The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-24

sharcs TO day) for account Of whom IL may concern
so shares Columbian Marine ms CO., each. 500
202 shares Col lmban Marine Ins Co., each. 100
200 shares Columbian Marine Ins Co, each. 100
EsTiaArED MARINE LOSSES FoR 1865
II IL than probable that the increase in marine
losses for the year. compared with those OF any
equal length OF time within the past four years may
Columbian Marine Insurance Company and, taking this
view OF the case the following total Of the estimated
value OF losses for each month of 1865 will prove n,c
resting
1865 1895
January. 5000 900 July. ......... 1920 600
February ...... 673.000 August ..."..... 100000
March. ....... sa7 900 September ...... 100000
April. ......... $4,000 October. ....... 2,375o00
May ............ 10000 November go 900
June.......... 100000 December. 49,. 2 goo 600
Showing total loss o. $40 zss Ooo, distributed in graf
underwriters while q portion falls upon foreea I'M
haps the most disastrous to the marine insurina
rests which have been known for years. even Ii they
were ever approximated within the memory of marine
underwriters.
HISTORY OF THE SUSPENSION.
The law requires thai when the capital OF insurance
company is encroached upon TO the extent OF twenty
Ave per cent It must suspend Operations and go into qui
holders become Individually responsible FOR any claims
II is eiso required nv law that each company shall sub
init statement Of its condition the Legislature
nually before the 3lst CT January. Tho present
pany u compliance with this law, has been Engaged
preparing It's statement rough outline Of It's finances
at once Indicated that tbs heavy Losses 10 which the
company had boen subj ccted and which had during tho
past four months extracted some millions o, dollars from
ngs but had reduced the amount hand 20 less than
seventyvc per cent or the capital This fact became
until Monday afternoon they decided TO suspend
business further consultation resulted In call for
public meeting OF all the Stockholders al three o'clock
this Afternoon, vixen the alternative viii be presented 10
them either OF placing the affairs OF the company In tho
hands OF receiver for liquidation, or OF advancing
certain per cenago on The amount Of stock they hold 70
make good the margin between the present residue Of
The funds and the full amount OF the capital OF the per
ceniase thereof required by law
r8E CAUSES or THE FAILURE
Those who have paid the least attention TO the current
news OF the day must havo rcarked tho rcQucncy and
extent Of shpwrecs occurring during last fall and this
winter. The present company wss cosmopolitan Ia its
business and since the destruction Of shipping has
visited svcry cline its losses have been so much the
greater In fact the present year OF the most
noteworthy on record Tor marine disasters In
pany trsnsac~ng business extensively the coium.
bian the Vaccinations from month TO month between
losses and Coins not always accurately and ponedy
defined, aud hence, while month or two OF disaster
prctrae,ed through several months inquiry naturally
arose 90 the relation Of liabilities aud assets This
question The directors the present have settled by
the investigation OF the booss sad now their fusher
action Ia TO settle the alternatives mentioned above
40 ACTUAL LOSS TO IvsrRgRs.
II s asserted by the directors that they have susPsnded
owing to the twenty nve per cent deficit and such
the fsct win DO that actual loss happen 70
holders of policies csias against the company
the psynaen Of iksse claims reduces the treasury OF
capital OF he company below tho amount which the law
requires 70 be on hsod !, e ms latter rae. which
inability 10 pay ~ debts During yesterday m NJ 4
prominon, rich men were prompt in tfsir ofhx a
they seemed not 20 have lost Tick faith In Had been
d.iacaton the part N any OF the officers, loss
by dishonesty IN any manner, NJ DOUBT tAesc ohes
would have been reluctantly made; tu, me tcnea
occasioned ia tho legitimate transacton OF tR
me insurance OF v..s against desrustion or damage a.
feeling entertained that such loss was but
natural though under this circumstances Of the uavsra
w weather OF the r1s i've months an sncx
result winding up OF the a1s<s u the cenapany
At present situated would rcsuit serious los TO III
stockholders only.
THE AMOUNT OF LIABILITIES
The directors of the company eancs reficsBce 81 10
TIE asnsas of their condition, but ve resss hcrc
FOR thai the calculations are not ei yerhed OF nderd
perfected, statement for day two would b. only
approximate and u wrong might induce srpiclcn "
rndr these crccmances tho directors have decided 70
hold back from The pesany sanouncen OF TIE nsnres
vn ,hoy may DO accurately and definitely laid before
| The Following calculation anords means Of cstl-
| mating the isbiies Of the company =
Under the provisions Of ~ charter Is authorized 70
issuc sc millions stock. bnt tho amount paid IN ADD
constthtng the actual capital Is three and half mil
Hous twenty ave per cent OF Tits latter amoapt -
ss5booo 80 thai the loss caano, he less than that sum
dep assertions made yesterday that was only about
$40 900 We start from the beginning q isoi sith the
! company In 1884 the ne, earnings cf The compsny
were, IN round numbers 5000 ooo-sy giving The @os'
\ favorable explanation OF the problem above men
| toned aafing.to this two-thiris OF thai sum loI
the earnings during The FIR, eight months Of Ises
a
| mencee we have a total % one million dollars a.
| the earnngs sinoe the beginning Of 1884. Allow
ing si25 900 margin for The excess OF 70 beyond
the twenty i've per csnt 81 the capital sn5 adding
these agures gives the sum Of one million one hnndIes
and ttcnty.hse ihonganG dollars, which added 70 w
hass nr-f mentioned, OF fs1s 90 gives Total o. t~'
I nllons OF dosrs the lowest amount Of the ios-e
which have reduced the company 10 IL present srAI.
pRoBAsrLrrY or Rssusrrtor.
The meeting to-day will OF course consider INC fnea
ses necess.ry 10 resgmp ton OF operatonf u - IN
i.rtood nat those viii be Of such ns'ufe
| 70 secure that object.
4 Yo TINE splToR % rRB anRALp.
IN. announcement OF the failure Of ihi. company he
esr..d good deal of excitement smonz iss nu'nerou
share and scrip hoiers Only one nonin ago tz'u ~
eoub,r TIN. company advertised that they would pay
,s av,a,nd OF thro. and bali per cent on The "a
January on the capital stock A. The laws q 'bs 80
forbid any insurance company 70 msAe o, |. ,s,,
,h., capital unless " " intact with certain slrpi,
slso thls dividend Illegal, and may nave osen ma
n see.lyo the public and 10 cnAbls certain arg. sns
hier, "a szddle their stock on outsid-fA hr nsf
the superptsndeat 81 the lnsuIancs yel -
s,sta shoud have tsls<n charge o. ths company .yn
time ago and not have permitted " 10 make diF'oep
Q | when u was ipsolver. -. .o-.,,.
Q and il IL 10 be hcped tina, DO Will unmeo.A<y ~
worx 20 cartali all tho needless expenses thai ne can
eeonomy n exercised In the winding Up 0i ,ne sn1lts
| me oompany tho Stockholders msy ges v,nssnns
o ,hef shsrss ultimately, but the srps enufsiy Nor'
= iess The capital s'ock is $50 Ano "' s'"P
d fsZs 600 consisting OF three Issues, VIZ a..
q fe92.
| IsG.....................s IA;
1s9l :. ~.
Il me stock has bssn selling largely 9, auction 10y
1p,h lnss the last public sas made o. prices vsfy
rom = rrSs II SCRIP AND SHAREHOLDER