The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1910-05-10
KEEP MONEY At HOME.

lima thai would otherwise have some
North Hartford. Conn, is said TO
be the richest city of its size in the
country. Why? Because for many
years the premiums on life and fire
insurance have poured into that city
from North Carolina and every other
State, and experience has shown that
most of the premiums from insurance
are invested near the nome office.
North Carolina has learned the Wis
dom of encouraging u strengthen
ing home companies, and every day
it; people are more firmly convinced
hat is the true policy.
The last issue of the Chronicle. amin :
a journal in New York, pub
fishes the gist of the repor of the
Insurance Commissioner Of New York
which shows that all the reforms de-
manded Of the New York companies
have not been complied with by the
Mutual Life Insurance Company. 1t
was widely published, after the
Hughes investigation, that proceedings
had commenced against McCurdy. The
settlement showed that lin the Me
Curdy suits the company received
~s75O.0O0 and aid McCurdy $751;
$4,000. 1t is further stated that the
report Of the committee was inaccu-
rate and the suit was settled upon
misleading information. The expcn-
diture of ~$354.144.09 for the supervis-
ion Of old business was questioned
and was not satisfactorily explained.
Other criticisms were made.
At the recent session of the New
York Legislature there was a renewal
of the insurance scandals, showing
that there is still need Tor further
probing and reforms. The successor
Of Governor Hughes, the present Lieu
tenant-GoVernor Of New York, figured
in the latest scandals. Centraliza-
ton Of money in the hands Of the
giant insurance companies breeds the
same evils there as does centraliZa-
ton Of banking and contamination Of
government.
This generation will not see h
time when Southern companies can
carry all the insurance needed, but
by standing by the good home com
panies the people of North Carolina
can veal by year dc a larger share
of the insurance business and keep
more and more of the insurance pre-
MUM none here to help develop our
own section. Millions Of money ave
gone out in premiums to other States
that ugh TO have remained in North
dollars in insurance premiums went
out of North Carolina and in 1905
that annua drain had grown to four
million dollars. Every year this drain
ought to be lessened by giving more
and more business to strong home
companies. There are five life corn-
panies in North Carolina and they
now have over $50, goo. 900 of insur-
ance in force and nearly three and a
half million dollars in assets, Much of
their assets is invested in North Caro-
lima and adjacent Southern States,
whereas, except in bonds, practically
none Of the gigantic Northern COM
III JINtSL money Hi lfllS
State. The money kept at home goes
into the uphuilding Of the South and
insures the wealth Of the State.
While some OF the big companies
are not engaged in it, there are agents
Of some big companies who are busily
engaged in "knocking'' the Southern
companies and trying to make +hei;
policyholders dissatisfied. No man
ought to insure his life in a
unless it is good. but the patriotic
spirit will cause North Carolina more
and more to stand by strong home
companies when unfair criticism Of
them is made 10y competitors of larger
companies. The size Of the capital
and assets does not alone make a COM
pany strong. A small growing COM
D9nN with Dr0npr racnryn 49, ..-a-