Chicago Daily Tribune Newspaper, July 15, 1877, Page 12

* * Prospects for the Policy-Holders—The Theosetical * A Quo Warranto Applfed for. Against Circumstances Under Which: It Companies It Swallowed and How They THE CHICAGO ‘ERLBUNE: SUNDAY, JULY 15, 18S77-SIXTEEN PAGES, 2 way) - Neen eee eee eee eee eee ee eee ee eee re ee eee eee eee eee eee eee eee eee ee ee eee relator alleges that no amount had becn Ioaned | to the : literary arena, and seize the firs. THE REPUBLIC. Life and Death of a Much Mis- managed Chicago Corpo-_ ration. de Was Born--Floating the Stock. ez Uf A Bold Dash into the Field@—Its“Sne- cess as an Amalgemator. Disagreed with It. How It Bought the National Life, and Lapsed Gently into Liquidation. and Real Valve of the Assets. the Protection Life. re THE REPUBLIC. A JUSTORICAL SKETCH. The Republic Life Insurance Company, of this city, went into the hands of a Receiver on May 25 last, and about ten days ago that official filed his first report with the United States Court. The document isa very loug one, giv- ing.a complete schedule of the assets of the Cofipany, at the values as they appear on the books; also, all the liabilities of the concern, except the present value the outstanding policies, which are as follow: Endowment (3). Republic (2,979). Economical (37) California Mut Eagie Mutual Great Western (3) - Total (3,418)... ‘Less reinsured (£0). . In force (3.398)... oe sees eoee$4, G2, 586 As the reporter pondered over the figures, wondering how much the policy-holders would torical investigation of the Republic, with a view of getting at the causes which drove the Company into bankraptey. It may as well be said right here that to mismanagement, grosa ignorance, doing business at Jess than cost, a Sesire to spread “over all creation,” and a cer- umount of selfishness on the part tard of some of the management, at one tme and another,. may be attributed the unnunibercd woes . which finally hurled the concern into the hands of a Receiver, and took away from the 3,000 policy-lolders the sacred provision made by them for the future welfare of their families. i ‘Yo srive the reader a succinct ides of THE APPHONIMATE CONDITION OF THE REPUBLIC, reference is made to the annual statement for 8. the year ending Dee. 31, From this it ap- pears that the capital-stock Full paid, 9,107 share: 5 Twenty per cent paid, 1, ‘Tofal.. The assets were as follo’ National Life stock. Heal cetate owned by Company. ‘Other securitie: . Total The liabilities were: ° Policy cluimy due, adjusted, and re: Bisted . 05.025 : Present value of outstanding policies... Yorrowed money - Otner debts . zed. the statement show: Capital lishility. liability, ete. Total . Deduct assets. Impairment as per sworn statement....$ 866,285 ‘The foregoing figures are not strictly correct. suf the Comoany is . MUCH GREATER THAN $566,000. In the assets the Natioual stock is set down at the price which was paid for it by the Republic, 1.000. The last annual statement of the es the folluwing totals: Cypital Hiability... ... Poticy liability: Total Admiited ass Impairment... So, to get at th on public, this impairment of the Nation: be deducted irom the assets: Kepubtic impairment as perstatement..§ 866,295 id National impairment as per state- 45s 431, 560 must: s it will be seen tl only the entire of u stock of the Republic has been absol: ly irwtered away, but, in ‘addition, $349,495 of tne premium incume has been irretrievably lost. THE REPUBLIC LIFE was chartered in Marcn, 1849. The corvarators narles B. Sawyer, William V. Kay, Rai Smith, Jolin if. Avery, Edw Rogers, William G. Hibbard, Charles 3. Far- pan. ‘The session of the ature for 1S65-") will long be rememberet tue cra of unlimited charters. Com ior all conceivable purposes ¥ with corporye and) most & ry powers simply for the — asl jug. Springticld was full_ of lobbyists aud schemers ot all surts. “Col. Sellers” by the thousand roamed from the legislative halls tw the Leland bar and back ugaiu, each indi- vidual with one or more private bills in his pockets, and “there was millions in it.” Sev- eral extraordinary life-insurance charters were franted at that session. Among others was that specimen bricit Known as the-Chicazo & Yeddo Company, which was empowered to im- port and export tea and other merchandise, to tmsure againet loss of life by accident ur uatural death, to insure property against loss or damage by tire, to make iusurance on marine risks, aid tw cause themselves to be reinsurel. The charter of the Republic was a simple one, and yet it had its good points for thecorpurators, and stockholders. It hited their liability tu the amount of stock subscribed. Once paid in, ubat was the end of it, No assessments could Le levied by power of law to make good any losses by which the capital had become impair- ed: and, in case of dissolution, the creditors could only take what was left of the concern. Whether the charter was obtained at the time for a bona tide organization, or for purely spec~ ulative purposes, this deponent knowceth not. Sultice it to eay, that the instrument lay nics endowed traordi: dormant for nearly a year, and the Yimttation had nearly “expired before any steps were taken to comply with the section which provided that if the Company Were not organized within a vear by the sub- scription of $100,000 stock, and the payment thereon of $9,0U0, the charter should become null and void. When the corporators proposed to organize, TAB SERVICES OF MR. A. W. KELLOGG were called into requisition. He held a prominent position in the Wisconsin Mutual Life, which had changed its name to North- western Mutual. He came to this city early in 1870, and proceeded to perfect the organization, und put it in such a shape that it could go be- fore the public as a suppliant for a share of the iife-insurance business. Mr. John V. Farwell, who nad been largely interested in the Republic Fire-Ineurance Company, aud about that time had retired from its Presidency, was solicited to become a shareholder in the Republic Life, and sive the benefit of his experience as an un- derwriter to the new venture. It was suggest- ed to him that with his name emblazoned in the “ads”? and on the letter-heads of the new Com- pany as its President. it would at once jump into universal circulation. Barkis was not un- willing, aud Mr, Farwell consented, on certain concitions, The Company, which it was pro- posed should spread itself all overthe United States and New Jersey, must have a head office. To own its office,— 4 MAGNIFICENT FIRE-PROOF BUILDING,— would vive it tone throughout the realms of Grangerdom. Mr. Farwell had just -such a building. It was centrally Iocated, and splen- didly’ arranged for tne headquarters of the “only "greatest lfe-insurance com- pany on the face of tho earth,” or elsewhere. This cdificehe valued at between $300,000 and $400,000, There was 2 mortgaze says the publi: to the Republic Life, ‘and you A Boardof Appraleement was ordered, and the valued the premises—the Republic Life Build- ing, ds it is now known—at $302,000. At this figure the property was taken, subject to the mortgaxe, and Mr. Farwell was credited on the stock book with $750,000 stock, 20 per cent paid up; he was given $50,000 in cash, and Mr. C. B. Farwell was’ assigned $10,000 in stock, 20 per cent paid,—making in all $202,000, which, with the iuortguge already alinded to, completed the purchase. “Mr. Farwell was duly installed President. ., THE “LOCAL-BOARD” PLAN. -was adopted for placing the stock. The scheme was the inventidn of one Alexander, whose name, by the way, was not Alexander, who had organized the big insurance company of St. Louis, known as the “Life Association of America.” It was at the time quite a success- ful way of applying tails to a kite, and making the tals ‘believe they were the kite. Alexander had worked it for all it was worth; he had pretty thorouchly niilked tbe ‘country with it; und when the Republic came to go over the ground, they found it pretty uphill work. To make a Jong story short, the Company was launched sume time in June, 1870, In the file of the Chronicle for that month is found the fol- Jowing prospectus: REPUBLIC LIPE-INSURANCE COMPANY. John V. Farwell, President. A. W, Kellogg, First Vice-President, Paul Cornell, secord Vice-President. Orren E. Moore, Secratary. E. W. Bryant, Actuar! Hardin, ‘Treasurer. = Butteriield, Supervisor of Agents. ‘The undersigned have long felt that Chicago onght to have a xtrong, successful life-insurance company. While her banks, busipess-houses, ma nufactories, and. firé-insurance companies ranl as peers of any o.’ their kind in the country, and while large sume are being accumulated in other Western towns, and taken Bast from our tributary territozy for life-msurznce, we are eure that, with prope‘ strength of organization and manageient, Acomp-any can be built up in Chicago which shall secare the sympathy and enterprise for which she 1s prove rbial, and so make agrand success, and be afitting represezstative in its line of her position and power. ‘To this end we have organized the Republic Life- Insurmo: Consens, with a proposed capital, of $5, U00, 000 (20 per cent tv he paid in), $2,000, 000 vo be hel« in the city and the revt to be distributed throughout the country to secare co-operation and influence. ‘To show uur faith, we have suoscribed largely to the stock. Toconvince tne public that solidity and permanence are expected, the Com- pany staras off 1n its own clegant fire-proof build- ing on LaSalle street. . We have also secured firet-class talent for its management, asa necessary clement of its suc- core,” Our plans are especially attractive to ood. agente, wi» intend to live in the bueiness, embrac- ing strength, srmplicity, local influence, thy now- crof loans, and an organization unsurpassed. In view of these facts, we earneatly commend the Company to the full confidence and practical sym- jymthy of the bueincss men of the city and the West. ‘J... Farwell, Paul Cornell, C. ‘T. Bowen, C. B. Farweh, A..C. Hesing, H, W, King, C. 3. realize when the concern Js finally closed up, it | Henderson,’ S. A. Rent, X. W. Kellogg. T. M. a eill- | Avery, C. N. Cady, W. T. Allen, Leonard Swet occurred to him that the time would not be il- | AvyEy: CN Cals, O20; Allene Leonard Swett * spent were he to devote several daystoa his-| (aner i A. larlbut,’G. CG. smith, A. By Meek er. “¢ Forty ceiituries look down upon you,” said. Napolewn to itis auldiers drawn np in battle ar- ray at the kase of the pyramids of Egypt. “Less tbana decade stares you in the face,” are bankrpt, cin the hands of a Receiver.” So nfuch for the glowing proclamation about “ solidity aad permanence.” : And so the Re oublic was launched on the un- certain sea of lil s-insurance. ‘The organization of “Jocal boards ” proceeded with vexatious slowness. T.1ere were not so many tails lying around loose to be uttached to the kite as they who proposed to hold the string thought. Stock was placed with reat ditliculty, even an expense of from 20 to 25 per cent of its not inal par value. Agcuts were uot breaking their ne running to the “solid and permanent fire-proof office? witl 1 risks which they had col- Jared on the streets. SOMETHING KAD TO BE DONE, - orthecapital sv far sibscribed would short! vanish in the way of ex,-enses, rust out. Amal- gatmation was suggestec’. The idea took, not- withstanding the immen3e excitement and dis- trust produced in life-imsurance circles by the failure of the European 1.ife of London, En- gland, which during an existence of fifteen years had swallowed forty companies, ouly to become one of the most rotten bankrupteies ever known to the financial world. The Re- public determined to go im‘o. the anaconda business. There nad been in existeace about that time three miserable littVe life «ompanie: known as the “Provident, “ Engle,” an “Great Western.” The “Proyilent” had been swallowed by the “Eagle,” whick inits turn was absorbed by the “ Great Western.” The latter was thenin a moribund conditior, suffering from aggravated tion. ts poticy-habili- ty was about $1,000,000, and its ‘ve should be $33,919 ona 4 per cent—the }2¢al—basis. With a longing eye the Republic gazed on this carcass, and thought it toothsome. It Jouged to swallow it; business was wanted, andthe act of deglutition was performed. It. reinsared the Great Western on the basis of 26 per cent re- and thereby incurred a loss. of some 915,000 or $20,000. Many policies were allowed to lapse, which re@uced the Iiability, though without being a sourve of avy profit. to the Ie- public. On Dec. 31, 1870, the affairs of tne Company, as shown in the sworn statement to the Auditor, were sevre, mpany exceed a t the first yea closed on snimpairment of $7,203, showing tha: the business hau been done at a loss of $34, 5: iN 1863 THE DE SOTO LITE-INSURANCE COM~ PANY had been incorporated by the Missouri Legisla— ture. Its head oflice was in St. Louis, und it. devoted its energics to the securing of a South~ ern business. It was admitted to this State, and tried to work up a connection in Southern Tilinois. The tepublic manzgement became impressed with the idea that by e&tting the con- trol of the De Soto they would form a valuable Southern connection, and be thereby enabled to carry the war into Atrica, and compete with the St. Louis Lite Association, ‘To thjnk so was equivalent to doing so. The De Soto, with liabilities of $1,495,000, and a reserw on a 4 er cent basis, was’ accordingly absorbed. it was purchased on the basis of a 6 per cent re- serve, Which inflicted another loss. The gain was the formation of ‘local buards” in St. Louis and Memphis. In the autumn of 1871 the managers of THE HAHNEMANN LIFE discovered that owing to the immense competi- tion business could not be done by small com- pames aud live. They were anxiogs to reinsure and retire. The Republic mauazers were in- formed of the desire of the Hahremann to cet out of the business. Negotiathms promptly ensued, and Oct.10 was decided upon by the parties as the day upon which the trade should be closed. The poliey liability of the Hahue- man was over $7,000,000, calling for a 4 per cent reserve of $374,000." The Republic pur- chased on the basis of 6 per cent, and received for assuming the risks about $230,000—a_~—sdoss of about $90,000. Owing to the “Big Fire” on Oct. 8-9,the Hahne- mann people, fearful that the Republic would. not stand the shock, were anxious to withdraw from the bargain, but A. W. Kellogg, the Vice- President and General Manager of the Republic, héld them to their agreement, and the trade was consummated. ‘The Republle took its pay in Government bonds, money, and mortgages. ‘The business of the Republic at tue end of 18TL is shown by the following figures Impsirment of ca) Income... 628,000 Expenditures... sss .css + 257,000 Although the income of the Company for the year 1871 was $371,000 more than its expendi- tures, yet thére is an impairment of capital of $202,553, which shows that the year’s business was done at a loss of $573, 000. AT THE ANNUAL MEETING HELD JAN. 30, 1872, Orrin E. Moore, the Secretary, tendered itis res- ignation, having been requested to do so conse- qhent upon the coming to lieht of several very crooked transactions on his part. He was charged with having sold stock certificates, and devoting the procecds to his own use, without entry upon tle books of the Company, and with issuing policies on risks which bad been rejected by the Medical Board. The Insurance Commit- tee reported that there were in force 6,391 poli cies, covering risks to the amount of $14,018,047. Of these policies 2,333 were reinsured from’ the “Hahnemann, of Cmeinnati, and 417 from the De Suto, of St. Louis. The net assets are reported at $1,151,325 (stockholders? report|, and thegia- bihties, less the paid up capital,—8757,560,—and reserve fund, were reported at $131,000. | This statement, though ou its fave very’ gratify Was a sheer whitewash of a very gauzy consist- ency. An investigation a few days later devcl- oped the fact that, while the gross re- ceipts for the year 1871 were $90,472. on new business, and $44,593.31 on renewals,— in all, $135,065.76,—the expenses of duing that ouch business were $143,456.89. In other words, the concern spent $1.06 to secure $1 worth of business. Great stress was laid on the magnifi- cent qualities of the asset known as the Repub- lic Life building, which was valued at $260,478. Its gross income in-1871 was $15;605,80, and the interest and expenses thereon were $11,877.14, Jcaving as the net income 33,723, or not quite 3g per cent on the investment. At this annual on it for $100,000.. Would the Company pur- chase itt He would take bis pay largely in Block. Of course they would, and they did. meeting a resolution was offered to reduce the capital stock from $5,000,000 to $1,000,000, but it was laid over for further consideration. ‘Tais | motion, it was said, was ititroduced to relieve Mr. John V. Farwell from the big load of stock which he was then carrying, and for the unpaid portion of which he was liable. ‘This investigation, slight as it was, was vot without fruit. Feb. 21, 1872, the Executive Committee met and DISCUSSED THE SITUATION. They saw that something must be done, and it was done without delay. Mr. Kellogg retired from the Sceretaryship, and Mr. Cornell gave up the Second Vice-Presidency. To till the iat- ter vacancy, L. D. Cortright was chosen, to have his headquarters in New York. Join F. Cot- lins was clected Secretary, and G. W. P. Bow- man was appointed Stock Commissioner.” The “last named received a salary of $9,000 and ex- penses, and yet in the course of a year anda half, so T# Irisons has been informed, he never placed a dollar's worth of stock or took a risk. é ‘ The year 1872 witnessed another amalgama- tion. The Republic yas thie modern Alexander, and it kept on sighing for worlds to conquer. It reached ont to the Pacific slope, and there saw that the California Mutual, tired of strug- gling against fate, was anxious for somebody to come along and assume its load. It had a policy Hiabilitv of $3,135,009, whileit should, and prob- ably did, have a reserve of $167,495. The Re- public reinsured it on the basis of 434 per cent gold, and took its pay in mortgages, bonds, cte. Dec. 31, 72. the Republic balauce-sheet showed: Capital....... $ 848,610 Aeeeus..-. + 1,558, 657 ‘Liabilities. 7. 2 eee 127 Impairment of capital. . iY Income... + FA, 214 Expenditures + 492,062 Notwithstanding that the income exceeded the expenditures by $202,152, the balauce-sheet shows that the business of the Company, at the close of tie year, produced a loss of $418,232, Deine $40,000 more sunk than was shown in the balance-shect of the year previous. ‘The next vear witnessed ANOTHER ANACONDA FEAT. The Economical of Rhode stand was an: toget out. It hada policy Hability of $5,731,- 302, to remsure which required’ $797,019. It was urchased, or rather the Economical paid the Republic to insure. Whetaer it was on the basis of 4 percent or not, the writer does not know. Judging, though, from previous opera- tions of this character, it is fair to presume that it was not. The capacious maw of the Republic Knew no: satiety, aud it must be fe price. At the aunual meeting this 3 stockholders votcd, as a measure of precaution to themselves, to reduce the capital stock. It was Jeft optional with the stockholders to cousider what they had paid in as full-paid stock’on the basis of a million, which nearly all did, and took certifi- cates therefor; those who saw fit could regard what they bad paid as simply the 20 per cent i stallment, but.in nocase should the capital exceed $1,000,000. ‘The balance-sheet Dec. 31, 1873,— the year of the panic,—maue the following ex- hibi $947,000 2,256,718, Income ...... Expenditures In the income account appears an item re- ceived for assuminy risks of other companies, $493,536.73. This undoubtedly refers to the amount paid by the Economical for reinsuring its risks, $5,731,302, the present value thereof on a 4per_cent basis being 3797.919—a dead loss of over $300,000 to the Company. The aggregate income account exhibits, as compared with the expenditures, a surplus of $547,154; yet the im- pairment of capital is 324,459, which shows a joss of over$ 900,000 on the operations of the Company to Dee. 31, 1873. And now we come to the culminating point in the history of this wretcherdly mismanaged Com- any. @lts managers Were not satistied with + haying sunk over $900,000 in their attempts to build up a company which should have ‘‘solidity They still pursued that iguis fatuus—amalgamation—with the vain and de- lusiye idea that they would eventually suceced. In duty, 1388, Jay Cooke gota special charter from Congress for the incorporation of the “NATIONAL LIFE-INSURANCE COMPANT OF THE UNITED STATES OF AMEIUICA.” Jay was then approaching the pinnacle of his fame. He bad hada monopoly of the fiscal business of the Governmeut during the War; was at the head of large - banking establishments in New York, Philadelphia, and Washington; was the projector and finan- cial manager of the Northern Pacific Railroad. He had been endowed by kind Nature with the gift of Midas. Whatever he touched turned into gold;’ his success had in his own mind made him infallible. The house of Jay Cooke & Co. was as widely known as the Bank of England or the ‘Kotscnilds, though old- fashioned conservative capitalists, who had read about Jonah’s xourd and the growth of mushrooms, would occasionally shake their heads, and mutter, “Things can’t always go on this way.” The National Life, with Jay C as Caairman of the Finance Committec,—giving him the control of the finances,—vwent into operation Aug. 1, 1868, and, by dint of judi- cious advertising and pushing, juinped into quite an ‘‘universal circulation.” it had an honestly paid-up capital of $1,000,000, of which the Jay Cooke firm controlled $380,000. Sept. 18, 1673, Jay Cuoxe &Co. failed. The country has not yet recovered from the panic which ensued. Although tae National did not saccuinb to the financial whirlwind which fol- lowed the failure of the Cookes, yet the stock- holders of the Company and the Assignees of the Couke estate came to the conclusion that it would be a good thing for the National ir it were divorced from the connection, and an aj lication was made to the District Court in Washington for power to scll the stock held by those gentlemen. An order was issued empow- ering the sule to he made, provided the stock was sold for not less than par. Henry J. Fur- ber, then Vice-President of the Universal Life, now of the Charter Uak, proposed to purchase the entire stock, and offered for it $1,120,000. or 12 percent premium. Just at this juncture ENTERS MK. J. F. CRANK, OF THE REPUBLIC LIFE, who, after the manner of Claude Melnotte, ex- claimed, ‘T outbid yon sordid huckster. Here are $1,220,000. Lake it; the priceless boon is mine.” And it was his. The National Life stuckholaers insisted on a cash trade. They were averse to swapping assets or anything of that kind. To reise the $1,220,009, which, it is needless to remark. the Republic did not have, wir. John V. Farwell, so one story socs, nego- uted a loan of $1,009,000 with the Central Na- tion Uank of Pinladelphia, pledging therefor the ussets of the Republic Life. This million. was paid to the National stockholders, who “turned over ‘the National stork, and this in its turn was hypothecated to riise the $220,000 bonus to be paid for the Company. Another story is tbat Mr. Farweil went to the President of the Central National Bark, related what bo proposed to do in the closing of the trade, and secured from the bankc acertitied check for $1,090,000, This he turned over to the National people, and_was given pos- session. With the cash on hand, Government bonds, and other immediately available assets which he iound in the vault, he repaid the Central National, as far as they would apply, and for the ‘remainder gave notes secured by mortgages, ete. Iately the property of the National. At all events, which- ever story be true, the National was not bought with cash, but with securities, which should have becn held asa sacred trust for another purpose. As one of the incidents connected. with the trade, it is alleged thata note for $10,000, made to secure a loan from the National. by the President, ex-Commissioner Rollins, was surrentitiously canceled. And it is further alleged that goe person, if not tivo, received a douceur for the.part he or they tool: in manipu- lating the trade. Now, let ait examination be made of WITAT THE REPUBLIC PURCHASED. The deal was madecarly in February, 1874. The balance sheet of the National made the following exhibit Dei Capital paid up. ... $1,000,000 Aszets, 37,257, 108 Linbitities. d per . 2,706, 086 Impairment of capital 4AS077 Income during the year 1,520,152 Expenditure: : 817,400 On the basis of + per age the National’s cap- ital was impaired about'S44S,000 at the time of its purchase, and yet the Repuolic management, ia their efforts to secure “ business,” paid tor it $1,220,000. In other words, the Itepublic paid R1,220,000 for a capital stock worth on the 4 per cent basis $552, or over tio dallars for one. Admitting the claim of the National to estimate the prescat value of its liabilities at G ver cent, it would at the time of its purchase have been worth ouly about $1,120,000, which is all that Mr. Furber, av experienced life underwriter and insurance mauagcr, offered to give for it. And yet the Repnblic Life, aiter having sunk $90),- 000 in its fruitless efforts to secure a solvent busineds, detiberatety paid $$0,000 more for the National than it was worth, excluding the good- will, which, like the wageing ofadog’s tail, hasno commercial value, and should have been ‘set-off against the assets in suspensc, depreciated sc- curiti te. Tt was an excellent good trade for t tional stockholders, but death for the Republic. ‘The securities which had been taken from the yaults of the National bythe Republic President to taake rood the certitied check of the Central National Bank of Philadelphia used in payment for the tormer Company were subsequently re- placed in kind in ameasure. The Republic Life Building, for which that Company nat paid $302,000, was turned. over to the National for about $€00,099, thus showing a nominal profit tothe Republic’ of about’ $300,000. Some of tke Cornell Broperty mortraces, aud other as- sets of apparently equal value, were turned over, aggrerating in all an amount equal to that pald for the National. So, when the transaction was | Zuliy completed, the Republic on its balance-sheet charged up to. the asset account the National stock at the price paid for it, having eliminated therefrom, ex- clusive of real estate owned by the company, some $600,000 in miscellaneous securities. Tne National would now accept $300,000 for the property, owing to the general reduction in all real estate values. , s 5 It had been the intention of the Republic managers to amalgamate the National, but in closing the trade it was agreed that the latter should retain its organization and not be wiped out. Then the Republic people thought they would perform the well-known circus feat of RIDING TWO HONSES AT THE SAME TIME. Some of the insurance papers got_nold ot the facts concerning the purchese; and, fearful that they might unsparinely criticise the Republic, an agent was dispatched to New York to see them. One insurance jouraalist was induced to write 2 labored article to prove that the stand- ing of the companies was not impaired by the trade, and that the one cajital was ample secur- ity for both companies—that one equaled two. ‘On the completion of the purchase the books, securities, and traps of the National were boxed up and brought to Chicago, and installed in the vaults of the Republic. A branch office of the National, called the ‘head. office,” to comply with the charter, was retained at Wash- ington. A re-election of officers was had. George H. Stuart, Chairman of the Philadelphia Local Board of the Republic, was elected Presi- dent of the National; J. F. Crank, Secretary of the Republic, Vice-President; E. W. Pelt, Act- uary; and J..M. Butler, Secretary. “All the offi- cers, save Mr. Stuart, came te Chicago, and re- sumed operations forthe Nationat. The year 1874 closed on the Kepublic with the following balance sticet: Impairment of capital, Jacome. Expenditures eeeeres 551,000 As compared with the statement of tne year previous, the assets, which include $1,220,000 National stock, show a decrease of $137,000, 2nd the liabilitics an increase of $214,000. In the item of impairment of capital -is exhibited an increase from $304,000 to $21,000. The National baiance sheet shows: Expenses. ba + Impairment of cavital, 4 per cent basis. Included in the assets is the Republic Life Building, which is eet down at 3400,000—at Teast $100,000 more than it is worth, to be used as an immediate convertible security. In 1875 the Republic again perpetrated the act of deglutition. The concern was The Iron City, a Pennsylvania Company, which it tuolk at tne established rate of 6 per cent. Its policy- Kiability was. $34,700, and_ its. reserve 39,703. ‘True, it was only a mouthful, but then the Re- public was not satiated. The year 173 is marked by a change uf wanagement in both companies, ter op WHEREBY HANGS A TALE. For some time previous the stock of the Repub- lic had been nawked around ut about 25 cents on the dollar, and large blocks of it weresdepos- ited with various banks at that figure as cuilat- cral for loans obtained by the holders. Paul Cornell, who at one time was one of the Vice- Presidents, had ‘deposited 1,870 shares witha certain party to secure a lorn. The stock was offered forsale at 25 cents, time and again, without finding abuyer. Mr. J. V. Farwell held 1,500 shares, and sufficient proxies to con- trol the stock. Messrs. Pect and Ellis, the former the actuary of the National, and the lat- ter ex-President of the Second National Bank, formed a pool to secure the control. They “ suw the party holding the Cornell stock, and made a coudi- tional srrangement for its purchase. They then interviewed Mr. Farwell, and proposed to pur- chused all or the greater part of his stock, oro- viuing he would turn over the proxies lield by him, so that they could secure control of the Company, The control of the Republic gives control of the National, being owned by it, and included among its assets, though it is stated that there ure twelve gentlemen connected with the Republe to whom are assigned in blank twenty shares csch of National stock, to be used whenever the stockholders’ meetings of tho latter are held. This is to give legal effect. Messrs. Pecet and Ellis of- fered Mr. Farwell 25 cents for his stock on the conditions named. He accepted with the un derstanding that the new Board would vote hin, as corapensation for his past services as President, a.sum which would make the sule of his stock net him 40 cents on thedollar. Altera 2,675 sharea of the Republic stock, h, with the proxies. turned over by Mr. i (who retained 200 shares), gave them tne con- trol of the stock of both companies. Siace that time efforts have been continually made to reduce the liabilities of the Republic by induc- Bs the policy-holdera totransfer to the National. Mang pulicies have lapsed; others have been settled at their surrender value, and the Habiti- ties of the Republic have been gradually dimin- ished, as the following, exhibiting the rise and and decline of the Company, will show: No: polictes Amount at in Jol risk, $ 2,938,000 14,018, 000 THE OFFICERS OF THE REPUBLIC and the shares owned by cach are: President, J. A. Ellis, 1,240; J. Me Butler, Vice-President, 83 E. Ww. 5 Directors—A. M. C. Lightner, 1; G. W. Mig 3 J._V.” Farwell, 2 W. O. Carpenter, 2; S. W. 3; HOE. Sawyer, 4; J. B. Goodman, 1. The other principal stocknolders are: L. D. Keeley, 50; H. W. King, 3M. Henderson, 10: W- 20; W. EL Hale, 10; E. $. Winslow, 10; E. F. Pulsifer, W. ‘Kingsland, 103 ‘Anson Stager, 20; WW. E. Frost, 10; -F. D. Gray, 20; R. R. Donnelly, 50: 8. B, M. ‘Tascar, Phita- delphia, 50; S. F. Butterworth, San Francisco, 50; J. B. Eldridge, San Francisco, 25. ‘The fol- lowing blocks of stock are owned in the cities named: Bloomington, 19; Lockport, 37; Jolict, 8; Belvidere, 10; New ‘York, 374; Nashville, 460; Huntsville, Ala., 153; LaCrosse, 125; Bal: timore, 155: St. Louis, 1733 Cedar Rapids, 101; Boston, 240; Philadelphia, 783; Denver, 1563 San Francisco, 596, To add further interest to these. trathful chronicles, it may be well to remark that B. F. Allen. during 1o¢4, was Treasurer of the Com- pany and Chairman of the Finance Committee. No doubt the great lowa banker had a design of amalgamating it with the Cook County Na- tionai Bank, with a _view of helping him to re- tund the Rock Island Railroad trust. If he did have such object in view, it was never accom- plished, for the reason that the Republic was then engaged in the swallowing business itself, aud did not propose to become the prey of any anaconda. Peet, Secretary, 1, ‘Allen, Ely, 10; 10;'A. 'B. Meeker, 10;’A. ASSETS AND DEBTS. That which most interests the policy-holders and the friends of- the insured, but not paid, dead, is to know how much of a dividend they are tu receive. The prospect is a dubious onc. According to diaj. Wood's report, made on the 20th of May, the Habilities amounted to 31,456, Oud, composed of the followings items:' Net‘ present value of the policies in force on a4 per- cent basis, $1,220,000; death-clanms due! and unpaid, $3,000; death-claims in process of ad dustment, $67,000; dcath-claims contested, $21 WU; bills payable, being the amount advanced by Mr. Nickerson, and seenred by 5,200 shares of the National stock, $130,000. ‘To meet these are assets amountiny, according to the Exam- iner’s value, to $1,323,000. Aiter the officers uf the National became ac- quainted with the desperate condition ot the alluirs of the Republic they set to work to liquidate it a5 rapidly as possible; and they were liopeful that they could succeed in wind- ing it up without the intervention of a court until this spring when they discovered that it would be hopeless for them to persevere in their task.- During January, the policy-holders died off like snecp. ‘They’ put. at detiance all the mortality tables, and inade it impossible, by their malignant persistency in dying, for the Republic to raise the money needed to meet death losses. Jt. was also disvovered that, with- in a year, endowment policies to the amount of $200,000 would insture, and that it would be impossible to get the money to mect then, For some time back the Repubile has been borrowing money from Mr. 8. M. Nickerson, President of the First National Bank, and- one of the Directors of the National. These loans, Which began in November of 1876, amounted, by the close of the year, to about $90,000. These sums were borrowed for the purpose of paying death losses which tell due towards the close of the year. Along in May the Auditor of State was here for. the purpose of making an examina- tion of the affairs of the Protection. The officers of the National thought it quite likely that the next subject of inv stization would be the Republic. They then g: up the hope of themselves liquidating t! institution, and kuew that, upon examination by the Auditor he would order it closed. They therefore re- quested him to come around and sec them, and at the sane time took ceriain precautionary and probably justifiable measures. By this ‘time gels as the Ist of May) the indebtedness to Mr. Nickerson bad incressed to $130,000. In- stead of its remaining as it.had, a book account, it was consolidated into certain notes, which were secured after a fashion by the pledge of 5,200 shares of the stock of the National, care being taken, however, in making the notes, to so word them that Mr. Nickerson could not dis- pose of those shares, in case the notes were un- aid, except through Jong Jegal procecd- ings. The officers of the National knew that the Republic would be ordered into liquidation, and they greatly feared that the stock of the National, which was part of the as- sets of the Republic, might become the prey of wreekers, who would buy it up and then at- tempt to pay for it out of tne assets of the Na- tional. Hence the precautionary: measure of ying UT a majority of the stock of the National. ‘his was not a set-up job. It was a precaution. ABOUT THE MIDDLE OF MAY the Auditor turned up, pursuant to the request ofthe oflicers of the National, examined the Republic, declared it insolvent, and ordered a bill to be filed for the rites of having a Re- ceiver appointed to wind it up. = On the 29th of June, Mr. Nickerson made a demand for payment of his notes, which were past due, and the Court directed the Receiver to Jook around during ten days to see if he could find anybody who was anxious to advance the money to satisfy the notes, or who would buy up the stock. No action has yet been taken on the matter. Mr. Nickerson’s notes are unpaid, and the 5,200 shares are hung up. Now, the bulk of the asscts of the Republic’s pe olders consists of this $1.U00,000 stock of the National. It is desirable that that stock should be sold inthat way in which it will Produce the | largest ssible sum. Were it subdivided, that is, 5,200 shares sold at one time, and 4,800 at another, the 4,800 would produce nothing, ornext tonotiing, Inasmuch as the purchaser of the5,200 would have secured von- trol of the Company, and control means a great deal when one is making an investment. It is eminently desirable, therefore, that the Court should order the stock to be sold asa whole. Mr. Nickerson, of course, wants his money back, but as one of the Directors of the Nation- alheis anxious to have that stock suld to the best possible advantage, and he does not want to have it go iuto irresponsible hands, Were it put up as a whole, there are, it is claimed, persons in this uty who are willing to buy it,—presumably the: gentle- men who are now managing the National, and who certainly have nouey enough to pay for the stock in cash, It would he ruinous both to the Republic and’ the National if insurance wreckers shoutd get hold of the National's stock, for it would mean the destruction of both companies. Happily, the directors of the National and the Recciver of the Republic are alive to the dangers of the situation, and will take sufficient measures to avert any such calamity. It is impossible to State, therefore, in view of this conllicting state of affairs, what the stuck of the ‘National will bring, and, Shnsequently, what the policy-holuers of the Kepublic will get. If it selis for $1,000,000 their prospects are flattering; and their dividends decrease in proportion to the decreased amount for which the stock is dis- posed of. OTHER ASSETS. The next heavy item is $219,000, being loans on bonas and mortgages. The faze yaiue of these is $262,000, but the Examiner has scaled them down to $219,000. What are these securi- ties! Among them are notes by John Watson, secured by S. S. Calkins, aud a trust-deed on lots in Cornell, in this county, for $$1,000. There are also uther hotes, secured by similar mort- gages on Corneil property, to the amount of $5,000. This $86,000 worth of property in Cornell would ' sell, in the — present condition ot the realestate market, for about $5,000, perhaps. There ure other securities, surh as secoud preference stock of the Graphic Company, shares of the Lakeside Printing and Publisiing Company, lands. in Tennessee, Alabama, Iowa City, Ft. Wayne, Georgia, Providence, R. I., the Republic Life stock, etc., which foot up about $30,000, and which would sell for avout, $3,000. ‘There are about $6,000 in wusecured promissory notes, which are worth about 550; and there is also real estate conveyed by deed to the Receiver, put down on the ledger as worth $35,000, which might pe disposed. of for about $5,000. Or, to sum it up, that which the examiner values’ at $219,000 can be disposed of at present for per- haps $30,000. The only satisfactory item in the assets is taat of $33,000 cash in office and in bank; and out of that the expenses of the Receiver and the lawyers employed by him have first to be paid. When ther are through with it, in the course of a year or So, there will be less cash, but many receipted bills. There also figures among the assets the item of $17,000. for de- ferred and uncollected premiums.’ These will not be collected; but while thus reducing the assets, the liabilities will also be reduced to a reater extent, So, in short, instead of there eing to the amount of $1,323,000, there are in ity, leaving out the National stock, about $7 THE REPCBLIO sold its policies at from 20 to 25 per cent below the mutual plan, aud made the fatal mistake of paying too much for its business. [t never de- clared a dividend. Each year its business was done at an immense loss. "Its capita! ¢radually dwindled away, and it is now in utter and hope- less bankruptcy. To give the reader an idea of what was ex- pended by the Republic in building up a “solid and permanent business.” which resulted in bankruptcy, the following approximate figures are piven: Receipts, Disbursements. $ 6,000 $ 42,0 Excess of receipts. Actual impairment of capi $2, 072, Deduct profit on sale of Republic Life Building, which don’t appear in the re, orts... $ Total loss... 1E NATIONAL. There are throughout the above occasional references. to an impairment of the National when meusured by a4 per cent basis. It must be understood that this does not show in the slightest degree that the Company is actually impaired. By its charter it docs business on a 6 per ceut basis... [ts premiums are all calculated on a6 per cent basis. The policy-holder has to pay asinaller premium, but bas an equal secu- tity. ‘The impairment on this 4 per cent basis is a purely technical matter, and, as was said be- fore, does not indicate that the policy-holders run the least risk. THE PROTECTION. ANOTHER ASSAULT WAS MADE esterday on the Protection Life Insurance Company, this time in tue Criminal Court, the petitioner, Luther Laflin Mills, at the instance of Joseph O’Donohoe, asking that leave be granted to file an information in the nature of a quo warrauto against the Protection, requiring it to show by what warrant it uses and exercises its rights, privileges, and. franchises as a cor- poration. Leonard Swett, William S. Everett, and John J. Herrick are attorneys for relator. The allogations sct forth in this petition arc, in part at least, the same which have previously been made in other suits in other courts. The petition begins by setting forth the incorpora- tion of the Company and its plan of doing busi- ness. It was provided by the act amendatory of the act organizing the Company that its capital. stock should be $100,000, which might be increased. to. an amount not to. ‘exceed $1,000,000. By the general in- surance act of 1869 it was provided that, before any life-insurance company weut into operation under the laws of this State, a guaranteed capi- tal of at least, $100,000 should be paid in in money. On the 17th of August, 1870, the Pro- tection certified to the Seeretary of State that its. capital stock had been subscribed and paid for. It is alleed by the relator that, as a mat- ter of fact, no cash was paid up, but that checks were given by the stock-subscribers. It is also allezed that, towards the close of De- cember, a frandulent affidavit was signed and ‘sworn -to by a majority of the Directors, setting out that they had” paid up a certain sum of money in cash, and that there- fore they cot their certificates to do business. Jt is alleged that all the annual reports of the Company made since 1870 are fraudulent, in that they state that there was paid up exnital stock to acertain amount, and that. certain other amounts had been loaned out by the Company on bonds and mortgages, tne fact being that NO CAPITAL HAD DEEN PAID UP, nor had the Company any amount loaned.on bonds and mortgages, the amount of $105,000 alleged to be so luaned simply representing the obligations of the stockholders of the Company for the stock issued to them by the said Comi- pany, secured by mortgare or trust deed. The relator gocs througn the annual state- ments tor 137], 1572, 1873, and 1874, and takes exception to them, declaring them to be false in nearlyevery particular. Among certain securities which he alleges to be fraudulent in_ their nature area mortgage by Mary A. Williams and William H. Williams to secure 310,000; one by the same partics to secure $5,000; and one by Henry E. Schatt to secure $2,000. The coin- pany also report as one of its Ioans $20,000 se- cured by first mortgage on lots in Jeffersun, the value of the property being $40,000. But the by the company on that property, but the mort- gaze was given to secure obligations given by stockholders in payment for stock, which had been issued and reported by the Company as paid for in cash. The property was assessed for taxation in 1878 ag worth $2,000, and is not worth $10,000. More- over, the mortgage was not a first mortgage, bu was outranked by another for $10,000 to secure the purchase money. The Company afterwards agreed to assume this first. mortgage by issuin its hoider stock to. the amougt of $5,000 an paying him $3,000 in cash; and subsequently the Company caused the mortgage to be foreclosed, and its President boucht it in; paying for it by issuing stock to the amount ot $5,000 and $5,000 in cash, and tssuing stock for $2,000 in payment of accrued interest, making the entire cost of the property $12,000 in stock and money. Then the Company repu- diates the {ssue of $20,000 of its stock for which the eecond mortgage was given, and re- fused to recognize the stock. Then the Com- pany caused the title of the property to be vested in Hilliard, who executed a mortgage on it to the Company to secure a PRETENDED LOAN oP $15,000. Inthe report for 1874 the Company state that the property cost $11,000, and was subject to an incumbrauce of $15,000; and they have.reported this mortgage as one of the mortgage lvans, and also toat the value of the property was $37,000. Substantially the same Incorrect. statements are made in the reports for 1875 and 1876. In its annual statements for 1873, 1874, 1875, and 1876, it reported that it had a first-mort- gage loan to the amount of $20,000 on property Which it represented as worth $60,000, while in reality it was not wurth $8,000, and was assessed in 1816 for $1,000. Gtber properly. bas been represented as worth $21,000, whereas it was assessed in 1876 for $710. . ‘The relator also goes over at great length the agreement made with Charles J. Less in Janua- Ty, 1872, by which Hess was to be its General Atent for the State of Ohiv,and the corporation was to furnish him 5,000 policies of $5,000 each, duly executed and filled out ready for detivery, except that tie name of the insurer was left blank, aud Hess to pay the corporation $3 for each policy. Hess organized. through- out Ohio a large number of trust associations, and, notwithstanding the improper maoner in which they were gotten up, the Protection has coatinued to recognize and deal with them by making assessments, paying death losses, etc. It is alleged that these tri ssoviations had no insurable interest in the lives of any of the pefsons in whose . names the policies were issucd, but were issued for the benefit of the trust associations upon the lives of third per interest. wi sons, and that the sole the associations had in the _policics Was contingent on the death of these third persons, all these policics being wager ones, contrary to law, and known to be such by the Protection. Under this arrangement bad risks have been taken intentionally. The Protection. by issuing its policies to these trust associations, and assessing its members for death-lusses under them, has perpetrated a great wrong upon its own policy-hulders, and defrauded them out of laree sums of money. ‘The relator alleges that the Company, for the purpose of defrauding its members, has repeat- edly, since it bezun business, made and collected assessments for the PRETENDED PURPOSE OF PAYING DEATH- LOSSES, a but really to appropriate the sum so collected to its own use; acd, to prevent members from ascertaining the actual facts, has willfully chauged the names of persons and places in the notices of assessment. Thus, in 1876, the Com- pany collected an assessment for the supposed death-luss of one C. Kule, of Chicago. It is alleged that the assessment was in ¢fact made for the death-loss of ‘eter Kennedy, of Oshkosh, and that the names of attending physician, undertaker, friend, and notary public were all slightly changea, so as to elude the investigation of policy-holders. Then the relator gives the facts regarding an assess- ment for the death of J. Lober, of Chicago, oth- erwise John Soder, of Zanesville, which hava been already set forth in other bills. He also allezes fraud in the assessment notice for the deatn of F. Goldenby, of Chicago, alleging that the man who real- ly died was ‘Theodore Goldenberg; taat he bad no policy of insurance in the Com- pany, and: that, on his death, the Company, knowing he was friendless and unknown, caused pretended and fraudulent proofs of his death to be prepared, basing the pretended claim on some Ipsed policy issued originally to Golden- berg or some other person of a similar name. ‘The names of attending physician, notary pub- lic, and undertaker were, it is alleged, all fraud- ulently changed. It is also allezed that the assessinent made for the death of Heien Read, of Chicago, was made for the death of Herry C. Read, of Decatur; that she was in- sured; that the Company settled her claim by payinga few hundred dollars, and fraudently appropriated the balance of the assessment to its own use; that the assessment for the death of H. Smith, of Chicago, is fraudulent, as_well as those of A. Stahl, of ‘Columbus, and Henry Bertram, of Columbus. For whom they were in reality made the relator is un- able to state. It is alleged that, in the cases of Phebe Bothwick, John Henry, Elizabeth Parker, F. W. Fisher, Patrick Mc- Cormick, Eliza Vigus, P. Bennett, Elizabeth Luft, Charles Flint, and others, the Company collected the full-face policies, COMPROMISED WITH THE CLAIMANTS fora small sum, and pocketed the difference. The relator has been for thirtcen years a citizen of Cook County. On the 20th of March, 1873, he became a policy-holder in the Protection, and paid all his assessments until March, 1877, when, having been informed of the allee fraudulent and illegal acts above set forth, he refused to pay any further dues. The State’s Attorney, upon the relation afore- said, gives the Court to understand that the Company has, by reason of the above facts, forfeited its rights, privileges, and franchises as @ corporation, but, nevertheless, it bas con- tinued to use ‘and ‘exercize, and still dues use and exercise, the sail rights, privileges, etc., wherefore the petitioner asks, etc. <<< DABBLERS IN LITERATURE, To the Editor of The Tribune. Cricaco, July 13.—The Chicago Times has lately published an amusing criticism of Mr Jesse Grant’s letters from Europe to a paper in this city. It is quite possible that desse Grant may never become a Macaulay or De Quincey in literature, but it is a little hard to be so severe on his first efforts. One of the popular fallacies of the day is the idea that avy one can write who can hold a pen; and that, baving written, it is indispensa- ble to publisb. Friends receive a letter which reads brightly in manuscript, and insist on its appearance in some periodical ; and Jo! no sooner is the familiar handwriting transformed into commouplace print, than a hundred faults start to light, often so glaring as to be apparent even tothe enthusiastic friends. No doubt there is a sweet satisfaction in see- ing one’s writings in print for the’ firet time; but this satisfaction is fully balanced by the humiliation with which we look back upon these first. attempts, and won- der how we could have overlooked errors which now stare us blankly in the face, and are, alas! as unalterable as the laws of the Medes and Persians. “Why did not some one tell me how bad it was?” we cry, recalling the friends who urged us on to publication, as you would urge a timid child to its first sea-bath. Our friends did not warn us, partly because they really admired, and feared to discourage us; partly because it 18 exceedingly difficult to erticise a manuscript. You may be convineed that, though it has good points, there is something wrong about it; but nothing but experience will teach where the wrong is. As Dr, Holland well says, “No man thinks of putting his first picture in the Exhibi- tion; but, the moment aiman begins to write, he wants to print,—forgetting that there is no art which requires more study and practice than the literary, and that he has had no special training for it.” People do not scem to com- prehend the fact that it requires training to write letters from Europe, ora magazine-article, or even a story that is good for anything, as practice is needed to draw up a correct law paper. One of the reasons why constant practice is necessary for even comparative success as a writer is, that every day and time demands a distinct style, and to try and palm off anything else than the styic then in vogue is as hopeless as for a milliner to sell a last year’s bonnet. The answer is, ‘Yes, it’s very good, but no one cares for that style now: it’s out of fashion.” One has only to compare the periodicals of the present day with those of ten, or even five, years ago to perceive the truth of this statement. To keep pace with the style demanded by the day exacts watchful study, as do the discoveries in science. A physician wh> had not practiced tor many years would not. un- dertake a surgical operation; nor would a law- yer give an opinion on acase coming under a new law with which he was not fawiliar; but few people haye any hesitation in rushing in- moment of leisure, which divides absorbing ‘eng often widely-different occupations, to writ, franctically letters, editorials, stories, and even poems. No wonder that their contributions ‘arq frequently “returned with thanks.” The vendor of pins and buttons in a small rezait store is required to attend to that work eight hours a day; but” he who aspires to attain a ; . position in the circle of those who have infu. enced the thought and action of their time ‘ imagines that from three to six hours a week is all the time neces. sary to devote to his object. He has no conception of the words “intellectual Ia. ° bor.” It may be doubted whether anything’ tmt the spur of necessity, of earning one’s dally bread by one’s pen, can bring success; and, where so many are urged forward by that spur, would it not bo wiser and kinder to close the door of the press against dabblers in literature rather than criticise them for errors which, in the nature of things, they cannot be withcut, or-placidly allow them to publish articles of which they will be vastly ashamed when thoy arrive at years of discretion? AL. MARRIAGES. : WATT—McLAREN—On Tucsilay eveninz, July. at ue residence of Bir, John Oliver, No: ear lo 1-8. ie Rev. Kites Mr. Wate and sits Grace MeLaten, hoth of tits elir ot = ‘OPPAN—TYLER—In this city, at_ the residence of the bride's parents, duly 11, Mr. a. " Miss Lotte A Tyler. 71 MF 9K. Toppan and McGOWAN—McF ARLAND=In t! E. McGowan Settte McFarland. ‘No garde? it 5: etty, July 13; tes Van Dusen VAN DU: T. Sun ir. G Mrs, Anna Scovell, both of Luckpurt, S..¥- DEATRS. BAKTON—Jane 8, at Princess A fd, Witiam G, oltent von or the Kev. dona 0. Darton, B! De aed earn. Dr. Sarton was formerly Rector of the Char! Atotiement of hls iy, aud le well known herer > JENSON—At the residence of Mr. S..Larson, I- ver-nt., July 14, of cocaumption, Cary Jensone aged eo cara. Funeral to Graceland Cemetery Sunday, July 15, at 1 o'clock p,m. All members of Cent : Pespecttully invited eer Chast are DUNN—Julr 14. at the restdence of his son, Geo: W. Dunn. 202 Bissell-rt.. of paral : Dunn, aged 7 years an a ar aly, Sine Ee Kerialas will be taken to Viacennes, Ind., for inters ment. ce, Vincennes and Evansville (Ind.) papers please rs. D. A. Dean, 344 West. Wasbinzton-st., by Flages to Koseblil.’ Friends of the amily are’ tuelued LINDEL—On Saturday, July 34, at her restdi sot North Rovey-st-y Mrs: Lily Av'Lindes: relicee ate Tate Gea. U- F- Linder. in her etn To 6 leads ‘uneral from Coventry-st. Baptiat Churc! 2:50 p. m.. by carriages ta Graceland. igsatos HOWELL—Suddenly, of heart » Ta Souephine S, Huwellsasea aft Caeeses TONY 14, Mrs 2 Chnion and Danville papers please copy. ABBOTT—In Milwaukee, Jaiy 14, In her 53d year, Mrs. Mary C, Aboott, mother of ‘Frank Abbott, uf Milwaukee: “William!L. Abbott, of % Mrs... Lathrom of Chicago,” Of ViHaDUnEY and Reming takea to Calumbus, 0., for interment. STEVENSON—At Lh Grange, Ill.. on the 12th inst, afters long and palnyal i lines, Mary Youor, azed aig years, beloved daugnter of Robert H. Stevenson, df Glascow, Scotian! is se S27-Glasgow (Scotlagd) papers please copy. THE TRIBUNE BRANCH OFFICES. ‘N ORDER TO ACCOMMODATE OUR NUMEROUS. patrons throughout the city we have establisied Bratch Oilices in the different Divisions, as designated below, where advertizements will be taken forthesamo price &s charred at the Mafn Oilice, and will be received, until 8 o'clock p. m. during tue week, and until 9 p.m, on Saturdays: WILLIAM H. WINNING, Bookseller and Stationer, 154 Twenty-eecond-st., near Wabash-av. S. M. WALD! fewsdealer, Stattoner, ctc., West Sfadisou-st., ear Westernaye nt Ms 1 TROBERT THRUMSTON, West-Side Ne Dey Ditte Isiand-av., corner of Halsted-as, SS DPR F GEORGE HENRY. Books, Stationery, etc., 330 Dl- viston-st. t ANTON RROG. News Depot, Stationery, etc., Mitwaukee-av., corner of Carpenters" bd ERSONAL—WILL THE LADY IN CARRIAGE, dressed in black, with lady dressed In licht, wits chfid, at Central Park yesterday afternson, please sen:t address to xentieman in buggy with lady? Address i 68, Tribung oltice. 2 PER NAL—MR. K.K. SMITH: WILL BE AT THE place your letter was addressed to, Monday evening ats 3 o'clock. x. ERSONAL—LUKE: PLEASE DRIVE THE BROWS mare sround on Monroe-st. carl; mnday morning, ERSONAL—A GENTLEMAN OF 30, GOOD BUS ness and social sanding, wishes corresponden:, (object matrimony) with a lady of 25 or 30, educated, refined, guod pianist and vocalist, good housekeeper, and possessing property. Write for **desirabie pars Meulars” to THEV. BROWS, care Lock Box 21, Jack- fon, Sle Pp I jars. ¥ G TRI ERSON AL—WILL THE PERS Particu- SEND! une With personal marked, please write ERSO: SAL—LADY WHO RECEIVED CARD FROW gentlewan at St. Joseph, Mich., July 12, to takes ative. Please send address to H 8, Tribune office. ERSONAL—A WEALTHY YOUNG GENTLEMAN ‘wishes to make the acquatntance of a young lady that would appreciate s true friend. R6i, Tribune. — ERSONAL—GERANIUM YOURS RECEIVED; _ 2ath fast will auft me. - ERSONAL—H EC: MONDAY IMPOSSIBLE. Saturduy same hour. J. = ERSONAL—"MAY I FXPECT ONE?” OF course you may Babs. and you knew i: Gladly answered yoursof Lith, but hear nothing more. if ar- Fangement ls not satisfactory, please comic fo my fret You have the correct address, ‘fam very anxious. Yourd DEAREST FRIEND. of faithfully, GESTLEMAN, AGE = DESIRES ince of a young iady. Object, amuse- ‘ment. oo, ‘Tribune vite. eames a ERSON AL—WANTED—BY A LADY, STRANGER inthe clty, the acquaintance of an elderly, honors- ble gentleman, who would assist her tn getting a Te spectable situation. Address $ 18, Tribune office. ERSONAL—A GENTLEMAN IN NEED OF SYM- pathy will be raved to meet with a outs lady who will appreciate his altuation. Rez, Tribune. ‘PFRSON AL—D,, MISSED YOU TMs LasT WEER- If at home address H. Ellery. P. Box 40. ERSONAL—A WIDOW, AGED 40, WOULD Liki: to form the acqualntaace of an elderly gentleman of means. Object, matrimony. O96, Tribune. Passe WANTED—A PRACTICAL CUSTOM shoeinaker with some capital and best uf refer- ences wants an interest with a man na cood-estah- kind: the right man can ‘Tribune office. lished business of the same xinc meet with a profitable partner. Q7 ARTNER WANTED—ONE OF THE 3 ings In the ctty with a reliable party ins manufsc- suring puusinens) requiring more capital. Address 1*:3, ee. ‘PABINRR WAN of guvds to place af sum upon an equitable busts) of energetic and expe- Tlenced business tan ia establishing general store in Western lowa, Nebraska, or Colorado; refer to ieating Merchants in Chicago. Address MERCHANT, Lock sux 40, Galena, 11. ARTNER WANTED—WITH SOME CASH CAPT tal fa the rectitying business. Q7%, Tribunc orice. ARTNER WANTED—IN AN ESTABLISHED PAY= ing produce commission business; must hare $3.000 to $5,000; nv bunusasked. Address Q 45, Trib- ED—WITH $10,000 OR \ ST inst the services (and a smaller une otfice. Beak ARTNER WANTED A NUSINESS MAN WITIE $4,000 or $5,0U0, ta join one with equal amount, 4 ‘ul icul of - C. JONES, Avi stewart uo ae PARTNER WANTED-IN THE JOBING TRADE, ge hithys canlfal of ‘$10,000 oF $15.109; house has & large trade and. acquatntance, ani - ducements. “Address $= Trivaneomers "4 ‘PARTNER WANTED—WITH $200 TO ENGAGE IN & profitable manufacturing business. Address Q 36,7 ribuns oillce., ARTNER WANTED—$300—DUSINESS A 1, ASD ‘established flve years; good prouis. Q 28 Tribune.: WANTED—OSE-HALF INTEREST IN Laundry for sale: bustnens established Toquire at office, Wabash-av.aud Tweo- it ‘PARTSER WANTED—WITIT $1,000 TO GO INTO ‘8 new cash business; no competitiun; goods scll aa {oat asmade. Hereis afortuneina ahort time. Ad~ dress 5 33, Tribune office. ARTNER WANTED—TO TARE AN INTEREST IN a tirat-class drug etore; small amount of cash re- quired. Aduress $9, Tribune ottice. AKTSEI WANTED—OR FOR SALE—A -RES- (“taurant doing 3 good business. R'Ss, Tribune. PARTNER WANTED-T0 BUY RETIRING PART- ner's{nterest In catablished buainces. Capita re- jutred from $5,050 to $10,000. Central location, No lead stock. No Nabllities. Cause, sickness. Chance scidom offered. Address It 37, tribune office. ARTNER WANTED -WITH $1,500IN A PROFIT- anle manufactarin; dress S 50, Tribune office. PARTNER” WANTED—PHYSICIAN, TO TARE entire charge of a ceneral and office practice: pice. central, ncar the best hotels; an oxtra chance. Addrt $11, Tribune Pp ANTED—$5, 000 TO $19,000 WILL SE- cure to the right man one-siath tv one-third and Managing Interest In an old established, successful, and Permanent business {n Chisago. Must be industria, and adapted to looking after all the aifice detail, map- agement, books, etc., as such services ure needed more than tae’ money, The pruilts net $5,000 to 325,00 yearly, accordlug to manaxement, _[¢ 41 Tribaae. PABINER WANTED $5 co0—ALIVE ENERGETIC Parinerto take half interest in my oper? . Feaily emtabilshed; character ss essential as capitals: good opportunity for parcy willing to werk as hard as do. Address, with real name, K 79, Tribune vifice. ‘PARINER WANTED-WITH FROM $1.00 TO $2,000 to Join the advertiser in the manufacture of ladies’ fueanoes. Address 62, Tribune ollice. ARTNER WANTED—IN FRUIT, produce commission. Capital required from $1.00 fo $2,000. An extensive business established. X 10, ‘Tribune office. ‘PARISER WANTED WITH $2,000 TO $3,000 18 Arat-class. centrally located drug business fn Chica- 50; old estaviished stand. Address X20, Tribune. ARTNER WANTED—TO TARE ONE-HALF IN- terest in Gardner House, in rinntaz the dining- Toom and furnishing the balance of rooms RINER WANTED—1 dine aa nancial manager. Address X 14. MEDICAL. i / DRUG AND CHEMICAL ‘Tribune, . THOM obstetrician, 201 ‘East Huron-st.. he-ween ular , and Dearborn: patients can obtain rooms and treatment, “I BASSETT, M. D., 612 WEST LAKE-ST.. | G. treats piles, fistula in lainiay ‘ano, female corp) ‘business. Ararechance. Ad- - GAME ASD * ears | “MM. D.. LADIES" PHYSICIAN, * ti r ot" am, oe reais