The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1909-10-13
LOOKS FISHY
A Chicago Insurance Company IS I,yng
to Sell Soek nse.
BETTER LET IT ALONE

BETTER LET It ALONE
Insurance Commissioner McMsstss
Gives O1t Some Information Abort
Big Concern Working This Stste
for Cash That Should Cause Our
People to Think Before Biting.
A Columbia dispatch says inquiry
has oeen made TO Insurance Com
missioner McMas,er corcering the
United Insurance Company OF Chics-
90. with claimed capital OF S1e.-
00O.000 anG surplus Of $4,000. goo.
The circular Of the company states
that /: proposes to handle afty-one
kinds OF Insurance.. The company
has not been licensed TO do bus!-
ness In South Carolina. It is stated
,aat tie company has an agent IA
this State at tie present time SELL
ing stock. Mr.. McMaster stated that
he had 20 Jurisdiction over an agent
selling stock for an insurance COM
pay and would not have any ar-
,hori,y over the company until It
had been organized and licensed to
do business In South Carolina
On the circulars which. It Is said.
are being sent over the State. Is
the name OF ME. James A Cachcs-t,
the weil-knowH Columbia insurance
man. as a nenber Of the advisory
board. Mr.. Cathcs1+ when seen
gave the reason for the namo be-
ing II the advisory board list
He stated that through an old
friend Of his. an insurance man woil
known and trusted. be had learned
Of the United Insurance Company,
ne proposed to write dfty-one d.s-
ferent kinds Of insurance. The capi-
tai was TO be sl0.o0o.000 and sur
plus $40,o0e.000. In many Of the
States the laws forbid IN insurance
company from writing more than
one kind OF insurance. This CON-
pany proposed to be made up Of q
number of subsidiary companies, Like
the United Fire Insurance Coupsny.
The United Life Insurance Compa-
ny, ETC.. the head company TO be
the United Insurance Company.
a man by the name OF Ar. Shaw.
who Is well known to Mr. Csthce-t
was 70 have charge OF the United
Fire Insurance Company. Ar. Shaw
had considerable correspondence With
Mr. Csthcar II reference 70 -his be-
coming a member OF the advisory
board. and that be would not be
required to subscribe to any Of tho
capital stock. He gave his consent
10 the proposed company, In soot
faith. thinking that It might be a
success.
Several days ago man. Of bust
ness like appearances. called on M-.
Cathcart at his Office. The agent
had large number OF circulars tell
ing OF the United Insurance Com
,any and its subsidiary companies
in fact. explaining everything per-
tanning to the United Insurance Com
amy. He had a long conversation
sith Mr. CathcaTt and then stated
him that before anyone could
become a member OF the advisory
,oard that they would have to sub
;criDe to 2 certain amount OF the
capital stock.
Mr. Cathcart stated to the agent
lat he was willing to subscribe TO
certain amount and asked him
name the lowest amount that one
Guild subscribe TO become MEN,
.er Of the board. The agent named
very large amount and also stated
vat prominent insurance man o.
ne Fieinioat section had sueeczto-
i 70 the same amount and was q
n.n. Der CT the advisory board.
At the tune Mr.. Cathcact told the
gent that ie was not willing to in-
est the amount named and be night
ocs,der the incident at an cpd.
me sgent informed Nj. Cathcar:
hat Ee was going ~ mako Coic -
ia his headquarters and would visit
he -a.!ous towns Of the State. IN
,rder 10 sell stock IN the company.
When the agent left BIZ. Cathcsrt
,dd-essed letter 20 the we'll known
insurance man in the rp-countTy and
,sked him If he had subscribed 10
he amount OF stock II the United
insurance Company. as named BY
ae agent The reply came that no
such amount had been subscribed.
nd that the agent had lied" when
,e made the statement. It was also
tated by the up-count-y man that
e had no in,eres, In the company.
he agent has not returned TO NJ.
@athca-t
In .he last issue OF one OF the best
;aown and most substantial !osur-
zee papers. mention Is made OF the
'rited Insurance Company. saying
hat i, was flooding the country with
attractive circulars. telling OF how
hey were able 70 write acty-one
kinds Of insurance.