Savannah morning news. [volume] (Savannah) 1868-1887, 1883-08-28
ACTION OF THE MERCHANTS.
The Meeting at the City Exchange Last
Night TO Consider the Insurance Dues
ton Memorial to the. General n

tien-afcmorial' to the. General As
selnbly. st
PURSUANT 70 call a general meeting oil
citizens representing the mercantile IL
terests of Savannah and others concerned
in insurance affairs was held at the City
Exchange last night, to consider the re-
cent action Of the Southeastern Tariff As
ISOLATION in relation to Insurance matters.
--T7uon- motion of CaptaiTcJ oha Elannery,
Captain James H. Johnston, President OF
the Cotton Exchange, was made Chair
man Of the meeting. Dir. r. d, BogaTt
acted as Secretary. tNFt
In stating the object for which the
meeting had been called the Chairman
referred to the restrictions imposed by
the Southeastern Tariff Association upon
the cotton, rice and naval stores business,
seriously affecting other interests ana
embarrassing the commerce OF the cltY,
and placing an embargo upon its trade.
Col. }. /. Warren. Chairman OF the
committee recently appointed at meet
ing Of the cotton merchants, reported tiie
efforts of that body in investigating the
matter of increased rates ana the average
clause, He stated what he believed to be
the effect Of the action OF the Tariff
Association upon the city's general COM
merce. He also reviewed the conferences
with the banks and the insurance repre-
spntatives. the result of which has al
ready been given in the News.
AS Chairman of the committee he pre-
scented the following resolutions and ac-
companying memorial to the Legislature
for adoption and Endorsement b! the
meeting:
WHEREAS. The recent action of the South
eastern Tariff Association Of Underwriters IN
increasing the rates of insurance and requIr-
ing the insertion of the ''aVerage clause IN
their policies on cotton. rice and naval stores
Is a serious blow 10 the business of our city
and state making doubtful and unsatfsfac-
tory as security the products Of our section,
which seek a market at this port and winch
require a very large amount OF caplldl anu
credit in order 10 handle them; and whereas,
upon the terms required in their proposed
policies our banks have notified us that they
will be compelled to reduce the line OF credit
of all our merchants, who are accustomed to
use these articles as cOllaterals ana thus
seriously affect the volume Of our business
and the prosperity OF our city therefore,
Resolrsd. ]. That We decidedly oppose ana
emphaucally protest against the Increase OF
the rates Of insurance and the insertion OF the
average clause IN their policies as so detfl-
mental 60 oar interests az 10 be lntolerable.
,. That we appreciate and are grateful Tor
the course pursued 10y our local Board OF Tn
derWriters in urging the companies tney
represent to rescind their obnoxious ana IN
furious action: that d copy OF the proceedings
of this meeting be placed in the hands OF their
Chairman. with the request that copies OF The
same be forwarded to their respective com
panies.
,. That we heartily favor the repeal Of the
law recurring the deposit Of $4,000 in bonds
with the Treasurer Of the state by insurance
companies incorporated in other states as
condition OF being permitted TO 10 business in
this state. The provisions of the condition
ON the subject afford the insured ample Sc
curly. The statute Is an unnecessar! eAac-
ton, driving out many good solvent com
Il. sffr Of
ton. encouraging monopoly and arbitrary
requirements, and diminishing lnstead OF m
creasiug our security. by concentrating III
comparatively few companies the large lnsur-
ancC risks which We are compelled IN the
cour-c OF business to take out.
4. ResOfUed. That the Chairman and >ecre-
taTy of this meeting forward copy oil TINS
preamble and these resolutions 10 senator
MelIrim and Representatives Fauigant,
Owens and McDonOugh. with the earnest re-
quest that they Introduce and press TO Its
passage bill giving Us the rellei Whloh we
need by repeal If the present law.
). That the accompanying memorial be sent
to them. with the request that it be presented
by them to the General Assembly Of the state,
now in session.
MEMORIAL.
To the General 4 sseH,bIg Of tie state of Gbrgin:
Your memorialists respectfully and earnest
~ appeal to you TO repeal the law requiring
assurances Incorporated by other states
to deposit with the Treasurer OF this
condition upon which they are permitted to
transact business IN this state.
The constitution of the State makes ample
provision for the security Of policy hold
ers. and the additional eXactiOn Of the statute
is unnecessary for the protection OF the peo-
pie. 1t has prevented large num-
her of solvent companies from engaging
in business within our state lli&lIs,
Ii has thus. by limiting the number OF COM
panics doing business in the state ana IN
crcasing and concentrating the risks they
4 n..r FsaN THfI ala a
security we seek IN insurance policies. 1t has
caused a monopoly which imposes on Us arbi-
trary and unjust eXactlOns, both a. to the rate
of our premiums for insurance and the terms
of insurance, and places Us at the mercy OF
those WhOcan, under the existing law, nave no
competition, Your memoriallsts are at pres
ent suffering from increased rates and new
conditions required OF us, Whlch seriously
affect our business interests. The terms Of
insurance of cotton, the most important article
of commerce in our state, must Affect the Ia
cillty of handling IT. and the extra charges
and burdens which are imposed on It's manu-
ling by the insurance companies are at last
tax upon the farmers of the country. GIVE
Us free trade and no monopoly IN insurance
business. with no eXactlOns or restrictions eA-
cent those imposed by our State constitution,
and We think we shall, in the free competl-
tOn of solvent companies, have guarantee
against injustice in rates and terms. Nhlle
we. YOUR memOrialsts. are now feeling keen
~. and perhaps first. the evil effects OF the
course Of insurance companies. ne rates
applied TO Us by them duect allhc All lilt pco-
pie of the state who are in trade and az the
producers in the state, ana the remedy we
suggest viii be OF general benefit to all.
The adoption of the resolutions and
memorial was moved and seconded and
the affirmative vote was unanimous.
Mr.. Daniels, representing the insur-
ance interests, stated that bill was al
ready before the Legislature providing for
a repeal of the license deposit law and he
could not see the use Of the memorial.
Colonel Warren was not aware that
such bill was before the Legislature,
but if it was the memorial would be
strong backing for it.
Mr.. c. Lucien Jones moved that com
mittee of nine be appointed to secure sig
natures to the memorial. The motion was
carried and the following committee was
appointed: Messrs. &. Lucien Jones,
Lee Roy Meyers, Randolph Arson, a. II,
Champion, j. ). Woods, o. Hartman, Il.
I. Conner, J. T. Minis and Joseph ROsen-
helm.
The memorial was presented for the sig
natures of those present, and was signed
by a large number of representative mer-
chants. The meeting then adjourned, and
the matter will be pushed by the commit
tee. The memorial will be forwarded to
Atlanta at once,