The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-01-08

a. judicious and discreet men as the Comptroller
could select after careful consideration and inquiry
as examiners and appraisers of their capital stock,
whether cash paid In, or secured to be paid in, or
premium notes.
The reports of these examiners, have, in all
cases. been made in due FORM and all appear anoe,
such as justified the issuing Of oertiiica that the
law had been complied with, and the companies
were entitled to proceed in the business of insur-
ance After all the precautions pointed out in the
law OF 1919, suspicious rest on many minds that
some OF these companies, either from misrepresen-
tations in regard TO their capital-this being some
times thou ght to have been borrowed for the COCA
sion-er from secret understandings with the max
ers OF large premium notes, that these notes
should be exonerated from assessments, in case Of
losses, or from other causes, will not prove so firm
and responsible as to be safe gunraptors against
the disasters they profess to relieve. Most of taem
have made the reports required by law.
1t Is not an easy matter to determine the degree
of confidence an Insurance Company may rightful-
ly claim. The Comptrollers certificate of which
considerable use is sometimes made in gaining the
confidence of inquirers and the public, amounts to
nothing more than q declaration that, apparently,
the company has commenced operations according
to law.
These remarks are by no means made to excite
suspicion; but to prevent undue Importance being
the Secretary of State, the endorsed opinion Of the
Attorney General, and the certificate of the Comp
troer-al relating rather to the forms of proceed
ing, than to the substantial power and strength Of
the company.
That our Insurance companies are generally con-
Quoted with uprightness and prudence, there is
much reason to believe; but the act OF lSi9 under
which most Of them are organized, is sadly de-
fective.
There would be propriety in authorizing the
Comptroller to withhold certificates to agents of
foreign companies until satisfied that dues to the
town or vilagefre companies had been paid. These
payments are ofsentimes neglected
The revenues from marine insurance is this year
$479 AZ only No charge is made for the labor Of
this Office connected with fire and marine insurance.
large share Of the service of ne clerk, and con-
siderable expenditure for blanks, &C., are bestew-
ed upon these companies gratuitously.
LIFE INSURANCE COMPANIES
This is business of q more serious character, as
it is necessarily of longer duration than insurance
against fire and marine disasters, and fortunately 1t
is reduced to almost the certainty of IN athematical
demonstration. These demonstrations, however,
being only attained by great labor and mathemati-
cal skill, are seldom attempted by those most inn
mediately interested, the assured. Hence the pro-
priey Of reasonable legislative provisions for COM
pelling those who undertake the business Of insu-
rance on lives to conduct their affairs such tried
and safe principles as will enable Thorn, with GER
tanty, to fulfil engagements to be contaminated,
perhaps, at q distant future day.
Life, as well as marine and fire companies, have
sprung rapidly into existence within the last few
years. Of life companies organized in this State,
there were on the 9Th of April last, OF those
organized in other States or foreign governments.
but having agencies and doing business in this
State, there were See statement marked L.
The act Of sth Of April last, required these COM
panies to deposte with the Comptroller $4,000 by
the LIST day of August then next, and further sum
of$5O,O00 by the lst Of February, 1852.
Eight of the companies last above referred to,
have piled with the requirements Of this act, as
folows-
The New York Life Insurance and Trust Com
pany has deposited 100000 in U. s. per cent
stocks.
The New York Life Insurance Company New
York, has deposited $4,000 in U. 5. 5 per cent
The United States Life Insurance Company,
New York, has deposited $56,5oO in bonds and
mortgages.
The Mutual Life Insurance Company, New
York, has deposited 100000 in q bond and mort
The Manhattan Life Insurance Company, New
York, has deposited $l9,500 in bonds and mort
gages, and $500 in u 6per cent stocks,
The Mutual Life Insurance Company, New Jer-
sey, $4,000 in Brooklyn city bonds.
The Albion Life Insurance Company, London,
100000 in U. S 6per cent stocks.
The New England Life Insurance Company, Bos-
ton, $4,000 in Albany city stocks; afterwards
Withdrawn and exchanged for 100000 in bonds and
mortgages substituted tor the Albany city stocks
The property covered by the mortgages, has, In
drew Carrigan and J. w. Allen, Esquircs, of New
York, or a majority of them, who have certified
that it is worth, in their judgment, at least fifty
per cent more than the sum tor which i. is mort
",
0fNew York, is filed with the papers in each case,
setting forth, that upon diligent search and in
vestgation he is satisfied of the soundnes, Of title,
and that there are no PRIOR conflicting incum-
brances.
A few companies in other States are Insulating
whether they will make their deposits. If the
true construction of the act Of 9Th April last, is
givtn in the circular of the Comptroller, w that
these deposits would be held only for the benefit
OF those holding policies in this State" they deem
the law severe on foreign companies This may
or may not be the true legal construction of the
act, so for as regards companies organized In this
State. These companies may te discontinued, and
their affairs closed, by order of court under the Och
section Of the act in such manner as to extend the
her efts Of this fund to persons in other States,
holding policies from SUCH company; but, In tesaaa
to foreign or domest; companies. ---ring to re-
nnqu'sR pus'neIs. comptroller is satisfied his
rect Such companies cannot receive back their
deposits till all the claims Of persons in this state
against them are fully settled and paid.
No insurar ce has come to the knowledge Of the
Comptroller, where new policies for life, or for
time shorter than life, have been issued since the
Sh day Of August last, By companies either foreign
or domestic, other than ,... cse who have made the
required deposit; that all companies snoula con
tiLue TO receive premiums and pay losses w.
cies made prior to that time, admits OF no doubt
Edmund Blunt, Esquire, gentleman OF hign
mathematical attachments, and faniiisr with tue
subject Of life insurance. has consented to III tertake
TIE examination, when required to do so, OF inc
companies doing business in this state. The
Comptroller deems it fortunate for all concerned,
that Mr.. Blunt's services are secured for that
purpose.
Provision is made in the 9th section Of the act of
July 10th, 1851, for the enlargement of the Erie
canal, &C., allowing foreign companies to avail
themselves Of canal revenue certificates, for making
their life insurance Deposits that the privi-
lege was not extended to domestic companies, is
presumed to have been an oversight
This is subject upon which our citizens feel an
increasing interest. The law of last spring was
we'll considered was practicable, under the pres
sure Of other legislative duties Its execution,
thus far, has unfolded no objections that appear
te,ious. The companies which have complied with
the provisions Ct that law, do not perceive any
expected oiti suites attending it; and If the Comp
uoler may be permitted, in view Of his short expe-
rsnce Of It's operation, and bis imperfect knowledge
II the subject, to advance an opinion, it is that the
neasvre is q wise and just ore, which should not,
certainly at present, be departed from or essentially
charged.
PtRcHAsERS OF LANDS iN ONEIDA RESERVATION.