The San Francisco call., 1906-08-18

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holders of the Fireman's Fund
and the Home Fire and Marine
A Insurance Company have signed
powers of attorney giving the Policy
Holders League authority to settle
their claims against the two companies
mentioned and also the Pacific Under
writers and have become members OF
the league. This is the outcome of
mass meeting that was held yesterday
in the Calvary Presbyterian Church. f.
w. Dohrmann, who presided, was au-
thorized to appoint committee of FIVE
for the policy holders of the companies
represented to confer with the Policy
Holders League.
There are about 5000 losers who look
to the Firemans Fund and its allied
corporations for settlement and those
who failed to attend the meeting VIII
be communicated with in some way as
soon as the junction of forces within
the ranks of the Policy Holders League
is made effective.
The meeting brought out some state
ments of considerable interest from
Mr.. Dohrmann relative to matters that
have recently been discussed by the
Fireman's Fund officials and the trus-
tees of the Policy Holders League. In
answer to questions Mr.. Dohrmann said
that the Policy Holders League had
two aims in view in relation to the
Fireman's Fund Company. These were
to secure for the policy-holders as much
as possible and TO aid the Fireman's
Fund to continue in business. 1t had
been made evident, he said, that 1t was
necessary for the policy holders to
come together if they would get their
own. The Policy Holders League had
been indorsed by all the banks in the
city and by all the commercial organi-
cations. The cost to policy holders OF
having their interests represented by
the league was limited to l per cent
of the face of their policies IL there was
no litigation and to per cent If 1t was
necessary to bring suit to collect from
the companies. If there was any sur
plus at the end it would be divided pro
rata among the policy-holders
CoMPANY's ASSETS LARGE.
Mr.. Dohrmann said also that the
Flreman's Fund had been doing busi-
ness in San Francisco many years. After
the fire the officers believed they could
pay dollar for dollar, but their books
were burned and they did not know
what could be done. Incidentally Mr..
Dohrmann spoke Of the Fireman's Fund
as mot of the class of such as we call
our enemies" More than s10, 100000 of
insurance was involved. The assets of
the Fireman's Fund were very large.
Attorney Redman made statement
which supplemented Dohrmann's and
contained some additional facts. He said
that the Fireman's Fund policy-helders
numbered 5000. The company's officials
had done all that they could and had
now come TO the place that was styled
by themselves the execution point
The time had come for action and the
company must deal with some body OF
citizens competent to handle and solve
the present problem Hasty legal ac-
ton could have but one result--a COM
parativeiy small dividend. Redman also
spoke of the splendid plant that the
|. .Firemans Fund had built up" and the
reputation all over the United States
of the management of the company Tor
honesty and integrity.
Payments would begin very soon,
Redman said, IL the policy holders
would register with the Policy holders
League. 1t was necessary to have an
organization to deal with the Fire
mans Fund. Nothing under the plan
proposed would be left for the com
pany except enough to continue in
business. The heaviest possible practi-
cable assessment would be lald on the
stockholders. Any larger would defeat
its own purpose.
In answer to question Redman
ment would pay policyholders in full.
Many stockholders did not live in Cal
ifornia; perhaps one-third of the whole
lived elsewhere. Some would not pay.
The thing to do was to levy an assess
ment that would realize the most II
the company's securities were thrown
on the market at once their value
would be greatly deprecated.
CASH DEPOSIT NOT ASKED.
Mr.. Dohrmann made the additional
statement that the Policy holders
League would not ask for a cash de-
posit from policy-holders who wished
to be represented by and to become
members of the league. One per cent
would be taken off when the settlement
was effected by the league.
Henry T. Scott said that the plan
suggested would give policy holders
twice as much as they could recover at
law, and they would get their money
In six months instead of waiting five
years for 1t.
II. T. Hobson asked whether the Poll
cy-holders' League would be able to
defeat an attempt to throw the Fire
mans Fund into bankruptcy, and At
torney Redman said that he thought
not. Four months had already passed
and no one had brought suit, and that
circumstance was indicative Of the in
tent of the policy-holders.
IF the assets cannot pay the claims
In full as adjusted will the Fireman's
Fund issue promissory notes for the
balance?" Seth Mann asked.
That has been discussed" Mr.. Dohr-
mann replied. "The company cannot
go on in business until it has satisfied
every policy holder"
w. H. Davis moved that committee
of five should be appointed by the Fire
mans Fund policy holders to confer
with the Policy-holders League and
that the policy holders should join the
league. When this was put to vote
there was no opposing voice.
The signing of the powers OF attor-
ney then proceeded The committee of
five will be named in a few days by
Chairman Dohrmann.
sPRINGFIELD CLEARS TIP.