Daily Republican., 1889-01-26

A Hartford, ConD., special oil Jan. Sfth
says: Colonel Jacob L. Green, President
oithe Connecticut Life Insurance OF this
city, made the following announcement
this evening:
1t hiss Just been discovered that TIE
financial correspondent OF this company
At indianapolis, after sixteen years OF
service, during which he has had the un-
limited confidence OF all the directors and
officers and of their predecessors, is a
defaulter For the past week his &C
counts have been under investig cation and
q deialcatlon has been found The ex-
IRENE amount involved is about $500, eco.
He has restored TO the company property
which may reduce the actual l0ss to about
$500, 0l0.
This loss will not in any degree affect
the company's solyency, nor even inter
fere with It's regular dividends. The past
year has been very prosperous, and, in
spite OF this unexpected loss, the COM
pany will make heavy gain in assets,
pay q larger dividend than last year, and
probably Increase Its already large sur
plus. Its forthcoming annual statement
will chow assets of the most cold charac.
ter, amounting TO S57 ,0O0, 900, with q
surplus Of e., $50, 600.
The defAultlng agent is Joseph A.
Moore, q leading citizen OF indianapolis,
abou, 40 years old, who has hitherto oc-
cupied high position In that eommu-
nifty. He has been specializing.
How THE MONET WAS STOLEN.
President Greene was interviewed on
the subject this evening, and said;
This steal consists Of three parts-the
principal OF loans paid him by borrow
ere, to be remitted 70 the company; In
terest paid to him for the came purpoee,
and rents collected by him on real estate
IN his case. The theft of principal aud
interest he concealed In par. by more or
less frequent payments Of interest on the
loans so taken, and In part by most H.
genious and consistent series Of false-
hoods in respon e to frequent and careful
inquiries by the company, representing
these borrowers as being in financial
difficulties anxious to struggle on and
pay their debt and save their property
from foreclosure, and confident that they
could do IL with leniency on tue com
| pany's part, and promising that they
would make payments whenever posi-!
BILE.
The payments OF interest m ade by him
on the loans he had taksn were repre-
seGted, OF course, as coming from the
borrowers themselves, with eireumstan.
tiRl statements OF their condition and
prospects, we'll calculated 10 excite gym
PATTY and make the company hopeful Of
a satisfactory conclusion. He continually
represented himself as carefully watching
these people and doing all in his power
to aid them TO worry through.
These thefts began at a time when
there was great deal Of financial de2rsts
In Indianapolis, and wher the company
not only did all It could to aid borrowers
10 saving their property, but was com
PEELED, after all, TO take 10 q great deal Of
real estate. This state Of depression came
later in Indianapolis than elsewhere, and
continued a long time, 60 that MIR
Moore's statement was entire y consistent
with, and apparently g continuous part
OF, the previous history. Many cases thus
in arrear were actually brought out sue.
cesstully, thus apparently further con
frmiDg his representations.
RENTING SUNS ON ACCOUNT.
Meantime he was constantly RENTING
for borrowers very large sums of inOnel
! in correct manner. His poeitlon ant
J reputation and his energy and ability a.
made It apparently impossible that b
could beiray so great a trust He WI
selected for the position In 1873 by III
/, late Major Jsncs Goodwin, then pres!
: dent OF the company, and had tse eptlr
confidence OF the officers and directors
The rents taken are a CON paratiyel
q. email item and could easily be con ealei
G b. misrepresentation as TO short tine yer
Q bal leases. This is the only lo,s throuq
a financial correspondent the compan
\ has ever experienced in the f,Tty-thre
4 years OF its career"