The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1889-03-07
TEN MILLIONS IN RISKS.
Receiver Appointed for Mutual Life Associa-
tion That Cannot Meet Its Obligations.
Special to the indianapolis Journal.

Special to the Indianapolis Journal.
COLUMBUS, O., March 6.-Proceedings
were begun in the Court of Common Pleas
this morning, looking to the dissolution of
the Mahoning National Life Association, a
corporation organized under the laws of
the State to do a life insurance business on
the mutual assessment plan. The gentle
men whose names are attached to papers
as petitioners are Messrs. Harvey Hatch, of
Pittsburg, second president and superin-
tendent of agencies; Frank S. Wagenhall,
medical director; ID. E. Stevens, president;
John G.. Reinhard, treasurer, and John ID.
Abdill. secretary, all of whom, except Mr..
Hatch, are residents of this city. The rea-
son for this step on the part of the officers is
that during the past year an unexpected
and phenOmenally heavy death rate
has made 1T necessary to increase the num-
Der of assessments, the result of which has
been that more than half of the entire men,
bership have refused to contribute their as
sessments and have thus forfeited their
membership, so far impairlng the paying
power that new members cannot be pro-
cured to fill the places of the lapsed ones.
1t would be impossible to pay the policies
in full in the future and the association is
not now able to pay the claims already ac-
crued, and is substantially insolvent Prior
to filing the necessary petition, Mr.. John j.
LentZ. acting in behalf of the petitioners,
appeared before Judge Pugh, with refer
ence to the appointment of a receiver pend
ing the necessary inquiries into the merits
of the prayer of the petitioners. AS result
of the application for receiver Mr.. ID. T..
Stevens was appointed such officer, and he
entered into bond of $4,000 as a 1aran-
tee that he will faithfully discharge his
duties.
The Mahoning National Life Association
had its offices IN this city, was consolida,,
ton of two companies-the ManOning and
National Life Association. The Mahoning
was organized at Mes, o., in 1879. Sub
sequently its offices were moved to Youngs-
town and then to Cleveland. The National
was organized in this city in 1880. and In
November, 1887, the two companies were
consolidated, and have since then been do
ing business from this city. Last July the
Mahoning National reinsured the New
Castle Mutual Benefit Association, which
had been doing business at New Castle, Pa.
prior to the endorsements referred to.
The association had risks amounting to
fully So 600 900, and the heavy falling off
is said to have mostly taken place last sum-
mer. The three organizations have, it is
stated. always paid all valid policies in full,
and Thus maintained good reputation.
Arrangements have been made with the
Mutual Reserve Fund Life Association, of
New York, for the reinsurance of living
members of the Mahoning National. That
association is said to have a surplus of over
&. 100000. An inventory of the property
shows that Treasurer Reinhard has in his
hands, with some received this morning,
$50, 900 in cash. Other assets, in the shape
of notes and accounts, amount to S20,93S.21.