The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1894-05-20
THE PEOPLES COLUMN.
Tho Future of Fire Insarance In Wiz
ginia

Tho Future OF Fire Insurance in vir-
ginia.
To THE EDITOR OF The TIMES: In nv
communication in yesterday s TIMES the
remark WAS made that the rate of in.
surance In the stock companies had not
reached high water mark" l did not
think then that the prophecy would be
| verified 80 soon, as q communication in
The Journal of Commerce" OF Nav II
indicates
Under the caption of THE Situation
in Virginia." the following extracts
| have especial significance to us: The
| low rates in tho State OF Virginia and
| the severe loss ratio Of 1893 are disturb
ing many companies. Frame stores at
| al rs and 81 so are not any more profit
able in the f. L. V. valley than in the
wilds OF Louisiana and Mississippi,
where $3.50 and SO is paid and no profit
realized. Frame dwellings at 40 cents
| Crane dwellings with single roofs are
as cents In thirteen counties and Sl5O
per 500 in other counties) and barns at
rs cents show how far the mutual scsre
has driven some OF the brethren.
ut has been suggested that the time
is ripe to treat Virgins just as any
other section OF the territory.
1t may offend some of the veterans to
have ATLANTA managers make the rates,
but this is done for every other section
and the record is against Virginia for
any longer sriding with rates"
We who are just now bemoaning our.
hard fate under the grip OF the insur-
aDce trust, and are contemplating the
assertion OF our inhcrene manhood, will
read the above extracts with thrilling
interest. The officers Of the stock com.
panies meet in their gilded Offices which
our money has built and consider ways
and means OF additional extor.ion.
They gravely tell us that rate of 81.
TO So per 500 on frame siores Is profit
less, and that from rs cents to 81. so per
500 on dwellings is too low, mere
"trifing with rates." in face OF the fast
that such property can be insured at q
little over one tenth Of that rate, as our
county mutual has demonstrated.
Many poke fun at the "Virginia
brethren" because the mutuals have
scared them SO much that rates have
been cut down from SO so to SO as they e1-
ist In Louisiana and Mississippi to sl.S rs
TO 81 so as they prevail here. Now as
the meek "bre thren in Virginia" are on
the run would it not be a good thing to
start a mutual" in our cities and towns
and get the rates scaled from SIS per SlOO,
as they exist on frame stores, to less
than one half of that rate.
That Is the thing we are now project
ing, and the business men of Roanoke
will deserve to lose their reputation for
shrewdness II they neglect TO subscribe
the nominal sum of $4,000 for a reserve
fund. Remember that the mere exist
ence Of the general Office Of our associa-
ton In Roanoke city will be worth more
to US than the small sum of Sic, 900 each
year of It's existence.
We need not supinely imagine that
the course OF the stock com panies, as
indicated herein, is mere twaddle. They
think the present rates, which wo think
extortionate, is merely trihing, and
they mean now to seriously get down TO
business. Not satisfied with doubling
rates within two years, they will, doub BIT
less, quadruple them in the future un-
less we take the business out of sheir
hands.
Men of Roanoke, will we do it? Some
of our most progressive merchants and
business men contemplate the disuse of
fire insurance but with the opportu 1ity
TO got security at actual cost, under the
mort astute and conservative manage
ment, 1t would be unwise to decline an
opportunity which If lost now may
never return.
Nearly one-helf of the money is sub
scribed and The first days of this week
will be employed by the projectors to see
the. wide awake business men OF the city
in behalf OF the su bscriptio and we hope
our ardent wishes will be fully realized.
d. G. MooMAw.
Roanoke, May 10, 1894.