The times. [volume] (Richmond, Va.) 1890-1903, 1898-03-30
POLICY HOLDERS
HERE PROTECTED.
State Treasurer Harman Holds the
$4,000 Fund
TO SATISFY THEIR CLAIMS,
Story of Illegal Transactions That
Drove a Bank Cashier TO Com
nit Suicide-Suits Pend
i'm Circuit Court.

The local policy holders in the Guaran-
tee Liability and Indemnity Company
OF Pennsylvania. which was bought out
by the Guarantors' Finance Company, OF
Philadelphia. the concern for which
receiver has been asked, will not lose any
thing by reason OF the enlargement the
concern has found itself In. This was
determined by State Treasurer Hartman.
with whom the original guarantee fund
was deposited by the former company
according to the state laws
II was some time ago that the Guar
antee Liability and Indemnity Company
of PENNSYLVANIA took steps towards d0ins
business in Virginia. The company depos-
tied S25OlO with State Treasurer Hartman,
according TO the laws Of this Stale. as 4
guarantee fund. and number Of policy
holders were secured in several cities, in
cluding Alexandria, Richmond ana Nor
folk. where IL seems the larger part OF
the business in Virginia was done. Pleas
ants q Crenshaw were the agents here OF
the company.
FINANCIAL REVERSES.
Subsequently the Guardnt0rs' Finance
Company Of Philadelphia. purchased or
otherwise secured the interests. liabilities
and business Of the former concern, but
the latter company did not comply with
the laws Of Virginia In the way Of putting
up the required guarantee fund TO secure
it's pollcy-holders. and consequently the
concern did not make an effort 10 do bus
mess In the state
The Guarantors' Company had financial
loo :
made for a receiver. Richard +. TOPPER
vlcc-president and general manger OF the
company. and John s. Hopkins. cashier
OF the Peoples Bank. Of Philadelphia.
had a number Of dealings with each other
that resulted in the latter killing him
self few days ago upon learning that
a receiver had been applied FOR.
On March 18th the bank closed its doors.
and II was then indebted 70 the Guar
antors Company 10 the extent Of about
$500 COO Monday afternoon Topper was
arrested. charged with conspiracy 10 cheat
and defraud the Peoples Bank. whose
president has. by the way. agreed 10
make good the losses OF the banks pa
irons. He claims that the dead cashier
and the manager Of the Guarantors Com
pany had unlawful transactions. involving
500 COO. which rendered the bank insolv-
ent
LOCAL CLAIMS
Meantime an effort was made by the
Guarantors' Company TO get hold OF tho
s25 600 deposited with Treasurer Hartman.
but he refused 10 comply with the request
until the Virginia policy-hoders claims
are satisfied. The $4,000 will more than
satisfy these claims. which are believed
10 amount 70 not more than $4,000 at
most. Among those who have claims
against the original company were the
Chesapeake and Ohio Railway Company.
the Richmond Traction Company. and the
Richmond Cedar Works. The two latter
companies brought suits against the COM
pany here in the cry Circuit Court. The
suit OF the Traction Company was dis
missed. while others are SIN pending.
Mr.. r. Carter Scott is counsel for state
Treasurer Hartman IN the controversy.
II Is not known when the suits viii
be settled. as the claims ana indemnities
have first TO be settled By commissioners.
II is expected that the cases Will be pend
Ing for some time yet II will be crafty
ing 10 the Richmond pollcy-holders 70
know that they Will lose nothing In the
general ENHANCEMENT.