Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-04-26

official reports of some of the larger CON-
panies may throw some light upon the
| subject:
New York Mutual Life
| Assets January l, 1891. .....S l47. 154, 961
| income 1871. ACKNOWLEDGEMENTS. 4,9IS,uOu
| Losses 1890 Observation-Disclosures. 1691s 900
| Assets January l. 1890. .. 1876, 40l 600
| Income 1889. Observation-Disclosures. 81, he, 600
Losses paid 1889 1890, 600
Assets to January l, 1888. 127, s29, 600
Income 1887 NEUTRALITY-SUSPICIOUS.. 49, 119,OOO
Losses paid 1887 ............. IA, l2S, 600
| Paid salaries expenses ISL. 3,649, 900
The items of salaries alone footing up in
| 1887 to S64l 900, of which K. A. McCurdy IS
| credited with SO, 900 as president and r. a.
| Gromins 5 .O,0OO as vice-president.
The New York Life reports for 1890:
Assets. Observation-Disclosures. lj.093,O 600
| Income. 1890. 80. 4S3 600
| Losses paid ACKNOWLEDGEMENTS. 9,341, 900
Expenses (of which $500 900 was
OF which President Beers is said to re-
ceive $4,000 and Henry Turk, vice-presi-
! dent. So, 0G0.
| The Equitable reports for 1890:
| Assets. Observation-Disclosures. .Sll9, 2f5, O0O
Income. $4,000, 600
| Expenses OBSERVATION-DISCLOSURES. 1881. 600
Of which H. B. Hyde, president, is said
! 10 absorb $4,000, j. W. Alexander. vice
-. IL
| comptroller, 81, 600
The Union Central life of Cincinnati in
| the twenty-fourth annual statement, closing
! the year 1890, reports:
Assets .......-...... 20 10, wv
| Income 1890. 2,4l0, 900
Paid losses 1890. OBSERVATION-DISCLOSURES. 49,. 600
ClAptllScS iS5U. tlS,Uut
The Provident of Newark, n. j..
tSsetS. $1,000 .....-..--.-.....s 81 tio'oU
Expenses 1857 1,61S, 600
The Travellers of Hartford;
Assets ISIS. OBSERVATION-DISCLOSURES. s3l 600
Income 1887 500 900
Ialu policy noluefS. ...........--.. sHo:UuU
But WHY MULTIPLY FIGURES!
The general ratio holds good all through
the entire business, Soft times So, paid
for every 81 returned. and small wonder
that the expense account is such Il fornl-
dable one when we consider that nearly a
thousand companies all actively competing
for the business, which means 1000 full sets
OF offices, officers, books. agents and agen-
cles, adjuStorS, collectors, advertising, the
investment. interest and profits on over a
billion dollars of assets, five companies
alone holding over half that amount.
The remarkable thing about it is that
there should be enough to go around and
still pay the losses. Can this state of at
fairs be remedieda
Believing that this great financial leak
might in a measure be cured, the National
Alliance at its session at Ocala last Deem
Der passed a resolution instructing the eX-
ecutIve committee to prepare plan of
mutual fire insurance and presentit through
the national official organ for discussion,
and bring it up at the next annual session
for action, which has been done, and the
following plan, after a careful discussion
and examination was printed in the Ma
- NJ, -
taken to carry the plan into operation, if it
meets with general approval:
PLAN.
i. Organize stock company with not
less than $500, 600 capital.
2. To be known as the Industrial insur-
ance company.
g. To be centrally located, probably at
Washington.
4. Capital to be guaranteed per cent
per annum dividend
g. Regular and prevailing rates to be
charged in the various localities to avoid
war of rates, and to be on the safe side, and
at the close of each years business return
three-fourths of the unused premiums after
the legal reserve is provided for, to the pol
icy holders, either in cash or to apply on
the succeeding years business the remain |
ing one-fourth. to be placed in reserve |
fund to strengthen the company
6. The whole business to be under the |
and the books be at all times open to their !
inspection, and they shall make full reports |
of the business transacted to each annual |
session of the supreme council of the Ma |
tional Farmers Alliance and Industrial |
Union.
If this meets with your approval we think |
the capital can be readily secured, and any |
parties desiring to subscribe for any of the |
stock are invited to correspond with this
committee at 239 North Capitol street, |
Washington, d. c. Respectfully sub |
mitted, c. w. MAcUNE,
n. WARDALL,
j. F. TIILMAN,
Executive Committee National Farmers |
Alliance and Industrial Union.
1t would doubtless result ultimately in
erecting state departments under control of |
the state Alliance that would practically
carry on the state work with but nominal
oversight and support from the National
company. The object of putting aside one
fourth of the annual premiums would be
simply to provide for an emergency like
great cyclone or flood and could be discon-
tlnued whenever the amount on hand would |
it, or better still it could be capital
lied and used as a basis for the company
and the original capital could be returned to |
the stockholders. The true plan would be |
for the government to do the insuring of the
property the same as it looks after the roads
and bridges. the school system or the postal
system. Imagine thousand companies
carrying our mails or taking charge Of our
roads and bridges, we could neither afford
TO send letter or even travel over the roads |
to post it. Bills have been already intro
luced into the legislature of California and
Oregon looking to such action, but of course
while billion of invested capital is arrayed
against it it is
ALMOST IMPOSSIBLE
to secure legislation in the interests CT the |
people. The plan for the government in
'urance is to have the assessor list all |
property for taxation at its true value as |
near as practicable and carry an insurance |
fund the same as bridge fund, say l mill
III the dollar OF assessed property to be set |
iside as an insurance fund for the county,
OF that to go to a state fund to as
'ist any point where an emergency existed |
md one-tenth of the state fluid to the ma
.ional fund to accumulate against a |
Chicago or Boston fire that might be
100 heavy for any one state to conveniently
AIRY, with provision that if the fund be-
anne too large or small, the rate could be |
aised or lowered. There would not be
lollar extra expense for the assessor to ex-
mime the risk, the treasurer to collect the
premium with the other taxes, and the only |
expense would be actual losses, and the |
small expense of adjustment by county su- j
oervisors, as is now SO salts
.actorily done by our little farmers
,0lnfv ruJ1tualS Tho nlaY yrO,1ld Decas | ,