New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-06-26
BIG TRANSFER OF Policies
THE METROPOLITAN LIFE TAKES THE
BUSINESS OF THE UNITED STATES
INDIfSTRIAL

An important transaction was contaminated IN
insurance circles yesterday when an agreement was
reached by which all the insurance policies or the
United States Industrial Insurance Company or
Newark, ~ j.. will be transferred TO the Met
ropoitan Life Insurance Company, OF TINS CITY,
Tho latter company will assume all the liabilities
policies of the former company.
The United States Industrial Insurance Company
was organized about eight years ago. and though
solvent. Is said to have made no money. Nearly
100000 has been expended to extend the business
of the corporation since It was formed. According
to statement OF Haley Fiske. vice-presdent OF
the Metropolitan Life Insurance Company. the lat
ter company has S0Do.G0 surplus and moro than
3.70oc0J policies in force
George B Woodward. the secretary OF the Met
ropol!tan Life Insurance Company when seen at
his home. No. SS7 West Eghty-seventh-st last
night said the transferring OF the policies from
ono company 10 the other was satisfactory 10 the
insurance boards Of both this State and New
Jersey. The Metropolitan Life Insurance Company
does not purchase the charter Of the other COM
pany and the latter corporation can continue to
do business If 1t IT. after its policies are trans
ferred bat it is not probable that 1t will do So
The metropolitan Life Insurance Company will
continue the agents OF the other company in its
employ. The holders of policies in the Newark
company Will bo visited by the agents and their
policies will be transferred to the metropolitan
Life Insurance Company. If they are willing They
will probably be glad to have :hcir policies trans
ferred to the larger company.
Dr. +. b. Vaudeville. president of the United
States Industrial! Insurance Company said last
night that his company had decided to transfer It's
policies 10 the Metropolitan Life Insurance Com
pany because the cost OF collecting industrial In
surancc so great He declared thar the nnan-
cial condition of the company was excellent.
The Offices OF the United States company are IN
Broad-st.. Newark. and the officers are +. r. Man
deville president: George f. Reeve vice-presdent;
Charles 4. Lghthpe treasurer; Walter 5 Nichols;
secretary; J. o H.. Pitney, counsel The Board OF
Directors includes such men William clark OF
Glark's Thread Works J. lIerbert Ballantine' OK
Il. Haantne & Sons; Gottfried krueger, T. g.
Doremus. f. Luther. Joy. William r. Alling Ed
Gard NJ Douglas Wl!s = ed About 'rr5m onm
third of the company's business is in NewJ Jersey;
Its present capital is $4,000 The business in 1896
was as follows: Policies issued and revived, 9S926;
number Of policies in force. ll7S95; whole amount
insured. N3.1s@6 insurance gained during tho
year. $l16,359: average amount OF each policy in
force. Sil7 The assets and liabilities were as fol-
lows Reserve at per 1922 o total liabilities.
exclusive Of capital. s29S,92S: admitted assets.
$4,000? admitted surplus to .pocy.hoders, 4 per
cent. $l7S.G4: gross assets siSl02 There was paid
polcy-holders in 1896 total OF Sl99274 80. The
company claims $3.50 Of assets for every $lOco Of
liabilities.