Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-02-22


relating to life insurance; The sources of a
companies income are only two-prcmium.
received from policy holders and interest from
investments the interest received compounds
itself. and all combined are held as trust
funds belonging to policy holders Life COM
panies are to day measured by higher stand
ards, and judged by more rigid rules than
were ever applied to business organizations
! they are subjected TO rigid examinations BY
State and press We are often asked to look
at the failures of life companies nov let Us
compare with a few statistics
Defaults in railroad bonds 80 per cent ;
loss of investors 50 per cent. loss by mer-
camille failures GO per cent; failures in life
insurance 40 per cent. loss of entire life
insurance indebtedness u per cent.
Strong arguments, Senators, to show that
Il well managed life insurance company is en-
titled to degree of confidence which cannot
be extended to any other business organiza-
ton, also shows its assets will be available
and productive.
In July last, the Connecticut Mutual paid
in death claims soc, 03442; endowmcnts
| SlOi ,3G7 a total of $3.50, +0l ~. This same
company paid in this State last year So claims
in amount 300, not one contested case
] | find upon examination this is fair average
of other companies. There is not system
|
working so much good. This business is new
to this country, having existed only 30 years
| bat It's magnitude of values may be under
stood by the fact, that while the entire assets
of all the fire and marine insurance companies
in the United States, Several hundred in
numbcr) is bl t 40 millions. the life insur-
ancc companies (some 30 in number hold
assets of more than 400 millions and when
we compare the 30 years death and endow
mcnt claims paid to the citizens of our State
with the small per centage of conto sted claims
which are 9S I per cent. paid. We see tie
value and safety of life insurance.
The question before the Senate was on the
motion of Mr.. PATTEN of Pcnobscot, to substi-
tute the minority for the majority report
But Mr.. PATrEN withdrew hi, motion and the
\ Senate accepted the majority report.
On motion of Mr.. REpLoN of oxford, the
bill to regulate the taking and shooting of
pigeons was taken from the table The queS-
ton was on concurring with the House on its
infe mite postponemcnt.
Mr.. IINN of Somerset urged the passage
of the measure, also Messrs. Pattcn of Pc
nobscot and Redlon of Oxford.
The Senate refused to concur with the
House. receded from its vote of engrossmcnt.
and adopted the House amendments to the
! bill. The bill was then ordered cngrosscd
again.
Mr. RrnLoN of Oxford, moved to reconsid-
er the vote on the Belfast police court matter
and il was assigned for IL o'clock in the
morning.
ON motion of Mr.. Prince of Androscoggn.
| bill an act to amend sec - chap. 532 of the
private and special laws of ls65. relating to
the State College of Agriculture, was taken
from the table and engressed
Ga motion of MIR. RoGEKS Of Sagadahoc.
| bp ITO. ~, IN, !
o'clock.
Mr.. NINToS of Cumberland by permission,
presented bill an act to authorize Bowcrhank
to collect money to pay outstanding lahili-
ties. The bill took its first reading. and the
rules being suspended, also its second read
ing and passed to be engrossed.
Mr.. THoM>s of Cumberland, presented, by
permission. bill an act to repeal an act en-
titled an act to authorize the Protestant
Methodist church of North Gorham to sell
and convey all its real estate. Under sus-
pension of the rules the bill was engrossed.
READ AND ASSIGNED.
Bill an act to prohibit the payment of any
money from the treasury of the State for az
ricultural purposes; bill an act to establish
the salaries OF certain public officers bill All
act to amend sec. e, chap. II of the revised
statutes, entitled an act salaries of public
officers, and compensation of members of the
government.
PASSED TO DE ENCRossEp.
An act to amend sec. II, chap. 532 Of the
private and special laws of 1865, relating to
the State College of Agriculture and Me
chanic Arts bill an act to regulate the taking
and shooting of pigeons; bill an act to au-
thorize Bowerbank to collect money to pay
outstanding liabilities; bill an act to repeal
an act entitled an act to authorize the Prot
iestant Methodist Church of North Gorhan
to sell and convey all its real estate.
On motion of Mr.. REDLoN,
Adjourned.