The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-05-20

ing or its contents shall Immediately cease.
Therefore. resolved. That the president ap-
board what effect the clause will have upon
the security of insurance effected. and what
effect; If any is NECESSARY rs to render insnr
under this resolution is G.. Waldo Smith,
Oscar S. Straus and John II. Washburn-
The United States Casualty Company has
been admitted TO Illinois and Massachusetts.
In addition to the election of Charles h.
Peet, formerly president of the United
States Mutual Acct lent Association, as first
vice president, William +. Moore. for sew
eral years superintendent of the liability
and steam boiler department of the Fidelity
and Casualty Company. has been chosen as
second vice president. Ii is said that he
will practically be the manager OF the new
company.
The New York Insurance Department is
making an examination of the affairs or
Meanwhile the directors have issued this
official announcement: The American Fire
insred niy OF e pronorton Of it's
business in the Phenix Insurance Company
of Brooklyn and the handsome rebate off
the unearned premium reserve thus OBJ
tanned gives the American a large addition
to its net assets The American Fire con-
tinues its business uninterruptedly and has
no intention of withdrawing from the held.
A proposition is being agitated in Florida
that the State shall establish a life insur-
anCe bureau and furnish life insurance 10
Floridians 1t is claimed that the State
can thus keep several hundred Thousand
dollars in Florida which annually goes 10
other States: that by this means IL can
pay all current expenses and have many
thousand dollars surplue every year. This
plan, according to dispatch. would abolish
the necessity for State taxes and Keep
money in Florida for business purposes. lie
is said that a constitutional amendment on
this subject will be presented in the Leg
islature.
Archibald p Haynes. who has been for
department of the Equitable Life, has re-
signed, and will go out of the life insur-
ance business The officers of the Equitable
who speak of Mr.. Haynes in high terms.
say that his reasons for severing his con-
nection with the company are entirely per-
lor with whom he has been associated
in business for number of years Three
years ago Mr.. Haynes married Minna X.
Gale, the actress, and IL is SAID tnat sew
eral theatrical ventures which he undertook
in behalf of his wife met with financial
failure.
Charles b. Peet has resigned the pres-
dent Association and accepted that OF vice
president of the new United states Casualty
Company Charles T. Hopper 81 mas ise alsp nt rel
States Mutual Accident Company. The al
fairs of this company appear TO be in
mixed condition. ii never having recovered
from the embarrass ment in which 1t was
placed by former management, and its
then connection with an inner incorporation
known as the New Jersey Investment com
pany, which was controlled by Mr.. Pitcher,
it's former manager. The New York state
Insurance Department is now engaged, al
the request of the directors, in making
an examination of the affairs of the United
State Mutual Accident and IL is believed
that it will result in placing the assoca-
ton in the hands of a receiver for the pur-
pose Of passing liquidation. IT Is SAID that
the emergency fund of the company.
amounting to $4,000 year ago. has disap-
reared: that the corporation is $4,000 in
debt and has deferred mortuary and acct
dent claims outstanding to the AMOUNT Oh
$l45,OOO To meet this indebtedness there are
only $4,000 or $4,000 in assets. The COM
planning policyholders say the management
has been extravaganza but there is no claim
of dishonesty and the officers declare that
everything in the shape of money that
has come to the company is properly ac-
counted for 1t is believed that the ma
iorffv of the 5000 policyholders of the
United States Mutual Accident Association
will be absorbed by the United States Cas-
ualty Company. who will go in on substan-
tally the same terms now held i'll the
older association, the new company agree
ing TO carry the insurance without expense
TO the polcyholder to the date to which
his insurance stands paid on the books of
the old company.