New-York tribune., 1889-12-25
EXAMINING An INSURANCE COMPANY.
AN INSPECTOR VISITS TIRE MUTUAL FIRE-THE
SURPLUS SAID TO BE SATISFACTORY.

AN INSPECTOR VISITS TIRE MUTUAL FIRE-THE
SURPLUS SAID TO BE SATISFACTORY.
The examiners of the Insurance Department have
habit of dropping in Unexpectedly and examining the
accounts of any insurance company, and the number
of heavy losses in New England recently has caused
the officers of the department to go on the lookout
companies which have not so large a surplus they
ought 10 have. About ten days ago Michael shannon
the inspector for this city, dropped in at the Office of
the Mutual Fire Insurance Company at No 155 Broad
way and began examination of the company's
affairs The examination completed yesterday
and the report sent to the Department at Albany
Just what the condition Of the company is has not
made known but il is considered to be abundantlv
able to pay all it owes. Mr.. shannon seen by
Tribune reporter at his home. No $50 seventh ave-
last evening and he said that the result of his examna
tion had been reported to r. A. Maxwell. the super
intendent of the Insurance Department at Albany.
Mr.. shannon said that he not at liberty to tell
Just what the condition of the company until Mr.
Maxwell had the report, which had been sent to
him. but he told the reporter that the company was
abundantly able to pay everything it owed
Joseph c. Hattie, the secretary Of the company. was
also seen at his home, No. 461 Lenox-ave. He said
that did not know what the report Of the inspector
would show. but he knew that the company would
have surplus of from $4,000 TO $3.50 900 when the
annual report made up, the first of the year
lie felt assured he declared, that the Inspectors
report concerned only the question of how much
the surplus would be. and not whether 1t would
show surplus on hand or not.
Philander B. Armstrong, Of No. l55 Broadway
president of the Mutual Fire Insurance Company was
seen at his home. No. 1,1s9 Dean-st Brooklyn, last
night He said Ny three companies have just paid
aggregate losses in Boston of S16 o00 the last $4,000
having been paid by check to-day. The proportion OF
losses divided between the three companies was in the
ratio of 95 so and % An examination was made to-
day by the Insurance Department and the result
showed fair surplus that must be legitimately
credited to the Fire Association and Mutual Com
panies. Our capital is as follows Mutual, 81 400
900 Fire Association, S65O,OOO: Armstrong
$4,000 / have prepared elaborate report
which will be submitted on Thursday to JOINT board
Of the three companies. and that report am confident
will create profound sensation in insurance circles
| am aware that our companies are called pirate
companies but nevertheless believe TINS forth-
coming report will be the best paper ever lsned on
ire losses You will understand that this action on
our part grown ont of the claims and charger OF
Bamberger, Blume & Co., Of Louisville, Ky. They
claimed loss Of 800 Ooo and have settled with other
Companies on basis of 1866. 900 loss. With our COM
panes firm had an insurance of $4,000 MY
report viii show that in every way an EFFORT was mace
to make the loss appear as large as possible"