The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-05-28
parentiy has not learned wisdom from the
tate OF the letter written by his friend Stanley
NEW YORK NOTES.
The Life Insurance Companies and the
Dwight Policy-some Singular
Admissions.

New YORK, May GA conference has lust
been held between Timothy Brosnan Of the
United States Life Insurance Company, and
VIM. Brewer, vice president OF the Washing
ton Life Insurance Company, In regard to the
measures necessary to be taken to contest the
claims OF Col. DWights heirs. Great stress
had been laid on the statement made by the
agents Of the eontesting companies that
Dwight got his discharge In bankruptcy at
4 80 p. m, November Is, and died at II 80 the
same night. The president Of the Metropoli-
tan Insurance Company made a singular ad-
mission relative to certain developments re-
said the exposing of frauds benefited the in
surance companies by frightening policy
holders into fapsing their policies, thereby
causing all premiums paid to 1nnure to the
benefit OF the stockholders by releasing the
reserve. The various companies interested
dit1onal to what has already been published
as to the line OF defense to be adopted, but In
innate startling developments.
ADDITIONAL FACILITIES SECURED BY THE
WABASH RAILROAD COMPANY.
The new Toledo and Wabash Railroad man.
ayers have purchased $630,O00 out of the 81 !
100000 outstanding Of the first mortgage
Railroad, at fifty-five cents on the dollar,
from Arnold and Constable, TroWbridge Enos
and the estote of Mark Hopkins. The terms
are 10 per cant In cash, the remainder running
LIItb ybdIS, UbhI1u& D pbI Eeub LuGbItSt, Uub
purchasers have the right to make payment
In full at any time and acquire possession OF
the securities which they hold In the mean
time. This gives the Wabash Company full
control OF ninety-four miles of additional
road, from Peoria to jacksonville, including
the bridge across the Illinois river at Pekin
and also secures them direct communication
from Jacksonville with st. Louis and Chicago.
SALES OF REFUNDING CERTIFICATES.
The sale OF $40 refunding certificates has
been stopped in this city. There has been
sold $4, 100000 Of certificates, or over 1915 per
cent OF the whole number, or If Sic, ,000, 900 are
still left to be sold, New York has disposed
OF Is 4-5 per cent OF the number sold thus far.
THE FOREIGN LoNGsHoREMEN.
Six out of the forty longshoremen who came
over yesterday in the steamship Ethiopia to
work for the Anchor Line as longshoreman
left the dock to-day and refused to go back to
work with their comrades. They admit hav-
ing signed contract on the other side to
work here three mon his at the rate of 60 8s
per week and Is per hour overtime. Most Of
them have, however, been out here before,
and availed themselves OF the opportunity to
get q passage to America. Many of the forty
are bricklayers, masons, etc.
ANNUAL MEETING OF THE PRODUCE Ex-
CHANGE.
The annual meeting of the Produce Ex-
change was held this afternoon. The treas
urer reported an Increase in the present value
Of the surplus fund during the year of
$38 1888 25, making the value OF the fund
S476 ,567.
ANOTHER COAL COMBINATION.
A new coal combination, based on rates
rather than ON the limit of the amount of
production, seems imminent.@I It will, however,
not assume the shape Of strictly formal
agreement, as has been the case with previous
combinations, but will be an arrangement for
gradual advance in prices without regard to
nrnIuntiDn the advance hpinp forced nv an
moving parties are said to be the Philadelphia
and Reading Iron Company and the Philadel-
phia and Reading Railroad Company. Frank
lin b. Gowan, president of the latter company,
Is in the city, but is retieent concerning the
plans under consideration and this morning
refused to say anything upon the subject.
A RECEPTION TO CHURCH DIGNTTARIEs.
The Catholic Union of this city gave q
grand reception this evening, at the rooms Of
the Xavier Union. to the Roman Catholic pre-
lates.