The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1904-05-26
Next Meeting of Mutual Men in
That City.
The National Underwriters
Plan Goes Through.
AT LECTURE TONIGHT.
Prof. West Dodd to Tell How to
Dodge Lightning.
Modoc Club will Also Sing for
Visitors.

The next meeting of the National
Association of Mutual Insurance
companies will be held in Chicago.
This was decided by the association
today by a close vote between Buffalo
and Chicago. A half dozen other
cities were candidates for the meet
ing. Among them were Oklahoma
City, Washington. D. c., Springfield.
ILL.,, Little Rock, Ark, Denver, and
two or three others. but the fight
finally narrowed down to Chicago and
Buffalo, and the former won by
small majority.
The hackers of the new National
Underwriters Insurance company also
won a victory today. but it was after
a spirited debate. They secured an
endorsement of national company,
but 1t was only bare endorsement
Those who favored the proposition
say that the opposition came from the
fact that the representatives of the
smaller mutual companies did not I'M
derstand the plan.
Judge e. NJ. Coffin, of Lincoln,
Neb-, spened the discussion today by
stating that the preliminary organiza-
ton had already been made and by
outlining it, along the line that was
stated in the State Journal of yester-
day.
A number of delegates objected to
the proposed national company on the
ground that it would be a stock COM
pany, and they were for mutual in
surance. It was pointed out that the
company would have to have at least
100000 worth of assets in order. to
be admitted into the various states of
the union, and this is what stands in
the way of mutual companies. It was
explained, however, that the company
would be operated on the mutual
plan.
A resolution to encourage the new
ms my
recommendation that the name be
changed to the National Mutual In
surance company, instead of the Ma
tional Underwriters Insurance com
pany.
AS chairman of the statistics com
m1ttee, f. ]. Martin presented a lot
of figures to show that mutual com
pan1es are, as a rule. much more sue
panies. He said:
At our st. Paul meeting two wears
ago, the writer quoted figures from
the United States census report show
tual and stock fire Insurance. com
panfes in the United States. That
record showed that g. per cent of all
STOCK companies transacting business
curing the previous decade had gone
out of business, while only about one
Iourth that percentage of mutuals
had retired
in 1890 there were $50 stock fire in
ness. On January 1, 1903 only 1873 of
these remained. In all the states but
hVe, in which we have not cOmDleta re-
ports, there We're ,225 mutuaIs doing
business in 1890. On January l. 1903 ali
but 189 of these remained. This shows
the failure of Sc per cent of the stock
companies, as compared with Is per
cent of the mutuals. This. with the
census report of 1890. gives a twenty
three years. record, showing that the
mutual companies have been four
times as safe as the stock compa MES
The record in great CONGREGATIONS
mas also been in favor of mutual COM
panies. In the great Boston fire of
1871, twenty-five out of twenty-six
stock companies failed, paying less
tnan fifty cents on the dollar At the
present time only two of those stock
companies remain. The same fire
caused four mUtuals to suspend, all
but one of which paid in full. and that
one paid So cents on the dollar
In the big Baltimore fire six Ralti-
more stock companies We're rendered
insolvent, while the five mutuals of
that city, after paying losses in full.
are in a substantial condition today.
One Of these, the Baltimore Equitable,
paid $1,500,000, which was the largest
loss sustained by any company"
Tonight Prof. West Dodd of Des'
MOineS will lecture before the associa-
ton at the Commercial club rooms on
" How to Dodge a Flash. of Lightning
The Modocs will also sing for the Wis
itors.
Among those who are in attendance
at this meeting of the association who
are among the principal promoters of
mutual insurance in their respective
states are the following:
Arkansas-Col G. S. Collins, prom
inent lawyer, Little Rock.
Colorado-Col. E. H. Godfry. Denver.
Georgia.. Wade Vaughan, Monroe.
Indiana-Dr. Joseph Saunders, An
derSon.
Iowa-H. NJ. Ramsey. manufacturer.
Waterloo; w. D. Forbes. extensive
farmer and registered stock raiser. .Des
Moines; Q. N. Doan, ex-state senator.
James A. Swallow, extensive
farmer, Shenandoah; F. D. Babcock.