Evening journal., 1899-02-25

,t.cea'lLe fact that Whiae The amount or
INSURANCE in force in this state writ
Item hy legal reserve companies has
shcwn srIhtAaraal increase during
1887 the amount he'd I'M force by the
aesessment companies exhibits loss
of SsS,s4S. This IS proIbab.y due Ito the
ld.saugit arising from the large num-
ber OF failures during the past few
/, lyears CT G mpanies operating on ass
BASEMENT plan The following table
gives a comparative summary OF the
amount OF polcios IN force in this
state en- December 81, s6 and 81, CT
the legal reserve (induatnlal Insurance
exc,uded) and asseksment Companies:
1896 1897
Amount. Amount
Nineteen life
insurance
companies o.. 81, ,O61 ,555 sl1 699 ,26S
SIX assessment
companies e. 1,l4S,575 1,lOO.227
On December 81, 1898. the amount OF
policies held in force by the assessment
companies authorized to transact bust
ness I'm this state had decreased to
1867 ,227, a loss Of siSs,OOO during the
year.
In, ccrcequcl-lee q the tardiness Of a
few of the life insurance companies in
reporting, am unable to give a com
parative cummary including THE year
1898:
Commerclal Fire Insurance Com
pany-The Commercial Fire Insurance
Company, OF Wilmington, was mcst
,Iberally chartered ny the late Legs-
latune, about a month after the as
sumption of this office The law pro-
, v.des that domestic companies must
report to the insurance de-
partmenH fer the ensuing year. Until
this is dome, they seem to have, and
4 lusual.y exenolse. the right to work by
= virtue Of their charter independently
OF any authority of the department
y The Commercial seemed disposed to
a waive this privilege and willing TO sub
ilAll 10 ullt EupelN49ioH VI oAc N~NlAiAi'A'
h ssoneE
n Accepting as worthy Of credit their
e claims and Representations. 1 expressed
Y the opinion, in response to numerous
2 Jeeters Of inquiry from all sections. ol
the couuery, that for a young com
Il pany lit seemed to be doing well and
4 giving hopeful premise of ultimate sue
= cess.
The lapse Of a few weeks, however
4 developed suspicious circumstances
which made me more cautious ant
guarded in words OF urquaified ccm
: mendation, although letters of inquir,
: oonsinued to Pcur in. Misg.vhgi
g deepened into drstrust upon the reoe.p
10 of a letter from the North, first bring
If ng TO my notice a small circular styles
3 Annual Statement" which the c-m
If pany was spreading broadcast. laying
d claims to assets in cash, mortgages
+ Stocks and bonds, real estate, etc., ag
! gregating 1929, ,6O6S7 An immedlat
/ and penemptory demand upon the sec
Ne retary to suppress THE statement paEse
a unheeded. The annual report 800
ID followed at the close Of the curren
v year, reproducing in itemized detail tn
IN same aggregate amount. The publ
f. have already rece.ved, Through ancthe
es channel, some account Of the trouble
NJ some inveiztigauicu which ensued an
ar the evidences Of fraud and fa.sldicat.o
es disclosed.
d The attorney general was directed
an f.e bill In Chancery for an order II
quiring the company to show cauE
&c Why their business should not
r. c.coed. Att the hearing in the Court
10 Chancery affliAv.ts, gathered fro
IT. states North, South and West, we
MO produced, rrcHing al, or nearly ALL Il
to a,gegaticns Of fraud.
an Eur Hhle chancellor decided that test
W. mcny shoud he taken by dspcsitio
AS ard prrtpcn-d che cass for that pu
by pose.
sr That they should at once send stat
cir meres far and near boasting that d
chanceIior had decided I'M their fave
IN chat they hnd heat tha insurance cor
missioner and vindicated their caui
lie is simply in keeping with their &C
MO duct throughout the whole AFFAIR.
-ee The affairs of the company are n'
he for the time being, i'm the hands
The the insurance commissioner, but in. t
i'm Court OF Chancery awaiuinlg the acti
bgs of the attorney genera. Letters of !
in quiry are by no means s. numerous
u formerly. but still they come; sol
los asking for information about the {
y stence or standing of the oompan
N. others for assistance or advice in fru
tho lees efforts to collect RETURN premiw
~ and Jcsses already incurred.
40 have dwelt with this subject
no some length i'm order that the pub
:. may better understand the anomalC