Fort Mill times. [volume] (Fort Mill, S.C.) 1892-current, 1909-10-14
LOOKS FISHY
A Chicago Insurance Company is Trying
to Sell Stock Here.
BETTER LET IT ALONE

Insurance Commissioner McNIaster
Gives, Out Some Information About
a Big Concern Working This State
for Cash That Should Cause Our
People to Think Before Biting.
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 s1O,-
100000 and surplus of s40.O00,OOO.
The circular Of the company states
that 1t proposes to handle fifty-one
Kinds OF insurance. The company
has not been licensed to do bust
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 1t
had been organized and licensed to
do business in South Carolina.
On the circulars which, 1t Is said.
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
ing In the advisory board list.
He stated that through an old
friend or his, an insurance man we'll
known and trusted, he had learned
or the United Insurance Companv.
ne proposed to write fifty-one diff
ferent kinds OF insurance. The cani.
tai was to be $1O.OOO.OOO and sur
plus S40.00O.000. In many of the
States the laws forbid an Insurance.
company from writing more than
one KIND OF insurance. This COM
pany proposed to be made up of a
number of subsidiary companies. like
the United Fire Insurance Comnanv
the United Life Insurance Comma
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
nad considerable correspondence with
MT Cathcart in reference to his he
coming member of the advisory
board. and that he would NOT ba
required to subscribe to any of tha
capital stock. He gave his consent
10 the proposed company, In good
ialth' thinking that 1t might be
success.
Several days ago a man. of busi-
ness ike appearances. called on Mr..
".hcart at his office. The agent
hao large number of circulars tell
ing or the United Insurance Com
pahy and Its subsidiary companies
III Iact' 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
become a member of the advisory
ooard that they would have to sub
scribe to certain amount of ths
Cdpltdl btOCh.
MT. Cathcart stated to the agent
that he was willing to subscribe n
a certain amount and asked hin,
10 name the lowest amount that ono
could subscribe to become n mann
ner OF the board. The agent named
very large amount and also stated
.nat prominent insurance man OF
'ne fiedmont section had subscrib.
ed TO the same amount and was
member CT the advisory board.
At the time Mr.. Cathcart told the
asen. that he was not willing to IN
vest the amount named and he might
consider the incident at an end
me agent informed Mr. Cathcal,
that he was going ~ make Com
bia his headquarters and wouId visi+
Tue various towns of the State. in
order TO sell stock in the company.
when the agent left Mr.. Cathcart
addressed letter to the we'll known
insurance man in the up-country and
asked him IL he had subscribed tn
lhe amount of stock In the United
insurance Company, as named nv
the agent. The reply came that no
such amount had been subscribed
ana that the agent had "lied" when
ne MADE the statement. 1t was also
stated by the up-country man that
ne mad no interest in the company.
me agent has not returned to Mr
Cathcart
In the last issue of one of the best
known and most substantial insur-
ance papers. mention is made of tho
united Insurance Company, saying
'hat 1t was flooding the country with
attractive circulars. telling OF how
tney were able to write ffty-one
kinds OF insurance.