New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-03-17
THE WORLD MUTUAL'S FATE
RECEIVER APPLIED FOR.

THE ATIoRNEY-GENRRAL RESOLVES TO WIND 1T UP
ON ACCOUNT OF THE REPORTS or MEssRs
sMYTH AND HcALL--msTORY OF THE COMPANY
HOW IT'S DIFFICULTIES HAVE INCREASED.
Another life insurance company Is about TO
pass into the hands Of receiver Attorney General
Faircnld has given notice to the officers OF tho
World Mutual Life Insurance Company Of this
city to appear at Schenectady next Monday and
why receiver OF the company should not he
appointed When Superintendent spyth and his deputy
Mr. Mccall, here last week examining the Guardian
and other companies they also made an examination OF
the World Mutual Company. They found that
the company held bonds and mortgages for
about $4,000 in addition to the deposit OF
100000 with the department at Albany The real
value OF the MORTGAGE however Is probably very small
The Of the Attorney General Is the result Of the
report OF Messrs smyh and Mccall TO him after their
return to Albany. Tho World Mutual Life WAS
organized Nov IL, 1866. with q capital stock
of 100000. Its officers George L.
Willard President, ard Charles W. Pyer Secretary Its
first years business done at an expense OF S64oOO
while the income for the year only S7i600 and the
liabilities account OF policies ia force at the end OF
the year amounted to $4,000 The report to the
Insurance Department for the business OF 1871 showed
assets amounting to S5073lS, with 2,740 policy
holders Two years late the assets were only Sf25609
but the number OF policy has risen TO 290 For
several previous to this date the presidency had
been in the hands of James III. rockingham. The ex-
pendltureS 1878 were S2ob,sl3 WIN an income OF
S2I5647 AT the same time the liabilities for reinsurance
were 1871 995. change o; officials followed, and
the company ceased 10 make sny effort for new busi-
In consequence OF this and OF the reports crcu
lated, the policies began TO lapse. The last annual
report published for the year 1879 In this report to
he Insurance Department the assets given at
Sl9792S the reinsurance at 1884 0S5 and tho
number of policies force at Ala Daniel j. Noyes who
has been recently prominent in connection with the
Continental and New-Jersey Mutual Life Companies,
then president AM F. j. Mulligan secretary Of the
company. OF the assets $1,000 were given as
real estate owned by the company, $4,000
loans secured by mortgage. The company also held
United States bonds OF the market value OF S67l73 70,
a loan Of - 900 United States bonds collateral,
SI0,063 on policies OF the company then in force
and $1,000 % cash. During the year L paid out
for losses and policy claims S27,757 3d. to an
Huauts, 1860 20; account Of policies lapsed,
surrendered purchased S85ll7 90, and salaries and
other compensation OF officers and employees $500 In
addition these there miscellaneous account not
ienzed of S7901 20 The total cash disbursements for
the year were Sl5l,753 49, During the same
year the total cash income $33,75i 81,
of which Sl9,430 II was for premiums and $lll97 "a
for interests and dividends on stock The year began
with ,291 policies in force OF which ST. were allowed
to lapse before its close. majority OF those
in force q year ago have been kept alive
many Of them being impaired risks. and these
will share in the deposit at Albany, ana whatever
NAV be realized mortgages held by the
pany, after the expenses of closing its affairs have
been paid l. s not believed that any EFFORT VIII ne made
by the company TO resist the appointment OF receiver.