The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-07-10
THE STATE POOH BAH.
General Lord Everything Weir
in the City
AS INSURANCE COMMISSIONER.
The Home Company's Capital Impaired
DoubtfaI Point Many Duties OF
Secretary OF State.

city on Tuesday evening and spent the
greater part OF yesterday examining INTO
the affairs of The insurance companies of
Seattle. The law which went into effect
on June %. requires the commissioner to
make an annual inspection of all companies
in the state. to see that they have the re-
quired amount of paid up capital stock,
and that 1t is unimpaired. Accordingly
Mr.. Weir visited the several insurance
companies in this city and investigated
their condition. Speaking of the result, he
said:
II have inspected the Home Fire q
Marine Insurance Company and find it in
generally satisfactory condition. but its
capital is impaired by losses this year and
last The company has subscribed CAPT.
tai OF $246.700, paid-up capital of
s224.sO0 and an impairment of $751;
$3.50, which leaves a paid-up and unim-
paired capital of $751; ZOO The law re-
quires that companies incorporated in the
state shall have at least 500 COO capital, of
which at least 900 must be paid up and
unimpaired, so that the company is still
far beyond the requirements OF the law.
Under section the impairment must be
made good or the capital stock reduced by
that amount within thirty days or the
charter Is to be revoked. The Farmers
and the Cascade companies have not vet
applied for inspection, and unless they
comply with the requirements of the law
they must quit business. They are mean
while doing no new business. and are at
tempting to comply with the law. If they
fail to do so they must either re-insure. or
cancel their policies and quit business, or
be liable for doing business without a GER
tificate. the penalty being 800 to $500 fine,
or six months Imprisonment
Mr.. Wer will make no insp ection of
companies no: incorporated in Washing
ton, as the law does not require him to do
so. These outside companies are required
TO file with the commissioner copies of
their articles OF Incorporation, charter,
amount of capital stock and assets and
must have paid-up and unimpaired capt.
tai of 100000, if organized in any other
state. II it is foreign company it must
deposit with the state treasurer or furnish
proof that it has deposited with the treas
urer of some other state bonds OF the
United States, this state, Massachusetts or
New York to the amount OF $500 600, free
from all liabilities.
Mr.. Weir said that the law did not seem
to have been intended to apply to life in
surance companies, as most of its provi-
sions specified fire and marine insurance
companies, while some referred generally
to insurance companies. Thus section 8
requires insurance" companies to file GER
tain papers with the commissioner. Sec
ton 10 requires insurance companies out
side of the state to provide an agent in the
state on whom service can be made Sec
ton 10, which forbids real estate specula-
ton; section 20, providing reserve of sur
plus profits to meet unexpired risks; sec
ton "a. providing for increases Of capital
stock; section 25. forbid ding taking more
than 10 per cent. of capital stock in one
risk unless excess is re-insured, and section
q, providing for the signature of policies.
seem to include life companies. as fire and
marine companies are not specified. Said
Mr.. Weir: II shall make a thorough re-
port on the workings of the law to the leg
islature next winter. and shall certainly
ask it to make its meaning clear in regard
to life and mutual insurance companies.
$50 far fifty-eignt companies have COM
piled wholly or IN part with the require
ments of the law, and there will probaiy be
30 by the time get through. am going
now to Tacoma to inspect two companies.
The secretary of state has been converted
into sort of ex-officio Pooh Bah by the
legislature. Heis ex-officio insurance COM
missioner, member OF the state land COM
mission, member of the commission to
select indemnity school lands, member of
the state library commission, member of
the commission so select a site for normal
school at Eilensburg, sealer of weights and
measures, member of the state boards of
equalization of taxes and of the state board
of equalization in the value of tide lands
hiss to asdit the state printing bills, has
supervision over the capitol building and
grounds and is required to furnish supplies
to the state officers and library. Altogether
Mr. Weir fills eleven different Offices in adj
dition TO that of secretary of STATE, more
than there are attached to any other state
office, and only one of which has any ad-
ditional salary attached to it. Toward the
close of the session Mr.. Weir came to the
conclusion that the legislature was over.
doing the thing. and when it was proposed
to give him ano her Office with an Insult
icient appropriation for clerks, he init
mated that unless the amount was in
creased he would resign, and to use his
own language, "hire somebody else" The
amount was increased. and Mr.. Weir is
still Washington's Pooh Bah.
As a member of the state land commits
sion, he has to take charge of the state
lands, in conjunction with the land COM
missioner and auditor. As q member of
the state board of equalization and appeal
on tide lands. he will have to participate
in ordering surveys and appraisals on tide
lands and will have to appraise their value
on appeai-no light work, as most of the
tide lands are likely to be subject of such
appeals. As a member of the commission
to select indemnity school lands. he has
to act with the government and land COM
missioner and has already has had much
work to do. This board had FIRST TO pro-
cure certified piats from the general land
office, showing the condition of ali the nm
surveyed land in the state, also plats from
the local land offices showing the condition
of sections is aud Sc in each township in
the state IN order 10 know what were the
deficiencies.
AS member of the state library COM
mission, OF which the governor and attor-
uey general are the other members. the
secretary OF state has to provide for the
exchange and purchase of books and the
care OF the library. At a meeting on Mon
day. the commission awarded contract to
Callaghsn & Co, of Chicago, for LOO
volumes TO complete the law liorary.
These books include the state reports of all
the states, the reports of the United States
supreme and circuit courts and 5000
worth of law-text books and digests. The
amount to be ,aid is about $500, which
will nearly consume the funds derived from
the fees of notaries public. The commits
sion expects by Eext year to have COM
plete law library. which is essential for the