The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-05-31
LIFE |NsURANCEAS
A GOOD BUSINESS.
New Companies Have Sprung Up
in Great Numbers Within
Past Decade.
WHAT OLD LINERS THINK
An Address Before Insurance
Men by Mr.. Cunningham Hall,
Of Richmond.

Mr. Cunningham Hall. general agent
of the Penn Mutual Insurance Com
pany recently attended several days
meeting of the agents OF that COM
pany IN philadelphia. Mr.. Hall had
been requested to read paper on the
question How to Meet Competition
of New Companies?" This is'an ex-
ceedngly interesting question TO tne
old line companies. and Mr.. Hal dealt
with II in a manner that hlshly eii'eI
tanned the large gathering of agents
before which the paper was read.
Mr.. Hall has been requested to repeat
the lecture" before the Association
of Life Insurance Agents. of this city,
and will probably do so at their next
meeting.
AS a general answer to the question
under discussion. Mr.. Hall said:
II would suggest that one of the first
things TO do is to show your prospect
a list Of the new companies; 1t VIII
enliChten him to know how many
new companies have been organized IN
the last ten wears. 1t will set him to
thinking If you inform him how many
new companies have been Incorporated
in the last five years, and 1t VIII make
him think hard and deep If you tell MN
how many new companies were organ
ized last year, 1907, when the Whoie
country was shaken by panic and de-
preston. and our financial system
threatened with disaster
Many New Companies.
Continuing. Mr. Hall gave some in
feresting facts concerning the lie IN
surance business. He showed that on
January /, 1898, there were htty-elsnt
companies doing a straight life IN
surance business in this country. and
then said:
AT the end of the next five years.
embracing the years 1SsS-99. 10000.
and 1902. which were certainly five
of the most prosperous years this
country has ever known, the list mad
grown to eighty-nine. The number OF
companies, therefore. doing business
in the United States was increased
thirty-one during those five years
1T has remained for the last five
wears, from 1903 TO 1907 inclusive, to
produce flood of new companies, and
In this short period more companies
were organized than were in existence
at the beginning of 1903. Does not
this fact start thinking man to
thinking? In the last five years nine
ty-six new companies were added to
the list. when at the beginning of
1908 it was thought that the field was
well covered by the eighty-nine conf
panies then in existence. which We're
fully capable of writing and caring
for all the insurance that the country
seemed able and willing to apply for.
These questions naturally suggest
themselves: Why this enormous in
Hux of new companies in so short
time? Was there really need for them.
and was there any demand for them
by the business interests of the coun-
try and the insuring public? Why
their organization and the nature of
same?
During the years 10000, which
We're certainly good and prosperous
years, as shown by the gains in insu
rance" there were seventeen new
companies organized"
Troublous Times. Il,
Reviewing recent insurance inves-
LEGATIONS which commenced in 1905.
Mr. Hall said
Upon the crest of this wave which