The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1884-01-31
THE VALLEY MUTUAL LIFE AS
ISOLATION OF VIRGINIA.

essentially the OutgrOWtn OF nlgh order
of civilization. The ablest minds of the
age have found ample scope for the full
exercise of their powers in developing
systems and methods that should result
in the greatest good to the greatest
number. Governments have carefully
framed laws that aim to give absolute
protection to the assured, and the i'm
mense capital welded by the Life Insur-
ance Companies and Associations of this
and other countries illustrates how firm
ly belief in the principle has taken root
in the hearts and minds of the people
Much has been written and said de-
rogatory to insurance, and too often
recklessly managed companies have, by
fraudulent practices, given color to the
charge that the whole system was
organized robbery; on the other hand,
the incalculable good accomplished, the
distress alleviated, the perjury avoided,
SO overshadows the wrongs committed,
and are so evident to every intelligent
man, that the evils often Justly COM
planned of are lost sight of in the greater
good. With the wedding out" process
that has been going on during the past
two or three decades, weak or dishonest
insurance corporations have been crowd
ed to the wall the sound and strong
have grown stronger, and SO the theory
of survival of the ittest" has been real
lied. Here and there, as one looks over
the insurance field the observer sees a
corporation that has met with apparent
ly phenomenal success, and yet careful
scrutiny discloses the fact that there is
reason therefor. Such corporation,
young in years and yet strong in its
resources and in the confidence which it
has impaired, is the Valley Mutual Life
Association of Virginia-an enterprise
of which every citizen of Staunton is
proud-an enterprise whose vigorous
and successful management is open to
nothing but friendly criticism and COM
mendation.
This association was chartered by the
State of Virginia on the grid of Septem-
Der, 1873, its incorporates comprising
some of the leading citizens of Staunton;
they were gentlemen who were and are
thoroughly in earnest in whatever they
undertake; their names were as follows
Hon. Alexander H. H. Stuart, Hon.
Marshall Hanger, c. L. Cooke, P. H.
Trout, Vim. Forbes, DR.. w. S. Nc
Chesney, w. E. Craig, Geo. P. Baker,
R. NJ. Ayres, Isaac Witt, G. G. Gooch
and ]. Sidney Mofett. The organiza-
ton was perfected by election of the
following officers:
Hon A1ov,rIor II Ii C4,,,~+ Dec
Hon. Marshall Hanger, V. Pres; C. l..
Cooke, Sec; P. H. Trout, Treas. Vim.
Forbes, Gen1 Agent; Dr.W.S. McChes-
ney, Med. Examiner
But two changes have occurred in the
official organization. Upon Mr.. Forbes
death Mr.. E. L. Edmondson was elected
general agent in January, 1888; DR.
McChesney resigned and was succeeded
by DIR. Carter Berkeleya sMed. Exam'r
The first policy written by the Asso-
citation was issued to Capt ]. C. Marquis
of this city, on the 23d of September,
1873, for 81 900; now, after the lapse Of
but little more than five years, there
are upwards of Six Thousand policies
in force, representing, in round numbers,
about twelve million dollars of risks.
The paid in capital at the time of begin
ming business was 100000. The as
sessments upon the first two death losses
aggregated only $500, and yet these
losses, amounting to six thousand dollars,
were promptly paid. This fact at once
impaired feeling of trust and conf
dence; it gave "boom" to business
that has never slackened, and from that
time to this the Association has met
with the most brilliant success. The
capital allowed the Association at the
time of its organization was 100000 !;
by special order of the court this clause
in the charter was amended so as to
read $4,000; the paid-in capital is now
eighty-f thousand dollars as against
$4,000 five years ago.
The best evidence as to the good ac-
complished by the Valley Mutual Life
Association of Virginia is to be found in
the statement of the large sum of money
it has thus far paid out upon death
claims. This sum now reaches a quar-
ter of a million dollars, to meet which
only twenty-nine assessments (three of
which were double) have been made.
Such record speaks for itself. While
we were inspecting the offices of the
Association recently, among points OF
interest shown us was the magnificent
vault. Secretary Cooke, who was kind
ly acting as our "guide, philosopher and
friend" placed his hand upon some bun
dies of parchments and remarked
These are policies that have been paid
n ~ Is 4
policies told most eloquent tale-they
were silent yet none the less powerful
arguments-they were voiceless advo-
Gates of life insurance-they were
pledges of affection whose full signif-
canoe was not known until the icy hand
of Death had manifested its power.
Inasnuch as the VALLEY VIRGIN1AN
desires, in this article, to impart some in
formation that will be of real and lasting
interest, we will briefly refer to the plan
upon which the Association works. In
the first place, the candidate for mem
bership, having passed the medical ex-
animation, has the privilege of either an
one, two or three thousand dollar risk.
In consideration of such membership
he pays membership fee Of eight dollars
upon each thousand this is a final pay
ment. He also pays what we may call
annual dues, at the rate of S. per year
upon each thousand, during life. This
is unchanging. His other payments
depend upon the assessments annually
made, but they are always fixed rate
depending upon the age of the member
at the time his application is made; e.g.
the applicants age is 80; his assessment,
during life would remain at 90 cents per
1000 of his risk; if he was 40 years Of
age his assessment would be 81 cents
land so at all ages ranging from 40
cents at 81 years to 8 so at sixty-hve.
Another point is that the Association,
in the conduct of its business and in the
terms Of its politics, combines mutual |
with guarantee features, by SO doing |
aiming to conserve the welfare of all its
members
Another point we may make is the
prompt payment of losses-the record
of the Association in this respect is
wholly to its credit.
There are SO many admirable features