New-York tribune., 1876-10-26
LOCAL MISCELLANY.

AN INSURANCE COMPANY SUSPENDED
THE CONTINENTAL LIFE N TiE HANDS or A RE-
cPIvEk-DEPhECIATIoN IN VALUE OF ASSETS
THE CAUSE.
Another life insurance company WHICH, ac-
cordtpr 10 the last annual statement made to the In
srancc superintendent OF this state had assets o over
&C. 600 OOO passed yesterday into the hands OF receiver
At special term Of the Supreme Court in Brooklyn yes
terday Judge Pratt presiding, Johu D. Anderson OF TINS
city was appointed receiver of the Continental Life In
surance Company the principal office OF which Is at No
"a Nassaust., on tie motion in an action
begun oct. 2, by John o. Hoyt, stock
holder Of the company In the Complaint
in this action it alleged that in consequence OF the de-
probation in value Of the assets OF the company ana va
rous losses it has sustained II has become insoVchi
and It's further continuance in business Woa!d eah 10
further losses the part of stockholders ana policy
holders. The company by counsel on the argument oi
the motion admitted that it had suffered serious losses
and that perhaps II was owing TO such losses and depre
citation III value real estate technically insOlNeht
hut considered that would recover from lts dileue'
in a short time. one Of the counsel Tor the pah'n III
the suit stated yesterday that one OF the items III Tue
assests of the company the building IN Whlch Is ls
Office at No "a Nassau-st., which has been considered
worth $500 but owing 10 declines III value IL "ou
probably not sell AT pres. nj for more than SiOOOOo
Mt Anderson took possession OF the oicc yesterday
afternoon. In Ncrsation with TRIBUNE TePor'' "'
SAID nc knew nothing about the actual condition o '
company and his appointment az receiver was aitoI'
expected until the previous evening, when he was
requested % take charge of lis Affairs IL WouH 'ln''
of course he said some time TO ascertain the actual eas
value OF the assets and TO make valuation OF the po
ccs but all this would be done soon az the "oIN
could reasonably be accomplished. Everything P"'
sible would be douc To protect TIE interests
Of the policy holders and 1t was confidently beleN.a U'
those who have mad me maI'erWthl oi i E rs
that would not be long before u c"n!d sairN pe
turned tO the OF thc sockhodcfr; ne
md IlH
he Ind betl there during the day The Nice-Prcsdthl
and Secretary f. Rogers. said that ihe great ana con-
past two or three years combined with other dhcnlies
with which they had had 10 contend had H. iNaisd ,
duccd them Ia comprJlnisc win thc uIs''n''t, '.,
stockholders and others, the conlany a,er ha''"re
not to oppose the appointment oi lccsNei'
unou the rronise Of the plaintiffs To- drop all prOcc
Jugs thereafter He expressed the belief that he con-, %
bending aud threatened ltigaron7. and mat IA cue mn
If wouit he able pay al its obligations al iui ihu ~
umc Lusincss again lie could give 40 trustworthy o-ll-
mate either o. The cash value Of the assets or the amount
Of the liabilities at present. ,,
John o. uayt. the plaintiff in the suit, IN answer To
some questions b. TRIBUNE reporter, stated ma. h
brought the suit under the impcssio from H,'"i ~
,ioyliug worse The Ia,t wa that the shrinhage al
values placing every company when was 40, 60
ting largely new husiu - III Nols' p'sI'"h. ~.
ton being called ruHor that the parl"se oi inc s3
was TO rdusfcTthc business Ia S""J"s,y G'i"i''n n'
aid that was certainly not hr iuIl"s.' ana H''' ,
pnatclly that he had any ml'ics lh an! Ne ,,S
company. Hs hopes were those eAlTc.'rd ul ''i
Rogers the secretary OF the company -ih tul p'''e
ing gt result in such a reduction ot 'A!th,'T 'u
better uduaE cement t'.t IL NIGH; DO rtsoftI !" us p''
tion ~ a leading in-urauc" company. Ilht "'is Lo'
Technically the uplrct col hir suit, bat LIS nope
appointment Of receiver all mol cltal' Ll''''
SURPRISE among lie Insurance men III the t3 7 u "''
been uudcr.ood for some time that the COMPANY Nd-
moi ia "A very good condition. hr Anderson was formerly
"A prominent banker ia ST. Louis wncrr he was aiso al
one time President uf the OhO AMI Mississippi huu h'
iou Mountain Railroads. OF ld.c years De- mss '-"'d
in TIN, city. Thr company WIS or.auI'd ia -"
with "A capital Of 100000 and vita Justice Law
renee as president, which position hr htid uulu
thc time oi hls DEATH in December lSI-
l. W Frost. "A bTuthri-iu-aw ol Nf. Lawrence. NcaIS
o the nc /, held by Mr-. Lawrence, widow OF the i".
lurr ,r,.i,ut L. " Frost, and g.. Hilton S,rbucr. Inc
animal statement made a. The u,uaIr, superintendent,
OF New York under date Of Dec. 81. l~1j shows to'
admitted a,.eis amounting 10 sG,2-3.t-i b. "l winch
III g}- .1Op Oj Var IN premium uutc- ana loans 0u Iu
c.c, IN force eGgG4@l - In Uucollcsct and deferred
premiums aud ,JJl 31s 90 u;udus occurred ht mort
rarcs Of real estate. IA, Liabilities given 81 9''ul-
OJ2 OF when SJj-3,111 Wa the net rriu-urducc re-
serve. During the year preceding the company p1d
Ssl gg3 G3 for losses, 9JsG53J 80 Tor surrendered
pouc,s and Sil53ig = IA premium NOTES, previously
iakca aud used ~ purchase ~ suTcud'Itd
policies. lis total. income FOX Tie year Wa'
$24J2 4GG 90. and IT. disbursements for 10.
shn, time amounted ~ l2,t-i..3. 20 ON Dec.
81 20 the cumpa1y had 2i76- Ioicc- iu iurr', In
sttriue >5l .l7g.4.{3 DmIug TIE year, .H9 p"llrcs
were written Oh the lives 81 citizens ~ S.E-fcIt, IA
surlur sl3.G9u.G4t MT Anderson gave bonds Ycstcr-
day ia the -um ui s.tnonu.
fAc plliutn The application wJ- rcptcsru'rd h'
ScWci n Farce. and the company hy Nj. N"!cs Gud
John J.. HIl, aS CuUIrcL