The San Francisco call., 1906-06-30
Will Act Independent OF
Merchants Greater
Organization.
Lively Discussion Pre-
cedeS Decision for
Separate Body.
Committee Will Inves-
tigate Condition of
German Company.

Two nunQreQ pOllcN-nOlQeTS OF the
Transatlantic Fire Insurance Company
Of Hamburg, Germany, a company,
which has not yet paid one cent of its
San Francisco losses, met yesterday
afternoon in Judge Kerrigan's court
room and formed themselves into an
association for the protection of their
united rights and the enforcement of
settlement on some equitable basis by
the foreign insurance corporation. To-
gether, these policy holders represent
ed about Sl,000,000 in insured losses
They decided 10 investigate the af-
fairs of the Transatlantic and to act
independent of the association formed
by the business men of this city last
Monday afternoon. This decision, how
ever, was reached only after a lengthy
discussion upon the floor.
r. L. Toplitz himself heavily insured
with the Transatlantic, vigorously op-
posed the organization of the policy
holders into this association. He was
supported by many others in the room
He urged the futility of such an or
ganization in the light Of the promises
made by the Policy holders Protective
League He said separate organiza-
tions would injure the parent associa-
ton, which could best aid the policy
holders in securing their money.
COMMITTEE TO INVESTIGATE.
Attorneys Walter H. Linforth,- Will
liam F. Humphrey, l. B. Hall and
others argued that separate organiza-
tions with one object could work bet
ter than an organization which had to
watch out for the rights of the assured
of over 100 companies. This view pre-
vailed and the policy-holders unani-
mously voted for the separate organi-
zation. Walter II. Linforth was made
chairman of the temporary organiza-
ton and j. J. O'Toole secretary. It
was the sense of the meeting that
every pohcy-holder should send his
name and the amount of his insurance
TO O'Toole. Linforth will appoint a
committee of seven 20 investigate the
affairs Of the Transatlantic and to re-
port at a future meeting.
From the statements made at the
meeting the Transatlantic is not in
such bad condition as was at first re-
ported, although there is little in the
present situation to encourage the pol
icy-hOlder. Former Pacific Coast. Agent
Y. c Drifield reports that the Trans
atlantic has paid-up capital of
100000, a subscribed capital of ST.
100000 and a surplus of S464,326. This
makes the total assets of the Trans
atlantic sl,964326. The company also
has reinsurance, but the payment of
reinsurance money by the reinsurance
companies seems very doubtful The
losses of the Transatlantic in San
Francisco will total s4.OOO,OO0.
ASSETS ARE SAFE
The subscribed capital of the Trans
atlantic, as explained by r. l. Toplitz
at the meeting yesterday, is a safe as
set This unpaid capital is protected.
he says, by the property of the stock
holders The German Insurance Com
missioner will see that this capital is
all turned over to the policy holders
when the time of settlement comes.
Toplitz also said that in his opinion if
the affairs of the company were placed
I before the German Government the
stockholders would probably make
good all Of the losses.
The Chinese Of this city were heavy
policy-holders. in the Transatlantic. l..
b. Hall Of Oakland represented $3.50. 600
in Chinese insurance at the meeting
yesterday.
chairman Linforth will appoint the
investigating committee within the
next few days.