The Indianapolis journal., 1893-11-17
INSURANCE NEWS AND NOTES.

INSURANCE NEWS AND NOTES.
As measure of prudence, and in con-
sideration OF the abnormal loss rate this
year. the American Fire Of Philadelphia
passes It's dividend. This is the first time
since 1913, the year following the Boston
1re that the company has had occasion to
do this. 1t is probable that the American
VIII nave number of imitators.
1T is gosslped in the neighborhood Of the
New York Underwriters agency is on The
market, and that it was. a few days ago,
oIfered to the Commercial Union of New
YORK, but no arrangement was effected.
III IS also rumored that big foreign com
pany has the matter under consideration.
The Detroit agents of the Prudential
Life had quite a sensation sprung upon
them few days ago when it was discov-
cred that one of their number, going under
the name of Joseph A. Cole, a woman
dressed in male attire. Her real name
Is Mary Dale, and she came from Milwau-
kee, where she formerly worked for the
Prudential under Superintendent James
Reed. She was arrested and released on
condition that she enter the House. of
Hope, place of refuge for homeless girls.
Her independence ard industry perhaps
deserved better fate.
The fire underwriters, now that the
worlds fair is closed. have considerable So
licitude for their interests in the White
City. 1t is understood that the fire depart
ment on the grounds will not be immedi-
ately discontinued, and that 800 Columbian
Guards will be kept in service. The detect
i've force will also be retained. The fair
is negotiating with the Worthington Pump
Company to leave its plant on the grounds.
BY the lst of December all the exhibits will
have been removed, it is thought, and the
insurance will lapse by limitation.
Secretary Pierson, of the Actuarial So
ciety of America, states that in the United
States at present the amount of life insur-
a g. R9ces of and the fhe t6ta
amount of assets is S907, al 900. The total
amounS of life insurance in the world is
'So4s2s,OoO. The insurances and assets in
other countries are: Canada, insurance,
sl54 7O9 goo. assets @ SO 159 900; Great Britain.
continental Europe, insurance, 81, ,493, ,36l 900,
assets, 500, S2i, zoo: Australia, insurance.
sSSS,S2Soo 600: assets. Sso51S, 900; all other for
sets. 81. .397, $4,000.
In the midst of the financial distress
which has been felt throughout the coun-
try there appears to be at least one bright
almost universal rule last summer, but
life insurance stands out in bold relief as
an exception; No life insurance company
has defaulted payments Of it's obligations.
nor is there any reason to believe that any
VIII. Banks and other financial institutions
were seriously affected by the hard times,
but no suspicion has been pointed at life
insurance companies. Their strength and
ability to pay all claims have been unques-
liOiicu lIrOuSn IL dll, ana no man mas mad
occasion to fear that his life insurance
contract would be repudiated should it
become claim Stronger evidence of the
stability of the system than this could not
be adduced.
Deputy Attorney-general Lardner OF
New York, has made an application in the
Supreme Court for the appointment of q
receiver for the American Steam Boiler
the company has suspended its ordinary
business for more than a year. From
the sworn statements made in the COM
It appears that the total cash ti receipts of
the company were $,45S,97614 The total
cash payments. including losses on sales OF
securities $4,000, and 100000 paid to the
stockholders, were $3.50, ,34158 Excess of
receipts over payments was $S02, 634. SO. AS
leaving unaccounted for $5l1,37212. The of
ncers or the company are W. K. Lathrop,
president; William A; Midgeley, vice presi-
dent; Vincent X. Schenck, secretary, and
Richard K. Sheldon, treasurer
The theory held in a good many intelli-
gent quarters that it is wrong for an in
surance company to set UP the suicide the
ory against the payment of a claim seems
to be sQuarely met by a writer in recent
insurance publication, who says: "a policy
reads. suicide Is a risk not covered by this
policy, and another clause reads that if
the premiums are not paid when due the
policy VIII be void. One man kills himself,
another fails to pay his premium. Each
leaves helpless widow and orphans WHY
should one widow be paid and the other
not? In each case the natural protector of
the household has neglected his part of the
agreement. Why should the rest of u.s.
members OF the same mutual organization,
who meet our obligations be mulcted for
the benefit of those who do not meet theirs ?
The family Is always innocent, that is adj
mtted, but so is the family of the man
who does not insure at all. Why not in
clude them? A written contract is always
limited one. 1t Is written that it may be
confined to the terms agreed upon, and
those terms are clearly expressed. If they
are not to be binding upon both parties to
the contract, what is the of the con-
tract at all? 1t might as we'll be verbal
one, with no conditions
The unwelcome conclusion is forced upon
underwriters that fire insurance is in a bad
way. In 1891, the leading British conpa-
nies paid out for losses and expenses over
95 per cent. of their premium income and
the American companies did about | per
principal companies of both classes paid
out, on the average, for losses and ey-
penses, all their premiums. The year 1885
bids fair 10 show even worse record all
around. The September fire losses in the
United States and Canada amounted to
so, SOC, Co., an increase of upwards of 81 800
The losses for the first nine months OF the
present year aggregated about $122, coo, 900,
an amount some 2f,OV,OOo in excess of the
corresponding period of 1892, and about
S23. .0oOO.O00 over the figures of 1891 The
losses for every month of the year, thus
far have exceeded corresponding months OF
the previous year, with the exception of
February, when they were about s., 600 0OO
less. AT this ratio of increase the total
losses for the year will largely exceed
those of 1892 A Milwaukee paper remarks
on this subject: eff Secretary Carlisle had
:. gold reserve as large as the values which
have been thus utterly wiped out OF ex-
istence In the short space of nine months
the country would be in high tide of conf
dence and prosperity. 1t is not wonderful
that the insurance COMPANIES Suuirn.
There is not only no profit in inSuring
under present conditions, but the surpluses
which have been accumulated during years
OF profitable business are being wiped out
and unless the drain is stopped many of
the companies must, sooner or later, are