The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1870-03-12
NATIONAL lNSU xAACE COMPANY OF
DAVENPORT.
Meeting Of otoekholders.
A LEAKY TREASURY.

. 0H1A4 416ASo04s
The city Of Davenport is, par ercellenre,
|. the insurance city of all ultra Mississippi
America. She is the Hartford of the West.
: When ten dollars can't be combed out oil
the town with . fine tooth Missouri rife for
week together, for railroad pur-
poses there can 100000 be easily raised
any summer day between sun and sun,
: for wild cat insurance. This fact was
illustrated in the readiness and avidity
with which the Davenport National was
seized hold of by Davenport capital
lsts, and the high value the stock has
been held at since No stock was for sale
and the lucky possesors of it congratulated
themselves on owning something that was
as safe IS government securities anu
as profitable. Bot there has been eh""so
in this state of affairs. The soiiu PS'a'ia'
h,ld;,g the company has erected ia no
,o,,sr tvnical of the company's stability.
They have met with severe losses, and they
now talk of going into liquidation. A
meeting of stockholders was called last
evening, and the following resolutions pre-
sented:
RESOLVED. That John F. Dillon, John L.
Swits, and Frank Il. Griggs, are hereby appoin-
| ted Committee to examine into the condition of
the Davenport National Insurance Company"
and are instructed 10 report to q future Getting
/ of the stock holders.
LIST. Whetherthe capital stock of said company
/ is all paid in; if not paid, how much is unpaid,
I from W hnm dine and how the m IL red
I'd. To report the nature and amount of the
assets Of said Company, and their present value
/ Sd. Tho number and amount of risks taken
and all losses on risks, and the character of pres
ent risks.
4th. The number and amount of losses, to whom
made, and whether the same is well secured, and
the nature and character of the security, and
whether there have been any losses, If so, the
amount, and the names Of the parties, claiming
such loss or losses.
9Th. The amount of dividends psid, when paid
and whether paid prom a surplus of profits or
oihsrwi Use and if otherwise, how and TO whom?
9th. Whether the interest has been regularly
paid on ali unpaid capita stock, and if not from
whom the same is due, and the amount,
Eth. Whether the interest on the assets of the
Company has been paid; if so, when, and the
amount, thereof, and aiso full power and
thority is here given to said Committee to ex-
anime and report on any and all matters in
nection with the operations OF said Company, of
interest to the stockholders. and the officers of
the said company, are hereby requested and di
rec,ed TO give to said committee iull and free
cess to the books and papers of said company, so
that they may report fully on the same, and
said committee, are requested TO report al an
early day practicable, and soon ready,
they arc hereby authorized TO ca II a meeting OF
the stockholders OF said Insurance Company and
to submit their report, for their action
After debating as to the qualifications OF
several individuals as mem bors Of the inves-
tigating committee. d. n. Richardson ed
itor OF the Democrat explained things as fol
lows:
;, MIR. Richardson proceeded, and said that
at the request OF some OF the stockholders,
Hon. j. A. Elliot, Auditor OF State, who has
special charge OF III ,uronce matters, etc,
came TO Davenport last Friday, aud made
al examination of the books OF the Com
paBy, assets, &c. The result was that he
advised the Directors to re-lnsure the risks
taken by the Company. The Directors took
the advice, and gave a bond so TO do. Ga
Monday evening Committee OF the Board
Of Directors went 10 Chicago, and there CON
suited with some of the leading Insurance
comp suies with 3 view 10 making arrange
ments with re insurance, and agreed with
the Merchants Insurance Company Of thai
city. on excellent aud reliable organization
to take the risks upon equitable terms salts
factory to both parties On Wednesday Mr..
c NJ. Rowley, General agent, Mr.. Asa Dow,
Director. and VIM. E. Ro!io, Secretary OF
that company came to Davenport, and the
arrangement tor the transfer OF the risks was
just concluded, and all the unexpired poll
cies issued by the National Insurance com
paw had been provided Tor.
Mr.. Il. also stated that it was the iuten-
;iou Of the Board OF Directors of the Nation
a t. sIl a meeting OF the Stockholders III
the -s.y Tart OF next week, when the
NIT would have been appointed to
exaG. ne and settle up the affairs, and the
Con ANY go into liquidation.
/. regard to the rumors about the street,
he would say that the Company, like other
similar organizations. had met with losses,
some heavy ones within the past three
: months. How far the stock im paired
he could not state. All the policies were
provided for in a good company, and the
Directors had taken long step toward
liquidation.
After some more discussion, r. B. Hill
was chosen in the place of John L. Swits
on the investigating committee, and such
con uittee was declared complete.
Typr EnrSnRy DrssorrTraS -Massra