The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1911-02-07
TRIM b. { BILL.

Edgeley, N. D., Feb. $40 The
Forum: In the Feb. issue Of The
Forum I notice that the former in
surance commissioner of Minnesota
and a number of representatives of old
line insurance companies are at Bis
marck protesting against the Trimble
bill. which compels the insurance COM
panies doing business in this state to
leave a certain amount of their prem
iums in the states where the business
is written.
This bill may have to be modified
some, but it seems to me that it is
enc of the best ideas that has ever
been presented to the legislature of
North Dakota and if worked out on a
proper basis so that all insurance COM
panies will have sufficient working
capital TO take care of their business
and compel them to invest the balance
in North Dakota securities that it will
make a big change in the financial sit
uation. l have some figures from
eleven leading states in the union,
when it comes to the production Of
staple crops; namely: Texas, Oklaho-
ma, Kansas, Nebraska, North Dakota,
South Dakota, Missouri, Minnesota,
Wisconsin, Iowa and Illinois. In 1908
these states paid out over s137, 1000, 900
for life insurance. OF this amount
$12, 100000 was kept in the states men
toned through local companies, and
death loses and the balance of $685.
600, 900 went out of the states and most
of it into the vaults of eastern COM
panies. This makes an average Of
over $11,000,000 per state each year.
These eleven states produce the bulk
of all the staple crops raised in the
United States, but let one poor year
reach us and we are short of money.
The western banks are squeezed. which
compels them to charge a higher rate
of interest and at times 1t is impos-
sible to realize on gilt edged securi-
ties.
Life insurance companies are the
greatest savings banks in the world
end are a god-send to any country, and
II the money was kept at home instead
CT being transferred to eastern money
centers We would have bigger and
better west.
A prominent banker of this place
who has placed lots of good loans,
visited one of the large insurance COM
panies of New York that has probably
written moro business than any other
company In the state Of North Dakota
He presented a letter of introduction
from their state agent, and wanted to
make arrangements to place some of
their money on North Dakota real es-
tate. 1t almost took their breath away
at the thoughts of such a thing, and ne
was informed that they would not loan
any money on North Dakota land.
They loaned their money on property
in large cities.
IL the Trinlble bill is properly work.
ed out it will compel some of the cont
panies to leave the state unless they
comply with it, and any company that
is not willing to comply is of no
special benefit to US. I believe IL we
all adopt the slogan, Keep North Da :
kota Money at Home" and patronize
insurance companies that are willing
TO do this, that in a few years we can
get money at q lower rate OF interest
and be able TO get all we want as long
as we have the proper security to Of
fer. The Forum is the biggest daily in
the state and can perform great mis-
sion by lighting for this necessarily
until we accomplish this work.
L. Z. s.