New-York tribune., 1872-09-23


From this statement ii will he that there is a de-
fciency Of over s2O0OOO 1t is believed however, that
whatever contracts tie Company may have ont will be
made good by the provisions Of Ohio statute which
holds the stockholders Of company liable OF their in
yestmens for twice the Hence. the sharchold
er can be assessed up 90 $4,000 beyond the capital they
own The Andes Insurance Company was organized on
Iuly l. 1s7O with cash capital Of 81 100000 and on July
/ ISL it paid ten per dividend. But IN the dis
astrous fires in Chicago and the Northwest its Liabilities
were increased to s979,Co0 An assessment Of half a
million dollars made On the stockholders, and from
that time until January 1872 it has been ia struggling
condition 1t has also sustained heavy losses lis year.
a. the ratio Of fires throughout the country has been
the rate of per annun against tie average OF
600 Of previous years The agent OF the Company
arrived here on Saturday ana made the following state
ment:
The Reinsurance fund. as charged by the Commits
soner is 80 per OF the previous years receipts
The BODY Of the business VIII expire during the next
FIVE months and the new management NA-c- came mo
existence during The past ten days - ne ola 9ihceI5
were unable to gTapplc effectively with the difficulty.
confidently assert that tho actual amount needed 10
take up all outstandlLg ohceS is so nuch ess t'l ho
figures given by the Commissioners that the Company
can carry its unexpred policies TO maturity ana men
have good portion OF lis capital remaining Ihc COn-
pany purpose 70 stop bnsiness 1htli tHe hea{y
transactions put on the books immedatey al.er lne
Chicago Ce snail expire, tHeLeDy LesuClHe .elI ~ esoI
reinsurance fund, after which they nope 10 rneW opera
tons on moderate scale ana IN more ihite 1.iu'
IL VIII be seen by the OHtai st"tteM ~ dlSt ,iS Noi- %
pauy have available assets to about GlO00O and their
bites renewal fund Of nearly t1OoOOOJ Ihe Com,
pany claims that about half Of TINS sum Is sufcient ana
by cancelng policies az shOr rates II VIII inrtner reduce
the amount necessary for reinsurance The foHOWlhs
circular las been issued: $500
OFECz ANDEs C0NPANY CIscSsArI. Sept lb, 5I
ts Issued BY the sIprIler 20 VI nee
for Of ONO iog Oh e oo-hJde o h cO'
pany slha 80 days, make good nt o 10 c4H
a hereby Issue policies nor
psac. any CJnfanf uu luItr a4lic Tie
snbiec; Oi roe 1eia- o0lfidcTcd1
hceFe
present assets Prove the 1'blue hss IN
N ap of our ners preir 10 cancel their policies the Company
expired authorized u such % fYTy ra'f amos %
draw ihe Company less your rum commissions Ihe
jas. 7. KLBRErH. President pro tsHl
The failure OF Prinde Mangan Of no. $50 Broadway
agents the Company Is also announced. Ihcy were
also agents the Alps Insurance Company OF Erie,
Penn and the Alemaiue Of Cleveland. Tle suspension
was accelerated IS said by the Withdrawal Of he bnsi
ness of the AIDES Company. II rumOred the
street that defacaOns 90 the amount or from S50O 70
S1OO 900 had taken place In the accounts this rin.
which has only TWO years IN business. MI Mangan
thai the firm had suspended, but raid that
fhe suspe1sion only Of temporary nature, ana
f1ll AMI satisacOry statement would Dc made on Mon
dav He denied that there any dealcation ana the
liabilities would be easily covered as soon as the ac-
cOuuts were properly adjusted.
Insurance circles were further aNtated on sauf1hy
nv tne announcement OF heavy defalcauOn ia tut ft
mems Insurance Company or No. Ij3 Broadway ln4m-
res al the office OF the Company elected the Information
tbat The secretary. ADner Hayward, had recently da1p
neared under suspicious circumstances. j. " Haruu
stated In the evening that examination Oi the Do0Hs
oisel0sed deficiency OF only S400, ana mat tle blty
OF e COMPANY meet all its liabilities was IN no Wise
affected By the defaicaton