The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-04-09
FOR MUTUAL.
INSURANCE !: S |
A Move lnaugurated BY the
" VohiClo Association.
AyvlSlT no SEVEN PINES.
Visitors Attend the Academy Q f'lccrs
10. 81 Elected 10. Day and the
Conventionsto Wind UP With
!. Banquet I Night. l5

tier d thoroughly interesting business
session yesterday morning, at which y g, g
! matter Of much consequence to all mem
Ebers was discussed at some length, the ne
"a convention OF Vehicle Associations, no Y
II, session In Richmond, adjourned q Il 7
noon for dinner. after which the entire tite
marty was driven TO Seven Pines on q g
aaumber Of trolley cars The afternoon tt! 'st
was spent In being shown over the ms MS
torlc bat tleAeld, anu tho return was made
7ater, III time for tho visitors 70 see me
"French MnidD trip the light fantastic
on the boards ut the Academy. q to-
&gethcr the day WIS pleasant to the buggy
MIR . ISLEcT, 8 TF1cERs.s
III ,rhe convention Will & be brought to q
close this nfterUoon. after the annual
election Of officers and the sclectto OF the
next NEE ting place. But the fcsti vities q 4
tcndant upon tho assembly In Il Richmond
will be brought 10 10 fitting climax. With l;
4 1umptuous banquet y a IS N urphy,ss 70 g.
night, and to-morroW the delegates VIII
begin leaving the city. ,.iis Il II
rho business sesslon yesterday morning
was confined e nnlost exclusively "a to- \ q
EOlSCuSslON
\ dealers in one accord regarding the pres
& ent IRE rates as too high and ruiteS un-8
reasonable. Az a result, "a movement was
set on foot to- organize q mutual insu-j
rance company, but nothing definite tt was vas.
n done yesterday y. sg XII ;s . I. s.
I'M DENT AM ERsoN s PAPER '1IiS :. n. 4.
~ President Anderson brongh { the SUI D.
4 feet up BY reading n paper on insurance
rates In part It was as follows:
Is y..The Insurance people claim, 4 50 ID Mr..
Anderson THAT rates are too low. and
A that tho companies hre making no money;
Il but the annual cash dividends and 81
4 pus communications Of these corporations
prove very clearly that the contrary is
true. Ten New York companies--tthe
y continental, Gerrnan-A American 4 Germania,l
Glens Falls. Hanover, Home. Niagara
i Phoenix, Westminster and Williamsburg.
Z. have paid dividends for the last ten years
OF 1913 per cent. per 5nnnum, besd add
ing to their surplus, Sic. C69, 60 or 9t the
rate OF II per cent. per 5nnnum, showing
3 an annual a veragcE profit Of 1888 per cent:
r. on the capital invested. This profit has
been made. 100, In the face Of the fact
that the average expense account OF FIRE
companies Is about 42 per cent OF the
premiums. n great proportion OF which
\ IS paid 10 local agents, who solicit and
Z handle Il large number Of small policies.
Only five American companies have
1 81 600, 900 or more Of capitalize Aetna!
ii be Hartford :s4t the Insurance Company of
!. North America; Home. OF New York;
& Springfield Fire and Marine and Phoenix
or Hartford. In tho last ten years these
companies have paid SIS, 170, 900 lin diyl-a
lends and have added $s.6o3e2l to their
Il surplus. b
n PRACTICABLE PLAN. 5s 5 NJ.
"It is practicable to organize CO.
operative company along the lines Of the
cotton mills mutuals. which charge their
t members n rate OF thirty cents per an-
nun. returning at the end OF the year in
J profits from 60 to Is per Get. OF the spre-
mlums. s;t3ss ~ " s ~
''Tor instance, take POO carriage fac.
tories equipped after some common stand
ard letting each one payIthe reg
lar rates charged. and becoming respon-5
Fible for, I say, a like amount to be called
for3ln case Of excessive loss in any ono
i. year exceeding the premiums paid In
s This would Great a fund OF about s50o. 600,
which ought to pay, all possible losses
yet 1T is entirely probable that this,
amount Is five times as great as the
average loss would be In, say, ten years.