The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-05-08
che Anti-rrust Bill.

~NA'AAAAAS3s
che ANTITRUST Bill.
To the Editor Of The Post
Beaumont Texas, April I'll have just
read with considerable interest an article
in the Galveston News, dated New York,
April Is. and signed IL commenting as
TO the effect of the proposed so-called
antitrust bill" now pending in the legs-
lature, as also a purported interview with
John II Washburn, Esq, vice president of
the Home Insurance company of New
York; and in the same ISSUE as also in
The Houston Post of same date, / have
also read with considerable interest the
article as published by Judge l.. J. Storey
under date OF April "a, upholding the Sc
called 'anu-trust bill" and I have been
struck very forcibly indeed with the dit
fersnt character of arguments adopted by
these respective gentlemen. and ! ne g
to note very briefly the contrast of i'm
preston as made upon my mind and sub.
nit same With all candor 10 the thinking
public in general, and in special to those
gentlemen at Austin upon whom Will fall
The great responsibility of passing the So
called "anti-trust biz as originally intro
duced. or amending same in such form as
10 tIhllFdIt what WOULD appear TO De It's
main aud anticipated direful features
Judge Storey comments in general in
regard to the growth of trusts within the
last year, and. of course. ! take for grant
ed that the figures as submitted by him
are correct, but as touching the effect of
the proposed antitrust bill" submit
with all can1or that they contain no ar
gument in support OF this bill, and his
comment that II the fire insurance compa-
MI g,t- f,,, -.
quicker the better, or words 10 that ef
feet, do certainly not throw any light
upon what would be the effect of the pass
ing Of this proposed law, though such eff
feet in the minds of the public should GER
tainy be uppermost
fudge Storey further says as follows:
Il am tcld that all fire insurance policies
have a CLAUSE authorizing the cancellation
of policies upon tie commission of any
act by the pallcy holder forbidden there
in. But can any business man be per-
suaded, even by a sensationalist, that the
courts OF this country would protect even
this powerful trust In the cancellation OF
its contract. because this grand State had
exercised its sovereign power to enact
law which tho fire insurance companies
we're not willing 20 do business under in
this State, knowing as they do that the
proposed act does not and could not cancel
Either Judge Storey Is not at all con-
versant with insurance contracts in gem
eral, or he has certainly very greatly mis-
understood the general claims as to out
standing policies In case of the enactment
Of the proposed antitrust" law. and in
explanation thereof, and in the capacity of
an humble local insurance agent, will say
that each and every policy issued In this
State by the old line companies reserves
unto itself the privilege to cancel such
policy nj any time Il may see 1T, but re-
turning to the assured the unearned pre-
MUM; and the assured, on the other hand,
has the same privilege to cancel and sur
render his policy At any time he may see
NJ. and demand nj the insurance company
the unearned premium.
Now to the facts What position would
It place insurance policies in in case of the
withdrawal OF the different companies
from the State. which. of course, would
also revoke the commissions of their
agents. Every one who is at all ac-
quaintod with fire insurance contracts
knows that II at any time property in
snred by company Is removed from its
original location, or. II such property is
assigned TO another. or II the interest In
such property is changed in any way. IL
becomes Immediately necessary 10 make
the proper Endorsement upon such policy
or the contract In itself becomes null and
VOID as the existing conditions under
which the original policy was issued be-
come changed; hut how could such indorse-
meht he made unless the companies were
DOING business IN the State and had agents
therein 10 enact business for them and
all business men know that on account Of
me activity In tho business world these
changes OF ownership, etc, are daily oc-
currences
Now, with all due respect 10 Judge sto-
rev ! would ask " his article has touched
upcn the practical effects OF the brl9
on he other hand, invite the careful
Of the comments as made
~ John u, Washhurn Esq. vice presi-
dent OF he Home Insurance compan, ~
,NeW Nork, as contained in the Galveston
News dated New York, April % ana
headed "Anti-insurance Law as also lie
other comments in that article The arr.
eye calls special attention as to the effect
thai the withdrawal OF the Insurance. COM
panies would have on the credit OF the
STATE, and | submit with all candor that
me statement is not exaggerated as can't
tai Is extremely shy, and unless II has
reasonable protection II certainly also viii
withdraw from the State
Now, in conclusion why are we fnrcad
10 believe that the insurance oomnanIas
wlil withdraw from the State II the bllI
as originally introduced passes? In AM
- VIII say, because they could not do
'tnerwise unless they were wilIinr ~
submit to the laws OF this State hous,,a,
preludicial the same might be 10 their in
..ssrests in all the other States in which
lhey are doing business As the business
'na1 they do in this State amounts 10 only
aecut one fortieth OF their total samonn,
OF business, they would certainly NOT sub.
leot the other thirty-uine fortieths OF their
business to such rules and regulations as
WOULD n A..
sonable profits that they naturally sxnsc,
rom their business,
ne one article seems 20 be based ON
political preiudiess. whilst the other would
zen, % be submitting 20 the busi,ess
World cold facts and figures Which shsii
We be governed by s'''ii
Upon the passage of this bill in question