The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-01-11

shows with great olearness the condition OF
the various fire and marine and lie insurance
companies. doig business IN this state, as
severally reported to the Insurance Depart
ment. It appears that at the date OF this re-
port there were eighty mine fire and marine
insurance companies duly authorized to oper-
ate in this State, with total assets OF W., VS.,
234, and with total liabilities, 'ncludng PAID
up capital, OF $68, 79l ,025. Their total income
during the preceding year was 800, 739,777,
and their total expenditures, 81, OH, 'O2.
Ofthese companies, two were incorporated
under the laws OF this State, seventy three are
companies Of other States, and fourteen OffOr-
eign countries. Their operations in Minnie
sofa during the year were as follows:
Total risks written ...... -. -. 8 s., 568968
Total premiums received -. 967 go
Total losses incurred 1890. 4o@ go
| There were twenty-eight life insurance
companies doing business in the State. with
Total assets amounting to. 1888. 1854 rOO9, -
Aud whose tota! liabilities were. 3U2, ,636
| Their total income during the
year was 49,. So'orH,oSe
| Total expenditures ~, iSO, LOO
| The following is general statement of
their business operations in this State during
the year:
Number of policies issued. ...... 1852
Total cash premiums collected. $44", lib
Total death losses paid .......... 2l9,O5O
For more particular information under this
head You are respectfully referred TO the
Commissioners report.
Before leaving this subject, however, de-
sire to direct your attention to an act OF the leg
islature OF last winter, in regard to the invest
ment Of the capital OF fire and marine ilsu-
rance companies which | am convinced is
not only illiberal but unwise. l refer t. the
act requiring these companies, as condition
precedent to doing business in the State, to
invest at least 100000 of their capital, re-
sprctively, in United States bonds.
Considering the difficulties already expe-
RE need in obtaining first-class securities Tor
inve tment, except at such rates as to serious
) lv impair the profits, a law which adds to
such difficulties without ensnring the adj
, ditional solv+ncy of the companies, is an ex-
. ercise OF arbitrary power, not only uncalled
for but detrimental to the interests OF the
State.
To assumption upon which the law seems
to have been passed, that United States bonds
afford the only means OF safe investment, is
wholly unwarranted by well known facts. II
D State bonds are good enough for our school
fund whose security we watch so zealously, it
is absurd and unjust to exclude them to any
extent as insurance capital. The effect OF this
: provision will be to rule out about one third
OF the companies among which are some of
I the best now operating In the State; and, as
an abundance OF competitive capital is re-
quisite to secure tair rates of insurance, the
{ deeterious effect is obvious. | recommend
e that the act in question be promptly repeal
: or SO modified as to correct its injurious re-
t suits.
o RAIL ROAD COMMISSIONER.
: The report OF the Rail Road Commissioner
!. COndenses large amount OF valuable intorma-
h ton into comparatively small space. II al
y iords the following comparative summary OF
the aggregate rail road traffic in the Stale for
IS the past three years as reported by the sever
# al companies, the business year terminating
:. on the 3Oth OF June, respect ely:
e 1874 1875 1876
IS Gross earnings &C. 600 g. 952, 1862 So 900 1867
Net earnings 1ssssoe d2a
j. Tons It. moved l,434,9i3 1,35O,l77 2,O79, 563
i Tons grain NOV. 6O5,94O $4,000 577,9l8
e 1t will thus be seen that the railroad busi-
Is HISS aggregated larger amount, the last VI ar
than during either Of It's predecessors, al
q though the earnings were less than those OF
q 1874.
OF The sales of railroad lands for the year end
e. ing Dec. Dist, 1875, were unusually large,
A. reaching lis, 200 acres, which sold Tor 81 317
+ 779; while for the first halt Of 1876 the sales
were ia, 472 acres, of the value OF $y78, 43O.
g For the eighteen months thus covered TIE
DU sales were equal in quantity to 40 per cent. Of
r the combined amount OF all prior land sales
s, These increased sales the Commits sioner
ascribes partly to the deprecated bonds o.
= cheapened the lands purchased by them, and
e. partially to the extraordinary wheat crop O
A. 1876, which stimulated the demand for wheat
H. lands.
In The only new railroad construction during
RS the year III the State was the section Of thirty
e. miles Of the Worthington and Sioux Falls
ur road extending from Worthingtof to Luverne,
which was completed and opened Tor business
in in September. The Commissioners expresses
u his qualification both with the enterprise
evinced in pushing forward a remote frontier
its work in period of depressed railroad inter
OF ests, and with the tact thus evidenced, thai
r. Minnesota is among the first to show re-
in vival OF those great movements which are a.
in once the cause and the effect OF material pros
yer perity.
,e- In my last message | recommended sucl
he enlargement of both the powers and duties o
an the Railroad Commissioner as shall insure
x constant surveillance of the condition OF thu
ed various railroad tracks, aud provide agains
OF accidents from detective bridges and Othe
insecure structure. The fatal casualty at Brai
OF nerd, which had then recently occurred, ant
&c the constant liability of repetition OF disas
ge tiers from like causes, were deduced az justify
ne, ing the precautionary measure suggested. Va
rly riOus accidents OF the kind throughout TIN
M country have continued to show the neccssit,
for the action recommended, while the shook
ing tragedy caused by the wreck OF q rail
., road bridge in Ohio, gives melancholy EN-
- - phass to such necessity. l again solicit You
psOsSCLlvC lDteTV6utiOU III Lie IUtCIcbt uOt
~ Of the travelling public, but in that Of tn
~ railroad companies themselves.
rly PlSc.cOLTUkk.
NO That there is an increased appreciation
&C. the practicability and importance Of the ou
Jtly ture OF the several varieties of fish in th
iod beautiful lakes OF our own State, is ovince
the in gratifying manner by the voluntary 81
,ral afforded by the different railroad compenie
are and individuals, in furtherance Of the labo
al Of the Fish Commissioners, which have bet
the prosecuted under adverse circumstances,
ent invite your attenti n to the very interestir
md report Of these gentlemen, from which It d
,ol- pears that 216, l26 fish have been Introduce
ore into various lakes named, as per their detailt
han statement. and that other important servic
Ety have been rendered. The failure Of the legi
tate lature to make the needed appropriation
" this work necessitated contribution from Il
fhe Executive contingent, not only to insure
ma continuance but to prevent the partial loss
ans what had already been accomplished. d
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