New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-09-15

TIRE DIRECTORS or THE COMMERCIAL ALLIANCE
LIFE INSURANCE COMPANY WILL TRY TO
RAISE ENOUGH MONEY TO KEEP IT
OFT or \ EECFIVERs HANDs

OFT OF \ RECEIVERS HANDS.
A meeting OF tho directors Of the Commercial Al
lance Life Insurance Company. which has been do
clared iLsoyent by the state Insurance Department
wa. held yesterday AMI Il decided to raise
enough money to meet the demands OF the Depart
mont, and If possible keep the company out OF re
celvers hands Il The amount necessary to meet the
deficiency can be raised 1t Is thought that the At
torney- General VIII not begin proceedings for the
appointment = receiver.
~ result OF an examination Of the affairs 81 the
Commercial Alliance l.'c Insurance Company by
the Superintendent Of Insurance James f. Pierce.
an appc1iion was made TO the Attorney General
Thursday for the appointment OF a receiver for the
company. 1t had been known in Insurance circles
for some tine th1i there trouble ahead Tor the
company but The officers and directors denel that
the company In difficulties, and even now they
maintain that the concern Is solvent The eNlmina-
ton as reported by the Department showed that The
capital 81 s21o.yo0 hat boon wiped out and tnat
further deficiency Of $1,000 existed in ;he assets OF
the company. This deficiency is reported rs follows:
Total admitted assets. $73,596. total Liabilities on
policy holders account xo5l2, deficiency as regards
policy holders fC,ll5.
John J. Holly. the controller OF the company. said
yesterday: III went into cour, on the question
OF the appointment OF receiver IT Is our belief that
we could defeat the demands OF the Department.
Bat It would not be good pocy. and shall put up
the money demanded By the Department - meet
the deficiency / believe that the Department non
esfy believes th,t our reserve fund "a short the
amount alleged. but We do not think 50. W" know
that we are solvent. We have always figured mat
In estimating our should b. credited with
the deferred premiums. The Department does not
think So and 81 course have TO yield. We have
paid out over sol 3Si ~ death Gains since the
pany was established and this year We had just en-
tered upon a r-orGanizei basis To push our business
thoroughly than ever. and within the LAST SIN
months we have written over 85oJ.oW worth OF new
business"
The STATE Insurance Department sent a notice 10
the company a month ago informing il that Il had
a deficiency and warning IL t. make Ii gOOI by
Thursday. September 10. Several conferences were
held between representatives Of the company and the
Department. hut no settlement was made. ana the
Department accordingly reported 1t inso.vent The
officers 81 the company are: f.. H. Durham, tres!-
DEM: William II. Pierce. vice president. John !.
Holly. controller. 4. ". Trafford. treasurer, G. II.
Bogart. Jr.. actuary The directors are r.. \. Dun
ham. George Merritt. OF the Waterbury Watch Com
pany T. T.. Finch. OF l.. II. Finchs sons T. -.
Bassett, George Wilcox, William H. Pierce. Colonel
Isaac l.. Con, John l. Holly Charles 5. ASHLEY. y.
w TraNorl. s. a. Browncl.. Mayor OF New Bedford.
DR.. Hobart Cheeseman. II l.. Tranord ana stephen
Ashley. The company began business on February
s. 1889. with capital stock OF @0,00o rs the Com
morcal Union Life Insurance Company, later alb
sorbing the National Alliance and changing It's name
to the Commercial Alliance Life Insurance Company.