The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-01-20

Of the Tontire Fire Insurance Company oca ed In the
dsvits ana csrcats of The appraisers as t. it's aosuat
fcaprsl and marked g.
IL Justice 70 hessts Miller, cAmorelling and Ca'rtgao
the appraisers appointed :" examine The cap al Of a
Ore Insurance companies frmiug in that city, tee add
hopal affidavit OF the President and Secretary Of that
company Ia annexed 70 the report
1t viii be observed that the affidavit ~ strong
language can make II, and the commissioners had
nnt to gait the company the eqaste cet,dcss
that it ssessed fucien' capital to mmsnce business
ss required BY law
Under presens Law this process bs repeated
often be prevailed upon 70 make such sfids-
Wits neither Is IL at ell surprising that thsy shoald be
made long as the lsw permits the formation OF c-
1urance the evidence Of whose capital
upon certificate Of deposit in bank, and "a affidavit
Of the parties Interested perpetratng the fraud.
There is not probably siugis membsr Of this Iegisls
ure that not acquanted with the tact that some q
bs immediate cnstuens have snferet pecuniary loss
by iDturancs companies either in paying pemidm TO
some worthless company for policy or one occasaoned
sSe o. Ss ano0y thereon
The evils srikipg from the present iystem must sad
viii be constantly .uemsntpg q sure as the sm3nns q
less The Legaturs viii pass an Insurance. lsw, for the
protection Of its inhabitants instead OF scch yearly
anne to the present as are suggested ~ their
ecers and agents interested in sustaining the preseot
system, and who surround legislative halls for that
purpose Ut each succeeding session III Ht
TIE failure OF insurance company falls upon por
ton of citizens with more crushing force thaG that
cOrpOT4UOu
The proceeds Of Mfe's labor swept aray BY the
misortunes Of single hour from citizen aud Is he
learns perhaps for the FIRST time that the laws Of
which he looked for protec from the very
ton Of insurance companies whose capacity to pay hs
loss consists in the profits OF the concern and that their
Sc mora are ernTy o which
The amount Of property at fire risks at tbs close OF the
yeas 1854 BY The joint stock companies in this Sats ID
located within it's boundaries $3.50 422 BAT 0 and
by mutual compsnies $63 orc 400 o. and BY companies
located in ober States, 800 r. Total amount at
The total premiums paid in cash the Insurance Of
property in this State that year &c. 48 TS ana
notes given for premiums, mot premium notes. $685.
The lcsscs which accrued companies Of this state
In process Of haniastion $500 80 and saa5 IL
are resisted from various causes.
mensy large tbat it would see@ that some additional
security should be furnished its citizens for the payment
OF their than that furnished by the present nsu
1t appears to the Comptroller that something more
Sc sven for ora q nearly per- snDa.
for insurance against loss or damage by fire ~ hs peo
amount capital in personal property transferable az
the will of the corporators not sufficient guarantee TO
chatter o. Of The laws Of 1851 s oemp.ne en-
gsged in the business OF Lie insurance In this State
compelled TO deposit with the Comptroller in securities
named In said act, equal to 100000 each to be
held in us for the security of policy holders in such
companies The provision applicable to
Punsr ~ POPeoAnS " IausaSs lao Uu sAroa
of life insurance in this state.
Tho object and intent Of that law was not that It a.
STATE but to settle the question that an actual capital
in possession, under the control Of each
surance company proposing to transact the business Of
This act amended In its application to foreign
such deposit to be made in the Office Of tie chief imam
cal officer of the State where such company located
TLese provisions are now in force as to life insurance
companies in this well those located In other Staea
transa citing business IN this
The operation Of this law has been attended with little
Inconvenience to the compaLe and the amount OF
securities now deposited In this Office are more than
Table exhibits the of the companies, and the
amount deposited by each.
The Comptroller would respectfully recommend TO tho
in department to te seated under the name Of the In.
Department. to be located In the State Hall at
joint sock insurance companies located within this
state In such securities authorized by section
cempsnies passed june Is isSs y
It is not presumed that sound solvent companies wiu
object to this arrangement as that proportion Of their
capital properly invested in accordance to law be
hello for their benefit by ucb department with all the
tae that arises from its actual possession by the COM
The expenditures Of such department could not ex-
coed Of cent upon tho capital Of the
joint stock companies In this State.
ihe same obligation resting upon foreign life insurance
ompanies proposing to Go business in this State should
other states OF the Union viz: deposit Of sscuri-
les q like kind and same amount IN the hands of the
before granting them certificate to transact busiDess In
This State.
II bafis Of this plan, Il should DO remarked IT, that
the mass Of the insurance business to be done in hs
State viii fall int, the hands joint stock companies. A
evcence that Is is result that reach
ed would call the attention Of the Legislature TO the
fact that The riks ia force in this by joint
sck eomDsnies Is before ss.'s s,s / sis and
The adoption OF this Plan would soon make the die.
rer CO more apparent.
MT pretended the part Of the Comptroller that
this plan afford entiie and undoubted lty to
the policy holder any mere tnan the general bank !sw
certainly indenes the holder Of bank btu IT'S adop-
,ion beyond doubt would prevent the formation Of frau
duent tmpabies and turr sh all reasonable security to
persons insuring property in this state
LIST INSURANCE COMPANIES yoRMED GENERAL LAWS
SINCE JANUARY l. 1855
Marine Insurance Companies organized under chapter 3o8
laws Of 1349.
Mas n O. zesa Sn r. B % ;ss4 s saS e.
Pacific Mutual ms. Co. do. Jan. s. 1855, 500 600
Great we,isrn ms. Co.. co. ssps 2s' 1855, 10000
under chapter Acc Of Laws Of 1863
Name. location Date Capital
p' r1, ms CO. Ssw Yos April April
SUI "a Fire Ins Co. Coopess Sept 2, 1854 600
We , Ere 70: g. Nsy York IA. e ls:s $1,000
Mech'cs Fire Ina. Co. do April 81, 1858 $50 900
Ton,ine TiIe les. Co. Go May 10, 1856 200 $50
Relief Fire ms Co.. do Dec. z, 1856 10000
The location OF the Susquehanns Fire Insurance C,m
has been charged to the CRY Of Albany by an act Of
tn. Legislature passed February II, 1855.
ccmu ssi.ne appoin ted to anime into the AZ
National Exchange five Of the shove named Are in
gu snce companies since their organization and they
have each passed into the hands Of receiver.
FIRE INSURANCE COMPANIES
OF other States Foreign Governments authorized
uucer the provisions Of chapter 1885, of Laws Of 1863
10 transact the business oinsuranos in this stste during
tfbA Insurance Co.. ................ Hartford, c.