The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-11-03
TWO ELKHART WEDDINGS.
INSURANCE NEWS AND NOTES.

or Jersey City at par and accrued interest.
similar amount.
1t is said that Secretary Childs, of the
defunct Commercial Accident Insurance
company of indianapolis, proposes bring
ing out a new accident company upon the
industrial plan that is to endeavor to
eclipse the Metropolitan Life and the Pru-
Dental of America.
1t is predicted among insurance men that
OF the thirty-five assessment associations
transacting business in Illinois one-half will
retire before the notice of the Insurance
Commissioners that requires each of them
TO maintain a reserve of al least 5000, with
which to be in readiness to meet death
claims.
According to statistics in the offices of
May 10 to Sept. % of the present year, LII
persons killed and 1876 wounded. In the
list 1t is interesting to note that forty-four
jured by trolley cars, while steam railroads
are made responsible for the manning of
226 and the killing of lis.
A dispatch from the City of Mexico says
1t is reported that the government will
rule that foreign insurance companies
which have gone out of business there, but
which maintain offices for the collection of
premiums on past business, must make
the same deposits If seeking new bust
ness. The. Equitable and the New York
Life would be affected by such a ruling as
both have offices there for the settlement
of old business.
The New York Court of Appeals has sus-
tanned the Mutual Benefit Life Association
In its claim of fraud on the part of Charles
II. Hyde in procuring a policy of $4,000.
insurance Superintendent Hahn, of Ohio,
will submit to the Legislature, at its APP
every policy issued by regularly entered
life insurance companies shall carry some
has complied with the State law.
Frederick A. Lovecraft, of New York,
the manager of Palmer's Theater, who
committed suicide a few days ago, had an
insurance of $4,000 on his life OF this
amount, 100000 was held by the Equitable
One-half this amount will be paid at once
but the company refuses to pay the other
half. The Equitable has a clause in it's
claim will not be paid if death occurs with
in year of the date of the policy. Mr.
Lovecraft began insuring his life in the
Equitable in 1883. Last January he took
out a further policy for S50900, and this
policy the company refuses to pay. Liti-
cation will follow.
George S. Graham, appointed receiver for
Pennsylvania OF the Order of the Iron Hall,
Aug. % 1892 has filed his first account in
court at Philadelphia Apart from the Sc
curites on hand the receiver has collected
S141,4S and disbursed for expenses SO. All,
leaving a cash balance of $13l,O72. Complete
collections have been made from 105 branch
rate of dividend will be paid until the eX-
act membership of the order in Pennsyl-
vania is ascertained. In ADDITION TO the
cash in hand and the unconverted securi-
ties, a dividend will be recovered from the
Mutual Banking, Surety, Trust and Safe
Deposit Company, the official depository of
the order in Philadelphia, which failed i'm
mediately after the Iron Hall collapse.
Recently President Hege'nan, of the Met
ropoitan life. issued proclamation to his
subordinates congratulating them on their
achievement in writing $S,00O000 of new
business in single week, commemorative
of his home coming from Europe, which he
proclaimed TO be the greatest achievement
sin the history of industrial insurance in
any age and in any country" A few days
ago Samuel Schoenberg, an agent Of the
Metropolitan life, was held in $,oOO bonds
in the TombS Court on the charge of forg-
inc names TO applications for insurance
and defrauding the company of the amount
of commissions paid on account of these
alleged fictitious applications. Obviously,
the leonine president of the Metropolitan
life will have to modify that spread-eagle
proclamation.
At the national convention of Mutual
Life and Accident Underwriters, held at
Chicago, the executive committee presented
some figures showing the progress of as
sessment life insurance. From these it APP
pears that the number of companies re-
porting was 415; new members admitted in
1892 66S,722; new insurance written during
the same period, $1,577, 1856, 1866; number of
members at the close OF the year, 3,309,O19;
insurance in force at close of 1892 $6,I94,-
$40, coo; amount of assessment during the
year $3, $40; total income same period,
$S1, $50 7S7: payment to members of death
conducting business SiS.SI6, 459; assets, in
vested and otherwise, during 1892, $i5,S9S,-
30, and total payments TO members in
death claims since organization, SfiS, 100, sos.
The Bell Telephone Company, of Boston,
has recently made scientific tests regard
ing the effect of electric currents upon
water ana gas pipes in cities where the
is in operation, from which the probable
calamities in store for such cities result
ing from the secret destructive electric
force passing over trolley wires may be
contemplated with a shudder. 1t has been
found that underground telephone cables
and Il axr
the heavy electric currents discharged by
these electric railways. following the
cables and using the cable sheaths con-
ductors. Serious corrosions of the lead fol-
low the course Of the electric currents
wherever they leave the metal and pass
into the moist earth or into the surrounding
| moist air of the ducts or of the man-holes.
| The destructive action of the electric cur
rents extend to both water ana gas pipes
| 1t is shown that sooner or later i'm all
| cities where the single trolley system is in
use there will be destruction OF water and
| gas pipes TO such degree that serious
results will follow. This is not pleasant
| news for fire underwriters.
The present year, by reason of fire waste.
| railroad accidents floods and cyclones, will
| pass into history as probably the most dis
| astrous in losses ever incurred in fire and
accident underwriting. In this column
| statistics have been given as to the enor-
| nous increase in fire losses during the past
| nine months compared with the correspond
| ing periods OF the past TWO years. Inc
| frequency of railroad accidents, aside from
| disasters by flood and hurricane, also tells
| a sad tale on the wrong side Of the ledger
| of all the accident companies. One of the
| foremost of those in this line is the Amer
| lean Casualty and Insurance company OF
| Baltimore. which has been undergoing re-
| organization since the election OF Gen
| Henry w. Slocum as its president. The
company has recently Cancelled all its
| railroad policies. and henceforth Will do no
| business in that line. II is understood in
| insurance circles that the American Cas-
| ualty took 81. 100000 in premiums in this
| class OF business, and that before rid Of II
il cost the company Sl.500G00. The Guaranty
| Accident and Lloyds has also suffered Sc
| verely as shown by the assessment OF ST.
| go 10 meet the loss account on each of It's
| one hundred subscribers. Upon the heels
| OF this assessment comes the news that
the United States Mutual Accident has
called for the payment of a special pre-
| MUM Of ST each from its members, and
IL is said, like that in the case OF the Other
| two companies the response has beer
| prompt and generous The accident under
| writer's look for an improved condition o.
| affairs from this time on under the inspir
| alton of added capital; and, in some cases
| with new hands and fresh brains at tn
| helm of affairs