Daily Republican., 1880-12-03

Ib"oin mortgages ana SIX OF them, ,-th
mortgages OF which have thus spokel
and the mortgages In Clinton County
Pa, DuPage County. Illinois and il
Kent County, have been shown to b
spurious. We have proof that will
these assets the company did not hav
onsuyh n ,ney to pay 5000 on
blrnsd stud horse.
With this showing was not the de
feDdant warranted in calling the in
surancs company "a fraud without on,
rsdeeming feature" The first articl,
entitled "a Warning" published IN
1875, when the insurance company
had brought suit, which II aitorvard
abandoned, paying the costs, was sim
ply to warn the people. Mr.. Bates
here read the article In question and
maintained that the article was pub
lished simply to protect the people, and
to warn them, as 1t said against put
ting any money into the concern W waich
will only 30 into the pockets Of q pail
OF rassals who ought to bs in jail
They claim that when this article wa.
published the company had gone
through great change and had been
reformed. The corporate existancs o.
this company ia bound completely to.
gsther; to talk Of 1t being reformed you
might IS we'll talk Of q reformed Oh
Converted man having been resurrsc.
ted.
In the reorganization we find that
the man Myers is still Secretary and
Hollister is still in il. The DuPage
county fictitious mortgages are still
there, and we have shown il to be
worth 81 $50 but under the sanctity Of
their oaths Messrs. Bright and Myers
swear that 1t Is worth e5 900. The
Dauphin county and the Chester coun.
tY land, in IL az the beginning are still
there as part Of the assets. The fact
that Mr.. Bright did not not examine
the Dauphin county land until this
suit was brought speaks for itself, and
! will not comment upon it.
Mr.. Bates then took up the Affairs of
the company in 1877 in detail ami
said that from the sworn statements OF
that year the net gaiu is shown to be
but S273 73 We find in this state
ment the Gray farm, placed as worth
Sl5, 900, and yet there is mortgage,
sworn TO be first lien, Of u, 900. By
the record tits shown that this is not 8
frat lien. ! do not care TO raise point
Abcnt thousand or two dollars OF
securities, the farm may be worth
a5 900 or $40, 900, but why did the
company put forth this statement aud
lead people to believe this was good
MORTGAGE 10 the same statement
there appears two mortgages on the
Mckee farm, one for 1000 and the
other for "a, 900, both stated as frs.
mortgages, mind you, and the value Of
the farm Is placed at GA, 900. The
mortgage on the Nichols farm may be
amply safe, bat the value Of the
property iS said in the statement to be
Ole. ono. Four witnesses wers called
two on each side--thres of these wit
nesses placed the value at $1,000 and
the other at Is, ,2J0.
Ali through the affairs Of the com.
pany, we fud the same gross misrep-
resentation, which Is calculated to de-
csivs and mislead. Referring to the
land in Danphin county, Mr.. Bates
said that Mr.. Fortenbaugh was Just
such a man on whom you could depend
to make an examination OF land and
the testimony of Mr.. Lance, Mr.. Spayd
aud other comedies with what he says.
4essrS. Piorce and Pennington, known
TO you all and both competent judges,
tstify that they do not consider the
land Of value and would not have it
The men called by the plaintiffs with
reference to this land had their tssti.
Inony made to order. Mr., Bright told
them to what he wanted them 10 testi.
fy. The fact thst the estimates OF all
three men concurs exactly is a suspi.
cious one. These men must have out.
rageously lied, considering every thing
or there is some other screw loose
some where. Mr.. Bates was OF the
opinion that these. men who testif ed
that tbs land was worth such a fabu.
louS sum, wers visionary people and
he compared their valuation OF it to
Col. Sellers and his eve water scheme
&c told OF in the "Gilded Age"
Iu view OF all thsse things, Mr.. Bates
argued the publications were true and
the condition of the pany warrant
The attacks. 1t was high time some
one was denounoing it. What kind of
4 paper must it have bean not to attack
Ibis concern After tho publication
'f the report of the insurance Commit.
lee it would be impossible for anyone
10 libel the concern by calling it a
fraud.
The insurance company had no right
% do a stock business without capita
" Sle0, 900, aud it is now licensed as o
Mutual Company under the title OF the
Delaware State Mutual Fire aud Marine
insurance Company, and yet Mr.. Lore
that II has bsen acting
lnder its amsnded charter. 1t has no
light to do a stock business.
Court adjourned until 10 O'Clock TO-
morrow.
An Anti.DueIinR Bill.
Col Bdward McGraw, q leading