The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-05

the dividends the policy holder extentf
the profits the profits vii ssas that with the
u il paid oul; but consider part Of tho
4 Story ny xR. STEPHEN ENGLISH.
stephen English testified thai he had never had any lit
Mr. Winston, the President editor proprietor Of
sds IN that sapss there we're 80 mary o actions me-
remember the numbers there we're against
Win ss & hey out we're
1siase to Mr WINSTON should @ ,hsy s
s sa n Iom9 tune pr'of n, 70 hs sa.
$500 IL two actions due ~ Ore company and another
aud Ave indictments sransi me was over o6o the
whole shins grew out Of having NJ Miller ,arSsd out,
tried TO have Them take away patronage then turned
q Were you paid anything by Mr. Winston in settle
mont Of these troubles = A. Yes
counss for Mr. English objected and said that was pri-
Mr.. Hustled said acting chairman that the question
q What irregularities did you charge against Mr. wins
tom lie had proxies upon which he voted and he paid
the soldier. during the war
noty A. Yes. sir TO tho Governor; there
los ny + % the COMPANY bur objected 10 the prncpe
ne sums given were CHARGED rs dydends then he allowed
Were these the cha ss ason which he nroun, sais
A. No sir; he brought suit upon other they
the suit probably; what was the
q. Did cease the publications after the settlement
ess,ed them several months before =. settlement;
tracted them my business was Injured: my health was
Winston Seea@sd ashamed o. himself ana did VIVA. he could
to retrieve the wrong hc did mo.
EMOTION.
The witness hero became Affected that his emotion
overcame him.
TESTIMONY RESUMED
was robbed by tho shcrihs officers: they charged mo
$50 night trying 70 get BALI Judson JARVIS the Clerk Of
with me trying to get bail.
ny THE coMMIrrEE
The committed here declared that the whole tcstl-
Mr. Moak then urged his original question to how
much money the witness received in settlement and
general discussion ensued.
NEVER REcEivED A CENT.
Mr.. English very positively stated that he never
corporation in settlement OF thai dlioul.y
The question was thereup0n rejected
sruaSep Tnm PROPOSITION.
settle the dcuy Yes s Hyde and Mr. 'I Bliss bas
searnod the propostioa they offered but said
every HE insurance company asked stop for the
Commencement OF tho suit Tor winding ~' up tho
Continental Life; when the superintendent Insurance
gotten up all the facts placed tho receiver no had
s s ssSS ss .
nms Co 1ss AZ 20, @oar.s9
What were The eharses Against tae officer. OF the Com
on the fire companiss to corrupt lsssnsers $50 ste
but Mr. robey tod me !, was in the
OF Miller; George r. Hope then began lowing assess
him. a%ona then Brought i"s his bill H into the
senate where u u now the Dill Was what call striking
IRRELEVANT TESTIMONY
Hero It was discovered that Mr. English was TALKING
of the Continental Fire instead OF the Lic mo-
ton of Mr. Cowden tho testimony stopped and do
clarcd irrelevant
BUYING UP poLIcIEa
Continuing, Mr. English, speaking OF tho Continental
Lie, related what evils the officers Of that company
had been guilty Of, for which no had denounced them.
For Instance, buying up policies on statements that tho
company was In danger and swallowing The reserve.
transferring assets 10 tho Now Jersey Mutual OF which
Frost, PreJdent OF the CONTINENTAL officer
Tor that company 10 hold assets OF their own, while
Ssss asssss bonds s
buying up. OF policies cost about $780, 600,
and those officers drews checks for them lapscd poll
cies amounting to $780, 00O Tho officers aterward ran
away He knew nothing detrimental to any OF the other
sets in the same way as the Continental The COM
pancs generally were all sound aud solvent
recess was taken until three o'clock 7. NJ.
AFTER RECESS.
TESTIMONY OF MR. FURBER
Tho investigation was resumed this afternoon, and
Henry Furbcr, Vice President OF the Universal Liz
| Insurance Company, testincd:-
Am connected with tho Universal, the Chartc,
| Oak, and until month ago was President Of the
sn and s o There n hs .. is
held in his quality him director in them. but
nsced with tina Universal in November Isa5 manager
the Universal was organized In February OF that year wit
ness s holds the position Of vice president; the
was the rst purely stock company In this country
much money became connected with the Guardian
in 1874 IN February my attention called 70
deficiency Of sioooo in is compared with il.
tG.t sls had built up $4,000 90 Of business
a ,s as saS lett u nssd'a se'; .v s
into into the hands OF receiver; could wt,
buy iha. business that sum- believed Tho Universal
could AFFORD take Z and take e y. O i,s policy hold
matter and agreedo make thar $500 900 good in such
made beween the Universal aud
%y,ssY"s for .ua.ns for .hS elect
centagc aud proportion ON the Guardians business until
payment was arranged not to create liability.
because there e pay that back
the "appaont deficiency proved aiterwad TO DO nearly
was not discovered, possibly because I had no time
The sg ss Of you'd dsoa no, have },
receiver had been appointed aterwad because Il won Id
agreed !" the Guardian d
outstanding obligations and the Guardian agreed 70 pay
contract made protect me- because knew the nj.
e tbs had s
IN to Ss f at the s By tho
q. How does that prevent the Universal being
addition Of the $3.50 900 assets Of the Guardian made
Its assets equal its liabilities and prevented the appoint
ment OF receiver.
Mr.. Furber then went into u long explanation OF
the business methods by which all three parties To this
transaction we're perfectly secure. He continued
Upon reinsurng the previous loading paid or only
the reserve in reinsung the Universal in fact receives
hn s aS sp psr ss tho hsn %
receiver aud the receiver had tit to eighty
Universal the the Uni.
versai and n he not the policy is Tor.
ieed aud the Universal does have to other
the witness preferred tho opinion OF the Court
rather than his own; the money. xEiDWU paid
check witness certified by the bank which II was
drawn the money IN the at the time and was
his other company had anything TO do with the
saction.
Tho witness appealed to the committee that they
ought 10 ask to go into his private affairs on
the question as to whore no obtained tho money or
how long he had had It,
The x32oOJ0 on the other contract put up mort
when nrt commenced to look into the affairs
officers Of tho Guardian assured that the deficiency was
xJ5OUOD; Mr.. j. H. Ifomans put up the addI.
tionai amount Of S32D.Oco in mortgages; did
do IL personally, ut procured to DO
done: he to receive one half of the per
paid TO tor the transaction tho money
tualy the bank into tho Universa,
received tho whole of the $OoD In little year
Mr. Romans contract closed last year; he received
his share back In same securities he pat
In; II made difference whether 4. was paid