The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-23

Annual Convention or the National
BOard-Address OF President Oakley
Reports or the Treasurer and Conn
mittoes.
The eighth annual convention OF the National
Board OF Underwriters opened yesterday at the
han OF the association. No. 1860 Broadway. Henry
A. Oakley, OF the Howard Insurance Company.
presided. The hall was crowded before eleven
O'Clock. at which hour the session began. The roll
was called afser which all general agents and tn
vited guests were welcomed to the hall.
THE TREASURY.
Tue Treasurer then read his report, OF which the
following is an Observation-Disclosures on nand, April,
1874, $54s7 OF; receipts from 100 companies,
x4s,4ss os; expenses, $5s, 1914 80, making deficit
OF IS, 7os ss. The supplemental report showed the
receipts from collections to nave been 81. $50 90.
and the expenses for incendary and arson funds
and rewards, $l,lu 25, leaving balance Of
$3.50 IS.
The annual address was then read by PRESIDENT
Oakley Alter referring to the great progress q
fire insurance the President stated that he had
heard it asserted that the past Year had been
highly remunerative in its results because the
latter part Of the year exceptionally free from
disastrous fires. Referring to statistics, however,
he had found that this view was erroneous. He
had the returns from 1877 companies-a very large
number OF 1gures-and from which some very ac-
curate comparisons had been made. To this had
also been added q separate table, giving the re-
suits Of the business in this country by companies
from foreign governments. The dividends OF the
year 1878 have averaged upon the capital employed
in the business S.s5 per cent? divided for the New
York State companies, 9.46 per cent; companies OF
other States, S.24 per cent This was gain OF IL
per cent as compared with 1872 New York state
companies, however, lose .s2 per cent, while COM
panies OF other States gain 2s5 per cent for the
same period. The whole amount paid out to stock
holders between 1859 and 1874 was $64, 800, 261 81
THE PERCENTAGE OF LOSSES
PAID in proportion to premiums received In 1873,
was-For New York State companies, exactly
IS 1oO; for companies OF other States, 60 1900;
and for foreign companies, 50 4210O per cent This
gave an aggregate average to American compa-
mes OF 9.38 against 1914 In 1872 During the year
1873 there were received for premiums by Ameri-
Of % 5oreE FMS Sn1U%s s
increase over 1872 OF 47,477,S63. During the year
$37, 73l, 1874 were PAID for losses. The same COM
inland and marine insurance 1880, III, and paid
for losses on the same $3,S05,268, an average OF
$3.50 per cent On feselpts me total receipts for
Sal, 800. The percentage OF expenses upon the
premiums in 1873 was, including those OF foreign
IN 1872. Amount paid for losses on fire risks as
stated above, was $37, 72l $751;; for inland and ma
rine losses $a,so52 e6; Tor expenses, $2o12s $50,
making the total payments $6l, 800, 1885, or 90 per
cent upon the receipts OF the companies Tor 1873,
leaving an excess OF receipts over expenditures or
$5,64S,i0 Adding to this the amount received for
interest on investments S. 3O3 25s, and the amount
paid out for dividends deducted, 81 205, u.s. there
Is net gain in assets over 1879 OF $6,6 ,956.
AS the business OF 1872 showed q net loss OF
ST, 320, $685. 1t follows that the companies are ABOUT
60-l00 Of per cent better on than on January !.
1873. 1t is clear also that without the aid OF this
organization there would not have been single
solvent company on the 1st OF January, 1874. The
percentage OF ability OF American companies to
maximum reached by the National Board in 1869
was $50 2S100. At the present rate OF progress 1T
Willie be years ne before tins position
three months OF 1874 show, in comparison with the
months OF January, February and March, 1879, as
follows-1S73, $l3,6 $50; 1874 $780, sos, 1885, show
ing an increase OF $17.152975.
THE EXECUTIVE COMMITTEE
next presented report, through their Chairman.
Mr. stephen Crowell, recommending several
amendments to the bylaws, which was adopted.
The reports OF the supervising agents, Messra
proved.
The report Of Thomas h. Montgomery, the gen.
eral agent OF the National Board, was then read.
He made many recommendations regarding new
rates on manufactures. He stated that it was the
duty Of his ONCE TO keep recorded the list OF 9S2
local boards and the schedule or 1872 local tariffs,
embracing the ratings OF 2,S71 different localities.
The correspondence amounts to 1O,340 letters re-
ceived and "a, LIS written last year. This report
was adopted
AGENTS TO BE LOOKED AFTER.
The following was then ad0pted:-
Resolved, That we recommend to the General Board
that whenever agent Is convicted of reduction CT
rates ne snal pc required to collect the deficiency or
The cooperation Chamber Life Insurance was
the Committee on Finance recommended an assess
OF one aIarsr o. 1ns per csn On returned
The Board then adjourned for lunch.
After the Board reassembed the Chairman ap-
pointed tile following commlLtees:-
On saOfrvtsi"g Age.ts.Messrs Aleeer English com
Arnold Rode Island Osborn Boston.
Bough.on Of Caliio5nis; Cocks New YORK Field Massa
Henry II. Hall, Chairman OF the Committee on
Adjustments and Statistics, read annual report
OF that committee, OF which the following is a
summary
1t truthfully said that the business Of fire
IS one entirely a. bout ionndaons for
business the country is conducted the experience
Of certain companies but 50 few in numaer that ono
been furnished with the statistics Of sixty companies
tina, The results Underwriting Tor the years
1871 1872 and 1873 the following classes show
iron workers, hardware manufactories, Steamboats,
stics OF churches and cotton mills show less disastrous
result than either OF the above.
and have recommended the to the chief engineers
re departments OF the principal cities and hope
hereafter TO have returns of fires in the annual reports
the said chief engineers compiled on uniform basis
II have basis Tor u calculation the number OF
mills OF given class in given stale, the number Of
brick and frame buildings value OF buildings, value of
machinery and average valuation of stock hand,
can arrive at the value OF Insurabe property in that
class OF risk This supplemented by the actual losses by
fire such class for term OF years, will afford data
for calculation OF the actual hazard superior even to
the aggregated experiences OF companies.
We beg leave to MAKE the following recommendations
for the prosecution OF the statistical work of the Board
for the coming year
FirsWe recommend that the monthly report OF losses
OH special hazards be continued.
ScondWe recommend that tstcs OF the classes Of
hazards herein reported be collected year 1873
Thud-We recommend that statistics OF the following
additional classes OF hazards be collected tor 1870 1871
1877 and lB73:-Breweres, malt houses lumber Yards
tanneres ndiarubber works beacheries dye and PRINT
works. planning mills saw mills and wholesale stocks
drugs