New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-08-23
EXAMINING ASSURANCE COMPANIES.
HIDDEN CRIME, BROUGHT TO LGHT-CoMPANiFs
WHICH HAVE BEEN COMPELLED TO MAKE GOOD
IMPAIRMENT or CAPITAL.

HIDDEN GRIMES BkOlNtt ~ Ilbhl--t''li NNi'.'
WHICH HAVE BEEN COMPELLED TO MAKE GOOD
IMPAIRMENT or CAPITAL.
ALBANY, Aug. disappointment Smytl
has Just concluded series important examinations OF
fire and life companies, which show condi
ton Of affairs that likely excite considerable public
interest IN no case have the facts become public, and
the superintendent in stating the results Of the exam-
nation to-day TO your correspondent insisted that the
names of the companies hou'd not be mentioned, the
proposed effect Of warning and advice would he fully rs
well effected without, and in all the Of fire iusur-
ance companies the companies stiu remain solvent.
In the case OF OF the Oldest companies in New-York
CITY, de;acatiOn the part OF the president extend
ing over ten years and involving $4,000 $50 600,
was discovered and first made known TO the officers
by the examination. They mad regularly passed and
certified to the corr cincss OF books and accounts.
and his death had passed oulogstic resolutions aud
voted his widow a bonus Of $1,000
In the case OF another company IT found that the
secretary had puroned about $4,000, part of which
has been made good to tue company and note given
ior the rest.
I'm another case II was found that 100000 Of assets
had been advanced by the officers 10 cover IN impair
meut which WAS never reported To the Department.
That company has since concluded TO vino mp lt "as
and the pole y-hodcrs will Dee made good.
IN the of another company was found That the
unknown the companys officers, out OF the current
cash receipts by getting checks indors'd osen,GS i9r
the purpose OF having chanEc on had bt III realty 70
enable hIm to st"a. the funds IN accordancc WITH his
II
about $1,000. The officers have compelled him 10 mako
the dccit good, and IN consideration therefor have
not prosecuted him.
Since the July statements have been made public the
Adrlatic, OF NcwYOrk the NewNOrk Central, or Union
Springs, aud the Roger Williams OF Providence, have
Ttu,rrd their risks and gone out OF bus ness. the
Western NcW-Y0rk Life la, been examined under a
reQuisitiOu made by the superintendent ON April 81,
1879 The capital stock has been reducc Sl2j 900
to 600 aud the stockholders have paid in in c1sh
Sl4 COO and passed resolution to close M their ars
speedily possible and cease the issuance OF new
policies.
The Homeopathic Mutual Life Insurance Company Of
NcW-YOrk City mas also been examined under rcqu-i-
the superintendent, and it, capital stock has
been reduced from 100000 10 100000, leaving It's
condition June 80 last, as follows:
.$Gij,J.G sc
Isblities except 57ull5 y
Capital 100000 90
Under the provisions Of chapter lGl Of the laws OF
1870, the capital stock Of life insurance companies
may be impaired IN" extent Of 30 per cent before the
stockholders required 10 make the impairment good
The impairment OF the HON, Wpathic II viii bc seen Is
only - per cent on the reduced amount.
These reports show the condition Of only few com
yaucs. Nj Smyth is stIll conducting rigid eXamiua-
ton OF Il large proportion Of the rest OF them.