The New York herald., 1873-12-13

The Asbury Life Insurance Company
or This City "Clos;ng UP Business'-
The Causes and What the Oniccrs
Have to Say About It-The Condition
OF the Company.
Another life insurance company has determined
owing to the bad prospects ahead to take in sail
and abide events. This time it Is the Asbury Lie,
ana, of course, a young company. According to
the statements OF the officers and directors pretty
much the same causes have led to its present con-
dition as those which Influenced the Common
wealth to transfer its good and bad business to the
National Lifo q few days ago. 1t should not be
taken for granted that the company has tailed out
right for the facts do not bear out any such inter-
probation OF the situation. Hard times are at the
bottom OF t ALL the directors say, and, not willing
to continue to sail before the wind with little
prospect Of ever being able to get into port they
have concluded to curtail expenses. HERALD
reporter yesterday had conversation with q
gentleman connected with the company, and he
said in relation to the company's intention to
"curtail," 'It has determined to cut down ex-
penses, and while dispensing with several officers
and attaches, who will no longer he needed, say
after the 1st OF January, 10 tae no new business"
'Do you mean to close up business entirely"
"Oh, no you have not got the right idea about
the situation If you think that. No new business
Is to be solicited, and
have nothing to fear from that. The company is
perfectly solvent and has paid up all the death
claims against It,"
company. after the manner OF the Commonwealth,
or after any other manner2"
However. II any policy holder wants to take up his
policy for any reason or other, he can do 80 and
not be loser; the company IS willing to make
settlement with him and advantagcously to all the
policy holders who may desire TO SETTLE"
"sapposing Rocy, holder continues to pay his
premium, what thenN
ellis policy remains as good as ever IT requires
two annual payments, you know, to give value to
policy, and all policies upon which at least two
annual payments have been made are good, OF
course. The company simply wants TO take in sail
for while and not take any more business, simply
know, it would be very foolish for any company to
20 right on with its new business II 1t found IL was
nS y a @ what So ts Ge n
about is to protect the interests OF the policy hold
ers, and to that end they have found 1t necessary
to take no new business. cut down expenses gen.
orally, and pay attention only to those who now
hold policies in the company"
''rhen Ii Is the Intention Of the company to con-
tinue business-that is not to close their o1lces
but ;t to stand by sne contracts already made with
"Exacty; but you know II the outlook hereafter
should not be favorable, why, then
OF the policies in body to some other company
with whom an arrangement might be made. On
the other hand, II the outlook becomes favorable
why the company may open its new business and
60 right on as usua.n
The President OF the company, Mr.. North who
was called upon by the reporter yesterday alter
noon, at HIS ONCE on Broadway, with view or
ascertanng Just how the company stood, stated
that the directors had simply resolved not to un-
dertake any new business. rhis was owing TO the
present financial condition OF affairs The company
was solvent and ready topay all claims against it.
The policy holders had no reason to be appre-
hensye as their policies were as good as ever.
THE CONDITION or THE COMPANY.
According to the last report OF Mr.. Chapman, the
superintendent OF the Insurance Department. OF
this state, tho following are summary, analysis
and classification oil the various items comprising
the gross assets OF the Asbury on the 31st OF De.
cembcr, 1873
Bonds and mortgages S82sa