Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-12-29
ONLY ACT AS AGENT.
THE TRUST COMPANY DOES NOT
GUARANTEE The LloYps POLICIES.
SIR. race Says the Metropolitan and tho
Indemnity Arc sbapiy Represented
by His Concern.


by His Concern.
.-A-----~-----
The fact that New York grand jury
is 10 investigate the failure OF the Ameri-
c,n Casualty Company affords the
herald OF yesterday a text for a long
s-,.clo which has Richmond end. but
,se Rschmond end Is very much twisted.
After giving history Of the failure OF
o.. Casualty Company and attributins
,be wreck 10 Bcecher. Schenck & Co,
The Herald says:
The glass doors OF their CBeecher,
s,scnck 6 Co.'S main office are decorated
With the signs on one side Of the Metro
LILLIAN Lloyds Of America and the In
ormn.W Iloyds. and on the other with
thc sign Of the Independence Insurance
company. Of New York city.
..rhc organization OF the Independence
Insurance Company has been watched
With interest by insurance-men generally,
..l railroad insuTance-men in particular.
gre company has been extensively ad-
,.,Hs.d in insurance newspapers all over
e., country. and has been making glow
b.. b.as for business. but the connection
~ g,cchcr Schenck & Co. with II has
d. been generally known. Although not
,.i ready Tor business. the company has
male brilliant offers for charter bust
ness business given IN advance of the
date ~ starting. January 81, 1895.
although the Board OF Directors OF the
r.ey-orsanlzcd company is made up OF
I.uuemen wen known In the business.
Insurance and financial world. the fact
i.t the firm Of Beccher Schenck q Co
n.y. really the organizers OF the company
Inns caused 10 little uneasiness. Old in
t.raucc-mcn who have figured the basis
q. premiums down TO a science declare
tLat business cannot be done at the fig
u-s proposed by the new company at
l-ull"
Ue Herald then gives list Of the d.
re-tors OF the Independence company.
when includes Mr.. James u. Pace, and
ADDS.
The business Of the Metropolitan
-uyls was chiefly the insurance OF losses
on tobacco IN Virginia. and, as the COM
tany was unknown there and the firm
- Eeocher. Schenck a. Co. equally I'M
known. the losses were guaranteed by the
virginia Trust Company, of Richmond,
% company OF which MIR. ]. Il. Pace. OF
SIZE Pace Tobacco Company, Is president.
= is sail ut the risks OF the Metropol-
rn I'oyis viii be assumed by the indie
i.ulencc Insurance Company. OF New
Y-Jk city"
TRUST COMPANY NOT GUARANTORS
There is not a word OF truth In the
t..flreut that the Virginia Trgist Com
,srv guarantees the losses Of any insu-
rance company" said Mr.. Pace when
sem hy a Dispatch reporter last night,
s..r" continued he, lis there any truth
in The report that the Independence COM
r1uy viii assume the risks Of the Metro
frIian Ll0yds."
J Nr Pace then went on 10 say that he
INV nothing Of the connection OF
..char Schenck & Co with the affairs
e. the American Casualty Company. eX-
t..t that the firm had failed in the man
f-auent Of that company. as he had
heard under circumstances that might
l.te Cuused others 10 fail. He had, how
(r.r. investigated the firm and had been
f-'i hy reliable. conservative men in New
YORK that they were entitled TO conf
D.rrs and We're men Of business integrity.
THE metropolitan Fire Lloyds was or
-sr'zel in January last, and the Indem-
- Fire Lloyds was organized in May
80 and he CNr. Pace) looked into them
.rl had become individually interested
l. both The business Of both had been
Ky successful. They were making
srorry. and the Virginia Trust Company
~ the agent Of both. and nothing more.
gne companies took risks on tobacco,
I.ores. dwellings,. and everything else ex-
c.rt few lines which were prohibited
,.4use they were considered extra haz-
u,.r-.
TIE INDEPENDENCE COMPANY.
As for the Independence company, II
" -anized under the laws of the State
G. New York. and was TO have capital
O. no ami a surplus of from $4,000
o. EnG0. II was stock company, and
g F.. lid business in Virginia would have
2, make the usual deposit OF bonds. II
-0rll commence business January Slst
. sufficient number of charter risks
V.r. secured.
W- Pace said further tina. he believed
.ts report regarding the Virginia Trust
Cmpany originated in this city. why
g. sumed. "does Il not stand 10 reason
fat 10 The truit company was going TO
rn.rl1tee losses It would take the In
tl-.nre itself? / want you TO put 1t as
.rretticaily as you can that Il Is aD-
.'G.-'y false that the trust company
81 arrat.. the losses OF the insurance
cuasnies for which 1t is agent. II Is
simply dong an agents business Ike
a.f other agent"
N- Pace lteratel his denial that the
..r nlence would assume the risks oil
..e Metropolitan Lloy1s.
LLOYD TEST IN THE COURTS.
JACKSONVILLE. FLA. December q =
a. special 10 the Times-CniOn from IA
l.t4. Fla.. says: An important case Is
I.E on trial before the criminal court
i.r- It is that Of G.. Lopez Bailey VS.
I-t.rauK and Garrison. who were arrest
.3 anI held for soliciting insurance, act
ing as agents. and doing a general fire.
Insurance business for the Lloyds. OF
New York. This agency has been repre-
s.luas the LiOyds and are writing large
lines. not only I'm this city. but in differ
tIi parts Of the State. They claim &c
represent large underwriters in the city
o. New York. They claim TO give the
N.w York standard form Of policy and
''- names of the individuals indemnify
'nr the assured. II will probably be @
'st case as 10 the construction placed
r;on ne Lloyd system under the Florida
statutes, and will be watched with great
Interest by insurance men all over the
country.