The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-11-12
A COMPLETE KNOCKOUT
GREENSBORO STICKS TO IT'S HOME COM
PA Y, tn SOUTHERN STOCK
MUTUAL.
T he Citizens of the Town Sign an Agreement
and Talk Without Reserve About the
Cut Rate War.

/ III Association Goliath seems 10 nave
been knocked out in its fight in Green's
hulo hy the young David OF insurance.
he southern Stock Mutual Insurance
Company.
This fight was inaugurated just a
month ago and the combination doubt
rEa thought that by this time the home
,ompnny would be ready to throw up
| th. sponge, retire from the contest and
/ cave the field clear for them and their
Did rates. Al first it was openly avOwed
! 81 AIN told that the war was to be
| light To the finish against the home
company, but that did not work. 1t
seems To have only stimulated the In
t.rcst In favor OF the home company
aud led TO n concert OF action on the
puIt of the people OF Greensboro III
/ favor OF this company that has
made the business OF the company far
exceed any previous months business.
| And only one lone policy OF the home
company has been cancelled and placed
in another company at the half-rate
offered and the premium on this policy
was less than $50. All the other can
ceiling that has been done, so | hear,
has been the canceling of policies held
in the old companies and re-issued in
them at the cut rate and placed in the
Southern Stock Mutual at their regular
rates.
4 Three hundred and fifty of the lead
ing citizens and property owners have
signed an agreement to stand by the
home company and not only to renew
their insurance at the regular rate, but
lsa1a IN 4hn thn>
companies to change them into the
Southern Stock Mutual whenever the
! risk would be accepted by them.
| Being in Greensboro a few hours yes
terday and remembering the insurance
war that had been going on here,
! inst thought | would see what the stu
ation was now after a months fight. In
talking with several of the leading
citizens the foregoing facts were
cleaned. | found that instead Of the
sentiment in the interest of the home
company dying out or becoming at all
less pronounced that it is more enthu-
siaStic now than it ever has been and
the determ:nat ton on the part of the
people is to Illustrate the scheme of the
old companies, whether it takes a year
/ or five years to do it. Coming up Elm
street yesterday / met Mr. j. NJ.
Hendricks, a leading merchant. | asked
him what the situation was now, with
reference to the local insurance fight.
j-'Just like it was when the mass meeting
was held except a more pronounced de-
Termination on the part of everybody
TO protect the home company. My own
| feeling is best expressed in the fact
/ that on the 9th inst. l had a policy on
! my store in one of the old companies
lexpire. Instead of renewing it even at
the half rate proposed by the tariff as
ISOLATION, | gave it to the home COM
pany at, their regular rates, and
think that you will find the same feeling
prevails among our citizens almost with
out an exception"
Speaking about the war, Mr.. r. G.
Vaughan, cashier Of the Piedmont bank,
said that 1.-THE sentiment was perfectly
steadfast in favor of the home company.
| am giving them all of the BUSINESS that
| | control that they will take and l
have just been advised by q gentleman
who has a policy in one of the old
companies. to place It in the Greensboro
company at its expiration, which will be
within few days"
I'VE are not going to let this monster
walk up and kill our own child" said
the venerable Mr.. X. M. Sloan, with
out doing our level best to prevent it.
No. sir: we are not catching at the snare
set for us by this combine. We know
what it means and we are heart and
sonl with our own people,"
The Southern Stock Mutua's only
crime is proposlIIon to return to the
policy holder a part of what is left OF
rhe premium after paying the cost of
insurance. all losses and fair dividend
TO its stockholders" said Mr.. J. s.
hunter. secretary Of the Greensboro In
dustrial and Immigration association."It
is because of this just and fair feature
~ the home company's plan Of insur-
ance that the combination decided TO
come into their home town and destroy
them. hut their scheme has failed COM
petely and only operated to give the
home company more friends and more
business"
"Oh. the combination has backed
down completely from what was at first
announced as the purposes Of the rate
war" said Mr.. Joe Recce. editor uf the
Record. ''nnd they now proclaim thar
rhe war WAS declared not against the
home company. hut against some for
eign companies who do business III
Greensboro at regular rates. hut thar
is so thin that blind man can SEQ
through it. Our people have hafflcd
The combination ut every turn and in
stead of writing any new business they
are losing some they already had.
NO. SIR we are going tn stand ny tho
home people. and that sentiment pre-
walls all over Greensboro.
Mr.. s. \. Carr. Of thr firm nf Hons
ron & Bro. WAS equally "utSpokrn IN
his confidence in the home company
aud in his sympathy for il. and thr fart
that in the face of II en- of ~ per cent.
in thr tariff associations rates IN
Greensboro. hut one single home COM
pnny policy has h%u cancelled and
twelve fines thp nmnunt nf thai pre-
MUM written in new business during
rho past month shows thar thr aSS"'iH-
zion ahOntrd thr wrong mrthnrl I" weed
ON thiS -nnnL insurance company
TN, t,nntIln fool thDt rho -