New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-29
4 PRESIDENT ACCUSED.
TPOCBLB IN AN INSURANCE COMPANY.
* DIRECTORS OF TuF. LIFE UNION COMPLAIN
TO THE DEPARTMENT AT ALBANY OF
THE ALLEGED MISUSE OF FUNDS.

* DIRECTORS OF THE LIFE UNION COMPLAIN
10 THE DEPARTMENT AT ALBANY OF
THE ALLEGED MISUSE OF FUNDS.
III" Life Union Insurance Company OF new '"i"
With offices at NO IL Broadway Is again III tro"D''
,lt tinc some Of the directors Of the company say
that OF account Of the m, management OF the inhu'
Of the concern the company is inNoiv"ht' ana III
written complaint yesterday the state Insurance Dc
parmcnt was urged t. request tn" ATTORNEY
NJ the state 10 ask for the appointment ol r''H'''
The complaint was made through simpson Iha'cn'r
4 Rarnum Nc. 10 Wall-st, the attorneys "l Wv
d,-oc,ors who declare in their complaint that the
fund, of the company have In some cases oi'"P
noarcd and in Others had been put to Us" which Is
M, authorized by the rule, OF the company. Inc
directors. VIII, ,ly that the present oihccrs oil 'he
ItfI-plon have not transacted the business III INC
interest of tie 1000 members, are = l. "opIN"i"'
- Watcrtown ~. y: Seymour Dexter oi Finn"
q Robertson. Of w-York; william F. walker
~ New Britain. Conn: J. J. Cooper OF ihiau'ipnu
and H. Z. lhamb"rl1ln, oil Nc"-brl'''"
onic.~. and director, Of til" company have Kept the
lnovIad- Of The disagreement in me boari lroii VI"
members 50 rs not TO injurr the business.
vr,ui,, In,v WAS president Of the Lie-t mon uh'l
,.. N,v whom Loul T. Levy was elected 10 suc'e''
him IT the annual meeting last June a''o'"l"s -
the con,i,;nlut made t. ia" Insurance Dep"r"","'
-, cation OF the books showed thar 'h'Ip H''
boom misuse OF funds. ana efforts WV "" W.
,,1. fine frou5le withOu, alarming th" members
A. another rccting held last september thr 81
dir,c,or>, discovered an apparent MISUSE vi fi-''
NJ tbe company's funds. they Say. ms ho"'' "',
,i r,..rvc fund and President Levy merely SAL 'h''
M had used tbe money to purchase alOth'r llla"rah''
corn.uv Al that time the Insurance Department
w. called in To investigate the condition "t a'al'''
and according to ia" statement % ttt "Feoior7' Il
cry rr,ci;lor and corrupt condition Oh tmus' ""S
to,nd TIN. directors tried to depose Mr. Levy a'a
his associates, bit failed.
\ meeting OF all the director, Of tn" company ",'
hld la, Tuesday under an agrcc mont OF Mr.. Levy
otnrpevs with Mr. Pierce, the superintendent Of one
Insurance department, and with III" attorneys % 'i'
eix directors that Mr.. Levy with hs h,SorA,'
.honld surrender III" control OF IN" oonip'S lu.o W.
hands ~ the -lN directors. NJ IN" meeting however.
Wr Levy asserted that h. hal plrChas,N Gc cIhpons
from lis former directors Tor 9loOoo' ana w ~
ought TO get that money back ne 'hEln'VI.r ",,
uas.apc of a resolution authorizing the payment 2ut
~ ,hs reserve fund Of Sll,OOD o. notes OWi'u ~
dircct MS say va> ever received by The Lie tn0n.
IL ,Isn had a resolution passed making NM the s"ie
agent Of he company 10 negotiate, rsnSuraho' hn1
authorizing him Ia reimburse hiinst,! V1t 81 ny
Sims paid for the reinsurance LOT III" Ti'o IT,
lie thsn II i @hd forced the acceptance Oh tno TIE
,ntion sont I'm N cN-Judge seymour DeNteT, nv
February while Mr.. Low wa- president; ih,o I'9,s
nation Wa sub, -qucnty recalled al the urgent re-
"mc.t ~ The directors In similar manner, II, i
aid MIR Levy forced the acceptance OF the h'i-alio
of Mr. Walker. made lat Apri, WIicn was dy, tor
mon AT the time. Mr.. Walker was reelectel lo'
NM" Mr. Levy could not be found last evening ut his
hon1 No. > West Eighty second ST.