The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-02-07
Insurance. Troubles.

a#eS{ 1m9uE6nEe IF0uDle6.
In these treublous times we hear daily of the
topplng over of business firms, banks, manu-
featuring and Insurance companies at the East
and West some Of which our people have known
and recognized as among the staunchest and
most reliable. In days gone by, In the country.
The old Bun Mutual Insurance Company of
New York, which. II we remember right. in
ante bellum times had an agency in New Or
leans. and was rated highly In the estimation
OF our merchants, has for the second time been
compelled to cancel It's scrip. The New York
Times contains statement of the company's
condition on December a. 1877, which shows the
necessity of the reported action Of the board OF
trustees OF this venerable company. The Times
says. a..
The trustees, Of the Sun Mutual Insurance
Company. doing business at No. Nassau
s rf q ae ts osaaa be red IL en
called ID and cancelled. The amount Of acrip
not actually delivered sl4.5lo. This is the sec.
ond time this company has been obliged to re-
sort to this expedient In 1867 1t was found me-
tire amount Of acrib that had accumulated
since the company's incorporation, in 1s.1, eg
gregating over q 100000, but also to reorganize
fresh cash capital and issuing 100000 Of pre-
MUM notes.
The New York Times announces also, that
the Union Mutual Insurance Company Of that
city has gone into liquidation. While on this
subject we ara grieved to learn that the Cont
mental Life Insurance Company. which some
years ago was such favorite In this city. and,
with its fgure-head Of an old contine ntal col
der. was so extensively advertised in the
papers throughout the South, has again gone
into the hands of q receiver. The New York
49,. A. hat
stitution:
A carefully compiled statement In a letter
which we print to-day. es mates the probable
amount for dividend now in the hands of the
hah s Tie ante s he e
are approximately correct, about % per cent
should be nearly or quite ready to, divide now
estate Is sold and the sums lent on bond and
mortgage are recovered, This total SO per cent
Of the elaims Z probably all that can be |, ex.
allow Tor the expenses of the present receiver
ship which iadang IRON ta prevln S experience
also shows another feature which may bring
disappointment to many policy holders The
ssets ~ The liz dvidsnd in many cases viii be
less than the loan, SO thatthe poor policy holder
might have a claim brought against him In
claims would be resisted. and with. good rea-
con; but their non. payment will further reduce
the assets to be divided. Until the last years Of
its existence the company mpde loans on al
most all Its policies.
II all the suffering and misery which have
been and will be caused In several thousand
families By the ruin Of that company could be
ascertained and told in print the business Of
life insurance would be we'll nigh destroyed
other hand the stories of all who have bene-
fted, by honestly managed life insurance,
could be- told with equal fullness, they would
athousaand times i'm outweigh the records Of disas
nently; the. sorrows will soon begin to
diminish, and will some dav be nearly forgotten.
The quicker the settlements are effected by the
receivers. the sooner win this whole bad bust
ness OF broken faith fade from public view All
the business Of honest life insurance COM
panies, and all the vast interests dependent
upon il. are injured while receivers dawdle
away their time. draw their salaries and with
hold their dividends; Admitting that there has
before last for receivers TO dispose Of all, the
That they could, IL they chose, make small divi-
dends Without further delay. Considering how
much distress and anxiety might be allayed by
such d course. there seems to be no sound
reason why It should not be taken promptly.