The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-10-20

while this war WIS on, anu whereas, i
is generally admitted that no reduction
of rates would have been offered had no
the Southern Stock Mutual been com
petitor; and whereas, it is self-eyiden
that the cut rates are merely a temper
airy device and are not intended to WORT
any permanent benefit or saving to tn,
public; and whereas, the Southern Stoel
Mutual Insurance Company has since it,
organization reduced the cost of our in
surance 20 per cent. per annum and hai
saved to the people of Greensboro ans
North Carolina thousands of dollars
Now be it resolved,
LIST. That we, the business men Of
Greensboro, have a rare opportunity t.
rebul1e what we consider high-handeC
and unlawful business methods, to hold
up the hands of and strengthen most
deserving home institution, and to show
| to the world that there is spirit of
generous cooperation among the bust
ness men of Greensboro that win not
allow any worthy home enterprise to
suffer Mt the hands Of an outside, hos
tile combination;
2nd. That it would he short-sighted
and unwise on the part of this commun-
ity to withdraw its support from the
Southern Stock Mutual Insurance Com
pany; that to do this would be to place
ourselves at the mercy of combination
of insurance companies; and that it is
good policy, good business, and in the
nature of a public duty, that the bust
ness men of Greensboro stand firmly 10y
the home company.
3rd. That we recommend to the South
ern Stock Mutual as the only safe course
for them, to maintain the regular rates
that to undertake to meet the cut would
he to cripple themselves and play into
the hand of the South Eeastern Tariff
Association and contribute to their own
defeat.
4th. That we recommend further the
following pan, which will support and
strengthen the Southern Stock Mutual
as long as the rate war continues and at
the same time give the public the bene-
fit of the cut rates on all property upon
which they cannot secure the Stock Mu-
tual's dividends.
First. We urge upon the people of
Greensboro, as good business policy and
as n matter of right, to see to it that all
their property, such as the Southern
Stock Mutual under its rules can insure,
is insured in the Greensboro Company at
the regular rates.
Second. That insurance OH such prop
erty as the Southern Stock Mutual can
not handle be placed at ti.1 cut rates in
the other companies and that the differ
ence in premium between the cost of the
insurance at cut rates and at the regu-
lar rates, or in other words the amount
saved in the transaction, be paid over
to ID. +. Caldwell, president of the Bank
of Guilford; Neil Ellington, president
Greensboro National Bank, and J. NJ.
Walker, president Piedmont Bank, and
their successors in office as trustees for
the Southern Stock Mutual Insurance
Company, and that in return the South
ern Stock Mutual Insurance Company
issue for all such payments full paid
worcestershire stock of the company,
this stock to be on equal footing and to
nave the same privileges us the remain
ing stock of the company. The trustees
above named TO invest the money they
receive and turn over annually to the
said stockholders the income from this
fund. until the remaining stock of the
company has been fully paid by the sur
plus acumulationS provided for in the
charter of the company, at which time
the guarantors' stock and the above de-
scrihed full paid stock will share alike
of the company The cash accumula-
tions of the Southern Stock Mutual In
surance Company amount now to over
$4,000 and on january LIST, 1898, the
company's surplus will be not less than
$1,000, so that the stock which it is pro-
posed above to issue is already at a
premium.
1t is the sense of this meeting that this
fIr f,la xxy1f1 oh mill
bring the home company out of this
fight stronger financially than when It
went into it, and at the same time be
insuring public.
After the meeting | saw one or two
of the local agents representing COM
citation. Mr.. O. W. Carr was seen and
asked if the report was true that the
South Eastern Association had cut its
rates on certain lines of insurance in
Greensboro 80 per cent.
at is true" replied Mr.. Carr.
What instigated the cutY was asked
80 far as | know" replied Mr.. Carr,
.'the associa tion made the cut to protect
its local agents. to retain the business al
ready written in Greensboro and secure
new DusIHtoS ny IlNNl4AS NOiipNItIVt
coming from the local company"
Twill the cut stop hereT'
81 think not; to the contrary, | think
that the association will adopt such
methods as will enable it to protect it
self against the cheaper insurance offer
ed by this company on the return divi-
dend basis"
81 think" continued Mr.. Carr, "that
the meeting here tonight will perhaps
stimulate the fight"
Greensboro is greatly worked up over
the fight and is standing Loyalty by the
home company.
1t was tsated in the meeting tonight
that notwithstanding strenuous efforts
on the part of the local association ag
ents. not single policy had been chang
ed from the home company.