The Pickens sentinel. (Pickens, S.C.) 1911-2016, 1918-01-31
VOTE WAS FOUR TO ONE ON
BANKS BILL FOR WAREHOUSE
INSURANCE.
DISPATCHES FROM COLUMBIA
ooinss and Happenings That Mark the
Progress Of South Carolina People,
Gathered Around the State Capital.


passing uncontested matters. discuss
ing the raising OF the salaries OF coun-
ty treasurers and auditors. and tho
enactment Of the bill OF Senator Banks
or Calhoun, to provide for the insur
ance Of warehouses operated by the
state, and Of cotton stored therein.
Some consideration was given to the
bill OF Senator Williams Of Aiken,
which has for it's purpose the aboli.
tion Of the State tax commission. BY
vote Of l9 to 13 the senate refused
to pass this bill to a third reading,
leaving it as a second reading bill. on
the ruling Of the chair The vote can
not be taken as indication Of the at
titude of the senate.
Senator McGhee OF Greenwood NOV.
ed to strike out the enacting words.
Senator DuRant moved to lay this
on the table.
The senate by vote Of 19 to 13 re.
fused to lay this on the table, but 1t
was clear that this vote indicated moth.
Ing positive in respect to the senate's
attitude on the bill.
This bill is introduced by several
wheTeases to the effect that since the
warehouse commissioner is required
to keep insured cotton on storage in
state warehouses, and since number
OF the larger insurance companies have
refused to operate under the law regu-
lating insurance passed at the last
session Of the general assembly, and
since the rate charged by insurance
companies operating in South Caro-.
lima have not been uniform and In
many instances are and have been ex-
cessive therefore. in order to protect
stores Of cotton in state warehouses
as well as the state itself from liza.
bility on warehouse receipts. be It
enacted etc, by the geenral as.
sembly.
The bill requires the warehouse COM
missioner to prepare schedule Of
rates for INSURANCE. OH warehouses op.
Grated by the state and OH cotton
stored therein. These rates to be sub.
1ect to the approval Of the governor,
insurance commissioner and comptroi.
Ter general The premiums on this
insurance to be collected in advance by
the warehouse commissioner and re.
mtted by him at the end of each
month to the state treasurer These
premiums to be maintained as separ
ate fund for the payment OF losses by
fire OF the warehouses or of the cotton
stored therein. That when this fund
shall exceed the sum of $4,000. il shall
be invested by the state treasurer in
interest bearing securities; that no
indfv dual risk In excess Of $l0O.OnO
shall be taken; subdivisions OF stan
dard construction being considered
seperate risks. Individual risks in ex-
cess of this to be reinsured.
In order to carry out the provisions
OF the act. the governor. comptroller
general, state treasurer and warehouse
commissioner are directed to execute
a note as officers Of the state. for one
year, IN the sum of $250000 Said sum
to be paid to the state treasurer who
shall place the same at interest, sub.
ject to call. This money is to be held
subject to the draft Of the state ware
house commissioner to pay fire losses
Senator Laney, IN discussing the bill.
called attention to the wonderful say.
ings that the state had secured by
conducting its own insurance on state
and county property. and also to the
very great profits that the insurance
companies had made out OF insurance
placed on state warehouses. Further.
more, he stated that as insurance was
now conducted in South Carolina. il
was practically in effect in the con.
troll Of one man. so to speak. that man
being the Southeastern Underwriters
Association. That this association
merely added up the losses and ex.
penses and fixed the rates to cores
Carolina certainly could do the same
thing and would greatly reduce the
cost Of insurance. While the time
was not ripe for general state insur-
ance. everything was tending in that
direction and he believed sooner or
later 1t would come about That this
bill was merely an extension OF the
State insurance already In force, and
which had been wonderfully profta.
BILE.
Senator Stuckey thought the bill
sound and should pass.
Considerable effort was made to
have the house adjourn for 10 days
In view OF the pressing coal shortage.
Investigation revealed that 10 days
supply Is now Oh hand and that two
additional cars OF soft coal have been
diverted. With this information in
hand, the house adjourned
When it was proposed to pass sena.
tor DuRrant's biil amending the quart
month law to third reading. thnrn