Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-02-19

themin this state. exempted. provided.
Of course, the. said neighbor: life com.
pany Is one Of the Big mutuals.
You propose by this bill to slice
on a part OF. their premium income.
by House Bill 90 your substitute,
In effect, the judgment of the com.
missioner Of insurance for the judy
utent of the underwater Of the com.
panies. lean see this wholesprogram
fire insurance companies. which have.
paid ove $50, 900. 900 in losses to
North Dakotans since statehood and
whose net profits for the last five
years have been only seven-tenths of
n per cent. to leave the state.
P~araphrases Paddock.
LET me paraphrase. II l may, what
Mr.. Paddock said as the reason for
House Bill %. He said in effect that
the state proposed to force the fire
insurance companies to share the
risk on state buildings until such
time as the state had built up a suf-
the companies any more. II I were
the manager Of a company. / would
most emphatically decline to accept
any such notice. but would withdraw
from the state and cancel my police
les here.
cit is not any one law that makes
the trouble. 1t is the steady adding
to the burden, the final peaking Of
the load. North Dakota has been an
improbable state for the fire insur-
ance companies. The loss ration for
1sl7.-and the 1918 figures when
available will not materially change
it, has been 1913 per cent. The loss
ration in South Carolina, at the time
the companies withdrew from that
state, was only a fraction over so
per ent
THE loss rations are different by
less than n per cent. The load
here is being peaked, the burden in
creased, n apparent discrimination
shown. There can be no complaint
II Withdrawal follows here as it did
iE. South Carolina. and if hat comes,
credit collapses, and economic chaos
prevails.
North Dakota is launching a big
industrial program that contemplates
building terminal elevators, flour
mills, packing plants, sand homes for
those who seek them under the home
builders bill. 1 contend that it is
dangerous to enact a series Of laws
without fire protection and similarly
place the homes and business houses
of our people,"
Here Mr.. Wilbur read the letter OF
the South Carolina Bankers %associa-
tion showing what withdrawal hard
meant in that state.
All Facts Stated.
I'm conclusion" said Mr.. Wilbur,
II wan to thank this committee for
the uniform courtesy with which II
has listened to the presentation OF
such facts as I had.
II have given you every fact I had
and every fact l could secure OF
these pending insurance measures. ]
judgment or every one OF these bills
All of the facts arc now before you
and there can be no claim set ,ul
here. in the event Of withdrawal OF
the fire insurance companies and the
cancellation Of policies, that the fact:
were ret presented, SIS was argued ir
the Missouri case, for al the fact:
are in.
"My opinion may be asked by some
to say hat l number some Of then
among my personal friends-as tt
what r personally would advise ir
view of this legislation. In fact, three
Of them have already practically
asked me that question. I shall no,
ANSWER their letters until your insur'
ance program is completed, but then
in of the heaped up burdens ant
the discrimination already referred
to. 1, as an honest man. can only
advise these me who as individuals
have asked my opinion as an individ'
ual, that they accept what is practi.
cally the mandate of this legislature
and withdraw from the state for the
protection of their policyholders else.
where" O..