New-York tribune., 1867-02-21
CONVENTION OF FIRE UNDERWRITERS.
ANNUAL MBBI1NG-RBPORTS OF FCOMMiiIEbS-AD'oOhNhl
UNTIL TO-DAY.

|
CONVENTION OF FIRE UNDERWRITERS.
ANNUAL MBBT1NG-RBPORTS or CoMMlITBkS-ADJoURNhp
UNTIL TO-DAY
The Board of Fire Underwriters held their annual
meeting Yesterday I'm their rooms No. I56 Broadway,
James NJ Mclean President OF the Board in the chair
| The proceedings commenced by Mr. T. n Conkne'
| who welcomed the visitors from abroad. lie said That
their presence testified 90 the fact that they were alive
20 the interest Of the body. They had met IN
crisis OF ordinary character crisis which required
careful study and most judicous conclusions e offered
resolution, which carried 10 appoint Committee
to frame a set OF bylaws
Mr. ID. A. HEALp Chairman Of the Executive Commit
tee. made tho following report
For many months previous 10 the organization Of the
National Board Of Fire Underwriters the business Oi IN
sirlnoe had been suffering the results that ne'i1hy
from such condition OF things ~ then cNlsied
Under thes0 disturbing influences the business ot insu
rance soon experienced e effects Of the change ami began
realize the folly OF the great reduction IN rates eg
dered hy the apparent prosperity Of the previous thpo
years and the reckless competition consequent upon ch
prosperity. sudden and violent was this change
hat IL was found from Trustworthy statistics that
the average per ceutnge of losses ON premiums Tor
the year 1895 had Increased to II per cent from
years while the frat ak months ~ ls6 had largely IN
creased the per centagc ~ sGj The losses OF @ had
risen 10 the enormous figure OF s3OO0OJ compared
with 1OO0 the average Of the previous hyo years,
and tho frs sir months OF 1876 exceeded the entire losses
Of 1865 The expenses Of conducting the business includ
ing axcs had increased from about % pr cent on The
atfhe close OF 1855 and he result shown IN the fact
that previous live years had - Of assets for eyc
500 at risk while At the end Of 5 there Was only " -
These facts presented alarming condition oi The bu,
ness. and called for wise aud ludp"m aeuO hhi'c thl'
state of things had bcrn forc-ctn ana pre-
dicted by many Of The ine.s eHgcnsn'1a uT,T hl,
put forth 20 avoid 81. there Was httc gained, until The
terrific irc Al InIulhl' ~ Jul ',, I"u'.n n' srst
threatening storm pOrteuded consequence "a" moment
effort wa invited through hC orpauilatono this Board
which could alone offer any reasonable hope of sue
| and united effort should be made to save The
insurance capital Of the country from impending
Jny last after mature discussion. devised the means
that have since been put IN OPERATION VIII far prospect
al the underwriters III the country has eyinccd their a
probation Of IT. necessity and confidence IN ~ efficacy
The work H. however but Just commenced. aud the
suits. though highly favorable aro but fopsladOwiugs
o what may reasonably expected from future efforts
In This direction The ncccs,ity Of united effort
OF this kind apparent 10 the nsuing public that
II has seconded these efforts With great unhimty aud
The cases Of have been Noccdngy and
attributed to ignorance and caprice than any
well grounded cause o. complaint inc tiei olycct OF ti'
Board been 20 advanced rates 20 reasonable
extent which should be Icmuncratyc and more uniform
than had hitherto prevailed II has not been IT. object To
deal oppressively or lay 10" great burden on c general
nsurng public or The in9iyn, pnI 20 80 ylua%1" % ''o m
rates a. 10 bear more uniformly on ~ hnd piace tho IN
surancc capital surc basis that II might be able TO
afford the public what 1t promises Indemnity against loss
by fire From AN intimate knowledge oi the whole eld
justified ~ saving that there no real cause oi
/ complaint. over 300 local Bonrds with rates moro
or less advanced. ana uniform IN character have been
organized under the auspices Of the Executive Committee
8nhoneS thc fnl results have not been realized The ad
vascc gained has done much TO relieve the increased
losses that have fallen upon the business the past six
months and when the rates shall have been advanced Ia
adequate standard reasonable degree Of proft may
expected from the vast amount OF capital Invested In
business bcnefcen In It's character and essential
TO the trade aud commercial Interest. OF the country
found In the published record OF their several meetings
in the reports Of the Committees, which VIII AT
this time before the Board for consideration and
| approval.
The report was accepted Mr.. +. W. Crowell Chairman
of the Committee Local Boards, Rates and Commits
sOns then read the report considered In the Executive
| Committee yesterday, which was also accepted
The Secretary. Mr. Frank W. Ballard then read the re-
port Of the Finance COMMITTEE The tax ofsG on every
TO pay the expenses Of the last 10 now recon
mended that tax of $50 be made on every 100000 Of
Mr hoffman said that II a company had not 100000
Of capital they should be assessed in the proportion
Mr. Parish suggested that mutual companies should be
taxed $40 SO0OOO Of risk This was put IN the
| form OF a resolution and carried.
The rates published IN yesterdays TRIBUNE were again
discussed and after much controversy, referred
back To the Committee with thanks FOR their previous
services with pOwertO act and that the schedule Of rates
proposed be adopted in such places at the discretion OF
| The Committee may be deemed expedlent.
The Committee on Credentials reported the following
named gentlemen present: O. -, o.
cd1t l' Kot i fS siss md Marine Boston S.tsrs Home
maven 81 t IsaSrG a. BssrieV KesYork Genital Inion
sSnsg Tlon,s < h.mSlcos Msl.nd rIs Baltimore lIsay
Springfield INSURANCE SG% S; % Gai, T.. r' Mt,S, SS %Tf AZ s
dence COe Cleveland COMPANY Oho A. Movcash
Underwriters Penn T. Rouse Insurance
COMPANY Cleveland Ohoi A. NJ Sea State Fire Cleveland Ohio
bury Company Providence J. Abbott Shoe
Leather Boston Bouker North American Boston James L. Arm
strong American Of Baltimore; ~ Bennett jr Connecticut In
suAnce COMPANY Hartford S Parish Atlantic Pottence
j. b. Sedhsbuke National Baltimore; X NJ Little Gons Falls In
Company ~ Daniel Buck, Putnam Insurance Company
Hartford T. Howard Of Boston Leanard, Norwich lnur
Company, ~ Peoples Worcester, Mas g.
Could American Mutual Newark; T. g. Turner Equitable Of PoV
dence. Chadwick Garden City Chicago j. H. DE Wo American
Providence Lyman GSpee Company Provdnce g.
Il Webster Giiy FIs Hartford B. Hopkins Msd.oq Mutual Wi.
cousin; Warner White Detroit Fire Detroit r. b. smith Western
Insurance Company Buffalo, W. \. olo. Merchants Of Chicago
Delegates from the following local Boards OF Under
writer's were also present:
EewHaven Conn Savannah G. Albany VI Auburn, n T.
Philadelphia Pa Troy ~ y Chicago ILL., Ogdensbugh, Wor
Portland Me Detroit Mich Canton, Paterson, ~ u MsAu
kee Wis buffalo n Y Oswego VI OHegO " VI Peoria III
Syracuse y Cleveland o. Wilamspor Pa Altoona Pa and
large attendance Of the NewYO Brookh and jersey CITY Under
| writers
Mr. Bowker of Boston SAID that the losses Of 80
sachusets from Nov. 1, 1865 to Nov. l. 1896. were more
than S,0O0OO in excess OF receipts. Yet the maSsa
cusetts Companies have net surplus OF nearly ~ per
cent above the capital.
IL moved by Mr. Hcald that the constitution OF the
Board be amended as TO allow Of there being 80 mem
bers the Executive Committee instead OF 2 us hereto
fore, which carried
A committee Of ten appointed TO nominate officers
OF the Board and members Of the Executive Committee
for the ensuing year They will be voted for to-day.
Tho melting then adjourned until $3.50 this morning.
| THE LEGISLATIVE COMMITTEE
| The Legislative Committee Insurance was
nounccd 10 meet at the Metropolitan Hotel yesterday to
consider the immense losses by fire In this city recently
but owing TO the detention OF trains from Albany