The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1910-09-26

Kansas law the Shawnee was we'll
within it's limits. He admitted that the
surplus was much lower than would be
ren1Ired in Connecticut or many other
states.
Paid National Nearly a Million.
For the first time the full details of
the reinsurance Of the Shawnee in the
National Of Hartford have been made
public Mr.. Going, following his state
ment of wolfe's connection in the af-
fairs of the Shawnee. declared that
the concern was reinsured on 66 per
cent basis, or in other words 5000, 600
was paid to the National to take over
the liabilities.
John r. Mulvane, treasurer of the
Shawnee and president of the Bank of
Topeka while declining to be quoted
declared. when told of Wolfe's charges,
that they were absolutely groundless
and absurd. He said that a fair and
Just arrangement had been made with
the National and that the officials of
both concerns were more than salts
fed.
President Nichols Pleased.
James Nichols. president of the Ma
tional, is here from Hartford, Conn.,
and after making a general exam1na-
lions of the affairs of the Shawnee and
comforting with its officers, expressed
himself as being highly pleased with
the new property. When told of the
charges made by Wolfe, President Mich
OILS said that even if they were true
they would not affect any of the policy
holders, as the Hartford company, in
taking over the Shawnee, agreed TO
protect all policyholders.
The Shawnee Fire Insurance COM
pany was organized in October, 1895,
taking over the business of the Kansas
Farmers Fire Insurance company of
Abilene, a mutual company. In 1906 the
capital was increased from 100000 to
md n n az
500 900 paid in. In its last annual
statement to the New York insurance
department showed total assets on De-
cember 81, 1909, of 81, 460, 457, of which
s656,O75 was invested in mortgage loans,
S442, 546 in bonds and stock. and $223.-
SS4 represented agents balances on
business written subsequent to October
1, 1909
The liabilities of the company were
set forth as follows:
Net unpaid losses and claims....$ IS, Sol. 10
Unearned premiums. ..-...--... 95S, 146. "a
All other liabilities except capt.
Ca aai stock. 500. 900 90 ~ '7'OO
s snrPIgs to policy holders sTs'Sfo4
Total liabilities ..............$ 81. $50, 457. 70
1t is reported that ratio between in
come and reserve was not sufficient
to give what is termed a safe margin.
The National Fire Insurance company
was organized in 1871 and has a paid
in capital of 100000 Its total as
sets are $9,32S,00O. It's surplus is So
$4,000.
The Wolfe CHARGES.
Following are the Wolfe charges
as printed in the Chicago Record Her
aid:
Interesting developments are likely
to grow out of the troubles of the
Shawnee Fire, = hich eliminated its re-
insurance in the National of Hartford,
this week. 1t is found that the com
pany was nearly a half million shy
on its reserves. AS rs capital was
100000 and it's surplus at the begin
ming of the year, S192.00O, this means
that its capital and surplus were wiped
out. taking no account of the heavy
underwriting loss of this year. The
company retires from the field follow
ing the reinsurance ard it is under
stood that Manager Going will go into
some other business.
IS H. Wolfe, who was examinin g
the company for the insurance depart
ments of Kansas. Minnesota and Vir-
ginia, at the instance of the committee
on examinations of the insurance COM
missioners' convention says that his
investigation has proceeded far enough
to develop gross irregularities in the
sworn annual statements filed with all
insurance departments the unearthed