The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1888-09-20
THE GREAT JUrE TRUST.
Atlanta Insurance Men Say they will Issue
Policies on Cotton Wrapped in
Osnaburgs.
[ from the Atlanta Constitution, Sep
temberS.7

tember
Cotton bagaing is bound to win.
The effort of the cotton traders to
rally the insurance men to their aid,
by refusing insurance to other classes of
bagging than jute, has failed, and now
cotton bagging will have fair field in
an open market.
Meeting Major Minis, president Of
the Southeastern Tariff Association,
yesterday, he was asked:
"Suppose bale of cotton in cotton
bagging were presented to you?"
Il would insure it without hesita-
ton. There is no rule in favor of jute
among the insurance companies. Cot
ton baggingis, in fact, safer than jute.
Jute bagging is about the most infiam-
mable covering imaginable for cotton.
tehas to be put through a chemical
operation to lessen its danger, and the
same operation could be applied to cot
ton cloth. 1t is the cotton trader who
objects to miscellaneous bagging, prin-
cipally because of its liability to tear.
Insurance men have no interest in re-
fusing insurance in almost any other
material. I certainly will write insur-
ance risks whenever asked to do so
upon cotton-covered cotton"
"This will also be the policy of the
Southeastern Tariff Association?"
Most decidedly"
Mr.. Clarence Knowles, the father of
the Tariff Association, was equally as
emphatic as Major Minis.
"Why," said he, lit was the cotton
risk which called together the South
eastern Tariff Association. So great
was the dissatisfaction with cotton
risks, and with jute as bagging, that
the Southern insurance men were called
together in New Holland, in 1882, and
an organization was Effected"
"And YOU were elected PRESIDENT"
"Yes. 1t was universally admitted
that jute was as infammable almost as
power, and the great question was to
get either a substitute, or to discover
some chemical preparation which
would lessen its dangerous character.
At one of our meetings an Augusta
man exhibited preparation called
anti-phlogan, which he claimed would
render fabrics non-inhammable. His
tests gave satisfaction, but for some
reason invention and inventor passed
out of mind"
"What about the refusal Of North
Carolina insurance men to take risks on
cotton bagging?"
"There is nota word of truth in it.
Under the rule of the association ordi-
nary business is left in the hands of the
local agents, but the cotton risks are
referred directly to the president end
executive committee of the association
here in Atlanta. We have never re-
fused insurance on other bagging be-
cause it was never applied for, but if it
should De applied for the risk would be
written up at once. Viewed from an
insurance standpoint cotton, bagging is
infinitely superior to jute. Did you
ever see a cotton fire."
"No."
"Well, l have. If a match should be
applied at one end of a collection of
cotton, with adverse winds, the fire
would extend, nevertheless, like the
flash Of pistol. So you see we are
more anxious for a change even than
the farmers. The Lane Mills, of New
Orleans, offer osnaburgs for bagging,
and burlaps, in my opinion, would also
be an improvement"
whence, then, comes the objection
to cotton bagging?'
"From Liverpool, where the require
ment Of jute bagging is made, but / see
that the Liverpool traders are willing
to relax the rule, SO that those who
want to try cotton bagging can do So"
"What is the rule about insuring
cotton?"
1.-The warehouseman either insures it
on his own risk, or in trust for each
customer. Under the latter form each
farmer can present cotton baled to suit
himself, and thus find out that in
surancs will be issued to him as readily
on cotton bagging as on jute."
"Do you regulate the warehouses"
"For the purpose of increasing secu
rity against. loss we have lower rate
for standard warehouses than for those
not standard. Seeing the difficulty o,
getting secure bagging, we turned oul
attention to the warehouses. An oper
warehouse, with $1,000 bales of cottor
stored in it, would be certain prey fol
total destruction. Every bale in sigh,
would 60. We planned a standard
warehouse, divided into small compart
ments, thus decreasing risks, upor
which lower rate is given. There is
no business to which more scientific
attention is given than that of insur'
ance.
$50 farmers need have no hesitation
on the score Of insurance, in using cot
ton bagging:"
/ mo, they need have no fear. We
shall certainly help the farmer, in every
way, and risks will be taken as readily
on anything else as on jute."
The importance of these declarations
cannot be over-estimated. They mean
that cotton baled in any manner 30 as
to be merchantable will be promptly
insured. This removes one fthe strong
est objections warehousemen could