Daily press. [volume] (Newport News, Va.) 1896-current, 1910-06-03
ESTIMATE OF AGENTS
VERY NEARLY CORRECT
Figures Obtained from Commissioner
Of Revenue crump Prove That In
sursnee people Carried More man
Ninety Thousand Dollars Out OF
Newport News Last Year.

Fifty-six Of the sixty-eight hre
insurance companies which did blsi
ness in Newport News during the
last fiscal year. ending April so. nave
paid their license taxes 10 commas
sioner Of the Revenue Bernsrd w.
Crump Four Of the remaining twelve
companies. for which the Sommefvihe
Trast Company is the iocsl agent
viii pas the tax and two new ccm'
nantes have entered the city this year.
making a tof9i o; siNiy-two com
panies noW in bGsincss here. Five
companies have withdrawn since me
arrest Of the ofRcialS q the insurance
Trust az Hot Springs snd three others
withdrew befose the end Of the last
fiscal year.
The fiity-six old companies when
have made their returns TO the COM
missioner CT the revenue collected
total CT sle0.Si1.Sa in cash premiums
during the past fiscal year and tney
maid a tossl Of s6,i67oe in license
taxes To the city The two new com
panies that entered paid only s2o
SsF0 lOI tut -NeA 80 49,
no business here last year and cannot
be svhjected to the additional tax OF
five per cent on their gross pre-
miams. This brings the total tax paid
thus fer to s6,i67.o9.
Premiums Totsied $t2tyS25.
II is impossible TO secure a correct
estimate OF the business done last
year by the twelve companies that
have made no retyfns 10 the commis'
siner, but it undoubtedly will total at
least $4,000. The average amount OK
business done by each of the n,ty-sM
companies that have. reported was
31.7,11O. It is fair TO assume that
the ether twelve companies averaged
that much each last year as some oil
them are very big companies md
they did large business. Taking that
figure as the average. those twelve
companies did approximately $2l,-
1920 worth of business here last
year. This would bring :he total
amount of the premiums received
during the year to sl21. $500
When the insurance tax was under
discussion before the city council sew
eral Of the agents stated that the CON-
panies received approximately
$4,000 in premiums last
year and their estimate was not TAR
wrong. other OF the agents who OPP
posed the new tax stated frequently
that all of the companies did not get
more than 100000 duI-.g tns year
Net Profits Exceed $4,000.
All OF the companies which are af-
filiated with the Insurance Trust pay
their agents fifteea per cent commits
sion on the gross premiums. but some
few of the so-called mon board
companies pay twenty per cent COM
missions. The total commissions re-
ceived hy the agents on a fifteen per
cent basis was slS.275.s5. The extra
five per cent paid by a few companies
may have brought this total OF $19.-
500. The companies last year paid
The CITY a total license tax Of $1,000
and the total fire losses for the year
was s4.50s. making a total expense 10
the companies OF se7.4as. Deduct:nS
this expense from the total premiums
collected. the companies received a
net profit of se4.427 over and sbove
the actual cost of doing business IN
Newport News
Business Done and Taxes Paid.
The following table. taken from the
records in the Office Of the commis-