Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1875-05-20
Fire Hnsurnnce.

wild CAT" CHARTERS FRoM THE RKCKNT LEoIs-
LAruRE-rHE Good RErurAr1oN OF QUE INsuR-
ANoE COMPANIES IN DANaR1-ACTIoN or TEE
DELAWARE STATE MUTUAL co.
On Saturday afternoon, the managers
Of the newly chartered Delaware State
Mutual Fire Insurance Company met at
the office Of D. T. Hawkins, 404 Market
street. There we're present John Wainwright,
NJ. N. Child, D. T. Hawkins, Or. Tantum, Jos.
R D. se eds and Wilmer Atkinson. This WAS .
speeial meeting called to consider the subject Of
appointing Mr.. @. E. 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 Aot of incorporation from the DelA.
ware Legislature, last winter, with the expecta-
ton Of receiving the appointment OF general
agent of the company for the United States in
fact 1t may be said that the company was
brought into existence for the special benefit Of
The question whether Mr.. Rollins should be
allowed 10 write policies for the company ~ itA
agent was discussed pretty fully and . decision
reached that such authority, granted At the last
meeting, be revoked. Mr.. Child said that the
commission demanded BY Mr.. Rollins of 3S1E
per cent Of all insurance premiums WAS toe
much; that no company could pay such per
oentage and live,
Mr.. Atkinson opposed the proposition - one
that could not be entertained for moment
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
4 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 our city that il
this company allowed outside parties to write in.
surance for It, ~ proposed, it would not live Z
year, aud every policy holder, within and with
out the state, could rightfully charge their lossea
"tD Dr.. Tsntum, and Mr.. Wainwright spoke
against tho proposition, and the resolution
offered by Mr. Atkinson, that, 'the appointment
| Of O. Z. Rollins as agent Of this company il
Philadelphia or elsewhere be and 10 hereby rs
voked," was unanimously adopted. ..
| On further motion of Mr.. Atkinson, 1t Wa
unanimously resolved that the act OF incorpora
ton Of this company be placed in the custody o
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 o
the board now present be committee to sugges
plan Of reorganization Of this company an
to name new board Of management to consis
Of fifteen persons. Those present favored tn
resignation Of such members Of the preeeu
board ~ could not give proper attention to th
anairs Of company, when organised and th
Considering the fact that parties non. resider
Of Delaware procured the passage Of at lea,
four cha.tars of Insurance Companies from th
Delaware Legislature last winter every one {
which IL rsputed amongst insurance men to
"wild cat' companies, that propose to work
other States, some Of which are now in oper
ton, and assuming riaks without capital to bat
thsEA 1t is . source Of oongratulation TO our ci
ixens that deciaive steps were taken on Satu
day, to place the Delaware State Mutual on Il
solid foundation of legitimate business, and pr
serve Il from . career that would have result<
10 the damage Of all concerned in IT, snd reflects
injuriously upon all ths insurance companies
| the 4fAkA, d. &C."