Imagens das páginas
PDF
ePub

of the legislative assembly, at its last session, to investigate the affairs of the Wisconsin Marine and Fire Insr ance Company, have attended to the duties assigned them, and report:

That in accordance with the provisions of the joint resolution of the two bouses, passed April 17, 1843, the committee appointed the 15th day of Juue last, on which to meet at Milwaukee and enter upon the duties assigned them. Accordingly, the member of the committee on the part of the house repaired to the place appointed, when he received a note from his colleague, informing that his health was such as to prevent him frorn attending to the duties of the appointment, and advising the attending member to proceed with the investigation without him.

Under these circumstances, the committee on the part of the house was in doubt how to proceed. To proceed alone in the examination, inasmuch as it involved questions of law, he was aware was assuming a weight of responsibility which a single member of the committee might enter upon with reluctance; and besides, he was aware also that the assembly had decided to delegate the business to a committee consisting of a member of each house, one of whom was a lawyer. He was also in doubt whether the company would feel disposed to submit to an examination by a part of ihe committee, or whether they would permit him to take to his assistance legal counsel. Thus situated, he addressed a nute to the president and officers of the institution, (see document A.] slating the circumstances under which he found himself placed, and inquiring whether it would " be the pleasure of the company to permit an examination by himself and counsel in the same manner as if the other member of the committee had been present?” To this he received a reply from the secretary (see document B.] declining, in consequence of the absence of the president of the company, to have any legal gentleman who had not been appointed for that purpose by the legislature, take part in the investigation, but at the same time assuring the attending member of his entire readiness to afford him any facilities for making any investigation that he might desire.

The joint resolution of the assembly required of the committee to report to the legislative assembly, at its next session

1st.-" The amount of capital stock paid in."

2d.—“The liabilities and resources of the institution, and the nature thereof."

3d." The number of policies of insurance effected.”

4th.—“ What modifications should be efficied in their charter which will more effectually protect the creditors of said institution," and

5th.—" The nature and method of business adopted by said company, generally."

In obtaining the information sought by the resolution, the com. mittee will here remark, that free access to the books and vaults of the company was kindly proffered by the secretary, and every facility afforded which was desired by the committee.

The following interrogatories were then drawn up and propounded to the secretary, and the annexed answers returned by him to the comınittee:

Question 1st,-What is the amount of the actual stock of the company actually paid in?

Answer,--Capital stock paid in, is $224,475.
Q. 20,—In what kind of funds were the instalments paid?

Ans.--Over $150,000 was paid in specie and drafts on London and New York, which drasts yielded to the company a premium over specie, here. The balance was paid in real estate and real estate securities.

Q. 3d, Has any portion of the stock thus paid in been withdrawn?

Ans. No part of the stock thus paid in, has ever been withdrawn.

Q. 4th,— What are the present resources and liabilities of the institution, and the nature of the same?

Ans.-See aggregate statement of the condition of the company at 1st current (June,) one of their half yearly balance days, herewith submitted; [See document C.] No material change in its condition has since then taken place. The amount of gold and silver now on hand is about one third greater--any information in relation to the aggregate sunis mentioned in the statement, or of the items of which they are composed, will be readily given.

Q. 5111, -In what do the business operations of the company principally consist? State the amount done in each branch of the business for the six months ending June 1, 1841, and the six months ending 1st June, current.

Ans.- The kinds of business in which the company are engaged are in effecting insurances in the Marine and Fire Depart

ments of that business--in receiving deposits-loaning money and purchasing and selling domestic bills of exchange. For the six months ending 1st June, 1841, the property insured against fire amounted to 31,000 dollars; deposites rec'd, 6,394 dollars; loans made on paper not having over 90 days to run, 57,000 dollars; bil!s of exchange bought and sold, about 50,000 dollars. For the six months ending 1st June, current, the amount of business done in some of these branches, as in the purchase and sale of bills of exchange, has more than quadrupled; and in most of the others it has doubled. The whole amount of property insured by the company, since it commenced business, is $770,000, and the losses paid, $4,060 58.

Q. 6th,--Who are the present stockholders of the company?
Ans.— The following is a list of the stockholders;

Alexander Mitchell, Milwaukee, 57 shares, $1425
Daniel Wells, jr. do. 10

250
George Smith,

do. 2537

63425 Strachan & Scott, N. Y. 930

23250
Wm. Smith,

Racine,
10

250
Thomas Webster, Chicago,

40

1000
Sylvester Lind,
do. 10

250
Alexander Paterson, N. Y.

20

500 James L. Lyell, Detroit,

20

500 Wm. Taylor, St. Louis, 80

2000 George Sinith, for Miss Smith,

40

1000 J. H. Christie, London, 400

10000
Adam & Anderson, Aberdeen,

Scotland, for stockholders in
Scotland,

4825

120625.

8979 $224476 Although in so far as the company's books are concerned, their stock owned in Scotland stands in the name of Adams & Anderson, of Aberdeen, as agents, yet it really is owned by nearly one hundred of the most respectable individuals in that country.

Q. 719,-State the number of insurance policies effected by the company-amount of property insured--amount of premiums received and losses sustained, for each half year since the organization of the company; distinguishing between fire and marine surance?

Ans.

FIRE INSURANCE,

MARINE INSURANCE. Eor period of 1

Amt. Ins'd. Prem's. Losses. Amt Ins. Prem's Losses. 6 mos. ending

1 Dec. 1839. $115,000 011$ 1206 31 $784 701 I June 1840.42,000 00 432 83

$12,100 $122,84 1 Dec. 1840. 121,000 001 1372 50 1807 75 3,260 291,99 1 June 1841. 31,000 00 345 91 43 6: 10,100 99,76 1 Dec. 1841. 1,500.00 '192 26 1289 56 5,300 56,00 1 June 1842. 20,100 00 336 62

75,500). 786,41 1 Dec. 1842. 13,400 01 169 08

259,500 2596,04 1 June 1813, 12,000 00 156 501

5,5001 58,001 135,00 $370,000 00 $4212 01 $3925,57 3400,000 $4011,04 $135,00

The above is an exact statement of the premiums received and losses paid. The amount of property insured cannot at present be given with perfect accuracy. The above, however, does not vary far from it.

Q. 8.-Is the company engaged in buying and selling real estate except as it is acquired in security or satisfaction of debts due the corporation?

Ans.- I am not at present aware of any instance in which the company have been engaged in the purchase or sale of real estate unconnected with the security of debts.

Q. 9.- Are the remittances on the way to New York made in cash, or are they made by shipments of lead?

Ans.--The remittances on the way to New York are made up of specie, bank bills, certificates of deposite and drafts, exclusively.

Q. 10.~Is the lead upon which advancements are made, owned by the company? If not, is it secured to the company for the payment of their advances?

Ans. The company do not and never have owned or dealt in lead. The advances are made on lead delivered to and shipped in the name of the secretary.

Q. 11.What security has the company for the amount of moi ney in the hands of her agents, at Chicago, New York, &c.?

Ans.-No direct security beyond the personal responsibility of the parties is held by the company for sums in the hands of their agents. Although it would in any event be necessary to have a considerable amount in the hands of agents to draw against, yet the sum would not be as large as it is, were it not that the available capital of the company is much greater than can be at present

employed in active business at this place. The money can be, and is being withdrawn as fast as the legitimate wants of this place can find employment for it. In the meantime the funds in the hands of those agents are productive and can be called for at

any time.

Q. 12.—Is any portion of the loans of the company made to officers and agents? If so, what amount, and upon what security?

Ans.- The loans made to directors, officers, and agents, do not in all amount to $700.

Q. 13.–Does the company issue any evidences of debt which are not payable in the legal currency of the United States?

Ans.-The company have no evidences of debt in circulation that they do not pay in the legal coin of the United States on demand.

Q. 14.- Are the evidences of debt issued and outstanding put into circulation directly from this office? or has the company agents in its employ, for this purpose in other places? If so, who and when ?

Ans.-The evidences of debt issued and outstanding are paid over to the party from whom they receive an equivalent. It is right to remark, however, that the business done in this way, has been confined almost exclusively to George Smith, & Co., of Chicago.

Q. 15.—Is any considerable portion of the issues of the company (certificates of deposiie) made upon the deposites of the officers or agents of the company?

Ans.-See preceeding answer.

Q. 16.- Are issues ever made upon the deposite of money belonging directly or indirectly to the company, or in which the company has any interest?

Ans.—The issues are not made on the deposites of funds owned or controlled by the company.

Q. 17.-Does the company endorse such bills, notes, and other evidences of debt as are received into the institution on deposite, and again loaned or put in circulation by the company?

Ans.--I am not aware that the company have ever loaned any bills, or notes, or evidences of debt that had been previously received on deposite.

Q. 18.–Does the company loan money by discount? at what rates?

If so,

« AnteriorContinuar »