New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1852-04-09

paid on nTst class, and " per cent Vi PIC
4 laums paid second class policies"
The Company having been in operation bur ABOUT
a year, ss we have seen. the number OF erprea,
mutual policies could doubtless have been cainoa "a
your ocular organ" while It's total casn PREMIUM
prior TO January 1881, being but time over IonI
thousand dollars. had every policy thereon oeeh
,aufuaf and szysrsd the dividend thereon NJ 90 PEI
cent, would have created such an extraofilnsty
that ii passes our understanding how the
money market might be affected By this sudden ex'
panson Of the currency
The Report, however, Is no sucn report az Is To-
CURED by the Act.
lst II il not under oath
Cd II does not show the amount OF loss dscsr.
tanned
3d. Nor the debts owing by, nor the claims against
Finally: Nor any statement Of the securities repre-
septirg the capital stock nor whether any OF the
securities held or owned by such Company, are con-
sdered bad doubtful
Taken a. it is, no wever the folio wing analysis and
conclusions are believed to approximate the truth
by which apart from the require OF the law, it
will be the public may De interested IN knowing
something of these securities The Report:ays;
CAPITAL ~
Cssh Afscls go. "
Deducted leaves in Notes 10
Notes reported by the Commissioners ZIG eoO %
Deducted. leaves Eotes----.--------- Sl,i6s 10
This we believe fair inference from the premi'
ses and If not the reader will make due alio vance
Now observe. that In one year this Company mas
added to its insurance about four and half millions
OF dollars, and its premium notes the palry sum
volume with regard TO It's premium notes rst taken
and submitted to the Commissioners-a Volume
which must show conclusively the public rigns 20
know whether they be good or bad; and when tne
President and Secretary, who are so required Dy
law refuse neglect TO express their belief ON tns
head, each reader will be likely to draw his own IN
ference. $4,000.
fro the premiums, the expenses charged as paid IN
losses and expenses must be current, much the same
In future, and small, and may therefore be properly
called LOSS In the following estimate:
The average time run on the f1eks may Do faany
placed at sir months, though, on the whole, douos-
less less The monthly loss then is, on the average
$2,le0 90. The Company insures as long as nve
f:pg policies from three to FIVE years Suppose the
IL surance less and that exceeding three years DC
such that the average risk is thrtysix months ana
there yet be lost on the property, at the same
rate, ss54cO 90 isno answer to say, that the new
insuYaHces will take care OF this. II premiums On
tse property insured Cannot pay Its losses the Gap
issl must be called on sooner or later IheIe az
rot much provision for 1t besides no estimate for
losses by agents.
We take this to be fair average sample OF the
condition of these country mutuals chartered under
the Act OF lSi9. Besides having agencies LII New
York vast amounts of merchandise bought on credit
are insured by them in the country, for the beneht IN
fact of the NewYOrk creditor, and the total ability
Of the debtor often depending on the policies Of the
companies.
The next Report to which attention is asked. is
Animal Report of the ETNA Insurance COMPANY Of
Utica" at one of its agencies.
Commenced operations 2sth March, 1851. Sho wing
the state of the company to January !, 1852
In operation, say nine months. We give an ALB
stract:
Whole insurance in force 800 90
Iosress aA .S?0,eiSM
Expenses consiagsnts, reinsurance,
GLAZING, supposed fair and
Claims resi.ted as fraudu.
lent aSio W e.o so eco mn "a
oI Ssc IN ties representing capital stock, s
Premium notes Of the members w
Cash surplus as 2o2ls %
Sworn to by President and Secretary bu, NOTICE,
the affidavit does not state whether any of these Sc
curities are considered bad or doubtful"
BY the Report It is evident that this also may be
| matter of public interest
Admitted losses excluding expenses &C. including s al
Average term Of risk run, estimated Il months.
Dyiosd on above make: average monthly loss 1913 'S
Aversse time to run. If the poiicies continue but
Loss in ratio thereon ......-..-..S5Tl0o IS
Leaving pretty handsome sum to draw on the
premium notes. slight allowance must be made
this from the fact that the Company Is thus sap
posed to have started with risk, but 1t cannot be
supposed much. On the other hand, If any consid-
cradle number Of the policies run from three to hve
years, whish we do not know, IL is the ppipa0n 81
notes win be reauifedt 70 s1sh an extent as to make
i quite important for the public to know whether
they De " cdd or 0OuDtlut."
ON the 22d of January, 1851, Mutual Insurance
Company at Buffalo made its first Annual Report to
Slst December, 1881, showing:
Total premums received %
Losses expenses and consir gents leS TAI VI
This being Fire. Marine and Inland, its latter pre-
muns werc nesxy earned as It's vessels and caygoes
were off the waters but. its FIRE risks had but half
rum the face Of this fact, 1t declared dividend
OF 90 per cent of its earned premiums Before one
year had expired from the date OF the Report, the
Company had failed and the public doubtless now
ptefes about the 900 OF capital stock. IL 10
no answer 10 this failure to say, that the Company
was broken by single great catastrophe. II should
have been provided against, or not assumed.
The NEw-YoRK PRoTEcYcN COMPANY, at Rome,
made its First Annual Report Jan IS, 1851. In oper-
alton fourteen months to LIST OF January then inst
Net oash premiums received tll4,330 ST
Lo<ses, expenses and Agents con-
missions paid. $Ts,2ao 81
Losses not adjusted - 7W IS
Losses resist ACKNOWLEDGEMENTS 1913 30
AssErs--Prenium notes Sgt .7o5 <6
Cash 36,08l %
Bonds and morsag 5e,13f e6
Personal ........-.....-.. 238 IS
-- 2sa 71s "A