New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-06-27
SUPERINTENDENT PIERCE At Work
HE SAYS THE INVESTIGATION INTO THE AZ
FAIRS OF THE NETWORK LIFE


HE SAYS THE INVEVlGAIlON lNIO NJ
FAIRS OF THE NETWORK LIFE
WILL De THOROUGH
superintendent Of Insurance James F. Pierce came
down from Albany yesterday and took hand IN the
New-Yorn Life Insurance Company investigation. He
closcted for several hours with Mr. shannon at the
compauy's Offices. When by Tribune reporter
he said that there were no developments In con-
nection with the case. The investigation was going
ahead satisfactorily, he said and the Department pro-
posed TO mako 1t Just thorough as they knew how,
both for the sake Of those interested in the company
and for the reputation Of the Department.
| A dispatch from London was published yesterday
containing an interview with President Beers, who.
1t seems, has not yet sailed for home. Mr. Beers
reasserted that the company would lose nothing by
Merzbachers defalcaton and that the loss would al
fall on Sanchez. lie added that he had instructed
Sanchez to return to NewYork and answer ell ACCUSE
lions against himself, his partner or the company.
The Same dispatch also contained an interview with
Sanchez, who said
al emphaucally indorse what you have been told by
the officers Of the company, that the NewYork Life
loses nothing by Merzbachers defacstOn. alone am
the sufferer knew OF his embellishments last Novem-
Der, and at laid tho matter before the company
They urged me to prosecute and let the law take its
course. 1 objected, saying that, the loss WAS to
fall mo- 1t was for me to say whether or not Merz
bs6her should be prosecuted. by this course secured
100000 Of assets from Merzbacaer which would other
wise have been lost. My present plans to return
10 New York. taking books and documents with me- to
meet all accusations
Sanchez also said that the whole amount embezzled
over half million dollars
This dispatch and article that appeared yescr
day, announcing that another shortage OF s1o5,0oO
had been brought TO light in the Spanish American de-
partment, shown b the officers of the company.
10 said in the article that the $4,000 shortage
not included In the 1872 900 shortage admitted by
the officers to exist, and that II occurred before
Sanchez and Merzbacher took possession. 1t should
therefore be added to the losses already reported.
Second Vice President Welch said All / can do is
TO repeat my former statement. that S372OO0
our total charge against the Spanish American depart
ment. That Is whatoOur books show due from
sanchez & Merzbacher when Mr.. sanchez assumed the
FIRMS liability to These the figures have
given from the first, and they correct. If Merz-
bacher's embezzlement Of the FIRMS money Amounted
TO moro than that, Mr.. Sanchez says, why, 1t Is
matter between them with which this company Is
not concerned. We only know what Is due u.s.
Regarding the 1925 900 shortage. a gentleman who
Is intimately associated with the management Of the
company said that the facts not at all pub
lishcd, and that the company was not involved. lie
said that II merely matter of the adjustment of
accounts between Colonel Dickinson who formerly
was the Spanish-Amcrican agent. and Sanchez d
Mprybochpr