The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-08-17
A GARD

| any considerable size that is over TWEEN
| ty-hye years of age west of Omaha,
winch has not assessed it's stockholders
IN order to keep alive; the only large
companies op the Pacific coast as old
as the Home are the Fireman s Fund
and California, which assessed them
selves s5,0O0,0O0 and S2,000,000 respect
Oh the companies which have gone out
OF existence during the last twenty. FIVE
years had assets totaling millions.
we can have no objection to the or
ganlzatlon of new local fire insurance
companies, as we have always stood
ior home industry, and the policy of
keeping money at home, and the more
companies organized on this basis the
better, but we do object to having our
names used for the purpose of mis-.
leading our friends as to the profits
OF the fire insurance business or that
our names should be connected in any
way with corporation which is paving
quarter Of million dollars for pro,
motion fees
Should any one desire further in
formation on the question of profits
returned by, FIRE insurance com panies
throughout the country, they can be
commissioner. Tn this connection the
following quotations from an address
delivered by Hon. s. R. Barton. state
auditor and ex"oficio insurance com
missioner of the state of Nebraska, al
Spokane. Washy July "a, 1912, viii be
OF interest: "Stock fire insurance
during fifty years has collected
cent of which has been returned in IRE
losses. Another interesting and
somewhat startling fact is. that during
that same period more than eleven
hundred stock FIRE companies were
launched in this country, lived their
lives, mostly of loss aud disaster, and
passed out of existence, a aiority of
them with great financial loss to their
promoters and stockholders, and very
frequently with loss to policyholders
and the close of 1911 found only Is0
stock companies, American and foreign.
reporting to the New York department.
and these are substantially all the com,
panies Of considerable Importance on.
Grating in this country.
with this record before us ia II
not very clearly the duty Of every in
sgrance department to warn the peo.
pie against investment in Insurance.
stocks exploited by promoters who alb.
sorb from l5 to so per cent of the ORIG.
inal investment before the companv
writes a risk or produces dollar Of
income? For ten wears n,ot
the business has shown an underwrit
ing loss of 81 per cent, and last wear
showed profit Of sc per cent, demon
strating conclusively that competition
has up to date kept down the MARGIN
of profit to the vanishing point.
In conclusion we quote the foIIov;po
figures from the National Board nf
Fire Underwriters statistics.
Ten years business Of all stock co,,
panies in the United States, 1902. 1911
Net premiums s.. .$2.41s, ,o97 oa7
Losses (540 per cent?
:. 81 800 ,221,726
Expenses Eek
elusive Of
taxes> s7s,572,eo4 2,eo7, ,7o4, ,72o
Net in come (no
taNes) ....., 2112Oo 577
Deduct taxes, being 31-s
per cent of net pre-
miums and 36 2-10 per
cent OF net income 1851 ,02O
1. s134, ,621 ,557
liabilities in 10 years 1467p4
Underwriting loss on 10
years business l2,1o2,s78
BY order Of the boards OF directors
HOME FIRE INSURANCE COMPANY
OF UTAH,
HEBER J. GRANT g. CO
(AdVerti eamont