The evening world., 1893-11-29
ny Man or Woman Vi" Tho S%% %S5 sf%9 gS SG g%" 20 Word Advt. for 10 Cen
IS ITS CAPITAL IMPAIRED
Ru mors that the Assurance LLOYD.
Company Is in Difficulties.
The Managers, Say the Company
viii Not suspend.

1t was reported this morning that an
other insurance company, the Assurance
IlnNds, of 81 and 63 William street,
which Is an ocfshoot of the American
Casualty and Security Insurance Com
pany, was in trouble. and that its capt.
tai of S5oo,OOo had been impaired to the
extent of $4,000.
This condition of affairs. 1t was stated.
had been revealed at a meeting of the
Governing Board held last Monday. at
which a report had been made by w.
ID. Whiting, an expert, who had been
examining into the affairs Of the Com
pany.
Beecher, Schcnck & Co, who were the
managers of the derunct American
Casualty Company. were also the agents
Oh the Assurance Lloyds, which they had
organized about a year ago, and which
began business in January last.
me popularity of the LlOyls system is
mat the Company is organized by "a
certain number Of subscribers. who con-
lrlDute the capital ctOck and then give a
power of attorney to "A firm or individual
them. W
In this instance the business of the
company has been managed by BeeCher,
S,rhenck d Co., whose management of
the American Casualty Company was 50
severely criticised by Gen. Slocum in
his recent report.
according to the report of Expert
Whiting, the statement made by Beecher,
Schenck 4 Co. to the Lloyds Company
on Sept. 30 last, failed to include the
increased gross premiums or cancel
ment reserve amounting to Sl91 900. as
Mr.. Whiting estimated it, and the out
standing liabilities We're under, estimated
amounting to $4,000, in his Judgment,
should have been included,
Mr.. Whiting figures out the condition
Of the Company as follows:
sabscribers, 5000 i premiiapm aia q a.2e ey
1886; interests, $4,4S5.55; a total of $g26, =
1858 Expenditures amount to $236. 793. q,
and these with liabilities, amount, to
the amount of over, $4,000,
Col. H. b. Becker, who is at the
head of. the firm of Becker, Schenck &,
Co.. said this morning that, the figures
given were misleading, n that they
did not show the actual condition of the
Company.
At the time report was made, he
said, the guarantee fund was impaired tc
the extent Of sio6, 900, but since hat tim
premiums had been earned which re-
duced this to less than SG0.O 900, and az the
Company was in o danger of suspending
operations the deficiency would 500 be
made up.
IF any insurance company should go
INTO LIQUIDATION before IT had been in cX,,
lStenCe a year, ne said, the capita
would necessarily be impaired to a GER
tain extent. hut in this case there is no
Intention of doing that.
The report that BeeCher, SChenck e
Co. have resigned az managers Of the
Lloyds is not true. nor is ii true that the
latter Company is insoIvent.'
Mr.. BetCher refused to say why an
expert had been called in to investigate
the affairs of the Company, and also de-
Clined to give the M Of the subsCrib-
ers to the Assurance LlOyds. The head
quarters of this Company were formerly
In his office, but they were recently re-
moved to Williams street.
1t is stated that President Flanagan,
of the southern National Bank. and
John + Searlcs, Of the Sugar Trust, are
among those Interested in the Lloyd's
Company.