The daily sentinel. [volume] (Grand Junction, Colo.) 1893-current, 1906-01-23
MUTUAL FIRE INSURANCE.

The immense amount of cash drain
ed from Colorado business by foreign
corporations demands the considera-
ton of all business men.
The amount taken for insurance
will surprise those who have not Civ
en- it attention.
Allow me to quote from the State
Auditors report for last year:
The total amount paid for insur-
ance was $7,156,923.53.
The amount paid back for losses
was S2.596, S21.2O.
Taken out over and above losses.
1850, 1928.
Less commission and state tax, this
vast sum has gone out of the state
TO enrich foreign corporations Many
of these corporations are managed
by the McCurdy, Mccall and HYDE
Wall street crowd of reserve thieves
These reserve fiends will not ad-
nit that policy holders can safely car
ry the reserve in their own pockets.
as is being done by mutual compan-
les.
Their plan is to secure a big cash
reserve and hold it themselves in or
der to be safe.
As an instance of how safe that
kind of reserve is, and safe IL is. |
will quote facts brought out by the
view iilNtNAitdAluE committee
OF the Insurance Department of the
state:
Salary paid President McCurdy
100000 per year or about $4,000
per week. Paid TO its two vice presi-
dents $4,000 apiece; to a second
vice president, $4,000; to a third
vice president 10000: to a general
manager. 10000; to a treasurer. $50
900, amounting 10 a total of S347.-
"A i l.
press. fool the poplo, and corrupt
public officials.
1t is a fact. shown by the report
of the state Insurance commissioner.
that there are fifty old-line insurance
combines doing business in Colorado.
who owe an aggregate of our SIP
000,00 unpaid losses.
Why not carry tho business of this
state in home companies2 We have
Just as competent men in Colorado.
as there are in New York, England
Germany. Russia or elsewhere There
are seven mutual companies doing
a fire insurance business at much
lower rate than are stock companies.
Their losses are paid promptly and
with less quibbling than in most
stock companies In most of these
companies the insured carries his re-
serve in his own pocket
The Insurance commissioner re
port shows these facts; The Grange
Mutual has no cash except when a loss
occurs. at which time it assesses
to pay the loss. The other companies
collect from so to rs percent of regu-
lar rates.
The cost of insurance in the Grange
Mutual last year was Ga per cent per
100.
The Merchants Mutual. 81 per cent
per 100.
The Merchants and Farmers Nut
ual, So per cent of 100
The cost of insurance in the Ma
tional Mutual, 10 per cent of 100.
The last named company has car
ried insurance in Colorado for the
past eight years at a saving of AZ per
cent to the policy-holders,
The average cost of fire insurance
in Colorado for the las; year was
$1.50 per 500 in old line companies
or more than double the cost in the
Mutual companies.
The Denver Insurance Reporter.
Mr.. McCurdys Wall Street company's
organ, a paper published by the Con
/ tinental Fire Insurance company's
agent. is constantly sending out TO
! old line agents garbled and false
statements relative to mutual com
panies.
The old line companies circulated
and publish these reports in or1er
to hold business for their companies
and often thus deceive the people.
These reports are not signed by
any one and came without authority
or responsibility
The Mutuals have a greater re
serve in proportion to business done
than have most of the old line COM