The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-12-12
Railroads and Insurance.

The recent speech OF George L Ide.
president Of the Home Life Insurance
Of the Association Of Life insurance
presidents. before the interstate COM
merce commission. wherein ho cham
are seeking to raise rates. has attracted
widespread attention. Mr. lde among
many other things, said that II the rail-
the railroad bonds In which many mil
IONS IONS OF mfe insurance funds are IN
vested Will decline In value and thus
| adVersely affect vast numbers of holders
| OF nfe insurance policies. LAS nearly
as I can learn" said Mr. Ide, "of the
entire bond Issues of the steam railroads
ooo the life insurance Companies hold
81. l39 900 .000,, or one-eighth of the en-
qre railroad bond issue Of the country.
| There are about 10000. 900 policy holders
IN these life insurance companies and
they are all collectively and individually
interested In the integrity of this Invest
ally affect unfavorably the railroads OF
the land will strike blow at these Sc
evritles which will affect this vast army
He urged the most careful thought and
investigation of the commission
Failed to Exercise Rights.
andrew Hans. a former well known
commission man in business at South
Onaha; In 1896 took out two life policies
for $500 each In the. Mutual Life. One
was DATED July 8, and the other Novem-
Der 2s. Each was on the twenty-yoar
on eash poRS Ran was Ths so S2gun g. premium Goa
made four annual payments upon the
first one which would carry the policy
without question 10 July 9. 1900 He paid
carrying it TO November IS, 1899. With
out having made further payments or
exercising his rights TO any OF the options
the widow demanded the payment of the
policies in full. less the amount OF the
Unpaid premiums which she had per-
refused 10 pay the policies and also rs-
fused 10 accept the premiums. The case
has been before The courts for over eight
Years feat the contention OF the widow was
thst there was no express provision in
the policies for forfeiture in case OF the
non payment OF premiums and that non
payment was not named as an exception
In the provision for incontesta bility. The
company on the other hand. contendsd
that Haas abandoned his policies wien
ne 1ailcd to exercise his options within
six months The supreme court OF Nebras-
ka ruled against the company and The
case was carried to the federal court and
h then back again to the state court By
tereT, was $4,000 The company has
now won out. upon the pleading that il
rs a resident OF New York: that the an
the home office. that il was New York
contract and therefore governed by tho
laws OF New York. which did not re-
a policy on which payments had not
neen made and on which none Of the op-
tions had been taken within one year
Bondsmen Had TO Make Good.
Another Illustration OF one Of the many
dangers in the matter of giving personal
bonds In preference to those furnished by
regular surety companies has come to
,ilsht IN the recent case OF a postmaster
bond II was signed by individuals. or
n
tion for honesty was above nar He had
never been known to do anything dis
honest in his life and he probably never
had. but when IL came TO ha andling public
funds he was found by an Inspector OF
the postoffce department to be short in
his accounts. Claim was made against
his estate by the government The widow
and children took advantage Of the ex-
emption law and as result the bonds
men were compelled 10 pay the loss in
fun. Surety companies. like life nsur
to maintain reserve on every bond they
Sign. If they fall to pay their losses
when reported they must cease TO do
business. as they can be barred by the
Individual the city or county which
requires that all bonds he furnished by
corporate surety eliminates the necessity
OF lawsuits In case of losses, and at the
same time performs act Of kindness
for the friends of the man TO be bonded
tuned TO Sign bonds
Noted Insurance Man Dead.
The sudden death is announced Of
George f. Seward. president OF the FL
deity e. Casualty company OF New YORK,
represented in Utah by George W. Peck
& Co. Salt Lake City. Mr.. Seward had
for years been regarded the foremost
figure in accident underwriting in Amer
lea. He became identified with the com
pany in 1857 and took active part In
6S
the accident insurance business, Mr.,
Seward had achieved distinction In the
diplomatic corps of the United states
government. Beginning as consul at
Shanghai and later as minister TO China.
AT one time he was also minister 10
Korea, and served the government In
number Of special missions.
Substantial Christmas Gifts.
Policy holders of the New York Life,
numbering e6s, will receive before Chris
mas the total amount OF over S2:ooo 10Y
represented by maturing endowment ana
the company in the month of December
ten. fifteen and twenty years ago
Twenty OF tho policy holders VIII receive
the lowest being In excess OF 10000
The question arises how many Of the $50
would have been the beneficlarles OF the
sums paid them had they not Invested
by experience. very few.
Insurance Notes.
The Western States Life Insurance
company Of San Francisco. Cal. has been
granted a license to do business In Utah.
A. a. Brown is named as resident agent.
The various insurance interests OF the
state are preparing several amendments
TO the present state Insurance laws.
which wifi be presented TO the forthcom-
Plea for Early ShoG
| AA-lo