The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-05-10
THE COMPANY DECAMPS
LIFE ASSURANCE OF AMERICAS OFF,
FICERs GO TO PHILADELPHIA.
Auditor of state shows the Concern
Queer Way Of
It's Reports.

The fact was discovered yesterday that the
Life Assurance Company of America, which
was made the defendant in a suit for re-
ceiver filed on Monday in the Circuit Court,
had left the city. A deputy sheriff who went
10 the Stevenson building yesterday morn
ing TO notify the officers OF the concern that
a suit had been filed against them. found
the offices closed. Later in the day it was
learned hat the company had gone TO
Philadelphia to carry on business. Charles
F. Binkley. president OF the company, left
for Philadelphia on Monday. accompanied
by some OF the other officers and three young
women who had been employed IN the office.
1t is stated that James Powers, secretary of
the company, followed the others on Mon
day night.
The suit for receiver was brought by Mrs.
Anna Greeves, who is the beneficiary of a
policy held by her late husband. Mr.. Greeves
was a member Of the Masonic Mutual Bene>
fit Society and when it became insolvent he
reinsured in the Life Assurance Company OF
America In her complaint Mrs. Greeves
stated that her husband died within six
months after the policy was issued to him
by the defendant company and that under
the contract she was entitled to one-fourth
of the face value of the policy. The face
value was $500. 1t is understood that the
officers of the comapny will not return to
the city, but have arranged to proceed with
their insurance business in Philadelphia.
Some time ago a circular letter was issued
by the company to policy holders. The cir
cular stated hat the company was "gratifed
TO announce the achievement OF another
triumph" The letter went on TO say tina;
arrangements had been made TO consolidate
the business of the Life Assurance Company
OF America with the /. o. O. f. Mutual Life
Insurance Company. of Pennsylvania, anc
the Order Of United Friends of New York.
The letter stated that the first-named of
these societies lat this date possesses assur>
ance in force of $4,000 and net cash re-
sources of over $1,000. with only nominal
liabilities" AS to the United Friends of New
York, the circular stated that according TO
its report of Jan. /, 1898, ii possessed a men,
bership of 10,491 persons, assurance in force
OF ST., 1900 and an annual income of
SAC. 0Oo." The circular proceeded with the
statement that "our own company possesses
to-day about $1,000, 900 assurance, about 5000
members and assets exceeding $1,SJ.00."
The policy holders were further informed
that in order to the deal ii
would be necessary TO move the company's
offices to Philadelphia The address of the
company, the letter said, would be 141a
Chestnut street. Philadelphia Policy holders
were asked to write TO the company and ex.
press their opinion of the scheme. Those
who were in favor of the plan were TO sign
an inclosed slip headed. Approval of Con-
solidation-"
The Life Assurance Company of America
was organized by Charles Binkley on Jan. 10.
1897. The business was formerly carried on
at Terre Haute. James w. Powers. the Sec
rotary, while in this city lived at 1901 Park
avenue. Binkley and Powers were also Off
GERS in the Title Guarantee and Trust Com
pany, which was conducted In the office OF
the insurance company. No announcement
was made as to the disposition OF the trust
companys busine before the officers left
for Philadelphia.
Attorneys Ayers & Jones, who represented
the Life Assurance Company in some of its
litigation, were surprised yesterday 10 learn
that the officers had gone away. Mr.. Ayers
said last night that his firm had been EN-
ployed by the company after its organization
TO conduct some litigation. The firm had
nothing TO do with the organization Of the
| concern.