The Indianapolis journal., 1893-09-16
INSURANCE NEWS AND NOTES.


Connecticut has the largest percentage
OF life insurance TO population.
The insurance law passed at the last ses-
sion of the Michigan Legislature has been
declared uncOnstltutionaL 1t permitted
unautho orized companies to transact busl-
ness.
The life insurance companies paid In
death claims in July s3,1S4.S6s. ond in en-.
dowments $40. .446. q total of S3624sl4.
This does not include five companies from
which reports were not received.
The Metropolitan Life has absor bed the
PEOPLES Industrial of Nor wich. Conn. The
latter has q Ca pital of $l00 900 and branches
at New Haven and Willimantic. Hugh
Ii. Oseood. of Norwich. is it's president
1t having appeared that Orange, \. j.,
Is In financial distress, the Prudential Life,
of Newark. has. at the request of Mayor
Fell. come to the reilef of the municipality
by consenting To take fifty y-seven Thousand
dollars worth of city bonds at per cent.
and accrued interest
It is predicted IN insurance circles that
of the thirty five assessment associations
transacting business in Illinois One-half
will retire before the notice of the IDsur-
anoe Commissioner that requires each of
them 10 maintain reserve of at least 3d.
600. with which to be in readiness to meet
death claims.
During SIX months ending with juno 80
last the fire insurance premiums received
In Boston ottices reached Sl,i10.6S2. against
Sl.394. 5sS In the corresponding period of
loJ3. This heavy augmentation Ia donbt-
less largely attributable to the increased
rates fixed after the March coDtlaGratioDs.
the application of the universal schedule
system TO many risks. and the large de-
mand for Insurance resulting from the dis
astrous fires in January and March.
The United States Credit System Com
pany. OF Newark. n. j.. is beng sued by
Nj. Levy ~ Sons, cotton dealers of New
Orleans, for the recovery of $4,000, under
policy iDsurIng the integrity OF the credit
of $4,000 per annum. the sum named in
Guiding two years losses. The defense is
the technical one that the company was
not informed of the losses within ten days
of the occurrence. according to the condi-
tions OF the policy.
Mr.. G. L. Tsrbell has been elected vice
president of the Equitable Life. and will
take charge of the cgeI cy business In the
United States. He succeeds Mr.. K. w.
Scott, who has been made foreign vice
president. and will hereafter give his at
tention to the foreign business OF the sooi-
ETY.. Mr. Tarbell has been ct the head Of
the Chicago branch. the largest agency tho
Equitable has. and it is said of MIN that
during the last five years he has personally
placed over $4,000. 900 insurance on the
books of his company 90 -
By the report of j. L. Hollingsw worth.
Commissioner of Insurance OF Texas. just
issued. lt appears that fire insurance In
that State 10 extremely unprOtitabls. The
capital Of the six i've United Ssates COM
panIes doing business there amounted TO
SIS. .275. 900. and OF the thirty foreign COM
panies 900 taking United States de-
'posits az cspitall, which aggregated l.275.-
600. and so tar as the business of the state
Is concerned. not only was there not one
dollar OF profit earned to pay any thing on
the capital invested, but an actual loss aus
tsined OF S1SS. III on the years business.
The Pacific Insurance Union has recently
been investigating \ matter of deep I'M
portanoe TO fire underwriters on the Paoihc
coast Statistics have been applied for
aud supplied by all the leading companies
engaged In the business 60 chow the exact
position of Fresno county, California. in
regard to it's proportion of premium and
fire losses. The showing has been most un-
satisfactory for the comfy. the lOssee av-
eraging S133 for every 2lO0 gain on risks
A San francisco paper says that it Is quite
certain that within a few days the rates of
insurance Will be advanced 100 per cent. all
over the country.
A Massacbu u,etts publication says that in
round numbers there are about $4,000, 900
in the hsnds of receivers of some forty de-
funct endowment orders that once Hour
ished in that Common W ealth. This money
belongs TO many thousands of certificate
holders, the majority of whom ara wage
earners. How many of these are temporari.
ly out of employment there Is no way of
mate 20 per cent. OF this vast sum of money
belongs TO people who are at present earn
ing nothing. and To whom the Immediate
receipt of what may be due them would
help TO bridge over this period Of enforced
ldleness.
A question has arisen as to the pecunIary
responsibility for the loss OF life and per-
sonal injuries atienCant upon the siaugb-
ter when two Manhattan Beach trains
came In collision on tho Long lslsnd rail
road, on the .6th ultimo. President Midge-
ley. of the American Casualty Company.
saye. In explanation. that his com pany had
tbree-year line. covering the liability for
casualties TO passengers and the general
puulic emplOyes excepted) ct q premium of
about $50. 900 per Rnnum. but that the in
surance expired on the 4th of August, TWEEN
ty-two days before the accident occurred;
higher rate was demanded. and the road
declined the increase. and he believes the
company to be uninsured. On the con trary.
the railroad company claims that the poll
cy of the American Casualty Company Is
still IN force. and that. at the time of the
Parkville calamity. the insurance was in
force to the amount of 100000.