The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-05-28
THE INSURANCE CONGRESS.
THIRD DAYS PROCEEDINGS.
Addresses by H. A. Oakley and President Savage.
Of the Internationally to the Con-
vention by the Equitable In
surance Company.

The Insurance Congress again convened yesterday
morning at eleven O'Clock, at the rooms Of the Fire
Underwriters, Nos 158 and 1853 Broadway, President
Miller In the chair.
BY invitation of the Convention II. A. OAKLEY,
President OF the National Board OF Underwriters,
addressed the Congress upon the results of the IRE
insurance business In this State. He read from
printed address he had delivered on previous
occasion various tables showing the amount OF capt.
tai invested, the aggregate losses paid and pre-.
mtums received. showing an aggregate IN favor OF
the New York State companies. He also gave
table showing the losses and premiums from
inland insurance during eleven years. The
estimates showed that In the inland business
there was q loss OF between nine and eleven per
cent IN the twelve years, and consequently not
more than one-ihlrd Of the insurance capital could
be preserved to the country. He urged the Conven-
ton to carefully these tables and requested that
fifty per cent be demanded on outstanding pre-
mum for less than year. The following extracts
are made from his remarks:-
from 10 a4ioo 55.Oo IN 1870 The latter the
suit Of the remarkable exemption from losses experienced
IL 70 capital is Increased from 10 seS U.s. tho
result OF the AVERAGE Of nine years. to 10 sSooi 1870 as
percentage
rom g So f % ss s. SPS i so other her
lsxs Il 's'ss s'a @
In this same connection would can attention to the fact
; Sss ::s:;s IN ;sP s sis5
sns s.ren and
q cen. two The 1853
ws i n " y
l and s I nSSrS Tor great and
as the first four months have the of the present
year w fully equal the two disastrous years reIersto
49, 1ss sa ssis ne
to aa Ss 81
or ~ As nr9 from ssus 70 an h.
are Of er ar a sn the a. ire
amount paid out Tor dividends during the same period was
"a s yss s s ss
dividends, leaving but moderate amount as additions to
Table With reference to this table find that the
ability Of the companies to write winch a l,so was SsI q
in 1863 S22! 10 has in ls7u fallen TO
is $3l4 o.
Mr.. WALES. of Maryland, offered resolution
declaring it proper that companies doing business
in other States should present to such State an
exact copy OF the financial statement by them pre-
scented TO the insurance officers OF the State
under which they have their charters, that
the insurance mmssloner IN such state
OF the securities and Investments constituting
the assets oil such company, and that the committee
on Blanks be requested give the subject their con-
sheraton, and IL In their judgment it he found
practicable to embody in the blank forms to be SUBJ
ana seal oil the Commissioner or other oncer In
charge Of insurance IN the State under the laws OF
which they hold their charter, certifying that the
said report is proper and correct financial condi-
ton OF SAID company. Referred to the Committee
resolution Of Mr.. Pnlsbury, OF New Hampshire,
to request the committees to report on Monday and
fixing the final adjournment for Wednssday called
well and Pisbury participated. Mess,s.
Smith ana Caldwell advocatei a conference OF the
delegates at their rooms IN the Filth Avenue HOTEL
quiet, where their differences OF opinion could he
settled amicaDiy. Mr.. Mil made speech In favor
OF remaining session as long may be necessary
to complete the business for which the Convention
had been Called The motion was laid on the table.
A. +. HARVEY, OF Nebraska, moved that the con-
venlion recommend to the Legislatures OF the States
the adoption OF provisions OF law similar In effect
to the following
issue policies upon Citizens Of the States unless
sTssS premium a Of which SO much as viii cover The
State standard of mortality and interest," should lie collect
o1That company shall be permitted to issue poll.
on s s a e m Of G o shall
contrac, such certificate to be made by
State which the company organized and the
Of ~ 1s ss sAi mad: the ne
mtee.
1t having been announced that the foreign insur.
ance companies DONG business In this country
wished to dc heard before the Convention Monday
President SAVAGE, Of the Board OF New YORK Fire
Underwriters, addressed the Convention by
Winch the there Eas was
in the West. lie declared that statistics showed
that the Eastern companies business IN oil paid
more money in losses In most States than they Sc
cured IN premiums; that some OF the legislative en-
actments of western States were dis
PEELED any company doing business there to
file bond that they would not appeal to
the supreme Court IN oon,estng claims; Al an
State, he declared that the Etna OF Hartford had
done business thirty-one years in Kentucky and
lar In return for their investments expenses.
Mr.. Row, OF Michigan, offered the following,
which was referred to the Committee on Invest
mentS:-
Whereas of several require com,
panes make Investment Of funds only in the State where
an aggressive legislation, ...-
wise and unnecessary freedom safe and
profitable investments In any all States be allowed
Mr.. PoYNE, from his Committee on Assets and In
vestments, offered an unofficial report for the
sderarion or the Committee OF the Whole, and re-
quested that II be not published by the reporters
VINO instructed Us to their duties by President
Miller.
At halfpast one the congress adjourned TO enable
bile Lie Insurance Company, at the building corner
OF Cedar street and Broadway
At two O'Clock the delegates, escorted by an
Insurance building. where they were received by
the President, MT. William g. Alexander, who es-
corted them to the parlOrs where recherche luncn
was awaiting them. The president OF the company
presided and Mr.. IL. b. Hyde acted vice char
man. On the right OF the president was General
Miller, State superintendent OF Insurance, and on
the left ex-Confederate General Gustavus W. smith.
delegate from Kentucky. After paying their COM
pments to the rare dishes set before them
President ALEXANDER arose and formally well
coined the officials 10 the Inequalities OF ms com.
pany. and called upon them to drink the health OF
The President OF the Congress-George w. Miller
In pure Croon water, the only liquid, he declared,
that the company patronized. The toast having
been honored. Superintendent Miller responded,
taxing for his text an editorial appearing
In an afternoon paper IN which
the convention were advised not TO
accept OF too much hospitality from Insurance
officials lest they might be placed under obligations
to companies. Mr.. Miller took occasion to declare
that the delegates were gentlemen who could acceps
OF courtesies without sacrificing their independence,
and could return TO their deliberations aud decide
the weghty matters OF the Convention i'm
partially. lie compllmented the company that
AMI ~ the hiQh degree n proa.