The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1872-02-06
Western Enterprise In the East

We have seen notice from the
Life Association Of America, calling a
meeting of its trustees in New York
city for the 9th prox., for the purpose OF
organizing the New York department
of the Association by the election OF
directors and officers. This is an
event in the history of life insurance in
America which deserves from US more
than passing notice.
The Life Association OF America was
incorporated little more than three
and half years ago, by one hundred
of our best known and most sagacious
citizens, as strictly mutual company
without capital stock; the security TO
its policy holders being furnished in the
premiums contributed by each member.
Since its organization it has paid back
to the policy holders dividends to the
amount of THREE HUNDRED AND SIXTY
FIVE THOUSAND DOLLARS. 1t has paid
to the widows and orphans Of its de-
ceased members over SIX HUNDRED AND
sEyENTY-sEvEN THOUSAND DOLLARS, and
it has now on hand assets 20 the
amount of THREE MILLION SIX HUNDRED
THOUSAND DOLLARS, included in which
the surplus or dividend fund, to be re-
turned to the policy holders, amounts
to over THREE HUNDRED AND sIxTY-sIx
THOUSAND DOLLARS, thus showing that
the net profits OF the business
during the short period of it's existence,
have been over SEVEN HUNDRED AND
THIRTY THOUSAND DOLLARS.
The Association has now on its books
nearly TEN THOUSAND MEMBERS, and lts
business foots up over FIFTY TWO MIL
LIONS OF DOLLARS.
These are some OF the figures given
in the comprehensive annual statement
of the Association, as verified by
the investigation into its affairs
BY the Superintendent Of the Mis-
souri, Insurance Department. They
are simply astounding in the results
which they indicate, and we would ad.
wise our readers to 60 over them again,
las we have done), in order to take in
their full significance.
To return to the heading Of this ar
ticle: The Life Association OF America
has in the face OF a stringent money
market, succeeded by the strength ofits
popular features, and the justice OF its
comprehensive plans, in securing in
New York, (where there are about forty
home compauies), the cooperation OF
over three hundred OF the best men oil
that city as trustees, each OF whom has
qualified by securing a ten thousand
dollar policy. These will elect on the
9th of next month, from among their
own number, a board OF thirteen direct
ors, who shall have, in conformity with
the provisions Of the charter, the man.
agement and supervision OF the depart
ment, thus forming the nucleus for a
home company in New York, a part Of
the organized whole.
Success attends the Association in
all Its movements. Its future will be
grand. We feel like extending the
hand Of fellowship to our New York
friends for this their generous
support Of our St. Louis Association.
We would also feel like calling on our
people to support the New York com
panies in return, if it were not for the
unwise policy Of the Legislature which
obliges them to keep the millions oil
money contributed by us, locked I'D III
New York securities, while We are
undergoing a financial starvation fol
the want OF these very funds. 1t is the
mission of the Lire Association OIL
America to correct this evil, its funda'
mental principle being the loaning Of
its moneys in the States from which
they are procured.
The energy and zeal displayed by the
managing directors and officers Of the
Association in pushing this business,
deserve the highest praise. They have
succeeded in building up an institution
which shall be a lasting monument to
their ability and integrity, and which is
a credit to Missouri-a credit to the
West-a credit to the whole nation
81. Louis Times, January 25, 1872.
We are informed that the Depart
ment of Western New York will be
organized at Buffalo on the 9Th inst,
with over fifty trustees. Large depart.
ment boards are also being organized
in Philadelphia and Richmond, Vir'
GINA. Messrs. Anderson and Carr
are the messengers for this State, aud j.
W. Terrell, Esq, of the Panhandle dis.
trict They have taken about s., 600, DOC
of risks in this little State during the
past two years, and have loaned nearly
$50, 900 to their policyholders, \