Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1872-11-26
The Legislature.-.Extra Session.
The Boston Pulse SIeadier-GseneraI En-
surance and Boston loan Bills Report
ed-The New Building Act.
BosroN. Monday. Nov. 2!

eu-1ne new hbuItdInS Act
BosToN, Monday, Nov. %.
AS the smoke ceases to rise from the ruins of
the great Boston fire there is a general clearing
of the atmosphere in other quarters The opin-
ion is gaining ground that it would have been
as well had the legislature not been convened in
extra session. The measures which the excited
merchants of Boston considered necessary to
their salvation fortnight ago are beginning to
be discussed on their general merits.
The committee to-day reported in the legisla-
ture bill to give Boston the power to issue
fire bonds to the amount of S20,00000G, the
bonds TO run for fifteen years, the act to be ac-
cepted by both branches of the city council be-
fore il is valid. This bill, which will probably
pass, does not represent the judgment of the
legislature, but rather the desire to aid Boston,
and this is the kind Of aud that the merchants
and formidable array of heavy and influential
men urged it-wish the state TO give theirs 1t
is urged with point against legislature
of this sort, that real estate owners,
as rule, least need assistance. They
have their land and Insurance. and do
not require aid more than owners of stocks
and goods. 1t is feared abuses, tavoritisms
and corruptionS will grow out of such an extra
ordinary loan of credit; that some men will
secure more than their proportion OF bonds and
others less; that the security furnished by MANY
Will prove deficient in amount and bad by law, 1t
is prophesied by some members of the house
that the loan will prove a blunder and source
OF regret in the end. Those who oppose this
legislation quote Chicago as an illustration of
the good policy of getting along without such
doubtful legislation, and the words of the mayor
of that city, who says, that city happily escaped
a terrible misfortune in concluding to rise from
its ashes without the aid of municipal loan
Boston wants it,, however, and will probably
get it,
The insurance question, which creates the
most lively interest here, has been met by the
committee with considerable skill and the result
is general insurance bill-a bill which it would
have been hopeless task to have got through
the legislature last winter. 1t is in the main eX-
cellent. The bill provides that any ten persons
may by written agreement form themselves
into fire or marine company, said agreement
setting forth the name of the proposed company,
the class of insurance to be transacted; if Joint
stock company, the amount of capital stock, par
value and number of shares, etc, if mutual
company with a guarantee capital and the
amount thereof. Any mutual insurance COM
pany can be organized under certain restrictions
no policy TO be issued until the guarantee capi-
tai has been paid up in cash Any company
can take any name not previously adopted
Several sections specify the method of giving
notice for organization, etc. The law being
compiled with, the insurance commits
sioner shall issue certificate to the company, a
form for which is provided, and this shall be
signed and sealed by the secretary of the com
mOnWealth. Holders of stock in mutual com
panies are entitled to a Semi-anDual dividend of
four per cent, if the net profit is sufficient to pay
it, and if any such dividend is less it may be
made up when such net profit becomes sufficient
therefor. Three fOurths of the net profits
after paying the said dividends to be divided
among the insured at the expiration of the poll
cies, the remainder to be invested as reserve
TO the extent OF hye per cent on the amount in
sured, any excess Of five per cent to be divided
among the insured upon the expiration of their
policies. No joint stock company to begin bust
ness until it has guarantee capital of $500, OO0
ANY joint stock companies may increase their
capital STOCK under the same conditions provided
Tor forming new companies. The bill makes no
restrictions on the dividends or risks of Joint
stock companies.
This general insurance bill was reported in
the senate which under a suspension Of the
rules ordered it to q third reading without
debate. The same disposition was made of
another bill on the subject. This one relating
to dividends by joint stock insurance companies
providing that they shall declare from their earn
ings cash dividends exceeding in amount six per
cent. semi-annuay on their capital stock, but
any such company may issue pro rata 10 its
stockholders certificates of stock of such por
ton OF its profits and income as the directors
may from time to time determine after provd-
ing for all expenses, losses and liabilities then
incurred, including sum sufficient to reinsure
all outstanding risks as required by
the laws of the commonwealth, and the
capital stock of such company shall be increased
by the amount of the certificates of stock SO is
sued; and whenever any increase of capital
Shall be made by any insurance company, under
the provisions OF this act certificate thereof
shall be filed with the insurance commissioner,
whose duty it shall be to certify to the amount
of the capital stock Of the company so increased
in like manner as by law is provided in case OF
the organization of joint stock insurance com.
panies.
Senator Richardson, previously to the passage
of the above mentioned bills, said the Insurance
committee had before them applications for the
charter OF some eighteen or twenty insurance
companies, and had come to the conclusion that
there should be a general insurance law, as well
as general railroad law. The senate, under
suspension of the rules, passed to be engrossed
the bill authorizing the removal of the coliseum
and the bill relating to the compensation of re-
ceiyers OF insolvent insurance companies.
The joint committee on buildings, streets and
grades, gave their final hearing this morning.
and will probably report bill tomorrow, the
main features of which will be as follows: To
provide FIRST, as a prevention of the spread of
tLe for an increase in the thickness of the walls
OF all classes of buildings The minimum
thickness of extreme walls Of all buildings other
than dwelling houses, more than thirty feet
hlgn, snail he sixteen inches, and party walls
shall be twenty inches up to the second floor
above the street, sixteen inches from the second
floor to the ROOT, and twelve inches through the
roof; external walls Of buildings not more than
thirty feet high and forty feet in length and
width must not be less than twelve inches
thick. In all buildings of two stories or more
that exceed twenty-five feet in width and that
are not supported by parry walls or girders, the
external walls must be increased an additional
four inches in thickness for every twenty five
feet in width. All brick party walls shall be
carried up TO the height OF two.aud a-half feet
above the roof covering, and ii the roof is a
Mansard they shall be carried two-and-al-half
feet above ,he upper slope and eighteen inches
through tle lower slope, SO as to afford CON.
pis'e pro'stion against fre extending from