The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-02-05

The Sun Scripholders Forward Their Report
to AIbany-ProbabIe Action Of the Commits

The san scriphoIders Forward Their Report
10 Aibany-Probabie Action Of the Commits
sioner, &c.
In Wall street Yesterday the question Of the liabilities
and the prospects Of marine insurance companies.
although s the engrossng topic OF conversation did
not create such an excitement as on last FRIDAY
and Saturday. Yet this tranquility was by no means
owing any favorable received or hopes ceated
II mainly the fact that the statements oil all
the corporations now lie In the Insurance Bureau al
Albany, awaiting examination, and until the result OF
this be made known II Is by means improbable that
longer, until thew receive sentence which win either
enable them 10 continue business or WIND up tne'r
adairA r.fttY ~,
II u stated very good authority that the scrip hold
ers Of the Sun Insurance Company determined 70
auded % a their meeting Saturday, 10 Mr. Barnes
Insurance. Commissioner ~ Albany. Nso there cannot
the an ' would inevitably be- "wouna up is ma.sr
OF certainty that "a supposng there was such an instr
tuition really in exstence Al the present moment for 70
quote the commercial language made use Of by prom
nent merchant yesterday That company has gone up"
That the calamity predicted by It's friends succeed s
By no means event which In the present depressed
state Of trade would any great surprise to those
who have closely and carefully studied the markets for
vrRR INSURANCE COMPANIES
Some Of these corporatious are already making ar
rangcments u close up their books Immediately and
retrr from the business This action n perfectly
straightforward and legitimate the directors that
hy Vii susnps ,ds Hs Il
other companies and withdraw from an undertaking
~ ns p Sos m Pc
herewith Il is understood tina. the National Board OF
Underwriters has called meeting Of its members, TO
DO held in this city some time this month. ai i4
TER STOCKHOLDERS or TUX COLUMBIAN .nN4
II also stated that the receivers OF the Columbian
Insurance Company, which failed January %, 1885,
holders who received dividend OF three and q
half per cent upon their shares few weeks before
| assets not sufficient to meet the claims Of
the insured and that the company then being insoven
the stockholders had no right 70 dividend. Some OF
the stockholders who purchased shares the company
after the dividend OF January |, 1866 claim that II law
complaints against the trustees So stands difficulty
the settlement OF which will most likely not be accom
pshed until the lawyers both sides have poceted
very fair share Of the funds belonging 10 both Sides
The following letter if Rom 2s known authority on
| assurances has been received
TO THE EDITOR or THE HERALD.
| hMM bHe NEw YORK, Feb 8, 1867
In your leading article in this days paper The
Insurance Company Excitemsnt you say that many Q,
representatives Of this portion Of the capital OF the
company" It may be necessary 70 understand that the
! Sun had no capital The mutual marine companies OF
New York started by subscription OF notes Of mer
chants shipowner &c, given in advance Of and on
account OF premium for insurance to be takcn by
the makers OF the notes Premiums have been charged
by mutual marines such high rates leave under
ond Of .Se year and that Is called pro BUT shs
profit 10 retained by the companies generally until
million dollars is accumulated and against this or repre-
senting IT, scrip ia issued to the customers On this
scrip interest has been generally paid 1t per cent per
annum, and when the accumulatons warranted IL the
sf coS Sss
par in the market I price was graded BY ,s age and
e% D g p ss A. 0
Investment the ofoes Of the larger companies have
derived good income. from percsns.ss OF SHARE aowed
bave Ssen sssscf sewsrl s6sa in tSe mu.aais a6d
mutual e. GsE o:sa s ssss. % s
oats dd no. Keep up an aasosoa fuasssa sssss
Yen further remark, aany pessons believe thas the
o sss s6s marines
The capitals all the insurance companies OF NsW YORK
w q our SAT- makes % sns
| commencement Of business When the reserves and
80 q scss are - IN
i instead Of public ccnsure. .s EXPERT.
So ADDITIONAL Rnx on mos sHra $40 4,
l Al tme whom our insurance companies are suffering
90 serouslY from marine disasters everything relating
70 the building Of amps must comnand especial nssre
Gently held in Liverpool attention called 70 the
iect whom h was stated that risks on IRON ships
.ss % e $ ss use
constructed 70 noat on rather than Ia the watsr
ana oon.equsa.y they nae 2 . wsghssd down .
tain depAh BY iron For instance, af csass merchants
4 ss q e: s "a 'S ss .psss
too occupied by iron ballast u VS. urged nled the
l epAos which would otherwiae 30 occupied By
The leakage water and the water thus forced % undue
s wa. .sss.a E \ 1 s
nendsda that sll iron ships should carry = compass
twenty feet above the deck 90 the mainmasl fhe
aloWaaco made BY masters FOR these dsviatops was
said, was not nearly suaAceaI Il was urged that
another great OF risk attributable 70 the fact
that young and nsxpsreuced commanders allowed
70 have tho command Of vesee and thai old and eApe
rieaced masters wore not su1cientiy encouraged t
was aso recommended that NOT only shoad more
DO taken with the compesees but that the Instructions
with regard 10 the Of the lead should be very Strict
and that uadc-wres and sh!powners should endoavor
70 show their appreciation Of careful and experienced
| navigation.
n II be true alleged that the sorphoders or the
"6un have Forwarded their report 70 NJ. Burns the
public may look forward TO a speedy settlement one
way the other the claims OF scrphodcrs and the
decision Of the commission the legality OF the course
pursued by the directors and the verac,;y OF the state
ments they have laid before the people.