The sun., 1873-10-22
AN INSURANCE FAILURE.
A Receiver for the National life Iusurnne
Company Of New York.

The National Life Insurance Company of
New York voluntarily closed Its doors Yesterday.
The news Of the failure received additional in
terest from the general belief that II was the
National Life Insurance Compnn uf the United
states DAY Cookies company that had sus-
pended. Even after the fact became known
thai the companies are not Identical, IL WAS gem
orally believed that the suspended company was
in some way connected with the fallen banking
house, and was thus regarded "a another victim
Of the panic The National Insurance Company
~ New York was chartered by the State, and
'is failure, the oGi CA say, was due to the over
strict Application of State laws rcgi,a ating lie
assurance by the State Superintendent, o. W.
Chapman. The feature Of the plan Of assurance
adopted by the company is a combination Of
savings bank and life policies. Instead Of grant
ing policies for stipulated amounts payable at
death, the company assured at ordinary life
rates and paid the policy when the net pre-
II. rms paid In and the accumulated earnings
amounted to the sum named In the policy
between the officers OF tho company and the
state Superintendent, which eliminated In the
scisS Va of the t,gr e. 5 sdmt m Is Gnrt Gd the rs
of witch showed such an apparent impairment
Of capital as left them no choice but suspension.
Accordingly Joseph Wide. Of llrooklyn, stock
holder, made a formal complaint uf insolvency
and petition for the appointment OF artcciver
The complaint sets forth that the exam n1-
ton bv q. w. Chairman, state Supcrntcndrnt
of the In -uruncc Department, resulted as fol-
lows: outstanding liabilities, policies estim tod
according tu insurance regulations. tHI'ab, and
accrued Interest $50 Claims against the cor
putati N not yet due, $l1.SJ0. MAKING total habit
itcs S,l3JGB assets admitted, $bt5, l3t2 assets
not admitted by the Supcrintcu lcnt, tl2i 5000,
exclusive of premium notes over and above the
rcScrv" on policies represented by those notes.
bat not allowed, amounting tu $sa..G1 30
According t. the schedule annexed 10 tho
conn laiut the following are the items " the
assets
cash IN bank and once Observation-Disclosures. ,;,7 Gl
Nv orr state houuty bons I'm rtt viluci ii,s %
lruOkyu pirA bonds Unarsct value. ..... 2jiSt 8
Nrw York state county bonds tmarkrtvaluJ - tu
Nv YORK canal bonds tmarkct vdluci 90 ~
Prem uni. {. q .uf-e Of collection. ,glsfi %
Deferred premiums ..,.. ............. NA~2i
esis ~
e2sli 50
Interest account ~ bonds .............. ,ai e
lniertst on nVt,s On policies ............. 1ok9 80
Total Of asset. NJ ncttcd s5iI!is e.
ITENs NoT ADMITTED AS ASSETS.
n"ferrcd premiums ....................... ,sm7 II
Cash "a ancc from agents ............ 1881 ~
~ recev hlt due from agents. car -
Ntiue ~ furniture .. OBSERVATION-DISCLOSURES. Ab ~
Other premium charges. aUO ~
Total rnadnit ed assets .............. slg, 60 Is
Premium notes over reserve on policies g..
prt,eutcd b. these uotcs not allOwCd.,... 2 S0i -
LIABILITIES.
esetye .. ............ .............. ,Coo !ge a
Claim. unpaid Jet .....,........ i7,i .
Total nahntie- ............ .t.isC.6 "
This makes Va" denceucyi
AZ regards policy holders are -
As regards stOckhulders ......,......... Ss4i2 -