The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1873-06-28
A STRIKE AMONG CAPITALISTS
Sl6,OoO,OOO AT STAKE.

been adopted by themselves. 1t has com
menced with the National Board Of Lake
underwriters But when it will end it is
impossible to say
That, however, Is immatsrial What
We wish to call the attention Of our readers
is, the action of the convention Of the
Lake Underwriters recently held at Cleve-
land Ohio, which has !nstigated q strike
III which there Is at least $40, 900, 900 at
stake. As matter of course this action
Of the convention is not called strike; that
would be too vulgar an expression to come
from the lips Of such men as composed the
Executive Committee Of the National
Board of Lake Underwriters We are
plain working people, and prefer calling
things by their proper names, and so call
il a strike
From the proceedings of the Cleveland
Convention, and the address Of Mr. briggs,
Chairman Of the Executive Committee of
Lake Shore Underwriters, before the Chi
cago Board Of Trade, 1t appears that the
rates Of insurance are too low, and unless
better rates are obtained, insurance CAPT
tai will be- annihilated. Now the simple |
fact Of the matter is thus, that capital has
struck against capital, because one kind of
capital does not get as much as another,
OF because 1t thinks for itself. and exercises
its pIerogatlve Here Is the circular, or,
as workingmen would call it, ''the no
tice' issued by the Cleveland Convention
To Merchants Bankers, and others who re-
qulre the protection Of Insurance Capital. |
Gentleman The extreme depression IN |
rates Of insurance on the lakes, and the losses |
which will be entailed thereby on the under |
writers, seems to render 1t Imperative that all |
who consider 1t important that insurance poll |
cles and certificates should be Of more value |
than waste paper should unite their efforts IN |
putting end to the wild and njudicious
competition now prevailing, which If continu |
ed must inevitably lead 10 disaster. TO the i'm |
palrment Of the capital employed, and cOnse- /
quently render the certificates Of many com
panies Of no value, but on the contrary a |
cheat and a snare to the unsuspectIng
1t is notorious fact that for years past the |
premiums received ON the lakes have not been
sufficient to meet the losses incurred, never
theless many underwriters. IN their avIdIty !
for business, and some 10 doubt to make
large commissions, have forgotten that bust
cannot he done below cost without a re-
tributiOn at some future time.
The National Board OF Lake Underwriters
have resolved a means Of self-prutection
and also III justice to the assured, to restore
the tariff adopted in February, 1873, which
had been temporarily suspended, and which
long experience has demonstrated to be the
minimum rates at which the business can he
safely taken.
And they also invite particularly a closer
scrutiny in the examination Of the intrinsic
value of policies and certificates that the in
sured may Judge for themselves as to the
soundness Of the security offered, and also as
to whether reckless companies underwriting
at rates which must preclude any provision
Tor future losses, entitled to the confidence
VI the mercantile community
The above circular is signed by all, eX
cept one, Of the companies IN the business
But, as Mr.. briggs very complacently says
to the Chicago Board Of Trade Gen
tlemen, you are business men, and We
claim to be no less business men - and
upon this supposition Mr.. briggs justihes
himself and the body he represents Let
us suppose that next week the stone cutters
Of Chicago, or any other body Of mechanics
were to appoint a committee t. wait on
the Board of Trade and inform that body,
or their employers, that the rates wages
they we're receiving for their capital their
l.h and
rates wages could be obtained, the CAPT
tai (the labor invested in it would be de-
stroyed and in their notice call the at
tention Of their employers to the fact that
for several months the rates (the wages
they we're receiving we're not sufficient to
meet their expenses, and many stone cut
cers and others, through their avidity for
work, are accepting work at rumous rates
wages forgetting that labor cannot long
De continued below cost without retribu-
ton at sfuture time and t. at as means
Of self-protection they had resolved to re-
store the old rates (prlces) which had been
Temporarily suspended during the winter
months. What a hue and cry the press
would raise about it. We fancy we can
See the double headed articles that would
appear in the morning editions Of our da-
lies such as THE SAUCY STONE CUTTERS
Their Immaculate Impudence-They want
to Dictate to their Employers Plenty of
Convicts 1t Joliet to Cut Stone-Now
Give them Shaking up, and thousand
other such insulting inuendoes that score
Of brainless squirts would see proper to
throw at them. But against this strike
of the Underwriters there is not word to
be said. Oh, no, there are iXteen millions
of dollars represented by twenty compa-
MES, and, Of course, as it is fight Of cap
ital with capital, the daily press the in
dependent (O press Of Chicago. will not
jeopardlze its business by interfering with
the gentlemen who are Interested i'll such
matters. Well, gentlemen, 60 ahead
you have perfect right t. strike it is
your privilege, and We hope you may sue
coed. The workingmsn have set you the
example. You will better understand and
appreciate the struggle Of workmgmen,
and when they have occasion To strike it is
sincerely to be hoped they will meet with
less opposition from both the capitalists
and the independent CD press than hereto
fore.