The New York herald., 1879-03-04
The Life Insurance Companies.

We publish to-day another ccpious in
stalment of figures relating to the loans,
mortgages and valuations Of the life lnsur-
ance companies of this State. Like the in
stalnent which we printed yesterday, 1T
will cause great excitement and squirming
among the companies interested in proper
ton as it inspires distrust among the holders
OF life policies There will be infinite exer-
tions of ingenuity to parry the force OF
these figures and explain them away. All
we have to say in their defence is that they
are official. They nre careful transcripts
from tho records of the Insurance Depart
ment at Albany. If they arc Injurious
to the companies it is only because
the official records are injurious to the CON-
panies Our correspondent has merely
copied what he found in the books of the
Insurance Department. Any company
which ventures to assail them assails the
department and not our correspondent, who
has faithfully performed the humble clerical
duty OF making an exact transcript Of what
he found. 1t may be that these figures
need fuller explanation all that we claim
for them is that they are authentic. Even
if it could be shown that they are not au-
thentic that would not impeach the fidelity
of our correspondent, but the accuracy OF
the records kept by the Insurance Depart
ment. We do not ask either tho COM
panies or the policy holders to accept
his inferences from these records, but
we do vouch for him that he has
made correct copies. We submit these
official figures to the public judgment. We
leave them to such inferences or such ex-
plantations as the interested policy holders
and the interested companies may make. 1t
is impossible to doubt that these figures
were correct when they were entered in the
books of the Insurance Department. If the
state OF facts has altered since it is compe-
tent for the companies to show it. We do
not believe that there have been any
changes which can materially modify the
records which our correspondent has
transcribed. There may be instances-we
do not doubt that there are instances-in
which the mortgages have been paid,
wholly or in part; but these instances
are exceptions to the general rule. 1t
would be idle to parade them as breaking
the force Of, this vast mass of official statis-
tics. By far the greater part Of the mort
cages continue to stand in fnct as they
stand in the books Of the Insurance Depart
ment. With few insignificant exceptions
they remain undiminished, and, what is
worse, on large portion of them not even
the.interest has been paid.
We call attention to the quotations which
we print to-day from Deputy Superin-
tendent McCall's report on the affairs of the
Globe Company and the Knickerbocker
Company. That officer has not merely in
spected the books of the department but
has gone behind the figures and
investigated the subject Some of
this officers statements are quite
astounding. He sfirms that tho Globe
Company possesses, by foreclosures md
otherwise, one million dollars of real es-
tate, which yielded last year net income
of less than one per cent. He presents
specimens of the Investments Of this COM
pany which are quite amazing by their
improvidence and folly. We refer readers to
our Albany despatch for figures and particu-
lars. Deputy Superintendent McCall's ex-
Company is equally unsettling to minds
which retain any confidence in the COM
pany. We will not go into details; they are
furnished in abundance in our extracts
from the official report. Now, We have no
hesitation in asserting that the system is
so discreditable state of facts is possible.
There is necessity for IN unsparing inves-
tigation of the affairs Of oil the companies.
The sound ones have nothing to dread; the
rotten ones must not longer be permitted
to deceive and swindle the public.