New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-05-11
FAILuRE OF ANOTHER LIFE COMPANY.

THE ATLANTIC MUTUAL LIFE INSURANCE COMPANY
OF ALBANY REPORTED IEsoLvENT BY THE
SUPERINTENDENT OF INSURANCE
ALBANY, n. Y, May Disappointment OF
Insurance smyth announces that, having caused an ex
animation Of the affairs OF the Atlantic Mutual Life lnsur-
Company OF Albany he deeply regrets that the result
OF such examination s unsatisfactory. The examination
shows tie liabilities of the company to be Sl,l53'So3'
and assets 81 O43 iGs showing deficiency as regards
policy-ho!drrs amounting to $11O3s5. The Supern-
tcBdcnt will apply to the AttOneyGeneral to close up
the affairs of the company, and apply for the appoint
ment OF receiver The annual report of Dee 81 1870
is az follows
surplus in favor of policy-holders.... 103G53 Il
Doec,t for stocEholiers. .............. S6.336 20
The superintendent has deducted from tie bonds ana
mort ges S3l 600 which is the cash value appraised
Oh prorery less than the money loaned upon IT, Inc
excess Of value of real estate as reported by the com
pany is ~ 900 and las also been deducted One em
cash deposited in bapks, SlG25iS H. Is Cancelled aS
it is not deposited IN any regularly incorporated oauR
If is IN The care Of the Hope Banking Company which is
coHducted for private interests The superintendent
adds to the liabilities $500 the amount of two
death losses which tell due in 1876 but were not re-
ported in tho statement The companys real condition
Dec 81 1876 after making such deductions from assets
and addition to liabilities, were as follows:
Liabilities.
Reported by company ....-.-.Tl, 1888 90 ,-oo-o
Added by examiner. .......... $500 90 81, l53SJ3
Bea&ced by 3os5s Il $lo4s4os
Deficit for motley holders ............... $lIO3s5
The epor further 1t Is Improbable that the con-
don OF the company has improved SAGE Dee 81, 1876
In January 1877 dividend paid 10 stockholders OF
per cent In gold, being 5000 currency, apparently
never authorized by the directors and entirely illegal the
companys capital being impaired by is own showing as
Cos Il, while the capital was Sll10OO The SnPetIh-
tcndeut thinks mat While me stocAholGgf7 VIII slet
severely the pocyhoders' interests Will be protected
best by winding up the company
STATEMENT OF THE FORMER NETWORK AGENT,
The Atlantic Mutual Life Insurance Company
had an agency in New-York City until two months ago,
when il vas withdrawn, as was also the Philadelphia
agency and the premiums have been collected direct
from TIE Office. James \. Taber the former New
York agent, said last evening to IBnUNE reporter tat
the con py failed solely because it did not have enough
i,-urs duiue the last ak months II began about II
years ago in Utica with capital 81 SlInoON Wlcn ldd
accunuiatod until Al htd reached rs pres, IN A'eI
ward the COMPANY move Its headquarters to Albany II
had paid dividends 10 polcy-hOderS every year unul
THIS and he much surprised 10 learn ol us cohdI"h
II had always borne good Iepu'aOA and Las MANAGED
carefully and economically; The Officers were TOO con
sentative, If anything, ana d'd nor 'lrhI HoMt4 Wiz
it might have been used to obtain business me dcalH
losses had been heavy, while the expenses of running
the company hJd Teen lShl Inc nsSe7 III ms cl'f{ u;'
moi been avy but IA Pennsylvania, outside OF PAa-
dclp.a, especially The president ana vice
president were not pad aiV salaries a.H ~ APdy w
expenses OF clerks aid not exceed 1900 or 500 piece
per During Last year tie total amount pad OUT
or salaries was not greater shan $1,000. Mir fabcr did
NOT tuk there lad been any dishonest management a.
thou IN OF course the dividend of last year ought not TO
have been paid. The company, re sad, was prOndny
unaware it, insolvency at the time. No exception
codld he taken to superintendent smytn's report YET II
was evident that everything at all doub;fu had been
loupcd OF Many things formerly allowed ~ lntaiaE an
examination, such balances IN ho hands ol agents
ONCE furniture, etc. were now entirely omitted. Mnch
OF the company Was in Utica the remainder was
III ALBANY aud in New YORK Ihe assets were mainly
uiIcd STAT bonds and bonds and mortgages. There
was about 100000 OF the aud S3sO.OOO of the
Iti.r he -
10 ~Is COO There were premium notes and loans or
5000 600 $2j 600 Oi deferred premiums $1,000
from premiums and the course ~ c1lccton,dnd cIJOJO
OF accrued Interest. Nh TIber thought the len oil
s1Gg54s II IN the Hope Bank good, ~ the wee
President OF the company James lltndrcks was nan
uf wealth and President of said bank. lie understood
that cuateas had been given by tie bank, but probably
SUPERINTENDENT Siuyth did not consider them trust
worthy II tie Affairs OF the company were managed
iudc0usly no policy holder should lose dollar Probably
half a dozen rst-cass insurance companies IN TINS ciy
would remfurc the Atlantic Mutual on the strength Oi
SUPERINTENDENT Smyth's statement.