The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-03-16
INSURANCE NEWS AND NOTES.

The Mutual Life Insurance
Company, of Galesburg, Ill, has received a
charter.
The Commercial Lloyds, of New York,
has reinsured It's risks in the Philadelphia
Mutual Fire.
The Grocersi Mutual Fire Insurance COM
pany, of Philadelphia, has been cited to
appear in court on March is to show cause
why it should not close its business.
A joint stock company, to be called the
Commercial Fire Insurance Company or
s New YORK J . with with SSo seSsq e csgebsd AND an r h 9
son & Bellows, the Loyds managers.
A bill pending in the Iowa Legislature pro-
poses to tax foreign insurance companies
it Is understood that a similar bill is about
to be introduced in the New York Legis-
lature.
Superintendent Pierce, OF the New York
ident Lowenthal. of the Mutual Fire In
surance Company, of New York. notifying
him that in his opinion the company is not
doing business on the mutual plan.
Judges Ehrgood and Light have appoint
ed Michael w. Reinoehl. of Lebanon, Pa,
receiver of the United Brethren Mutual
Aid Society, Of PENNSYLVANIA, which was
found TO be insolvent upon confession of its
officers, and which the court ordered to be
dissolved.
The three giants of life insurance have
paid in death claims and endowments. since
organization to Jan. 81 last: Mutual Life
| Death claims, s165. S0.543; endowments, 49,
SIG. S5: total. SOS. SOS. 438. Equitable Life
| 314.1s7: total. sig. 9.5e0. New York Life
| Death claims, Sos, 792, 969; endowments, &c.
2o1 ,2SS; total, $lO6,144,Z7.
The New York Chamber of Commerce has
adopted resolutions asking the Legislature to
oppose the erection Of any more tall build
ings in that city. in spite Of the opposition
of architects. builders and other interested
buildings over eighty feet high shall not oc-
cupy more than 80 per cent. OF the sites
upon which they are built.
The National Standard Fire, of New York,
has been admitted to Massachusetts: the
Globe Fire, OF New York, TO Connecticut,
and the Germania Fire. of New York. has
been admitted to IN New w Hambpshire. r The S Gers
also applied for admission to New Hamp-
shire. while the National Fire, of Baltimore,
has decided to enter New England.
Exchange Bank; Austin Corbin. president
of the Long Island railroad, and Horace
S. Ely, the real estate broker. have re-
s signed az co a%,reeiSrs Of Sf N ses Niagara YAK. nh Fire su un-
cessors have not yet been elected, and
probably will not be until the annual meet
ing, which occurs during the latter part of
this month.
Lewis G. Grover, who was president Of the
Mutual Benefit Life Insurance Company,
of Newark. from 1862 until 1881, died at his
residence in that city a few days ago, aged
eighty years. AS a lawyer he procured the
charter of the company in 1916, and became
a member of the first board Of directors
and president. On his retirement he was
made advisory counsel, with a salary Of
5000 a year, which was continued until his
death.
ments for Jan. l, 1896, nave been published,
sixteen report assets aggregating S,496, 462.
and liabilities of $2.154,572. Twelve make a
report of surplus which aggregates 1856. 1863.
Only seven report their receipts and ex-
penditures. and these are not confined in
all cases TO the last year, but cover the
entire period during which they have been
in business. The amount of these receipts
0s.
The Court Of Civil Appeal at Galveston.
Tex, on Feb. q rendered an opinion in the
case of the Mutual Life Insurance Company,
of New York. appellant, against Mollie G.
of the company. The life of the husband Of
Mrs. Hayward was insured for $4,000. He
killed himself by taking morphine, and left
a note explaining why he did it. The jury
rendered a verdict against the company
for the full amount of the policy. with in
terest. The Appellate Court has reversed
the Judgment, and remanded the cause for
retrial.
| 1t is understood that the New York grand
jury has found indictments against some OF
the manufacturers Of fraudulent Lloyds char
tiers. 1t is alleged that three men took a
leading part in the manufacture and sale OF
bogus charters under which more than a
| hundred LloydS have been operating from
| that city. Three more men have disappeared,
and officers Of the law have not yet been
able TO locate them. IL Is rumored that IN
dictments NAV be found against Iloyds man
ayers. who have purchased fraudulent char
ters and conducted business without legal
sanction.
At the conference of liability insurance
managers a scale of rates for employers
| liability, workmen's collective accident pas
| senger elevator and vehicle Insurance was
agreed upon; the maximum commission to
brokers was fixed at 10 per cent: steps
were taken to provide for the early prepa-
ration of the standard forms or policies.
and IL was decided 10 organize and conduct
manager OF this bureau Stewart Marks,
secretary of the Standard Life and Acct
dent Insurance Company. OF Detroit, was
proposed. and he has the matter under con-
' sideration.