The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-03-07
A GIGANTIC INSURANCE MO-
NOPOLY.

NOPOLY.
The Herald this morning Feb. 18th
makes a revelation of vital interest to
every merchant, business man, prop
ortv owner and house holder in the city
to every citizen who has to take out
insurance against r
IT. ia the revelation of a secret lnsur-
ance trust comprising all the great fire
companies doing business IN h city
q combination formed to drive smaller
out of existence, kill COmpe-
tition and create a monopoly in fire
and marine insurance for the purpose
of advancing rates, controlling the
business ana putting the community at
its mercy.
A Derus Il of the remarkable story
unfOlded on onOther page will show
this combination to be one of the most
sweeping of all trusts in its scope and
one Of the most pernicious in it's effects.
1t exactS tribute from the entire COM
munity by compelling either the pay
ment of eXOrbiUant charges for insur
ance or the exposure of property with
out to the hazard of deStruC-
ton by fame.
This combination, known as the
Tariff Association, Is the elimination
of a policy that has had for its aim the
driving OF small companies out Of bust
ness and the suppression of COmpeti
ton. 1t Is afOllOwer of the compact
ard the Limited Tariff Association"
which we're mild and weak compared
with the present league.
This was secretly formed last year.
Tho way had been paved by the ami
hilatiOn of many MINOR concerns, but
more particularly by legislation secured
by the Pc" erfUl insurance lobby at
Albany. One of the acts whose pas
sage was obtained prohibited the
placing Of insurance in companies not
having Il place OF business in New York.
The effect OF this was to cut off the
competition of such companies.
The Thrift Association comprises
every fire and marine company doing
business in this city. Every one of
these has relIrquished control of its
rates and other important matters
touching insurance to the association.
Rates are fixed by a committee Of the
association and every company must
abide by them.
The IesulC Is that every business man
o. property owner must pay the rates
or DO without insurance. The diSsatis
feel applicant may 90 70 a dozen com
panIrS, ana at every place he will be
denied any other terms than those
offered by the first office In other
words, competition Is suppressed and
monopoly Il established The aggrieved
insurer Is forced to submit TO It's gran
nlCat eX&ctiuns.
That the mOnCpOly-WhiCh repre-
sents more European than American
capiCal-h ~ not hesIrated to abuse its
power viii doubtless be realized now
by many Of its victims. Rates were
frs advanced in the dry goods dis
trict.' Tnen the graspiug was extended
until it became general, reaching "ut
to theatres, dwellings, steamers, & E,
as well as business establishments In
some instances the charges have been
doubled.
1t is "a gigantic abuse which the State
superintendent Of Insurance shCulG
lose no tme Ill investigating 1t i {
matter thar demands the prompt at
tentIun f the Attorney General Of tie
State as well IS the Legislature a
Albany.
a monopoly Of any kind is foreign tc
our Institutions and O~huOXious to the
people. Trusts are contrary u our
laws and stand condemned by the
courgs as we'll as popular sentiment,
In this country competition IN every
field OF commercial, industrial and
financial actIvity is a public right as II
Is a pubic necessity.
An Insurance monopoly reaches and
Expresses the entire community. The
gigantic combination which the Herald
exposes to day is wrong and an abuse
not to be tolerated by the public au
thorities--N. Y. Herald.