The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-03-05

the 25 per cent advance in rates stands,
to send their daily reports direct to us
Instead of to any stamping office, after
giving such notice as may be incumbent
on them.
They are enjoined, however to main
tain with the utmost care the full tariff
rates as they stood before the % per
cent advance was ordered.
Eve began seven years ago to build up
firm insurance business in North Car
DINA, and during that period our average
annual loss ratio has never exceeded 35
per cent. and for the seven years the
average ratio was only 24k per cent
and less than so per cent of our business
is preferred business. We therefore.
have no need of an advance in rates and
cannot admit any obligation on our part
to exact it merely because other com
panies are doing it. If we could stand a
25 per cent reduction on preferred risks.
the Association ought to be able to get
along without rs per cent advance on
non preferred risks.
I'm conclusion we desire to pay our
respects to the wisdom. the sagacity, the
foresight of those who are responsible
for this most untimely disturbance of
most wholesome conditions in North
Carolina. just north of us and just
south of us the insurance companies in
their organized capacity have been
driven out. The hand of the people and
of the lawmakers has been raised
against them, hated, suspected and out
lawed. But they have Jared we'll at the
hands of the people of North Carolina.
The Legislature of 1899 enacted one of the
fairest most liberal, and most progress
sive insurance laws that can be found
on the statute books of the country The
legislature endeavored to still further
perfect what it's predecessors had done
by extending the duties and powers of
the insurance commissioner and other
officials, looking to the prevention of ac-
cidental fires, and to the punishment of
those that are fraudulent, and repealed
the Craig law largely because it had
been found to work hardship to the
foreign insurance companies. And more
than this( if these same beneiciaries of
our present State laws maintain de-
gree of sanity in their dealings with the
people of the State, it is most reason
able presumption that the next legisla-
ture will still further improve it's sys-
TEN of fire prevention which the insur-
ly evolving, a system that means more
to the permanent betterment of UNDER
writing in North Carolina than all the
rate advances that can be piled on. But
If this advance in rates stands. all that
has been accomplished for the general
good of the business in the last three
years, and much that the future promises
has been swept away; for it is without
excuse, it is unrighteous, it is a fragrant
folly, and being these things invites re-
taliation from the people, that is as sure
to come as the judgment.
The step we are taking is, perhaps,
grave one; but we believe that the
future of the insurance business of
North Carolina is at stake we believe
that what we need in North Carolina for
the. permanent good of the business. is
not high rates imposed without consid-
Grafton and breeding irritation and re-
taliation, but the thing we need above
all things, is to still further reduce the
loss by fire by fostering the protection
we already have under the law. and by
winning from the people through fair
dealings and appreciative reciprocity even
Tor better things, and we have a faith
that there is no informed unbiased
underwater who will not endorse this
position"