($500,700), which sum represents the capital of said company under the provisions of section 27 of the Insurance Law. I have made an examination and personal count of the various securities held by the trustees, and your certificate covering the securities deposited with the Insurance Department of the State of New York, and therefore certify the company to be in possession of the same, and the par and market values thereof are in accordance with schedule included in said capital statement. No verification was made of the liabilities reported, amounting to $3,083.79. Attached to the aforementioned capital statement is the affidavit of Edward Meinel, of and for the firm of Fred S. James & Company, United States managers, relative to such liability. In witness whereof, I have subscribed my name this 28th day of June, A. D., 1910. ISAAC FULD STATE OF NEW YORK CITY & COUNTY OF NEW YORK Examiner On this 28th day of June, A. D., 1910, before me came Isaac Fuld, the examiner above named, who being by me duly sworn, did depose and say, that he has no interest in the said Compagnie D'Assurances Generales Contre L'Incendie (General Fire Assurance Company) of Paris, France, and that the foregoing certificate by him subscribed, is true. Hon. WILLIAM H. HOTCHKISS, Superintendent of Insurance, Albany, N. Y. SIR. Acting under appointment No. 2382 dated June 16, 1910, and annexed hereto, I have completed the examination of the National Lumber Insurance Company of Buffalo, N. Y. I find the condition on May 31, 1910, to have been as follows: Attached to this report as exhibit A is a schedule of the bonds and stocks owned on May 31, 1910. Assets The securities were examined and checked and the bank deposits verified by means of bank certificates. On May 31, 1910, the agents' balances over ninety days amounting to $5,049.39 have been deducted as a nonadmitted asset. Of this amount, how-· ever, $4,017.61 had been received by the company during the month of June. Liabilities In view of the increasing business of this company, the unearned premium fund based on a 50 per cent. average would have been insufficient to properly provide for this liability. This item has therefore been computed on a semi-monthly basis which resulted in a total reserve liability of $126,696.74. Had a 50 per cent. average been used the unearned premium fund would have amounted to the sum of $114,388.40. Officers and Salaries Morris S. Tremaine, president, $5,000 per annum. Associated with me on this examination was assistant examiner Christian Rebman, Jr. Respectfully submitted, STATE OF NEW YORK SS.: COUNTY OF NEW YORK, RICHARD A. ELMER Examiner Richard A. Elmer, being duly sworn, deposes and says that the foregoing report, subscribed by him, is true to the best of his knowledge and belief. Subscribed and sworn to before me this 6th day of July, 1910. [L. S.] RICHARD A. ELMER. KATE F. CAHILL, Notary Public, New York County STATE OF NEW YORK INSURANCE DEPARTMENT NEW YORK, July 6, 1910. Hon. WILLIAM H. HOTCHKISS, Superintendent of Insurance, Albany, N. Y. SIR. Pursuant to your appointment dated June 2, 1910, naming the undersigned, Edwards P. Ward, Special Deputy Superintendent of Insurance, as your agent to take and retain possession of the property of the Hudson Horse Insurance Company of New York, and to conduct its business until the further order of the court, I respectfully report as follows: I. That immediately upon receipt of the above described appointment, I served upon Joseph D. Dixon, president and secretary of the Hudson Horse Insurance Company, at the office of such company at 1234 Myrtle avenue, borough of Brooklyn, New York city, a certified copy of the order of the Supreme Court made and entered the 31st day of May 1910, authorizing the Superintendent of Insurance to take and retain possession of and conduct the business of said company, and exhibited to him my appointment as your agent aforesaid, and then and thereafter took possession of the books, records and property of said company at its home office at No. 1234 Myrtle avenue, borough of Brooklyn, New York city, and at its Manhattan office at No. 320 Broadway, borough of Manhattan, New York city. II. That thereafter I made an examination of the books of account and the records of said company and of its correspondence, files and papers, for the purpose of ascertaining its financial condition; that I found such books and records in deplorable condition; that no entries had apparently been made in any of the books of the company subsequent to the month of February, 1910; that the policy register and other records purporting to show the company's risks and the extent of its business contained no entries after the month of February, 1910; that the miscellaneous papers and correspondence belonging to the company were found scattered about its Manhattan office, mingled with the personal papers and letters of its counsel and superintendent, and that when finally brought together, it was apparent that a consider able portion thereof was missing and unaccounted for; that under these conditions it has been difficult to ascertain the total liabilities with which the company is chargeable, and that the same are probably in excess of the liabilities as set forth below. III. That upon examination of the available books, records and papers of said company, I find the company's income and disbursements since the 5th day of March, 1910, when last examined by the Insurance Department, to the 2d day of June, 1910, and the company's financial condition on the last mentioned date to have been as follows: Income and Disbursements On deposit March 5, 1910, as per examiner's report dated (As shown in company's books).. INCOME DISBURSEMENTS (As per check vouchers and oral statement of officers.) 1910. $258 01 nil Unpaid policy claims, net, after deducting assessments already levied and deferred premiums (see schedule following). Bills and accounts accrued (see schedule following).... Excess of liabilities over assets. $0 01 $2,783 11 237 13 $3,020 24 $3,020 23 |