The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1908-12-31
ABOUT STATE
INSURANCE
To the Ardmorcite:


The first annual report OF the msur
ance commissioner Of the state of
Oklahoma is fresh from the press.
In 1907. "a life insurance companies
with asosts of 81 400 ,j72 13S. collected
in Oklahoma in premiums sl,S2S,2ii
and paid In total losses s75,ll2, talk
ing from the state s1.i5i73S. besides
surrenders and lapses
In 1907. % fire companies with as
sets Of $351,55i.51i collected in Okla
homa In net premiums s2.393 ,3j5 and
paid in net losses st,O91 ,9SG, taking
from the state 1901 ,3G9.
In 1907, % miscellaneous companies
accident and health, liability, fl
deity and surety. plate glass steam
boiler. burglary and theft-collected
in Oklahoma in premiums s224lS6
and paid in total losses $7j,142. TAX
ing from the state sli9,O4i
In 1907. nine assessment companies
collected in oklahoma 1888 and paid
in losses s2.293, taking from the state
$3.50.
In 1907. six farmers mutual insur.
ance companies-fire, lightning. tor
nado. hail--collected in Oklahoma
s177.230 and paid in losses s69,250,
taking from the farmers of the state
s1O7,9S0.
In 1907. six stock fire insurance
companies collected in Oklahoma in
premiums sll9 rs and paid in losses
s32.92G, taking from the people of the
state sS6.S52.
In 1907, three Oklahoma life and
miscellaneous companies collected In
Oklahoma in premiums sGS,093 and
paid in losses s2,2s7, taking from the
people Of the state s65.706.
The loss to the people Of Oklahoma
last year. as shown by the foregoing
official figures was more than three
million dollars and under the present
system the growth OF annual losses
will be more rapid than the growth
of the state. The loss 10 the people
Of Texas last year was more than
sS,OOOOOO. and every other state
about in proportion to its population
and wealth, shows the same annual
losses.
In spite of the most outrageous dis
1 bursements, the net income of Ameri
can life insurance companies alone
doing no labor except to take the
money as II comes, adds annually over
two hundred million dollars 70 theil
| previously acquired assets of three
/ billion.
Two years ago w D. Vandiver, sup
. crintendent of insurance of Missouri
[ said: More money is handled rs
insurance companies than by all the
transportation companies in the coul
try, and II is the Capitalization o
these vast accumulations in ole 10
callty that makes that locality the
seat of the financial empire Of Amerl
/ ca
Il At the same convention. President
Bailey of the Fort Worth Life insur
ance company, said: "The people o
the Mississippi paid as tribut,
TO the east in the past % years more
than s5OO,OOO,OOO through the channe
of life insurance alone"
Fom q repetition of these disastrous
= losses the state can save the presen
, generation and their posterity for al
/ the years to come. Life and propert!
insurance, like the insurance OF banl
deposits, Is q function of government
and can be established and operated b!
the state without much labor and ex
pense. The expenses in 1907 of 81
) fire insurance companies alone wer,
; more ;hln s72 100000
q. The establishment of state insur
p ance will be the first great victor,
| of the people over the money powe
in America
p EMMETT W. SMITH