Evening star. [volume] (Washington, D.C.) 1854-1972, 1881-07-18
A Bubble Insurance Comi,any.

i'i' ehV fOoiucut SctiiiS 10 HAVE klileu
eectiOnalism.
A Bubble Insurance Company.
New York commercial circles were startled
saturday evening by a dispatch from Albany
Stating that a document had been issued from
tine state insurance department showing that
the Universal Life Insurance company of New
York city, was nearly million dollars in de-
fauit, and that the state superintendent of in
surance has called upon the stockholders to pay
up the deficiency The report of the deputy
superintendent who Investigated the affairs of
the company, shows that it was organized in
iobo and continued in the active transaction of
business until July IL, 1877, when a report by
the then superintendent of insurance showed
the company insolvent to the extent of
SI,oOo.4lS An injunction was then obtained
restraining the officers from transactins busi-
ness, which continued in force until April 8.
1873. when 1t was terminated by order of
justice OF the state supreme court and the Off
GERS set to work to try to obtain the consent of
The policy-holders to the scaling of their claims
10 the extent OF 30 per cent Of the face thereof,
being condition imposed by the court. In this
they seem to have failed. The enormous de-
nciehcy in assets is partially explained thus: The
present value placed by the company on its real
estate is ssoS, 275, subject to membranes of
SoSo,2io No taxes have been paid for years on
the greater part OF it. and the insurance apprais
ers report that the property, allowing for
al Hens, taxes and claims, is only worth
S25OOsS. Then the bond and mortgage
account OF SGO5,000 is in deplorabe con-
clifton, with six years Interest due on the
principal. nearly 5250,OO0. The report saws
large number OF the mortgages cover specua-
i've, unimproved property located i'm New Jer-
sey, and it is matter of doubt if the lands are
not so encountered by unpaid taxes as to deprive
the company OF the small value which it is as
sumed. remains This class of assets is the
heritage OF the Universal from contracts made
oy It's Old officials. who exercised great care in
getting cash for their commissions thereon. leay-
ing the company the accounts" and jersey
sWamps for the policy-holders' benefit Among
the miscellaneous credits is an item of cash
Si9oOo' but this. it appears, is held by the legal
authorhles IN Virginia for the protection of
poiicy holders in that state. who have brought
SUIT against the company, and if successful will
secure themselves the full amount due them. as
the company also have real estate in Virginia
There Is also under this head of miscellaneous
credits call loan of 5000 to Henry c. Bowen
Oh New ORR city, which is rejected as not being
ah available asset. IL purports TO be secured by
several HE insurance policies as collateral being
an investment not authorized by law Two of
the policies were issued by the Universal, one for
advertising Iii the I0kl.7.ele1t and the other in
lieu OF policy in the International Life Insur-
ance Company, long since defunct There are
now .. 40 policies of this company In force The
New fork Insurance laws are very stringent. and
Charles G.. Fairman the superintendent of that
department. has, upon the above showing of the
Affairs OF the company. directed its officers tn
require the stockholders to pay the deficiency
on or before the 18th day of next October.
Although the charge of Encouragement is moi
directly made against tae officers. yet the repor
shows looseness and irregularity in their mode
OF conducting the business, which is all the
more unfoG unate, because calculated to throw
Doubt Upon solvent companies. The prompt
action of the superintendent, if it should result
In making the stockholders cover the deficiency
would restore the weakened confidence of life
money will be paid in. If it is not. the legisla
tors at Albany had better again try their hands
on insurance legislation.
The passage by the French senate of the bill
granting freedom to the press indicates the sat
isfactory progress the people of that country ART
making in the establishment of a true rephb
hean government The censorship that has
existed over the press in France since the over
throw of the empire was the worst of all the
iegacies of monarchy left to that people 1t ha6
bhghting effect upon journalism. and was q
means OF petty tyranny upon press and people
1here Is no doubt, now, of the final adoption o.
tne measure for the acknowledgment of the
French press.
The mayor of Philadelphia is making il Yer,
uncomfortable for the carriers of coneeale,
weapons The police have orders to search nj
whom they have reason to suspect of coins
about armed, and the severe penalties of a rigit
law are dealt out to those who are caught Will
weapons upon their person. This system O
searching suspected persons has had such poos
eject In Philadelphia that there is call in othe
cities for its adoption. Men who habItuall,
earry loaded pistols, or other deadly weapoas
may properly be considered dangerous charac
tefs.
The result Of Mr.. Conkling's childish attemp
70 ''vindicate" himself must be pretty mortifyin.
20 proud, vain man, but the lesson may have
wholesome effect IL he takes 1t In the RICH
spirit He Is a man OF too much ability to b,
wholly crushed by his present discontinue
and he may emerge from the wreck good deale
wiser, If not quite 50 gorgeous.