The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1908-11-29
Salt Lake Board of Education
Should Look at the Policies
on Buildings.
LARGE AMOUNT INSURANCE
CARRIED IN BAD COMPANY
Capital Has Been Impaired and
Writ of Custer Has Been
Demanded.

The Ohio German Fire Insurance com
school property of Salt Lake City for
large sum, is in trouble, and so far
according to advices received by The
Tribune from Toledo, which is the head
quarters Of the company, no provision
has been made to reinsure the risks in
Utah or anywhere else.
1t will be remembered by Tribune
readers that in April last there ap-
peared a series of articles in The Trib-
une pertaining to fire insurance. in
which facts and figures were given that
were never controverted.
The Ohio German Fire Insurance
company, at the time those articles
were written, carried policies upon the
amount of S73,600, the largest amount
carried by any company.
Ihls company was formerly the An"
chor Fire Insurance company. It began
business in January, 1902, under the
title named. At that time its capital
was 100000, with n surplus Of $780,
600 paid In. Up to 1905 its business
had been almost uniformly unsuceess-
tul, and the stockholders were assessed
$75.51l92 in 1902 and 100000 early
IN 1904, and the president of the com.
pany contributed personally in that
year S3l ,A0.36 to overcome an impair
ment and create a surplus.
In the year 1907, the last report OBJ
tainable, the company received in
premiums in the state of Utah the sum
of $l4.52l.50, paid losses in the state
that year amounting to S7195.79 and
had risks IN force in the state amount
ing to 1921, 1856. Of which over $4,000
was on school property in Salt Lake
CITY and upon state Institutions.
According TO information now in the
hands of The Tribune the capital of
this German Fire Insurance company
had on November 21, 1905. been i'm
paired about 40 per cent. while the la
bIlity for unearned premiums alone ex.
ceeded 100000.
On the date above named, November
2l. Attorney General Denman of Ohio
filed suit of custer against the Ohio
German Fire Insurance company to pre-
vent IL doing business in Ohio. Upon
this the company has under the Ohio
law thirty days to answer, if it secs fit,
but up TO date no answer has been filed
nor has any receiver been appointed.
Negotiations, however, are on to have
two trustees named in order to keep the
company q going concern and to re-
Saturday Secretary of State Tingey,
who is ex officio insurance commission
er Of Utah. received official notice that
the Ohio German Fire Insurance com.
pany had been falsifying it's records.
The presumption is that it will not do
any. further business in Utah.
Meanwhile should the city of Salt
Lake or the state of Utah suffer loss
by fire upon which this Ohio German
company carries a policy the taxpayers
would have to stand the loss, as the
company could not, in view of its pres
ent condition, pay the face of the
policy.
The majority of the members of the
school board, who are responsible for
the enormous amount Of insurance which
this Ohio German Fire Insurance COM
pany carries upon the school property
of Salt Lake, are no doubt too busy in
an endeavor to retrencb themselves in
place to make inquiry into the matter
and protect the taxpayers against loss
by fire, should any occur,
Meanwhile it behooves the board of
education, as also the board OF control
of the several state institutions, TO ex.
anime the fire policies which are car
ried upon the property of the taxpayers
whom they are supposed to represent
1t is purely a matter OF business. Cut
rates cut no figure, nor does personal
friendship. The taxpayers are entitled
to protection.