The Hawaiian gazette., 1907-01-29

sociation held their regular meeting In
the Alexander Young building yester-
day afternoon with Chairman Geo. w.
Smith, w. T. Lucas, e. H. Paris, @. J..
Waller, w. F. Dillingham;, w. w. Har-
ris, e. McInerny and Robert Cation
present.
Before the meeting was called to
order Mr.. Lucas mentioned that the
Standard Oil Co. objected to being OBJ
liged to store oil in the government
warehouse in Honolulu and he added
that no place In the world was this
exacted. This company" said Mr..
Lucas, lis one of the most powerful
and influential in the world 1t con-
trolls the greatest fleets of steamers, as
we'll as great railroads. Inducements
have been offered to the people here
for the construction of a warehouse by
the Standard people, provided they had
the privilege and in return for this
they would lend their influence toward
securing appropriations for harbors."
incidentally the matter was mentioned
later in the afternoon and it was de-
cided to have it brought up before l..
meeting next Wednesday.
The minutes of the last meeting were
read and approved and then a commu-
,nication relative to the standing of the
different fire insurance companies car
rying insurance here was introduced.
In connection with this the following
communication from Deputy Insurance
Commissioner Smithies was read:
Honolulu, Oahu, Jan. 90, 1907.
Edward Fl. Paris, ESQ.,, Secretary. the
Merchants Association of Homo
lulu, Honolulu. T. H.
Dear Sir: l am directed by the Hon.
A. j. Campbell, the Insurance Com
missioner of this Territory, to ac-
knowledge the receipt of your COM
munication of November Is, 1906 in re
fire insurance companies doing BUSH
ness in this Territory, ETC., and in reply
to the same submit you herewith the
following statements:
l. A statement as of October 81,
1906, of the assets and liabilities of fire
and fire and marine insurance COM
panies of the United States, transact
ing business in the Territory of Ha-
wall and the losses incurred by them
in the San Francisco disaster of April
10, 1906, with payments made thereon
Compiled from the official reports of
the insurance commissioners of the
home states of said companies.
2. A statement as of October 81,
1906 of the United States assets, La
Utilities and surplus to policyholders of
foreign fire and fire and marine In
Isurance companies, transacting BUSH
1ness in the Territory of Hawaii, and
the losses incurred by them in the San
Francisco disaster of April Is, 1906,
with payments made thereon Com
piled from the official report of the
insurance commissioner of the State of
New York.
g. A statement of the basis of set
Element made by the fire and fire and
marine insurance companies, transact
ing business in the Territory of Ha,
wall with poicyholders, who sustained
losses in the San Francisco disaster of
April Is, 1906. Compiled from the re-
port of Professor Whitney, head of the
mathematical department of the Uni
versity of California, made for the
board of trustees of the Chamber OF
Commerce of San Francisco
The reports from which. the above
2 information was compiled were COM
piled by the insurance commissioners
of the home states of these companies,
from special reports made to such
commissioners as of October 81, 1905.
in compliance with the resolution
adopted at the convention of insurance
commissioners held at Washington
early in October 1906. They We're re-
ceived in this office in the latter part
of December, 1906, and constitute the
only official reports received by this
office since my last to you of Septem-
Der /, 1906. Nothing much further can
he expected until the annual state
ments of the companies as of Decent
Der 81 1906, are filed, which will be on
or about April Is next.
You will observe in the footnotes thu
remark mo official report received as
yet" which explains itself. When such
reports are received / will forward
you the desired information as early
as possible.
In reply to your inquiry as to 1.-The
relationship of the new Firemen's
Fund Insurance Company as connected
with the former company by that
NAME" l submit you herewith the FOL,
lowing information:
The F'ireman's Fund Insurance Com.
pany comprised the Home Fire &
Marine Insurance Company and the
Pacific Underwriters, an underwriting
annex. The capital stock of the Fire
mans Fund Insurance Company was
81 100000 tpaid-up) and of the Home
Fire & Marine Insurance Company
$500. 900 (paid-up), which was owned
by the Fireman's Fund Insurance
Company. The policies of the Pacific
Underwriters were two-thirds guaran-
teed by the Firemans Fund Insur-
ance Company and one-third by the
Home Fire & Marine Insurance Com
pany.
The fire which followed the earth
quake in the San Francisco disaster
of April IS, 1906. completely destroyed
the office of the Fireman's Fund Insur-
ance Company, together with all of It's
maps, records and data. and It was i'm
possible under the circumstances for
the managers and directors to give an
intelligent estimate of the liabilities of
the three organizations. 1t was be-
lieyed that the capital stock and sur
plus would be sufficient to enable them
to pay all losses in full, but 1t subse-
quently developed that the losses could
not be paid In full this way and sol
vency maintained, and in consequence
the following plan was devised: