The Providence news. (Providence [R.I.]) 1891-1906, 1894-09-20

the National Fire, of which he was secre-
tary, January 1, 1892.
The Insurance Company of New York is
the name that has been selected for the
new joint stock fire insurance company,
which A. w. Hart, ex-president OF the
Columbian Fire, is organizing in that city.
1t Is said that one-hal of the stock is paid
| up and the rest promised.
Sylvanus Albert Reed, at present West
ern special agent of the Continental Fire.
has been unanimously chosen manager of
the Tariff Association of New York, to
fill the vacancy made by the recent resig-
nation OF +. w. Whiting on account of
ill-health. Mr.. Reed is a graduate of
Columbia College of the Class OF 1874,
and received the degree of f.. M.
in the engineering course from the
School OF Mines in 1877. He engaged in
engineering practice in the West for five
years, and in 1885 organized the ins pection
department of the Commonwealth In
surance Company. In March last he was
appointed special agent OF the Continen-
tai Fire, with headquarters at Chicago.
Mr.. Reed is member OF the Institute of
Mining Engineers.
The Commercial Alliance.
A suit was brought in Washington.
ID. c., last week against the Washington
Beneficial Endowment Association, the
Commercial Alliance of New York City
and Lawrence Gardner of Washington
for an injunction, receiver and an ac-
counting. The suit grew out Of the
transfer by President Gardner of
the property of the Washington
association to the Commercial Alliance.
and was instigated by meetings of pro-
testing policy holders who claimed that
their r ghts were infringed by the transfer.
The rest of the story may be briefly told:
On August 20 Deputy Insurance Super
intendent Shannon, as result OF a long ex-
animation of the affairs OF the Commercial
Alliance, notified President T.. A. Dun
ham that an Impairment OF it's capital and |
assets OF $4,000 below its Liabilities ex- |
lsted, and that the same must be made |
good. President Dunham and Comptrol-
Ter Holly promised to do so, but failed.
On wednesday last Mr.. shannon visited |
the elegantly fitted offices OF the company |
in the Postal Telegraph Buisding, and |
notlhed the officers that the Insur-
rnce department would brook no further
delay. lie said that the $4,000
deficiency in the company's assets must
DE made good by noon on the following
day. The officers failed to comply. On
thursday afternoon Mr.. shannon directed
me attorney general at Albany to prepare
The papers and take immediate proceed
ngs to wind up the Commercial Alliance
Is an insolvent corporation. IL this COM
Dany passes out OF existence II will be the
9th regular New York life insurance COM
'any, and one which OF late had made con-
iderable pretense in the way OF absorbing
'ther and smaller companies, and a great
how in the matter OF superb business
quarters.
National Insurance Commissioners.
The 10Th annual session of the national
Insurance commissioners convention
lold at Alexandria Bay, unanimously elec.
eu the following officers for the ensuing
'ear; President, B. X. Durfee, Illinois:
lice president, w. N. Hahn, ohio; secre.
ary, +. l.. Cutting, Maesac husetts; ex-
.eutiSe committee, James i.
Pierce, New York; II. r. Duncan
kentucky; Burton Mansfield, Con,
lecticut; J. T.. Hollingswortb
Texas, and Il. +. Giddings. Michigan
ne next convention will be held at
'iackinaw Island, Mich, the first wee. I'm
august, 1896. Probably the most impor-
ant action OF the convention was The
'doption OF preamble and resolution A.,
eierence tothe examination of life com
lahles which reads as follows: "Wbere..
ne business OF life Insurance has reached
uch immense proportions. and is second
u Importance to no interest. .,
ms country, and whereas, the trust
'"e savings Oh millions OF policy