New-York tribune., 1901-06-04
INSURANCE FOR CHARITY.
GROWING PRACTICE OF TAKING OFT
LIFE POLICIES FOR BENEFI-
CENT INSTITUTIONS.

An interesting develo oment Of life Insurance.
is its use for endowing churches and other in
stitutions. II was reported yesterday that the
Rev. z. NJ. Stires trying to assure the
financial future of Grace Episcopal Church be-
fore he left Chicago to become rector Of ST
Thomass Church. in New-York. by raising by
life insurance an endowment fund of 100000
for the church of which he has been the head
The clergyman had his own life insured for
100000 for the benefit of the parish. paving
the first premium himself. 1t is hoped by the
time the second premium falls due others will
be found TO continue the payments and TO make
it easier the insurance issued in four poll
cies of So. 900 each
Interviews with officers of prominent life in
surance companies obtained yesterday by a
Tribune reporter showed that the endowment of
churches and other institutions by means Of
life insurance quietly but steadily grow
ing in favor
E. r. Perkins. superintendent Of agencies OF
the New-York Life Insurance Company said
there was a growing tendency toward endow-
ments. as much in life insurance as with
public spirited men. For instance, Catherine
Drexel Mother Superior Of one of the guilds OF
the Catholic Church was greatly interested in
a school she had founded at Cornwels, PENN
for the benefit of Indian and cOlOred pupils. She
had endowed il FOR S5OO.Ot0 in the event Of her
death. If she survives the endowment period
Of fifteen or twenty years the insurance ma
lures endowment. Mr.. Perkins said that
S2OO,O0O Of this insurance had been given by
the New-York Life and the remaining 100000
had been placed with other companies.
Mr.. Perkins had heard Of several congrega-
tions who were considering the plan OF having
their ministers. trustees. elders or deacons in
sured for the benefit of their churches 10 take
care Of their mortgages in later years A con-
gregation Of fifteen hundred. for example. whose
members would contribute 50 to So each, could
take care of a handsome endowment. They
could provide a fund of probably 100000 to
S150,O0O in fifteen twenty years Mr. Per-
kins said he understood that there had recently
been considerable talk among colleges and other
institutions outside OF churches of carrying out
similar plan for endowment
An officer of the Equitable Life Assurance
Society said the action of the Rev. Mr.. Stires
in insuring his life for the benefit of Grace
Episcopal Church of Chicago a practical
and substantial way of benefitins any insti-
tuition which more or less dependent upon
contributions for it's existence. The idea
not new one. but was perhaps not sufficiently
practised. BY taking out policy of life in
surance upon ones life in favor of a church.
hospital or other benefcent institution an
outlay of S1OO 10 $1,000 per annum made it
possible for almost any one 70 give from 5000
10 100000 in one sum upon his or her DEATH
The annual premium necessary 10 carry the in
surance could readily be spared from ones In
come. whereas 70 give a lump sum Of from
5000 70 100000 at one time only within
the power OF a few. For some years the
Equitable Life Assurance Society has had
number of agents making a speciality of this
kind of business and is carrying to-day az FISK
a large sum OF money which will be distributed
not only among churches, but hospitals, colleges
and like institutions in different parts OF the
United States.
Life Insurance Company. some time ago promised
his support organized EFFORT 10 utlilze
churches. The Church Endowment Society
was accordingly formed by the Rev. T. W.
Hunter. rector Of St AnEa's Church, New-Or-
leans La. with the assistance OF bishops
society is in the Church Missions houses
Twenty-seCOnG-st. and FOUrth-ave., ana Is II
charge OF the business manager or the society
The society proposes 10 secure tor eacn no
cese through insurance. a fund from the interest,"
on which the bishops might be supported anu
so do away with or minimize the assessments
made annually for that purpose. The sOcietys
scope however. is much broader, and II laoors
10 secure endOwmentS for any object ana IN any
locality and there is no expense ental!ed upon
any diocese by its work. II Is urged Ihat II
laymen will embrace 70 the extent OF the.E
ability the suggestions OF the society lhere -
no reason why through this means Ihe chuICn
~ Iarpa should not be benefited, and also all
enterprises OF an eleemosynary or educall0haI
character For instance, if each or one nuhdttu
persons in any diocese would insure MS NE
for 81 600 on the endowment plan IN IaNo, o.
any object S1OOOOO would be payable 10 that
object in ten. fifteen twenty years, at tLI
latest and the expense 10 each person NOu't
he sfiqb+ II is thought by the society that no
better plan could be suggested 20 secure it. M
gage loans TO provide funds for the HquldatIol'
~ Sbonds or any other sort of Indebtedness 70
be paid off in a given ume, or 20 Votaiii 81
endowment fund FOR any purpose