The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-10-27
INSURANCE NEWS AND NOTES.

The universal mercantile schedule will go
I Ian, emect In Albany n. y, on the first of
surance rates are advanced from Is to 90
per cent
The latest move In the direction of re-
tcies has been made by the Phoenix Mutual
Lie which has altered it's incontestable
clause so that it reads except for nom
payment OF premiums"
The committee of eight appointed at the
Niagara Falls conference Of fire UNDER
writers to formulate a statement to be sent
70 all agents of the companies met in Chi
cage and recommended all nonunion COM
pan1eS TO join the union on the basis of the
Niagara Falls platform.
The trial of DR.. Meyer now in prison I'm
New York city, charged with poisoning his
victims In order to secure the money on
their lives from insurance companies has
been set down for the first week in Novem-
Der. 1t will doubtless be one Of the most
sensational trials in the history Of criminal
Jurisprudence.
:. The Phoenix, Of London has withdrawn
from MARYLAND, and it is said upon good
authority that its losses within three years
from the burning of the Baltimore & Ohio
and Northern Central elevators cotton fires
on the wharves and the Curtis Bay sugar re-
fnery have absorbed all premiums paid pre-
viously on policies.
Mr.. Frederick Z. Richards, the new pres
1dent OF the Union Mutual Life Insurance
Company, of Portland, Me-, has been bank
examiner of Maine, and has held many
other public positions of Importance. He
has has been director of the company since
1881. The salary of the new president has
been fixed by the directors at $l2,0O a year.
One Of the reasons given by Victor Oisa-
kowsky, in his application to the New
York Court Of Common Pleas recently for
authority to change his name to Victor
| Olsa, was that his original patronymic had
caused him and his property to be CLASH
ned by hre insurance companies in sus-
! picious category" The court granted his
prayer.
A test case made up by the baltimore Life
| Underwriters Association for the purpose
OF establishing the constitutionality of the
Maryland antl-rebate law was passed upon
| q few days ago by the Criminal Court of
Baltimore. J.. Henry Grimmel, an agent of
| the Mutual Life, pleaded guilty of violating
the law of 1890, and was fined by the court,
the constitutionality thus being affirmed.
Capt. Andrew c. Bayne, vice president of
| the Aetna Insurance Company, of Hartford,
kimer county, New York a few days ago.
| He was enjoying carriage ride with his
wife through New York State when he was
| attacked. Captain Bayne was Scotch
| man, about fifty-two years of age, and had
| q conspicuous war record. He had worked
| his way up from the lowest round of the
| ladder in the underwriting business.
| OF the fifty odd fire insurance companies
doing business in London, the three fore
| most ones as to amount written assumed
| risks in that city last year aggregating
| $995,919, 120. The TIA companies doing a fire
| business in Massachusetts wrote risks in
| that State last year aggregating $3.50, S72, GA.
L
| Massachusetts wrote $S5, 900 900 less in that
| State than only three of the companies do
| ing business in London wrote in that city.
| Gen. Henry w. Slocum has announced
| his acceptance of the presidency OF the
| American Casualty Insurance and Security
| Company, of Baltimore, and the company
| Is now paying OF loss claims which have
| recently accumulated The officials of the
| company explain that 1t has been successful
| in all departments of its business except
| that of railroad insurance, the losses of
| which were excessive. That business has
| been abandoned and all outstanding policies
| Cancelled.
| The Supreme Court of New Hampshire
| has appointed Gen. c. III. Bartlett receiver
| of the Peoples Fire Insurance Company, of
| Manchester, and liquidation Will now go on
| through the usual channels. The failure of
| this company is declared to be the most dis
| astrous that has ever occurred in that
| State, as nearly four hundred stockholders
| and more than twenty-five thousand policy
| holders have suffered in the wreck. The
deal whereby the New Hampshire business
| of the Peoples was to have been reinsured
| is thus off.
| English industrial life insurance COM
| panies paid claims last year exceeding $780,
| 100000. In this country 1t takes very hard
life insurance company. The latter pay
| commission of fifteen times the amount of
the first premium collected on new bust
| ness, and often heavy losers by the re-
| tirement of agents. However, all the in
! dustrial companies seem to struggle along,
| and some of them with effect Judging by
the magnificent palaces they are able to
build in which to transact their business.
The life insurance companies of the
| United States now hold assets to the
amount of about SS50.000.000, or one-half
more than the interest-bearing debt of the
| Nation. The receipts from policy holders
| average so for every head of a family,
and aggregate about s175, 100000 per annum,
while the total gross income is nearly
500 100000 This is half that of the United
States government. and out of this enor-
nous revenue about 500. 000,0 600 annually so
TO the great army of the insured in the
form of death losses, surrendered dividends
| and endowInents. The total policies in
force number more than 5000 O0 and they
| cover insurance to the amount of $4,000,
zoo 600 in round numbers. This would mean
$40 of insurance for every man, woman and
child i'm the United States were it equally
distributed among them.
S,,,uroox aud Salt afer