The times. [volume] (Richmond, Va.) 1890-1903, 1897-01-13
WHY THIS OBJECTION?

At this time when the press OF Rich-
mond is engaged in the laudable object
of encouraging new Industries for Rich
mond, we are surprised that our neigh
Dor, the State. should antagoniz0 The
, Times ga its effort to bring more capital
here. What objection the State can
have TO making Richmond the centre OF
a large insurance business we cannot
divine. If our contemporary has any
good reason for its opposition, It has
utterly failed to make it apparent. me
State simply does not understand the
scope OF The Times proposition. II
seems TO think that we want more com
panies here for local business. but that
Is far short of our proposition. Inc
State says that first and foremost, Rich
mond has three home Insurance COM
panies," etc. In point Of fact Richmond
has FIVE home companies. two life COM
panies - the Progressive Endowment
Guild. and tho Life Insurance Company
Of Virginia-and three FIRE companies
the Virginia Fire and Marine. the Nir-
ginia State and the Mutual Assurance
Society of Virginia. They are nrst-rate
companies, and doing a great work
for Richmond. We want more Of such
institutions. and believe that, so far from
being an injury TO those already here.
they would be advantageous. because
the more OF an insurance centre Rich
trust her insurance companies. All our
local companies derive large portion
OF their income outside OF the city. some
OF them writing as far South as New
Orleans. The claim that the State makes
that Richmond has three home insur-
ance companies. which are amply able
TO write all the insurance that the PEG
pIe OF Richmond want" is not welt
founded. because both tire and life com
panies find II better 10 spread out their
RISKS. so that no great FIRE IN a city. or
great epidemic that might visit single
locality. could seriously cripple them.
II is not probable that the local COM
panios carry more than 1--WE per cent cf
the IRE and life risks In the city OF kch-
mond. nor would the local companies ever
carry II all. no matter how numerous
they were The local companies would
always derive their principal income
from insurance premiums collected over
the territory in which they operated.
Again the states claim that two manu-
featuring plants in Hartford are worth
more TO the city than an its Insurance
business. Is surprising. There are SIX
fire companies in Hartford. which in 1876
received In premiums slS593lS0. On this
amount Of premiums. there was a net
profit 10 the companies. after paying an
losses and expenses. Of nearly per cent
Hence. the city had the benefit from these
six companies alone Of this Immense
amour; Of money coming there Tor that
one year. 10 say nothing or similar
amounts that have been coming annually.
end the interest acoumlations thereon.
In addition 70 this. Hartford bias nu-
megous life and accident companies ana
four Of the principal ones received IN
premiums n 1895 over SGoo0.0co.
The life companies are particularly
valuable 10 a city. because a large amount
In tho shape OF reserve Is put by eacn
year and IS practically a permanent In
vestment. because OF the new business
constantly coming In. We have only
cited few OF the most important COM
panlcs. and have not included in the
above all the interest earnings etc.
Hartford gets from outside sources an
nually between thirty-ev~ --~ f4sts mil