Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1908-11-16


of the Northern Life Insurance com
pany of Chicago 1t has been under
stood that the local institution was
simply to purchase the business of the
Chicago concern, but it appears that
instead the funds subscribed for the
First Savings Bank Life reserve have
been used to purchase the control of
the Northern, and will apply to the
operation of the Northern, all of the
principles and policies planned for the
First Savings Bank Life.
Comes to County.
The Northern's head office is to be
removed to Rock Island county,
whether to Rock Island or to Moline
remains to be determined, and the
board of directors is to be increased
from 10 to q members, with a charter
provision that the majority of the
members of the. board shall at all
times be residents of Rock Island
county.
The Northern business at the pres
ent time includes about 100000 in
surance, with premium income of
100000 year. The company has
been in the field two years, has a well
? organized agency force. and has been
admitted in the states of Texas and
Michigan. in addition to Illinois, the
home state.
The savings bank depository idea
! of the company formed here will be
!. carried out in the Northern under the
2 new administration.
. Directors Meet Thursday.
The directors will hold a meeting in
7 Chicago Thursday afternoon for the
J. purpose of naming the additional mem
:. bers of the board, who are to be Rock
= Island county men. Other business
relative 10th formal change in the
charter will be taken up. 1t is stated
that the formal transfer of the head
I Office to this county will be completed
within so days.
Men Interested in 1t.
5 Among those who are interested in
the project and likely to be included
in the reorganized board of directors
are the following:
Rock Island President Hope
Thompson. e. H. Guyer, Otto Huber
ST Paul Kersch, W. A. Rosenfield ant
10 others
S. Moline-H. A. Ainsworth, Dr. A. H
&c Arp, C. w. Lundahl, Dr. p. H. Wesse
. and John NJ Ekelin
"a Davenport-E. H. Ryan, F. W. Muel
:, Ter and J. B. Smalley.
y Other towns. w. Simonson, Por
= Byron; G. A. Heintz. Quincy; NJ. "A
Patterson and J. NJ. Krause of Chi
"a cago.
u Hope Thompson has been mad
y president of the company and, Pau
kersch of this city and H. A. Aims
~ worth of Moline are expected to b
= made vice presidents, and Stewar
y Goodrich of Chicago an expert insul
~ ance man and formerly for II year
'' connected with the insurance depar
ment of the state of Iowa. will probs
he bly, be the secretary. The First Sa,
o. ings Bank Life promoters will TAX
nv from $4,000 to 100000 of the stS
II of the Northern, which is capitalize
q at 100000.
Cd How Deal Was Made.
10. The following from the Chicago Tr
pleted:
= THE expected acrimonious fight b,
: tween factions of stockholders of til
Northern Life Insurance company
Illinois over the reorganization of tn
company failed to develop yesterda
at the special stockholders. meetin
in the main Offices in the First NJ
tional Bank building.
"The peaceable reorganization cam
in the nature of a surprise. A nun
Der of Moline and Rock Island me
who had on foot a project to launc
a new life insurance company mad
a proposition to purchase $4,000
the treasury stock of the NortheI
Life company, which was accepte
and as earnest money $4,000 in cas-
was turned into the treasury of Il
company in part payment.
THE Moline men asked that Il
main Offices of the company be T
moved from Chicago to Rock Islar
and that they be represented in Il
management. This was agreed to
the stockholders. and at a meeting
the directors subsequent to the stoc
holders meeting President Flick I
signed and Hope Thompson of Ro,
Island was elected mis- successor
was voted to increase the directora
from 10 to 81 members. Mr.. Flick,
S. Blumental, L. F. Cole and P.
Madison resigned as directors and Il
vacancies were filled by Mr.. Thorn
son and Paul Kersch of Rock Islam
DIR. P. H. Vessel. DIR. A. H. Arp, H.
Ainsworth, c. w. Lundahl and Jol
M. Ekelin of MShne. and A. B. Small
iof Davenport, Iowa
THE home Offices of the compa
iwill remain in Chicago until the CHI;