The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-01-17
CONOUERING OPPOSITION
Now Among the Foremost En-
terprises Of the State.
THE FIRST ANNUAL MEETING
Company Facts and Figures Show
ing why it Pays to insure with
Home COMPANY.
a Home Company.

healthy Indication of the advance
and methods of business than the
growing sense of the Importance of
buying at home and keeping our
money at home, and spending abroad
only for those wants which cannot
be supplied at home.
About twelve months ago a few of
the most prominent and substantial
business men of the State were led by
their observation of the large amonts
of money which are annually drained
out of the State in payment for in
surance against fire, to organize n
home insurance company, with the
double purpose of reducing the cost
of insurance, and keeping in the State
a part of the vast amount which is
sent out of it by our people from year
to year.
The company was incorporated
under the nance of the Southern
Stock-Mutual Insurance Company of
Greensboro. The company has Just
closed its first fiscal year, and its first
annual meeting was held to-day.
The plan upon which it was or
ganiZed was a very practical one, at
the same time very liberal one, and
commended itself at once to a number
of the leading and most successful
business men in the State. The
twenty men who constitute the COM
pany represent five to six millions of
wealth, and the name OF every
one of them is synonym
of integrity and business ability.
They first put up a guarantee
of the policies of the company of one
hundred thousand dollars, and By ref
erence to the charter, which will be
found in the Private Acts of 1895, Il
will be observed that the policy hold
ers are absolutely secured Tor this
amount, and that under the plan of
the company every holder has every
protection that is avaiia6.e in safe
and sound insurance.
1t is only fair to state that for the
lines of insurance written by this COM
pany, distributed and selected as they
are, it would be difficult to obtain q
stronger or safer policy.
/ am told that the company has per-
cut-rate business, and that the estab-
iished rates, which the experience of
other companies has shown 10 be
adequate, have been scrupulously adj
hered to. But there is provision in
the charter which requires that all
profits over and above the stock-hoId-
ers' reserve of 10 per cent, and the nee
essary reinsurance reserve, be annual
ly returned as dividend to the policy
holders.
This feature, it seems, has brought
down upon the company the combined
opposition of the insurance fraternity,
including both the insurance compa-
MES and their local representatives,
forming the Southeastern Tariff AS
ISOLATION. This feature, however as
is evidenced by the splendid showing
the company has made during its first
year, even against this opposition. is
popular and will doubtless become
more and more so as increased bust
ness and its able and economical
management more clearly demon
strates its practicability and fairness.
The 20 per cent returned TO the
policy holders, ut the first annual
meeting of the company, is a knock
down argument in favor of this plan.
1t is a wise policy that the company
has adopted and a safe plan Of mutual
insurance 10 make a profit before re-
turning it to the assured. and it is q
perfectly safe, perfectly fair and very
commendable business principle that
returns a liberal share OF this profit to
those who have done most to make it.
x1.IaF
plan of the company is. that while il
admits its policy holders TO participate
in the profits, they assume no liability
whatever, the policies being absolutely
worcestershire. The charter Of the
company makes this as strong and
clear as it is possible to make it. 1t
would seem to be impossible to devise
policy that would give the policy
holder greater security and at the
same time greater advantages.
That the plan Of returning to policy
holders annually all profits save the
fixed and necessary reserves is a popu-
lar one goes without the saying. That
it is feasible, practicable, and in keep
ing with principles of safe and sound
insurance seems to have been clearly
demonstrated by the wonderful sue
cess of the Stock Mutual during its
first year.
Being in Greensboro on the occasion
of the first annual meeting held in the
company's home Office here to-day,
and believing that it would be of in
terest to the people of the State to
know something of the results which
have been accomplished by this most
promising North Carolina enterprise,
/ sought an interview with the com
pany's efficient Secretary and Treas
| urer, Mr.. A. W. McAlister, and was
gratiiied TO learn that the company
had overcome all obstacles and had
| just closed up its first fiscal year with
remarkably good showing
with the exception of two compa-
nies, the Williamsburgh City Fire In
surance Company and the Continental
Fire Insurance Company, both Of New
| York, our company has met with the
combined opposition of the insurance
| fraternity, !" said Mr. .McAlister, FOR the
sole reason that it is the plan of this
company to share it's profits with its
| policy-holders. These two companies
II q