The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-26

The larger companies who have the bulk
Of their business in insurance against tor
nadoes will not make any profit this year.
The destruction from winds has been very
extensive this season, especially IN me
Northwest. where fully 60 per cent OF the
insurance is a total loss.
Mr.. H. T. Head, of Indianapolis, district
manager of the Equitable Life Assurance
Society. has placed three straight life in
surance policies of 100000 each with Harry
G. WhitcOmb, Charles Birely and Charles
Davis. constituting the firm of Whltcomb,
Brely & Davis, OF Shelbyville, Ind. This
Is said 10 be the largest individual life in
surance deal ever made in the State.
Frank A Cunning. of the Chicago office
of Rogers & Role, is organizing a $4,000
fire insurance company in that city. 1t is
proposed to make the capital of the COM
pany $4,000 with a net surplus of the
same amount. The company will try TO get
the better class Of annual business, as
breweries, elevators and single occupancy
risks.
The State Life Insurance Company reports
an increase of 30 per cent. in it's premiums
for the last six months, as compared with
the first six months of last year. and an in
crease of 80 per cent. for the month of June
over June. 1901 The losses from deaths,
strangely enough, have decreased remark
ably this year, having fallen from Sl5S,oo0
to $3.50 The company has lately extended
its business into Wyoming, Arkansas and
Mississippi, making a total Of thirty-three
States In which it operates
Mr.. and Mrs. Benjamin Kelsey celebrated
their fftieth wedding anniversary last Sun
day at their old home. Mr. Kelsey has
been prominent in insurance lines for many
years and three of his sons have followed
in his steps. while one, Benjamin Kelsey,
is connected with the passenger department
of the Big Four Railroad. Joseph a. KEEL
sey is United States manager for the
Aachen & Munich; Horatio n. Kelsey is as
sistant manager of the Western department
of the Sun Insurance Office, and Preston
II. Kelsey is now second vice president of
the Marion Trust Company.
The Western Underwater credited the In
dianapolis Fire Insurance Company with an
enlargement of it's business in the field OF
fire insurance for farm property; but this
statement is ccntradicted by Rough Notes,
which says that the company is not seek
ing such insurance, since it finds such risks
undesirable. though il is doing a good bust
ness in tornado insurance. The Under
writer probably had in mind the Indiana
Fire Insurance Company, which has always
done a great deal of fire insurance among
farmers and has succeeded in getting some
profit therefrom by its care in writing the
policies.
The modern tendency to have men Of
special training for every branch of bust
ness was exemplifed in a striking manner
by the recent action of the Equitable Life
Assurance Society, which has picked out
one hundred pushing young men from the
r1nix fn civ al
cation in life insurance. The young men
were taken from the graduating classes
after the record Of each was carefully con-
sidered; their expenses will be paid during
the summer. while they will be given daily
instruction in the theory of insurance and
the art of advocacy" The lecturer is a
man who has been wonderfully successful
as an insprer of men and he is expected
TO make insurance enthusiasts of the stu
dents. When their tuition is ended they
will be placed in positions paying $75
month and which will offer opportunities
of advancement if the young agent shows
ability. sThe company hopes by this means
TO have only men of worth in its employ,
and in the end to bring its corps above the
average.
The question of insuring the buildings and
exhibits at the St. Louis fair is still I'M
settled, and exhibitors are still chary about
sending anything to the exposition without
insurance. The laws of Missouri prohibit
any agreements between insurance COM
panies in regard TO rates-in fact, they
make the companies guilty of criminal con-
spiracy if they form any combination to
equalize rates. though this is much for
the benefit of the insured as the insurers.
And recently the companies doing business
in Missouri were each fined $1,000 for
small technical violation of the statute by
their agents. Another most obnoxious law,
one which would come into play in the
Insurance of the exposition buildings par
ticularly, and which encourages incendiar-
ism is that which makes a company liable
for the entire amount for which a building
is insured when 1t is only partially de-
strOyed.
But it seems that now the companies have
the Legislature on the hip and almost have
II in their power to make or mar the great
exposition Through friendliness and pa
triotism the insurance companies acceded
TO the requests of the managers OF the fairs
at Chicago and Buffalo, and gave them
ira insurance when they could get none
from the European companies but the
State Of Missouri is not in a position TO
appeal TO the insurance men in this man
ner, and the promoters of the fair TO make
il successful, must either see that their
troublesome laws are repealed, pay fancy
prices for insurance on the exhibits and in
sure the buildings themselves, or let the
fair pass into Oblivion. Since this last is
not to be thought of we may look for some
changes IN the state laws.
In these days of prosperity a great many
people find themselves with money to in
vest and with much uncertainty as to the
best and safest way of investing it, In
one way or another they have earned the
money, but have not the knowledge of
financial affairs or the acquaintance with