The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1906-07-25
LARGE PREMIUMS PAID.

DlllLg as the COMPANY uOCo.
LARGE PREMIUMS PAID.
An investigation reveals the fact that
the Austrian Phoenix Company has not
transacted any insurance business in
the United States, except upon the Pa
cife Coast. The bulk of this business
was in California, and San Francisco
was the largest individual field for the
company.
In the last year the premiums re-
ceived by the company amounted to
about $4,000. Among the more than
one hundred companies doing business
in San Francisco, the Austrian Phoenix
was in about the third class as regards
the gross amount of loss represented
by policies issued. AS it did no bust
ness in any State in this country that
calls for semi annual reports to an IN
surance department there are no otl-
cial returns later than those submitted
last December The statements of Mr..
Kelday agree very well with those that
the company included in its returns at
the end of 1906.
Many large losses in the city are rep
resented in part by the policies issued
by the Austrian Phoenix. After the
fire the company learned that policy
for $4,000 on the Merchants Exchange
building on California street was out.
The record of this policy in the COM
pany's office was burned, but the policy
was produced and payment upon it was
demanded by the Merchants Exchange
directors.
WAITING GAME PLAYED.
To all claimants answer was made
that nothing would be done toward
making settlements for losses until the
directors in Vienna came to some con-
cIusion as to what they would do in
reference to the earthquake question
The policy holders will therefore re-
ceive their first knowledge of what the
company has decided to do through this
publication this morning.
That a storm of angry protest will be
raised there Is no doubt Suits are also
probable to test the ability of the COM
pany to dismiss all it's San Francisco
| liabilities in the airy and perfunctory
manner of the notice prepared. The ex-
act number of claims against the COM
pany in this city is 800.
The average claim is not high, being
below $4,000, but the number includes
some that are heavy in addition to the
one held by the Merchants Exchange.
The assets of the Austrian Phoenix, in
GLIDING capital and reinsurance, are
about $4,000, 600, according to the latest
returns. This showing makes 1t GER
tain that the company can pay it's
! losses in this city in full and have a
surplus, If the directors choose to so
direct.
UNCERTAIN REINSURANCE.
The amount and value of the rein
surance is as much of question in the
case Of the Austrian Phoenix as 1T is
where many other companies are con-
cerned. Vienna includes several rein
surance companies that have taken
strong ground against paying a dollar
! for insurance wherever the earthquake
clause can be set up as a defense. I'm
doubtedly the influence of the rein
surers, who have not hesitated to
threaten all companies that might
waive the earthquake clause, was ex-
ercised to make the Austrian Phoenix
turn its back upon the people here who
paid TO it something like $4,000 year
in premiums for insurance that was
supposed to have some value.
At any rate, the Austrian Phoenix
! intends to make a clean sweep across
the slate and expunge it's San Fran
cisco liabilities by one move, and this
upon the advice of the German and
Austrian reinsurers.