Jasper County Democrat, Volume 12, Number 90, Rensselaer, Jasper County, 23 February 1910 — COMPANY IS “BUSTED.” [ARTICLE]

COMPANY IS “BUSTED.”

W. B. Scudder, the So. Bend Insurance Man, Will Not Move Headquarters to Rensselaer. W. B. Scudder, president of the “Hamilton Life Insurance C 0.,” of South Bend, who came here about a year ago and is said to have caught some of our notorious easy marks in his toils, and who proposed to move the headquarters of his company to Rensselaer, as. being looked after at present by the State insurance department, and a receiver will be appointed to look after the affairs. The company has been ordered to cease business. Scudder came here about a year ago, evidently having heard about how our people bit on Kellogg’s Canadian land swindle, the Oklahoma town lot deal, et cetera, and is said to have found some easy victims for his scheme. He contracted for rooms over the Roth Bros, meat market, in their new building and has paid several months rent, although never occupying them, and at present some three months rent is irf arrears. He later decided to locate at Crown Point, and is reported to have secured several investors in his company there. One or two deaths losses are said to be unsettled and other unpaid bills are long past due. The company is said to have never had any reserve fund as required by law.

and was never licensed by the state insurance department. Agents have been ordered to cease selling stock and a surrender of its charter has been demanded by Auditor of State Billheimer.