Wilmington daily commercial., 1875-05-17
Fire Insurance.

'wII.D CAT" CHARTERS FROM THE RECENT LEGIs-
LATURE-THE Good REPUTATION OF OUR INsUR-
ANCE COMPANIES IN DANGER---ACTIoN OF THE
DELAWARE STATE MUTUAL co.
On Saturday afternoon, the managers
Of the newy-chartered Delaware State
Mutual Fire Insurance Company met at
the office of d. It. Hawkins, 40i Market
street. There were present John Wainwright,
NJ. NJ. Child, ID. T. Hawkins, DR.. Tantum, Jos.
r. d. Sc eds and Wilmer Atkinson. This was a
special meeting called to consider the subject of
appointing Mr.. c. L. Rollins, of Philadelphia,
general agent Of the company, he having been
elected as agent simply at the last meeting Of
the Board. Mr.. Rollins was instrumental in OBJ.
tanning the act of incorporation from the Della.
ware Legislature, last winter, with the expecta-
ton of receiving the appointment of general
agent of the company for the United States in
fact it may be said that the company was
brought into existence for the special benefit OF
this gentleman.
The question whether Mr.. Rollins should be
allowed to write policies for the company as its
agent WAS discussed pretty fully and a decision
reached that such authority, granted at the last
meeting, be revoked. Mr.. Child said that the
commission demanded by Mr.. Rollins of 3316
per cent of all insurance premiums was too
much; that no company could pay such per
centage and live.
Mr.. Atkinson opposed the proposition as one
that could not be entertained for a momcnt I;
that we have no capital on which to base insur-
ance ; that to give Mr.. Rollins or any other per-
son. the right to assume insurance risks without
dollar of capital to meet losses, would be act
ing dishonest part that Wilmington, and her
insurance companies sustained good name
everywhere and we must not sanction anything
that would bring discredit upon city that il
this company allowed outside parties to write in
surance for it, as proposed, it would not live o
year, and every policy holder, within and with
out the state, could rightfully charge their losses
upon this Board.
DR.. Tantum, and Mr.. Wainwright spoke
against the pros sosition. and the resolution
offered by Mr.. Atkinson, that, "the appointment
OF G. L. Rollins as agent of this company in
Philadelphia or elsewht re be and is hereby re-
yoked," was unanimously adopted.
On further motion of Mr.. Atkinson, it was
unanimously resolved that the act OF incorpora-
ton of this company be placed in the custody Of
| the President of this board who is hereby di-
rected to have the same recorded at New Castle.
| 1t was further resolved that the members Of
| the board now present be committee to suggest
| q plan of reorganization of this company and
| to name new board of management to consist
| Of fifteen persons. Those present favored the
resignation of such members of the present
board as could not give proper attention to the
| affairs of company, when organized, and the
| substitution of those who could.
| Considering the fact that parties non resident
/ Of Delaware procured the passage OF at least
| four charters of Insurance Companies from the
Delaware Legislature last winter every one of
which is reputed amongst insurance men to be
"wild cat" companies that propose to work in
other States, some of which are now in opera
tion, and assuming risks without capital to back
them, it is a source of congratulaton to our Cit
| izens that decisive steps were taken on Satur-
| day, to place the Delaware State Mutual on the
solid foundation of legitimate business, and pre-
| serve it from career that would have resulted
to the damage of all concerned in it, and reflected
| injuriously upon all the insurance companies OF
| the State