Year: 1871

new 10rk Notes.


I CBy our own Correspondent0


Most of us Gothamites were wofuly disap-


pointed that the census did not give us over a


million OF inhabitants. and disposed at frat to


think that our Uncles enumerators had missed


some figures somewhere. But we have pretty


much settled down into the belief that the folks


were not at home-that the million, like the


millionaire, has not come yet. And we see one


of the chief reasons why not We have no


adequate facilities for rapid and comfortable
transit to the upper end of the island, and so


the population Of all the neighboring cities and
villages grows out OF proportion TO ours. The


remedy is some sort of road on the Garth, or


above it or under it, that will transport us and


our wives and children rapidly and we'll Va
rious are the projects. little bit of pneu-


matte tunnel, winch proposes to blow us up
town, il only the leave of the Legislature can


be got, has already been constructed and is on


exhibition; but as yet its builders have the


right to carry freight only. 1t is by NO means


certain that such mole-like mode would sat


isfy the public, If the right to attempt carrying


passengers could be obtained. There is also


the very melancholy elevated railroad in Green
wich street and Seventh avenue, upon which n


steam dummy has lately been placed, and


from which the promoters expect great deal
But II has not begun to run yet, and it is very
doubtful whether people wiz extensively pat
ronize that way Of getting high. Another plan
proposes an elevated tunnel supported on iron
columns and arches, the cars to be propelled
by air; but we fear its projectors will not be


able to raise the wind necessary. The propo-
sal which looks most feasible however, and
which is most likely to be carried out SUGGEST
fully to practical result, is that the city shall
build the much needed road. Many people be-
lieye that to provide such necessary convent
ences for the use Of the citizens is a work pre-
eminently appropriate to be done by :he city.
and they point to the Croton Water Works and
Central Park as examples of the advantages
10 be derived from such improvements go
done. II is certain that several liberal charters
have been granted to private persons. many
of our most solid citizens among them, but of
all nothing has resulted; while no one doubts
that if the city should undertake the thing, 1t
would be done, and probably well done. And
lit we're well, 'twere done quickly"


Our new postoffice will be well done, no
doubt, but it won't be done quickly, if the past
is any criterion for the future. The world
moves, and so does the building. 1t is shame
that this great metropolis should be compelled
to use for its postoffice q thing of shreds and
patches, SO utterly unsuitable as its present
burrow : but we shall have 10 endure it, with
only the encouragement that the new one viii
be really first-class and worthy, whenever it is
completed.


Wehave lately been q good deal agitated on
the question Of the stability of our life insurance
companies. Our confidence has received rude
shock by the failure of two companies. which
have lately been wound up by our vigilant Su-
perintendent. In the case of the Great Western
there is no charge of dishonesty, but the assets
we're rot what they appeared to be- and could
not bo collected. The amount necessary to re-
insure the risks, or as it is called the reserve,
was not there; only the shadow of it remained.
Thousands OF persons whose families depend
upon the solvency of life insurance companies
for protection in the event Of the death of the
breadwinner, are anxiously asking how far this
weakness extends. II two companies fail, why
may not others II the Great Western. which
had nomInally sufficient reserve, proved not
really to have it, how are we to be sure that
any company has what it processes to have
This Is fair question, aud entitled to fair
answer. Happily there is way in which it can
be satisfactorily answered. The system of
State deposits and State registration fully meets
this question, and removes all doubts. Other
companies NAV be, and doubtless many are, safe
and sound, but registration company must
be. Why? Because they deposit with the In
surance Department at Albany the entire sum
necessary to meet their liabilities to their pol
icy holders that is, the amount necessary to
reinsure their riske or the reserve" This
Preserve" is calculated by the Department
according to the law which was originally
passed at the suggestion of Mr.. N. II. Morgan,
President Of the North American Life Insur-
ance Co., to whose saSacity and love of justice
we owe the Registration System, and the de-
posits to meet il can only be made in bonds
and mortgages. and State, and United States
stocks, the former of which must be approved
by the Department. The law provides for the
keeping of these securities in such manner
that it is almost an impossibility that they
should ever be stolen. and certain that
the thief could make no use of them if any
one should by any possibility ignorantly steal
them. Under this system there can be no
doubtful or bogus items in the reserve, and
the reserve is the citadel of life insurance
when that is safe, all is safe; when that is lost,
all is lost


The policy holders of the North America Life
Insurance Company know not only that the
trustees who have charge of the funds which
they have devoted to the protection OF their
loved ones are honest, but that they have cho-
sen to demonstrate to all the world that they
are So by putting IL out oftheir pooer 10 be 9th
eI-,cise. This final crowning glory Of life in
surance entities such n company to be called
the safest financial institution in existence.


There can be no fears or doubts about it;
probably most, if not all companies, will soon
er or later be forced to initiate the North
America meanwhile all honor to the origina-
tor and pioneer.


There Is also a curious state of things in the
fire insurance business, but / have already
spun out this letter to such length that
must reserve that for another time.