The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1857-04-29

'rVSe" AoisHo'ys onu Nlottuew r. beRuy
and Cyrus Olney Associate Justices Of Ore
gon Territory.
Frcmium for Eiax seed.
The farmers will notice that the Lee coun-
~ Agricultural Society, has offered FIVE dol
lars for the best acre of iax-seed.
We are requested by Messrs. L. X. Bissell
L Co., Of this city, to state that they will
give, in addition to the above, n premium Of
$500 FOR the best acre of fax-seed, and
$500 for the second best acre. Let the
farmers take notice.
Mutual and stock Insurance Com.
pared.
The following statement is taken from the
seventeenth annual report Of the Illinois Mu-
tual Insurance Company, and shows the sue
cessful operation Of the mutual principle, and
the cost Of insurance, as compared with Stock
or Cash Companies:
sit is now seventeen years since the nli-
nois Mutual Fire Insurance Company COM
menced the business Of Insurance Ia this
State. The total annual installments of the
Company, during this period, have been on an
average about u per cent per nnnum on the
Premium Notes.
The cost of the Members insuring in this
Company, as compared with stock rates, has
been as follows,
On property rated at four per cent. "a the
basis for the Premium Note, the average cost
has been about thirty cents per annum on
each hundred dollars insured; or equivalent
TO q fraction over q quarter Of one per cent.
per annum in Stock Company.
On property rated Ut six per cent, the nv
erage cost has been about fifty-four CENTS
per annum on each hundred dollars insured .
being less than half Of one per cent. in a
Stock Company.
On property rated at eight per cent. the
average cost has been nearly fifty.nine cents
per annum on each hundred dollars insured
being little more than half of one per cent.
at Stock rates.
On property rated at ten per cent, the av
erage cost has been about seventy -four cents
per annum on each hundred dollars insured
or, at Stock rates, fraction less than three.
quarters Of one per cent.
On property rated at fifteen per cent. the
cost has been one dollar and ten cents ner
annum on each hundred dollars insured or
fraction over ono per cent. I'M Stock Com
pany.
On property rated at twenty per cent, the
cost has been one dollar and forty. seven
cents per annum on each hundred dollars in.
sured being less than one and half Der
cent. in Stock Company.
The cost in the intermediate and higher
classes has been proportionate with the fore
going rates.
The Premium Notes, constituting the can.
ital OF the Company, for the payment of loss
es by fire, have gradually increased from a
few thousand dollars ut the commencement.
till they have reached, on the LIST OF April.
1886, the snm of $6S3,s3l 95. This prop.
erty is secured by an acknowledged lien on
the property insured, including the land on
which the buildings stand. The buildings
alone, mt two-thirds their valuation, are es
tmated to be worth over eight millions of
dollars. No Stock Company can show a
capital so well secured, or so directly ayaila. 1
BILE Tor the payment Of losses.
This Company 10 based upon the purely
Mutual principle. Its capital augments in
e1actratlo us the risks increase; and thereby
becomes comparatively exhaustless. It's Sc. |
curiiies are held by the Assured-who have
only TO meet the losses and expenses--having
no bonus to pay to stockholders. Insurance
IS, therefore. obtained in this Company for
precisely what it costs.
II is proper that the public should be made
acquainted with the difference between the
true Mutual system, and those bogus Com.
panies called Mutual, which have generallv
been chartered in the Eastern and Middle
States, to do business in the West. With
these Companies the fictitious premium note
system has been the evil-notes given q. II
for premiums by spectators who trade unon
their credit.
The N. Y. slnsurance Monitors saws. that
"Wherever the Mutual system has been in.
teiigently and fairly tested in Fire In,u.
rance, It has most satisfactorily and It the
least possible cost protected the assured. Who
are the only parties interested in the mat.
ter"
On account OF the failure Of several of the
subscription Note Companies, some of the
agents OF the Stock Companies have UNDER
taken to decry the whole Mutual system.-
THIS IS unfair. They know that the failure
OF FIRE insurance Company, doing q purely
Mutual business, Is an occurrence unknown.
In Vermont and Massachusetts, the Mutual
system has suffered no disgrace. In New
York and Massachusetts, the Muvual princ;.
pie guarantees the snfety OF their great mer-
camille fleet, and sustains it's reputation
we'll.
No STICK Company relies upon their can
ital Tor the payment of losses but thew DE-
pend solely upon the receipt Of premiums.
II is known that with many Of them their
amount atrisk is greatly disproportionsd TO
the amount Of their capital and sssets.-
Very iew Stock Companies report to the pub.
lie the amount they have ut risk. Their can
ital nnd the quarterly or semi annual div.
dends upon the same are accurately published
~ an evidence OF strength. Upon this sub
lecs, the Comptroller OF New York, in his
iast annual general report, says: "The can
hai only comes into use upon result which
would prevent the formation Of the corpora-
Ion, we're 1t anticipated by the corporators
themselves. The mere
possession OF any given amount Of capital in
personal property, transferable at the viH of
me corpordfors, is not sufficient guaranty to
me policy holders OF our Insurance Compa.
MES. IN. fa;ln,s
Insurance Company falls upon portion Of
our citizens with more crushing force than
in"' OF any other corporation. The proceeds
" mes labor are swept away by the mis-
: - '..ie "a single hour from citizen, and /
as ne turns with hope to his policy Of insu- /
rnnce Tor relief, he learns, perhaps for the I
nfst time, that the laws Of the State 10 which \
nc mas looked for protection from the yery |
misfortune that has ovcrtaken him, permit
Ibe formation of Insurance Companies, CHOSE
capacity fop pay hisi loss consists in the prof.
rs " hs concern; and that their pretended
capitals are only valuable as basis to MAKE
the moral perjury Of which is faith I
omless..
:, ~ James Lizard has been re-apponted
os'inaster at Burlington. 1t seems there
was 40 Waling there with superior merits to