Daily capital journal. (Salem, Oregon) 1903-1919, 1907-04-11

| EuSeHes Apin lit Tludy nlgnt
at O'Clock, a meeting of the Mer.
chants Protective association will be
held at the city hall for the purpose
of discussing organization of a Mu-
tual Fire Insurance Company. All
those interested are requested to be
lpresent. If sufficient interest is
manifested committees will be ap-
pointed for action.
Other Places Active.
From the Retail Grocers' Maga
zine of Portland, we clip the follow
ing report of a meeting in that city
to discuss organization of a mutual
company. 1t says:
"At a meeting of the executive
committee of the Oregon Retail
Grocers' and Merchants Association,
the subject of mutual insurance was
gone into thoroughly, after which
the directors voted that such a com.
pany be formed, and instructed the
secretary to proceed to form a cor
lporation at once. The fact that the
merchants of Dayton, Oregon, had
just started a company was consid-
cred good thing, as the two COM
panies could aid one another in the
work, IL they desired. For instance.
no mutual is permitted to carry more
than one thousand dollars on
any one risk until that COM
pany has written 100000
! of insurance. The average merchant
must carry more than $1,000, and IL
there are two mutual companies, he
could divide his risks between them.
In fact, in Colorado, the state asso.
citation has adopted that plan, and
has organized two companies, so
they could carry more risks.
Under the Oregon law 1t is re-
quired that any number of persons.
not less than so, may form an insur.
ance company for the protection OF
It's members against loss by fire
This company when incorporated
may proceed to the business of Sc
curing subscriptions for insurance.
When they have secured subscrip.
tions for 100000 OF insurance, di-
vided among at least 800 members,
they may do business.
"At the last meeting OF the Port
land association, the question was
brought up and volunteer incorpora-
tors were called for. Twenty-Five OF
the merchants present gave their
names as incorporators. and more
Will, II necessary. It is desired by |
the executive committee that the |
other 25 incorporators be secured |
from towns out In the state, so as
to create more interest In the new |
company. When so merchants have
signified their intention to incorpor-
ate, the papers will be prepared,
and sent to each merchant for his
signature. After tn incorporation Al
meeting of the members will be
called for the purpose of electing a
board of directors, who will manags |
the new company, and TO provide for
the preliminary expenses incident 10
getting ready for business. Just as
soon as the 500 policies can be writ
ten business will begin.
THE plan on which the company
Will be run Is this; That the regular
board rates will be charged for in
suranee that In the beginning not
more than $1,000 will be written on
any one risk, and no hazardous risks
VIII be taken. At the end of each
year, dividends will be returned TO
all policy holders. which experience
has shown run between 25 and so
per cent. In short. one will pay for
Insurance just what Il costs 10 carry
t. There win be no money spent TO
influence legislation; there will he
no prinoely salaries, and there will
be no money spent for great Office
buildings. You simply pay what II
actually costs 10 protect you. II the
Did companies can AFFORD 20 carry
Tou for a certain amount, so can the
afford to carry themselves
Tor the same amount. II there is
anything left over at the end Of the
'ear, each policy holder gets his
ihare. Every policy holder has a
'oiee in the management OF the busi-