Evening star. [volume] (Washington, D.C.) 1854-1972, 1886-06-24
INSURANCE COMPANY.


AoO Al RA0AAmeH1co0 1o00r0mce Com.
paay Closes In Doors This Morning..
The Ansio-American Insurance company,
which was organised In this city June ~, 1854,
and Issued nfe and marine policies, suspended
business to-day. The capital a. announced In
their circulars was one million dollars with i've
hundred thousand paid up In cash, but when an
attempt was made by the District some time
ago 70 collect the tax on that amount, the
oniciais Of the company reported their capital
70 be one hundred thousand, and paid the tax
on that amount The officers OF the company
are given In their printed statement
g follows; Hon. VIM. Bell. president;
S Soruon Asctnt9Sh vice PRESIDENT p. F. Han-
Gordon Sscinsosh. John Mason ss@er and %1 RoSeri
Dance, London. England, n. +. Hamlnk, II. II.
Finley; Washington, D. c, and VIM. Bell IT,, of
D: =. Hamlink, the secretary. q STAR re-
porter was told this morning when he called
since the 1st Of May, having gone 10 Australia.
ES: Woooward, who had come on from New
York and had been acting secretary since the
1se OF May, was said TO be Ia New York. The
once this morning ives in change of q clerk,
who said that he knew nothing about the az
i ,ssrs OF the company or the suspension, except
That he had Instructions to write policies
the clerk In charge. was out There were at the
lady clerk. The fixtures Of thc office, which
are very handsome, the counter being Of solid
cherry, had not been removed. and the reporter
was TOLD that this was about all the assets
the company could show. H. II. Finley, who
Is put down as general manager, has not been
that he had never seen any Of the officers OF the
M: Bell The company was doing business up
terday no business was done, and to-day the
suspension was announced. An assignment
was placed on record today, making Mr. VIM.
az Of the creditors. The company did very
little business In this city, their risks being
Company had no t aSen bat adYer.
tised extensively and operated through brokers.
The condition OF the Company Tor more than n
criticism In the insurance papers, and il has
been characterized as "a wild cat concern"
STATEMENT FROM THE COMPANY.
Mr.. H ]. Phillips, the special agent of the
company for the south and southwest TO adjust
losses, Is IN charge Of the Office, none OF the ON
GERS being In the city. In reply 10 a question
from STAR reporter this morning as To the
cause OF the suspension Mr.. Phillips said: "The
primary cause WAS the company going TO pro-
test In London on drafts amounting to
$4,000 on the general manager there
TO pay insured losses. When they went
r. protest l have NO means OF knowing. as
get further advices In u lew days. The business
OF the company has not been good for the past
the insurance papers. Our risks were In all
parts Of the country, and there were probably
not nifty policies Issued in this city, and the
amount at risk in the District is not over
nve hundred dollars each policy"
The liabilities" he went on, amount TO about
$6O.OVO, being losses on policies issued in this
country, and an amount sufficient 10 rensure
Its outstanding business. When the cable ne VS.
was received from London, under advice OF
counsel an assignment was made 10 protect our
creditors"
MIR. Phillips stated that the president, Mr..
Bell, who lived In Newark, ohio, was now i'm
columbus, OHIO. where he had gone to attend a
district conventions; the vice president
Macintosh, and the general manager Find
ley, were in London, while the Secre-
tary, Hamlink, was In Australia.
When asked ia regard to the assets of the
company, Mr.. Phillips said he could not tell
what they were, apd finally referred 10 the
printed circular giving statement OF the con-
dition OF the company July LIST OF last year. Ac-
cordlng TO this statement the assets amount TO
$66O, O49.47, OF which S236, 7e5 was i'm United
States per cent coupon bonds, $241 900 In Ils
bonds, aud $92,9OO in District Of Columbia
S6os. The called loans secured amounted to
$4,000. The loans on real estate
TO $1,000; premiums in course OF
collection, S34 81 49, office furniture and FIX
lures, S1,2S3.4O; cash OH hand and in banks
S3l,S1S.2l. The Liabilities are as follows: CAPT.
tai stock, 100000; losses adjusted but not Yet
due, S9,65L.27; losses reported but not ad-
Justed, ~, 4o0.50; Reinsurance fund, 81 %, 1885,
surplus over capital stock and all other liabili-
ties, S34, 1870.