The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-01-05

nsAss fAs-s services charge upon the .rsssury fns
ssns yseonnsHdstsos made by Mr FILLMORE IN his
sp@, FIR ls4o page y, but appears TO have S'sn IN
MUTUAL INSURANCE. COMPANIES
The rapid oompaniss ua-
- fs oct Apri 10th ls49 and The supsoop on bank
yuV o ~ mann 10 snort tins sft~r cling into ooera
eoD foo~so BY he embarras ment ard serioa. loss
ipdhvicuais Who have d. pspoed hem for fndemn ~
ssabnst Toe. by ire suggests tho inquiry vns,h.r
serious ds;ects in that law and What o. . Tie
It h. ~@thv OF remark in the outset that 40 ,.,,,
steoh company orsaDisso has failed tn 81 In an
saxru en,, fhe delinquent companies .vs st.,taa
~ the mutusi prncipe; and that A,s ouly TO
iotBt sIock oompanie- In exktenos IN sha St,ta
vssp that Jaw took effect except 10 A. city o, New
York and the county o Kings. Ube, Albany and the
NOrtbwestsrn Insurance eompanies,) ros firge new
company has since o-en orgaDz-d t OF tho bounds
q joint stock company while tho nu nb@r OF muruh
companies {soDe csiDiog to have rnai stock capital
Usapisso In almost every s'c'on state very
cspno, give them an Iearsse support and might
dR0epsc With them sltogt Aver
The f.th section Of tn4 above Law provides that no
asy county il the sts.. exoept New York asd Kinas
sunt sgr emsDts bfse been into Auce
tbe premiums on when shal Mount TO Sl,O 600 and
pstss received Therefor " By this btrdy
4end<d notes HI moderate sDouprs founi.o actual
highest rate OF MUM OF the old mutual companies
would require considerable time and such notes In all
sosants sven by hoioers and sbe 70 asses msni
would contribute considerable security IL is alleged
si the spirit OF tie law has been evaded in the follow
- manner
number Of persons thirteen and for
tbe purpose Of lusra ion viii gay ts-ntysssociato
e toim mutoal company II each Of these has pese
e proper insure the 70 600, there 70
nothing in the las prevent him giving hi nete
t amount equal 10 the suTeJ or even sroa.r
and ihu, fupd Of notes IA i'm provided To the
ext MT !, ou,red by the law proposed chsrtr Is fled
and examined by the Attorney General ooe tam
5s nothing incens,ssens WIN aAe relure1ea.s
Aare ano II certified by him the Comptroller, who
appoints three oisineres,ed persons as commission
INV natl nat ha
erived and Is in actual posses ION OF the cletai,
{Iots premiums or engagements OF insursnce - the
may be and there doubt that appsc atoms
have made for insurance received there
fss TO the unit required the comasioners certify
escSessIs Of state Who furnishes certified c,Py Of the
charter certificate, and the sany cozamences
burmese In all these proceedngs the attorney General
Oomy oller and Of state have discretion,
bot To execute The ferns pr-scfibed by tee aot
In where the drvcioa Is IN Psoper bar Is IS fast
premium notes obtained pCif-ies tssu a,
they place tho notes procured fer the pur
pose Of o,gsDiEation and il the s.rs of the company
>, emily successfully m1raeed IL AZ last
be founded tol-raby ba~s; bu; In most
trsnt course IL pursued The moment tney are real
70 sue policies they uddesly absodon the mutual prn
sipl Section twenty. allie them TO unite cash
oaptal any extent and above 1sir premium
NOTES To obtain cash capital they proceed co,ct
~ mr.. m,ums eseusy.iy without com san,ing notes
after The manper Of oint stock companies Agents are
,ps opred to obtain risks wi pocies Furnished and
ngseo that pose receiving coDH ission upon the
premiums received besides fees for surveys and policies
The company is extensively advertised but generally
W. any en1ip'i
paDy and oMetmes with the statement that It's capital
ins.,ted in securities aPprsed BY .ss Comptroller Of
~ S"mn,ru.r has no siho,I, ~ rs.s,ya I'D nav,
bss received any ,ueh deposies OF securities from
80. " ", . :, ~ o.rs ~. q. ~, an.
tanning heavy 1t exhibits the appearance In annual
Hgo'.s. :, ao 80 sas.a =. ,a;dsn, o. 80
came e1hausts tho cash and there being prem on
% 70 - s o the
themselves the company business leaving their
80 ~ - .hanao ,nr rsnnsrt ~ : To-.
i haisxsa that mi. i, mat statement q. SOMA NJ
tho ahrsa ,ba have alrandx fod hn MASSACRE Of this
- 1DSsS ' ' ~ ~ ~ p~e - ~
H. foow,r. sr,cs,,ons have .as, ,oss hv
win IN. as,seIs q N P'esent sys'em aoa
= ~ 20 IVA, sS,st;ng ahssaas - - ~ s
,,..'S araran,e sso.,ld -~a,ss,+ h,s,,ss. IN 81.
n,nsi nan n,Io lpss5 naa sor ~ ,,Drs than thraa
s, 1870. Ia Z. - - i,, - 49, .,x 80 q, -
to moe than saSo 10, lea. aa,,ad t5ar fsrea y.srs
Nc snah oornan, a. o,Is raoira .s-,iSsa COW of
chs,,r ana Chm, n.s In mil nremnm pot
snn5ea nm actsI anncatons lar insprsncs have hsen
.s.,r.d 81 ~ amoprt - x-5 crO and .,n,oved a. -,o
,;,to 70 ne y 49, ana
.ovaany - ioca,sS AMI mil tha ann nj so5 por IN
.h has hssn sctn.Iy naia In IN soIae oacsr NJ ~.
o..nsny and nrovaJ 10 DO a,is,,t;or IF Inc
P'S' '"u pi'''u " >-'' '-' - '
Ey.ry FIRE and marine insurance COMPANY vhsther
lint STOCK or urtus shoad make TO the Coa,ptro,lQ-
an annual report en- the r-t dsy OF January in each
ye.r con,a,unr Statement az fber bosInees Tor the
urceeape wear and sxhibitinr the folio wing Items -
The amount Of capital stock
The yalue OF the assets or property Of the company
specifying real cash hand and deposited in
bspks amount OF lcsL5 secured By bonds end mort.
saees amount of premium notes amount Of stocks Of
this State tae ned stes any iDcorpersted
sity Of this stste osIed By the company amscnt o.
N ether securities.
Tine liabilities Of the company specifying amount "a
sOeses due and unpaid amount Of losses incurred and
not yet due amount 81 claims .or csses resisted by toe
Somp"ny amount o. ca o'her e'shhs against TIC sSa
=. The income OF the prect ding year specifying
noun' q premium ie.e,yea as,ocnr o. nefe' re