The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-07-12

| the Olhce by his lather. lie appeared 10
be gentlemanly, was unmarried, and about
90 years old. lie lived somewhere in
Harlem, but his precise address is I'M
known.
bogus Insurance Companies.
There certainly should be some radical
change made either in the insurance laws
Of this State, or else in the way they are
administered. The reputation of the
bona tide and solvent companies Of West
Virginia has been seriously COmpromis-
ed and their business very much injured
by the springing up Of lot Of fungi,
which have had their headquarters mostly
in this city. The New Orleans Times
speaks Of the Brunswick Fire and Ma
rine Of Wheeling rs a concern that re-
Gently opened an office in that city. Its
agent went quietly to work, not only there
but throughout the State, and in n short
time had taken some 600 risks, issued its
policies aud taken the premiums, before
It's character was found out Upon learn.
ing Of the nature OF the sO.Called Bruins
wick Fire aud Marine" one OF the insur-
ed had the agent arrested, by which means
the existence Of the Company and It's
agency in New Orlcrns first became
known to the public through the affair
getting into the papers, These policies
were issued for any amount the insured
desired, and at !! per cent, independentof
the nature Of the risk and It's relative
value.
As u specimen OF the bogus concerns
that have sprung up and gone down here
Of late, like 80 many mushrooms, we may
refer to the names Of the Nail City, the
La Belle and the Baltimore Il Ohio
The Auditors report shows that the first
named company made oath that it had
paid up capital Of 100000, and gross
assets to the amount Of SlG2,3G2 80.
(Thc fellows that run it were particular
~ To iraclions.) The 1T Belle concern
made oath that it had paid up capital
0f SIj,0OO, and gross assets Of SliO,OOO.
And yet all these companies failed in the
most isnominious manner from inability
to meet small claims.
How comes il that there il IN way IN.
der our laws Of going through the alleged
assets Of an insurance company, the
same rs the Examiners go through bank
and revealing to the public ia real in
stead II lis falsely sworn To condition?
Auditor Bennett claims that there il a
radical defect in our legislation on this
subject. Ills language Oh this point i'as
follows:
at is Of the utmost Importance that
some legislation should bG had looking
to proper surveillance, by State author
ity, ui the insurance companies having
their dOmIciIc in this State. After II
protractcd struggle in the Legislature,
the law requiring foreign insurance com.
panies, Or companies from other
States, IL deposit certain sum uf
money nr bonds with the State au-
lhOrilies Of this State, ~ u prc.rcquis.
itc to the legal transaction uf business
here, was repealed. The good results ii
this repeal are shown in the character and
stability Of the foreign companies which
have commenced business since that re-
-aiIOrding, as they do, facilities for
substantial and safe insurance Of proper.
ty--and in the considerable sum, paid in
to the State Treasury IA taxes, which this
report exhibits. The same influence
Which Induced that unfortunate legisla.
lion, the repeal Of which Is here com.
mended, has thus far been potent enough
to secure immunity from examination to
resident ur home companies. The result
now is that at least half Of Onr domestic
companies are enumerated, in the inSur-
anCe world, ~ Of doubtful integrity or
sOundncsa, financially. The numerous
letters received at this office, during the
laat six months, written by parties out.
side Of the State, for the most part,
who are interested ns insurance
agents or brokers, or from per.
sons insured by these companies
in many Of which doubts are eX.
pressed "a 10 the financial standing Of
these companies, justiies the belief that
these suspicious Of the many persons
skilled in insurance matters, who thus
write, may be well founded. Our laws do
not authorize such an examination into
the affairs and assets Of domestic com.
panies IA to enable these doubts 10 he dis.
PEELED Or confirmed; hence ia il, that the
Auditors entire Ignorance Of the status
Of these companies has required him to
decline answering this flood Of COrrespOn.
dents at ALL Or, answering them, TO say,
simply, that nothing whatever is known
Of the character Of the companies inquir.
ed OF. The latter course carries with II
the conviction that the status oi our do
mesiC companies may he doubtful, and
has the effect TO damage the reputation Of
those Of our companies which have
proved themselves worthy Of CnnIl-
denCp, in the FevereSl trials, in
common with all the rest Justice, there.
lVlNI W lUt l'blllIllulc llHlll hll'I
Of the State requires and demands the
enactment Of such laws relating To do.
nestle insurance companies as will enable
all doubts Of this class 10 be puietcd, and
such ns will result in the wedding out Of
all companies failing to exhibit such ns.
scll ns Gnlitle them to rank ns safe and
worthy Oi the confidence NJ the insnring
public. Laws Of the character suggested
are found upon the statute books NJ nj.
most every State in the Union, and find
their most earnest advocates among the
managers II Legitimate and sound in
sirance establishments, while their oppO.
ncniq src numbered among tll0sc persons
engaged in tlil class Of business whose
affairs will not bear tile light Of fair and
impartial invcatigaliOn.'
TUE DHCiPLES or CAMrnELLitE DE-
SoMiSAnoS.- 10 The Eitor Of hc Tribune
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