The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1920-12-09
AMERICAN PEOPLE
BUY 10 BILLION
LIFE INSURANCE
S~eventy-6fth Anniver-
sary of Establishment
in u. S. Finds Insurance
Companies Pillar of
National Strength.

NEW YORK, Dec. 9.-Desplte the
fact that the people OF the United
states have entered upon q period OF
retrenchmcnt, they are buying moro
than 10000, 600. 900 OF new life In
surance this year. according to orig
NAL statistics presented to the annual
convention Of the association Of life
insurance presidents here today, This
sum, II was stated, Is 2t per cent
more than the amount bought I'm 1919
which In turn, was G2 percent more
h n that purchased In 1918, the pre-
Nious record year. Tho total insur-
ance In force on ali American lives
~ years 40 was only ninc and n half
billion dollars, or less than the present
years new insurance.
Tho statistics, which were contrib
uted by 1853 companies doing 96 f-2
percent OF the life Insurance business
OF The country, were presented to the
convention by President George ].
Cochran OF the Pacific Mutual Life
insurance company, OF Los Angeles.
Cal, who said in part:
Las year the insurance world dis
cussed with unconcealod amazement
the tremendous Increase In new life
insurance bought by the American
people, analysed Il and sought to
understand II. This year we arc moro
than surprised TO find n still further
increased volume of new business.
Last year, which vastly exceeded Drc-
Vious records lnyolumc OF new life
insurance, was the biggest year in
extravaganza and the people seemed
20 go the limit I'm almost profligate
individual expenditure. This year,
being ono OF thrift and retrenchmont,
1t was hardly expected that the large
volume Of life insurance business
would be kent up.
Ohio nnnV1a 30 Nha TT,gf.N aK.a..
bought S1,75O,O OO. 900 more now life
insurance in 1920 than they did in
1919, Notwithstanding their entry up
on an era OF rctrenchmcnt."
Scvcnty-FInh Anniversary
Special interest attaches TO this
years convention OF tho association,
for 1t celebrates the fact that Amer
lean liro insurance is sovcnty-fivc
years old. While orly about half tho
age of Il nation, life insurance has
had unparalleled development IN the
United States. IL was stated mt this
mornings session. In opening tho
convention, Chairman Fred a. How
land of Montpelier. Vt, said:
Life insurance in its modern ana
accepted status Is an American insti-
tuition. The fundamental principles
JuatilNing its existence were first de-
Nrlopcd ana applied here. The vol
4nc of life insurance in force in
american companies far exceeds that
IN an other companies Of all other
countries In fact, II may fnirly he
claimed that sociologically life insur-
0uIfc represents the greatest contrihu-
tTbn that the genius and enterprise of
America have thus far made to tho
ciNilizing forces OF tho world, and It's
possibilities are limitless.'
Help Finance Nation
president Haley Fiske OF the Met
tropolitan Life Insurance company
made public original statistics show
ing that two hundred and thirty-two
million dollars have hccn loaned on
city and farm property by the life In
surance companies during the first
Ten months OF tho present year. Mr..
Fiske. who presented tho figures at
tho opening session of tho fourteenth
annual convention OF the association
OF life Insurance presidents this
morning. said that real estate mort
Cages now comprise the largest c,lqs
Of life insurance Investments, amount
ing to considerably In EXCESS of two
billion dollars. This is more than 30
percent of the total assets of Amer
lean companies. After saying hat
this nation owes It's greatness to it's
railroad facilities. he showed thar
railroad securities form the second
largest Item OF the life insurance
companies Investments. being 2S "a
percent OF their total Investments.
Nearly n billion and n quarter OF their
funds-nenrlv 90 pcrccnt-nre invest
ed In federal. state. county and NUM-
cipnl bonds.