Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-03-31

the San Francisco FIRE there is stronger !
tendency to patronize the local companies !
and they are without exception doing a
largely increasing business as a conse |
quence. The assets of the Omaha COM
panies are so invested that they can be
converted into cash in the shortest possible
time in the event Of sudden and heavy
losses The Nebraska law requires that
the full amount of the capital of the sew
eral companies shall be invested in the
state. 81" 5r.- .iaH tl
A larger percentage OF Omaha business
is being done in the Omaha companies
than ever before, and it is constantly in
creasing, The amount of premium paid to
Omaha companies for Omaha business win
approximate 10000 annually.
Omaha Has a Chance.
With the proper encouragement to the
home companies Omaha could readily be
made one of the greatest insurance. COM
panies OF the west. Numerous small cities
have become of national importance
through their insurance enterprises. Many
OF them are better known because Of being
the homes of insurance companies than
from any other cause This is particularly
true of Hartford. Conn; Glens Falls N. Y;
Freeport, Rockford, and Peoria, ILL.,; Water
town, N. T.; Springfield, Mass; Keokuk,
Ia. Des Moines, and scores Of other towns
| might be mentioned In this connection. In
some instances the insurance companies
that gave these towns national pre-emi-
hence have become merged with other COM
ranies and gone out of existence, yet the
fame Of the city or town as an insurance
center remains, and It is more distinguished
| from that cause than any other.
This fact strongly emphasizes the vital
! Importance from an economic standpoint of
/ the western section OF this country doing
part at least Of its own insurance bust
l ness. Otherwise 1t will remain tributary
/ and dependent upon the within of eastern
/ hnanciers. The never-ending absorption OF
money from every city, town and hamlet,
factory and mercantile establishment
throughout the west to build up the cash
balances in the treasures OF the insurance
companies OF the east will If continued
establish the financial supremacy Of those
sections.
Reserves Have Great Erect.
For the interests of the insuring public"
as stated by leading Omaha home insur-
ance man, 1T is best that insurance funds
which must of necessity be accumulated in
large reserves. should not be centered in
localities remote from which those funds
originate to be controlled by one set OF
hnanciers whose business generally is not
Insurance. but the management Of other
| corporations, handling stocks and bonds.
Besides, il these vast accumulations are to
be used for investment In other enterprises,
as they must be in order 10 earn their ex-
! pected interest, then why not have them
invested in the commercial enterprises
which make for the progress and the de-
velopment Of the people who furnish the
/ funds7 why should we send money east to
have it loaned back to US when we get hard
uD7 II great banking corporations are to
! be built up on the deposit OF insurance
funds let It be our own banks. II farms
and factories are TO be established by the
use Of insurance accommodations, then let
It be the farms and factories Of the people
who pay the premiums"
Tribute 10 the East.
In the last ten years the people OF the
state OF Nebraska have sent approximately
32O.0Oo.0O0 TO eastern companies, and Il Is
/ fair TO presume that Omaha has con-
tributed at least one-ninth Of this vast
amount while the returns have been less
than 90 per cent It should further be re-
membered that the returns are but little
| II any. in excess OF the interest on mort
/ gage loans held by eastern financial insti-
/ buttons. How important, then, II is that
home enterprises should be built up and
home money kept nearer home instead Of
| sending IL TO the east aud then borrowing
/ It back.
Omaha has now nucleus upon which to
build great insurance center, as able
insurance men are at the head OF the local
companies as are at the heads OF the east
ern concerns. They are more IN touch with
the verile western spirit. They know its
] needa It's raanarresa and IL oanabfIfffaa
IS commercial center and there is every
reason why It should become one Of the
greatest Insurance centers AS a rule west
ern people are loyal to western enterprises
The Omaha insurance companies al concur
In that proposition, ana Il needs but that