New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-03-20
INSURANCE IN MASSACHUSETTS,.

WHAT OFFICERS OF THE NEw-YORK COMPANIES
AFFECTED SAY OF MR. TARBOXs ACTION
Six New-York insurance companies are
affected by the action OF Insurance Commissioner Lar
box, OF Massachusetts, regarding the revocation vi
licenses TO do business in that State because OF nonco
plian0e with the statute recurring capital OF at e
5000 900. They are the American Exchange, the Oon-
roerc,a Fire the Exchange Fire, the Firemens, the
Greenwich and the United States Fire. TRIBUNE re-
porter Yesterday called the presidents and managers
Of companies and inquired what enect the action "
Mr. Tarbox would have their business in that state
awe have not made up our minds yet" said Samuel e.
Harriet president OF the Greenwich Company. but we
shall probably withdraw from the State If the law IL en-
forced did business there before we ever established
agencies and the prevent our Issuing policies
from the home Office Massachusetts, property which
is probably what we should do obliged TO give up
our agencies"
eve received the first advces from our agents In Bos
ton to-day" said W. Wilson Underhi president OF tine
United States Company. sour capital is S25OooO ana
we have large assets and much more solid than
company with 100000 and no surplus or assets we
strive retain standing there, and II neces-
sary shall apply to the Legislature for relief lao not
think this action grows out Of anything new IN the way
the insurance companies conduct their puslness-nKe
mixing marine and fire Insurance"
heard OF this matter first last Monday said John
f. Halsted. president of the Fremen's Company 81 do
not know why we should be excluded from Massachu-
sets There IL something more behind this Inan the
$500 capital; must mean discrimination against
marine inland navigation insurance We nave zone
business IN Boston twenty years, but only slal IN
land navigation busness-Only S744 net III 1880. We
have received official information from our agents ana
look on this whole matter hinge Joke We are Will
ing put away marine business, II that Is What
stands in our way ~. a.,
think the Boston correspondent who sent that dis
patch was mistaken the effect Of the law remarked
Charles b Holmes. general agent for the Comneiclai
COMPANY 1--WE have Just received our certlncate OF
authority 10 carry business III Massachusetts, ana
Yesterday sent check to the department fOf our
license fec That rot look much like driving US rom
the state does il There is law there making IL ODll
eaory on fire and marine companies To nave captd OF
100000; bur that does not properly apply to our com
panv think We have heard nothing from our Boston
agent about this matter" 49,, -. - a.
Na,sachusetts could not afford to drive fCur or I'VE
millions Of dollar. OF the state as she would De G0S
Ion5 .he enforce this old law" said George ". Mont
roInery secretary o. the Exchange Company. our
oing on and that the Legislature VIII give Us
reIef in some form. The Insurance Commssi0ner mas
MAJ discovered that he has been granting cerhcats on
5000 600 canita Illegally and the Legislature VIII nave
10 help him out. Any act legazing Ms action III ths
matter will probably place tie insurance companies al
right" ,-oo. 900 40 . ..i.,...t -
said Thomas Clark, IT.. secretary OF TIE American X
change Company. but would not raise II al an LOT he
sake OF doing business in MASSACHUSETTS, ILere is Aot
sufficient bunes. there now to make II much of IN OBJECT
for Us " remain there