The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-04-06

BUSINESS Men Protest Against Operations
Of Wildcat Companies

/ Business Men Protest A-ai7~t 0nora-fo,s
or wildcat Companies
! ndFr This heading there appears IN the
/ pallas News OF March Interviews Of soy
Nal prominent husireS, men OF that civ
ne statement made hy these gantlor,,,
established very pIaniv thc firf ru.f
m,lsneI one was iamlmr with tine business
.HyLl"us OF mu-uai rrc insurance OF tbn
manner In which The local agent handles
M question, Who is representative AZ
p"tn INC Old Line and Home Nutua1. ~
LAS iof h0th arc likewise soliciting in
STATE. w tue
The facts In tho cases are Simply ouos
.iou OF law and are as follows. The Ia ~ Il.
.Ned nv The legislature aud which Govern,
Che Old Line stock colnpanyi AID
Mutual Fire Insurance company is sadly In
u'TH or a vigorous amendment
tnoef the present law Oh Line Tnspr.
'h'e companies dOmiciled outside ri .Tnyl.
ana which desire To enter tho state for H.,
purpose ~ trausacting business arc r'r
i'4"F"u 10 deposit a single dollar or art
' 49, security win the insurance com1,I,
N"uet' or any other state department Ia
guarantee faithful performance Of ana. Wv
'rHAIe me policy holder that 1f, los.
'Ne4to ne sustain one. would bc protected
pen,' tr', ~ ls4ultrd of an outside 'ruu-
r'ut hh1ef tN' present 3w &, tn fI.
statement with tho romln'- -ioDrr ,srf..
-M"lA E" nN iAc proper official of iAr ...-
FS..' "n9 si mat Us necessary Tor n r,
oi ~rir domcilc consisting ~ ,,,,,
$1,000 '' amount or /
Several surh companies have o7,srod -t..- [
elNiN "Dd nave made the necessary os,1 /
7, mentioned above. end ma duo tipo
'"Ncd authority from rhc Insurance 49,, /
Nom 10 10 business ia Texas Al the tin.
lheF Werc allowed to enter Tho 'f-c,a az,
Ihry were in an hsolyent rondi-iop ~
l5,ls we're brought "a light and nur,ileboi
tllff tnelr failure Their hooks sboged
aIse business In Texas, their pren1irIns
ntluE thousands Of dollars per meath "a
" Is not known whether or moi me- go
Pala loss or returned a dollar in nre,,
luLns 70 the Texas policy holders aftar ~.
~ "SI oslne When q receiver took charge
~ t1ese concerns their securities va
FOUND IN be worthless and their liabujt1.s
~ ", e1as alone amounted 10 over SloOtO0 /
nus was not The fault ~ me commisg,o,
- out me laSity ~ the law which sest,
TO control insurance srairs seeks
while this Insurance question e h.t.
Sftaied the demand rs heard fror, aii
,.o IgT .I hat ne legislature placed mutual
SSNi-h'eN under tho direct supervtslon a, I
'he Insurance department ''S''n Vi
MoIlu % good idea 70 amend ~.
p,eseut lAW 81 rs 20 require deposit ~
from 90 ooh "u,sil1e Insurance companlc,
lpnd, nnd 20 be under me coDtrot =, ~
eomnisSioner Such an anepdncn, ~
uP"'"te rs guarantee and safotv - nv ~
so,cy,i "oesitsG ena he would ne assured m.
"'''"' VI nls policy should his loss he ar
REGARDING MUTUArS
,bs 90" as 70 mutuals and their posslblus..
The TrSit.5 s ms time over 200 mutusls m
N'ssiei'y ana returning tboplenSs soS
hoIderss nualiy in premiums 10 their pol lev
., Isn ot the largest told Line, I,.,,.
b M ~ % 10000. AID SIM fbeIr Tor
80 sre not satisfied, hui arc d,, .,ees
tAs ss,anee h rates In ardsr "a ,nes ii.a.