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Story
May 6, 1906
The Daily Ardmoreite
Ardmore, Carter County, Oklahoma
What is this article about?
Bryan L. Smith appointed receiver for Traders' Insurance Company of Chicago due to heavy losses from San Francisco disaster, totaling about $3.7M, exceeding assets of $3.3M plus $111K in unpaid claims. Restrained from business in Illinois.
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OCR Quality
95%
Excellent
Full Text
A RECEIVER ASKED FOR TRADERS' INSURANCE COMPANY OF CHICAGO.
One of the Largest Fire Insurance Companies in the West Goes to the Wall Owing to the San Francisco Disaster.
Chicago, May 5.-Byran L. Smith, president of the Northern Trust company of this city, was today appointed receiver for the Traders' Insurance company by the circuit court. This is one of the largest fire Insurance companies in the west and its distress is due to heavy losses in San Francisco. The amount it is stated will be approximately $3,748,000. The application for a receiver states the assets will not exceed $3,300,000 In addition to this the company is indebted for fire losses and upon other claims to the amount of $111,000. All these losses are unpaid The application for a receiver is made on behalf of fifteen stockholders, all wealthy men. The order appointing the receiver restrains the company from doing business in Illinois until after the termination of the receivership. Smith's bond is fixed at $2,000,000
One of the Largest Fire Insurance Companies in the West Goes to the Wall Owing to the San Francisco Disaster.
Chicago, May 5.-Byran L. Smith, president of the Northern Trust company of this city, was today appointed receiver for the Traders' Insurance company by the circuit court. This is one of the largest fire Insurance companies in the west and its distress is due to heavy losses in San Francisco. The amount it is stated will be approximately $3,748,000. The application for a receiver states the assets will not exceed $3,300,000 In addition to this the company is indebted for fire losses and upon other claims to the amount of $111,000. All these losses are unpaid The application for a receiver is made on behalf of fifteen stockholders, all wealthy men. The order appointing the receiver restrains the company from doing business in Illinois until after the termination of the receivership. Smith's bond is fixed at $2,000,000
What sub-type of article is it?
Historical Event
Disaster
What themes does it cover?
Catastrophe
Misfortune
Fortune Reversal
What keywords are associated?
Insurance Company Failure
San Francisco Disaster
Receiver Appointment
Fire Losses
What entities or persons were involved?
Byran L. Smith
Fifteen Stockholders
Where did it happen?
Chicago
Story Details
Key Persons
Byran L. Smith
Fifteen Stockholders
Location
Chicago
Event Date
May 5
Story Details
Receiver appointed for Traders' Insurance Company due to San Francisco fire losses exceeding assets, leading to insolvency and business restraint in Illinois.