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The Hillsdale Mutual Failed

The Hillsdale Mutual Failed image
Parent Issue
Day
10
Month
June
Year
1892
Copyright
Public Domain
OCR Text

The Hillsdale Mutual Benelit Asociation has wound up its business, ntiicting a serious loss upon a large urnber of families in this county. At ne time this was one of the most opular insurance compauies in this ection. It had a large number of memeis in all paris of the county. In spite f recent heavy assessments, the niemership at the time of the failure as about ninety , of whom about tif teen re now pat the insurable age. and a jood niany liad no other iusurance. 'he closigg up of the company is a erious matter to these people, who ïave placed their relianee in it and ave no other "andhor to the windard" for the support of their families f ter their death. Since the organization of the comany there have been 146 assessments. Jne of the prominent members heie ho bas been in from the beginning kis paid in $584, his assessnient on -!,000 being $4, besides $3 a year dues. ?his may be taken as a criterion of hat the company has cost the survivng niembers. At first the assessments ere very light, but for the past two ears thère have been doublé assessïents nearly every month. A good ïany me.inbersdrevvout,so that flnally ie company could not meet its losses. Notices were sent out to the policy ïolders that a receiver had been asked or to close up the business of the comany, and also that arrangements had jeen made with the Coyenant Mutual nsurance company, of Galesburg, to einsure all the members under the age E sixty who can pass the requisita medical examination, without expense o the members. Many are now being ewritttii in the Galesburg company ut uiy oüieis are not now insurable isks. It is said that the Hillsdale company las not paid out the last two assessments and that these with $3,000 reerve will be used to pay the death osses not yet settled and it is thought tiat the beneüciaries not yet paid will robably realize about one third of the 'ace of their policies. There are two eath losses in this vicinity which have not vet been paid. viz.: Henry Paul, 3,000, and Nelson Booth, $3,000.

Article

Subjects
Ann Arbor Argus
Old News