The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1904-12-29
An Excellent Report.
Raleigh Post

| Raleigh Post
The annual report for the last fiscal
year of the State insurance depart
ment is on our desk, through the
courtesy of Hon. James R. Young,
the very capable and efficient CON-
| missioner The record of this de-
partment, which is really one of the
most important in the State govern
ment, is one which abundantly proves
the wisdom of the Legislature in os-
tablishing the department six years
ago. Mr.. Young, the present COM
missioner, was chosen then, and has
since devoted his entire time and en-
ergies to inaugurating and charging
a first-c}ass system of supervision.
The growth of the Department. work
is little short of wonderful. COmpar-
ative statements have several times
been made of the receipts of the de-
partment, when it was handled in the
office of the Secretary of State and
since the separate department was
organized, and large increases were
shown.
The present report shows a total
amount Ofrevenue paid into the State
treasury the past year OF $174, $685.
60, while additional amounts have
been collected for the investigation
of fires, $3, 1852 "a, and the publica-
ton of annual statements in the
newspapers, 81 GIL.
The number of life insurance com
panies licensed to do business in the
State the past year was 80; number
OF life assessment companies, II;
number OF fire and fire marine COM
panies, 1O4; number of accident and
surety companies, 81; number OF fra
ternal orders, SO; making a total OF
221 companies OF all classes.
In regard to fraternal orders, the
commissioner says the Legislature
has considerably improved the law
governing them, and that much has
been accomplished in the way of i'm
proving the character of the business
and protection offered to the citizens
of the State; but the trouble still re-
mains that the law is not sufficiently
strict in regard to the organization
of these associations and their ad-
mission to do business in the State.
Too many very small ones are al
lowed to be formed in the State and
their work in the end can but result
III loss to those who patronize them.
Some further legislation is needed,
especially as to the size and strength
of the associations allowed to oper-
ate and the collection and manage
ment of the funds collected. Every
association should be required to
collect and keep separate the funds
for paying losses and expenses, and
not be allowed to use the funds col
lected for benefits for expenses.
When the commissioner took charge |
of the placing of insurance upon
State property he found the value OF
property insured to be ~, S2O,O
with policies to cover amounting to |
1864, 475. Now the total value of |
property is $5,1SO,OOO, with insur-
ance amounting to 1897, 1871.
A feature of interest is the increase
of home North Cardinal companies
In 1899 there was no stock or legal |
reserve life insurance company in the !
State and only one mutual associa-
ton. This association reported in
assets only $479.35 and total re-
ceipts of $2,52S95. In 1903 the
North Carolina life companies doing
business with a legal reserve report: !
Assets, 1876, 397.O7; capital, $685.
600; business in force, ~, 1856
premiums, $91 ,O31.2O.
The North Carolina fire companies
show a more decided increase. They |
have increased in number and made
rapid progress for several years.
Their success shows to the citizens Of
the State the advantage and profit |
to be gained by investing capital in
home fire insurance companies. The |
reports of these companies, collect
lively, show for 1908: Assets, $2,-
O.679.94; capital, 5000, 1896; sur
plus, $253,S65.6S; business, $780,
537, 337. AS; premiums, 1875, 961 .16;
insurance in force, $45, 443, 635.82.
In 1899, when the insurance depart
ment was established, the home fire
insurance companies reported: AS
sets. 1854 ,456.13; capital, $277,-
800; business; $S, 295, 23O.12; prem
iums, $S5, 67O.54; insurance in force,
FL, 1892, 1915. Just little sub
traction here will give you the exact
increase, which makes a very remark
able showing.
PLEASE YOUR FAMILY and preserve
your house by painting with L. NJ. Paint.
It's lead with zinc. Non -chalkable.
Money saver. Fullest measure. Takes least.
Call on NJ. Dorsey.
Ladies' new Cloaks, Rain Coats, Knit
Goods. Sweaters, Dress Goods, ETC., re-
ceived this week. at
SAMUEL WATKINS.
Sleep easy-S3 Mattresses, Felts, Moss,
Shucks and Cotton, Straws, COmbina-
tions, etc. All sizes, grades and prices,
at SAMUEL WATKINS.