The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-05-06

CITY II X N 3.
The KniclerbocISer Insurance Company.
The following report has been issued in reference
TO the affairs Of ths Company
Pursuant to the authority vested in me by law
and in accordance with an intention expressed in
my annual report of 1870 to the Legislature OF this
State have made and caused to be made certain
examinations into the affairs and condition Of seve-
raj OF the Insurance companies doing business in
this State.
In the month OF November, 1870, an examination
of the boekb accounts assets, and general cOndi-
zion OF the Knickerbocker Life Insurance Company
Of New York was instituted. That examination
has just been completed, and although in the an
nual report referred to it was distinctly announced
that "tt need not be considered as an imputaton
upon the standing Of any company that it is under
examin nation," still, it is claimed that effort
has been made to the fact OF the protracted in
vestgation this case to the disadvantage OF the
company deem it due to the company and also
to the public to make report OF the result OF such
examination
The examination was not made in consequence Of
any specific charges against the company its
management, but in accordance with the general
intention above referred to.
The Knickerbocker was organized in 1858, upon
capital OF S10e90e, and for the first ten years its
progress was slow. Since 1868, however, its busi-
ness has rapidly increased until, as appears by the
annual statement OF the condition OF the company,
December 81, 1869, it had outstanding 22o7s poll
cies, insurng the OF SOC 439 with aggregate
assets OF S6,6se,o65, and aggregate liabilities of
s6,ssO7O1.
There were but three companies organized under
the laws of New York which reported a larger
amount OF business done assets. The
business OF the company was done on the mote"
plan and consequently quite large portion OF its
assets consisted of premium notes.
1t had been intimated that note companies were
quite careless in regard to the accuracy of the state
nfn hat Frna In
cluded among the assets which were, in fact, given
for premiums upon policies not in force, and hence
Of no value.
The Knckerbocker being a leading note COM
pany, it was thought best to make, at as early
date as practicable, thorough investigation OF all
Its affairs, with a view to settling this and other
questions, at least so far that company was con-
cerned
The examination made has been most extensive
and exhaustive. All the notes, amounting in the
aggregate to over $4,000 in number, have been sepa
rately examined full list made and compared with
the entries in the books and they have, without
ception, been found to be notes given upon policies
in force. All the other assets and accounts OF the
company nave also been subjected to the closest
scrG tiny, and quite large amounts standing upon
the books against agents have been dlsallowed from
which the company will no doubt be able ultimately
to realize, but which OF uncertain value as
to prevent their being allowed in my estimate Of the
condition of the company.
Notwithstanding the thorough sitting to which
the assets OF the company have been subjected,
however, am happy to be able to Vate that they
amounted on the first day OF January, 1871, to the
sum OF $40 973S5 while the liabilities, including
fund and capital stock, amounted to seS44,-
99628, leaving surplus Of assets all liabilities
of s176,97759. This surplus, however would be in
creased to $780, 662S4 by including the amounts dis
allowed, as above stated, which are claimed by the
company to be valid and available assets, thus show
ing the company to be entirely solvent and entitled
to the confidence Of its poIcy-helders and the
public.
1t affords me much pleasure, also to be able to
state that the Company has adopted the policy Of
as rapidly as possible, abandoning the "note' sys-
TEN and efrecting insurances upon the all-cash
basis, and that with this and other improved me-
thods Of business adopted, and the extensive bus-
ness already established, the Company has every
prospect OF continued success.
Complaints have been made against this as well
as other companies, OF want OF fairness and libe-
rality towards policyhoders but far the facts
appear, from my Investigation, 1 find that the
Knickerbocker has honoraby and promptly met
and discharged all legitimate claims, the gross
sum paid for such claims upon policies since its
organization amounting to s2,ssl, ,s49S6, besides
dividends paid to policy-holders amounting to $685.,
424'S5
In view Of all the facts disclosed, feel warranted
In saying that the Company is entitled to public
fdence. GEORGE w. MILLER,
Superintendent Insurance Department State of New
York.