New-York tribune., 1878-06-10
SHRINKAGE IN ASSETS.

RESULTS OF AN INSURANCE EXAMINATION.
REPORT on THE CONDITION OF THE GLOBE MUTUAL
LIFE INSURANCE. CoMPANY-THE COMPANY SOL
VENT. BUT $1S3.S6 OF ASSETS REJECTED AS
UNAvAIlABLE-A CHANGE IN MANAGEMENT TO
BE MADE.
State Insurance Superintendent Smyth has
completed his examination into the affairs OF the Globe
Mutual Life Insurance Company. This examina-
tion was begun in December, and final report
was deferred on account Of the trial Of supeun-
tendent smyth by the Stale Senate. The company
had its bonds, mortgages, and other assets ap-
praised by Homer Morgan and +. H. Ludlow. There
a difference against the company of $S1 900 be-
tween that appraisal aud the made by the experts
the department OF the entire of the company
the Insurance Department threw out 1886 75 as un
available. These consisted Of Southern securities and
mortgages Long Island property, which the loans
in many cases exceeded the present market value
It is understood that the Insurance Depart
ment advised change In the management OF
the company. The officers, while declining TO
say anything concerning such suggestion by super
ntendent smyh state that IL Is the intention OF the
company to exercise rigid economy in all It's depart
ments, and that there Will be change in management
q reduction In the number Of employees and cOnsolda
tion Of departments, such will meet the appreciation
OF policy holders"
The fourteenth annual report OF the company for the
year ending January J. 1878, which has just been COM
pleted and approved by superintendent SmytD, shows
the ColdlLun OF the company 10 Dts
admitted g. GO
Items rejected unavailable assets Is5 500 g
Liabilities 5'y9e' 80 @6
SaITpas io policy holders .... iG3II7 30
Estimated fontne surplus included in above 10000 90
Pliny Freeman president OF the company, said to
TRIBUNE reporter During the last year 2,s5S poll
we're issued insuring S4l99O4O, by which SelOOO
was ADDED 10 the income OF company The total num-
Der policies IN force is 337 nsuring Oo37lG The
32I go. The mortality payments Of the past year
largely exceeded the normal rate $4,000 was paid on
IN the Asutabua disaster The payments thus far THIS
year 100000 less than for the same period In le77
The Obe has suffered from large shrinkagcs in Invest
ments u United States, NewIor state and city bonds,
well In real estate securities, ana yet us gross
assets have only slightly diminished from those
reported last year The contingent Liabilities Of the
company have been reduced S2SOO,OOO"
Mr. Freeman further stated mat rum0rs denying t9e
sOyeuCy of tae company entirely untrue. IL could
be denied that ike nearly every other large hnan-
estate imitation times, which had been impaired by the
depression M Te1i ese Pic. 80 Tnicd @ rt,y Sns ru " IN
April, Is45. At that time the Mutual Life Insurance
tno mutual plan in the Countrywide companies
IN Massachusetts and PonusylYa being IN reality
trtist compauies IN June, s64 Dir. Freeman retired
from the position Of actuary In the NewYork Company,
and started tine Globe OF watch he has since been pres
dent he expecls to retire from the company soon lie
added: II auI ncutly eighty years old with my
busy life before tue public hardly think II VIII be De
loved that would be guilty oil fraud at TINS late day
The reports for 1877 and 1876 show the following
sAriukases: -o ,-- -.
A..et si,o!5S5 'sS 90 sils45s &C ss5iI5 3
surplus o. policy .,..- 90 ,, -,. o.,
holders. J-o,bi- o. 4pJfl 10 oy oOuobo .N
Policies ~ force. iU,Jyi lu,aJl OJt
Total amount lu- . 80. - -.- .. -
The assets 81 tine company consist IN part OF:
United bonds (market vaue) ...-.- s5l2392 90
and city bonds market valued. tNJ5ui o'
Richmond Cy, cent bonds narke valued Zoo Oc
Mississippi warrants market yalucl NUJ0 20
Bonds murtl real tsatc-...... @OOW Uu
Loans aud bonds COl4tcral.....-- lleOyO %
policies u 0lOoo ~
The building occupied by tie company is leased, and
company has Investments real estate Oncr Than
In loans OH bond and mortgage.
Deputy superintendent Mccall has prepared hs
port Investigation into tho Affairs Of the company,
In which II Understood that he crtcises sharply
of the estate loans, aud recommends change ia
the uiauageu Of the company.