The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-10-20
THE INSURANCE WAR
Greensboro Angry Over Cut
Insurance Rates.
A LARGE MASS MEETING
AND SOME FIRERY SPEECHES
AGAINST THE TARIFF.
THEY DECLARE IT A TRUST
Determined to Throttle Competition land Kill
Out Cheaper Home Insurance Com
panies- Strong Resolutions
Passed.
THEY DECLARE IT A TRUST

Greensboro, n. c., Oct. 19.-(Special.,
Tonight large and representative body
of Greensboro's citizens met in mass
meeting in the court house to take some
action with reference to- the insurance
rate war that began in this town last
Friday. The meeting was held under the
auspices of the Greensboro Industrial
and Immigration Association, and the
speeches made and the resolutions
passed had an anti-monopoly ring in
them that was refreshing.
The meeting was called to order by
Mr.. G. III. Ireland, in the absence, by
reason of sickness of the President OF
the Association, Mr.. J. S. Hunter.
Mr.. Ireland, in explaining the object
of the meeting, dealt some rather lively
blows at the South Eastern Tariff As
ISOLATION for what he termed a perfectly
manifest determination to crush out
by the adoption in Greensboro of de-
structive rates-the Southern Stock Mu-
tual Insurance Company, which had by
its system of returning dividends to
policy holders, saved thousands of dollars
to Greensboro and the State.
Mr.. A. NJ. Scales was the next speaker.
He felt proud that he belonged to an
association that had for one of its OBJ
jects the maintenance of its home insti-
buttons, and to protect them against the
illegitmate onslaughts of all corners. He
favored standing firm against the ever
increasing flood of trust greed and cor
porate oppression.
He alluded to the home company as
one of the most fourishing companies in
the country, and declared that it had de-
monstrated that insurance could be done
at a cheaper cost.
If this was legitimate cut he should
say to the home company, meet it, but
it was illegitimate cut. 1t has boldly
announced that it was for no other rea-
son than TO drive out competition. and he
for ere was in favor of hanging Green's
boro's banner on the outer walls. pro-
claiming to trusts and monopolies: Thus
far can you come, and no further"
Mr.. George $. Sargant. of the Sargant
Manufacturing Company, offered the
resolutions printed below. If these out
side companies can carry our insurance.
said Mr.. Sargant, for half what they
have been charging us, they ought to
have found it out years ago, and not
have collected the full rates all these
years.
Mr. McAlister, of the home company,
being called upon, made a statement ex-
planning the latter clauses in the resolu-
lions printed below. and stated that the
plans suggested will not only aid the
home company, but result in benefit to
those who secured stock in the home
company on the basis proposed.
He explained that the South Eastern
Tariff Association comprised nearly all
the insurance companies doing business
in the State, and the eight inaugurated
against the Stock Mutual was simply
because TIE Stock Mutual paid back to
the policy holders part Of the net earn
ings of the company.
He stated that the cut inaugurated had
been made to apply only to that class
of risks taken by his company.
Col. d. It. Caldwell, the venerable
banker, the lettering sage of Greens
boro's finance and trade, made spirited
and emphatic speech IL favor Of sustain
ing the home company.
He reiterated with feeling and empha-
sis the famous declaration millions for
defense but not dollar for tribute"
Mr. b. z. Wharton was called upon
and stated that during a recent visit to
Richmond he had learned that a like
war was made on home company there,
and as soon as the local company was
gotten out of the way, the rates were
advanced again and all policies issued al
cheap rates were collected by the com
pany.
Mr. John n. Wilson made a spirited
combination on deserving home institu
ton. He favored saying to this or any
other combination that had for its pur
pose the throttling of young and deserv
ing industries: Stand back" 1T was
the great fight of the age, and he had
not hesitancy in proclaiming where ht
stood in this fight.
Mr.. Robert Sloan, eighty years Of
age, declared that he had been payinG
insurance premiums for fifty years, ant
he never had received dime of returned
dividends until the Stock Mutual started
He favored standing by it.
| Mr.. w. G.. Mendenhall had paid on
| $4,000 for insurance and never got ;
| penny back except from the Southern
Stock Mutual. He thought the actor
of the South Eastern Tariff Association
was Glow down, dirty, mean trick"
Mr.. j. l.. King favored appointing
committee to secure signatures Of clti
zens pledging themselves to give thei
business exclusively to the home compan
on all those classes that the home con
pany could take.
Mr.. V. c. McAdoo, Mr.. Sam Browne
and others spoke along the same line..
A rising vote was then taken on th
resolutions, and they were adopte
unanimously.
The following are the resolutions:
Whereas, The combination of outsld
fire insurance companies known as tn
South Eastern Tariff Association ma