The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-01-30
Statement of the Continental Life'S Re-
ceiver Filed at Last.
THE IMPAIRMENT ESTIMATED
Loss Fixed at One Million Six Hundred and
Eighty-seyen Thousand Dollars.
Information About profitable" London
Bureau.

After long period Of watching and waiting the
crcditors Of Continental Lie Insurance Company
will receive with pleasure the appended report OF the
receiver. which Mr. Anderson was required TO ne in
the Supreme Court at four o'clock yesterday alter
noon II is document OF great interest, it sheds
upon the nsolven corporation the first ray Of direct
light that issued from ofncal since the
failure From tins document II appears that the la
bties OF the corporation So S63 1877 81 and the
assets counting IN nominal securities which
coded to be almost worthless 1892 10S A. The
ceiver had, according to the appended schedule,
ceivcd up the first INST the OF $l02022 SO and
expended $l0,5O6 leaving on hand cash balance of
SIS, $40 76
Mr. Anderson begins bis report by reciting that no
entered the Office on the 10Th OF October 1879
cciver; that he has diligently given his undivided
time to the discharge of the duties imposed by the ap
pontment and goes state the difficulties and de-
lays he has in adjusting the affairs OF the
corporation. He was obliged, says, to scnd
countant to Pttsburg, Cleveland, Cincinnati Chicago
and other cities West to make up the accounts OF tho
agents at those places special agent was also sent
10 the interior OF this State 10 look after agents who
had collected large OF money and who had ueg-
looted or refused to pay them over.
AN UNPRoFrABLE BUREAU
The agent in London, says Mr.. Anderson, has not
Bont mo account RENTED the balance in his
n0uuS which amounted 20 ABOUT S4UOU, according 10
bis report mado TO this Office in September last
wrote him by mail repeatedly. and also communicated
by cable Up 10 this time, however have received
no remittance. There Is suit now pending against
the Continental Life Insurance Company IN the
OF London for "a 600 sterling brought by ". Pres
cott former agent, who had contract salary OF
1000 guincas per annum, which contract was made by
Mr. Lawrence, the former president Of this company,
several years snca So far as my investigation ex-
tcnds eau only say That largo sums Of
money have boon, remttcd from time to timo
from this office to London to sustain that ONCE am
satiscd that the company has sustained loss Of over
500, 900 by that office. have given directions long
since to cancel the and close up the ofco
gret to say that my experience In closing up the
accounts OF agents has not been satisfactory. have
oil that has been received through banks, whcro
II had been deposited to the credit OF the company.
In nearly oil other the agents brought the
pany into their debt All Of their accounts under
going rigid examination have refused to recognize
their Claims, and shall resist them until am legally
advised to do otherwise. found this company with
iorty lawsuits in different parts OF tho country to
which have had TO devote much attention in order
10 protect present policy holders against the various
claimants apsed policies for largo sums oil money
and other cases where the company had incurred 10
States in several pending. On taking
charge OF the Office found large and expensive cler
ical force together with number OF agents under SAL
ary making the expenses Of the Office $40, 300 por
month. AS soon rs possible reduced the clerical
and the salaries OF those retained and discharged
all employees that could DO dispensed with thereby re-
ducing expenses $17, 900 per month. Very many un
favorable comments upon the delay OF making this re-
port having appeared = the public press rs perhaps
NO. omitted a single effort toward the immediate
ascertainment Of all the information necessary to place
tbesCourt and the policy holders In possession OF all
she facts relating W the business OF tho company An
earlier report would necessarily have been detective,
because should not have been able 10 state the facts
necessary 10 enable the parties interested to form
opinion as TO the condition Of the company
THE WORK DONE
Each one Of over 10 policies had be separately
valued involving actual CALCULATION Of the
In each case and although theActuary and his assist
was only concluded on saturday las. AS now
Shown csun'eu as Of tho aay Of my Av appointment
aud tho table OF forth just what the company
with. II has been Impossible for me the examlna-
ZION have made OF tho affairs OF this company TO
ascertain its condition at any former period IN its his
tory. The investigation necessary to enable mo to
form accurate estimate oil the condition oil tho
cimpany at any particular date would require much
longer time than have had at my disposal am
satisfied, however, from the examination which have
made that Tor at least six years last past the company
has not mad on tho required by law 10 be
held by 1t against It's outstanding risks. and that
srticul OF it's affairs at any time within
Mat space would have led TO the discovery OF that ao
My report has been prepared with great haste; the
anxiety oil pol,cyhoIdcrs for their own Interest has
sreated perhaps excusable impatence on their part
ghich has OF decreased by the advice from por
non OF the press should have felt moro satisfaction
m the result of my service II could have devoted
httlc more time to various details before making
A SUPPLEMENTAL REPORT TO COME
SHALL therefore, ask leave TO submit further sup
pemcnta report If subsequent investigation shall seem
10 require Tho OF tho company have included IN
them ST. 0s7 06 of'oan made to In the
company and good asset against the policy upon
which they made Tho real estate belonging to tho
company consists OF tho marble building at the corner
ped by the company The property cost $676 os7 90;
The building insured for $4,000 Tho other real
estate owned by The COMPANY consists Of 200 icet Of
So 400 SO; house and lot in the city OF Yonkcrs 81
BY $50 icct, which cost $40 452 80, and house and
lot In Yonkcrs witch cost ,3lS 40 The three last
Items OF property purchased undcr foreclosure
and am unable to give the cash value oil tho same.
One of the buildings is insured for 1900 and tho
other for a. 300 am informed tina: the property is
good for the above amount Tho company hold us
bonds and mortgages on property 1pom wm 0n .nSy
for me TO learn tho value OF said properly SO
morsgagcd l am OF The opinion however,
that tho average loans arc as good as the
generality Of loans made by institutions of similar
character II the loans are now called ana the payment
required Immediately think Inc rcccvo' 20 proees
least one-third OF tho property covered ny tue mort
Cages. but with prudent ana under G"relu
al IN nstration OF the affairs oil the company nave
no doubt that the amount loaned bond and mort
gage can be realized without any great loss, unless IN
decd, the price OF property should DC lower IMAM Is
at present, which seems hardly probable The de-
post OF $22,l75 10 in the Market Savings
Bank 10 worthless Tho deposit IN 'he
be collected IN the end, and the affairs OF INC
bank are IN the hands OF receiver, and much depends
upon what Is collected from tho stockholders 4 also
report that by an examination OF the affairs oil SAID
Continental Lite Insurance Company | asccrtalncd
that within fifteen DAYS next preceding my appoint
nN n sal had IA
New Jersey Mutual Lilo insurance Company on large
number OF Its policies ana, ms consideration 'hcrcoi
had said last company securities 10 tho
amount OF $751;, 900
Alter submission Of these facts with all papers con-
ncctcd Herewith 10 counsel, upon Their advice
brought an action In the Supreme Court against the
New Jersey Mutual Lilo Insurance Company 10 recover
the securities so transferred which ACTON IS sun
pcudng Tho OF 800, 900 OF these securities
has however, been deposited with me by the New