The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-24
THE NATIONAL BOARD OF FIRE
UNDERWRITERS.

The seventh Annual Seeting-A Large
Attendance or Delegates Present-Re-
port or the Treasurer-The PreSident,s
Addiress-The Condition and Success a
tho National Board-Roport or tho Gem
eral neutrality-suspicious. of Committees
for To-day.
The National Board or Fire Underwriters held
their Seventh Annual Meeting yesterday, in Under.
writer's Hall, 156 Broadway. Mr.. Fl. A. Oakley.
President in the chair, and Mr.. Samuel b. Blagden.
OF the North British appointed as acting Secretary
pro tenn. large number of delegates represent
ing the companies OF the various principal cities
che Union was In attendance. motion was made
and carried, that all representatives OF fre insu.
rance companies present be considered members
OF the Board and the courtesies OF the door ex-
tended to them.
TREAsURER's REPORT.
The Treasurer, on request OF the chair, then sub
mitted his report, which showed the following
Receipts year with balance hand .$33 1853 50
Expenditures .................. N0S2 ~
THE PRESIDENTS ADDRESS.
The President then delivered an address, he con-
graduated the Board on the success OF the opera
tons for the past year and on the perfect accord
that exists and the concert OF action OF the differ
ent companies, and thanked the various State aux
iliarles for their efforts. The Board Is composed OF
mony with the National Board and each state
also divided into subdivisions throughout
tne territory OF each State. There are over eight
hundred local boards, with over seven thousand
members, throughout the different sections OF the
country. The great difficulty has been to succeed
III carrying the agents throughout the different
States-more SO than all the different local boards
and the public. The local boards and the public
We're willing TO pay all Increased rates demanded
but the great difficulty was to get the agents who
opposed the change 81 increased rates-doubtless
through selfish motives. Although the rates have
been advanced n
some equalization Is yet to be fixed. The advance
rates are essential to the sovency Of any company,
and those who oppose these changes which the
last sixty years have demonstrated as indispensar
BILE for the safety OF the company, are
ENEMIES OF ALL THE INSURANCE INTERESTS.
It Is yet claimed by some that the rates should
still be Increased in order to the permanent safety
Of the companies. The President also brought up
erected--same or similar to those in force in tho
ing regulations are that all the buildings shall be
i %sa 'S sSur eS. s;S y II ssss iS
frye II dsssoS q o s Supreme
Court Of the United States to the eject that each
State retains the exclusive control Of the insurance
interests OF the country similar to commercial
business The percentage OF state taxation on
gross receipts operates oppressivel IN some OF the
receipts, instead OF gross receipts. The whole
business OF
STATE TAXATION
Is restrictive and exceedingly Objectionable to tho
public interests The State OF Indiana through It's
Legislature has already proposed an equity Dill OF
state taxation which 1t Is hoped Will become law
and become general The question or legislative
provision as to the terms o. policy was alluded
proper medium through which uniformity or
policy could be brought out. not through State
THE QUESTION OF DIVIDENDS.
Companies sustaining no Boston or Chicago losses
made their usual dividend, while tee dividends OF
ceptS have materially increased during 1872 over
1871, doubtless owing to the increase OF the pre-
MUM rates. The dividends are lar Inferior to the
value Of the capital invested the history Of the
last forty years demonstrates. the causes OF the
recent fires were also freely considered and ex-
The question OF
CLASSIFICATION OF RISKS
was considered. Fire insurance, says the PreSt-
dent Is founded upon as well-ascertained. invaria-
bic average laws as life insurance, great fires being
similar to epidemics. 1t will take years to restore
the financial condition OF companies to that OF 1871
Among the admirable modes is that OF the Superin-
tam surplus premium receipts instead OF dividing
them in dividends The speaker, referring to tho
Boston fire, remarked that II Boston Is to be re-
built In safe manner there must be an amend
ment OF her laws with regard to buildings, and we
should enact wise and salutary laws to prevent II
possible, similar calamity.
The speaker referred to unjust and UNFAIR taxa
ton, and urged decided and united action,on the
part OF companies to prevent the passage OF laws
imposing such taxes, and securing equitable legts-
THE AMOUNT OF PREMIUMS
in 1871. The estimated loss by the Boston nre is
$40, 900. 900, and the amount OF insurance about
500 600. There Will be paid in fall by the in
surance companies nearly thirty-seven million
dollars. The gentleman spoke In commendatOry
terms OF the amendments to the general insur-
superintendent OF the New York Department, and
which suggests plan by which, In view OF the
great fires at Chicago and Boston, the insured
may be made more safe and the companies
stronger. He concluded by referring to the
great power OF the National board OF Fire
nd
judiciousiy and to lay the foundations
Of their prosperity grandly and deeply.
said, '.and we shall have no reason to regret tho
time spent or expense incurred in making the
National Board OF Fire Underwriters an institution
which Its members may Justly take pride in as the
true conservator OF sound principles and practice
IN fire underwriting"
The several objects referred to in the address
were on motion, referred to appropriate COM
mittees.
q regular report, In consequence OF the illness Of
Mr.. Garrigue chairman. The report OF the
General Agent, Mr.. Thomas H. Montgomery, was
then read II consisted OF q full resurne OF the
work OF committees appointed at various previous
meetings, and the encouraging condition OF
agencies in the several States OF the Union, where
prompt action had been taken on the suggestions
OF the Board.
The following
were then appointed TO send In their reports TO-
day :-Committee Building Laws, Messrs. W. q.
CrowelI Philadelphia; Walter Paine, Albert Bow
on Nominations OF Oficers-Messrs. Barker, Web
ster, Hodges, Freeman, St. John, Lockwood and
nallam; Committee on State goard.Messrs-
mittee on Local ROads-Messrs. Heald, Browne,
townsend Ludenbrk and Alleged. Committee on
Causes Of Flres-Messrs. Renkin, Little, Harris.
The Board adjourned to meet this morning at
haltpast ten O'Clock.
BANKERS RESPONSIBILITIES.