Year: 1878

At best there is never much to be hoped for
when an insurance company goes into the
hands of receiver. The Continental Life
Insurance Company having gone successively
into the hands of three receivers, the prospect
of n considerable dividend is prOpOrtionally
diminished. There Is also great delay to
be expected in such cases, tho receiver
having sixteen months from the time OF
his appointment before he is obliged to
make any settlement. In the case of the Con-
tinental Life, that period has nearly elapsed
since the appointment of the first receiver,
but will not expire as to the one now IN charge,
till next November. Meanwhile twenty thou
sand people are in doubt As to what they will
receive Most of them are anxious; many are
in straits for want of the money, and not Il
few must be in sad trouble, since the unpaid
dcath-claims when the company failed were
about $4,000.


A carefully compiled statement in a letter
which we print to-day, estimates the probable
amount for dividend now in the hands of the
receiver; and may give little relief to the
anxiety, though not 10 the want. III the
figures are approximately correct. about
20 per cent should be nearly or quite
ready TO divide now, and about ii per cent
hereafter when the real estate Is sold
and the sums lent on bond and mortgage are
recovered. This total, 80 per cent of the
claims, is probably all that can be expected
from the broken concern. Perhaps it is too
high IN estimate, since 1t does not appear TO
allow for the expenses of the present receiver
ship, which, Judging from previous experience
may be considerable item. The calculation
also shows another feature which may bring
disappointment to many policy-holders. The
loans on the policies are accounted among the
assets. The dividend in many cases will be
less than the loan, 80 that the poor poicy-holder
might have a claim brought against him in
stead of receiving anything. OF course. such
claims would be resisted and with good rca-
son; but their nom payment Will further re-
duce the assets To be divided. Until the last
years of its existence. the company made loans
on almost all its policies.


If all the suffering and misery which have
been and will be caused in several thousand
families by the ruin of that company could be
asccItained and told i'll print, the business Of
life insurance would be well nigh destroyed
for some years To come. Yet if, on the
other hanl the stories OF all who have
benefited 10y honestly managed lie lnsur-
ancc, conld be told with equal fuiness,
they would a thousand times outweigh the
records of disaster. The benefits viii continue
permanently; the sorrows will soon begin to
diminish, and will some day be nearly forgotten.
The quicker the settlements are effected by the
receivers, the sooner will this whole bad busi-
ness of broken faith fade from public view.
All the business of honest life insurance COM
panies, and all the vast interests dependent
upon it, are injured while receivers dawdle
away their time, draw their salaries, and with
hold their dividends. Admitting that there
has not been time enough since the failures of
wear before last for receivers to dispose
of all the property in their hands, 1t is
vet quite certain that they could, if they chose,
make small dividends without further delay.
Considering how much distress and anxiety
might be allayed by such course, there seems
to be no sourI reason why it should not be
taken promptly.