Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-02-12
THEY MAY COMBINE.
AxTI-INsURANcE-TR BILL TO BE
REPORTED uNFAvORABLY.
HOLLY FOUGHT IN COMMITTEE.
Major Charles stringfeIiow Makes n
Lengthy Argument Against the
MIR. Cooke Speak for Ii.


to put up rates
The bill was considered by the commit
tee sitting In the Senate chamber, and a
number Of spectators, including repre-
sentatives Of companies from Richmond,
Norfolk. Petersburg. Lynchburg. Roa-
noke, stanton. Buena Vista, and Alex
andria, were present.
When the bin had been read by Clerk
Nlemeier there was some argument as
70 the order OF debate and it was finally
decided that General Wharton, OF Mont
gomery county, the patron Of the bill in
the House, should open for the bill; Major
Charles stringfellow, of the Richmond
Bar. to follow IN opposition, and Delegate
Cooke. OF Norfolk. should close In the
bills favor.
General Wharton spoke very briefly,
setting forth the great need OF the pill
saying that the propcrty-hoders Of the
State endured great hardships by reason
OF insurance trusts.
Major Stringfe low followed General
Wharton in a very able speech, bristlng
with figures and garnished with elo-
quent periods He said the object OF
the bill was 10 thoroughly dsorganize
the business Of the State. 1t was no un-
lust combination which regulated the IN
surance business lie spoke Of how the
first time he went to New YORK from
Petersburg he had TO make three or four
changes before he reached his dcstina-
ton Now he could go TO sleep in Peters
burg. and when ne walked up ne and his
baggage would be in New York-the re-
suit Of combination. Trusts might work
harm to individuals sometimes, but in
many instances which he could name
trusts had greatly reduced the cost OF
necessities Of life. Burke had said re
form is not always change and ne
warned the committee Of the danger oil
regarding the opposite as true.
The Speaker sketched the origin and
growth of the Southeastern Tariff Asso-
citation, its organization dating back INTO
the early seventies. Its workings had
been highly satisfactory; there was no
cry from "the down-trodden agents. nor
from the people, for its adjustment.
WOULD CRIPPLE INSURANCE.
Insurance produces nothing, the speak
or continued. When n house Is burned
its value is lost to the world. The insur-
ance company may reimburse the owner
for the loss, but the money with which IL
Is done is taken from the capltal OF the
company, from the total money properly
of the world. The object ana aim Oh IN
surance companies was TO give security
| A law like the one proposed would GRIP
pie them in this work. Major Strlnslel-
| low read q statement showing that In
ono year I'm Virginia before the organiza-
tlon Of the Tariff Association in this
| state the policies paid amounted 10 more
/ than 90 per cent. Of the premiums. He said
/ that of sixty fre-insurance companies
! In this country with a capital OF Sl,VVOVVo,
the average income was OBI per cent. on
the 800 worth of stock. Did that look
like the insurance companies were cor
! morants? 1000,
CITIES DIVIDED INTO CLASSES.
The cities and towns Of the State, Major
c.rinofellow went on, are divided into
classes by the insurance companies lhos'
with first-class paid fire departments De
ing nut in the first Glass; those WIZ
poorer departments In the secohu cia 80.
third class. those with no department.
In tho fourth class. The object or the
association of insurance-men is 10 equai
ize rates as far as possible, so as 10 mar mar
! the premium correspond with the Iish
srha sturdy farmers of the Valley die
their own work, and did not have to pa!
! as high a rate for the policy on theN
| dwellings and barns, as the FARMERS U
the Southside, who had so many lrIespon
~ M negroes about them. He quoted
from the North Carolina law proVluihi
+hot the rate of insurance on farm pro
nartv In that State should not be hlgne
than the rate on similar property III VII
ginia. 49,. . rto+erent fms
nrenared from figures In the Auuitor
office showing that the average rdle
l.s.I
Insurance in the State hau gred.S W
creased. Regarding the chals1 'ua' 20
80 49, very high in Norfolk, he sal
they were less now, by cents III INC uo'
- than they were in 1884. or sXtee
,,,Danies doing business in that cit
d,rirg the past ten years they hau actu
IN, Ioet s7i S6S u. Regarding the chars
80 h,, the Business-M Mems Associate
u" l's S,orfolk that the Tariff Association
n trust Major Stringfellow READ from ~
flaws of the Cotton Exchange Oh 'n'
civ prohibiting members rom -,
various things. etc, when ne 80 80 40
l., vowed the Tariff Association,
- -. ,,,as not alone. He cited instance
',.taro n was absolutely necessary ~
',r,,rorce companies 10 combine IN orut
a. business. Mr.. Letter had AzVV'v
- wheat i'm Chicago. lie wahteu
IT. a 70 Europe. His agent "oul
sn,p IN agents in New YORK. an
N,ownort News to know the cos. "a =
s,,r,rr his cargo The New fork ma !,
could tell him what the cost w. -,
hut the Newport agent coulu - ao,,l
pu' - on more than his company coul
~ a. no aid he would go 70 the pen
.""ttarv 1aughter) Did any one uou'
, s,,hora that wheat would go Tor shlpiien
conclusion. Major Stringfellow ndu
, an eIonuent plea against the plii' say =
:. ,vouid strike down great pusihe'
interest OF the state. x,,,....o..or raa
~ uansbrough, of winchester RED
o Letter from the proprietors Oh ial
! tannery. requesting their represeh'"'''
$ TO defeat the bill.
FAVORED BY MR.. COOKE
A. MERRITT r. Cooke, the Deiesd
g -, nyorfolk. spoke for the Dill.
5 auotod from the laws or various 80 -
q',.,a, the legislation regulating ilS
sl'o eo connanies Major Strlngiehow
.n,,rted him with a question do
Y .tnr such laws had ever Deeh
VIZ q, thp great commercial states
60 York Massachusetts,, ana fehn''
n vania? NJ Cooke .'but
- ctatas your association - |o,
.;,,, nth outside companies ana !
q s,,r,ro nroperty at much less ia.e '''
|, g. charged in Virginia Nausn'.'c
! NJ Cooke then took up the supJect
u mutual insurance companies a"u o,
q that I'm every section where .nes. ~ =,
e NAMES were doing business INC ra,
= heen lowered. The real Reason "H' 60,
n we're lower in the Valley IMAM ~ 80 go
: side Virginia was because i's'u -, rat
, rance companies hau ioi0eu
by their competition ,,ost,o,s
| t,li