value
u ths outstanding tollete. should be computed
As;4. tss aaa:.y a.: y IL e"s
tho artnaEy Of The Life. lasuranes Drl.s.tn,sns or
fcnnsy!santa. utl Of whou, t.pnrtei III iasur of
sAops!ng !. per csnt oasls .: be,nx moro etsaita.
bic. atr. llAr4y. huwrscF. thouXht that the pro.
siatons OF the general insurance law dirvctinE in.
saEaucc companies to kesr u reserve caleElatel on
canll uot be possible thss liz Legislature Intended
to limit this fur special cayes 10 that II would
nut cover lasussaee eonpantes In ths hands Of tic.
Nj. i. u. Ward, Tho Receiver Of The Republic,
immsdtsteiy died exception. tn tho eonelu:lons Of
t oa Hs so1 :ppts The p1s
case Of a company In tho :kands OF
hseeses; second tteaa.s w Master d.5eganlc4
b. taegu'tabic !. Gttwesn ths liasfvnt clauses 81
E.aiutAnk&i kHA l0HttAs QcCuHeG TIE tstWt4Hk were
calculated and paid by The policy holders on the
essn.Ato shat nsouey would produce U per eeat In
tssest.
Judge Williams hela that the ansurunce law was
not broad enouxh IN it, terms ~ cuses The present
case. There waa strong equity In fataf Of shu
per tnHt b4sts. and ~ the provisions of The 1AN did
not apply directly, ha did NOT feel governed by thr
Legislative Idea musu than hy tue idea of any other
Mcn Of common penso. Thr objections to tic re-
po1k we're therefore sustained, ano the Netyttvr
lirtctcd 10 Estimate tbs liabilities un outstanding
policies 0n . u tsrt cent b1A,s.
Tbs chief rf1eet u t4a istision will be to gra
Tho holders Of death -cta!n1a shadow moro than
they would have otherwise received, since the
pfesent value Vt tho policies IL reduced 10 smo1ut
aud tho death claims FeM2lu unchanged.
nnps AND ENDS.
II nos app4ars that tbs 9tU xhafca Of Sallon13
stock ones doicd oul ln blocks Ut twenty s,asrs
each to twclse gentlemen Cunuettct With tts ks-
public ln order u make them eligible to suts u
meetings Vt tho National Stockholders have hSeu
aurue4 usat to tho Receiver vi Lbs ispn6lic, who
now h1s pukse4suu Of them.
IL W&s Incorrectly staisa Sunday thai the KspCh.
lie Lila building WA turned over tu Tho Ntuupal
~ 5000, 700; It Wiz $aOO, UO0 TITS building lad
cost the eRcpNh1ie--i1cluluy coat VI te.tEstt3on-
&a38, G0U. and it consequently made Sd4. 0Q0 b}
the trade.
II IL now said That lhs $40. 0d1 Aote Of ex-Com-
missioner l&ollills bald by tho National, aud
csie4 aftes ths ArpuIllc bought ths stuck. WIS
wiped out because Notps sud chsu4ter, " agents