The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-02-28
a KANSAS MUTUAL ASSET
Outstanding Insurance That Any Good
Company Would BE Glad to Pay For.


Company Would Be Glad to Pay For.
Topeka. Feb. z7.-In any negotiations
for q reinsurance of the Kansas Mutual
Life Insurance company that the re-
ceIVers may undertake, they VIII have
besides the surplus of $40 600. Elte value
Of the outstanding insurance Of about =
million dollars Expert insurance men
say this of itself is worth not less than
so thousand TO any company. au1
some estimate it to be worth So or SO
But at the lowest figure the vaIns of the
outstanding insurance Is worth Size. asaaf,
which. added TO the ash surplus. would
make a total of $3.50 COO for the receivers
to work on in their negotiations 10 ger
the poHcyhoIders reinsured in some good
company. Insurance men say that IT is
business that life Insurance companies
are after To get business they pay
money, and it costs to get il more than
so a thousand This company has u
million dollars of business already soIic-
tied IN paying premiums and any repu-
table company would be glad to pay
for It. The report the receivers made
last week TO the court was uD to De
cember Is. when the present litigation
vas instituted They are now inquirins
into the affairs of the company since
that time 1t is understood that the OF
managers OF the company Will seek to
appeal the case to the federal courts Of
appeals. If they are successful y their
applicat ton for an appeal the case VIII
be taken out of Judge Hooks hands and
ed also that they wilt ask for the restor-
alton of the management before the
court Of appeals. and viii tomorrow Of
fer before Judge Hook at LeaVenworta
q bond securing the polcyhOlders f ON
/ loss
George cole. one Of the trustees ap-
pointed By the court who is actively IN
charge Of the management Of the COM
pany for the court. when shown the
above item today said
Il have refrained from giving cut any
i interviews about this and don't believe
that I care 10 say anything.
II the Kansas Mutual is sold to an
other company. will the old officers Of
f the company be retired ,"
They might be retained as the heads
/ of local branch OF the company which
buys the Mutual
What disposition would be made OF
the s260,000 which it IS estimated the
company IS worth2"
7 suppose it would be added to the
surplus. and further than that I can't
say. as 7 am not an experienced insur-
anca man.
VIII the Kansas Mutual officers ap-
( peal the Duggan case?'
/ Il understand that this is their plan
When a leading official of the Kansas
Mutual was shown the above item from
the Kansas City newspape he said.
t don't know anything about its
origin He refused to say any
thing whatever about the situation fur
ther than this He refused TO confirm
I ing the appeal of the Duggan case
Judge Hook left the matter Of agree-
ing upon a plan of reorganization 70 the
attorneys Of the company and Of Donald
f NJ Duggan ct al The attorneys first
tried to agree upon a change in the ex-
isting Insurance laws. In this effort
they failed They could not draw up a
bill which suited both sides So the at
torneys for Mr. Duggan went ahead
I with their bill. and had it introduced.
This IS the bill now pending before the
( legislature
The old officers Of the company have
made cHo PROPOSITIONS for settlement TO
the trustees They propose that If the
court deems it necessary that the kan
sas Mutual have a Joint stock. that
the Kansas Union viii reissue its shares
at a par value OF SO. and allow each
policy holder in the company to buy one
ANY shares not purchased in this way
the present stockholders tn the Kansas
Union agree TO purchase at their par
value.
If the court wants the concern to re-
main mutual one. it is proposed that
the Kansas Union turn over all its as
sets TO the Kansas Mutual including
s50o.e 600 new insurance. and the Kansas