, 1876-12-24

INSURANCE.
SOUTHERN UNDERWRITERS ASSOCIATION.
+ About sir months ago Messrs. Nickel & Gar
/ ner surprised the people Of this city and IL
7 West with the announcement that they had o
= tanned the general agency Of the Southern u
derTriters' Association, Of Raleigh, n. c., #
1ndiana, Michigan, Illinois, Wisconsin, MINI
sofa, Iowa, Missouri, Kansas, Nebraska, and a
| the Territories. The circular AYERS that ii
Company's statements had been filed, acceptc,
and the Company admitted to do business in Il
States Of Ohio, Indiana, Illinois, Wisconsin, an
Missouri: The circular goes on to state ths
though the Company is q new oue it is ofiicerc
and managed BY some of the best men in Mort
e+and;n Garo3ina men % whose wealth, character, an
t1s1on heg &c ao Known ample Of sSs w5ss
Of any enterprise with which their names ar
connected, and that its affairs will be conducts
on bona hde business principles. The following
statement OF the company's assets was au
ne1ed:
United States Government bonds, market
North Carolina railroad bonds, market ~ ~
North Carolina city and comfy bonds. f''o0'
! market value. ..................... 10 81;
Loans on 5sal. estate mortgages, IS arst liens
Cash in State National Bank, Raleigh. 7'79f
PREMIUMS IN course Of collection. n.-...-... 2,37G
Total assets. SIS
During tue last few weeks several cornmunlea,
tons were received BY The TRIBUNE stating
that the Company was unsound, and that the
assertions made in the circular had no founda-
! great many risks, the public should be made
aware OF the real character Of the concern before
| too many people had been taken in The Tn1B~
pNE, not wishing to do any injustice to the Com
pany Or Its agent in this city, made inquiries in
As insurance mcn often are Jealous Of one
another, their statements regarding riyals have
TO be taken with some Grains of allowance so
the circular above referred to was sent to q
make the proper inquiries regarding tLc new
applicant for public patronage in. the West,
The result Of these inquiries is as follows:
Commenced business In the spring Of 1876 It's
PRESIDENT u young lawyer of fair ability, but no
bankruptcy, and has little or no property that Is
known Of. Nearly all of its officers and Directors
" oas f 9 pS S
phia, who has the reputation OF being a ''wild-
sat insurance @an "and the s15o paid up eap-
;,at rn stofs waiea the Company represents as Inv
that the provisions Of the law were ostensfbly CON-
g1ed sn w" wlth BY the company's exhibiting about
they claim to own, and On which representation to
the insurance authorities they were recognzed and
nd cdnsea To- do business All tie bonds
to have been the property OF a wealthy speculator
OF Raleigh, who is particular friend Of one or
more Of the officers and Board OF Directors, and
Company an organization and standins after
which they were returned to the lawfui owner.
me Company does small business aud is not IA
it is not believed that it has one dollar Of uaidn
capital stock or other means Of sufficient amount to
recommend 1t for credit.
FROM the above statement, which has all the |
appearances Of being perfectly reliable, it can be
seen that the Iumors regarding the new Com |
pany we're well founded. It has subsequently |
been learned that the Company has
NOT BEEN ADMITTED INTO THIS STATE,
IS averred ln the circular, and II any policies
Tere placed here It was done without a,ithoritv
II law. Whether it Is true that the Company
las been admitted to do business in the other
states mentioned In the circular cannot be as-
;ertalned. Mr. Nickel, one OF the Grueral
eSsnts = sas, Of the Company, acknowledged to
iad yet been gwen to do business iu this State.
'ut claimed that application for admission had
'ecn made No business, he said. had been done |
th1s State as Jet; all their transactions so far
@ 'aa 1een ~ the States OF Ohio, Itdiana,
ntltlcd to do business. Mr.. Nickel SAYS h2
!as no personal knowledge as to the stanuiug nf
ne concern, but when he assumed the Geueral
agency he was under the impression that the
Hairs OF the Company were just such as set
orth in the circular.
There can be no longer any doubt that the
outlern undcrwriters' Association Of Ra]eiph- /
i. y, Is :" wtid-catn Of the same descriptio11 |
the Nail City Mineral Mountain and pther
ompantes which were forced out Of existence
bout year ago'by the exposures made in TuE
RlBuSE at that time. People who have to
iace rtsks VIII DO well # they tight shy OF this
onpany and others OF the same sort, and in
lre their property in companies which arc
nown to be conservative and reliable. thoug}1 ,
'ey have to pay little higher premium. So
ANY people have already been ruined by H. =
ls1ne Inclr property IN bogus companies that :
10 much vigilance cannot be exercised. =