New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-07-03

voKED BY SUPERINTENDENT sMYTH-AssETs
AND LGABMITTEs-LossEs By THE ST. JOHN FIRE.
fBr TELEGRAPH TO me TREgUHgl
ALBANY, July 1.-The st. John fire has eX
cited so much apprehension among NewYork pro-
pery-hodcrs that Superintendent of Smyth
and Mr.. Mccall, his deputy, have deemed II
necessary to investigate the Canadian companies
with view finding out their ability 10 pay
policies after meeting The requirements Of the disaster
at St John They returned from taeir Canadian tour
yesterday and stale that Company Is deficient
in except tAe ROYAL Canadian ana OF 1t they
reuort that ia asscts invested in Canada amount
10 .f22j,S33 dollars IL par value, and $ZJ2,O1@ at
market value, the most important among These being
stock in the Bank OF Montreal purchased at $4,000
which ia Row selling in the market q. S75,7S3, AID
Canadian Bank Of Commerce stoca bought at
100000, which sells az $4,000 in Tie market
rest the stock sells tlc below the market prices
aud the total stock ia par SIC SD and Iha:ct 2J2C73
TIE investments in Unired states Bonds arc s55O,OOo,
aud in Harlem aud NcwYoik Central Railroad bonds,
PAR. $4,000, and market value $4,000 The pre-
miuns IN course nj collection amount t. $l27,o)j
and other assels increase the amount to SIic647o.
The liabilities amount to 1907, POI, among them
being $lsI936 fer fire losses other than
b. the John fro which amount 70 SJlIO)O The SIT
parnicnt,n saJ that they found The books and accounts
" the company in perfect order; tat the oicera au
directors OF tie company Mo business men of good
standing and ilupeicd by the highest motives II honesty
bu, under The railing Of tIc Attorney neral he is com
PEELED to cyohe Us privilege Of CONDUCTING business IN
this state. It's certificate is consequently revoked.
ATTORNEY -General Tairchild HIS, in response to
n request Tor a legal opinion to the construction OF
the laws bearing tais subject decided that q ihc
sulrTiutcudents duty revoke the certificate gwen 10
any company not incorporated by the avs OF thus State
whenever, from examination, he shall CONE to the
conclusion that the Affairs OF sach
y In bi. duty 70 exclude
company when iias that its affairs in usound
condition. whether irom Impairment Of its homo CAPITAL
otherwise.
William r. Hughes, manager of the Royal
Canadian Insurance Company in this city, started Tor al
b ny yesterday afternoon confer with tie lrur;
Superintendent At the cilice OF the Company, No Isl
Broadway "a was stated tlat no aiGcos had been re-
cciyuI frot Canada yesterday beccase IL was Dominion
DAY aud al was suspended III Montreal The certificate
had been revoked owing 10 the loss which tic company
sustained at The -. John f.e, which
estimated at $27G.oG0. To meet the loss
Tie company ulede call Of FIVE per cent the stock
holders and ts amounted 20 100000 cali OF five per
cent had made previous 20 tue Gre, ana 100000
had been already paid that. The rorres natives
" the company at the Kew York Office, declared that
the conditions Of it's affairs IL this country perfectly
sound the assets being abon 100000, and tie liabilities
ua;y,,,u 500 GEO and 100000. There sufficient
funds "a v AL uuad tsed ana unpaid losses, AM 70 -
iusur. a the risks the United States. The condition
81 the company Ia Canada would nos ahtct tue poc'
ers hrce btcau-p. according 10 rae CHARTER no money
,uld be drawn Tie Gce IN tac tait'N States uhtli
al their policies here WEE re-inetrc or cane iiha ~
mi ever, claim was p5t in fu r. Uas eXpertet that per
iaisfon 10 do business ia is Stale would Oe renewed III
a few days.
The ROYAL Canadian Insurance Company was
organiz.d IN 1873. and according 10 rs asi annual T.
nor. 10 The Insurance Department 0f TINS STATE, IT,
i.id mn csritaI gas Sjg956j rs assets were SliZ0-
4i554 and hgbilitts, II ,@S5. 3j237: or Nafeh l.
s-- tbc t4Uauy requested - reduce its capital 10
-ie 600 3, - 10 leave its capital uuimparcd The
Cnu!uv - done large business 20 tLe OnliNd eattS
for several years, IT'S principal Once III TINS country "'e
IA tina city.