New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-16
IFS CAPITAL IMPAIRED.
TIE FIDELITY AND CASUALTY COMPANY IN
TROl DLE
.EPoRr OF THE STATE INSURANCE EXAMINERS
-TnE vICEPREsIDENT's sTATEMENT.

Maxwell, supeyiut ndent cf the State Insurance
Department made public tie report of Examiners
Michael Shannon and John A lloran. The I'M
palrmrnt IS Sjgll3 46 1t is believed that the
trouble wac brought about by mismanasemcnt on
the part Of an officer or officers, and IS not
question of their integrity Tie report explains
it'elf and is as follows
This company was Incorporated transact the business
embraced In the sccond department Of Of chapter
1853 Of the laws Of 1853 In Section Il ot said act 10 l.
made your duty examine such cOmpanies prescribing
nat In estimating the condition o' any casualty insir'
snrc COMPANY under the provisions Of this act the S'
pnntcnd-nt -had allow assets only such investments
authorized by the existing laws OF the stat" az tho
es" u h, Investigations and shall charge liabilities,
ia addition to tho capita stock. all outstanding indeb;-
e,ro- o ;he company and premium policies
force equal the unearn-d portions OF the premiums
paid hy tho Insured for covering the risks computed on
each respective risk fom the date ot the issuance Of the
police
Til, examination was made as OF December 16. 1890,
toe unesrned premium liability being calculated on the
policies IN force December l. 1890, aud computed by
months.
TN, computation by months /, The most practicable
method u conforming the requirements q the above
quo,d law. The bl,nc~, Of the company has increased
'apGy during the p9st that the Uneain"d pre-
MUM reserve. according To this method Of computa
ton. g., largely In excess Of tho usual 30 per cent
estimate. For instance. lhe total amount OF one year
premiums ~ force $l,C3I $40 81 on which 30 PEI
'' '"'"lH ""'i ~ Fo'''''' ''' 0'
..,.. c,,tr.,d ~, IN. comp.nv ".
have or''t,d the fllowng:
rl.te glass -aI,agc ........ - ooO 90
''' o" p''p''" J" ''''' '''''' ''"'' soo M
rn,ou" ID premium, o,orlue ......-...- -; =
h''I t'''h''' -.''-.'' ..''.'.'''''' Nv -
Teal e3l o5@ =
The couplny WI. 10 doubt '>"ntra ~ aliz" 'ohe ming
out d" t- a-N'tN bnt they '' ho' appear TO o. 'i u''
tIrirtsr Jlflo-!lcd Ly law and ~ tnio:c I'cod
,. ,, 1oo 80. -, ,o'f, If, the statement ,nnc>ed
hc,.to a.r.,I ,,b; .A' rom which appear, the
value " to coupny'. s-,c- i. 'iao7o76 -, and that
i, "-'u' ".i"dmF f-''ooo 'iP''' '.'N' ',''oo, -
,,..''..., ,.' % ....,,, .',' 'i,''' W.
. but f,., 10 s.,. however. that in all probability
thrr n. t~ sea-, l4lrr lon, ia the held
un'7.n.i premium re'9'c.
Ittht "h ana"Nd hereto. is schedule q tn'
J" '''' ~ ''''"' ANA 'l' "'p''u'. '"'''o' u"''f'I
"'','' '''''''' %, ''' company were S''i i',I
"'-"'' "'' none "' nom H"" near" VI ''' ,''''
"2 H'H'l' ''''..''"' Iro.' 49,
''' .' '''' '''','"' ,'., -, ,,, ,,o;,or.
,'' ,.'..'i Ir,,, ,r,'s,,,nrtL,
...'..., ,,,,,oro,,,o -,
,,'7t. ,., -, -.
"' "'" ."''"- NV ''0'''
.''''' '"''' .. '''' -" '''' P''' ~ '''' ;,
''' P""'+ "' ''' '''"f'"N '"''''-' ''' ~
was >''' '"" 'n' P""'H "''' "''" ~ w w. '''''
o." business '"'' was 700 '"-'' """'"' ''l'I@
"''' ,"c proper "'"o'n'' .o' i'l'''''"'
40" 'i' company ni"'' ''' ''"" 10 '''"'
".'''"IS '""'n ho' S'| "i''c '"'" '"'' - "''"
''" "'' 81 'I"'i "'''' "., .,.....,.., ..., .,o-,.
.,.@u,,ad
'ha' n'''''''' r ','"P'"' ''"' q.
- get c"n'I"i "i inc fi'''"N ana 'esIaIN io'
;h" SAX" "i us Nal"""l' 'rhF'"r' Inc h''lhore
company succeeded IN securing over 900 OF me
100 shares, but was hcafcn ~ the recent election
q, . i... :, .,. t.. ,i,. ,,.,. ,l,.t tho ,.norts
t, , .,,,l ,r .,o,.,d
''' o." ''"i''''""' W "'''
MS NtIu*2c Ms >P"N'l ~ - "c'I Ho'c-
mcnt. and 10 It were attributed the charges about
tho ,,u,,ir,cct of co,tol Iiut there VA, evidently
i.t.. .. d. i,,i i,. .,r,. Som, .ri,,ci.r, ,,,s
'' :, ,i -. ~,
'"'"' Oh ''''-' "
'hf FH'NF' I"I ""'' VIZ ''''c" HIS "N''"''o'0
HesS IN forcing the company 10 undertake an I'M
mcnsr business. aud trouhl' WAS predicted by the
.., I.,oo, S,,..r.I ,ro,ti, o,, tbe
'' '''
Nhir INSURANCE D'Pii""H' was IcI"''''" 10 w
anime the afIl,i, Of the company. Both the Olli-
.., and l,ro.,,. ,f tb. Fidelity lov, said s.,crnl
t t,, .,'o ,r,-z-,i,,o,ior
' '""' NV "
maze, Tor piuru1f WlN"HN' 'H" "l'o u" E'i''I''
\ director said last night that the
,nlyrucv Of the company was uuuucSt toned
Interest attaches 70 this rOmpanv i'm a lorgc
,o.,,,, 49,, ,..,,,,,, of tho mon connected with if
m m "''I' '' e" ,,., =, -, ,,
J mr. uHl'clS ar. l'""''' h'''''" VI Nl'"''"''
yc.- president and manager. Mr. Seward; sccrc-
,n,v p,Lcrt IIiIlt> ANON. the directors are
= >, ,-., ,o.ro coo Cooroo J.
' - '''''N' - n .
W illlamS, AcAahdcr l. UT, D. l." I'lheI' a. "
Met 'ullough and w. ii. Mae
Mr. Seward said last night.
Gnr rounanv has been doing a la,co Increasing and
,op,tI h,,,o. und., ,h, ouor,ton of the law which
'f'''' 'l '"'''' ..
" -, , ..,.,.,,ud ,hf.
" JUL" va -, ..' ~, -. I
''' ~ , "a as ,,,,. h ,,, IN , r.
- . .,,-.t,,. ,1,, ,,.. .,,,,,,,u, must ,b,rc,
""N P'" ' -,
- 49,, 49,, IT ,, .
~" '' "' p rr -, -.
-" ~ '" P - ' ,, .no onn ,r,
~" "'"'"'n P''"'''' ''''' - ' a.. ~
'im expended {" procure u' b"NIH''' - ''l F''"''''
lhi- $500 OoO comes back To III "h"h h BUSINESS y run