The Providence news. (Providence [R.I.]) 1891-1906, 1894-05-10
LIFE INSURANCE.

Michael Shannon, deputy insurance
superintendent for New York State and
the ablest insurance official in the United
States, has rendered his resignation, which
will take effect June 1.
He has accepted the first vice presi-
dency of a new life insurance company
called the American Union Life which
Was recently organized by p. b. ARM
strong of New York.
The salary is a desirable one, being S15,-
600 yearly. In an Interview with Insur-
ance Superintendent Pierce, that gentle
and in expressing his regrets took occasion
to speak of the loyalty and integrity OF
his lieutenant.
Commission Committee I'm Hartford.
Yesterday Messrs. Alec Adams, G. Fur
ness and N. G. Crosby, the commission
committee OF the New England Insurance
Exchange, travelled to Hartford to confer
with Mr.. Jas. Il. Dudley, secretary OF the
Eastern Union. The results of the meet
ing are not yet public.
Major Ben CaIef's Loving Cup.
Major Ben S. Calef of Boston has pre-
sented to the National Association
of Life Underwriters sill
for annually by the different State life
associations by the writing of az essay on
given subject A different subject will
given each year ~ FAis year the National
Convention is held in June at Chicago.
Suit by Continental Life Receivers.
Yesterday at Hartford the case of the
receivers OF the Continental Life Insurance
Company against Mary j. Pomeroy was
heard in the Superior Court.
The charter of the company was
annulled in 1887 on petition~of the insur-
ance commissioner who represented that
the assets OF the company were less than
the liabilities. The plaintiffs in the suit
claim that the company had in 1856 and
has ever since had q capital stock of $780,
600. Forty per cent. paid in and the
balance Is promissory notes given by the
stock holders. ---.-
The defendant, Mrs. M. j. Pomeroy. in
1874 became owner of so shares of the
company's stock, She gave promissory
note for $500, as was the custom, payable
80 days after demanded.
The note being then tho property of the
company became part Of the company's
assets and on March, 1888. payment was
asked for. The note was presented at the
bank and payment refused. 1t was then
protested and now action is brought to
recover $4,000 damages.
The defendant denies the right OF action
for the cause stated in the complaint did
not accrue within six years before the
of this action and there
fNaN >"-AAs0e ~ NOiaS>sSas AhC JudEU
reserved his decision.
Hartford Insurance Men Scared at
Electricity.
The many recent fires in Hartford have
caused underwriters in that place to look
carefully into the origin of many of them
and find out wherein the danger lies.
1t has been proven beyond doubt that
defective wiring In the installation OF
electric lights or plants has been respon-
sible for more than few fires and infe-
rior insulation OF wires has caused
many, more. In consequence
OF all this the Hartford Board
OF underwriters have decided to advance
all rates 80 per cent. where electricity is
used unless such improvements shall be
made as the electrical expert Of the under
writer's board shall direct. The people
for the most part take kindly to the
"proclamation,o and changes are being
made Immediately.
Conant Rubber Co.'s Loss Settled.
The loss upon the Conant Rubber Com
pany's stock, Hartford, damaged by fire !
on Saturday last, was today settled for |
$500. The companies carrying the insur-
ance were the Firemens OF Newark, Lion |
OF England and the Commonwealth of I
New York. Each policy was for $4,000.
j. +. NJ. LYONS.