The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1890-05-01
INSURANCE UPHHAVAL.
Manager Roberts, of the U.
S. Industrial, Steps Down
and Out.
DITTO SUPERINTENDENT SWAMI
Mr.. Swami Joins the Prudential,
Rival Concern--The Industrial
Is Quite Solid.

General Manager John L. Roberts, of
the United States Industrial Insurance
Company, whose Jersey City headquar-
ters are located on the top floor of the
Fuller Building, has resigned his posi-
tion and withdrawn his stock, amounting
to some $1,000. Mr.. Charles Swami,
has also resigned bis position as superin-
tendent of the Jersey City district Office.
The home Office is in Newark. Mr.. Swami
has been installed as assistant superin-
tendent Of the Prudential Insurance Com
pany. whose headquarters are located on
the second floor of the Fleming Building.
SPECULATION RIFE.
The withdrawal of both these gentleme en-
from the United States Company has
given rise to considerable speculation. It
Is known that fierce competitive warfare
has been waged between the two com
panies for sometime past The Prudential
established its branch Office here some
fourteen years ago. Mr.. Charles
Suthpen is the Superintendent for
this district. Some few months ago the
rumor leaked out that the United States
Company was having trouble with its
policy holders. A JERSEY CITY NEWS
reporter was detailed to ascertsin
the truth of the rumors. After
several days investigation during
which he talked with g number
of policy holders and with those whom
the company advertised as parties to
whom death claims had been paid, he de-
cided that the company was doing a
legitimate business and that there was
no foundation for the rumors beyond the
growing of few illiterate policy holders
who misinterpreted the printed con-
tracts.
NO IMPAIRMENT RESULTS.
Superintendent Harry White, who was
sent from the Home Office of the United
States Company in Newark to fill the po-
sition recently vacated by the resignation
of Mr. Swami, was suffering with q
bilious headache when the reporter
called this morning to ascertain the truth
of the rumors concerning Mr. Roberts
withdrawal as general manager and Mr..
Swann's resignation as superintendent of
the Jersey City Office.
He admitted the rumor was correct,
but said Mr.. Roberts withdrawal would
IN no wise impair the stock of the COM
pany. Mr.. White was under obligations
not to speak of the private affairs of the
office, but he mildly intimated that Mr..
Swann's resignation was not altogether
matter of choice.
"Our company has. not done. the busi-
ness we anticipated doing in this city,"
he said, s.owing to a lack of executive
ability on the part of those who were in
charge. Stlll, we have done considerable.
AS tar as our standing Is concerned I can
only submit to you the report OF Score
7 rary or state Kelsey, vino nau access TO
our books and reported our assets to the
Legislature in February last" Mr..
White showed the following figures:
Amount loaned on bond and mort
gage $76, 100 90
Amount loaned on collateral security 5000 90
Cash in company's Office ..........,. 1889 90
Cash in banks. Se,5l0 "a
m., q. a. rea Il,
Mr. White then submitted his list of
officers and directors OF the United States
any ~ Laurence T. Fell; vice presi-
dent; william w. Blanchard, secretary;
Charles A. Lighrpipe, treasurer; +. B.
Mandeville. medical director, Fred w.
Ward, counsel; directors, Laurence 7. Fell.
William T. Roe, Alex Caulfeld, Albert
Baldwin, John L. Arnlitage, Edward N.
Crane, Matthew r. Gay, f. B. Vaudeville,
Gottfried Kruger, G. A. Lightpipe, j. @.
Smith, James H. Hart. Frederick w.
Ward and William w. Blanchard.
"We have over So assetts, said Mr.
No. 80 1fa1,f