The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1894-05-19
THE PEOPLES COLUMN.
Fire insurance mt Cost.


To THE EDITOR OF THE TIMES: The
Farmers and Mechanics Benevolent
Fire Insurance Company, OF Roanoke
and Botetourt counties, held thew
twenty. first annual meeting at their
hall near Rollins on the 18th inst.
A large representation OF the solid
people of the two counties were present,
among whom were Mr.. G. b. Moomaw,
Of this city, an ex-president OF the ns
ISOLATION, and our distinguished ex-
president and county manager, Col.
Geo. T. Gaylor, DR.. Boyd, OF Eagle
Rock, Botetourt county, and others OF
local fame.
The affairs of the association were
shown to be in an exceedingly healthy
condition. a tnbulated statement was
submitted by the treasurer, MIR. Nj. z.
Frantz, setting forth in q comprehensive
form the work accomplished in the last
FIVE years, including comparison with
the stock companies operating in Vir-
GINA, the average of which Is as follows:
Amount of property insured, s6iO,474;
expenses, S442.1S; losses, S526 90; rate
of insurance per $1,000, Sl.70; rate
charged by stock companies in thirteen
counties, $3.50 per 81 600; rate charged
by stock companies in oil other couu-
ties, SIS per 81 900; percentage of profits
in favor of our association, l,l26 per
cent; total amount saved to our associa-
tion during the period OF five years,
SAC, 4s6; rate Of our association on mills,
S3.05; OF stock companies, 500.
These figures tell the tale Of the
fearful magnitude of the oppression
which communities suffer who do not
have access to mutual companies as no
argument or illustr ation Of mine could
set forth.
Note that an average of $1,000 saved
annually would aggregate the princely
sum Of $685. $50 for the twenty-one
years OF the existence Of the association
the most Of which would have rolled
into the voracious nav Of our heartless
oppressor, the Southeastern Tariff Asso-
citation.
Think for o moment that an invest
ment Of S,1 100 expended in twenty.one
years, in expenses and losses, has made
the prodigious net profit Of over 1000
per cent.
The security that the association
guarantees is absolute. In the twenty
one years fits existence there has been
no delay in paying its losses and not 3
single suit in collecting assessments.
During the year ending May IL, 1894,
the receipts exceeded expenditures
about $500. SO that while the stock com
panies were collecting an average Of Sl5
per 81, 600 yearly, our members enjoyed
perfect freedom from assessments, and
that in the most disastrous period Of
insurance history.
wish to say now that the people of
Roanoke and other Virginia cities and
towns have an opportunity TO obtain the
coveted prize of mutual association on
terms so liberal that 1t would be sim pie
business idiocy to let it pass by.
1t Is known that an fort is on foot to
organize such an association for Vir-
GINA with its headquarters in Roanoke,
but she projectors have concluded that
a reserve fund Of $1,000 must be sub
scribed, and as the general offices of the
association will be in Roanoke, we
should subscribe it.
The vital question for US to solve now
is will we subscribe it and assure the
organization and save hundreds of
thousands OF dollars, or let it pass and
go on bleeding al every pore by the
extortions of the sock com anie.?
Will we keep our money in our own
city or will we continue to send it in
ceaseless rcmorseless stream North?
In other words, will we be men or
slaves?
1t is for you to decide and your decl-
sion will be final, for with the failure Of
the project now in hand will pass by the
last opportunity for relief The ques-
tion resolves itself into thrae PROPOSE