Ceredo advance. [volume] (Ceredo, W. Va.) 1885-1939, 1892-02-10

COLUMNS. Feb e--fnsurance Com.
missioner Kinder state, that estimate.
made by authorities ON the subiec, mr..
mat the total losses by fir. during the
year 1871 were $40. 600. 600 greater than
In ispo The toesi lo.s la $500 wa. sigo.
900. 900. making the total last year reach
The enormous sum of siso. 900. 900 in m.
United Statea
It's nos surprising. therefore. To n.
told by Commissioner Kinder that sew.
en- hrc companies organized i'm All.
state went out of busineks during the
year by relnsuring their risks with
Other companies The companies were
these The Farmers. Amazon. Aurora
FIRE aud Marine and IN. Enterpris.
Fire and Marine. Of Cincinnati, tn.
Franklin. of Columbus. IN. Fircmens.
OF Dayton. and the Mercantile. 81 ci-ve.
land And no new companic. were
formed during the year
There Is" said Mr. Kinder mo Ia.
contivs 10 capitalists Ia form new com.
panica The chances OF profit ar. too
few aud the chances Of los. too numer.
Qua Last year wa. an csceptlonallv
hard one on the fire companies. but
there is NO accounting for IL ID Ia tho
history OF fire insurance business thu,
every once In white there will bo n
DISASTROUS year, aud there will b. no
accounting for H."
Is there fault To- he found with our
'irc dcpartments?''
NO." was the rcsponsei 'rhc lo,.cs
have been distributed all over TN.
country. IL has just happened that an
unusually large number OF larg, nr..
occurred. IL was mere matter OF
chance"
Mr.. Kinder was asked n the deduo.
tion OF $50. 600. 900 would not about wine
out nil the profits OF FIR. insurance bus.
mess lie replied that he did not ,htnl,
that there would bc n net loss taking
tho aggregate Of the premiums paid
and balancing them against the aggre.
gate ~ the losses.
Very few people said he. ''have
any idea OF the magnitude OF the nrr
insurance business You may form
some conception OF IL when You know
the amount OF taxrs that are collected
from them In this state Under our
laws tho agent Of each company re.
ports To the auditor OF the county In
which he does business the total
amount received a. premiums upoo
policies issued ON property within the
county and he pays 10 the county treas.
ury two aud ouc-half per cent. Of the
gross amount Of such premiums Now.
during last ycnr, there was
paid into the county treasury as such
tax the sum Of $500. coo. Then. IL the
amount 90 paid 10 tho county trensur.
les does not aggregate two and one.
half per cent of the total amount OF
business done In the state ~ shown by
the reports. ASSESS each company a
sum sufficient 90 make up the deficiency
aud place that la the state treasury.
| put into the state treasury ia that
way last year abont Hg1. 900 Now. You
can figure ont in minute what the TO.
tai amount 81 money paid ia ~ pre-
miums yearly amounts 90. taking $685.
900 mt two and onc-half per cent az II.
The troubles 81 firc insurance. com
panics have been brought ON 10y them.
selves by continued reduction Of tie
premiums When I was doing local
business used go get ~ 80 premium
for the same risk thnt companies now
take for sixty cents n Is composition
that has done the thing Competition
10 often said To be- the life OF trade. and
so IL may bc 10 some kinds Of trade. IL
has been almost the death % tho hro
Insurance companies. however