, 1877-03-21
TnouAs Per, Secretary.
THE WORLD MUTUAL.
Another Life-1nsurnnos Company to lie
Wonnd tip.

another Life-Insnfanco Company 70 lie
Wonnd Up.
fttt fork Trf&NVe. N1rrA ~.
Another llfc.tnsurancc company Is about to
pass Into The hands Of a Receiver. Attorney.
General Fatrcht haa given notice totho oiIlcrrs
ot the World Mutual Life Insurance Company,
OF this city, to appear at Schenectady next Mon-
day, and show cause why lseeo liver Ut tho
Company should not bo appointed. When Sup,.
smyth aud his deputy, Sir. Mccall, werc here
lust week examining the Guardian aud other
companies, tfcS also tnmle all examination Ut
the World Mutunl Company. They found TINT
the COMPANY held bonds and mortgages for
ntout e83, LOO, In addition to tho deposit OF
et00,0 ,0o0 with tho department nt Albany. Tho
re4l saliie of the mortgages, however, IL prob
ably very small. The action Ut the Attorney
Generals thc result Of the report .: Messrs.
ssmy,n and MsGs a, 70 him ateF their return to
izel Nov. Il, 1875, With capital stock Of tsUo.~
900. Its officers were George l.. Willard, Prcsi.
dent. and Charles ". Flyer. Secretary. it,
ilrst ysar'e business WIS done nt an expense Df
sV.000, whifo the inet,me for the ycar ssas only
600, md the liabilities on account OF policies
N forse at tho end of the year amounted to
si',2W. Inc reF'st 10 tile Insurance Depart
ment for :hc business Of 1871 showed assets
e.. Two years later the assets wcrc only &425,-
COZ, but tie number Of poltcy-hol1crs l,n.l risen
to e,y0l. For several years previous to this date
the Presidency Ind heeu in the llands Of James
il. FrothnRtam. The expenditures for 1873
were Ssa3, ,eta with M income Of s2l5,647. Al
tho same time the liabilities for reinsurance
were 1871, ,o15, 4 eliaugc Ut officials eoun FOL
lowed, and the Company ceased u make any
ctort fot t.cw business. In consequence Of tlfs
aud of The rgpprts circulated, the policies began
to lapse. The last at.l,lal report WIS published
for tue ycnr 1870. In this last report 10 tho
State Insurance Dcpaatmcnk tic assuts were
given ct si01,5es tho reinsurance rescrrs at
$lH, ,OS', and the humber OF polctcs III force ut
pron,incnt IN CONJUNCTION. with the Continental
anl New Jersey Mutual Life Companies, WIS
then President md F, J. MluilEan Secretary Of
the Company. Utiic assets sb,tO0 wcrc given
as real estate Owned by the Cosunany, s05, ,0U
also held United statcs ls,rds of the market
value VI sts. 11a.s5, loan Of $5un Oh United
States lullds as collateral, el0,0Is on policies
of t'ic cvnlpany then In fortc. aud s. ,0O0..a5
cash. During tho year u paM out
nuI.ants, s;Sneo; Oh account Il policies Iapsed,
surrendered. Or purchased, ee5 III %: anu sal
aries nnu other compensation, Ut officers anil
employees, $ls.35. 1n nadu!tiun tn these there
was lntsrtllAneous nnluilIt, not itcTnize1, Of
s5:Nl:@: fne total gust; disbursements Tor The
the tLiAl cash-lnsotnc was E3}, 7545 u, vi which
Sfa 1U.1 was for orprcmtutns. afld $ll, ,1D7.74 for
thtercsts and divtdendA On stuck The yenr be-
ran With 1,99t policies in force, OF Witch sT
were allowed to lapse before It's close, a lna-
1ority nf those it, force ycar ngo hare been
kept a]ive, inuny Of taens being on uniMpaired
risks, and many vi tlltsc will slate In tic DE-
postt ut Albany, atil whatever taay be realized
out uf tlir t,DrtgugeA held by the Company,
attcr the expenses of closing up it, alFu'rs hive
VIII tc made by the Company to resist the ap-
p0nttnent Of Il Receiver.