Newspaper Page Text
Auto Insurance Changes
Explained by Mr. Bentley
Insurance Commissioner James
L. Bentley has approved a new
Automobile Classification Plan
designed to more equitably dis
tribute insurance costs for Pri
vate Passenger Automobiles
among policyholders.
"This new rate classification
plan is a further step toward
fitting the automobile insurance
premimum to the individual
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IF IT'S BUILDING MATERIAL YOU
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3-Inch Rockwool
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2-Inch Rockwool
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3 i-Inch
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Fry—23s Lb.
Roofing Sq. 56.95
15-Lb.
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No. 1 Oak, Short
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l-Inch Aluminum
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Latex Paint Per Gal. $2.95
Outside Paint Per Gal. $4.49
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Paint Roller and Pan 88c
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NORTH COMMERCE STREET SUMMERVILLE
risk,’’ Bentley said. “It will not
bring about an overall change in
premiums to the companies, but
will distribute the premium
charges among policyholders on
a more equitable basis—resulting
in lower premiums for some
drivers and higher premiums for
others.”
Some major changes included
in this revised classification are:
Bigelow Shows
Profit Increase
Bigelow-Sanford, Inc., the na
tions’s oldest manufacturer of
rugs and carpets, and parent
firm of Georgia Rug Mill, Sum
merville, had consolidated net
profit after taxes for the first
nine months this year of $2,470,-
000 equivalent to $2.21 on each
common share outstanding.
This compared with a net
profit after taxes of $2,014,000,
or $1.72 per share for the nine
months of 1963 on the same
number of shares. This is an in
crease of 22.6 per cent.
Consolidated net salees for the
period amounted to $61,798,000.
Although this is a decrease of
$762,000, or 1.2 percent from the
figure reported for nine months
of 1963, sales for the 1964 period
1. Lower premiums for most
youthful male drivers, with
substantial reductions for
older members of the group
—particularly those who are
married.
2. Lower premiums for women
age 30-64 who live alone or
are the only drivers in their
household.
3. Lower premiums for many
families that own two or
more cars but do not pres
ently qualify for the multi
car discount under the cur
rent rating system.
4. Lower premiums for many
parents of youthful drivers
who live at schools or col
leges more than 100 miles
from their homes.
5. Higher premiums for un
married women under age
21.
6. Higher premiums for un
married men age 25-29 who
are the owners or principal
operators of automobiles.
Commissioner Bentley pointed
out that the new plan, which will
go into effect January 1, 1965,
was filed for approval by com
panies that write approximately
30 per cent of the automobile in
surance in Georgia. The plan is
based on several years of ex
haustive study of various driver
groups—an analysis only re
cently made possible by the de
velopment of electronic data
processing equipment.
The most significant result of
the study regarded youthful
male drivers. Analysis showed
that these young men generally
become safe drivers as they grow
older and gain experience and
responsibility. Under the new
plan, premiums for young mqfle
operators will be based on a
sliding scale. Rates will be high
est for boys 17 or under and will
become lower with each year of
increased age until the driver is
no longer classed as a youthful
operator.
Unmarried women drivers
under age 21, whose rates are
now the same as those of adult
drivers, were shown by the study
to have poorer than average ac
cident rates; therefore their
premiums will be higher under
the new plan. Their rates will
also be based on the same sliding
scale as that for young men, but
will be lower than the rates for
youthful males.
Women age 30-64, who are the
sole drivers in their household
will receive a premium discount
under the new plan.
Lower rates for parents of
youthful operators who live at
schools or colleges more than 100
miles from home reflect the fact
that such students usually do not
have access to the family car.
In his order approving this
classification plan, Bentley
stated that this filing effectively
accomplishes its objective of re
distributing the cost of insur
ance between classes without
producing a change in income
level to the insurance companies.
SHAMBLIN HARDWARE
HOLIDAY SALE
NOW IN PROGRESS
Lasts for 10 Big Days—Ends Nov. 28
USE OUR EASY LAYAWAY PLAN
Shop Now While Selections Are Best and Save!
SHAMBLIN HARDWARE
South Commerce St. Summerville
would show an increase of $3,-
246.000 or 5.5 percent if volume
of the Crestliner Division, which
Bigelow sold early this year, were
eliminated from last year’s fig
ures.
Net sales for the third quarter
of 1964 were $20,006,000, com
pared with $20,150,000 for the
same three months of 1963. After
excluding sales of the Crestliner
Division in the third quarter of
1963, this represents an increase
of $423,000. Earnings for the
third quarter of 1964 were $686,-
000 or 61 cents per common
share, compared with $506,000 or
42 cents per common share for
the same quarter of 1963 on the
present number of shares out
standing.
Net working capital at Sep
tember 26, 1964 was $40,999,000
with current assets 5.94 times
current liabilities, an increase of
$1,425,000 since December 31,
1963. On September 26. 1964 there
were 1.115,210 common shares
outstanding.
For the first nine months of
1964 cash flow (net income plus
write-off of non-cash items, de
preciation and amortization!
rose to $3.20 per common share.
This compares with $2.99 for the
first nine months of 1963 com
puted on the number of common
shares presently outstanding.
Bigelow's dollar billings and
shipments in square yards for
the first nine months continued
to indicate, in comparison with
reported industry figures, that
Bigelow’s share of the market is
growing.
Bigelow has completed a major
expansion of carpet manufactur
ing facilities, including expan
sions in Summerville and Lyerly.
Lowell P. Weicker, president, re
ported that these increased
manufacturing facilities are con
tributing to the company’s sales
and operating efficiency.
I y y
SHOP IN GOOD TIME
is the principle of many family men: who buys
first, buys best. To advertise in good time is also
the principle of shrewd businessmen. They know
that Christmas trade begins many weeks before
the holiday. ■ —— —:
I INDISTINCT PR
THE
SUMMERVILLE
NEWS
‘Make Georgia
Beautiful’
“Make Georgia Beautiful
Week” will be held January
24-30.
The effort will result in the
planting of 300.000 dogwood trees
and the removal of trash and
litter from thousands of miles of
Georgia roads.
“I urge all Georgians to par
ticipate in this project. The re
sults of it will be immeasurable
and every resident of this state
will benefit as well as Georgia
will be more appealing to tour
ists,” said Governor Carl Sanders
when told of the “Make Georgia
Beautiful Week” plans.
County Agents will coordinate
the plans for the campaign and
will work with over 400 Commu
nity Clubs and many Civitan
Clubs. Garden Clubs throughout
the state will join in the effort.
Thousands of 4-H Club members
will form units to police the
main highways on Saturday,
Jan. 30. They will march out
from cities along designated
highways picking up litter.
Younger 4-H members will
patrol the towns.
Industries are participating by
cleaning up around their com
plexes and planting shrubs and
dogwoods. Over 300,000 dogwoods
which were grown in Georgia
Forestry Commission nurseries
and provided at a special price
will be available, for planting
throughout the State. The Geor
gia Nurserymen’s Association
will cooperate in the campaign
by offering special sales during
the week.
Various contests will be spon
sored to determine the county
that achieves the most, covering
the largest number of miles or
weighing in the most pounds of
litter.
Civic Clubs will participate in
tearing down unattractive and
unsafe buildings, cleaning up
vacant lots, removing out-dated
political signs and promoting a
general paint-up and clean-up.
Home Demonstration Clubs will
be responsible for planting dog
woods at club houses and
churches.
SPENCE AND
(Continued From Page 1)
He referred to a new education
law enacted by the General As
sembly to create higher stand
ards and force more local finan
cial support of schools—aims
drafted by his first conference
on education held last fall.
In reviewing the recent legisla
tive and organizational achieve
ments designed to boost the
state’s educational system, San
ders emphasized that it will still
be up to teachers to make edu
cational gains possible.
He said teachers' salaries have
been increased S7OO over the
average in the past two years
and that they will be increased
another SSOO in the next two
years.
GORE TO SUBLIGNA
(Continued From Page 1)
will finance the improved road
itself.
The road will be wider than
any in Chattooga County with
the exception of U. S. 27, it is
stated. It will be straighter and
at one point, near the Charlie
Lowrys, will be re-located.
A new mental patient entering
a hospital in 1932 could expect to
spend at least 30 years there.
Today about two-thirds of new
admissions are cured or dis
charged to outpatient care in 12
months or less.
CT666
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The Summerville News, Thurs., Nov. 10, 1964 *
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