Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1871-12-28
BUSINESS ADVERTISING NOTICE.
From the New York Evening Mail
Lyconing Insurance Company,


In our recently published list of insur-
snoe companies not authorized to do bust
ness in Massachusetts,, by reason of alleg-
ed insufficiepcy of assets to meet the r
present and future estimated liabilities IS
made up and officially reported by the
Insurance Commissioner of that State
December 8th, 1871, was that of the above
named Company.
Since our publication, not desiring to
acquiesce in any official report even, uu-
less substantiated with the data upon
which the same is found I'd, our especial
attention has been called to the facts in
the case of this Company by it's worthy
representatives in this city for the East
ern Department, J. W. Chamberlin &
90. and after thorough and quite SAITH
factory examination of The original char
ter, with amendments, etc, together
with the bylaws founded thereon, and
the interpretations given to them since
the organization of the Company, we lay
before our readers our report Of the fnan-
GtdA cIaAOlbS dho 3 JULIUS pun "AAAt a.
the Company Justly claim the confidence
of its policy holders and the public, to-
gether also with review of the grou2d
upon which the Commissioner refused to
continue the license to do business in the
State of which be is admittedly the
worthy Superintendent of Insurance.
As stated, we find the company prosper
ing and retaining the confidence unin'er-
ruptedly Of the public since 1910 till Oc-
tober, 1871-since the Chicago fre-hav-
iug admittedly paid all duly substantiated
claims during that period (includiRg part
of those of Chicago loss balance beir
settled) amounting to over three million
Ave hundred thousand dollars, at an av-
erage cost to the insured Of only one hGT
of one per cent.-an estimated saving in
cash to the policy holders of over three
of dollars.
We find it to be, in fact, mutual compa-
nv, there being no stockholders or capital
stock, but with a perpetual charter from
the legislature of the State of Pennsylva-
ME, and clothed with ample Legislative
enaotments to enforce it's corporate rights
and uuquestioned solvenoy.
As prelude to review of the fact of
the refusal of a legal status to this COM
pany in Massachusetts by an executive
officer of that State, especially empowered
to enforce obedience to its insurance laws,
we would state that the company applied
and was legally sd nitted to good stand
ing there, December 18th, 1870, and con-
tinued there till October, 1871, ssfter the
result of the Chicago fire, as before stat
ed, when it ~ thrown ont on the ground
that it's available assets were not equal to
it's liabilities, including those Of the Chi
oago losses.
In order to ascertain if possible why
this adverse decision should have been
made, and whether justly so or not, up
IN examination, we find the company
CT the following available assets
1t the time of it's ejection-which, If
,orreot, shows the company has been lille.
,ally rejected. While the commissioners
If the several States are clothed with dis
dictionary power as to admission and re-
cotton of any company seeking the right
o do business thereiu-yet it must be
judicial not arbitrary discretion. and one
which a court of equity and law would ,
firm.
Companies feeling themselves aggrieved
" an adverse decision of any insurance
may have the legality of
he judicial adverse decision tested by the
roper application for naandamus COM ,
elling the Insurance Com issiener, if
ase is made out in favor of the company
pplying fer admission, to issue the usual
ertfcate of authority to do business |
within the State heretofore prohibited.
On the 1st of January, 1871, the Com .
missioner reports the assets of this Com. {
any to be 1901, 025.76 made up of real !
state, cash in Office and in bank, unpaid
on premium notes. etc, while
Is gross liabilities were 1929, 172.29. In
edition to the above assets the Company
dmittedly held the legal possession of !
{, 223, SAT Is of deposit or premium notes 9
able to assessment, but no credit for the I
.me was given in making up the gross
vailable cash assets OF the Company, with