Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-03-10
OBJECTS TO APPRAISAL.
OF SOUTHERN BUILDING
Valuation Placed at 81, ,602, ,420 In
stead of $4,000, 900, as Desired.
MEANS LOSS TO SURPLUS
Concern Says Proposed Publication
Will Cause Revoking of Licenses
in Many States and
Loss of Business.

hC SOHlIAcICldl FITS INSURANCE SOul-
pany of the District of Columbia today
filed suit for injunction against Cuno
III. Rudolph, John A. Johnston and
Chester Harding, Commissioners of the
District of Columbia, and against George
w. Ingham, superintendent Of insurance
The company seeks to prevent the pub
fishing by the District insurance depart
ment of any statement concerning Its
financial condition which shall ignore the
appraisement Of 100000 as the value
OF the Southern building, at 18th and II
pany, and substitute in its place valu-
alton Of 81 zoe, ,42O. fixed by a special
assessment by the District assessors.
Cited to Show Cause.
Justice Anderson, to whom the petition
was presented by Attorney Charles F.
Carusi for the company. issued rule
on the Commissioners and Mr.. Ingham to
show cause Friday, March q. why the
injunction requested should not issue.
The insurance company tells the court
that it has been formally notified by
Supt. Ingham that he has completed
the examination ordered January Il
last into the financial condition OF the
company as of November 80, 1912.
1t has also been advised. the company
says, that Mr.. Ingham has received
nate 100000 from the figures represent
ing the company's surplus in previous
statement issued by his department.
The amount deducted. the company
company as shown by the difference be-
tween the valuation placed on the South
ern building November 8. 1912, and the
figures OF the special assessment made
December 10. 1912
Reasons for Objections.
The order to the commissioner Of in
siIrance also requires him, 1t II stated. to
report on the real estate holdings Of the
company as worth only the figure placed
on it by the special assessment. This
report is to be published throughout the
United States. II, is asserted, as the Of
hcial determination Of the true financial
condition Of the company as revealed by
the examination Of the superintendent of
insurance.
Unless enjoined, the defendants will
send out this report to the great financial
loss OF the company, the court is told.
The company AYERS that many policies
already written throughout the United
States, will be Cancelled II it's surplus is
shown to be diminished by $4,000.
Licena4s May Be Revoked.
. 1t also claims that 1t will suffer the
In which it is now doing business, and
will be unable to secure licenses in states
requiring larger surplus than would
be shown in the proposed report Of Supt.
Ingham.
General and local agents throughout the
country would also sever their connection
and the company would lose all the money
spent in establishing the agencies, it is
stated.
The bill rehearses I'm detail the proceed
ings had concerning the valuation of the
building. which led to an Investigation
by a committee OF Congress.
The company insists on the valuation
Of $2OOO.OO0 placed on the building by
competent appraisers and declares, its
readiness to esta blish to the satisfaction
of the court or before any jury that the
building Is worth $2,OOOOOO.
The valuation having been made by
the superintendent of insurance, it is
alleged, that Official is without authOri-
ty to alter the appraisal and to official
ly publish the proposed alteration
throughout the United States to the
detriment OF the company, which act
ed under his appraisement as officially
made.
Attorney Charles F. Carusi. represent
that the suit was filed as test case. and
that 1t woulu dbe Of interest to all fire in
surance companies A decision Is sought,
he said, as to whether the valuation
placed on the fire insurance company's
property by the tax Office or the one
placed by the superintendent of insurance
shall stand