Daily press. [volume] (Newport News, Va.) 1896-current, 1898-01-23
THE WHARTON BILL
Loca! Business Men Favor Its
Passage.
BLOW AT COM BINATIONS
The Measure to Prevent Fire Insurance
Companies From Entering Into
Compacts to Control Rates
Generally Approved.

ne OH IN the House or
Delegates by Delegate Wharton to pre-
vent fire insurance companies doing
business in this State from entering
into combinations to make or contro!
rates for fire insurance on property, is
generally approved by business men in
this city; and they hope that it will
be enacted into law.
At Tuesday nights meeting of the
Business Mems Association the matter
will be taken up and discussed, and it
is likely that a strong resolution will be
adopted urging the General Assembly
to pass Mr.. iWharton's bill. 1t is the
general opinion that the insurance rate
in this city is entirely too high. Bust
ness men are complaining. They want
relief. and they will insist on 8 reduc-
ton.
Following are two sections of the bill
MIR. Wharton offered:
Section /. BE 1t enacted by the Cen
eraf Assembly Of Virginia, that it shall
be unlawful for any fire insurance COM
pany. association. or partnership doing
a fire insurance business in this State
to enter into any compact or conbna-
ton with other fire insurance compa-
nies. associations, or partnerships, or
TO require their agents to enter into any
compact or combination with other in
Surance agents. companies, associa-
t'uns, or partnerships for the purpose OF
governing or controlling the rates
charged for fire insurance on any
property in this State: provided.
that nothing herein shall prohibit one
ploying common agent or agents to
supervise and advise Of defective Struc-
ture. or suggest improvements to les
sen fire hazard.
Section 2. That all fire insurance
companies, asSocia tions, or partnerSh .ps
doing fire insurance business in this
State. shall cause to be filed on the first
day Of March in each year. with the au-
ditor of public accounts of this State,
the affidavit of some officer or gent of
said company. association. OF partner
ship who resides in the State, setting
forth the fact that the company Of
which he is an officer or agent has not
n The twelve months previous to the
date of the said affidavit entered into
any trust. combination, or association
for the purpose OF preventing compete
zion in insurance rates in this State.
The said affidavit shall be made before
some officer of this SiIte authorized to
administer oiaths, and any false state
ments made in said affidavit shall be
deemed perjury, and punished by a
line of not less than one hundred dol.
lars nor more u anaon thousand dol
lars "a nd by confinement In the peni'tan-7
t.ary for one year, or. in the discretion
of the jury, by confinement in Jail for
l period of not less than thirty days nor
nor more than twelve months: provided
further, that any attempt to evade this
ACT by agreeing upon any one person,
Or number of persons, for the purpose
If making rates for all such insurance
aompa nies, associations, or partnerships,
Or by buying rate-books made by any
person or persons. shall be deemed u
violation of this act. and shall be pun
shed as herein provided
The bill is direct blow a the South
eastern Tariff Association, which regu-
,ates the rates in this State. To break
UP the combine" is the object of the
measure. Then competition will bring
down the eXorbirant rates.
Some time since the Common Coun-
ell imposed a license on all insurance
companies doing business in the city.
and the total revenue derived from the
tcense amounted TO $4,000 year. Up
went the rates a"d instead of thu Tor
eigner paying the TAX, the man at home
siad to pay it. II raised a kick to the
agent of the company carrying my in
surance," said a well known business
man to a reporter for the Daily Press
yesterday, land he admitted that the
increase was Glle to the license. I
told him that the increase was more
than necessary to pay the extra license
fee. The agent was a frank sort of fell
low, and he stated that the increased
rate netted about $4,000 a year, or sl6.-
900 more than was required to pay the
license
The Wha cton bill is meeting with ia
vor throughout the State, and is being
endorsed by business men everywhere.