The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1903-02-27


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third year the full amount Of the cash
Invested by them in stock. In the
territory of Oklahoma, in 1901, the
losses, as shown by the sworn state
ments cf the companies filed with the
insurance commissioner, amount to
approximately s261 600. The losses
paid. approximately 100000 In other
words. the companies paid four out OF
every five losses that It had in the
territory of Oklahoma in the year 1901
Business men. as a rule. figure that
FIVE per cent is a large percentage for
loss by bad accounts and we submit
10 the reader that the amount surrep-
titiously withheld from the policy
holders of those companies during the
year 1901 is unjust and outrageous.
The last clause of the Capitals in
dictment is that it makes the insured
the victim Of the speculator and re-
uuCes lHSuidhCt lltJii ihutiuiiAty " q
gamble. 1t is a sufficient answer to
say that the insurance company has
collected from its policy holders the
percentage shown to be necessary to
pay It's just and legitimate losses on
the basis of the face of the policy, and
there is no goo dreason why they
should be required to pay upon the
same basis they collect upon. The
farmers Of the states mentioned in
This article do not pay to exceed $500
per hundred for fire, lightning. tor.
nado and windstorm Insurance in tho
old line companies for fve years. The
farmers of Oklahoma pay an average
Of FIVE per cent for the same protec-
tion, and when loss occurs only receive
four-fifths of the amount actually due
them Oklahoma has at this time
general insurance law providing for
the organization of local companies,
and the foreign companies doing busi-
ness in the territory are required to
comply with certain of its provisions,
but there is now in the statutes of
Oklahoma, but four sections especially
directed to foreign insurance compan-
les and those four sections contain
nothing but what the party injured
would be entitled to under the law of
contracts if no statute was in force In
this TERRITORY W
What difference does it make to the
Capital and its followers that the
farmer and the business man of Okls-
homa are compelled to pay 81 900. 600
so long as they and their friends may
receive $4,000 or $4,000 Of that as af
ditional fees for their services. The
states Of Michigan. New York, Missou-
ri and Massachusetts have statutory
ffqrms of policies The wealthiest old
line insurance companies Of the Uni
ted States maintain their offices in
those states, are amenable to thew
laws and derive the largest amount OF
revenue from the people Of those
states and yet the Capital says that
the provision for form Of policy is
vicious and unjust From whence
Comes all the large sums Of money
that are loaned on the farms in the
territory OF Oklahoma? It is the
profits derived by the old line insur-
ance companies IN the transaction os
their business. The money in the first
place is collected from the farmer in
excessive premiums, and afterward re-
! turned TO him in the form OF a mort
gage upon his farm, It seems that any
! law that has been found effective and
beneficial in other states ought and
/ would be good law for the territory
s q Oklahoma. The insurance depart
( ment oj the territory. instead Of assist
Z ing In securing proper regulations are
only 100 willing and glad that there
should be no regulations whatever. II
me legislators fail 10 enact suitable