The New York herald., 1874-07-30
ASBURY LIFE INSURANCE.

Way to Pay Old Debts"
On the 2,th inst. Mr.. Chauncey Sharer, ON behalf
of stoekholder and eX-secretary Of the Aspury
Mutual Life Insurance Company, obtained q rule
against the company from Judge Pratt, to show
cause why receiver should not be appointed TO
wind up their affairs An al Interim injunction
was granted. The application recited that the
company was organized In 1883, with number
of such distinguished directors s. V. Stout. Rev.
Dr.. McClintock James Bishop, Rev. DR.. Curry,
Daniel Drew, Oliver Hoyt ana Fletcher Harper.
The original paid up capital was $50, ,00O to
which was added in 1871 $4,000 OF good secur!.
ties, and 1t has since received in cash, to January
1874 81, ,l4l 443, out OF which has been paid TO
policy holders and their legal representatives for
$685.. .265, and for expenses OF management. In.
cludlng small percentage for taxes. $516764, an
average ior expenses of $9e,l2 annually. Though
the gross cash receipts, including capital, appear
to be sl,29l, 443, the gross expenditures are
S9i6, o3o. leaving balance OF 1915, tl3. yet the
Of1cial report only shows, January l. 1874
Loaned stock coilaerals.. ls................. SlSOo
Cash in company oftice $40
United States bonds. lGSo25
Apparent cash dedct SIS SO
Isaac A. Stiles, General Agent Secretary or
Actuary OF tho company from it's organization TO
January l. 1873, upon oath says its principal assets
were si2so0O OF United States bonds, and that
much OF the other assets were made up o fictitious
book credits discounted agents notes, bor-
rowed discounted and alter annual state.
OF which the or1ciai reports make no record.
~ the of1cial reports TO January l. 1874, the
company mad 1921 5s4. BY the Official repor. made
In April, 1874 the assets were reduced to s236O45
falling of OF $sl,5s since January last BY the
same reports tne Liabilities OF the company in jan
uary l. 1874. were S34S,l35, not including capital
stock, showing an nsovency Of $50 $50; while the
Liabilities In April. 1874, are reported at only
s223, ,6+s, falling OF OF sl2i,4s7 since January
EXECUTIVE MANAGEMENT OF THE COMPANY
January !, 1889. the company had ,93 policies
az an expense of Jauuarv ia sfe secsfsa o
pollce. covering s1,271 $50 Of insurance, at cost
q sSI Gf IsngaTy l. ISL ST. ;s eSyeTns
uary l, 1872. the number OF policies had fallen OF
to $50 covering s5,77s942 IN amount INSURANCE,
run further behind to 2.775 policies, covering
s5,4s2. l39 OF insurance, at an expenditure OF
s ea or to i7s i pooie Si au"'sl nsurns ias
only So, 76ao3s, though s74,s42 had been paid
out Tor expenses Of Of management during the year,
down TO 1l96, lnsUrng only t1,S77 5Os-a less mum.
Der and amount Of insurance In iorce than pos.
company started. During this rapid downward
slide Of 1871, 1872 ana 1873 In amount of policies
agement equaIed s2720s4 an average OF sgO. ss4
each year. Although $4,000 was ADDED to the
tion is made OF that little addition in It's official
reports.
Although January l. 1879 the President issued
the company was highly prosperous aud mad
$4696S3 OF good assets yet January l. 1874 ne saws
by circular, that the ability OF the company to
meet its losses VIII depend upon its mortality, and
that the officers find 1t impossible to stem the
tde-increase OF reserve and mortality setting in
against them-virtuaily advising the insured to
settle the best way they could The success of this
cold bath system secures cancellations, forced
settiements OF reserve claims and general ireez
Ing out or the insured, by which che collateral
stock security of the stockholders owned by the
oncers Is corlespondney saved, and it
mas been remarkably successful as the
above record demonstrates. 1t is also well
known that the older policy is the greater its re-
CURED reserve liability. TO meet this increasing de-
mand novel idea Is brought out-novel so far as
the public IS advised though said upon oath py the
many OF the best New York companies-vlz OF
making an OLD mans policy young again, go far as
the official records OF reserve liability go. They
send for all the older policies in iorce on the pre-.
text OF indorsng upon them their surrender value.
Thus once secured they indorse the amount or
the paid up insurance the insured Is entitled
date, new numoer. though OF same amount, same
premium and date Of maturity as old policy and
send 1t back At this liberty the policy holder
Will not cOmplain-win rather ike it-and the
reserve liability is only on the new
policy instead OF the Old, and may not be one
that OF the old. The new number also goes for q
new policy issued, and the official report only
giving the number OF the new policy, new dates
and maturity. and not the indorsed paid up re.
serve liability OF the Old that .he insured Is en-
titled to, the Insurance Department and the pub.
mts he has reduced the reserve liability In this
way over 100000 but 1t Is charged by the plaintln
ana ex-secretary that II would exceed 800, 900.
II IS thus rendered impossible to get at the true
reserve liability OF the company without an ex-
animation OF each substituted policy.
The plaintn In this case claims that IL Is neces-
DOCKS since 1868, and tnat such examination Will
show that the Asbury Is insovent and snoud be /
placed Ia the hands OF receiver before all the re.
ilabe assets are exhausted or the rights OF pocy.
holders DESTROYED