The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1898-07-26
directors for an increase Of the capital stock
from 81, 10000 to 100000.
Insurance People Make Terms

The long-standing controversy between
insurance Commissioner Clunie and the for
eign insurance companies doing business In
this state has. according to the Chronicle,
been brought to formal conclusion by an
exchange Of communications. Concessions
have been made on both sides. and each
party finds satisfaction In claiming the vic
tory.
The twenty-five insurance companies
which sign the letter to C1unie agree to
pay to the state sum equal to per cent
or their net premiums collected on risks
taken on property within the state during
the year 1887, and similar sum during the
month of January of each succeeding year
estimated on the net California business for
the preceding twelve months.
The money, 1t Is provided, with be dis.
tributed in the following manner: "Where
1t is practicable to ascertain the amount Of
said money which would have been paid
to the treasurer Of any county or city OF
county Of the state of California on pre-
miums received during the year 1897 by us
under an act Of the legislature of 1885. de-
clared by the supreme court to have beer
unconstitutional, then such proportion Of
said money shall by you be paid to the
treasurer Of said county. provided that such
money shall be paid Into the credit of the
fire department of such county" II there
be no fire department fund the money is t.
go to the general fund. and If the county
treasurer refuse to receive the money 1t Is
then to be turned over to the state treasurer
The insurance companies also agree to re-
adjust and reduce as soon as may be prac.
ticable. the tariff rates now in force in Sar
Francisco, provided the fire department Is
put upon ful-paid footing.
1t is further stipulated that the Insurance
companies shall be free from future hostile
interference on the part of the commission.
err. The latter, on his side, continues his
protest against the existence of the board
of underwriters of the Pacific. while he ad.
mits the legality OF the organization and
| acknowledges that his prejudice Is entirely
a personal one.
The reduction in the rates of Insurance.
the commissioner estimates. will result r
saving to the citizens of San Francisco OF
100000. and the sums that the companies
will pay to the state under the agreement
he places at $4,000.
Insurance Notes
The action of the supreme court of Cali
forna in affirming the decision of the lower
court in the case of the Stockton Agricul-
tural Works VS.. various insurance compau-
les, will cost the latter 500 900 besides inter
est and court expenses.
Mayor Phelan has publicly thanked In
surance Commissioner Clunie for the inflr-
ence exerted by the latter IN collecting from
the Fidelity and Deposit company the 800,
900 due the city on the defaulting treasurer
bond.
Life insurance agents complain that the
farmers have no money and will not insure
Farmers in Fresno county are feeding raj
sins to their horses. Barley Is worth $50
per ton, while the cheapest grade of raj
sins is worth $40 per ton.
Vlce-President Tillinghast of the Provi.
dent Savings Life Is still looking for man
to represent his company on this coast the
resignation of George L. North having left
this department without a head.
The complaints of bad business in insur-
ance circles of San Francisco, says the
News Letter. appear to have real foun6a
tion when even the oldest and cleverest
managers are affected. We note that our
old and esteemed friend Col. William Mac
donald has found II impossible to keep the
Wolfe from his door.--[The diagram with
this Joke shows that Miss Wolfe is now Mrs.
Macdonald. Long life to theml
Inquiry shows that so far the firs com :,
panies appear to be standing the loss of rev.
enue stamps on mot wanted" policies with
out much protest. During the first few days
of this month it was stated by several un-
derwriters that the brokers would be
charged for wasted stamps. but few If any
companies are taking this position.