The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-07-14
LIFE INSURANCE TROUBLES.
BUSINESS TRANSACTIONS or THE UNI
yERSdL LIFE's OFFICERS.
Information rrcm the secretary-vaiuabie
Real E.tste-sixtecn Thousand Lives In-
sured-Thfrty-threc millions OF In.urarce.

Mr.. John H. Bewley, Secretary Of the
Universal Life Insurance Company, when
questioned Yesterday. said that the report Of
state Superintendent ohm F. Smyth. made pub
lie yesterday morning. is erroneous. being
based upon an unfair valuation Of the real es-
tate mortgages and securities Of the corpora
ton. Our assets" Mr.. Bewley continued
have been rated by the State Superintendent
at about fifty per cent of their real value. We
intend 70 petition the authorities 20 have our
affairs referred to gentlemen competent to
Judge them upon the merits Of the case. | tell
you. sir. that II the same test that has been APP
Piled 70 the Universal Life were applied to any
other company. the result would ba disastrous
The true interests Of our policy holders de-
mand that our company be let alone by the au-
thorites. We can pas OF all Of our obligations
as fast "a they mature We own sixteen very
fine brown stone houses in West Sxtieth street.
Every one OF these houses il rented and bring
ing good inrome Resl estate. like a lack
knife. may b. valued high or low. according to
tne Judgment " the person estimating the valu-
alton claim that our bombs mortgages. and
real estate Will foot up t2.Ioo.0OO good. honest
Naluation. mere nus not been any dis
kh2 iie among tho officials Of the Universal
Mr. Bewey decIned to make an explanation
paid 10 him without proper warrant but init
mated that he could fully explain when called
ulon by the authorities 70 DO 30.
The OIL 'ers ~ the Universal Life say that the
hon'l's 81 the Company now cover about sixteen
thousand lives, and s3SOo0.Q0o Of insurance.
first year. rea he'd sl.7O00OO in 1876. The
ass Is the officers say. amount to about
snWstuvo. IN luiing surplus perman"nty
held un Ter ~" provisions of the charter for the
lrot@tion Of policy holders. Of over three times
Iis,captal stock. There mas been paid t. The
holders Il poll ICES SIN - the organ zati0n OF the
company 81 10000. The company is in the
III ri.,snth var q It's existence. The OH ,rrs
har. Vice Proc dent. John II. B-wley. Secretary:
Sireiors are HSnry II, hlcSSanil@rr.' a Martin
4. Hurlbut and Thomas II. Mar IK'8 e''' "'-''
gentleman who Wi Informed saws: " One
reason why the [ UNIVERSAL LIZ has come 70 grief
J. the tact that IT, premiums are about twenty
pnr cent. lrss than those usually charged IN
other companies. know SIX months ago that
Ia" Universal Lie WAS IN a snaky condition
and the crash that has come in the shape Of a
cont"mnat0ry report from the stat" Super.n-
t-ndrht does not surprise me- in the least. OF
course one "ause Of The trouble Is the shrinkaa,e
Of values. hut there has been gross M smana.:e-
mcnt. and | suspect criminal 10 ,ulation."
Another Insurance. man said t0 tho r~portsr.
" Go 10 the On ~ Of the Mercantile Trust Com
pany. and you viii find r"'orded in the hooks
q trSt concern transa. ton which Mr.. Henry
J. Furber should he called upon upon T. ex-
gam. tn, reporter called upon Mr.. Louis
Fitzgerald. President Of the Mercantile Trust
company. That gentleman said, Whom l
read the report ~ S'nt- Superintendent Smyih
alleging Tint Mr. Furl"r borrowed si2DuOj
nom the Mercantile Trust Company on the
credit % the Universal Lie Insurance Com.
lanN, | scar he'd the account bupS- OF is74.
aud found the record In black and white Mr.
furbcr took the money and gave ~ security
cuutrlf which bound IN. company a. make
certain payments - money. SuhSelu .ntly the
ana the security Vas returned 90 Mr. Flru.r.
Any on WIZ wants o. Sc cur tpOAs can have
Among the patrons II the Universal LII, In
surhu" company arr several benevolent AMI
pol.cies Amember - he Bun lsorsenaens"
u"riuan lnstitut On, having headquarters in