Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1889-02-08
A BIG STEAL.
has just Been Discovered by the Connee-
ticut Mutual Life Insurance Com
pany, In Indiana, Where Their
State Manager,
Joseph A. Moore, has Diverted half Nil
Hon OF Money 70 Other than its Proper
DestinattOn-Great Surprise TO
Those who Knew Him

H4RTFoRD, Conn.,, January 26.-COlOnel
Jacob L. Greene, president Of the Connect
cut Mutual Lire Insurance company, Of this
state, has made the following announce
ment:
SIT has just been discovered that the
financial correspondent Of this company at
Indianapolis, after sixteen years of service,
in which he has had the unlimited conf
dence OF all the directors and officers and Of
their predecessors, is a defaulter. For the
past week his accounts have been under in
vestigation and a defalcation has been
found. The extreme amount involved is
about $500, 600. He has restored to the
company property which may reduce the
actual loss to $500, OCO. The amount Of the
loss will not in any degree affect the com
pany's sOVency, or even interfere With It's
regular dividends. The past year has been
very prosperous, and IN spite OF this unez-
pected loss. the company viii make a heavy
gain in assets, pay a larger dividend than
last year, aud probably increase its already
large surplus. Its forthcoming annual
statement viii show assets of the most solid
character, amOucting TO F57, 100000, with
surplus Of about So, $50 600.
The agent Is oseph A. Moore, a leading
citizen OF Indianapolis, about 40 years old,
who has hitherto occupied high position
IN that community. He has been speculat-
ing. Colonel Greene was interviewed on
the subject this evening and said:
This steal consists of three parts-the
principal of loans paid to him by borrowers
10 be remitted to the company; interest paid
to him for the same purpose, and rents col
lected by him on real estate IN his care.
The theft of the principal and interest ne
concealed IN part by more or less frequent
payments Of interest on the loans taken,
and III part by an ingenious and consistent
nTn Of N
inquiries by the Company, rep .esentlng their
borrowers as being IN financial difficulty,
and requesting that they be permitted to
struggle on and pay their debt and save
their property from foreclosure, and conf
dent that they could do It with leniency on
the cOmpauy's part, and promising that
they would make payments whenever pos
sible. The payments Of interest made by
him on loans, which ne had represented, OF
course, as coming from the borrowers
themselves, the circumstantial statements
Of their condition and prospects were well
calculated to excite sympathy and make the
company hopeful Of satisfactory conclq-
sion. He continually represented himself
as carefully watching these people, and do
ing ali he could to aid them to worry
through. These thefts began at tune when
there was great deal Of financial distress
IN Indianapolis, and when the company not
only did what they could to aid borrowers
IN saving their property, but was compelled
after all to take IN great deal OF real estate
and this state of depression came later IN
Indianapolis than elsewhere, aud cont nued
a long time, so that Mr.. MOOre's statements
were entirely consistent with, and appar-
emily continuous part of the previous his
tory. Many cases thus in arrears we're actu-
ally brought out successfully, thus appar-
emily confirming his representations
Meanwhile he was constantly renting for
borrowers very large sums OF money IN
a correct manner. His position and repu-
tatiOn, and his energy and ability, all made
it apparently impossible tEGt he could be-
tray 50 great a trust"