The New York herald., 1877-11-18

a 400 ao for this difference OF $5404l. The policy
holders practically cons nted tha; the company shoui
be relieved OF the necessity of keeping the reserve re-
auirea the old policies OF Sl7j 67s. The reserve on
the being $S9373, the difference, Sl3i So5 Is the
amount Of security or protection sacrificed by policy
hsldcrs through this exchange. Tho superintendent
OF Insurance. hearing OF these exchanges at once rec
ogn zng the injustice 10 policy hoders caused thor
ough examination OF the books and affairs OF The COM
OTHER LITTLE IRREGULARITIES.
such is the history briei ot the important opera
tions OF the company growing out OF It's legislative
proceeding. Otner acts on the part oi ocers o the
company for OF employees under their dIrectonl not
apparently authorized by the Board OF Directors nor
by any Official board to which would call attention,
First-Fictitous entries, subsequently cancelled by
counter entries the cash book and on The botter,
amounting 10 $500, i99 90.
second-The issue and retention in office or hands Of
agents of 500 policies upon which no premiums
were ever received IN fact, dummes) such premiums
being charged agents and other accounts, thereby
increasing the apparent assets oil the company.
To evado the requirement that uncoectei pre-
miums shall be over three monns overdue,
thcsc policies cancelled and revived III December
Of each year books Of the comraay, but ou the
psicy register they remained us II continuously Ia
force uulii the dates given above. The extent TO
which this carried fully explained In the follow
ing 2,s06 cancelled policies marked not taken and
pay ments made.
Tird-The issue OF policies, the premiums which
were by agreement TO be quldated by advertising,
such premiums being charged 10 the policy holders
respectively, and appearing MS premium loans an ad-
mtled asset In the Official statement OF the company
Fourth-rhe transfer according TO the books OF Tue
campany Of sundry accounts and OF olcc furniture,
plates, &c. (cxnb:t o. 10 Mr. John r. Trow. for The
or $40 U0U, and tho loan 10 Mr.. Irow OF $zy O00
(erward reduced by cross entries 10 S22Ooo on 32o
shares OF United states Publishing Company Stock
being worthless and never having had a marketable
value IL is proper 10 state Mr. Irow denies all
knowledge OF TINS transaction and claims mat ths
STOCK handed Dr. Lambert as an accommodation;
also that the properly transferred was not worth any
such sum charged. Mr.. REID, chei clerk, testneu
on his examination before The referee, that nc made
tue entries by direction oi Dr. Lambert that no money
passed to from the company ~ CONNECTION there-
wln and that said OF s29 900 was accounted or
several years IN reports OF the company 70 tho de-
parlment as good, available asset, and sl open On
the books OF the company .
Ftfh--Thc issue of u certain class OIL pccles caicd
s.Ierm Return Endowment policles.o The company
received these policy holders deposits, whcn
tncy agreed TO xeturn with interest," ut q fpecihed
time and which Constituted an absolute Liability; yet
IN no published nor upon tho books o the COM
pany does such liability appear.
yirhh-The pretended purchase OF various STOCKS
anu bonds different times, 10 the extent oil S1l 700