The New York herald., 1877-10-05
INSURANCE TROUBLES.

THE STATE SUPERINTENDENT ORDERS THE
SUSPENSION Or THE BREWERS AND MALT
STEERS coMPANY-sIxry PEE CENT IMPAIR
THE OFFICIALS.
Another OF those commercial disasters which tend
70 s,i further unsettis tho confidence already Sc
riously shaken TOOK place yesterday, when n vas
that the Brewers and Maltstsrs Insurance.
Company. Of this city, had been ordered suspend
business by the Insurance OF the State
on account Of serious impairment OF ts capital The
concern In question occupied an elegant suit Of oces
as No. l39 Broadway and who u vas not regarded es
. rich corporation. It's credit excellent The bust
organized and commenced September %,
1871, with capital and paid up stock OF 100000
The ofhosrs we're Charos ". StandaTL president;
Henry Csusen, vice president, and william b. Ogden,
secretary. According 10 the last annual statement
made to tho insurance department for the yoar
ending December 81, 1870. the aggregate amount OF
all actual available assets s2s2, ,o4s So OF this
sum els3. 66s IS consisted OF United States bonds,
market value; S2l, ,lo4 80 cash ofice and bank;
$4,000 loans bond and mortgage; $27 365 10 pre-
miums in course OF collection and 2Ss Il bills re-
ceivable Tho liabilities were given al s254, l43 ~ OF
which $A,4o4 "a was in unearned preminms,
tai stock Tho surplus beyond all liabilities was given
~ SIS o6 ~ The report shows that she gross earn
si57,6si % was for premiums The expenditures
however, were $l6l Ito 80 including $85077 &c paid
TOR osses $40 900 cash dividends to stockno olders and
$le,569 81 commissions and brokerage IL appears
that from she date OF the commencement Of business
me &C company received N ~ premiums no less 'nsn nan
dividends have really amounted 10 about sac, 600,
one hali OF which was paid lass year. The are risks
written and renewed during the year amounted TO
s1e.43l, 200. and shs marine and inland risks 10
Ia view OF tho above statement II seemed 10 be
chi I Int n
paratively sound should be ordered by tho Supern-
tendent 70 make good denciency Of MY or sixty per
Nj. zimmerman, president pro tenl OF the company.
tsted in eoct that Mr. STANDARD was no longer pres
dent of the institution and there was dispute "a re-
gard 70 certain premiums collected by him which
amounted 10 about $40 900 portion Of tnis, about
In commissions for business secured for the company
by himself The balance, $24, ,0O0 II Is likely, will
gard 10 the scilon OF the SUPERINTENDENT Pres.
dent zimmerman said that while he could not
blame him, IN view Of the recent rascallties and
rottenness disclosed ic various corporations, still he
thought he had done wrong IN throwing out 10 tho
OF the assets of the institution all bills re-
ceivable belonging to the Inland Department which
was usual to take In the Of business and only
accept cash in bank and United States bonds as she
basis Of determining the real assets and consequently
ted that the capital was impaired twentynve per cent
but according TO law company had right to con-
tinue business when there was no greater snrinkge
but Mr.. Smyth fgurcd the impairment at about sixty
per cent, and this was manifestly incorrect Tho
per OF their capital, but the policy holders
perfectly safe Al Tor reinsurance he believed that
every risk could be reinsured In other companies
without loss, and that surplus OF 500 900 would be
lett II II should be decided 10 wind affairs, TO be
divided among the shareholders.
THE COURSE ov THE COMPANY.
Another officer cf the Brewers and Maltsters' Com
pany told the reporter OF the HERALD tnat after
opening their Offices they became successful. The
brewers and others the trade immediately patron.
zcd them. and they found Unexpectedly great field
opened to their little company. As far as he knew
there had been specuatons among the officers, and
In regard to the quarrel between STANDARD and the
company he would prefer not 70 speak III is true."
he said, 1--WE have met with some heavy losses. suffer-
ing terribly both In the Chicago and Boston hres,
we never have been obliged TO make an assessment
the stockholders, and nave paid for tour years .
semiaunuai dividend OF i've per cent. We TO
have a meeting Of the directors on Friday, At
two O'Clock, In order 70 determine whether
the deficiency shall DO made good whether
the Brewers and Matsters' Insurance Company 10 to
bs wound up. Among the policies hold by the Dry
Dock, East Broadway anu Battery Railroad Company
upon their depot, recently burned one tor 900 Is
held by this association Mr. Sandart has held tho
position OF president oil hre and marine insurance
company, and acted as agent at the same time for
other companies. among them the Merchants, OF
Newark, aud the Virginia Fire and Marine.
The effect OF this failure Of the Brewer and Malt
stsrs' wi, Il 10 thought, be disastrous 10 of
small fire insurance companies whose Affairs now
undergoing investigation ut Albany