, 1873-06-07
LAKE UNDERWRITING.
4 Special Committee of tho National
Board Visit Chicago.
Address by Mr.. briggs, Of New York,
to the Board Of Trade.
A Circular to Merchants, Bankers,
ana Others.


engaged In tho business ot in,nnf1 and l.ko nm
dorwr;t,no md ronrczont;po al N mo nm ~ ,o~t
ii r..a .tois =. C,s,as -, ~,
w., "as as.o ~ oi1so'ana y on !hufsaay' Ihe
mulgated In February, 1873, which had boon
suspended, ani3 hayo made n comn1ote roolator
and o1aas,acntion a., a1t 1or. .,o1sn,o 49,
sattt.n - ..s.'a .a.,. ~, .aAo soseo'0. q ooln.
to visit Chicago, tho headquarters Of
. lake lrado, and take such stops 10
promoto tho ir,torosts Of thc v.r,oua cornn.n,ca
as eoomod fe,sihle. mia oo,nn,,tto, ~ n,o,o.
bera Of which arrived in tho city yesterday morn
Ing, and took up thcir headquarters at the
Grand pnciac, oonsista OF the following cnntlo-
meu Edmund briggs, OF New YORK, CHAIR
man; 2. D. Holton, Of milwaukee,, President Of
nrer Of tho Nalional Doa1d. and Ghairnar, Of
tho Executive Committee and Mcpars. william
Lecony, 4. ". Hogeman, v, TIlyou, A, II, King
Tho coulmitteo visited }ho Bonrd Of Trade
yootorf1ny morninp. when tho Chairman. M.
briggs was intToducod by Howard Pr1estly.
Esd;i VIE President q of tho nosra: ! ~; briggs
ysnton ] at Oicyolnn, in " WHICH oil tho % COMPANIES mn
donG laRe maIlno oustnoa5 we're HepIeaontoul
agreed by lottor to nbldo the action Of tho Con-
lmt M ioy ns connaf;hlc viii, nafotv Bottor rates
must IL he ~ ohtainad nr insmrnnoo cantai bo anni.
hilstod. Tho interests Of shippers demand that
full rates OF insurance be paid, % tho valuo OF
lnsnranco contrncta dopond largely on tho an-
como OF companies. That to place policios ofinsu-
rance IN thofr enfna or in the hands Of hAnhera
those can;tal IL nsei to moyo thn immenno ahin.
ments ne OF gran was no proteotion Wnatovor 20
81
Of Old dspstor ] by % sbipwreck % Or % other per or Of The
son. That It was we'll known that insurance
nf 'AI t1,as contrnct tn ;naurc o ~ snoh cnar-
antoe could only be had whore tho pre-
mium received was proportionate to tho risk
Incurred. Tor capital Vas not designed to pay
1saes oness the earnings q thH business ma mot
tue iosagb, ealatA1 Huul9 pe Wt111wn A1M ,, ~ ~
the hazards Of underwriting, Mr. briggs con-
oluded by saying " Gontlcmen Of tho Board
Of Trade, you arc business mon, and We claim to
detan von o now S,v fnrii,cr aronmont hit lave
rsan ~ ~, ~ t,,l,s;a nu5
may be road at your leisure"
We appena tho circular:
TO 4erchants, Banke1s, and Others, ~ho require tho
dENTIEnSx; Tue extreme depresaton in rates Of IN
IL
imperative that all who consider it important that IN
suIanco policies and certificates should bo Of moro
putting M end 10 tho wild and in}udicioua
competition now prevailing, which, II con-
tinuod mnst inevitably lead to disaster. to tho in-
pairnen Of tho capital Employed and consequently
render the certificates Of many companies OF value,
but the contrary cheat aud s,lare to the unaus
pectng.
II notorious fact that for ycara pnat tho proi-
received on the hikes havo not beon sufficient to
meet the losEcs incurred, nevertheless many under
writcrr In their ay1dity for buslnesB-auu Aorle no
doubt to 1anke large commissions s-havo forgotten
that bnsiness cannot be done below coat without
retrlbuton at come futuro timo.
The National Doard Of Lako underwriters, recog-
plng the facts docn II Important In fidelity to their
stockholders aud policy halders "a well az to tho hank
and mozchana who rely upon the honesty Of their
statements, and who need the protection Of their
capita to no longer lend their means and influence
10 pructces which must eventually result In great
Injury oil concerned; therefore, they respectfully ask
tho atd md counteuance Of all conservative who
recognizes the Importance Of retaining rcabs capttal
thu buanoss Of lake insurance and Of kesping that
capital intact to unite with the underwriters IN their
horts to restore tho business to healthier basis thnt
Insurance certificates may be really worth what thay
he s0a Go e,f % Fs ,v.
n,i,,a -, -oIk ...t.atio- .Y.n a.. tt.r
soiseu ~ leans ~ 1oh-pIo.ecu1n ana Aac " ~
h suo 1eas ,,, ~ tsst9lp @ s ns rn @ ~
pended, and which long experience haa demonstrated
Iva rntntnpn af h1,Sineas a