, 1877-07-15

aggreeating in all an amount equal to tina,
paid for the National. So, when the
transaction was 1uliy completed, the
Republic on its balnr,e-sheet charged up to the
asset account the National stock at the price
paid for 1t, having eliminated tnerefrom, ex-
elusive Of real estate owned by the company,
some $600, 0o0 in miscellaneous securities. The
National would now accept 1000 for the
property, owing to the general reduction In all
It had been the intention Of the Republic
managers to amalgamate the National, but In
closing the trade 1t was agreed that the latter
should retain its organization and not be wincd
| out. Then tho Republic people thought they
| would perform the wc1-knoTn circus feat of
! RIDING TWO HORSES AT THE SAME TIME.
Some OF the insurance papers got hold ot tue
facts concerning the purchs SO; and, fearful that
they might uns parinely crsticiso the Republic,
an agent VAS dispatched to New York to see
| them. One insurance journalist was induced to
write labored article to prove that the stand
| ing OF the companies was not impaired 5y the
trade, and that the one capital was ample SCOUT
ity for both companies one cqualcd two.
| On the completion Of the purchase the books,
securities, and traps Of the National we're
boxed up and brought to Chicago, and installed
| in tue vaults Of the Republic; A branch office
| comply with the charter, was retaiued at WASH
| ington. A reelection Of officers was had.
| George Fl. Stuart, Chairman of the PHILADELPHIA
Local Board OF the Republic, was elected PEesl.
the Republic, vice-prcsident; f. W. rclt, Act
,ary; and ]. N. Butler, Secretary. All the ofi-
| GERS, save Mr.. Stuart, came to Chicago, and re-
sumed operations for the National.
The year lS74 closed on tho Republic with the
following balance sheet:
Capital O54, 7N4
Assen::..... M ol 9gs
Llao'iltcs oo., 80
impairment VI CAPITAL --....--...-...... e-1.noU
!nceHc, .............'.. ~, ,VO0
Expenditures SOL, 600
As compared with the statement OF the year
previous, the assets, which include $l.220 0)0
National stock, show decrease of $751; ,0o, and
the liabilities an increase Of S3l4,0o In the
item Of impairment OF capital is exhibited an
increase from $3:aj4 ,000 to $ss1,00o.
The National balance sheet at the same date
shows:
Capital. ST. 600. 900
LiaSilltcs So. 9oS
income. !, 45s oUo o
impairment of canitai, per cent basis. Isl 90
Included IN the assets is the Republic Life
Building, which is set down at 400,000-at
least 1000 more than it is worth, to be used
as an immediate convertible security.
In 1875 the Republic again pcrpetrated the
act OF dcglut;tion. The concern was The Irun
Ctr, Pennsylvania Company, which it took
liability was S., ,T09, and its reserve SO, 1U3.
True, it was only a tnouthful, but then the Re-
public was not satiated. The year rs is marked
by change of management in both companies,
WHEREBY HANGS TALE.
For some time previous the stock OF the Rcpub-
liz lad been uawkcd around ut about Is cents
on tile dollar, and large blocks Of it wcrcslcpos-
crai for loans obtai,lcd by the holders. Paul
Cornell, who at one time was one of tile Vice
Presidents, lad deposited 1870 shares with
certain party to secure q loan, The stock was
offered for sale at IS cents. time and aga;n.
without finding u buyer. Mr. j. Y. Farwci}
held 800 shares. and sufficient nroxies to corr
troll the stock. Atessrs. Pect and Ellis, the
former the actuary Of the National. and the lat
var pro.ft1orr ri +1,a co.,,,l N.t;n.o1