Evening star., 1897-03-12
RECEIVER APPOINTED
The National Life Maturity Insurance Com
pany Insolvent.
Job barnard Today Appointed Re-
cefyer on the Petition of
Frank Hume.

Upon the petition of Frank Hume. one of
the stock holders in the National Life Ma
turity Insurance Company. West Vir-
ginia corporation but having its principal
place of business here, Judge Cox this af-
ternoon placed the company in the hands
of receiver, appointing Mr.. Job Barnard
as the receiver and fixing his bond at
s15O,OOO
In his petition Mr. Hume says that the
company was incorporated February .
1851 under the name of the National Life
and Maturity Association of Washington,
D. c., its powers being enlarged in 1885,,
and the name changed to the National
Life Maturity Insurance Company May
Il. 1890. August II, 1890, its powers were
again enlarged. as to enable 1t to trans
act an investment business similar 10 that
of a national building association, as wen
as to do a general life insurance business
The capital stock is $4,000. in shares OF
800 each. BY reason of adverse decisions
and legislation in several states, says Mr..
Hume. the company has been practically
denied the privilege of doing an invest
ment business IN sucn states where many
of its inves; ;mcnts were heretofore made.
The death losses have been SO great in
The last few years and the depression in
business so general that its assets have
been greatly deprecated. and its accunr-
lations absorbed to such an extent that it
Various Claims.
Mr. Hume says that, dearh claims pend
ing against the company amount to about
S1O4.U0 and that there are about s23900o
in claims for the surrender value of invest
ment certificates Row presented for pay
ment. or which are likely 10 be soon pre-
sented. besides other obligations
To meet these claims says Mr. Hume, as
well as other expenses, the company has
amount, but has about $106OOO in assets,
consisting mostly of notes or bonds Sc
cured on real estate here and III various
states few pieces of real estate bought
in by the company at foreclosure :ales,
and contracts and chooses in action, which
assets it is Impossible to Immediately con-
vert into cash to meet urgent demands
The directors. says Mr. Hume have en-
deavored to protect the interests of policy
and stock holders: they have tried to raise
funds with which TO continue the coTpa-
lys business, and have found no relief Tor
the company. They have been reduced in
number, it being found impossible to take
the places of those dying or resigning. But
they have, states Mr.. Hume contracted with
the National Life Association of Hartford
Conn. whereby all its risks now in force
have been transferred to and consolidated
with the local association, the Connecticut
association agreeing to pay it portion of
the premiums for the first year.
Insolvency AvOwed.
The local concern, declares Mr.. Hume is
insolvent, creditors are impatiently de-
manding payment, suits and attachments
are threatened it's assets are in danger of
being wasted, and a scramble is likely to
ensue for priority among creditors and GER
tificate holders unless the court intervenes
and gives its aid. He states that while
foreclosure suits and proceedings are pend
ing in several states, the amount which
may be eventually realized thereon is uil-
certain Therefore he asks that receiver
be appointed to take possession and charge
OF the company and its. property and as
sets, sell the same collect all claims. dis
continue its business and distribute the
proceeds eGUitably under The courts di-
rection-
Through Acting President H Browning
the company filed at once an answer ad-
mitting the facts to be substantially as
ayerred by Mr.. Hume. whereupon Judge
Cox appointed Mr.. Barnard as receiver for
the company.