The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-04
News.
Items About the Companies In Business
ia This Country.


The Illinois Legislature has passed
what is known as the Resident Agent
law. which does not permit Illinois IRE
risks 10 be written by any but resident
agents Of the State.
A convention of agents Of the Fidelity
Mutual Life Association of Philadeil ma
will be held at the COrnell-avenue Hotel
I'm Chicago. running from the 10Th TO the
18th instant.
The new Manhattan Life building, on
Broadway, will be the tallest IN New
York, its flagstaff being sixty-one feet
higher thar the spire Of Trinity church.
A Nebi aska dispatch says that suits
will be instituted by a firm in Lincoln to
shut forty-five fire insurance companies
out from doing business In Nebraska, on
the ground that they have formed a
trust for the purpose OF maintaining In
equitable and exorbitant rates, 70 avoid
compliance with the valued policy law
and 10 stand by one another in refusing
full payments of losses in cases where
by technical avoidance they can do So
The twenty-secOnd annual report OF the
Minnesota Insurance Commissioner has
Just been issued. From this appears That
during the twenty-one years closing with
1892. 925Sl policies have been Issued upon
the lives Of Minnesota citizens by the old
line life companies, covering insurance
amounting 10 SlS7. AL .4Si. The premiums
received upon this Insurance amounted TO
g1z.G75. SO3.7 p and the losses paid TO $6,6B.-
23l54. The fire insurance business was
prosperous with the companies, the ratio
Of losses TO premiums being only IS per
cent, as compared with an SO per 9
loss ratio in the previous year. The gross
amount OF premiums received in the
State was s4,545, 1868, and the losses were
S2,13e, 06l. 93. The report asserts That the
assessment avs need n thorough over
hauling and revision in order TO fully
protect people from sham Insurance.
which, however. cannot now be accom-
plished. as the Legislature has adjourned
and will not again be in session for two
years.
The action of the agents Of the New
York Life and Of the Northwestern Mu-
tual IN disappearing rebates is meeting
with the general approval or those VINO
believe In stopping some Of the wasteful
methods at present existing IN the resu-
lar life insurance business.
Another wild cat insurance company
has gone by the board. a receiver for the
Citizens. of Cincinnati, having been ap-
pointed.
Insurance Commissioner Linneham, OF
New Hampshire, attributed the exemption
of that State from destructive fires for a
number of years past 10 the existence OF
a valued policy law, whereupon a writer
on insurance Is moved 10 remark that
"t seems a little Inconsistent that one
should argue from the infrequency or
fires that a law Offering a premium Tor
fires is wise, and should also argue that
when the fires do come the law when
offers a premium for them is not at
fault"
The ABSORPTION of the Home BENEFIT
I5fe Insurance Association of San Fran
cisco by the Mutual Benefit Life Associa-
tion of New York Doth assessment COM
panies) is under way. The presloeht OIL
the New York company, Mr.. Whftoh'
saws that negotiations are going on with
four assessment companies anxious to be
reinsured by the Mutual Benefit.
A. b. Whitson and William Groves,
agents Of the Metropolitan Life In west
Virginia. were arrested at Wheeling for
forging policies. Whitson pleaded guilty
and was sentenced TO the penltenuary Tor
two years. Groves was found guilty
awaits his sentence. DR.. Ashbrook, the
examining surgeon, VIII be tried at the
next term OF the court.
The Fidelity Mutual Life Association
of Philadelphia has appointed s. ellis
Briggs general agent for New York city.
Secretary Joseph Lehman. OF the sun
Mutual Insurance Company, OF Cfncin-
natl. has been suspended from that office
owing 70 a shortage in his accounts lie
had held the position twenty years.
Henry Waters. an agent OF the United
States Industrial at Jersey City, has been
arrested. charged with embezzling $4,000.
The insurance on the Hotel sycamore,
at Lake George, recently burned, amount
ed TO si25,000. It has been adjusted at
1913. 500.
The poor fire departments In both Pitts
burg and Allegheny, Pa, are the cause Tor
several large fire insurance companies
Withdrawing their agencies In those cities.
The Guarantee and Accident Lloyds has
brought q libel suit against Auditor Hen
darson. of Indiana. The fact that the
department recently blacklisted the Guar
antee is the basis OF the suit. The man
ager claims 500, 900 damages.
The Insurance Commissioner OF Ohio
has notified the officers of the American
Casualty Insurance and Security Com
nam that the department viii require
an additional deposit of $4,000 II the
company wishes 10 do a surety bond
business In that State.
.