Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-06-11
Hotios.

| Notice.
0Yyou Mssrns hoIsD OF uspEawh,Isgs.
We are instruo ed TO reply 10 the cards
Of Messrs. Moore a West, and a. w. L.
Crook. Published in the morning papers,
that there may be no misunderstan ling
between the Board Of Underwriters and
the general public as to 10 position
assumed BY the Board with regard to
companies not having the Stamina TO
unite with Il 10 a course, proven by the
experience and practice Of much older
cities, to be conducive and essential to
the material interests and protection
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 q
line Of 100000 on any one risk, and
hence 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 al,oays get
them II they can sl.
We have also extended them every
courtesy, given them frequent invita-.
tions to cooperate with us, and furnished
them with copies of our tariff, adopted
after much hard labor, careful surveys,
considerable loss Of time, and great
pecuniary expense.
There is no similar cutlery against
Life Companies. And why2 Because
they took advantage Of the experience
of Fire Companies, and at the start
adopted compensatiDg rates. The Ma.
tional Board Of Underwriters is now
taking the same step, and these gentle
men will soon be invited into that organ
ization--another monopoly. win they
still endeavor to get all the advantages
and share none of the expenses and re.
spousibilitiesi
AS to their deposit Of about $4,000
how long will it take little bad luck or
bad management to swamp in
And will they deny that, when invited
to join the Board. they gave as reason
that they stood up to the rates, and
some of us didn't2" As they deplore
monopolies, we ask our citizens to de-
mand of them lower rates than we can
afford to work for, and preserve our
capital and the security we offer them
intact Ifthey cannot afford it, let them
contribute their share of time, shape
and money" If commissions are tempt
ing, instead of an occasional "cut under"
let them adopt uniform cut-under,"
and live--if they can. Or, if we were
out of the way, would they monopo.
lie ?" Oh, no
We do not dictate to our citizens. We
offer ample security for fair aud uni
form compensation-such as the disas-
trous experience of the past five years
has demonstrated TO be rather under
than up to cost If these gentlemen
can offer frst-class cheap insurance, we
advise them to secure it and hold on TO il
as long as the security is good.
One of the gentlemen wanted our or.
gauization so perfect, that a fly couldn't
get out of It'll /" Then he would come in.
In getting it so, it was perhaps unfortu-
nate to somebody that the hole was
closed before he got in
But we will await results, satisfied that
no company can long afford to furnish
indemnity and maintain its responsible
ty, at less rates than we are now getting.
The more that is done of it, the sooner
will the companies venturiug into these
forbidden waters pull down their signs
and come to grief"
BEN MAY, President
n Cvrvpcrrp Sacratarv