The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-03-01
TWO UNWISE BILLS.
Chamber of Commerce Action
on Proposed Legislation.
AGAINST MORTGAGE TAX Law,
The Measure Strongly Disapproved-
Uofsvofable Action On Insurance
Pool Msasure-Other Matters.

state legislature, were strongly disap-
proved by the trustees Of the chamber Of
commerce at their meeting yesterday The
resolutions adopted on the first subject are
- follows:
WHERRAs, Bills have been introduced In both
houses of the state Legislature providing for the
TAXATION - personal property Of mortgages,
notes, bonds and other securities, and declaring
that all such instruments not bearing the asses
sor's stamp and signature shall be void; and,
whereas. Universal experience has shown
that measures of this character are injurious to
the best interests Of every community, and -
pectally Of new communities like our own, to
whose growth and development the borrowing
OF money 10 essential, tnasmuch - they tend to
drive out capital already invested and 70 pre-
vent further investment; and,
wH8REAs. such measures are especially In.
furious 70 the borrower for the reason that they
tend to increase the rate Of interest and hamper
the making of loans: and,
WARRgAs. Our sister state of Oregon, after
long experience OF similar nature, has repealed
the same, - II was found that her growth and
development were thereby retarded. while the
state OF Washington, In which the l0aning of
money has been subject 70 no such restrictions,
has greatly pr0spered: therefore, Be il
Res0iUed By the Chamber Of Commerce of the
city OF seattle, that We unqualifedly condemn
the measure referred to and request the sena-
tors and representatives from the county Of
King to use their best efforts to prevent the
passage OF the same.
The subject of the prohibition Of insur.
ance companies pooling their rates came
before the board in . communication from
the Commercial Club, of Tacoma. calling
attention to house bill No. 2l8. relative
to fire insurance rates, making it I'M
lawful for insurance companies to pool
their rates in this state, and stating:
We believe tor the interest of our cities that
passed, - 1t would save in premiums alone in
Tacoma 100000 annually. and will save like
amount and more for your city. We believe the
bill should be passed on its merits, which would
no doubt cause the Pacific Insurance Union to
tfeat our cities In Q more liberal manner ir re.
gard to fire insurance rateA We shall be glad to
have you look into the merits of this bill closely
and have your chamber use its influence for its
passage.
The matter was referred to . special
committee consisting of E. o. Graves. ia
cob Furth and Angus Macintosh, which
reported as follows:
Your committee to whom was referred . COM
munication from the Commercial Club OF Ia
coma, urging this chamber to use its influence
for the passage Of house bill No. 210, making it
unlawful for insurance companies to pool their
rates in this state. beg to report that " have
examined the bill and have also heard the state
ments concerning IL of the committee of the
underwriters of this city. We are convinced
that the passage OF the bill would not b in the
interest Of the public or of the insured. On
general grounds We do not think that the nat
ural right OF persons or companies TO hx their
own rates either BY concerted action or other.
wise should be interfered with unless some great
public injury would Be thereby prevented.
q . NpAf us
paniss have made small, II any, profits for sew
eral years past. We believe that the present
union OF the stronger and better companies en-.
ables them to write insurance In . more just and
uniform way and In the long run to give better
rates to the insured than would otherwise b
the casa
The tendency recently, under the present sys-
tenn. has been steadily toward the reduction of
rates and the correction Of inequalities. We're
the proposed bill to pass and each company 80
required to act Independently of the others. the
competition might for time lead to the cutting
of rates and the saving OF some money to the in
sured. It IL unlikely, however, that the COM
panies would continue to do business ct loss,
and the result would, in our opinion, b that
they would ultimately either withdraw from
the field or adopt some plan BY which they
could do business ut . profit aud possibly 70
coup shemselves for prior losses. There is no
compilation on any company to enter the union
and ~ q matter Of fact there 10 . number OF COM
panies which are doing business independently,
with which any one seeking insurance may
deal. II he considers the rates - established by
the union excessive.
We are also informed that there are at least
100 strong fire insurance companies which arc
not doing business in this state and which are
at perfect liberty to enter the field without ref.
ereuce to the union, II they find IL for their In
terest to do
For these various reasons we recommend that
the request of the Commercial Club be not
complied with.
After considerable discussion, the report
of the committee was adopted, although
there las some opposition on the part of .
minority.
The same committee reported as follows
on the sugar bounty bill, and the report
was adopted:
Your committee to whom was referred q letter
from the Chamber of Commerce of Spokane
Questing the approval by our chamber of the
bill granting bounty for the production and
manufacture OF sugar in the state of Washing
ton, having investigated the subject. recon-
mend that it lie upon the table.
G. II. Wilson, of the United States
weather bureau, who has been transferred
from San Francisco to take charge of the
station TO be established at this city, APP
pe0reu peIOIe TIC OOdEu anu Stateu tuat,
inasmuch as the establishment of the
station had been determined upon the Pc
tition OF the chamber, he wished to make
the station all that the chamber desired,
and asked for its cooperation and that of
citizens generally to make it valuable.
Senator Squire wired the chamber that
he had succeeded in obtaining $500 900 for
the Port Orchard dock in place of $2z225 600
in the bill.
S. A. Wheelwright. who is running an
Office in Chicago called the Washington
state headquarters. in lengthy communi-
cation asked the chamber to contribute
81. 600 to &he maintenance Of his office He
also forw arded petition to the Legislature,
asking an appropriation OF 5000 for the
same purpose. The matter was laid on
the table.
Ranks Enter . Protest.