Daily press. [volume] (Newport News, Va.) 1896-current, 1910-05-28

lccnspirine TO Ak the rates OF prem
iums charged for fire insurance. baii
was quickly furnished for those VINO
were found. This action, while not
regarded as Of great moment, Is sum-
lar 10 the action brought In New 'er-
sey. which resulted in the disso'u-
zion OF the Newark Fire insurance
Exchange.
"The accused men are required 10
appear at Newport News on June g.
'The agencies of the Aetna, OF HART
ford. and the Dixie Fire, OF Greens
boro, at Newport News. Va, were
suspended on May 49,"
AT Last Worm Has Turned"
| In It's editorial column OF the same
issue, The Spectator has the follow
ing to say of the local situation;
AT last the worm has turned, and
the Southeastern Underwriters AS
sociation has voted TO retaliate upon
municipalities which levy excessive
taxes and fees upon fire insurance
companies and agents. The princi-
lie of percentage tax is favored as
against the charging OF the fiat fees
without regard to the volume OF busi-
ness done. and the action OF the as
ISOLATION is designed to place taxation
upon a fairer basis in this respect.
The sensational arrest OF the officers
and committeeman while attending
the annual meeting at Hot Springs,
Va, last week, at the instance OF the
authorities of Newport News because
of an increase in the rates at that
place to Offset heavy taxation. has
apparently only served to strengthen
the associations determination to
protect the companies from unjust
charges Some companies nave al
ready suspended their agencies in
Newport News and others may de-
cid to do likewise. The method adopt.
ed at Newport News will not prove
advantageous to the citixens Of that
city, and the sooner the public learns
that lesson the better II will be for
all concerned"
The Insurance Field, weekly maya
zine published at Louisville, Ky, and
devoted TO the interests of fire insur-
ance, contained two lengthy specials
from Hot Springs on the meeting of
the association. One of the stories
dealt with the arrest Of the officers
end their Indignation" at the action
taken against them. The other con-
tanned an account OF the proceedings
of the association and contained the
following interesting recital OF part
OF an address delivered to the insur-
aIce men by President Harris:
'combats Mistaken idea"
Summing up the work OF the as
sociation for the year, President Har-
ris laid stress upon the fact that a
mistaken idea has gotten abroad that
the organization is responsible for a
reduction in rates throughout its ter
ritory that has resulted In loss of
profit. Mr.. Hairs denied that such
charges against the association can
be sustained. He compared figures to
b considerable extent to make his
point. In taking up this phase of his
report he pointed out that some OF
The members of the association, with
out carefully considering the matter.
had also charged that there had been
a too general reduction. In order to
advance his argument Mr.. Harris
showed that between 1905 and 1909
the rate decrease in Arkansas,
Louisiana and Mississippi was four
teen and two-tenths, while in the as
sociation's territory for the same
Period the reduction amounted to Ave
and five-tenths.
presents Some Companions"
THAT there should be some reduc-
ton was only reasonable. according
10 Mr.. Harris. since during that per-
iod the association had been steadily
working in an effort to cause the in
surfing public TO improve its risks.
During the two years which have been
considered Improbable to the compan-
les ii was shown that the loss OF
ratio was 81 per cent as against over
% per cent in Arkansas, Louisiana,
Mississippi and Texas Mr.. Harris
showed that during three years and
Eve months only thirty-three appli-
cations for reductions have been re-
coived by the executive committee. OF
which only eighteen were favorably
considered"
What The Field Says:
In its issue of May IS, The Insur