New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-06-14
HIS sTEALINGS EXAGGERATED.
THE v1cE-PREsIDENT OF THE NEW-fohK LIFE
LIFE DENIES SOME FALSE REPORTS

THE yICE-PREsI DENT OF THE NEW-fohh LIFE
LIFE DENIES SOME FALSE REPORTS
report was published yesterday that the deiaico
ton Of the absconding agent OF the Nc" ioIh -
insurance Company, Julio Merzoaoher' l't -.
,ro amount announced by VcePresident Weich ~
e said that Mr. Welch knew that the sliorVaeo ap
nroochcd 81 OOO,O 600 Mr.. WEIGH was seen yeS'eru,9
At his Office and reaflrmed the correctness Vi "'
e,rcs given lyy him. He snid that S3'2,Ooo coVereu
the defalcaton and that when the COMMISSIONS ''"
had accrued to the firms credit since the affair became
tnown were deducted IL left the Indebtedness al 900
600 This amount Mr.. Sanchez could mako goou III
= comnaratively short time from his interest IN re-
newals alone. The company had not rom 'o iiSO'
felt any uneasiness nor feared any loss 10 sei io
Merzbacher's acts because 1t was amply pro.eo~u =.
the larre amount OF business that the firm oil SancN
a Norzhachor had written in spansh-American coun
tries II the company should take the managcmen'
OF the firms affairs into It's own hands II o"uiu
vine out the whole shortage with tfc prVn'' "" w.
,usipcss The premiums alone that Sanchez q Mer"-
hachor turned over to the company were pe'"o0"
So 800 900 and 100000 year. ooo
Mr. Welch also denied the report that inc eo'''oo0
statement had been given out after consultation "
cable with President Beers, who IS now In Europe
No such cable message had been rceive1' nc saiu
In regard to st another report, that joaquin oan0.
Ind been packed off to Barcelona WIN MS OVohs III
order 10 get them out Of the way, Mr. Welch was ae
positiye I'm his denial. lie SAID tllnV tlc nioN0 W."
ono that had long been contemplated, and VT. San
chczs dcpart,irc was merely It's cOnsumhation Tic
reason for the removal was to have the Spanish
American agency where II would DC in more direct
- .ou,r,r-,cotion with It's patrons Mr..
sanchez OF course, took his books with him because
ne needed them.
When asked II II was not rather strange that neither
the directors Of the company nor the members Oh inc
Finance Committee were informed Of the condition Oh
nj
II WIS not The matter one OF executive detail
and while the sum was large one, STILL when tle
enormous volume of the companys business was taken
into consideration it became comparatively small
Julio Mc7zbac her. the abscOnder has had checKereu
career IIo Is an Austrian Hebrew, and was oori a'
OGenbach Oh the Main in 1888 Ills real haine'
JulIus became Julio about the tine he began MS
dcarinrs I'm South America. Merzbacher was Drought
Nm in OHcnbach He left there suddenly about forty
vcoqs aco and went to Paris where he engaged IN
lmslness and failed His departure from that town
was likewise hurried. After some years spent III
uha ne turned I'D In NewYorh and in 1870 was taken
uanv In 1887, when Colonel A. c. Dickinson retilcu
IRON the management OF the spanish AheilcaI , uc
partfncnt he was succeeded by the nrh Oi Sahch"
The firm has been prosperous, and transacted az
immense business. Menbachcr VINO IS unHarreu,
Is we'll known about town, and has the reputation OF
being a fast liver. He was commonly known III up
t1wn resorts as Prince MerZbacher and Is Said 10
have worn q new sut Of clothes every few DAYS. sc
side the large sums lie spent on zine Women I anu
horses ne Is said TO have lost heavily In wall street
Whether he had much or any OF the stolen money
left when he cleared out, Is not known.