Business: Case Histories

Even before Insurance Promoter Albert Shoemake shot himself last week (see above), Texas was shaken by a new series of scandals in its insurance business, the state's second biggest (after oil). Items:

¶ Dallas' All-American Home Lloyds, in the red by some $235,000, was thrown into receivership by the Texas Attorney General. Three other companies—American Atlas Life Insurance Co., Dallas Fire & Casualty Co. and U.S. Life Insurance Co.—had their licenses suspended because their officers were "unworthy." One of the three, U.S. Life Insurance, was controlled by Shoemake.

¶ Before a state senate investigating committee, an ex-attorney for the Texas Insurance Commission...

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