The New York herald., 1878-01-17
SCALING POLICIES.

THE UNIVERSAL LIFE INSURANCE COMPANY IN
CHARGE OF THE NEW oFFIcERs-PLAN FOR
SAVING pOLICY HolDEEs
The resignation OF the principal officers of the Ur-
versal Lie Insurance Company, No. II Warren street.
have accepted, and thoy retired yesterday from
all participation In the c0mpanys affairs William
Walker late president; Henry J. Furber, vice presl
dent; John H. Bowlcy, secretary and George L. Mon
tague actuary, virtually ceased TO act lor tho
pany since January Mr.. Griffin, the general super
inendcnt Of agencies, Is the president, and Mr.
HerrcK, for a long period connected with the loss
department OF the company, has been elected secre-
tary. In conversation with HERALD reporter yes
tcrday latter that tho process of sealing the
policies to one-half the original amount still
going very satisfactorily The great desire OF
officers save the institution from going into the
hands of a receiver The circular policy holders
just issued by the company forth that the Super
intsndent OF the insurance Department doomed 1t his
duty 10 report the insolvent, ana motion
was made some time since by the Attorney General
for the appointments OF o receiver A referee was,
however, chosen by the Court to take test mony as
TO tho iacts. Later proceedings werc suspended by
order OF the Court to enable tho company adjust
Its affairs with policy holders and 1t In pursu-
oi this desire that the scaling plan s being car
VALUE OF THE REAL KsTATE.
Itis claimed by Mr. herrick tuat there has been
no dispute between the company aud the Department
OF Insurance to the character or amount Oh the liza
Utes but only to the vuluo of the assets owned,
and chiefly the value OF real estate or mort
gages on the same the principal point In dis
pute beng whether tho company should state
value ot their property at the nynrc placed upon
II by appraisers in these times OF unpre &C ented
commercial depression or value II IN Their list oil
ses act cost 10 tho company. "A receiver"
SAID secretary 'never creates anything. certainly
assets aud II one should DO appointed lOr THIS
company and It's affairs wound up there is way OF
certaihiy predicting what the policy holders would
receive" In that they may retain IN urance
praised by the Insurance department, and all profits
ana accu nj whicn may to the company,
certain proposal has been made to which hcreioore
general publicity has not been gwen.
f-a PROPOSITIONS
Policy holders to release to the company one-ha Of
their poli,ies and-except ON paiu up poicles-pay
ouly ohe-half OF the present premiums all of the
The company over aud above lis liabilities TO
be annually applied TO the restoration oil all policies
to thcir original condition. the stockholders have
no profits. interest on Their stock, until ali
policies are thus restored. lu pressing tho accept
ance OF tneso terms ON The holucrs oil policies The
cogeut why they should be accepted IN order
to avert the calamity oil receiver lhe stockholders
have paid tho company in cash $780, and uA
less policies oil the insured are iulIy restored,
they tue soc holders) receive any pronts.
1t WIN therefore, be 10 Their interest to the
most earnest manner tue officers Of the company III
its Rehabilitation.
In answer 10 question by the reporter Ia tho
risk signing the release In case the plan fal,s
through, Mr.. hcrricR sad there was none ~ ai us
no ease would be Dnding unless the pan OF rcduc
on the vulue tho rea! estate. The appraisal OF
real estate by the Department OF lnAuraucc was
SSg7 1873 than the estimate placed upon ~ by Tie
company. and tho greaer part OF IT was received by
the Universal from the N0rth America Company ut
tue appraised prices OF the Insurance Department OF