The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1889-01-30
MOORE A BIG DEFAULTER.
OVER HALF A MILLION eMBezzLeD.
The Connecticut Mutual the Loser OF the
Whole Amount - His REGULATIONS Ex-
tend Over n Long Period - a His
tory of 1foore's Transactions.

Green, president OF the Connecticut mutual
life insurance company of this city, made the
/ following announcement this evening:
at has just been discovered that the financial
correspondent of this company at Indianapo-
lis. after sixteen years OF service, during which
| he has mad the unlimited confidence of all the
present directors and officers and of their pre-
decessors, is a defaulter. For the past week
his accounts have been under investigation.
and defalcation has been found.
"The extreme amount involved is about
! $4,000. He has restored TO the company
property which may reduce the actual loss TO
| $4,000. The amount of the loss viii not in
any degree affect the company's solvency nor
even interfere with its regular dividend. The
past year has been very prosperous, and, in
spite of this unexpected loss, the company
will make heavy gain in assets, pay larger
dividend than last year and probably increase
its already large surplus. Its forthcoming an
nual statement will show assets OF the most
solid character, amounting TO So ,000, 900 with
surplus of about s., 100000.
''The agent is Joseph A. Moore, leading citi-
zen of indianapolis, about forty-6ve years old,
who has hitherto occupied high position in
that community. He has been specializing"
Col. Green was interviewed on this subject
this evening and said: "His steal consists Of
three parts. The principal of loans paid to
him by borrowers 10 he RENTED to the COM
pany; interest paid to him for the same
purpose, and rents collected by him
on real estate in his city. The amount Of
/ principal and interest he concealed in part by
more or less frequent payments of interest on
the loan taken and in part by most ingenious
and consistent series of falsehoods in response
to frequent inquiries by the company repre-
senting these borrowers as being in financial
difficulty. They, he said, wanted TO struggle
on and pay their debt aud save their property
from foreclosure, and he expressed himself
confident that they would do it with lenieney
on the company's part, and he promised that
they would make payments whenever possible.
The payment of interest made by him on the
loans he had taken were represented, OF
I
selves. These remittances he would make
! with circumstantial statements of their con-
dition and prospects, well calculated to excite
sympathy and make the company hopeful of a
satisfactory conclusion. lie continually repre-
sented himself as carefully watching these
people, and doing all he could TO
aid them to worry through. These
thefts began at a time when there
was a great of financial distress in Indianapolis
and when the company not only did what it
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 and
continued long time, so that Mr. Moore's
statements were entirely consistent with and
apparently continuous part of the previous
history. Many cases thus in arrears were thus
brought out successfully.
Meantime he was constantly RENTING for
borrowers very large sums of money in cor
rect manner. His position and reputation
and his energy and ability all made it appar-
emily impossible that he could betray so great
a trust. He was selected for the position in
1878 by the late James Goodwin, then
president of the company, and had
the entire confidence of the officers and di-
rectors. The rents taken are a comparatively
| small item, and could be easily concealed by
misrepresentation as to short time verbal
leases. This is the only loss through fnan-
cial correspondent the company has ever ex-
perienced in the forty-three years Of its his
tory"
The news of Mr. Moore's heavy defalcation
will be a great surprise to the majority
of the people of indianapolis, who
have regarded him as a prosperous business
| man, but in conservative financial circles it is
not an entirely unexpected disclosure, for by
some Moore has been thought somewhat shaky
financially and his business methods have not
always met with approval.
100 many irons in the fire." said Mr.. Nc
| Cormck, manager for r. G.. Dun & Co., when
asked last evening as to the probable cause of
the crash. And this, coupled with extravagant
living, is probably the secret of his downfall.
Joseph A. Moore has been a Spectator all
his life. He may have had notions of becom-
ing financial king Doubtless he had. He
must have entertained lurking admiration
! for Fred Ward, for his methods were very
similar to those of that prince among Wall-st.
swindlers. In fact, Moore seems to have al
ways operated on the Ward line and done
! business on wind" There seems never to
have been anything substantial behind his
business. His capital has been cheek and his
stock in trade largely bluff.
Here in indianapolis among people who
Judge men and matters wholly by externals,
Moore has been looked upon as riding on the
very top wave of prosperity and only those
who 60 deep down TO the root of things were at
all prepared for the bursting of the bubble.
Moore has been what might be termed ''very
high.hyer." Not in the worst sense OF the
phrase, for he has apparently had bad
habits Nor was he Spectator In the lines
which most frequently lead to defalcations and
disgrace-in stocks provisions. His specu-
lations have been in real estate and business
ventures.
Reserved to the verge of haughtiness, Moore
has had few intimates, and good fellow" will
never be mentioned in connection with his
present difficulties. HIS has moved in the best
society, has been prominent in church circles,
being vestryman at st. PauPs, and, aside from