The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-01-31

Total. $loO,0 700 ~
at hrst difficult TO believe that the company
had made such palpably false statement but the
proof was as perfect could be, and tho facts
reported to you on the 23d The examination OF the
ledgers and collateral books brought TO my attention
many strange entries, which the secretary
and cashier (wh0 nominally Keeps the
books) said could only be explained by the
president or by books at the Now YORK
branch Office. This returned
to uineenths Of tho requests for explanation the
President always away or else was without the
books or papers containing the explanation. The TACT
that tho officers in charge OF the books and OF the
business of the Office make entries the books
without understanding the matters involved gives
ground grave suspicion that they fear the ransac
wrong and prefer to DO ignorant OF the facts
or that they clerks to the president and
unworthy OF the title of oAiccrs.n
ACCOUNTS
Mr.. Fackler proceeds TO say In his report that the
bookkeeping extremely complicated, particularly
as regarded the New York branch Office In
tho '.turniture account" credited with $50, 900
and the ledger entries did not balance The book IN
which loans bond and mortgage, &c, were recorded
gave almost no information at ALL Mr. Facklcr
lates how difficulty he met with in trying to OBJ
tain the books and papers.
pursuit. and he finally made formal written demand
the officers all the books and papers and assets
OF the company should be shown him at the Newark
Office December 26 On that day there wore sub
United to him
United States coupon bonds Of par value Of $132 600
virginia registered oosds par .'ua 500
Mr. Fackler says in his report 1.-THE company's
ownership Of tho coupon bonds could not be proved
BY the cash book, and could only DO inferred IRON
their apparent possession AS the President admitted
ally belonged TO the company's attorney mr. Noyes
moneys advanced by HIM, It was I'M
possible TO be sure that the other bonds might not
either be borrowed for the occasion already
hypothecatcd for loans OF which your examiner could
not learn. In OF these facts the president was
requested keep these bonds within the State OF New
Jersey until the examination completed; this he
declined to promise. He was then requested to pro-
duce them the following day for further examina-
ton, which, however, he did not do.
binding that my repeated requests for mortgages
had not been complied with tran smitted to the Pres
dent on January q written request that the mort
geges New Jersey property should be exhibited by
on the 3D. In response to tins mortgages cover
ipp only about $40 600 OF loans submitted
with mortgages for $4 800 hypohccated at the Second
National Bank OF Newark)-are all that have been
| have made many further verbal requests for them
and January served written requisitioh Tor the
mortgages property outside OF New Jersey.
AS no proper Official explanation or apology has been
vouchsaIcd for the repeated failure to show other
ney have any Sco 0r Ty ,6, m wa' be-
added deposit with Treasurer OF New Jersey,
$780, OUO and the mortgages by the Hope and Common
$4,000
To the only assets that can report at
this date follows.
ASSETS.
Loans on mortgages, say................. $373, 500
United states bonds. market value, say. 100000
State bonds, market value, say. $4,000
Casn III oanks iV,ooo
Premium loans ACKNOWLEDGEMENTS. $50, 600
Accrued In crest and rent, say ......... 80, 600
Net unpaid and deferred premiums. 10000
Prefacng his statement OF the liabilities Mr. Faik-
Ter speaks oil the deceptive twenty year term policies
peculiar TO this company, and on which the legal
serve Is with difficulty determined 1t was manly
this class Of contracts that the company offered to the
policy holders OF the Continental
Death claims appear be Qor December
there were deaths reported). ......... 60, 600
There Is due the Second National Bank III, 900
There Is due the company's attorney Mr.
NOyes. 47,OOu
estimated ........................ 1000
Total liabilities exclusive Of capital. $780, 900
Total assests so far as shown.......... POS, 500
apparent T4Zl,o UO
MIR. Falklcr says:-The company's business seems
to be loosely conducted; many policies have been
issued AT premiums below the net ratcs-one OF the
most remarkable cases Is that OF N N. Halstead "a
directory, whose 1000 policy pays a premium OF
1912 60-he regular table rate would DO least nty
per cent more-the net Is 1882 80 At least one