Wilmington daily commercial., 1875-06-15
Delaware Insurance Companies.

From the New YORK Insurance Times, for June.l |
There is war among the wild cats. There is
mutiny in the camp. They have risen against
their mighty chief and leader, Major General @. |
f. Rollins, of Philadelphia
The rebellion has begun in the little State OF |
Delaware, where Rollins has long had unlimited |
sway. The newly-chsrtered Delaware State Mu- |
tual Fire Insurance Company heads the move |
ment. We hope it will spread. The recusant |
company (n,irablle dichi , has some honest men |
in il. They admit their obligation to Mr.. Rollins
for procuring from the Delaware Legislature
the act incorporating the company but when
he modestly requires them to make him the gem
eral agent Of the company for the United States,
to pay him commission OF 33}S per cent. on
the gross insurance premiums and to grant him
authority to write policies on any kind of risks,
they protest that he is asking too much.
MIR. Child. member OF the board, was of opin-
ion that any child could see that no company
could pay such a commission and live. Mr.. At
kinson, smother member,wh seems to be very
upright man, declared that az the company had
no capital on which to base insurance to give
Rollins, or any other person the right to assume
risks without q dollar to meet losses, would be
an act of dishonesty, the idea of which should
not be entertained for one moment This was
fiat treason as WAS ever uttered against King
Rollins but we connot help adIniring the.rebel,
and wish there were more like him. Mr.. Atkiu-
son WAS unwilling to become Il scapegoat for
Rollins, who seems to imagine that the company
was brought into existence for his special bene-
tit He believed the company would not live a
year il it allowed outsde.parties to write insur-
ance for it, and that every pocyholder could if
Rollins proposition WAS accepted, rightfully
charge their losses upon the board. Other di-
rectors, Dr. TantuIn, and Mr.. Wainwright fol-
lowed in the same strain and Mr.. Atkinson's
spirited resolution, that 1.-THE appointment of @.
i. Rollins, as agent of this company i'll Phlladel-
phis or elsewhere, be and is hereby revoked"
was unanimously adopted.
Mr. Aflttant, f,l1N III rt.,tN 81, at-
by Offering another resolution to the effect that
the Act OF Incorporation should be placed out OF
the reach OF Mr.. Rollins and contided TO the Gus
tody OF the President of the Board with instruc-
tions to have the same recorded at New Castle.
This resolution was also carried unanimously :
and Mr. Atkinson as a good citizen OF Whining
ton, exults in the fact that he has saved his city
from impending disgrace. His satisfaction is
shared by the Wilmington DAILY COMMERCIAL,
Which Journal confesses with shame that parties
non resident Of Delaware last winter procured st
least four charters for insurance companies
from 1.-THE Delaware Legislature, which compa-
mes are all now atoat, utterly without capital,
but taking risks of every kind. and swindliug
the public with the dashing recklessness OF those
who have everything to gain and nothing to lose.
We cannot name the companies to which the
wilmington COMMERCIAL refers, but presume
that they have been enlisted in the ranks of Rol-
Inns, the great fiery underwater. He needs
constant influx OF new recruits, for the slaugh-
ter that took place in the Wilderness is not to be
compared to that going under his flaming
banner. The names of the slain are too numer-
GUS to recall, but the Hope Mutual, OF Philsdel-
phia the Dauntless, of Philadelphia the State,
of Philadelpha the Susquehanna Mutual, OF
l-ykens Valley the Southslde. of Pittsburg; the
Great Western, of New Orleans the Working
mans, OF New Orleans .Etna. Of Chicago and
the Merchants and Manufacturers, OF ST. Lou
IL, are few among the host that have flashed
like meteors across his insurance field. They
are all dead and gone now and Rollins is call
knr fgr, ~ Mt. -.
declines to answer the call. Ii has no desire TO
lead the forlorn hope and its Board has some
compunctious yistings / regard to the obliga-
tions of fire underwriting. Mr.. Rollins is above
such weakness. He is wonderful man in his
line and his daring strategy and dash remind
one OF the first Napoleon.