The Corvallis times. (Corvallis, Or.) 1888-1909, 1906-09-14
WILL CORVALLISITES STAND IT?
Exactions for Insurance Premiums
The Charges are now Scandalously
High.

ududSSlS dlS SlluoluS Oul vi Sol-
wallis insurers to end? How many
more advances will be made in the
fire insurance rates for Corvallis?
These are questions in which Cor
wallis people and all other people
are concerned. The insurance rate
on the present postof1ce building in
this town was formerly two per
cent. Two or three years ago the
rate was advanced to 2.6o per cent
A few weeks ago when the rs per
cent horizontal advance went into
effect, the rate scared up to 3.25
per $1,oo. Itis a scandalous figure.
Similar advances about town are
arousing much indignation. The
general concensus of opinion is that
it is robbery. The main idea with
many people is, what steps can be
taken to secure a remedy?
Advance is Absurd.
AS all know, the excuse of the
insurance people for the new ad-
vance is the losses they sustained
in the San Francisco earthquake.
Millions of money were swept away
by that cataclysm, but it wasn't
the fault of the people of Corvallis
or Oregon. This town nor this
state never had anything more in
the earthquake line than the gent1-
est culver, if even that. Nobody
remembers of any property loss that
ever resulted, and few remember
even a shake at all in these parts.
That is what makes the insurance
advance an absurdity and one that
insurers ought not to stand.
Rates Shou1d be Lowered.
The insurance rates in Corvallis
ought to be lowered, not advanced.
When Dallas put in new water
system, reductions running from 10
to 80 per cent were made on busi-
ness property. If it was worth but
$50 to insure the postohice brick
in Corvallis formerly it ought not
to be worth yearly so much now,
when there is a water system that
would flood the place within few
minutes and under which a serious
property loss by fire seems impos-
sible. Indeed every building in
the town is splendidly protected,
and there is not half the hazard now
tnat there was few months ayo.
The fire alarm system alone by
means of which an alarm is turned
in in any part of town without the
need of half minutes delay. is
in itself matter Of very great i'm
portanee affecting insurance, andau
item that most strongly suggests,
not raise of rates, but reduction.
In the face Of it all, however, every
policy that is written now goes in
under the advanced rates. 1t is an
exacticn that the Insurance trust
is making just because it has the
power. It is a grab that ought to
be resisted.
Would tax the Companies.
Two ways are open to Corvallis
people as means of securing relief.
There is the city council. and there
is the plan of insuring themselves.
The city council can license the
insurance companies, and force
them to pay for the privilege OF do
ing business in the town. Let them
pay license the same as Corvallis
truckmen do. That is what Dallas
was proceeding to do with them
when that town secured a reduction
of rites. Such is the plan suggest
ed by City Attorney Bryson.
There are others who favor the
formation of local insurance
company. The guess is that FIVE
to ten times as much money goes
out of Corvallis annually in fire
insurance premiums as comes back
in losses. TIE premiums that
yearly go out are great big sum.
| Formerly, the insurance on the
Benton county mills alone was
81, 900. There are those who es.
innate the sum annually collected
! in the town for insurance at SIS.
900 to $4,000. One agent alone
sends out about Sc 900 in premiums
The insurance on the court house
when the present policies expire
will cost $3.50 per year and on the
school houses $375. When the
! big stocks of merchandise, the
brick buildings and the other struct.
| ures, machinery and appliances en-
ter into the computation the aggre-
gate of the premiums reaches a
very large sum.
Suggests Local Company.
How policy holders in the life
insurance line have been robbed by
the companies and their officials
was made glaringly manifest. in the
recent insurance scandals. That
similar unwarranted exactions are
going on in the fire insurance bust
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