The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-11-26
BOSTON.

BOTTOM, November 2j.-The case Of the
United States against Weld i Co., In
which 81 500 900 are inolved, was with.
drawn from the Jury today, and the trial
postponed till the next term of Court, in
consequence Of the cancelllng OF two
counts alleging crlminalitY, and the add.
ton OF two counts to strengthen civil ac-
tion. -.
In the State Senate this afternoon, the
Joint Special Committee on so much Of
The address Of the Governor at the con.
venlng Of the special session Of the Legis.
lature as related to insurance, reported o
general insurance bill, the main features
Of which are as follows Any ten or
more residents Of the commonwealth may
associate aS an Insurance Company, stock
or mutual, on complying with the act
which requires Joint stock companies to
have capital not less than 100000, and
mutual companies with q guarantee capi-
tai Of not less than 100000, and mot
more than $500, 900, and no policy TO be
issued until the whole guarantee capital
fixed, has been paid In cash. AT
ter organizing a certificate is to
be submitted TO the insurance Com.
mtssioners who Bhall,y II the proceeds
are satisfactory 10 him, give q certificate
Of the TACT and the filing Of this with the
Secretary Of the Commonwealth shall
authorize the latter Official to issue GER
tidcate oil Incorporation, which shall
have the face and effect Of q special char.
ter. The holders Of stock In the mutual
companies are to be entitled to net semi.
annual dividend not exceeding four per
cent on their respective shares, If the net
profit after providing for expenses, losses
and liabilities incurred, including q sum
sufficient to re.insure all outstanding risks,
is sufficient to pay the same, and such
dividend or less than four per cent OF 1t
shall be made up when the net
profit becomes sufficient therefore;
three-iourths Of the net profit,
after paying the dividends Is TO be credi.
ted to, and at the expiration OF policies,
divided among the insured, and the re:
naming one.quarter Is to be invested and
be a reserve for the security Of the in.
sured, but when, from time 10 time, the
reserve exceeds per cent or the amount
Insured, the whole OF the excess is to be
divided among the insured OF the expira.
ton otthefr. policies. ~ The guarantee
capital is to be applied to the payment of
losses only when other cash funds have
been exhausted, and II the guarantee cap.
ital becomes reduced it Is be replaced By
the first accumulation of tho reserve,
as by assessments on the contingent. The
directors may be elected from stockhold-
ers and policy holders, but at least one
half Of the members must be elected from
the former class. The joint companies
are allowed to increase the capital stock
with the approval Of the Insurance Com
missioner, and all corporations organized
under act can hold real estate for the pur-
pose Of their business to and amount not
exceeding 25 per cent cash assets. Under
the suspension OF the rules the bill passed
to third reading, without debate. In
the House Of Representatives bill was
reported authorizing tho city Of Boston
to borrow $50, 900, 900 and loan the same
on proper security, to the sufferers by the
fire. The act TO be accepted by both
branches oI Boston city Council before 1t
becomes valid. g1L 81 sF n
The body found in the ruins Of the fire
yesterday, has, been, identified as that of
John Dillon aged eighteen o resident Of
South Boston; Another body was found
today, but has not yet been identified.
The suspension Is announced Of Frank.
lin Snow q Sons, GarriSh, French & Co.,
and Hall, Myrick s. Co, all OF whom are
fish dealers. ~ .-,.- .....--.
The revenue fraud case against Wild
& Co. Is said 10 be compromised by the
defendants paying into the o. s. Treasury
4O0, 600. The amount originally claimed
by the government was 81, 100000. The
suit against the same firm in New York
has been compromised by the payment Of
Sl20, 900. IT