Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1893-11-23
INSURANCE NEWS AND NOTES.


great building.
The formation of life underwriters
association in Florida is on foot. Mean
while the Tennessee and Alabama Associa-
ton is preparing to dissolve as an inter
state organization, and two new and dis
tinct associations will succeed.
Fire insurance rates on farm property in
Vermont have been advanced by the New
England Insurance Exchange to one per
cent for one year. one and a-halt per cent
for two years, and two per cent for three
years. These are double the old rates.
It is gossped in the neigh borhood of the
insurance district that the business OF the
New York Underwriters Agency is on the
market, and that it was q few days ago
offered to the Commercial Union of New
York, but no arrangement was effected. 1t
is also rumored that big foreign COM
pany has the matter under consideration.
A bill has Just been introduced in the
Georgia Legislature which amends the act
recurring semi-annual statements from in
| sirance companies to be made to the
| governor, by providing that the January
statement shall contain, as before, a full
and exact report of the condition Of the
company on the preceding December 3lst,
but that the July report may be short
| penditures and liabilities in gross ON the
preceding June 30th.
The Detroit agents Of the Prudential
Life had quite a sensation sprung upon
| them a few days ago when it was discov-
cred that one of their number, going under
the name of Joseph A. Cole, was 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 and industry perhaps
deserved better fate.
Secretary Pierson, of the Actuarial So
ciety of America. states that in the United
states at present the amount of life insur-
ance covered by policies of the various
companies is 81, S97, 73l 600, and the total
amount of assets is 1901, AL ,0O0 The total
amount of life insurance in the world is
$40, 74S, 735, 900, and the total assets are
81, 3o4, 1928 900. The assurances and assets
in other countries are: Canada. insurance
1854, 100000, assets $25,159,000; Great
Britain, insurance 81, S64, 606, 900 assets
S572, g2l, Q0D; Continental Europe, insur-
lnce 80, 493, 1851 900, assets 500, S24 900; Aus
tralia insurance $685., 1925, 900, assets ssS,
SIC, 600; all other foreign countries, insur
ance So, S5l, 0o4, 900, assets 81, 39T, 49,, 600.
Deputy Acknowledgement Lardner o
New York, has made an application il
the supreme court for the appointment O
, receiver for the American Steam Boile
Insurance Company, on the ground tina
the company has suspended ito ordinar.
business for more than year. From tn
sworn statements made in the company
report to the Insurance Department, 1t ap
, pears that the total cash receipts of tn
company were S3.45S976.14. The tota
cash payments, including losses on sales o
!, securities, s43,0 900, and S5Q0.000 paid to tn
I a, i 2 D
/ of receipts over payment were $500 534.ot
Assets on hand December 3lst, 1872, wer
sol, 372.12 leaving unaccounted 10
SSH, 372.l2.
In the midst OF the financial distres
which has been felt throughout the cour
try there appears to be at least one brigf
Z spot. inability to pay obligations wer
! the almost universal rule last summel
but lite insurance stands out in bold relic
: as an exception. No life insurance con
4 pany has defaulted payments of its oblig'
i tons, nor is there any reason to believ
2 that any one will. Banks and other hnaI
: cial institutions were seriously affected b
n the hard times, but no suspicion has bee
4 pointed at life insurance companies. The
strength and ability to pay all claims hay
IS been unquestioned through 1t all, and u
h man has had occasion to fear that his Iii
= insurance contract would be repudiatt
y should it become claim. Stronger ev
dence of the stability of the system tina
IS this could not be adduced
'e The unwelcome conclusion is force
81 upon underwriters that fire insurance
iti'a bad way. In 1891 the leading BIRTHS
companies paid out for losses and e
penses over 50 per cent of their premiu
in Income, and the American companies q
he about one per cent worse than this. viii
10 in 1892 the principal companies of bot
a. classics paid out, on the average for loss
- and expenses, all their premiums. III
az year 1883 bids fair to show even g wof
~ record all around. The September fl
Id losses in the United States and Cana'
t. amounted to Sl0,50o,00U, an increase
Ill upwards Of 50, 5o0no0 over the correspon
ID ing month of 1892. The losses for u
first nine months of the present year a
some S27.0000 600 in excess of the corr
d spending period of 1892, and about W
y U00,0OO over the figures of 1881. III
Z, losses for every month of the y ear tn
;n far has exceeded corresponding months
n the previous year. with the exception
e. February, when they were about 500
id 600 less. AT this ratio OF increase the tol
losses for the year VIII largely exec
those of 1892. A Milwaukee paper
marks on this subject; IF Secretary q
of isle had a gold reserve as large as
a. values which have been thus utterly wip
/, out of existence in the short space of nj
months, the country would be high ii
of confidence and prosperity. 1t is !
wonderful that the insurance cempan
squirm. There is not only no profit in
"a, surlng under present conditions. but I
)r. during years of profitable business
M being wiped out, and unless the drain
No stopped many of the companies nj
sooner or later retire. 'Pr