Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-06-11
NOTICE.

OFFICE MEMPHIS BOARD CT UNDERWRITERS.
MEMPHIS, June ~, 1858. J
We are instructed to reply to the cards
of Messrs. Moore & West, and G.. w.
L. Crook, published IN the morning
papers, that there may be no misunder-
standing between the Board Of Under
writers and the general public as to the
position assumed by the Board with re-
gard to companies not having the STAN
ina to unite with it in a course, proven
by the experience and practice of much
older cities, to be conducive and essen-
tial to the material interests and protec-
ton both Of assured and insurers.
The cards of these gentlemen were an
ticipated, and we now state briefly our
reasons for the adoption Of that terrible
" resolution: "
There are twenty-four Insurance Com
panies in this Board. They can carry a
line of 500, 600 on any one risk, and
bence it is that uniformity in rates is the
reverse of monopoly; while we may add,
in support OF the equity Of our rates,
that these outside gentlemen Gl1OayS get
them If they can.
We have also extended them every
courtesy, given them frequent invita-
lions to cooperate with US, and furnished
tAem with copies of our tariff, adopted
after much hard labor, careful surveys,
considerable loss Of time, and great Pc
cuniary expense.
There is no similar cutlery against Life
Companies. And why? Because they
took advantage Of the experience of Fire
Companies, and at the start adopted
compensating rates. The National Board
of Underwriters is now taking the same
step, and these gentlemen will soon be
invited into that orgsnizstion-another
monopoly. VIII they still endeavor to
get all the advantages and share none of
the expenses and responsibilities?
As to their deposit of about $4,000
how long will it take little bad luck or
bad management to swampit?
And will they deny that when invited
to join the Board, they gave as q reason
that " they stood up TO the rates, and
some of Us didnlt?n AS they deplore
onopolies, we ask our citizens to de-
u1ayad OF them lower rates than we can
afford to work for, and preserve our cap
ital and the security We offer them in
act, If they cannot afford it, let them
contribute their share Of time, "shspe
and money! It0ommissions are tempt
inc. insteed Of an occasional "eut-under, y
let them adopt q uniform cut-under,"
and live-if they can. Or, if we were
aano of the way, would they "menopo-
, use ?" Oh, 10!
ts1tarSesVe do not dictate to our citizens. We
f,93ftser ample security for fair and uni
ason n ompensation-such as the disas-
% ar 40 Us experience of the past five years
EN- demonstrated to be rather under
wy I'm up to cOst.P IF these gentlemen
me- offer frst-class cheap Insurance, we
ise them to secure it and hold on to ii
A osag as the security is good.
ne of the gentlemen wanted our or
i zstion so perfect, that a "hy
tldn't get out Of it p' Then he would
ne in. In getting it so, 1t was perhaps
H fortunate to somebody that the hole
"a closed before be got in -
VIZ will await results, satisfied that
by can long afford to furnish
EALERs and maintain its responsible
: sS caS ~, IS rates than we are now get
9T9tt l1hgs. = ls more that is done of it, the
sooner win the companies yenturing into
these forbidden waters pull down their
signs and " come to grief"
BEN MAY, President.