New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-03-08

but with different resultho officers OF the latter COM
pany promptly restoring 10 It's funds a mortgage OF
Sl2oOOO reported Ia the superintendent by his deputy,
lot e. be Ia tie lawful possession Of the company and
stricken 10y HIM rom s assets. That the Supcrntend-
MUTUAL Lic n,urauce Company the 3lst day Of May,
S1S. and delivered the same 10 the company and shat
gard 20 said company's condition The whole truth con
corning tle said comptnys condition Is contained m
-1li report Tint by IBIS management the said cOup9ny
was aN"d and iis assets secured 10 the policy holders,
a. was clearly SHOWN up"n the second examination OF
porl contained IN the Assembly Document No. 40, O;
TUE second examination 81 the affair. Of the Globe
hHidl Lie insurance COMPANY finished IN January,
l~19,ho %, surplus reporicdu the suuernteudrnra
VGrIous report had increased $4,000: and n sub
-rquent report Of the cuhpdnt shows thar there has
been paid cash to tue policy holders Of said ompany
az puy LCdrs for The year ending December 81, ISIS.
the amount Of Ss91oS9 IL. bong the payment ~ full
b. pollcy-hOlders; and much larger sum than would
have been paid to claimants IN the event
panyn failure. The undersigned respectfully refers Ia
tho Assembly DOCuu MT 40. AZ "a a complete
Nindcaiou 81 lis Official action in the matter Of that
company. The Supcrntendonts report was dulv made
the examination nad been concluded In this instance and
In tie manifest interest Of the policy The Superu
teudcut awaited himsefo the discretion reposed In him.
and decided to allow The COMPANY 10 make good assets
winch were doubtful. Among the asset claimed by the
company, but not admitted BY the Examiner
moltEaSe Tor $4,000 which, although undoubtedly
owned hy The company, not properly transferred to
have ,eemed To De- insolycIt a1nir'ine il anon thrr
pany were notified of the situation. ana promptly re-
sp0ndc securu. the mortgage in me most ample
ner and thus putting the company IpoT solid footing
again, To the great advantage of the polcyholdcr.
Iustfad Of pursuing this course, the superintendent
han published the examiners report, 10 would have
ended Ia the unno ceSeary Nreokng" o. The company
and Ia great loss 10 the pOicv-hO dcrs IL is wing
to tins That The Globe Mutual Le Insurance Company
il not oul not in the hands 81 receiver but that 1t is
fully able 10 discharge all ts Oohga ions t. its policy
holders AMI other creditors. IL answer the third
spcrhcation the Supcrmteni,n says he has never pd
any receiver or actuary. and has pad appraiser
tOru" since the Investigation OF lat session that
employees have been pad .cp the clerks In the Office
that no expenses o. Insurance examinations have been
fixed by the superintendent for any services per-
formed at his instance in any examination
commenced since tie Investigation OF last session.
The statute gives the superintendent power 10 regu
ate he Coupcns alton pad 10 IcuIiy, has the
undersigned since lie became superintendent ,cr-
titled 20. OF caused 10 be PAID, any bill receiver
actuty. The portion OF this specification referring
C. chdgcs upon which the senate has already passed,
he deems a. uHnoce,s AIRY TO allude tO.
In regard 10 tue fOU I'll specific ,tOn the Supermtcnd
cut says that the q vernon having Recommended tne
abolition OF the Insurance department the Superntend
cGt caused printed circular letter 10 be sent to each of
the l4 insurance companies, being all the companies
Of th state and foreign countries having posts here,
and AZ that time authorized 10 transact business. To
which all th- companies replied excepting tOur five.
That i -soHs those thus reply ing NNs ,nt CLIQUE.
JOIN r. SMYTH