The Providence news. (Providence [R.I.]) 1891-1906, 1896-07-16
Ex | RA !!
$50 CLOCK
INSOLVENT.
Protective and Commercial
Mutual Fire
Officers Have Been Cited to
Appear in Court.
Insurance Commissioner Wants the
Charters Revoked.
Officers Have Been Cited to
Appear in Court.
Insurance Commissioner Wants the
Charters Revoked.

Two local insurance companies, the
Protective Mutual Fire Insurance Com
pany and the Commercial Mutual Fire
Insurance Company are insolvent and
have been cited to appear before the APP
pellate division Of the Supreme Court on
the 25th inst to show cause why their
charters should not be revoked.
The citations were issued az the re-
qnest OF state Insurance Commissioner
Albert &. Landers, who was represented
by ,Attorney-General f.. &. Dab A
copy OF one OF the petitions filed is as
follows
70 the Honorable. the appellate divi-
sion OF the Supreme Court of the State OF
Rhode Island, in and Tor the county OF
Providence, Albert G. Lsnoers, insurance
commissioner of said state, hereby COM
plains in writing under oath. that in his
opinion, the Protective Mutual Fire In
surance Company, corporation legally
Incorporated by the General Assembly of
said State. and located ano doing busi-
ness In the city and county of Provi-
dence, in said state, IS so managing its
concerns that the public are in danger OF
being defrauded thereby, and has be-
come insolvent, wherefore he prays that
saii court snail forthwith issue a citation
TO said company, to show cause why said
company should not be epjoined from
further exercising the powers and tran
chises conferred by its charter, and why
said charter should not be forfeited unusr
the provisions Of chapter lSl, section 4, Of
the general laws of said state, and sll
acts in amendment thereof or in addition
thereto, and as in duty bound viii
yer pray:
(Signed) ALBERT e. LANDERs,
Insurance Comm issi oner.
The Commercial Mutual Fire Insurance
Company was organized in July, 1894,
and ASA Lyman was PRESIDENT OF IL until
his death couple of months ago. After
the death OF the president the members
OF the company decided that as the busi-
ress had not for some time been very
profitable IL would be best TO wind up its
affairs and an application was MADE 10
the Insurance commissioner'to have the
books OF the concern exammined and the
examination was begun. 1t has not YET
been completed, but mas proceeded far
enough TO make the insurance depart
ment certain that the company is in
solvent Alderman III. A. Richards has
been secretary of the compiny since its
organization.
, / he Protective Mutual Fire Insurance
ComraDy has only bren little over
year in business, having organized under
its charter in March, 1895. Inc company
has been doing no business for the past
two months, and It's officers failed to
make the returns as 10 the financial con-
dition of company req uired by law. An
examination of books of the concern was
begun and ii was soon founo that the
cofnpaDy's finances were in poor shape
and that IL could not meet its obliga-
tions. From the start Ii did but a small
business, and some time ago gave up it's
office at ca North Main street and nired
desS room in an adjoining Office. Dr.
Gardner l.. Miller IL President of the
company and l.. List, secretary.