Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1893-08-10
OUTLOOK IS BRIGHTER
Missing Insurance Sc.
CuritieS' Found.
A COMMISSIONER SCORED.
A Local Newspaper Sharply. Criticises
His Business Methods.

MANcHEsTER, y H., Aug. 10 = The
situation today financially shows but
little change, but that change is all in the
direction Of benefit TO the Peoples Fire
Insurance company. They have received
notification that 5s shares of the First
National bank Of Marion, Ind, reported
missing were all right, as was the case
with collateral note OF s4400 in the hands
sf Nashua parties. This makes SIC. 200
more accounted for. and with the $24. 400
found previously places the company $685.
900 better than was alleged by Mr.. Line
han.
The Evening Mirror, which has hitherto
been rather inclined to make the most OF
Treasurer Morrill, and President Moore's
alleged mismanagement,c contains bitter
attack on Insurance Commissioner Line
hans report 1t says:
sharp Words.
III any president. treasurer or director OF the
Peoples Fire Insurance company has embez-
zled its funds or otherwise BETRAYED the trust
reposed ia him, we hope he will be punished
without mercy. AT the same time we see no
reason why the business Of the company
should be injured or its stockh olders damaged
TO crafty the spite or the itch for notoriety OF
anybody.
Approaching the subject with this feeling.
we have made such examination as we could.
and, having made IL. we are bound 10 say
that, in our judgment, the report OF Insurance
commissioner Lnehan. which we published
Monday, Is outrageously unfair. While Il
may not contain an absolute falsehood. IL so
distOrts and groups the facts that they are
made 10 take the place of falsehoods and con-
vey wrong impression, which is very injur-
ious " the company.
To the average reader Il says that the com
pany has been robbed OF $4,000, which is
gross eXaggeration, and that IL is nearly
bankrupt, which is not true.
IL Is true that the tables are accompanied
by some explanatory remarks. but they are 20
worded as not to better the statistical show
Ing, and they are of little account anyway,
because people look, and have a right TO look,
at the exhibit OF assets and liabilities when
they desire to ascertain the standing of an in
surance company.
The fact Is as stated to US by one of the
gentlemen who helped make the examina alton.
that more than 10000 worth of securities.
about which there is not the slightest ques-
tion, were treated as missing by the com
missioner because he could not put his hand
upon them, and the actual amount of the as
sets of the company is about s75O,OOO instead
of s6Oi, ,SSj.09 and the 'defcit" is not one half
what IL 4. stated TO be.
The cCi Guiding sentence OF the report Is. 10
cay the least, in wretched taste and enough
TO bring the whole into disrepute with candid
people.
Examiner Gatchell of the Common
wealth bank yesterday was
Paid Several Thousand Dollars
by parties who had notes In the hank.
In response TO the query as to whether
the New Hampshire Trust company would
probably suffer any impairment Of its CAP
ital Of 5000 = President II. ID. Upton
said:
"The company's affairs were examined
In June last by a committee of the direc-
tors, consisting OF Ex-Governor Tuttle.
Henry Allison of Fitchburg and viii
liam p. Chamberlain of Keene.
The accounts were also audited by
the regular auditors Of the com
pany, and the state bank commission
ers also made their examination at about
the same time. The findings of these
three sets Of examiners were substantially
the same, and showed the capital to be
and that the company had n
surplus of somewhere from $40, 900 to $6O,-
OO0
1.-THE company has met with no losses
Of any serious Importance as growing out
Of the present complications In Manches-
ter and It's conditions, barring the sus-
pension, il In no particular different from
what IL was GO days ago. II the capital
stock was intact In June last 1t Is so to-
day"