The New York herald., 1867-02-03
Linda. Hingslcy 4 Co.,


and the second was again read snd submitted 10 the
meeting for discussion.
resolution the ground that IL little premature
IL woud be quite time to call in Mr. Barnes assistance
when something was positively discovered demanding
his cotton
gentleman interrupted tho speaker by observing that
the report mads yesterday morning by the sun Mutual
Insurance Company differed widely from that pre-
scnted by them the 3lsf of December 1856 that he
thought there vas ample ground for submitting the
whole matter to Insurance Superintendent Barnes On
the 3lst OF December 1865 the trrs of
this institution made public statement which showed
accumulation Of profits to that day OF sl.25O, 600
they issued statement precisely like the previous ons
in which they represented that the net premiums the
year lSbo were 81 1922 80 making the total assets
amount 10 So 370,a22. Az the same time there
statement Of losses for 1865 inclusive Of expenses and
sums pad for ressuance Of 81 500 407 leaving margin
Of $50S 9l5 They had good right take that
nen a basis OF action n subsequent since they
might come ont at three O'Clock that afternoon This
statement supported and fortified the statements made
by The officers OF the company in reply to some SCRIP
holders IN December to the effect that they had sub
sianta margin Of Ss00.000 and that of later period
made up from figures in the Office, Of 100000
s500,oo0. Yet they told that their scrip WAS
all 10 be wiped out Under sucn circumstances was
emneny proper that the Superintendent OF the Insur-
ance Department. should be made aware Of the fac,s
The nrst speaker, in renewing his remarks said that
IL was perhaps known TO most present that he
practical average aajnstcr IL had been his lot to so
INTO them somewhas deeply. The gentleman who last
spoke bad made some statements, not wilfuly OF
The statement Cf the company that they had paid
certain gum Tor losses but they did not state that those
were The total losses for the year He believed that
none or the Insurance companies, not that great
fnwer OF strength at the corner OF the street. published
foli and exact statements n their losses hey
Dot required BY their charter 10 do The Mutual
Insurance Company the close Of year. that
they had paid 10 1866 for losses $2,s6s,s07 IA,
ally earned was only s2,isc'se2 90 fs THIS 'iS left
dc6cit OF &7s6,0s5 rhe company went on
70 70 .cso sass ooo TIM. .,r sngad s o y losses amounted
published in the paper being in the hands Of the
panv are sabcci TO TWO three important liens
had deficiency OF S75o,000 money actually paid out
fhat money mad been paid and about $3.50 900 had
$3.50 GEO. which is the rst lien there s second lien. IN
the shape ~ losses which have yet he paid and which
AZ iar estimate amount to se5oo00. There is
fl,3oo000 Ia come out ol the &1qss. 600 The other
fse0 600 are nothing but unexpired premiums and will
be probably abrorbcd by the risks which the company
have contracted to carry. The last speaker laid en-
pbasis the fact that this statement includes
item OF reinsurance. and remarked that he
did no, believe the company. had renewed lis
risks That II has done 81, however any man
FOR lhmself by examining the Of the
pany Thus every dollar OF these assets is absorbed
The Kentlemsn stated that their building put down
at $4,000 Those hgurcs made before December
3l-made truthfuly and supposed to be correct The
s2coooo and Of conrse compelled take IL INTO
account when they made their statement the 3lst
They then put down the value OF their building at
$3.50 0O0 the very utpoSt estimate placed 10 bv
pers and stu found that they required every dollar ~
sr s-sets 10 meet their losses In December, knowing
that this company had large number of outstanding
risks, and that the failure OF the company would be
public calamity. the speaker asked Mr. Griunell
what ne intended To do 10 insure its ssbty
Mr. Grinnei replied that they getting up q new
cash capita. n order 10 enable tho
pany TO meet It's liabilities and carry on its
business He stated also that they had $3.50 900
than they needed 10 rssure their risks and upon that
statement the capital obtained But after she SUBJ
scrption obtained, and when the books of the CON-
pany closed up in regular shape they werc enabled
get accurate figures, and they made an exact
balance sheet of the ledger Of the company They then
found THAI putting Their assets at the highest dasre
they would have cent left ater they paid their
losses Had that been known before the 3ls Of Decem.
ber the company would probably have wound up its
siars But looking at the that forty millions of
dollars OF risks entrusted TO IT. the stockholders
unan mously felt that IL due 70 the community
70 New York 20 keep 10 In existence. When the
nouncemcnt nrst made every one was struck
specchless with CONSERVATION. No one undoubtedly
would haye subscribed the new capital II he
X ,d not supposed that the company were realty
~ rth $3.50 600 which sort Of guarantees for his
moN ey As last u was determined 20 cancel
The rip Certainly IL not 70 the interest to adopt
measn damaging credit unless ompellsd to do
At the time the speaker, who had subscribed, felt
vas cv. ent that the stock would have 70 assume
risks ao, 7ting $4,000 900, and that too, at the
ratio IN thero by the company snd which has re-
Gently been sin 70 be insufficient Bus the history OF
NC company hs' been one Of honor Q,oad laughter
ard shouts o' dension-I Yes gentlemen may
laugh, but its record hes BEEN cns q honor
and honesty, and We all felt thas ~ ooIlaJse
wouid be q pubhc< casmty 70 the city " New
York. and determih.d, ~ possible. TO keep