The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-03-22

Atlantic Mutual, OF York.
......,r.4.l At,fuaI An

- the company afnaavs showing that was net OK
STor Mutual, OF N York Atlantic w.tual, ofNY York.
atiss Mutual do Commercial Mutual do.
New York Mutual, DO. Mercantile Mutual, do
,.tjgacton Of this Department that they take fire
aks contemplated by the act Of 1883 and which not
ssunected with their marine risks
II Sun Mutual Insurance Company OF New York, do
g business under special charter containing the pro-
vions referred 10 above have furnished the Comptrol
er in lieu of the statement affidavit Of the secretary
Of the company, that the company have taken fire
risks this State for the year ending the LIST January
last This IL deemed satisfactory return by this office.
The Chautauuue Mutual Insurance Companys statement
was received after the LIST instant and not included in
the schedule no list Of premium notes was returned by
that company.
The following companies closing their business and
take additional risks-
Etna Mutual Insurance Company, Utica Oneida Co.
Agricultural Mutual Insurance Company, lie Roy JET
ferson Co. -
.Aneghany Mutual Insurance Company, Angelica, Ale
ghany Co.
Cayuga Mutual Insurance Company, Auburn, cayugs
Chautauque Co.
Franklin Mutual Insurance Company Saratoga Springs
Hudson River Mutual Insurance Company, Wa.eriof'
Peoples Mutual Insurance Company, Ulster Co.
Rochester Mutual Insurance Company, kochester'
Unadilla Mutual Insurance Company. -.
Metropolitan Mutual Insurance company, for' riain'
Montgomery Co. ...
Clinton and Essex Mutual, Keesevlle Essex Co.
Genesee Mutual, lie Roy, Genesee Co
Herkmer Mutual. Little Falls, Herkimer Co.
Nerchants' Mutual Buffalo, Erie Co.
New York Protection, Rome, Oneida Co.
The following companies have made no statement to
this Office required by the law of 1852 and the Comp
aroller has knowledge of their affairs or business
Columbian, Amsterdam, Montgomery Co.
Fireman,s Mutual, Rochester, Monroe Co.
Union Mutual Fort Plain, Montgomery Co.
City Fire, Rochester, Monroe Co.
The following companies, viz.--Franklin County Mu-
tual Malone; Kingston Mutual, Kingston; Monroe Coun-
Mutual rochester . New Yorn Jy M Mn.Sai fo New
ing question in the blank statement sent to each Of the
companies, vz'-"Give the names OF the makers, the
held capital and let the same accompany this state
ment ~
pany, says -
The establishment of joint stock, proprietary in
surance companies they originally named, is of
comparative recent date in this State, and, may say,
country. This description of business was originally
confined to individuals the of underwriters
Tho formation Of the individuals engaged in this pur-
suit into joint stock companies began in this State about
the year 1900 by special One object to be OBJ
tanned by the corporators undoubtedly to escape
the individual liability under which they aoored in this
method of prosecuting the business, previous to that
time another the commerce and wealth OF the coun-
try increased the demand for assurance as was then
termed, became extensive that it in measure com
PEELED system of assocating capital in such manner
as to allow those of smaller to combine with the
engaged in this pursuit. and participate in
the profits of the Transactions while It relieved both par
ties that would be runous by combining 1T to
associated.
with limited of capital which, when once lost,
leaves remedy for the party whose property Is in
sured, if loss takes place, cannot be viewed in any
ether light (based all insurance is upon the doctrine
of chances,) than simply comforting an unlimited
power to make money without corresponding liabilities
on the part of the corporatorsn other words to lay
wager with individuals who choose to make one to an
aggregated amount, upon contingency which may
arise viz a loss upon the property insured which is
entirely unlimited and without reference to the amount
for which the corporaors were liable in their associated
capacity This system was considered SO sure as an IN
t1,n dpnfr;n ff has
rience being favor of the corporatorsthat they be-
reduced, in the opinion of capitalists, almost to
State gave evidence Of this belief by directing trust
money be invested in the stocks of fire insurance
Of being found safe and prudent investment of capital
much that the insured began to evnce desire to
participate in the profits of system TO whose prosper
ty they the only contributors, by forming what
we're called s'mutual insurance companies
The first shock, rather it may be called the entire
destruction that took place in the safety and say
entire security felt by the capitalists in their invest
1sents in this class Of property produced by the
great fire. as it was well called which took place in New
Frustrated the then existing companies in that
city, with scarcely an exceptions and in night swept
from them their entire capital and included in the wreck
the accumulated profits of years well involving in
viduals in immense losses who were insured by them
country literally stood aghast at the destruction of
porate as well individual wealth., and a capitalist
learned for the first time that the business of insurance
was that liable to loss in night, that might
reach and destroy millions of even associated capital
There hardly county IN the state on whicn the loss
of that capital not severely felt The destruction
by that FIRE immense and the disaster so over
whelming in its results, that it became matter of
rious embarrassment to procure Insurance. at in
creased rates. upon the property that the flames had
spared, and to supply the additional amount required
by the failure Of the company produced by it, II true
that charters granted by the Legislature of
1885 with liberal hand, and those Of proprietary
JOINT stock description thus created with great diff
Hculty filled up. Capital had taken the alarm, and
could be made Immediately available until time bad
mellowed the remembrance Of that terrible nction 1t
was in my opinion, of the principal causes, from
the difficulties arising, and the effects produced in this
State by that fire, which led to the extensive formation
of mutual insurance companies in the interior counties
of this State As evidence of this look at the legs
laon Immediately previous and after that event During
the sitting of the Legislature in the winter Of 1885 but
five insurance companies chartered Of which
two only companies, and the others were re-
newals Of their privileges One of these companieshe
. Washington County Mutual, think-was the second
mutual company chartered by this State The winter Of
1886, Immediately following the great fire in New York,
f-sver fifty companies Chartered one half of
i which were mutual companies.
Stock Exchange.
TuAsDAY March 81, 1854.
o050O Ind State SIS 1Ol 1000 shs Par CT Cos3 TX
5000 Penn 5'ss10 % $50 Penn IL u o.b3 az