New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-03-01
INSURANCE DENIALS.
ppTIFs To THE RFI,KNAP CHARGES.

OFFICERS HAVE TO SAY CONCERNING THE
ALLEGATIONS AGAINST THEM-THE MANAGEMENT
OF THE NORTH AMERICA ASSERTED TO HAVE
BEEN IN THE INTEREST OF POLICY HOLDERS.
The proceedings in the Supreme Court OF Kings
County by Ethelbert Beknap against the North Amer
lea Life Insurance Company, tie Guardian Mutual Life
Insurance Company and the Universal Life Insurance
Company for the purpose Of nquIring into the manage
ment Of the North America Life Insurance Company,
and Judge Dykman's order for the North America TO
show cause why receiver should noJ Do
appointed, together with his action in appointing
William H. Leonard referee 10 investigate and report
the affairs Of the North America formed the engroSs-
ing subject OF conversation in insurance circles yestcr
day. The officers Of the North America Company applied
yesterday for stay OF proceedings restraining Mr..
Leonard from making the proposed examination OF the
books and accounts Of the company until the can be
further heard Saturday the day appointed for the
hearing the order to show This application
was granted.
Ethelbert Beknap, the complainant, stated yesterday
IRIBUNE reporter that he expected the reply which
had already been made by the officers OF the company,
that the proceedings instituted by him only an at
tack against the company to harass and wreck it. Life
Insurance wreckng" he continued, b" has grown to be
business, and l am determined to break 1t up il
there Is sufficient interest among the policy
holders aud honest insurance men my aid for
n short time. Mr.. Furber Is mistaken II he thinks am
alone IN the movement am not disposed to harass any
one, much less my company My sole object Is TO
break tine chain by which have found myself and my
co-polcy no ders bound We tied hand and foot by
the Universal Company Even our deposits IN the In
surance Department have been misappropria Of
course not with the knowledge OF the Department
think II can separate these two companies and drive
Of the Universal out Of control OF the funds
OF the North America the company may be saved par
ticularly wish say that sincerely hope polcy-nolders
in the North America Company will not sell their policies
HON IN 1aus IA he IN
trying induce them do, until time Is given for coun
sci 10 make the proposed effort IN court In our behalf
Mr. HILL believe fully cOncurs with me IN this advice
Henry j. FurDer, President Of the North America and
Vice President OF the Universal, said 10 TRIBUNE re-
porter that when lie assumed control Of the North
America III October, 1874 it question whether the
company would be saved or 20 into the hands OF re-
cciyer. when examination OF It's condition was COM
pcted Jan. l. 1873, circular was sent to ever po"-
holder stating that it sound and solvent and that
any representations the contrary maze by any agent
or any persons pretending BE- agents Of either he North
America or Universal false In the change
from the North America to the Universal the question
OF security not to bee considered, As policy hoder III
the North America held as secure a' pocy-hoIder
IL tue Universal. The only question for consid ration
was that OF dollars and cents Unless the pohc holder
OF the North America VINO might be approached to
transfer his policy to the Universal could see IN the
operation dollars and cents lie advised to continue
h. policy in the North America As to what became OF
the remainder the upon purchased policies 1t
remained IN the North America in the same
way the balance Of the reserve on purchased
policies in other companies remained, to strengthen
them and make the remaining policy -hoiiers
more secure. No appropriations FOR their own use
nan been made by any officers Of the company in any
way shape, The funds Of the North America
were kept separate from those of the Universal Inc
North America hal received more benefit fom the Uni
versa than the had received from the former
company. Mr. Furbcr stated That nothing was fnrther
from bis thoughts than application by him for a re-
ceiver Mr.. BrknaD's SUIT, taking advantage OF the
present feeling 10 to the condition OF insurance com
pauies was instituted after the fashion Of DlacknaL
The nominal plaintiff, Mr. Bolknap had never before adj
yanced any complaint against the company The present
condition OF North America would be Sau7ed by the
apraispd value Of real estate, which woalt differ IN
the opinion, Of different judges. The assets OF an
insurance company being estimated 1t what they would
hiring why should The present value Of real estate when
the market parliamentary ON nc stlZed upon 20 ue-
termiue a compauy's condition when the average NUN
her OF its claims would not be- due IN less than twenty
five years The person chosen to appr,ise the real
estaic-Mr Roocrts-had not had suiciDhl experience
m such matters, and was entirely uniIu'IwortAy.
Mr. Furncr corrected what lie stated were inaccuracies
and msrc rcscntations III the complaint as Pupnsn'e
Yesterday II declared that by unit"tu' ana i;Iu,
lea during 1873, and expended iUr l9hyeS h 5aP,fu
item Of s57llgS d iGg aGl arc,o losses f rns
g p9sy 'n .5ii Mr ' Far5qr was paid QUIZ
/ IN
gDaran:e fund 70 Tie extent of $4,000 also PAID
ST' DUNG thar year OF course TINS reduced the ",
serve fInd and accounts for the decrease from - -
mot 1870 of 9jil=3l6, As reserEe iu!, 10 To'jOoJoo
iaot - 800 gosh the reserve tund ol l75l Inc income
Tor 1874 was T2,Og2,OU0. The expenditure 3t,SIoT
ls3 IL minus the business eAp'n-'7' $4,000 We
| noId 30 poiicy-nuldrr- The Income Tor l~'o was
81 g74 f7G 81 and ;he expenditure Fol' S-o o.. VI
tins, Sl-93IJ II pth !le "'!5'IieHa li,r5 an tba
and the remainder went TO the loilcy -oiderH ana 'nr
return II the, g".danIee fund "Aen '"o company no
linn "A Bew ley secretary the Universal and Vice
mn N- case OF the lawyer seeking tine client and not
tnr cI cut the lawyer. He could nUt understand no"
man iir Bclhnap Win T=O'o pov4 lr IN ~
serve OF whIcn over $500, ana Whlrh WOMB NOT
MIXTURE until hs death, should 20 10 Ia" 70 bulu a.. '
prospective interest UDder the new md',EG,utnt ,Ac
North America had met the claims npoh IL WIN d
Or, mptnc,s and regularity formerly unknown. ne I'm I'm
pauy still able to do TINS II not l,'iu " IJ
Lte amount Of real estate purchased uh.cf 'He o'
management should be kept III mana auu Ut 1870
on the marhet now. When the NOIh AhI'Il" pif'e"
iutO ue hands the present officers IL was III ou re-
putr, and the State superintendent AhI I,'t"e'
nom fur transaction OF business Al tAhJ thlr II
lay win each policy hoder Of the NorthlA
would continue TO pay MS ptliii2 r' No i was n"
rnm, sion M the matter, but the C-dhgc WIS ~" al
r, IN thr nollcy -nolder IN the payment OF lower
pr,um or IL the Of the cash Vdiut ~ me NVtu
america To pay premiums ahead IN the NV et9" I'
Gi,.rs nj ibo,h the North America and Universal
wee wiling u be Judged according To the sttio'ea'
-tludar. d tile uuuOr. A. 10 any cHtI-' ol ~
Ironriaron. FOR their use 10 was an unnlliSat
f',.i.r,rI N.ltucr company had "A dollar 10 when IL
was rot emit ed. The person appointed 10 e'td.o h
value company real estate Was NOT 49, IL cait
rinsrlf real estate expert, but dcfaultS agent Oh
tbr Guardian Life Insurance COMPANY 1900, .,.
q, L. loulasIr, Actuary OF tine UNIVERSAL anu SecIe
,or n The Nnrh America, said that there was no con
nr.fion Whatever between the North America ana
Guardian. The Guardian rrnsured bI the ChiNtr-
u. three years ago and fol this reason Ohy eouu tne
rumual.y be implicated II tine pending SUIT A. 10 any
impfoptr appropriation" by the officers Oh the CH
yei,sl ne knew the charge was utterly iaHe. y,hr
statement has been published thaJ Henry d VI ocI
held the following positions and renewed me lo,IoTiuS
salaries: President North America Lie, FI-o ~ ~
pre- dent Universal Life, F2O96I ulhcrt III Ht tu
IiG. $1,000; Financial Agent al Ia" thtIttI Oa"' -
tmn ,,,, ,otaI SALARY OF S6G,9O7 Nh. furDer said
.t evening that he had never received cent rom . i
Guardian Lie during his three ears conn Nlv