The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-05-06

on STILL as Is claimed that an effort mas peen mace "
the investigation this case to the
disadvantage the company, the company.
and also to the public to make report result OF such
examination.
The examination not made In consequence OF any
specific charges against the Company its management but
with the general intention above referred to-
The KNICKERBoCKER was organized in 1853
capital 100000, and the first ten its progress
1863, however, its business had rapidly In
creased until as appears by the of the
condition Of Company December 81 1869, had out
standing 22c7s policies, nsurns the sum of Se6s9s43s,
with aggregate assets OF S6sss5 and aggregate liabilities
of s5,s6o7Ol.
but three organized under the laws
of New York which reported larger amount of business
done or more The of the company done
on the note' plan equenty quite large portion of
its assets consisted of premium notes.
1t had intmaed that companies quite
regard the o the statement of assets and
that notes frequently included among the assets which
were fact gwen policies no. In force
and hence OF value.
The KNICKERBoKER, being q leading note company, It
thought best 10 make at early date as practicable
thorough investigation OF All It's affairs, with view to
settling this and other questions, COM
pany concerned
The examination made has been most extensive and 81.
hausve All the notes, amounting in the aggregate
5000 in number, separately examined full list
made and compared with entries in the books and they
have whouexcepon been found to be given upon poll
ces in force All the company
have also been subjected the closest scrutiny, quite
large amounts standing upon the books against agents have
been disaowed, which the company will be
able ultimately realize, but which of uncertain
value as to prevent icing allowed my of the
condition OF the company.
Notwithstanding thorough sitting to which OF
the company have subjected however, happy to-
be able to state they amounted the first day
airy, 1871 to the OF 7,o1us73 CO. while the liabilities
including reserve fund capital stock amounted to
sss44sss 2s leaving surplus of assets all liabilities
of Sl75e7 90 This surplus, however would be increased
to 5oeoa 81 by inciudng e amounts disowed above
stated which are claimed by company be valid
available assets thus showing company to be entirely
solvent and to M confidence OF Its policy holders
and the public
-
1t affords much pleasure also to be able the
company adopted the policy of as rapidly possible
abandoning the system eecng assurances upon
the all cash basis and other improved
methods business adopted and the extensive business
already established the company has every prospec,
,inucd
Complaints been made against this well othes
companies, OF n want and libera,y toward
policy holders but far facts appear my in
vepa,ion ind that the Knickerbockcr has honorably
and promptly met discharged all legitimate claims, the
gross sum paid such claims upon policies oga
nizaon amounting to s2-ss,sss besides dividends paid
10 policy holders, amounting 10 sss5.424ss
In view OF the disclosed, feel saying
tina, the company is emitted public confidence.
GEORGE W. MILLER.
Superintendent Insurance Department. state New York.
KNlcK ERBoCRLR LIFE INSURANCE COMPANY OF
NEW YORK.
once i0i broadway.
Assets May !, ls7l"..... S75coooO 90
Annual ncomc 4o0O0C0 20,
Losses paid since organization Of company to
January 9SSls49 50
Dividends paid declaradto May 1871 l5sa4g7 IS
RATIO or EXPENSE TO
income Tess than any New YORK company excepting ous
BRANCH OFFICES AND GENERAL AGENCIES
.hroushou, the United States
ERAsrUs LYMAN, prcsiden.
GEORGE r sSTrrEN, Secretary
CHARLES NJ. HUBBARD, Ac.uary.
ELlzuR WRIGHT, Committing Actuary.
Dr. T. W. DERBY Consulting Physician
STACY A. PAxsON, Superintendent, 40