New-York tribune., 1873-12-10


AN EMBARRASSED INSURANCE COMPANY.
EHE COMMONWEALTH LIFE INSURANCE COMPANY
CLOSING UP us BUsINEss-ITs OUTSTANDING
POLICIES TO BE REINsURED IN THE NATIONAL
- IIYE INSURANCE COMPANY OF AMERICA.
The Board Of Directors 9f the Commonwealth
Life Insurance Company has decided TO stop issuing
policies circular issued to the stockholders
and policy holders announcing this determination The
spolicy-holders are informed that the Company has
sufficient assets TO protect its present policy and
Bias made arrangements transfer its business as far
s practicable to the National Life Insurance Company
OF the United States Of America.
Henry F. HOwes, Secretary OF the Company, states
Nhs decision Of the Board OF Directors was reached
after thorough examination OF the affairs OF the Com
many aud after canvassng the prospects of life insur
nce for considerable time TO The fact seems to
Re that business has been overdone. Tho compet
Sion between the various companies has been so
great, and the attendant expenses so large, that
FOR year or two past there mas
been not only money made by the great majority OF
the life Insurance companies but most OF them have
Ieen steadily losing In view Of the high rates paid to
agents and expenses each policy Issued was
"a postive loss 10 the Company, and this had been the
ease for some time past. The mortality rate had in
creased of late This was because sufficient care
IVA not exercised by medical examiners outside OF New
Tdk IL was difficult matter to procure good exam
6ners who would not be imposed on. All
she oompapies had suffered from this. Sui
eides too were a serious loss TO life insurance
companies In month, of late one large company In
This city had been called on to pay policies OF NUMBER
of persons who had taken their lives MT Howes stated
ahat the National Life had agreed to take all the out
ptandng policies OF those who were willing TO be thus
veinsured The officers Of the Nstonal had been fur
ished with list Of the policy holders. their names,
nees the insured and the premium que on each
Ehe amount each risk calculated for three years al
xhe end of which time is believed that the aHalrs OF
che Commonwealth be wound up. The company
having ample to reinsure all outstanding
s,olicies and make provision for those who refuse 10
BE reinsured, should there be any OF theiatter ther
Nolicles will remain in full force so long as payments
are made The Company does not pass out OF existence
ats charter is not surrendered and at the expiration OF
rhree years it may should the outlook warrant
q, There ia not much probability Of this. however
Meanwhile the Compan Twill steadily decrease It's e1
Henses minimum sum required IN wnuihR up the
business It's force OF officers, clerks, ana agents WI"
veary all be dismissed, and those whose services are
needed for the transaction Of the reduced amount OF
tusiuess will retained The plan adopted by the ON
GERS and directors Of the Commonwealth Company has
met with the approval of superintendent Chapman who
bas been consulted -
The Commonwealth Life Insurance Company was
chartered in December 1868 and organized In the io
howing April with capital OF sl20OOo. Its nrst Pres
dent was A. g. Pierson, formerly OF the Conunental
uJfa Insura,oce Company. After about years exist
ence during which II had not achieved the SUCCESS
xhat was expected, the Commonwealth was reorgah-
pzed capital increased TO s2oOO since theh 'he
stockholders have received interest dividends OF per
cent and the pocyho from ~ TO 20 per cent ING
p report represents the company as having
assets amounting 20 si227s H. ana haDinues
except capital OF S2SO 80 leaving surplus as regards
soIcy Of $424l6 49, and loss Of capital OF
e55s3 a. Is Expenditures during 1872 are represented
ITO have been s5s,2O2 %, the total income AT
e2OC76l 30. During the year there were issued
flife policies, S33 endowment policies, 1853; JOINT hNen
aud survtvOrsbps, 3. The total number Of policies
rbich ased In force during the 1872, or all
1inds Was 2$3 1t ~ not likely that when all claims
SbaU have been adjusted the stockholders VIII
,eceive more than Is per cent of the amount
<nrfenal!v paid by them. The Company occupies
. suite OF rooms the third floor Of the PARK
Ssnk bliding at No, 2li Broadway. Its officers are
feth Il TbOrnas President; f. J. Morse. Vice President
tIeDry T. Howes Secretary aud Actuary. The Empire
dotn,i and the Commonwealth lAie Insurance COmpa-
e were organized about The same time ana both were
aceTed In the by former attaches Of the Cont
mental lire Insurance COMPANY Ihe President of the
'Fmoire Mutual was Gilbert H. ScriDnef IL closed up
as 6usiness about years ago. reinshrig s ontsand
$g noc,es i'm the Continental Life Insurance Company
A FUGITIVE CASHIER.
., =. ,,ogy,pp ptsApPFARs WITH $1,000 or his