NEW YORK (STATE). 



NEW YORK (CITY). 



553 



he did not like such kind of legislation. A 

 law of 1886, enacted for the preservation of 

 policy-holders, required that all fire-insurance 

 policies should be printed in uniform style of 

 type, paper, etc. A new law of the present 

 year amends the former law, so as to except 

 from its provisions all town or town and coun- 

 ty operative companies. Another new law 

 authorizes marine companies to hold additional 

 real estate for the purpose of storing wrecked 

 vessels or cargoes. A new provision is to the 

 effect that agents may stamp upon the backs of 

 policies the name and address of themselves or 

 their firms. By another law provision is made 

 that no receiver shall be appointed for a life- 

 insurance company whose general fund equals 

 its outstanding liabilities and a reserve on 

 policies and claims not matured at 4 per cent., 

 the capital stock not to be considered a lia- 

 bility; and no company to issue new policies 

 if its minimum reserve, with interest at 4 per 

 cent., is impaired, until the impairment is 

 made good. The Governor very promptly 

 signed the bill repealing the law of 1880, relat- 

 ing to the taxation of life companies. This was 

 urged on the ground that the tax is really 

 upon the policy-holders; and, although it will 

 take a million dollars out of the State treasury, 

 the idea seemed to be a popular one. Other 

 new laws are these : Allowing boards of direct- 

 ors of life, fire, casualty, or marine companies 

 to reduce their number to thirteen; enlarging 

 the area of business allotted to Credit, guaran- 

 ty, and indemnity companies; enabling town 

 co-operative companies, by filing a certificate 

 with the county clerk, to extend their busi- 

 ness to the entire county. The chief bills that 

 failed to reach the Governor were these : De- 

 claring that fire and marine companies are not 

 exempt from local taxation, as might be in- 

 ferred from the loosely-drawn act of 1886; ex- 

 tending the time for the payment of the capi- 

 tal stock of corporations organized since May 

 1. 1884. as limited liability companies; includ- 

 ing fidelity companies under the operation of 

 the general act of 1883; amending the title of 

 the co-operative act of 1888, and amending the 

 same relative to the disposition of funds and 

 the exemption from taxation ; exempting from 

 State tax all money used in co-operative or as- 

 sessment life or casualty companies, and pro- 

 viding definitely for the taxation of life com- 

 panies in this State; repealing the law of 

 1855 relative to the incorporation of general 

 insurance companies ; amending the charter of 

 the Mutual Fire Insurance Company so as to 

 add $200,000 to the capital, and to change the 

 number of trustees to thirteen ; amending the 

 life company tax law of 1880 so that the tax 

 shall not apply to premiums of industrial com- 

 panies, where the premium does not exceed 20 

 cents a week or the policy $150 in amount; 

 establishing uniform rules for valuing policies 

 in insolvent life companies; authorizing the 

 mayors of New York and Brooklyn to license 

 adjusters of fire losses; forbidding any life 



company to discriminate against negroes ; pro- 

 viding that every notice to policy-holders look- 

 ing to a forfeiture shall contain a statement of 

 the value of the policy on the 31st of Decem- 

 ber preceding; authorizing the incorporation 

 of fidelity companies on the assessment plan ; 

 affecting the right of waver so that after two 

 years a policy-holder may at any time demand 

 the amount of premiums paid; allowing any 

 corporation depositing $100,000 with the in- 

 surance department for one kind of insurance 

 to transact any kind of life insurance; repeal- 

 ing the laws of 18S2 forbidding the publica- 

 tion of statements by foreign fire companies 

 other than the statements of their assets and 

 business. Several very pointed inquiries were 

 directed during the session, but, for the most 

 part, they amounted to nothing. One of them 

 called for a statement from the companies giv- 

 ing reasons for increasing rates on rural prop- 

 erty. This was answered by the statement 

 that such companies had not reported to the 

 department, and, therefore, they could not be 

 controlled. Another inquiry asserted that 

 local boards of villages had appointed stamp 

 agents so that they could control the insurance 

 business. This was found to be untrue. A third 

 inquiry was manifestly a " strike," and it was 

 never pressed. Still another inquiry, directed 

 against the receiver of the Universal Life Com- 

 pany, had the effect of closing up the affairs 

 of that concern. The last inquiry requested 

 the insurance superintendent to state whether 

 a fire-insurance company of this State, with 

 $1,000,000 capital, has been refused permission 

 to do business in Massachusetts, what reasons 

 are a?signed, are they sufficient or frivolous, 

 and what action is necessary on the part of 

 this State to secure our companies privileges 

 accorded Massachusetts companies in this 

 State, but denied our companies in Massachu- 

 setts, and if these privileges are denied, shall 

 not Massachusetts companies be deprived of 

 the right to do business in this State? The 

 company referred to was the Liberty Com- 

 pany, organized in New York in April. The 

 Massachusetts department had refused it ad- 

 mission in that State. This inquiry was with- 

 drawn from the insurance department almost 

 as soon as it was made. 



NEW YORK (CITY). Ftaances.The total amount 

 of stock and bonds, exclusive of revenue bonds, 

 outstanding on the 31st of December, 1887, was 

 $128,268,719.45. The amount outstanding on 

 the 3 1st of December, 1886, was $125,982,- 

 735.92. The increase of bonded debt during 

 the year 1887 thus amounts to $2,285,983.53. 



Under the operations of the sinking fund and 

 from special funds, there were redeemed and 

 canceled during the year stock and bonds to 

 the amount of $11,326,171. 



In addition to the funded debt, however, the 

 amount of revenue bonds outstanding at the 

 close of business was $4,554,346.70, so that 

 the total indebtedness of the city at the close 

 of the year, including revenue bonds, was 



