Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-08-06
MOyer Is Linked Up
With Insurance Crash

money can for the benefit of the pol
icy holders. but. from what | under
stand. the assets as far as the North
Penn Bank Is concerned, will not be
worth much"
''Did the company have any cash in
the bank?'
Eyes. a large amount. They did n
great deal of business with the bank
before the alleged deposit
'What action will you take in the
case?"
"Anything Of criminal nature will
be turned over to the district attorney.
The matter will rest largely in the
hands of the Pennsylvania authorities
Boland Cannot BE Reached
An effort was made to reach Mr.. Bo-
land at his Office in New York city. A
man who described himself as an off
cal of the New York National Insur-
ancc Company. but who refused to give
his name. said that Mr. Bolnnd was
absent from the city and did not know
where he could be reached.
~ have nothing to say said this
official.
"Whcre is Mr.. Roland? Is he in
Scrnnton?"
81 told you ! did not know
"Was he the man who had the
transactions with MoyerT
"NIr. Boland might know.
"IIave you any statement to make
regarding the bank and the failure Of
your concern!
"See the New York journal of Com
mcrcc. That is all. but there is one
thing in the article that is not correct.
Our company did not try to rcinsure in
other insurance companies. That's all
I have to say
Court Order Given
The Supreme Court of Erie county
granted the order authorizing Super
intendcnt Phillips to take possession of
the property and liIuidatc the husinc"s.
THE home Office of the company is in
Buffalo. It had branch offices in New
York and Scranton. This statement.
covering the company's financial con-
dition. is issued by the Insurance De-
partment of New York:
''The financial affairs of the COM
pany are in precarious condition. due
largely to the recent failure of the
North Penn Bank of Philadelphia. where
the company maintained Il large denOsit.
Superintendent Phillips. Immediately
after the failure of the bank. caused an
| examination to be made Of the company
and has since kept in close touch with
| the situation. Efforts by the parties in =
terestcd in the company to replace the
deposit having failed. the superintend-
ent Immediately took possession in order
to conserve the interests of the policy =
holIprg and ne oil porSnpS ipfarpStpI
because of the inability of the
Pennsylvania authorities to determine
at this time the extent Of the bank
defalcation and on account If the com
| plicated relations between the company
and the bnnk. ii is impossible at this
time to estimate the amount which may
be realized.
THE company was thoroughly ex-
amined by the department as of March
81. 1919. on which date its total as
sets amounted to SG5T .IS4. with tota
liabilities. exclusive Of capital stock
amounting to S443.I1T. leaving q sur
plus to policy holders ut that time o.
! S214 OCT.
Assets and Liabilities
"Whilc. owing to the involved stat
of the company'S records. 1t is imnoS
sible. without exhaustive examination
| to arrive at an accurate statement q
financial condition. the following ma!
be considered as representing approx
mately the present condition o. th
company:
ASSETS
! pords and .tocLs .s2lS a1O Ot
| Mnrtg,gn loans 1880. ~
n'S'',nraS n'O' ,nSS ,ninrest $500 ~
nDsncv haiances 10. .0OO. ~
Z Sorth Penn Bnnk daposit. ..... o22. 02T u
ro,al .s5a0 557 o.
LIABILITIES
Iyrnsid ,os,as tostimatedl 30. 600 0
fTnan rned nr"miums Irstinla ted. a3B. 600 "
nils ma Vob mem - az O0U. q
TaIas 'T:stInuteN <, 500 ~
Rsinsurnnce iestimated) .,, L. 400. "
Total ,4Os. 800. o.
| ..rl, .-------L ..l.,..,. thl