The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-09-16
Fraudulent Insurance Companies.
REPORT ON THE CONDITION OF THE NATIONAL E,

Casar's wife, cannot even be suspected
Fraudulent Insurance Companies.
REPORT ON THE CONDITION OF THE NATIONAL Ex.
CHANGE INSURANCE COMPANY.
New YORK CoMPTRoILER's OFFiT, l
ALBANY, Sept. l., 1855.
To TIE EDuoRs OF THE EVENING JOURNAL
William Barnes, ESD WIS vas, appointed on the Sth r o.
change Insurance Company of the city of New York
He hav reported to that the assets of said company
insufficient to Justify its continuance in business
deem my duty publish the report in accordance with
the oath section OF 466 of the Laws OF 1853 and
to place the in the hands of the Attorney General
for action thereon. You requested to publish the
same. JAS. M. COOK, Comptroller
Hon. JAMES NJ. Cook, Comptroller Of the State OF New
herewith submit for your consideration the evidence
taken by me- in Of your appointment relating
to the capital, securities and assets OF the National Elk
chs nge Insurance Company of the city Of New York and
the manner Of conducting its business.
This company published the notice of their intention TO
form corporation the 10th day OF September 1881.
On the 18th day Of November, 1854 their charter APP
proved by the Deputy Attorney General and commits sion
appointed to examine their capital the Goth
day of November Of the year. On the 10Th day OF
May 1855 the board Of commissioners reported their
pta Of $50 as paid in and possessed by the conpa
N.Y. in cash, deposited in the American Exchange Bank in
the city OF New York and the company commenced the
business of fire and inland navigation insurance join,
stock company az No. "A Wall street, and have issued
policies the premiums ON which amount to the sum Of
about $40 co., Losses have been incurred amounting 10
the sum of s2250 Of which 81 800 disputed by the
company.
1t will be by the testimony of George : coe Esq.
Cashier Of the American Exchange Bank that the 18th
day Of May 1859 the date OF the report OF the Board OF
Commissioners the OF $3.50 000 deposited 10 the
ced Of the company in said bank and that on the same
sum Of $50 0O0 drawn A copy of the account
OF the company with the bank is hereto annexed marked
sbeGule H. The facts Of the transaction we're that thu
company made an arrangement with broker in Wa !
street, whose examination is herewith Transmitted, by
which he agreed to lend them sl500O0 to be returned 10
day or two for the Of 80 900; that certified check
checks, under this agreement, deposited in the
American Exchange rank and the ban. issueda certii
cate, Of which the following is copy
TIE AMERICAN EXCHANGES BAss,l
Tho N,o,., p,o,.nro r NEW WOES, Yonk, Nay lsh ,s,
deposi'c IN This bank this day and 10 their Ill books
GEO. S. coz, Cashier.
being Saturday and the balance $50 900 was stunned
n Monday, the 2lst day of May.
The company, therefore, at the time of its organiza
ton was possessed of dollar of capital but the
contrary, was indebted to the amount Of $4,000 You
tary to the 18th day Of May and presented
tie Beard Of Commissioners, stating that the whole
amount of he stock had baen subscribed and paid Tor in
cash. iona fde and that the possessed by the
company and on deposite said bank, and that there
was no intention design 10 Withdraw The any
part Hereof except to be invested by the company in Its
corporate capacity and that they knew nothing ieo
paIdize the capital any part thereof in any
The present capital OF the company consists Of the fol
lowing itcms:-
Fix ponds and mort cages, executed by VIM. H. Clprl Ia
the company, on three blocks Colombia street, Il
The city Of Brooklyn, each being about 40 feet long ami
200 feet wide: two of said lots fronting Colombia AM
0's'go streets, and bounded the sides, by BY.
ant and Icreval streets and the other by igourney
and Pay Streets and the third lot fronrgo on Columbia
and H'cks streets, and bounded on the sides by Perci
-Four bords and mortgages executed BY Ferdinand
v Andit VS. 10 the company, on about siN acres
Of wocd land, in the Of Flatbush, the
Glove road adjoining the corporation limits Of
One bond and mortgage, executed by thomas ).
Hubbard to Lowrey D. Hart SO lots in New
Imk, between Seventh and Eighth avenues and
Nineiythrd and Niney-sevonth streets. 90 900
one bond and .oI morgase eSeensea ~ Robert NJ
20 acres Of land and slate mine thereon, in The
town OF Hoosick, Rensselaer, county 5000
one bond and mortgage, exeauted by Honore Gou-
let to The company, on lots Nos. 123 and 125. at
Greonpoint town Of Bushwick, Kings county. !. 5000
Two mortgages, executed by John X Stimson and
wife to the company, on four lots Third ave-
nue., on lity.fith and Tifty-six,h streets, New
York, bond executed by Francis H. Campbell. 300j
one S BY f. nn to me
village Of Canajoharic, Montgomery county bond
executed by Francis. II. Campbell. ..:.....: COO
One bond and mortgage executed by Henry X
ierson TO Vim. NJ Thomas, on house andlot 10
'cet front on Livingston street, Brooklyn ... 1000
One bond and mortgage executed by Joseph Tur
ner to Vim. NJ Thomas lot - feet front
Third avenue Brook NEUTRALITY-SUSPICIOUS.. 200
One bond and mortgage executed by VIM Denly 10
Wm NJ Thomas, on LOT - feet front on Third
avenue brooklyn. ACKNOWLEDGEMENTS. 200
One bond and mortgage executed BY BENZ Banks
to VIM. u. Thomas, on two lots 30 feet front
Eleventh street, Brooklyn. Observation-Disclosures. 22l
One bond and mortg.ge, executed by John R. Hurl-
but :, Winsow l.. Whiting, on lot 70 feet front
on Carlton avenue, Brooklyn. observation-disclosures. 100
One bond and mortgage, executed by Daniel d. KEEL
ley TO Winslow l.. Whiting, four lots fronting
on Union and President streets, 80 feet front,
one bond and MOI gage executed by Edison Osborn
and wife to the company on four lots 100 feet
front Fifteenth street, Brooklyn ......... 200
One bond and mortgage, executed by Samuel Dore-
mus to Edison Osborn, supposed to be on property
Cash on deposit With john Thompson 1000
~, go -
appears from the Presidents testimony tina the sum
OF $4,000 has been paid by, advanced for certain
persons on account Of stock to be issued to them and
that this money has been deposited to the credit of the
company with John Thompson, banker, and that
agreement had been made with Mr.. Thompson to loan
the to the stockholders aepositing the same n
such were the facts. IL would be an obvious evasion
the law; but according to Mr. Thompsons testimony,
the transaction was simply deposit by Mr.. Whiting q
his check as President, drawn blank Tor SIS 0oJ in
the following FORM
No: May IL, 1855.
thousand Sosrs ss wiSsIow l. wnfING
For this check the company received a credit the
books OF Mr. Thompson for SIS 0O0 and the check
held offset 70 the credit the books aud Mr..
Thompson denied all indebtedness To the company.
therefore consider and report that this item Of $eoo
fictitious and that the company not the OF
any sum Of money on deposit with John Thompson.
The six William II. Clark mortgages for $50 900
lots ed with water several feet in depth Bomp
jies Bompes Hook, Brooklyn The water at low tide
extends considerable distance north Of these lots to-
wards the city. Their location with respect to hiQh
water line can be found by reference to city man of
Brooklyn. The searches accompanying these mortgages
are not satisfactory evidence Of tte that there
prior liens encumbrances the premises IL ap-
pears by the assessment roll Of the Tv clh Of the
city Of Brooklyn, sworn 90 the eth day Of August
1855 by Ezra Baldwin and seventeen other assessors OF
that city, that the whole OF the morgagcd premises va
ued by majorty OF the at the aggregate sum
Of only s160 The assessors that they Hhave es
msed the value of said real estate at the sums which
the majority Of the have decided TO the full
and true value thereof and at which they would apprse
The same in payment Of just debt due from a solvent
debtor. These emses from their location have a On.
tngent and speculative value for commercial purposes
but in my opinion not worth at the present time over
the sum Of 81, 00O
The tour mortgages executed by Ferdinand L. Andrews
about six OF woodland, partly cut over on
the Glove road the Penitcnliary and adioininr
the division line OF the city Of Brooklyn and the town oil
fatbush Its surface Is irregular and uneven, but the
premises command very picturesque view of the sur
rounding country have not examined all the docu-
ments connected with this title but presume that the
title good and valid the search for is not
satisfactory. find that John Vanderbilt and others,
Assessors OF the town Of Fisbush for the year 1855
have estimated the value of cnchalf of the mortgaged
premises, assessed to DR. NaRcrveer, ut the Of
M