Morning journal and courier., 1885-01-09
Friday, January 9, 1885.
THE GOVERNORS MESSAGE.
CONCLUDED. FROM FIRST PAGE. l

this class of, investments 0 diminution dur ing the year to the extent of two hundred and twenty-eight thousand six hundred and ninety-one dollars and twenty-nine cents ($22S, ,691. .29).
 The amount invested in bank-stocks was six millions two hundred and twenty-five thousand nine hundred and sixty dollars ($6, 225, ,96O.
 The banks are represented to be sound and safe. The commissioners, however, still entertain the opinion, which they have re- peatedly expressed to the General Assembly, that such banks ought to be prohibited from investing any of their funds in notes not se- cured by mortgage other safe collateral se- curity, and that they ought not to be per mitted in future to purchase stock of na- tional banks -(espeeially of national banks located outside of this State), inasmuch as every share of such stock exposes the holder of it not only to the possible loss of the value of the share itself, but also to the danger of losing an additional sum equal to the par value of the share in the event of the failure of the bank by which the share was issued. Many of the savings banks have suffered, to some extent, during the past year by depreciation in the value of the stock held by them in one of the national banks of New York which fell into embarrassment and threatened with failure. Believing that the highest duty of savings bank is to keep it's funds invested safely, and that it should incur no unnecessary risk whatsoever for the sake of profit, fully concur with the commissioners in the opinions expressed by them upon the points to which allusion has just been made.
 INSURANCE.
 There are ten stock fire insurance compa- nies in the State. On the first day of Janu- ary, 1884, their paid up capital was ten mil lions eight hundred and one thousand and five hundred dollars (S10, ,S01 ,50O); their gross assets amounted to twenty-four mil lions two hundred and seventy thousand five hundred and forty-five dollars (S24, ,270, ,545) and their surplus above all liabilities was six millions six hundred and seventy-six thou sand five hundred and twenty-three dollars ($6, ,676, ,523).
 There are also seventeen mutual fire insur- ance companies, whose assets on the same date amounted to one million one hundred and ffty-one thousand six hundred and eighty-fve dollars (s1, ,151, ,6S5) and whose surplus over all liabilities was then eight hundred and fifty-four thousand seven hun dred and thirty-one dollars (a954, 73T.
 There are nine life insurance companies, whose gross assets on that date amounted to one hundred and nine millions. ffty-nine thousand six hundred and twenty-one dol lars ($109, ,059, ,621) and whose liabilities, ex- cept capital, were ninety-six millions one hundred and forty seven thousand five hun dred and seventy-seven dollars (S96, 147,- STD.
 The law relating to insurancesfn this State by companies of other States is very gener- ally and consistently violated. Stringent legislation seems to be required as means of compelling obedience to it. In his last report, the commissioner, referring to this matter, makes some statements of facts, ac- companied by forcible comments thereon, which ought not to be overlooked or lightly regarded.