The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-01-27

7 and TO-
6xS to 1Ox15-single: AA. 81; A. $3.50; B.
Ss25
Ilxl4 and 12x1s to 16x2-Single: AA. IS;
A. M.25; b, 81. Double: IA. $l0.75; A, 1915;
INSURANCE NEWS AND NOTES.
The Queen City Mutual Fire of Buffalo
| n. Y, recently organized with Sl05,000 CAPT.
| tai. has been notified by the New York
| insurance department that it do bust
ness
The Massachusetts National Life Assoca-
ton (assessmenD has been admitted TO New
York, New Jersey, Massachusetts and Min
| nesota. 1t claims to have written S2,0000O0
| of insurance in the two months of it's exist
ence.
| The Ancient Order of Egyptians, a new
fraternal started at Chicago to insure the
| fives of children of seven years of age and
| upward, on the assessment plan, has been
squelched by Insurance Superintendent
| Durfee.
The Mutual Reserve Fund Life has pre-
| about Feb. l. 1t will contain several i'm
portant changes from the form now in use,
the object being TO adapt the contract to
| the condition involved in the recent change
| of the company's rates and to make it con-
| form to level premium practice.
Daniel II. Durham, for the past eleven
years vice president of the Firemen's In
| surance Company, has been elected presi-
dent of the company, succeeding the late
Mr.. kase The secretary, Mr.. Charles Col
yer, has been advanced to the vice presi-
6ency and treasurership, and Mr.. Albert
Messenger, the cashier has been appointed
secretary.
The fire premium receipts in Minneapolis
MIMI, in. 1885, were 81, Jos, I59 or $4,000 less
than in 1884, and for the first time in two
or three years the fire insurance business
there has been profitable. The fire losses of
the year were $44744 If one-third of the
premium receipts be added to this for ex-
penses there is still a balance of $3.50, 726 as
the ret profits to the fire insurance COM
ranies for the year.
Following are life insurance companies in
ADDITION to those printed last week, show
ing the new business written in 1895, COM
pared with the new business written in
1894:
New bust New bust
ness 1894. ness 1895.
Kansas Mutual I4ife... $2022,500 s3,016O00
Mass. Mutual Life. 49, 200 900
Penn. Mutual .......... 22,303,S 800 22,975S Si
Union Central Life 22.745,is4 26,5OO,OOO
a permanent injunction has been granted
at St; Louis by Judge Russell, Of the Cir
cult Court. restraining Insurance Superin-
tendent Waddill from adopting the stand
ard form Of fire insurance policy formu-
la ed by the committee OF the State Asso,
was asked for by the Business Mems
League Of st. Louis. which, like the insur-
standard form to be that adopted by the
state in accordance with the act passed
by the last Legislature. -
Henry Winthrop Gray, receiver for the
defunct United Staes Mutual Accident AS
ISOLATION, who is Ill at Aix-les-Bains. has,
through his counsel. Henry L. Sprague,
served ssss ed q complaint in a suit to recover
S366,600 from the Investment Company of
New Jersey. The suit is one of many in
stituted by Receiver Gray over the COM
ieges that the amount for Which he sues
the company was obtained "unlawfully,
wrongfully and fraudulently" from the
IL. 1885. James r. Pitcher was secretary
and general manager of the company. He
originally had an agreement that he was to
receive 81 for every policy written, but his
income became so large that he consented
to take salary of $4,000. According to the
complaint, he organized the Investment
to it his contract. With this as its only
assets, the complaint sets forth, the capital
ss rom TO q ha
company continued to draw Mr.. Pitchers
$4,000 a year salary after business with the
United States Mutual Accident Association
became so dull that the payment crippled
1t. Mr. Gray wishes to establish whether
Mr.. Pitcher had right to assign his con-
tract.
John W. Guiteau, the wideIy-known lie
insurance statistician, has written a paper
on The Safe Limit to the Growth of Life
Insurance Companies. and When Will the
| years ago 1 would have said that the limit
| of any company's ability would be $l5O,Ooo, 600
| of new insurance paid for annually, and
| that on this basis the natural limit of it's
growth would be reached not later than
| 1905: and 1 now think that by 1910 or 1915,
| twenty years hence at most, every Ameri
can company will have reached the largest
amount of possible insurance in force, an
nual income and invested funds. I believe
| it possible for well-managed company to
assume insurance obligations up TO So Co.,
| coo coo in force, with an income and disburse-
| ment account reaching sl50,000,OOO a year,
| while annually issuing $9O0.OO0,OOO in new
fofr aof1 f0r ic
amount of business now done by the largest
companies. The three largest companies
are rapidly reaching lin ct these figures, and will
| 800. 1000 income line and the s15G 900 900
paid for new business line. And their bust
| ness is transacted more easily and with
greater security when ii was only one
fourth as large twenty years ago. Why not
twenty or thirty years hence do twice the
business just as well ell for population in
corresponding wealth and prosperity and
| trade that will demand as now the same
protection of the family. the aged and the
estate?'
William A Booth, who died recently in
| Englewood, n. j., was one of the organizers
| In 1913 of the Mutual Life Insurance Com
panq, of whom but eleven are still living.
| Mr.. Booth was born in Stratford, Conn.,,
| Nov. 6, 1895, and was one of the old school
| of New York merchants, first a tea i'm
porter and afterwards as a sugar refiner.
| In company with the late William b. Og-
| den and Samuel j. Tilden, Mr.. Booth organ
| lied the Chicago & Northwestern Railroad
Company. He was a trustee of the Ohio
| & Mississippi railroad, in the organization
| of which he took an active part, and was
| also director of the Cincinnati, Lafayette
| & indianapolis Railroad Company. From
| 1857 to 1860 he was president of the Amer
| lean Exchange Bank. and in 1870 was chair
| man of the committee appointed to inves-
| tigate the Tweed ring frauds. From 1861 to
| 1889 he was president of the Chldren's Aid
| Society and in 1873 was elected president of
the Third National Bank Mr.. Booth re-
| tired from the bank and from business in
| 1892, after seventy-one years of active work
In the course of the last fifty years he had
| held the presidency OF the trustees of the
| Syrian Protestant College of Beyrout.
Syria: of the trustees of Robert College.
| of Constantinople; Of the American Sea-
/ mems Friend Society, American Tract So
ciety, of Boston; the American and Foreign
| Christian Union and the Bible House, at
Constantinople. He also served as vice
| president of the Seamen's Bank for Savings
| He was a member of the Seventh Regiment
| in its early days, and as such participated
| in the reception given TO Lafayette on the
| occasion of his visit TO this country in 1924.
4 A.. y,iu loot N