The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1889-03-03
THE HOME LIFE"
a New Company With Strong Backing and an
Excellent Field.

Excellent Field.
The initial steps in the organization Of a
new corporation to be called the Home Life
Insurance Company Of Utah, were taken
yesterday. number of prominent bust
ness men of the community have long been
of opinion that great sums of money were
annually going out of the Territory for life
insurance, that ought rightly TO be held at
home and employed in the advancement of
our own country. With this object i. view
! a life insurance law was drawn and sub
mitted to the legislature at its last session.
1t was passed by that body and signed
| by the governor The new company
must have paid up capital Of 100000 be-
| fore it can be incorporated under the new
! law. This sum has already been sub
scribed, articles of incorporation have been
drawn up and board of directors has
been designated for the first year
The directors named are Joseph F. Smith,
Burton, Richard W. Young. William H.
Rowe, Elias A. Smith, William w. Ritter,
Henry Dinwoodey, Philo It. Farnsworth,
Moses Thatcher, John Henry Smith and
James Sharp. The president and vice
president have not been elected. Lewis S.
Hills has been chosen as treasurer and
Heber M. Wells as secretary. The organi-
| LdllO1 VI GlC Will Uc uuSOcutu "
completion within very few days, as
soon as several of the absent members of
the board return and qualify.
The objects Of the company as set forth in
| its articles of incorporation are Ito make
| insurance on lives, and to make all and
| every insurance appertaining to life, and to
| receive and execute trusts, make endow-
ments, and grant and purchase annuities -
But, although its powers extend to the
| action Of lind pf lifa inc
yet it is not the purpose of its incorpora-
tors to enter at present, the field of
straight life insurance, but they have de
termined to contine themselves to the
issuing of endowment policies for terms
Of years. Under this system any man, who
is physically sound, may take out a policy
for any amount up to ten thousand dollars,
which we understand to be the highest
policy the new company will issue, for ten,
fifteen, twenty or twenty five years, at the
expiration of which period, if he live
he will receive back the face value
of his policy, plus its earnings
which, in our country of high rates of in.
terest may be expected to amount to a re
spectacle percentage of the face of the
lpolicy; if, however, the insured die at any
time before the expiration Of his policy, his
family or legatee will receive the full
amount Of the insurance. The endowment
plan of insurance appears to be most
commendable scheme of philanthropy, com
bining as it does the principle of life in
surance with that of the savings bank. We
understand that it is proposed to, issue
policies in such amounts that they will be
within the reach of every man. We heartily
wish the company success. We can con
ceive offew more desirable things than thai
every poor man or man in moderate circum
stances should put aside few dollars every
month in the shape of endowment insur
ance, which will be returned to him witt
Interest. if he lives for a stated period, o.
which will secufe) to his family
thousand or more dollars in case Of hi
death. The company is an assured success
The Hberality Of our laws towards thes,
corporations in permitting the investmen
of their funds in real estate, the prospects
for the growth of real property values, tn,
high rates of interest, the character ant
qualifications of the incorporators all poin
to successful and useful career for tn
new company. Bon rOydOe to the Hom
Life!