New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-04-30
An ONINOUS REPORT.
EQUITABLE MUTUAL FIRE INSURANCE
AFFAIRS OVERIiAULED.
SOME UGLY LOOKING STATEMENTS WHICH TH@
STATE EXAMINERS GIVE OFT. AND


ls<f%-'-N-~4'''
WHICH NEED EXPLANATIoN.
Thomas J. AIcCabe and Daniel Z C7rooa' s;ate
Insurance Examiners on April IS sent - James J.
!.ar,o curcrlntenGcnt &C insurance. at Albany d
LON ronort upon the affairs Of the E4utaUe Mutual
Fir Insurance Corporation, of this city oased OF Il
careful examination. which was ccaciuced on Ni!c-i
g. The report declared taai ihe cN-2 po''o+ u
the corporations capital stock was never p-l' '''
by the applicants. and that gross -rdul ana "ec1?-
ton were rrac,i.ed alike on ;he o;.amHc's ana the
Insurance Departments" The following sat cinents
also appear in the report:
Tie underwriting &C the corporation IS GoAe en-
Co. under the terms os a contract bearing cate o.
April T. 1891. ana slI in force. TINS 'olTdct pro-
v.des that the said MN n general ra3aasers' ere
empowered to ISSUE al! policies appoint al sup-
agents. and TO colect all moneys due O! 10 become
on Arri. s. is' on tie 3G Of ch &c No 2 I'll i;
(Which appears to b" "tuicn over an ci"7u ~ ~
$-o"" Two checks appear Gearl$ me $ 9d, G!'i
and number, signed John A. NicnSis pi Side"l an
a. H. Walton seer tdfE. one 10 liic Or, y. IAN -
4 Skinn.s CO. m1a2s.I , ana n ,r 3i"er t
check bears any Endorsement, but the one TO tn
order Of the Tradesmen's National Bank = cut. rs
The cIshbook entry states: Return loan to James
X Skinner ~ Co. Managers. The entire NfiS2o-
ton is of most uncertain nature.
On August 8, 1891. check APPEARS t. have bee"
drawn t. the orders OF James K. "Hi'n,F q .
checlb5ok reads "for return prem1'ns OF - lo.,-
c!es Of subscribers as per schedule. ms c1t =
M 1e5 !r'.fts hr!d ~ the Tradesnen's National
Bank which drafts were carried by Nc corporation
as much actual cash received ior premiums en-
On Dcctbcr b. i>9l tho bank account was trans
ferrol from the Tr81esmon'S National Bank u IN"
>ncrisan Exchange Nltion5. Bank. Tn" an mn,
tr1l,fcrr,a wa &7l%l. Of which sam on'y. 49,
IS y was actual cash. the balance" $N+A "e'nS
yc,.ascntei 10y drafts. For This sum a check was
drawn On December e. 1871, signed by :. =. DOB
bin v.oe-presiltnt and treasure: and n H. Wal
Ton secretary. - the order Of the American En-
chlnAe National Bank. This check however: was
NOT PAL until March (. lS,3. at which tine charge
OF Sig2 ca interest entered against the corpora
TO illustrate the utter improbabiii;y Of permanent
success and the immense chances the corporal on
was taking. e j. only n"Ccss1lN - note IN l4't
tina; the checks Of $500 and $2l i"' respeci Neiy
given by the corporation ior the apparent Durp 70
Of taking up $4,000 OF drafts. LEFT as the a'iua.
working cash capital OF the COOPERATION the sum
Of $500
poraon's registers any record @. i2I'oI ever paw
Ing been issued c.eNen o. The CTsio1! Gpp'a'l rs
far insurance although capital stock notes "er- r.
ceivei ly the corporation IN part payment oil th'
premiums.
4 \. ANing. counsel for the insurance corporation
has replied in i letter to Sup'rintea Ten. +. f'".
tina, The cash portion OF the capita. stock wa Qili
in partly hy certified check i.r <'lsi -. Cd: winch
a copy j. furnished. and that the statement mat ~
the amount transferred from the ifti'~mtN Va
tional Bank 10 the American EAfh"nS" NAu. ~
Bank So iS3 II. only Sl5S3 II actual cish. wouIi
auue4r be iuC.Irc- in the fdcf N' in- c-ft.i'l
check Of the Trade lnens NAtion1l H.rk Tor NJ
1N} H. Other aeuals o. the accuracy 81 IN" r'i'ri
appear that certain moGihcatons ah'Hli oe made N
slcn report for the purpose OF securing accuracy
and freeing the same from error ami tAat i "1'4d
Mt be fair or just to this corporation that nc re-
mort as /. stands should be submitted to the At
torney General or fled in the department or gwen
out for publication.