The Morning herald., 1878-12-17
For the MoBs1Ne HERALD.

p0ndentB In this c0iumn.
For the MoBS1NG HERALD.
The Delaware State Fire and Marine
Insurance Company. This is the young
est company in the state. 1t may lack
good many things. but it does not lack
criticism. For two years it has received
the constant and cnntinued attention of its
opponents. They have spared neither
time nor expense to investigate the uhip>
terest details of the company's transac-
tions. The company appears to have been
under a continual examination for two
years. 1t has been denounced as worth
less, fraudulent, in fact dead broke, yet
upon irquiry l find that they write new
policies every day and that they settle and
pay their losses as fact as they come. ]
called at their Office to get some informa-
ton tte other day, and asked the secre>
tsry how many losses they had sustained
since 1879. He replied by showing me
list that gave the name and residence OF
each person. "That is our loss'record (4l)
fort -one losses in three years"-said he
all paid except three, three cases o.
clear fraud. If they think their claims
good, the courts are all open and plenty
of COED attorneys in Wilmington, let them
| get a judgment and we will pay it"
asked how the COMPANY could do busi>
sess in the face of such strong opposition
"why' said he sour largest policy hold
ers, the men whose patronage supports The
company, are our Directors. There is
VIM. Bright, he has over 100000, worth
of properly all insured in this company
C. p. johnson. John Wood, DIR. Tsntum,
John P. Hudson. of St. GEORGES, Paris
Carlisle of Frederick Gen'l Huns
phrey Humphrey, of Salisbury, and
James Whealey, of Whealeysville,
Reaynear Williams, of Milford and
Wm. 7. Sharp, o. Harrington, and many
others, they insure all of their property
and all the property on which they lend
money in this cmpany, you see these men
know more about this company than any
one can tell them Whenever the cnm>
pany is not strong enough to give them
all the security tnst they want, they will
take their own money and make it stronger" c
How often have your accounts and books /
been examined in the last IL or IA 8
months. II
"Let me see." said the Secretary.
"First at Delaware City, by Commit
tee of the Policy holders, then by q cons
mlttee appointed by the Delaware State
Mutual Fire Insurance Company. Then
by the Insurance commission of Ohio, and
then by the Maryland commissioner, and
now they are going through the Company
again, with committee of citizens, with
Prof. Reynolds az auditor"
Does the opposition you have had hurt
your busnessi
"Hurt" said he "of course it hurts
Zone half of the opposition that this
company has had would have killed nine
new companies ou. Of ten. There ia not
a company in the country but what the
same determined unscrupalous opposition
would at least take away from them one
halt of their business, if it did not drive
them from the field"
Do you think that your enemies can kill
your company? The reply came quick
mo sir ; they cannot, they can annoy us
and put us to much extra expense and
trouble, newspapers cannot kill an Insur-
ance Company, even the Every Evening
has never said one half as bad things !
about this company as the Insurance Times
and Baltimore Underwater and many II
more of them have said time and again
about F. o. Winston, President, and about
his company The Mutual Life Of NV
York"
You see you can plaster up the mouths
Of any of these fellows when ever you |
cGoose TO give them little money, many :,
companies do it as they ,hink it the cheap
eat way to get along with them-and all
fraudulent companies do it, because they
are afraid to have their books examined.
No sir, tie only thing that will kill an In
surance Company is for them to have some
Losses that they cannot pay, when mar
gets judgment against you and the Sheriff
gets after you with an execution aud you
cannot raise any money to pay it with, then
you are busted" sure but as long as you
pay your losses and taxes, and hold the
proper reinsurance reserve the company
will live And if the management be
wise, honest and energetic, the company
will get business and make money.
| then asked what caused the failure OF
80 many Insurance Co.'S?
The reply was
"First, (incompstent) management.
Second. Dishonesty and timidity.
Many companies go to the wall because
their managers submit to be black mailed
out OF the entire premium receipts, and
other companies are robbed BY their off
GERS, and directors, robbed of their last
penny just as the Security Life Insurance
CnmnanY of New Ynrk uar uh;nL ao.A |