The times and democrat. [volume] (Orangeburg, S.C.) 1881-current, 1909-10-09
LOOKS F'ISHY
A Chicago Insurance Company is Trying !.
to Sell Stock Here.
BETTER LET 1T ALONE

Gives Out Some Information About
a Big Concern Working This State
for Cash That Should Cause Our
People to Think Before Biting.
! A Columbia dispatch says inquiry
has been made to Insurance Com
missioner McMaster concering the
United Insurance Company of Chica-
go, with a claimed capital Of S10,-
100000 and surplus of $4,000, ,0Q0.'
The circular of the company states
that it proposes ID handle fifty-one
kinds of insurance, The company
has not been licensed to do busi-
ness in South Carolina. 1t is stated
that the company has an agent in
this State at the present time SELL
ing stock. Mr.. McMaster stated that
he had no jurisdiction over an agent
selling stock for an insurance COM
pay and would not have any au-
thority over the company until it
had been organized and licensed to-
do business in South Carolina.
On the circulars which, 1t is said,
f, are being sent over the State, is
the name of Mr.. James a. Cathcart,
the well-known Columbia insurance
man, as a member of the advisory
board. Mr.. Cathcart, when seen
gave the reason for the name be-
ing in the advisory board list.
He stated that through an old
friend of his, an insurance man we'll
known and trusted, he had learned
of the United Insurance Company,
he proposed to write ffty-one dE-
ferent kinds OF insurance. The capi'
tai was to be 100000 and s4r-
plus $40, oe0,Goo. In many Of the
States the laws forbid an insurance
company from writing more than
one kind of insurance. This coas-
pany proposed to be made up OF a
number of subsidiary companies, liae'
i the United Fire Insurance Company,
the United Life Insurance Comya-
n.y. etc., the head company to be
the United Insurance Company.
A man by the name of Mr.. Shaw,
who is well known to Mr. Cathcart,
was to have charge OF the United
! Fire Insurance Company. Mr.. Shaw
had considerable correspondence with
Il Mr.. Cathcart in reference to his be-
coming member OF the advisory
board. and that he would not be
required to subscribe to any of the
capital stock. He gave his consent
to the proposed company, in good
faith, thinking that it might be a
;, success.
Several days ago a man, of busi-
ness like appearances. called on Mr..
Cathcart at bis office. The agent
had large number of circulars tell
ing of the United Insurance COM
pany and its subsidiary companies.
In fact, explaining everything per-
tanning to the United Insurance Com
pany. He had long conversation
with Mr.. Cathcart and then stated
to him that before anyone could
bee ONE member of the advisory
board that they would have to sub
scribe to certain amount OF the
capital stock.
Mr.. Cathcart stated to the agent
that he was willing to subscribe to
certain amount and asked him
to name the lowest amount that one
could subscribe to become a mem
ber of theAboard. The age"t named
Z very algAamount and also stated
that a prominent insurance man OF
the Tielmont section had subscrib-
ed 10 the same amount and was a
nan brr of the advisory board.
At the time Mr.. Cathcart told the
agent that he was not willing to iG
vest tho amount named and he might
consider the incident at al end.
The agent informed Mr.. ca ,hcaf:
that he Tas going ~ make Colu".-
bia his headquarters and would visit
the vc"'ous towns OF the State, in
order 10 sell stock in the company.
When the agent left Mr.. Cathctrt
addressed a letter to the vel! known
insurance man in the up-cOuntry and
asked him if he had subscribed tn
the amount OF stock in the United
Insurance Company, as named by
the agent. The reply came that no
such amount had been Subscr. bed,
and that the agent had LIED" when
h. made the statement 1t WIS also
stated by the up-country man that
he had no interest in the company.
The agent has not returned TO Mr.
Cathcart
In the last issue of one of the best
, known aId most substantial l;.sur-
ance papers, mention is made OF the
United Insurance Company, aying
that il was flooding the country with
attractive circulars, telling oi how
they were able to write iif!y-one
kinds OF insurance.