The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-04-15
'0tD MUTUAL
Proud RECORD.
CONTINUED from First pnge3

does business. It Is quite sure that I'M
r,ense losses would fall Upon the society.
''1n the early days of its existence n
cnlaintohs fire occurred IN Petersburg
on July 10. 1916. which almost wiped tho
society out OF existence and would have
done so but for the distinctive feature
Of this society. the lien' the 1oorlo column
that supports the noble superstruct,ire.
'Such a fire as that III Chicago or
Boston. or more recently In Baltimore, oc-
curing In Richmond would wipe out all
this surplus which we have, and In adj
dItion require large assessments or in.-
crease of quotas upon the policy-holders."
Policyholders Should Rejoice.
Instead Of its being cause Of COM
plaint that a surplus has been provided,
every policyholder should rejoice that
the society has IN accumulation to stand
between It and the necessity Of increns-
ing even the present very low rate Of
quotas" 81
rs there any provision In the charter
/ for making dividends to the policy
llolders?'
There is, mono. Tho charter of the
society was granted by the Legislature
OF Virginia III 1904. and has been amended
from time to time BY various acts passed
by subsequent Legislatures. The only
method OF making n dividend is the IN
direct one adopted by the society Of re-
hitting quotas and granting free inslir-
ance, rs the society has done for tho
year 1906.
This year each pollckholder OIL tho MIL
tual plan (such policyholders being the
only members Of tho society," get their
insurance absolutely free.
"Instead Of reducing the rate. which Is
now so very low, ten cents on the 500
1t was determined that It would be better
to remit all quotas for this year. and
while making no promise as to the future,
the expectation and hope Of the standing
committee Is to continue the same plan
of RENTING quotas for as many years
as circumstances will permit
Why the skyscraper?
"What were the special reasons for
erecting the skyscraper home Of the So
cicty?"
"Thcre were several reasons. Among
them will say, first, the society had
large Investment In State bonds purchased
around 60, and which had become worth
near par.
1t was believed that this investment
in real estate would pay at least as
much, If not more, income than could
lie received from the State bonds; Sec
end. It was believed that the judiclousy
located ana erected building would, in
the early future, increase in value; third.
as, much the larger part Of the business
Of the society was III Richmond, It was
thought wise to expend tho money in
this city In giving to it the most elegant
Office building within It's limits, while
and improving it: fourth, it
had come to the knowledge of the stand
ing committee that there were persons
who were looking with a covetous eye
at the assets and control of the society,"
and they thought It wise and prudent to
nut large amount of the society's IS
sets IN solid and ner,nancnt Investment
s 81 s -, o'l nhor .r ' - he hevonh
humanity snnnsinr The mower Of any
future controlling interest to obstinate
~. .,,,is.nnlv them
az nv, non,hnr of flo standing com.
,,,,tt =. nanar 81 tho soc,o,,. od
~ ~ cociotvp,,
LeHd NO Money.
Prior to 1890, moneys were loaned on
londs and collateral security, and some
losses were made in that way, but for
more than eighty years no loan of moneys
has been made to any person WhatSO-
ever, and within that period no officer
Of the society or member of the standing
committee has borrowed one cent from
the society. and it would be impossible
for any Of them to borrow, no matter
how great his security.
would the society fight an investl-
,ation?"
..1hc society would have not the least
objection on earth to full and free In
,cstgation, and as to the threatened
suit, we know nothing of any cause for
! suit, but the courts of this state are