The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-28
Trends
Survey Compile d
of Insurance
Field Here.
by VINCENT S. LYONS
Times Financial Editor

II ARLY last month the Indian
L apolis Chamber of Commerce
announced that it was originating
a survey of the scope of the insur-
ance business in this city. At that
time it was stated in these columns
that the study, when completed,
would reveal some interesting
things about this industry.
J. J. Fitzgerald, secretary-treas-
urer of the Grain Dealers Mutual
Fire Insurance Co. and chairman
of the Chamber insurance COM
mittee, who directed the study,
has Just made public the results of
his findings. And, as expected, the
amount of wealth represented in
the insurance business of this city
is quite substantial, to say the
least.
Total assets of companies, as re-
ported to the Insurance Depart
ment as of Dec. 81, 1888, aggregated
S1O6, 622, GAO and the amount OF
capital stock totalled s1,254,O00.
The surplus available to policy
holders totalled S8,321,715, while
the 1888 premium income came to
the imposing total Og SIG, 5,2O3.
TN addition to these general fig
L ures, the statistics on the in
surance field as they relate Specif1-
cally to Marion County also make
highly interesting reading. For in
stance, it is shown that total in
VestmentS of the insurance COM
panies in the county aggregated
S4436. 709 at the close of last year.
This investment stake, it should be
remembered. is exclusive of the
value Of real estate and personals.
The total value Of real estate and
personals in Marion County was
placed at S4,653. 626 and s87, 165, re-
spectively. The aggregate Of these
two figures, plus the amount Of in
vestments, places the total invest
mentS of the insurance companies
at S9.177.500. While these figures
are small in comparison with those
which have been cited in the news
recently in connection with the
New Deal activities they do, never
theleSs, represent a considerable
amount when regarded purely as a
branch of business.
Companies here employ 1,025
persons and the annual pay roll
amounts to S1.S53. 316. These same
firms occupy 250111 square feet of
Office space and pay an annual rem
tai of S306,907. Expenditures in
Marion County last year, exclusive
of pay rolls and taxes, were figured
at S247,199. Taken alone taxes
amounted to s132,O37.
4
TINE Indianapolis Chamber of
Il Comerce and Mr.. Fitzgerald
deserve a vote of thanks for max
ing possible this study. Because of
the fact that this is the first time
that such a survey of the inSur-
ance field has been conducted it is
impossible to make comparisons
with preceding years. With this
initial survey it will now be pos
sible to measure from year to year
what progress is being made by the
insurance business in this city.
An item which might have proved
Illuminating, but which was not
contained in the study, is the vol
ume of insurance funds on deposit
with banks Of the city. The figure
undoubtedly is quite substantial.
1t is expected that the Chamber
of Commerce will take up the mat
ter of the study at its next meet
ing.
A CTION of directors of the Con-
IA solidated Gas Co. of New
York yesterday in pairing the divi-
dend on the common shares of the
company from so cents paid in the
last three quarters to % cents for
the first quarter of 1885 is believed
to be richly significant.
Consolidated Gas is the largest
public utility enterprise in New
York City and occupies the center
of the stage in the controversy now
raging there in regard to municipal
ownership. Only recently, it will
be remembered, the city levied a
tax Of 3 per cent on public utility
revenues. Undoubtedly these two
developments were discussed before
the dividend was slaShed.
Public utilities at the present
time are on the defensive and the
value of their shares has.depreciated
sharply in recent weeks.