The Topeka state journal., 1903-05-18
FOUR BIDS MADE.
Propositions for Purchase of
Kansas Mutual.
They Are Made Public by Trus-
tees Today.

received by the trustees of the Kansas
Mutual for the sale of that property.
One IS from the Illinois Life Insurance
company. one from the National Life
of the United States of America. and
two from the Kansas City Life Insur-
ance company.
In the last biennial report of the su-
perintendent of insurance neither the
Kansas City company nor the Illinois
company were mentioned. and therefore
little $ known about them. J. K. Cub
bison is the representative here of the |
Kansas City Life
On the face of the propositions. it
seems that the Illinois company makes
the most favorable showing. It will re-
qulre long and careful study, however. I
70 really get down to the merits of the
SITUATION The propositions are bur
dened with technical terms, which viii
make 1t exceedingly difficult for the pol
icy holders to act intelligently in de-
Gliding the fate of the company The
meeting at which action must be taken
IS 10 be held June /.
Most Of the propositions are quite
long, and can not be republished in fun
summarized as briefly as possible, they
ILLINOIS LIFE INSURANCE. COM
PANY
Inc illinois life agrees to assume all
debts and liabilities on condition thar
the assets be valued by some bank or
trust company appointed by the court
From the assets will be subtracted
all death claims, the total legal reserve
on outstanding policies. and all debts
ODugatons and liabilities of the Kansas
company This last viii probably he
held to include the costs of the receiv-
ershfp- The balance viii be considered
a surplus to policy holders. and under
the direction Of the court this sum will
pc applied during the next three years
10 reduction in premiums The
amount IS estimated to be $134 539 Sc In
daultlon 70 this the policy holders are
gwen reinsurance dividend of SO on
each $1,000 insurance apportioned over
the next two years This would mean
80 q year on each thousand. and the
total S estimated to be S107. sos. 81 Tbi.
makes a total of S242, ,O45. So which the
iinnois company may be said to offer in
me shape Of premium reductions
iI Is further provided that the So
cdHeu natural policies shall be con-
term policies
The final provision is that any policy
holder who does not want to come in
under this plan. shall be allowed to
sets. ''ie N's
NATIONAL LIFE INSURANCE co.
Ihe National Life of the United States
OF America, which is understood to
nave the backing of the old officials of
the Kansas Mutual, and in whose inter-
ests proxies have been solicited by John
R. Mulvane. E N Morrill, and FSduv-rd
Wilder, puts its propositions into brief
| lows: %
'IncIosed please find certified check in
the sum of S25, 000 to the order of the
tIusteeS-in conformity with the decree
OF the court re the Kansas Mutual
Life Insurance company. The deposit
OF this check is to guarantee the faith
ful carrying out of the bid made nv the
National Life Insurance connan1, Cf he
United States of America, subject to the
following conditions:
Ist We undertake to assume all out
standing life insurance contracts ana
liabilities of the Kansas Mutual Life m
surance company and to Distribute
what surplus there may be to the nolicx-
nolders, IN accordance with the terms Of
their several contracts.
2nd- We undertake to assume the
payment of renewals to the agents of
the Kansas Mutual Life Insurance COM
p2ny, IN accordance with the contracts
held by them
"3rd. We undertake to offer the nat
ural policy holders an equitable plan Of
level premium insurance at their nres-
ent age, provided they wish to exchange
their policies for level premium DoIfcies
using their individual accumulat ions now
to their credit to purchase an annuity
with which to reduce the level premium
4th- We agree that the cost of ex-
pense of the trusteeship, including costs
and fees in the ease of Duggan vs. Kan
sas Mutual Davis ct AL shall be taken
out OF the amount of the contribution
made by this company.
9TH We agree, if we succeed to the
business of The Kansas Mutual ife
insurance company, to adjust the ac-
counts between the Kansas Mutual and
the Kansas Union. paying the Kansas
Mutual $40, 600 in full settlement. this
/ offered without prejudice. the sum so of-
fered to be part of the total offered bv
the company for the business, good will
etc, of The Kansas Mutual Life Insur-
ance company.
assets of The Kansas Mutual Life be-
! ing transferred TO The National Life
Insurance company of the Z. S. of A
lth- We agree to pay, to be turned
/ into the general surplus of the COM
pany. for the benefit of the policyhold-
ers, $101. $50.
The National Life Insurance Com
pany of the U. S. of A
BY LOUIS G. PHELPS President
/ KANSAS CITY LIFE INSURANCE
COMPANY.
The Kansas City Life Insurance COM
pany makes two propositions which are
4 fer in that one offers a specified sum of
$4,000 for the business, while the other
simply provides for division of the
assets
The first proposition. which specifies
a division of assets. agrees to carry all
! the policies exactly as written by the
Kansas Mutual; that all the surplus or
unassigned funds of the company shall
1 be divided among the policyholders as
a dividend in cash. or as a credit on the
4 premiums. as the court may direct, or to
be retained by the Kansas City Life as
a credit cthe Dolicy,with denominations.
/ 1t is further specified that all the assets
on deposit with the state treasurer re-
main where they are now, and be re-
placed from time to time as the loans
mature.
The second proposition is the. same
except that instead Of offering to divide
the assets, the company offers to pay
into the court the sum of $4,000 to be
divided among the policyholders as may
be determined