The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-04-23
GRAFT UP STATE


tAs szseutlvs eommiss~s AZ ths nsw es@-
pa@y en- I'm lmMf Gus Que az the minues
book. anA thns 10 aak and anespe ehs rsuim-
nation 0f l. N. Van ~ psesi.iunt and dirso-
tor Of such oompany.
IN c0nolndinG his aeaasmsa& 8Hpe.
H0echkins DISCHARGED thae nothing had
dgvslopsd to warrant tho public IN be-
lowing Il was sishsr insolvsas o. I'M
pairpd In surplus ~ thus Gar brOusht
0is WaR ampls fOr . o0mpany % Ats sizs.
TAs supsrinesnGigns expects TO return
60 PoughhsspSis next weak-
Alllsdn Butte. attorney Tor President
Vail and th@ directors of thS two com
panien, said ao-nlGht that the o41csgs con-
tended that many semtements made BY
tho auperintsndsne are not warranted By
territorial wro0gdoing and no sdOrt to
profit by any one - The expsnss Of the
companies. The Han Francisco claims
were many of thsm settled on Q basis 0f
thirty cents on n dollar. but about e1s0. 900
could not be ssttied On tbs oasss and
three notes for ZOO, which were In
doraod by some Of the directors. and some
% these claims were bought IN at the
0est terms possible and turned over 20
adjusted for $4,000. saving the company
from e7S.OoO 90 $4,000.
A complete statement was made Of
this transaction TO the Superintendent Of
Insurance at the time. IL resulted In no
profit TO anybody except the stock
holders.
me leaf cut out Of the book referred
20 payment Of Is per cent. In commission
by the new company to the old one on the
new business. ny mistake this resolution
vas copied into the old sninute book
instead OF the new. and this mistake was
rectif3ed. Milton A. Fowler. the vice.
president. testified that the resolution
was changed by him In his own hand
writing and a. corrected was passed.
Mr.. Butte said that IL was TO be regretted
NJ he had worked diligently In the interests
OF both companies and succeeded in max
ing the nsW one ons OF the strong financial
Institutions OF the city and TO settle the
diniculties Of the old one growing out OF
Mr.. Vail did not speculate with the funds
OF the company but with the savings
made by the settlement OF the San Fran
cisco Losses. and these speculations re-
suited in profit Of upward Of 3ll.0O0. all
Of which was turnedbn,to the companies.
Mr.. Vail not protitsng dollar.
The directors of the companies did not
accept Mr.. Wallis resignation tonight.
They adjourned untl Monday. when 40
5on will be taken. Attorney Butte hAs
begun an action in the supreme Court 10
The annual statement of the Duchess
Fire Insurance Company. December ~.
1900, h an follows:
Liabilities: Cash capital. 100000; nm
paid losses. So. Isl -; reserve for rein-
surance, s7s&. 0se %: all other liabilities.
%. ass "a: total. ss4S. os2 -. Net surplus
over liabilities. siss. 0ss; increase In as
sees. 50. 7s4 m increase in reinsurance
reserve. o.. 7es.s 50. increase In net surplus,
90. 7s4.iss surplus % policyholders. tsse.
Ose.
The officers OF the Dutchsss Fire In
surance Company are: L. H. Vail. presi-
dent; Milton A. Fowler vice-preaident:
J. J. Graham. secretary; =. j.. Vail. aa-
sistant secretary; Directors NJ. A. Fowler.
John y. Lewis. y. II. Moore. !. II. AdriAnce.
y. n. Johnston J. W. Poucher. William
z. HUtchins president Of the North River
Insurance Company; W. A. Jones', w. ".
smith. J Edward hague. Public Service
Commissioner; solomon keecham. Jr.,
Prank LePever. Ira ID. Strang and
r L. Vail
The directors Of the old company
(Dutchess Insurance Company were
4. n. Vail. 81. 4. Fowler. v. :. HrSchaTn,
J n. Lewis, z. Ham. c. p. Dorland, =
II. Moore. I. n. Adriance. A. ". Vail,
p \. AtwRfer. ?. VI Johnston. j. W.
Poucher and George " Sherman.