Pine Bluff daily graphic. (Pine Bluff, Ark.) 1893-1942, 1914-01-09
Speed ASKS T0 come
HERE and EXPLAIN
Local Business Men Want to
Know Why Certain Rates
Were Increased.
LOCAL AGENTS. VIEW.
Z. B. Bloom Says That If Rates Are
Unfair the State Government
Is Responsible.
LOCAL AGENTS VIEW.

The result of the called meeting
of the trustees of the Chamber of
Commerce to hear complaints of cot
ton and oil men concerning the new
insurance rates which have been eff
fected by the Arkansas Actuarial
Bureau, was q decision to have } 4.
5. Speed, head OF the Bureau, come
to Pine Bluff and give a detailed ex-
plantation of the new rating system
and show why there is just reason
for the stiff advance which have
been made on certain risks.
In the absence of the President,
N. }. Can't, Jr., ]. w. Reap presid-
ed over the meeting. One OF the
principal speakers was P. P. Byru,
president of the Pine Bluff Compress
& Warehouse Company, at whose re-
quest the meeting was held, explain
ed the purpose of the meeting and
stated that he hoped that the Cham
Der of Commerce would take some
action in the matter and adopt u
resolution which would include a re-
quest upon the Governor for the
calling of a special meeting of the
Legislature to repeal the present law
known as Legislative Act No SS,
which created the Actuarial Bureau.
and, as Mr.. Byrd stated, created the
greatest insurance Trust" in the
county. Mr.. Byrd sighted as all IL
lustration, that prior to the adop-
ton of this law, the compress COM
pany got its insurance at 81 so per
hundred while under the present
law, the rate was 81 10, and thar Or
account of this excessive insurance
rate great deal of cotton that
would naturally belong to Pine Blult
was being diverted to Memphis and
New Orleans.
Mr.. Byrd was very earnest and
severe in his discussion of the pres
ent system and while stating that
he did not want to do any one an
injustice, he felt that the cotton in
surerers and large insurers were
being imposed upon by the "Insur-
ance Trust"
e. B. Bloom was the only insur-
ance agent present, and was asked
by the chairman of the meeting, if
he desired. to say anything upon the
subject and was invited to DO SO.
Mr.. Bloom stated that he felt quite
sure that everyone present would
concede that he had always fought
for every interest that Pine Bluff had
and he believed it was beyond con.
tradiction that he had worked inces-
sanity for lower rates for Pine Bluff
ad for more liberal forms of policies.
He had alawys felt that Pine Bluff
was entitled to the same rules that
governed Little Rock, and was glad
to say that now under the present
law Pine Bluff was classed with
Little Rock and Fort Smith, from an
insurance standpoint. Mr.. Bloom
stated that he regretted very much
to be forced to admit that the rate
on the Pine Bluff Compress Co., and
the st. Louis Compress Co., and the
been increased considerably, but
stated that he was positive that 80
per cent Of the mercantile houses
and dwellings of the city had been
reduced from 10 to 25 per cent, and
| that the aggregate premium receipts
in Pine Bluff would be at least $780,
600 less this year than last, In other
words. the population of Pine Bluff
would pay $4,000 less to insurance
companies this yeas than last. Mr..
Bloom explained that the Actuarial
Bureau was established by law by
the people of Arkansas and was
under the absolute control of the in
surance department and auditor OF
the State of Arkansas, that the insur-
ance companies had nothing to do
with the making Of the rates, other
than that they were taxed upon their
premium income to defray the ex-
pense Of the Acturial Bureau. When
the Bureau was established j. s.
Speed was elected secretary of the
board, and some Is or 80 experts
were sent into the state to scientif-
ically rate every risk in this state.
Those rates were based on strictly
scientific methods and were analyz-
ed by gentlemen not in the employ
of an insurance company, but VINO
have made the, business q life loag
study. They know no men who are
interested or insurance company swn,
takes the business, and therefore
they could not possibly have been q
desire on the part Of those men to
impose on any one. Mr.. Bloom
stated that he made this expiana.