Page:Portland, Oregon, its History and Builders volume 1.djvu/720

 he business.

Acting upon the effects of that exposure, new companies were speedily or- ganized all over the United States, which at once became competitors for the very profitable business of the reckless schemers, that had been exposed. It is stated that as many as one hundred and fifty of these new companies were or- ganized in the United States within four years after the exposures referred to. Among these new companies are two here in Portland, Oregon, organized about the same time; and both projected and managed by responsible and trustworthy men. The Oregon Life was incorporated February 21, 1906.

From the fourth annual report dated March i, 1910, is taken the following statement of the current business and condition of the Oregon Life.

"On December 31, 1909, the paid for business on our books after deducting all cancellations, was $3,266,949.00, a gain over the year previous of $1,004,- 582.00. Upon the same date our assets had increased to $220,132.00; our surplus to policy holders had increased to $116,537.00, and our premium income for the year had increased to $118,303.00. Oregon Life has thus shown a healthy growth in every department, which must be gratifying alike to the guarantors, (stock- holders) to the large body of policy-holders, who are the main beneficiaries by the company's prosperity, and also to those who have made the result possible — our energetic agency force. From all these sources has come the strength which enabled the Oregon Life in 1909 to do a larger business in Oregon, than any other life insurance company, notwithstanding the fact that Oregon Life writes no risk greater than $10,000 on one life."

The officers of the compay are: A. L. Mills, president; A. Wolf, vice-presi- dent; Geo. Sanford Smith, secretary; C. F. Adams, treasurer; A. J. Giesy, M. D. medical director; D. E. Galbraith, actuary; L. Samuel, general manager.

The articles of incorporation fix the capital stock at 100 shares of $1,000 each; on which is to be paid from the business of the company, 7 per cent, per annum as dividends, and no more ; and at any time after five years from the first day of March, 1906, the holders of the policies of insurance, issued by this company, and then in force and outstanding, shall, whenever it is determined so to do by the holders of a majority in amount of the policies of insurance issued by the company and then in force and outstanding, have the right to purchase, take over, hold and own for the benefit of the policy-holders of the company, all of the shares of the capital stock of this corporation ; and each and every person at any time acquiring, holding or owning shares, of its capital stock, subscribes for, takes, ac- cepts, receives and holds the same on the condition that the same may be so pur- chased, acquired and taken over for the benefit of the policy-holders of the com- pany, and consents and agrees that the policy-holders may so purchase, acquire, and take over the capital stock. Should the laws of the state of Oregon so permit all of the capital stock of this corporation may at any time after five years from the first day of March, 1906, be retired, cancelled and redeemed by the company by paying to each holder of shares thereof, the par value of his share with in- terest thereon at the rate of 7 per centum per annum from the first day of March, 1906, until redeemed, less the amount of all dividends paid thereon by the com- pany, so that this corporation shall have no capital stock, but shall be a purely mutual company, composed of its policy-holders, and in that event the manage- ment and control of the company shall thereupon become vested and thereafter belong exclusively to and be exercised by its policy-holders and such officers and agents as may be elected and appointed by them."

THE COLUMBIA LIFE AND TRUST COMPANY.

About the same date with the Oregon Life, was organized also the Columbia Life and Trust Company of Portland, Oregon. In their announcement the offi- cers of the company state their object to be the formation of an organization that would furnish life insurance to our citizens on terms which would enable them to buy, in the Pacific northwest, better life insurance than it is possible to obtain