Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-12-23
THE INSURANCE QUESTION.
Reply 10 the Nashville Board of Tn.
derw riters.

uerH r1IerS.
To the Union and American:
The Nashville Board of Underwriters
have Just published, and are now busily
engaged in distributing circular headed:
'.Cheap Insurance." III which they deem
proper 10 make the following statement:
~ few years since the Andes, Amazon, and
Triumph Insurance Companies of Cincin-
matt were formed under the same manage
mcut, and went TO work defyinG all the
well known rules of underwriting The
Andes and Triumph failed, sinking two
million dollars in their endeavor to make
money by selling goods below cost" etc,
etc.
The object of the Nashville Board in
making and publishing this statement is
apparent. 1t desired 10 iniure the Amazon
and IFS representation in Nashville, who
for good and wise reasons had withdrawn
from the Board, and this is but one of 4
series of attacks that have been constantly
and maliciously made upon this company,
and upon The Andes and Triumph, ever
since the dates Of their respective organi-
cations, and it is astonishing to see TO how
many different causes these different enc
mics of the Amazon have attributed the
mshaps TO the Andes and Triumph.
One prominent insurance journal claim
ing that its sCathing editorials brought
about all the miStortunes; another giving
other reasons and we heard some eastern
parties claim their Mr.. Church, Insur nee
Superintendent of Chic did it all, and so
on until now the Nashville Board declares
that it was ''hccauSC Of selling goods below
cost" Agents everywhere throughout the
country long since have become familiar
with these various Onslaughts, and now
that the Amazon has withdrawn from the
National Board, the war Is to be carried on
with increased vigor against it.
The reasons why the Amazon withdrewss
from the National Board may be plainly
stated.
1. Because it was found to be an ex-
tremelv expensive institution.
,. Because it was found to contain with
IN itself a second National Board or Syndi-
cate composed Of certain companies. who
publicly proclaimed their intention 10 run
The machine in accordance with their own
views and plans without regard to those of
other members who We're not in the Syn
dictate.
,. Because il was made the medium
through which or behind which. attacks up
on Others-younger members of the same
board, were made, which would not or
could not have been done openly, outside
of Board obligations.
/. Because it pWpoScly and constantly
failed to fix or limit its own powers Of au-
thorjtv or action; but on the contrary pro-
cceded upon the basis that they were IL
limitable and immUtable.
>. Because for reasons hereinafter stated
the Amazon did not believe that the Ma
tional Board could permanently and profit
ably manage its affairs as Gl organization,
until its leading individual members were
brought to higher standard of morals aud
moral courage and felt the necessity OF bear
ing good will TO others.
The Amazon is not and never was low
rate company. Ii is and always has been
the reverse. It's business and agencies are
conducted and held under the most rigid
rules. No company, doing an agency bust
ness can show greater conservatism as TO
rates. lines or general principles. Now how
does it stand as compared with other agency
companies and especially with those COM
posing the Nashville Board?'
Here is a partial list ofthe Nashville
Board Companies: -Etna, of Hartford;
Georgia Home: PhuniN. of Hartfort; Amer
lean Central, of st. Louis; Home, New
York: Manhattan. New ! DIRK; FiremaHs'
Fund. California; Royal, London.
If the Nashville Board or any patty who
is Interested will take the trouble to look
over the Amazon statement Of the LIST of
January last past-as published in the off
cial report of the Insurance Commissioner
of the State of New York-eNamine the
same carefully in all its details and will
then do the same with the sworn statements
of the same date, published in the same re-
ports. Of the three principal agency compa-
MES Of Hartford and tie leading agency
comnany of New York. and will show that
the condition or past record Of either OF
these companies is Sounder or better, or the
actual book value of their stock worth as
much. as that of the Amazon, the agents OF
thu Amazon in Nashville will agree TO cease
Dong business for il in that city.
Take for instance, say No. OF the Hat
ford agency companies above referred 10 on
the date named above:
|. II was obliged 70 reduce lis capital
from s. .Oil9 0ua 10 S2.000,00n.
,. 1t placed the market value Of the
various bonds and stock held by il, IN many
instances, at most eNhorbitaEt prices and
far above the actual facts.