The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-10-13
INSURANCE NEWS AND NOTES,

The New York Life Insurance Company
has recently purchased Boston four-per-
cent. bonds to the amount of $4,000.
The representatives from thirty States in
the recent national life underwriters con-
vention held at Cleveland unanimously de-
clared in favor of the abolition of the prac-
tice Of rebating In life insurance under
writing.
Rev. Stephen H. Tying, who is in France
exploiting the Mutual Reserve, Is getting
up a cooperative reinsurance company. 1t
will have connections, it is said, with the
Mutual Reserve and the British Natural
Premium.
In 1880 the life companies doing business
in New York State had 81 476. 600 insur-
ance outstanding. Then the death rate was
SO per $1,000 insured. In 1892 the amount
outstanding had nearly trebled, vet the
death rate had advanced to $3.50 per 81, co.,
1t is stated that the failure of the Life
and Annuity Association, of San Francisco
will entail a loss of about $3.50 900 to the
poor people who invested in the scheme
The secretary is endeavoring to settle up
matters, but there does not appear to be
much to settle
Miss Maggie f. Riordan, cashier of the
Hoboken office of the Prudential Life In
surance Company of Newark N J., is
under arrest, charged with stealing 1852 of
the company's money. The complaint is
also had the combination of the desk in
which the money was kept. Miss Riordan
declares that she will institute a suit for
damages against her accuSer.
Albany is raising "A fierce howl over the
application of the universal mercantile
schedule. The territory to which the higher
rates apply is the business part of the city
and therein the rates have been advanced
more than four fold. The frequency and de-
structiveness of the fires occurring in that
city during the past few years the causes
for the extreme action taken by the under
writer's in applying the schedule
The reorganization OF the Peoples Fire.
of Manchester, n. H., proves to have been
barren of the results expected. The new
a directors have witEdra m
body. giving as their reason that the COM
pany cannot possibly live, or if it could
directors who remain subsequently raised
50 COO and professed to believe that the Gem
pany yet be placed upon its feet but
receiver has been asked Tor.
Twelve of the notorious Chicago frebugs
were indicted up to the 30th ultiTno for con-
spring to burn property in that city and
thus defraud insurance companies; They
Rosenblath, Henry Schenck, Il. Brown,
Chas Kingsman. Clarence r. Rowe. Allen
s. Peck. Otto Jirsa, Paul LonemeyeT Geo.
attempt IL appears that they had leased ten
stores had insured them heavily. and had
they succeeded in their object would have
collected upwards OF SlOO,ueD
Coupled with the hardship connected with
the closing down OF New England mills
and consequent need of money among the
50, DOc 600 mostly belonging 10 working peo-
pie is now in the hands of receivers of the
several defunct endowment orders which
operated in Massachusetts. Ii Is worthy of
note that one industrial company in New
York city pIoclairns AZ such a time that IT
has written 100000 of insurance in single
week With such showing il is little won
der that marble insurance palaces rear their
proportions skyward on the most valuable
sites OF the metropolis
Mr.. Philander Shaw, the venerable ex-sec-
rotary of the Phenix Insurance Company OF
BROOKLYN died at his home in that city a
few DAYS ago of paralysis Of the heart. Mr..
shaw was born at Newport, II. l., in June.
1873 He went 10 New York in 1873 to become
clerk in a dry goods importing house.
Twelve years later he entered the ranks of
the fire insurance brokers. and in lS52 as
sisted at the birth OF the Phenix, of which
he was the first secretary. He held that Of
flee thirty-seven years, resigning in April,