The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-09-14

| ganlzations in the world in It's his
tory, in the terms of its charter, in
( Its business methods. and In It's sue
| cess. the Mutual Assurance Society
against Fire on Buildings of the State
OF Virginia" is made the subject of
high praise in an official report to the
/ State Insurance Commissioner The
examination was made by Actuary
Isaac Davenport and Examiner T. NJ.
Hobson, the findings being submitted
to Commissioner Button yesterday.
This concern, which has been in
existence for ia years, has no stock
holders and pays no dividends. 1T
taxes only risks of a certain class, has
small percentage OF losses owns
large amounts of property, pays few
reasonable salaries. and could IL 1t de-
sired. not only take insurance with
out cost to the policy-holdcr. but could
actually. without injuring It's financial
standing, pay property-owners to take
out insurance with 1t.
Met Four Times In Century.
Another peculiar feature of the So
ciety's history, as related in its report.
is that it has had only four annual
meetings of the members in the past
hundred years. No meetings at all
were held from 1928 to 1897. a period
OF siAty-nine years. This is not so
remarkable when It is remembered
that the members are the policy-hold-
ers. who are scattered all over the
State. 1t is governed by self-per-
petuating standing committee
The existing members of this COM
| mittee are: Colonel William Fl. Pal
| mer. B. B. Valentine. Edgar D. Taylor.
Walter III. Taylor. A. Bierne Blair, z.
B. Addison and George l. Christian.
A most remarkable feature is that
ct kos
| to secure new members. The manage.
I ment. says the report. ..is satisfied to
| let the volume of insurance IN force
| increase slowly" 1t Is therefore argued
| that 1t fails in its full duty towards
| the state by Its ultra at
| titude towards new insurance II has
| accumulated large surplus. and this.
J together with its low ratio. enables 1t.
/ in the opinion of the Department of
| Insurance. to furnish insurance to It's
new members at a considerably smaller
rate than could be done by any COM
| mercial competitor
Can Insure Free.
In fact. 1t is argued that II the So
/ ciety has no desire to increase Its
| present volume of business. there is no
reason why the present membership
! should not receive insurance during
/ years OF normal fire loss at practically
no cost, since the present income on
| the society's investments will more
than pay its losses and expenses dur
ing u normal year. Further. 1T is said
4 that ..the society's risks being chiefly
| of a preferred class (brick residence
! and store property within incorporated
| towns and cities) the present surplus
would seem TO preclude even the nee
! essity of levying an extra heavy dssess-
ment In case OF a confiagration.'
In view Of the facts in the case. the
/ examiners express the conviction tnat
"the Mutual Assurance Society Against
Fire on Buildings in the State OF VIZ
ginia is in a splendid fnanciai con-
| dition, and is an institution OF Wnicn
/ the CITY OF Richmond and the State OF
Virginia should be proud"
Should Seek Business.
| II is recommended that the society
1 should change it's apathetic attitude to-
| wards new business. and by a cam
! paign of conservative advertising pre-
| sent It's advantages to those citizens OF
/ the state who could qualify as mem
| bers under it's rules; that II the society
does not care to expand Its business
| the quota assessments should be re-
/ duced or from time to time waived en-
] tirely. that the society should not IS
4 sue the commercial policies referred 10
I In the report, and that the soeissS -
/ entitled to not less than 3 per cent. IN
terest on Its deposits, instead Of per
cent as at present. and that. II the
! present repositories do not feel JUST
fed in paying this rate. the deposito-
ries should be changed.
i This society was incorporated by an
act of the Legislature Of Virginia on
I December %. 1894. as mutual fire
insurance corporation without capital
stock. Its management is vested IN
standing committee of eight, and Van
, officer known as the principal agent
1 who at present is Edwin A. Palmer
The committee prepetuates itself In the
absence Of an annual meeting. ire
: minute books show that no annual
meeting was held between 1923 and
1897. Meetings were secured In 1898
4 1905 and 1907, none being held since
/. the latter year.
A peculiar provision in the charter
rs that in case an annual meeting Is