New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-07-17
INSURANCE MANAGEMENT

| INOURANCE MANAGEMENT.
HEAVY DEFICIENCIES IN THE UNIVERSAL.
| THE STOCKHOLDERS DIRECTED TO PAY IN $685.. 016
VAIN EFFORTS OF THE PRESENT OFFICERS TO
SAVE COMPANY.
ALBANY, July 16.-Charles T. Fairn,an.
Superintendent of the Insurance Department has issued
requision TO the officers Of the Universal Lie In
surance Company of New-York, directing them
TO require the stockholders of - Conn
pany 10 pay I'm the OF SssLOl6
on or before the 18th day of October next being the
amount Of the deficiency in the companys assets re-
ported by Deputy Superintendent John A. Mccall, jr
after a careful examination.
The wretched mismanagemcn OF this companv undcr
its old officers fully exposed by the Insurance De-
partmen in 1877 since which time il has reorean-
lied, for the purpose of saving as much as was possible
from the wreck The important parts Of Nj. McCaIls
report are given herewith.
REHoRT
The Universal was organized February . 1861
ana continued m the active transaction OF business uut
july II, 1871 when report made by your i'm
mediate predecessor showing the company 70 be inso
vent 10 the extent OF Sl,OO5.4l3 An Injunction was
then obtained, through the Attorney General restrain
ing the officers from trsnsacting business which nunc-
uOn continued until April 3, 1879, when
was terminated bv order granted
DY the Hon j. Landon, Justice Of Supreme Court
lhce the date last mentioned effort has maize
Ten 10 procure new Insurance The officers
consent OF the poicyloders 10 the scaling of their
t D1ahS the condition imposed 10y the conrJ
present officials ana directors se haRS Injunction Tor TIE
amner judgment worked very hard the com
deal with were so doubtful in vane that particular
nfrSS3 mar attended their efforts In addition this
peument non X Person, acting a. receiver OF
bankrupt companies, brought number suits against
recovered upward Of ooo s i6at G S@s na ca na
uereq or provided for in way when the
the 8" universal " was resumed
., me present yane placed by the company the
S33s2 81 No have been paid for wears on the
Sneesl part OF this account During the year ending
$3Ooso 49, For the Fix months terminating June 80,
prarers appointed by You report after careful inves-
ana claims, rs worth S230O93 So
BOND AND MORTGAGE.
The account is IN deplorable condition. The total o,
the principal is found to be SGO5l79 81 The interest
due and unpaid thereon amounts 20 S2494se 80. or
nearly six years interest the entire PRINCIPAL This ia
asad showing OF the forynine mortgages six are de-
posted with this department with two other mort
CAGES paid of since December 81 1850 constitute Tho
eight IN number upon which there is no Interest e nd
unsettled The Department securities are good for their
gseed lands y e 9i FIR rePors on the
o. the loans and II can be fairly stated that naugh but
5e Greatest care and early attention save policy
total property VIZ $50 20 7 7e ease1 value OF ne
mortgages covers speculative unimproved prom
ery located in NewJersey aud il IS a matter of do, Fl
the lands are not encumbered by unpaid taxes ~ 10
deprive the company OF the small value which II i 49,
sHhed remains This class Of the heritage OF
who exercised great getting cash for their com.
and Jersey swamps FOR the policy holders benefit
s, s premium notes and hens are correctly reported at
pIoer oset 10 an equal portion OF the liability
p Among the miscellaneous credits are cash. $4,000.
len thousand collars OF tins held by the state
treasurer OF Virginia. and the remainder 80 GOO j. in
possession of the sheriff al Richmond Va Ii l. all de-
have brought number OF suits arsit,f me cor,,,.
nnal decision in these i,eced within month
yolved claims as viii be seen by tc rS S,l,
the coinpanN's liabilities
Can loan to Henry {. Bowenof New York city s6o 900.
rms loan If rejected being an available as-et ~
pnrports to be secured by several lie insurance policies
Two OF the policies were issued bv The Ttixcrs, ~ ~
i9f advertising in The IdedenL The oi her In hen
long since deirno, and is dubious whether one *
tAcse policies has any value attached thereto IN addi.
OF the loan The president ., 1s he b or nfl
vor iio'.' , 19t Without success II = believed
~ as an asset anthoTized by the existing laws
Among the habiiis the following:
The reserve fund has been specially calculated on each
poly Tor he purposes OF this examination and the De
company should he charged Tins account With
Slll5l23. The unpaid claims. sli0. 5O6 g. ipcinie
Issued notes payable IN one, ana three months
SlO2.ss7 90 This Indebtedness Is oauscd 6y money
cured by am assgnmrni Of lmaa I t sccSI Toi- s So
ness on Richmond SUM- S37,S59 - The company owns
will be sufficient to discharge the Vrcinl Cams M mil
Misce!lIneous liabilities, Sl6.09l 81. consist If
premiums premiums pad IN advance On changed
poiiclVS, legal fees, borrowed
money and interest due on unpaid claims
capital 100000 Under the provisions of an amend.
ment 10 the general insurance law. passed in ~-9 ctri.
TAI stock Is made liability Of hfe insurance companies
ana IN estimating The condition ally such cauIuarv
sald Inability shall be charged the any other in
dcDtedntSs. N- "a
made the duty Of the Department 10y the act re-
leffcd TO- whenever II shall appear the capital stock
OF any company Is impaired 80 per OF more 10 re-
quif the stockholders 10 make good the d.uri,rrv
within ninety days after the date OF Tie re0uison and
~ ease oi failure 10 comply with such demand n shal
M tc DUTY OF the superintendent facts 10
the AUornev-CcneTa who shall fhereupo bring an ac-
non I'D the supreme Court for dissolution 81 th. cor
p"raho II IL recommended therefore that You ssar a
V on the oIhcers o The Universal requiring the pay
heht OF SS>i,UlO 49, that being amount necessary