Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-11-01
Total ....... slsl, $50 700 S9i 992 $50 SOS &c
49,. nArr ArprArv rArrrn

number OF wildcat companies which
insure anything that will pay pre-
miums and that never pretend TO pay
losses. Since Jan. /. 50 tired, weak or
wildcat companies have gone to the
wall, the list including:
The GLOBE, New York.
THE ELIZABETH. New Jersey.
THE HOME, Seattle.
THE SAFETY MUTUAL, Sioux City.
THE ATLAS FIRE, Massachusetts,,
THE EXCHANGE, New York.
THE SANDUsKY FIRE.
THE WASHINGTON UNION, Cleveland.
The MANUFACTURER AND Traders
CO-OPERATIvE, New York.
THE GLOBE, Cincinnati.
TIE HOME, Columbia, ). @.
THE CENTRAL, Ohio.
THE RESERVE FIRE. Ohio.
THE WESTERN, Toledo.
The CRESCENT, Ohio.
THE ZIMMERMAN, Berkeley, w. Va
THE HOME Mount Vernon, Ohio.
THE MIAMI VALLEY, Ohio.
THE STATE INVESTMENT, w. Va.
The CITIZENS, Ohio.
The STEADSIAN MUTUAL, Ohio.
THE MoRosUOCK, New Jersey.
The ERIE, Sagdusky.
THE PEOPLES, New Hampshire.
TIE FARMERS, Spokane.
THE ATLANTIC, HOME AND UNDER
WRITER'S CONSOLIDATED, New Jersey.
TIE INDEMNITY, Davenport.
Not less than 500, OOO 600 Is invested
IN the stock OF fire insurance companies.
O.. Of Ia al al ~ "a IN
demuify owners OF property worth near
ty SIT, 900, 900, 600 against loss, and last
wear the premiums paid for insurance
footed up about Sl63, 100000. The sta
tistics for 1898 have not been brought
down to date, but the aggregate Of
value of property insured and OF pre-
miums paid run above, rather than IN
der, 1892.
CONTAINS AN ELEMENT OF CHANCE.
Selling fire insurance Is a great BUSH
ness while conditions are normal, but
there is a latent risk in 10 that calls FOR
Dig returns on the capital invested, by
wav OF extra compensation for the
hazard. One Chicago fire VIII wipe out
the capital and accumulated surplus of
hundred companies, and bad yeSr,
such as the present one, will make the
dividends and surplus Of 90 per cent Of
the active companies look sick. 1t Will
also make the stockholders look sick,
and likewise feel sick.
When insurance stock does not pay
10 per cent dividends after provision Is
made for fat addition 10 the safety
fund or surplus, stockholders feel there
IL something wrong. When there are
no profits TO add TO the surplus and II
is necessary TO draw on the accrued
profts OF previous years for dividends,
thew feel they have juStifaole cause
for complaint and Oegin 20 look about
for something safer TO put their money
into.
OF course II is expected that the In
surance will pay enough 70 cover losses
and the expenses Of carrying on che bus
iness. and the people who take the risk;
have the thing figured down 20 q nicely
bpt there is an element OF chance en-
tering into the insurance OF ST, 900, 600,
OOo worth OF destructible material tina
can be left out Of consideration in other
forms OF investment, and every once II
awhile something turns up to upse
mans ana make il necessary to begin
over again.
HAVE HAD MUCH TO BEAR.
Then. again, insurance companies inc
their expenses increased and their facil
irjes for doing business cut down 0y
hostile State laws. The large profits
maid on insurance capital in good years
stimulated the organization Of wildcat
companies in every part OF the coun-
trv. and TO protect the people
against swindling concerns the
LEGISLATURE Of most States have put up
on the statute books laws to tax ire
snopsible companies out Of existence.
This end has been accomplished In a
great many States; but, unfortunately
for those doing q legitimate business,
the burden fell alike upon the just and
tba unjust. The "wind" com panies
couldn't and didn't pay; they simply
omit The solvent companies had 70
stand the tax or quit also. Most OF
tbem paw up aud try to get their money
ont NJ the insured. The load is heavy,
however. aud il has been getting heSv'
ter For four years Insurance com
NAMES have been going through a pain
mi sweat. They have been going into
Houidation and retiring from the field
continually. About 3. hundred good
companies have adopted that course
rather than face the natural risks Of
the business under the handicap OF leg
islatiye restrictions that not only I'm
posed heavy money cost but added I'm
mensely TO the work and machinery
necessary.
Active insurance companies are nae
orally DESTROYS Of spreading their RISK