The new South-news., 1909-05-08

Ing 70 the big insurance companies
-everal million dollars annually
that was loaned at very low rate
OF interest in the north and east
Ihat this money WAS usel for III.
development OF that section and thnt
the south could not borrow AT eyon
higher rate. when money was so
badly needed down here for the
development OF our resources. 9th
er publications were made durlnr
the year showing that oaly 4 very
small amount OF insurance money
was invested in the south. and that
In q class of securities that v.r.
OF little interest to the masses Of
the people. In February Of the ,ol-
lowing year the suggestion ter \
home company was offered ana urs-
cd at various times during the .ol-
lowing n.onths. II was stStcd tina.
the axs,esa'ions OF wa,.sa in the
hands of TIE compen,es were BE-
coming . menace 10 the country in
stead " protecti,r to the policy
holders .nd the charge made that
they we're Icing used COR 'hs coi'rol
OF nstsonal elections and legislation.
This policy was adhered TO for
number OF years. and while the
people may have agreed with the
suggestions made. they were slow to
attempt to organize company. OF
course the old companies did not
take kindly TO the statements and
made II as unpleasant for the wri-
ter as possible. In 1904. soon af-
ter coming to Jackson. the PROPOSE
tion for a Mississippi Campany was
again egitated. The Investigations
and revelations concerning the mana
cement OF the old companies offered
an opportunity for interesting our
people in organizing a company to
give them the protection desired
and leave their money in MissIssip-
pi for investment. Informal ap-
blanks we're sent out for
signatures by the people. stating
that they desired to take Insurance
In Mississippi company organized
upon similar lines to the old com
panies. Hundreds OF these were
sent In, Hon. II. ~ Street. OF Meri-
dian. Hon. A. c. Anderson OF Rip
ley and dozens of others securing
and forwarding them to
the writer. This movement result
ed in the organization OF the Lamar
Life somf time later
The principal point being striven
Tor all along was, for the invest
ment OF Mississippi money for the
development OF Mississippi resour-
ces. II tie old companies would
not invest \teir surplus here. then
let's organizA. southern companies,
do our busineA at home and invest
our money at the same place. With
in the past few years more than
dozen southern companies have
been organized and are doing
splendid business. They are receiv-
ing millions OF dollars annually
that heretofore went to the north
and east and investing II for the
development of our resources. They
are being handled upon a safe and
sane basis. demonstrating that
men have the ability to
handle their own affairs. This is
we'll and good. but that il only a
part OF the beneficial results obtain
I'd so far.
The old companies are beginning
% heed the justness OF the demand
hat at least the legal reserve OF
southern policies be invested in
'outhern securities. A number OF
hem are doing this now, and others
ire preparing to do 30. Our state.
county, district and municipal bonds
ire In demand and some OF them are
ending upon improved real estate.
About one year ago a statement was
published In this department that
'ne company had then loaned one
million dollars upon our lands and 1
hat amount is much larger today.
announcement was made few
weeks ago that another would be-
gin loaning In Mississippi right
way and others will follow.
Cheap money has developed the
lorth and east to a wonderful ex-
ent and We need II down here az
veil. II our people could get ST.
Yer cent money to develop their /
ands and improve their farms, We
would be much richer in a few
Iears. We have always paid ten
'er cent. and higher, but 1t seems
hat at least cheap money will be
lad for the development OF South
rn resources. Do you believe for
n instant that this would ever have
'een accomplished II an agitation
or It had not been commenced? No
indeed. Tho writer nnds much graf
ncation In the fact that be has been
BILE to do Just . little TO help In
ringing about this state Of Affairs.
New RAllroad Assumed.