The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-04-11
STARVED OUT,
An Insurance Company that is Expiring
for Want of fNOurtshment.

An Insurance Company that is Expiring
for Want of fNOurishment.
He who establishes an insurance company
nowadays, especially for the issuing of policies
on the lives of it's patrons has before him the
same desolating prospect which contronts the
trucker when he discovers the market gorged
with the only vegetables he is capable OF raising.
The same condition of affairs existed in the
world of insurance a year ago when the Home
stead Life Insurance Company OF Pennsylvania
was Incorporated and pushed at once into noto-
riety through the medium OF glazed cards and
catching displays in the papers. The dingy
first floor of the Transcript building, at the
northwest corner of Seventh and Chestnut
streets, was metamorphosed into cosy car
peted sanctum, with walnut counters and easy
chairs, and shut off from the glare of the sun by
shades respondent with gilt Inscriptions.
But the sagacious incorporators were well
aware that 1t would be suicidal to follow closely
in the wake of their countess predecessors,
who, like an army of locusts, pounced upon
every victim TO the old endowment plan, and
adopted new and novel expedient to catch the
uninsured public; and the prospectus set forth
that the movement had been organized "for the
special purpose of supplying an imperative ne
cessity existing for an Institution whose plans
and modes of operation should be so arranged
as to meet the 1od'lts and ability of that large and
important portion of the community the indus
trial classes"
Again:-'The time is coming to us all when
Death will seize us in his embraces That mo-
ment may find us before we have been able to
accumulate enough to leave provision for our
families, however industrious we may have
BEEN" And then it proceeded to moralize upon
the uncertainty of life, and the duty of every
one to insure in the Homestead But the novel
feature was that ''this form of insurance is pc
culiarly desirable for shareholders in building
associations who have borrowed funds to build
or purchase homes, and who have mortgaged
their properties to the associations, to secure the
sums SO obtained, as well as the bonus thereon.
Should the holder of a graduating policy die
before his association runs out this company
will pay off the claim against his property, leav-
ing it unincumbered to his family"
These attractive inducements were scattered
broadcast, yet the clerks lounged listlessy over
the counters, the books remained unthumbed
and the customers were few and far between
Economy and honesty in management secured
by the company's cash capital" the flaming cir
culars said. Sweet myth! But about twenty
five thousand dollars of the 5000, 600 subscribed
were ever paid in. Each day, as the officers re-
read in their ingeniously arranged pamphlet,
Dividends will be declared annually after the
second year," they dutiously shook their heads
and looked upon the cash-book which showed
very few and very meagre receipts.
The $25, 600 was soon exhausted, and then q
falling-out occurred, and some of the moneyed
men who had backed the concern retired from
any active labor in its behalf. 1t became weak
and puny The clerks were discharged, and the
officers had time to moralize upon the opinion
which they set out in type:-"The Investments
OF life insurance institutions not of a specu-
lative character !" The policies, that we're to
have carried blessings into thousand house
holds, were packed away unsigned and un-
sealed, and the concern was wasted with want
of nourishment On Monday the shades were
drawn and the doors locked, each bearing upon
them placard, thus