The record-union., 1893-05-06
APPARENTLY CORKED UP.
The State Investment Insurance Com
pany in Trouble.
PRESIDENT Brander Insists That 1t is
All Rlght-what the Sacra-
mento Agents Say.

Inc State Investment Insurance Com
pany OF San Francisco appears to be in
serious straits, judging from the reports
IN the papers of that city.
The State Investment Company was
established in 1871. Tyler Curtis was one
OF the organizers and its first President.
After his death the late ex-Mayor A. j.
Bryant became President of the COM
pany.
About two years ago the company re-
insured the Western business, and at
that time the capital stock was increased
from 100000 to $4O0, 900.
At meeting of the directors of the
company yesterday the situation was dis
cussed, but without any decision being
reached. 1t was agreed to meet again to-
day.
There are two plans beside insolvency
open to u.s." said one of the directors
alter the meeting. lone is to raise about
Sl9O,OOO by assessment of stockholders,
and the other is to reinsure our policies
with good company"
IL is gossip among insurance men that
Che Alliance Assurance Company of Lon
don Is more likely than any company to
relnsure the State Investment. The
local directors of the company are George
Z. Perkins, Chris. Nelson, Albert Pissis.
Z. Ransom, James Motitt, d. E. Martin,
Joseph Brandenstein and Gustav Sutro.
Insurance Commissioner Wilson has
had two men at work exporting some of
the books of the Investment Company
since April 18th. The law permits a
company to suffer an impairment by ex-
cess of liabilities over assets of Is per
cent. of its capital stock. If more than
fe-s,i. i,
authorized to take the necessary steps to
close up the business. Last year the
State Investment was impaired $4,000,
but this year the Insurance Commits
sioner has reason to believe the impair
ment will exceed the 25 per cent limit.
which is SlOO,00 in this case.
II our reports show this" said
deputy insurance Commissioner Rhorer,
I'VE will have to take the proper steps to
Immediately close up this business u
president George l.. Brander, in an in
terview yesterday, said: "We'll be all
right II we can only be allowed to go on,
put we must lose great deal of money
II we stop. There are lots of premiums
due which we can't collect if we go out of
business, and there'u be losses in other
ways.
II have just figured out that outstand-
ing collectlble premiums in the East foot
up SZl6,II5, while premiums due here ag-
gregate S35,000. Agents commissions de-
Quoted from these colleetible premiums
would leave Sl76,243.
Then we have $4,000 in outstanding
mortgages, building, ETC., all entirely
outside OF the valuation of the stock.
Against this we have about S94 900 of
losses, payable in from sixty to ninety
days, leaving a balance of assets over liza
ollities of $l97, ,000."
THE SACRAMENTO BUSINESS.
Lawton IL Whitbeck are the agents
for the company in Sacramento. They
state that the company has been doing
very little business here for 4 year. Its
policies here are mainly old underwrit-
ings not yet expired.
Unless arrangements are made below
to rewrite for these unexpired terms.
Lawton q WhYbeck say that on their
own account they will reinsure policies of
the State Investment Company written
through their office, taking the reinsur-
ance to protect the policy-holders. in
well-known and stable insurance com
panIes.