Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1858-02-18
DIR 9ailg Sqp.
THURsDAY. FEBRUARY Is. 1858.


Insurance. Com missiOners' Report.
The third annual report OF the Insurance Com
nissioners, which was presented to the Legisla.
ture on Tuesday, forms, with the appendix, a
document of two hundred and seventy two pages.
The commissioners state that many of the insur-
ance companies have apparently suffered great
losses during the past year. from the depreciation
in the market value of their stock, consequent
upon the great financial embarrassment, but this
suffering, they say, is to great extent only ap-
parent aud not real. They observe that Within
the last three years there has been manifest
Improvement in the business OF insurance IN thas
State arising from greater interest taken IN the
inject By the community, and from better rates
of premium paid for insurance. There was at
risk in FIRE. marine, and life insurance companies
chartered by this Commonwealth, on the first day
of November, 1857, the sum of S525, DDS, 800 The
amount Of fire losses paid by companies incor-
porated in this State for the year ending October
81, 1857, was S97S, 1881 70, and the amount of ma
rne losses paid for the period 50 &02 62S 49,
The fourteen mutual marine and mutual fire and
marine companies in the State paid the following
losses during the year ending as above stated -
fire losses $685. 80, marine losses S2,O5l SIS AZ,
total 80. O59, $50 70.
In regard to Mutual Fire Insurance Compa-
MES" the commissioners report a growing
change for the better during the year past. The
sixty-nine Mutual Fire Insurance Companies
which have reported this year have paid losses
during tho year amounting to SAT- S54.
OF the IL fe Insurance Companies" incorpora-
ted by this State. the report says their condition
and conduct "are such as to merit most fully the
confidence and support of the public"
Considerable space is devoted to the subject oil
"Foreign Insurance Companies" The commits
sioners have taken much palms. by strict con-
struction of the law, to protect the community
from the imposition of bogus companies which at.
tempt to establish agencies here.
The amount of foreign insurance effected by le-
gal agents in this State during the year ending
October 81 according to their returns, was $685.
07S,505, of which g2S 1913, l55 was on fire and ma
rne risks, and S6,2S5, $50 on life risks. The
amount of premiums received by the agents Tor
the same time was S6Il ,424. The amount Of
State tax paid by the companies they represent
was SlS0S. The commissioners believe that this
is not by any means the extent ofthe business
nually transacted by foreign companies in this
State, owing to the evasion ofthe responsibility of
agency before alluded to
The commissioners believe it would be for the
interest of the State to provide by law that all in
fractions of the laws relating to insurance by
agents of foreign companies doing business in
this State, as well as delays in making the annu.
al returns, should be prosecuted by the COM
missioners, inasmuch under the present sys.
TEN great deal of delay ensues IN these matters.
The following foreign insurance companies hay
ing failed to comply with the laws of the State,
have been notified to discontinue business here,
and consequently, if acting at all, they are doing
SO illegally; Bridgeport Fire and Marine of
Bridgeport, Conn. Great Western ofNew York;
Mercantile Mutual Of New York end Phenix Of
Hartford, Conn.
In addition to the full returns of the various
companies, there is appended to the report an alb
stract of the same, by means of which the condi.
tion of each institution is briefly and clearly set
forth. OF the Worcester companies we obtain
therefrom the following statistics, which may be
interesting to our readers
The Worcester Mutual Fire Insurance Compa.
ny has out policies insurng Sl4,S5l, 554, and has
received in cash as premiums therefor S207, 737.
and 81, O3S,67l in notes. This company has 552
shares of bank stock, $500 in Fitchburg and
Worcester Railroad bonds, Sl04, 592in notes, and
S3l09 in cash--in all Sl64, 4Ol. During the past
year it has paid Sll69S for LOSSES S22 525 in div.
idends, and SS66S for expenses, taxes, and COM
missions; and received in cash for premiums
SS6,92O, besides Sl47,6Sl in notes, and S976l 70
interest and dividends
The Peoples Office has s4,36S, IFS at risk 1t
has S7l,OS2 invested in mortgage, S59, 0lS on
personal property, S5,226 in bonds and stock of
the Nashua Railroad, S27,329 in real estate,
Sl7,S44 in cash, and 1881 in the hands of
agents-in all, SlS5,S45. 1t has lost SIS, 814 by
fires during the past year, and paid 1852 for
dividends, S4,499 for expenses of Office, and
g3,l02 for commissions. Its receipts for risks
have been S67, 259 and put gSS, 7S3 to credit of
profit and loss account.
The Merchants and Farmers Mutual Office
has insured S7,94S,S4l, and received therefor in
cash $685. l45, besides notes amounting to S279-
4S5. It has lOS shares of bank stock, $500
loaned on real estate, $50, 697 on personal secur
ity, 1854 on hand in cash, and 81, 843 in the
hands Of agents-in all, SS2OS4 During the
year it has paid losses to the amount of 800 1927.
and received SS7;s6l for risks commenced.
The Mechanics Mutual Fire Insurance Com.
pany, which is not stock company, has 81. $751;.
02O insured amongthe manufactures, and $685.
23O among the mechanics. During the year it
has paid 81, 625 for losses, 1886 in dividends,
and S4,l55 for expenses and commissions. Its
assets at the time Of the report were so shares of
City Bank, an acceptance of Farnham, Kirkham.
Co., for $4,000, and three notes to the amount
Of S2,7SS, and g2,26l in cash.
The State Mutual Life Insurance Company has
life policies out amounting to 1852 8OS, and as
sets amounting to 1921, 1854, of which latter sum
$4,000 issA bank stock, glO1 ,l25 loaned on real
estate, SS7, 800 on personal property, and SlO7,-
9S7 on personal security. 1t has received during
the past year S46.5s5 in cash, and $40 9Ss for
interest.
VINO STRUCK Mr.. KErTT s--The Southern
newspapers are endeayoring to shroud the solu.