Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1905-05-04
DROP SUIT AGAINST
Commissioner HOST
DETROIT COMPANY WILL NOT
PRESS DEMAND.
OFFICERS TOOK THE CASH
Made Themselves Present OF $4,000,
Beng Practically the Entire
Amount of Old Company Which
Was Sold Out to the New Con.
Germ,

The National Casualty company of
4 Detroit has dismissed its suit TO COM
pei Insurance Commissioner Host to
issue it license, a stipulation and
order were filed in the circuit court of
Dane county yesterday between tho
PARTIES To the action by their attor-
|ueys that this case he dismissed, and
that an order to that effect be entered
Ivy Judge Stevens and that the costs
he taxed In favor Of the defendant
and against the National Casualty
company in the sum of SOS The slip
ulatiop was signed by Jones Schu-
bring. the plaintiffs attorneys, and
ihy L. NJ SmrdeVant attorney for
| commissioner Host,
Looted by Officers
| The National Casualty company was
| organized under the laws OF Michigan
last December, with home ofhces In
Detroit, This company reinsured the
business of tho National Protective
society, also located In Detroit, which
latter company was licensed TO trans.
| act business in Wisconsin. 1t was tho
most successful mutual or assessment
4 accident association transactlng bust.
/ ness in Wisconsin, having aecumulat-
/ el about S7l 900 in assets, with about
1 $40 900 liabilities, leaving u surplus OF
\ over $4,000 These funds the bust
ness and good viii of the National
! Protective society We're translerred
! 20 the National Casualty company
! without amy consideration to the 22,-
/ coo policyholders of the former COM
hany. After the transfer of these
funds. tho officers of the National
I Casualty company-wh were also the
cheers OF the National Protective so.
cloty-voted themselves 100000 out OF
the funds transferred from the former
to the latter company, as compensitr
/ ton due them for past services.
When the National Casualty conf
pany applied for admission into this
state. Commissioner Host caused nm
/ examination 10 be made Of the com.
pany, az provided by the laws Of this
state The examination disclosed tho
fact that the officers of said company
hal appropriated 60 themselves Ao,-
900 Of the funds Of the National Pro-
trctlyo society. which appropriation ho
considered Illegal He therefore Is
sued refusal of license TO said com.
pauy ON February 7, wherein ho
stated that "thc National Casualty
company Is an outRrowth OF the Ma
tIunal Protective eocioty Of Detroit,
which had on August 10, 1901 gross
assets amounting to sal 1896 with IL
abilities Of $2l.500. leaving a balance
ur net assets Of $50.2G09i contributed
Try and belonging to the members OF
The National Protective society, that
a. the amount of net assets, n certlfi-
cate Of deposit for 81 900 is deposited
with the state treasurer Of Wisconsin
Ra security for the payment of claims
IN Wisconsin, that through the mr.
ranrcmcnt between the officers who
were At The head of both companies,
Si0.o00 Of the funds turned over to
tho National Casualty company were
paiG 10 the officers Of said company,
not for any services rendered the new
company bat for services II is alleged
they rendered the National Protective,
society. which they wrecked by tho re-
insurance and misrepresentation Of It's
funds that the proxy having boep
substituted for the Jimmy" the funds
contributed by the National Protec.
tive society were looted by the prest-
lent and secretary, who entered into
an agreement with themselves as pres
ident and secretary of the National
Casualty company, and that II Is this
latter company with the same officers
chat now seeks to gain admission In.
Wisconsin to enable the officers to-
continue comforting benefits on the
people Of this state, II IL hardly TO
be expected that the National Casualty
company under the same management
ana Influence MS was the National Pro-
tccttye society, will offer to the citl.
zons Of this state any greater consid-
GRAFTON or more substantial protec.
ton. and In the interest Of fair deal.
Ing with policyholders and honest
manaRements, the application Of the
National Casualty company Of De-
troit, for license 10 transact busi-
ness in Wisconsin, was refused.
The officers OF the National Casual
~ company arc David II. Thomas.
president, aud Franklin s, Dewey.
secretary, The attorneys appearing
for the company In the mandamus
proceedings which were dismissed
yesterday. were Jones & Schubring of
Madison. Kannenberg e. Cochems, and
Charles w Fricke Of Milwaukee.