The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-05
THE STATE LIFE COMPANY
REMARKABLE GROWTH OF LOCAL
INSURANCE ORGANIZATION.
Agents from Thfrty-Three States of
the Union SIT Down to n Banquet
Interesting Facts.

visiting agents last night in celebration of
its eighth anniversary with banquet at
the Columbia Club. One of the first and
the largest delegations to appear in the
city was the one from Kansas, which came
in Wednesday night The Kansans were
all decked out with sunfowers and wore
immense sombreros. Since then agents
have been arriving from thirty-three States
and at the table last evening over seventy
five were seated. The agents are an ex-
ceptionally fine-looking body of men. Each
one of the agents has written at least s7O.-
600 of insurance in the year 1902, and some
Of them have placed insurance for over
$4,000. The remarkable progress of the
company can in a great measure be at
tributed to its judgment in selecting men
of the caliber shown by the band present
In the city. The company has a competi-
tive contract with its agents whereby each
agent who writes $4,000 or more of paid
for insurance year gets bonus above
his commission and an annuity for his
old age. and an endowment maturing
every year he produces 100000 of paid-for
insurance. The agents who participated in
these BENEFITS the last year are Peter Met
ford, c. n. Coverdale, H. G. Bennett.
all of Indiana T. d. Friend, I. F. Hud-
son. H. A. Hodgoon, F. p Mcclellan. j.
r.. Brown, from Ohio; G.. w. Zimmerman,
S M H. irs spaqsh; w; straushOn T. Ken Ken
Georgia; V. L.. Stanton, from Georgia, and
r. w. Ayres, from Michigan. Mr.. Metford
led with S23S,0O0 of insurance.
During the day the company kept open
house at its commodious offices in the
Claypool building; the agents are quartered
at the Denison, where everything that the
hotel affords Is placed at their disposal.
This morning there will be a business
meeting at the Denison; in the afternoon
the visitors will be taken on a trolley ride
over the city. and in the evening they will
attend theater party at the Grand Opera
House, which will end the festivities, most
or the agents from a distance leaving for
home Tomorrow morning.
A REMARKABLE CAREER
The men are justly proud of being con-
nected with the State Life, which has made
the most remarkable record of any life in
surance company in existence. Starting
from nothing eight years ago, it has now
over $37,0O0,0O0 OF insurance on it's books;
it's gain in ledger assets during the year
1902 has been about $225.OO0, while last year
| the gain for the corresponding months was
about $4,000. The insurance written this
year shows gain Of over 100000 a month
as compared with last year; and yesterday
morning Secretary Wynn placed in the
hands of the auditor of state over s257, 600,
post, which is $4,000 more than is re-
quireG by law. This record for eight years
is not equaled by that of any company in
the United States or Europe. The COM
pany was originated by Andrew M. Swee-
| ney, president, Samuel Quinn, vice presi-
dent. and Wilbur s. Wynn, secretary and
aetuary; AT the time OF the organization
the Supreme Court, and the two others
were hustling life insurance men. After
getting the idea Of forming company Mr..
Quinn and Mr.. Wynn sought out Mr.. Swee-
ney as the man necessary to furnish sta
bility to the company. That their choice
was well founded is shown by the wonder
was in one small room Of the Lemcke build
ing. and the three organizers comprised the
entire office force. The ability of the pro-
motors soon established the business on a
firm footing, and their office force was in
creased by the addition of q stenographer,
and later others were called in until the
small room was incapable of accommodate
move. At the end of the first year the
three men found that they had s3,54S500 of
| insurance In force. and an income of $50. 032.
| pool building inadequate, and will soon
commence work on a fifteen-story building
| in this city.
1t was very happy occasion for the or
ganizers of the company as they contem-
| plated this history of the State Life and
| gave "reminiscences during the banquet last
| evening. The guests sat down shortly after
o'clock to an elaborate menu.
RESPONSES TO TOASTS.
Mr.. Coffin. the general counsel Of the
| company, in response to the toast, 1.-The
| State Life" traced the history of the COM
pany from its beginning, giving some of its
| early struggles. He called attention to the
fact that prior to September 1894, there was
| no reputable local company doing a life in
| surance business in Indiana. This was due
chiefly to the oppressive laws of the State
which necessitated the formation of COM
panies under the assessment plan. The
| company. with all the odium attached to
| the name Assessment" The three men
| who constituted the company after three
| and not a single person written for insur-
| ance on their books. At the present mo-
ment the company has insurance to the
amount of $4,000 600 on its books. This was
| due to the fact that while it was founded
under unsafe laws 1t had safe men behind
it. Safe laws did not make safe insurance;
| but ii was good thing to have safe laws
and safe insurance men back Of them. He
| contrasted ten of the leading companies
| with the State Life in regard to their po-
| sitions at the close Of the year 1901. luese
ten companies had an average age of fifty
| three years; the State Life was only eight
| years old; these companies had average as
| sets amounting to SIS, ZOO, 900; the State Life
had assets Of N.0O0,0OO; yet the State Life
$120O0,0O0. equaling the amount insured on
the average by these same companies.
| Mr.. Hart, auditor of state, in responding
| to the toast. Insurance that Insures, y
mentioned the fact that not one man in one
hundred went into the business of investing
| in life insurance with the same care that
| he took in investing in real estate and he
| laid much of the prejudice against insur-
| ance as a shady financial scheme to the
| fact that no care was used in finding out
| the true standing of the company. He
| pointed out that while Indiana was once
! the paradise of wildcat insurance compa-
MES, its laws were now of the best and
were copied In six States He urged that
| IL should be made penal offense to sell
| shyster Insurance, and showed that the
| insurance companies in the future. among
which companies he expected the State Life
| to take prominent part
| Other responses were: "A Word of Wei
| come" Andrew NJ. Sweeney; "Indiana's In
surance Laws Hon. William L. Taylor;
Our Home Folks" DR.. Henry c. Martin;
THE Board OF Directors" Judge Robert w
| Mcbride: Relation of Medical Director to
| Agents" DR.. Allison Maxwell: THE Actu-
| airy and the Agent" Wilbur S. Wynn,
| Winning Ways" Samuel Quinn.
| IMPROMPTU REMARKS
Impromptu remarks were made by many
| of the managers and agents present and
the evening was thoroughly enjoyed The
Columbia Club dining room was admirably
| appointed for the occasion and the follow.
ing menu delighted the banqueters:
Lucines Sur Coquilles.
| Manhattan
BISCUIT Beurre.
Consomme Soferino.
| Hors D'Oeuvre.
| Tartine de Graham
| Raids Armand Salee. Celery
| Sautern.