The times. [volume] (Richmond, Va.) 1890-1903, 1898-07-20
HOME INSURANCE.


About year ago we printed in these
columns n series of articles on the value
of home insurance companies. and tried
10 convince the people Of Richmond that
II would be a great thing for this com
munity If Richmond could be made head
quarters for few large insurance com
panles. The Articles I'm The Times at
tractea attention throughout the SOUTH
and the agitation Of the question is stu
going ON.
The Nashville American says that dur
Ing the year 1897 the people Of Tennessee
Maid I'm premiums for fire and marine IN
surance s2.S52. 80. or this amount SiS9
s57 went TO home companies and the bal
ance 10 foreign companies. For the Same
year the amount paid by the people or
that state 10 life insurance companies
was $780, all Of which went 10 other
than homo companies. Besides this
500. o9C was paid in premiums TO hdeity
and casualty companies and the amount
Maid I'm assessments TO assessed lire ana
accident insurance companies was $20l,-
747 The amount paid in assessments 10
fraternal orders was $7541S2. all going
AWAY from home In short the total
amount sent out from Tennessee in the
vcar 1897 in premiums and assessments
was I'm round numbers about $5WoVl
In the past fifteen years the immense
sum Of nearly S2l 10000 has gone out OF
the state Of Tennessee TO pay premiums
On fire insurance alone. Naturally the
poople Of Tennessee are bordering these
figures. and it is not improbable that one
Of these days they viii determine to or
eanize a. company at home to save this
vast sum Of money TO the state.
The Texas people are already moving
I'm the matter. and % company has been
incorporated FOR the purpose of encour-
aging the organization Of home insur-
ance companies. in the prospectus just
issued. and which our Nashville contem-
porary quotes. the following interesting
statement is made:
Texas is so far removed from the great
money centcrs that 10 is practically
country within itself. This being the
case. let as see what a few 0ther peo-
pies. similarly situated, are doing. Inc
little island of New Zealand with "a pop
ulation not one-third as great as that
OF Texas. has a company whose assets
exceed SO 100000. Instead of sendig their
life insurance premiums and accumula-
lions to Australia or TO England, they
are to this extent at least, retained per-
manently at home. The reserve, surplus.
dividends. death claims, interest taxes.
commissions aud expenses circulate and
re-circulate at home, 10 the benent OF
every business on the island. Australia
proper. with q population but little
greater than that of Texas, has home
companies whose assets exceed $lwop-
600 I'm our own country some Western
states have broken away from the apron
strings Of Eastern corporations. Kansas
and Nebraska and Iowa Indiana and
California and Michigan each have a
successful company, while Ohio's home
company has assets OF more than SlS'-
600 000 and Wisconsin's home company
has more than SloOW0CW
1t is the old story over again. Tho peo-
pie of the South have fallen into the
habit OF sending 20 the North for every
thing that they get and # is hard TO
break away from habits, particularly
from bad habits. A number of enter
prising citizens Of Virginia have been
trying TO establish in this State large
publishing house in order to supply the
public schools Of Virginia with text
books. but there IS an impression that
books printed by Northern concerns are
better than books that can be made at
home. and so there is bitter opposition
from some quarters TO the adoption OF
the Virginia books.
We believe that the time has come for
the Southern people TO quit sending TO
the North and TO depend upon them
selves 20 supply their own needs. For
years and yers we raised cotton in the
South and shipped II TO the North there
10 be manufactured into cloth and re-
turned to MS at two or three profits. Yet
II has been demonstrated Of recent years
that every advantage in the manufacture
Of cotton is in our favor and that South
ern cotton mills can run the Northern
mills out OF business.
Talk about establishing a large life in
eurance company in Richmond and many
people will rldicule the idea. Yet We
have one life insurance company and two
fire insurance companies here, all Of
which are doing well. The South VIII
learn after awhile that we are getting
10 be more independent, more and more
self reliant. and when we have perfect
confidence in our own abilities, we shall
prosper accordingly.