, 1874-09-25
tho Bonrl docs Ito worh through tho Executive
Committee.


Mr.. Joall-1f 1t fH confirmed by tho compan'e'
Un.or ordinary circumstances, tlieir aotion
inv; but in caso like this tho National Doar
hus no right to snY whore n company sliall d
ply rccomn,oulntory they aro absolute only Il
Iepoitor-la 1t your boliof TINT lnnny of til
companies will give up doing bnsiunsu horo2
Mr.. Tcall-1t Ia difficult to toll. Some will In
donbtodlv withdraw.
1lorortor-s!.on1d they do 10, will not otl'o
companies, Outside Of tho Board, I'LL tho raca1,
S1r: reall-Yes, somo irresponsible con'panIe,
would probably try to como In; thcro haso nl
ways buon sucl, loro; but they must paes tl'
Auditor frat and, II llo t1oos ln duty, they vii
not bo permitted to 10 blHinesa tsl Chicago. :.
Rsto:l lor-Wlat would become Of tic Hire
Mr.. Toall-Tho companies tl,nt renain wl
support IT.; not moro tlan half tho Nationa
Doard companies will lcavo.
1loportor-Whioh Of tAom Will bo li'soly to 70
air Teall-I do hot know; but VIC havo assur.
nnccs that Bou,o Of them viii stay.
1loporter-Do you bcoyo that tho companies
which will withdraw will do 30 per1nnnontay9
Mr.. TcRll-I do not. They will not, In my
opinion, stay away long, because thc Directors
OF tho fro companies aro Interested iii tho life
companies. which llRyo made large lonns horo OH
tcnl estate and buildings, aud il IL necessary to
hayo insurance policies for security.
Roportpr-lIayo tho companies neyor mado
money III Chicngo7
Mr.. Teall-Tho first ycar and l,alf after tho
1871 fire they did but they l,ayo not allco; and
1t III simply mnttor Of doliars and contB with
BiBtod tint tho companies llhalt Withdraw.
licportcr-If tho majority Of tho cornpanien
do 60, tho ppoplo would still DO ablo to gct tlcir
property insured?
nieB loft which, would not DO influenced by the
notion Of the Board,
Koporter-Will not this tiotatorial policy result
III breaking up tho National Board?
Mr.. Ter livery hlioly; it will Buroly have
Keportor-What effect will It harc on tito local
Donrd ?
Ntr. Toall-None, hope. Wc must got good
ratcs, ana ~ order to got thom tho companies
must stand together. We were organized bofo1o
Fro COMMISSIONER for riustnnco--whicI, Nc could
not do if We diabanded tho organization.
JAMES II, MILLER.
Reportcr-What is your opinion Of tho action
of tic Executive Committeo2
Mr.. Millor-I thtMk It IL Il great mistake, and
ono that will recoil with tcn-kholsantIold oIleut
upon tho companies composing the National
Board.
Ncnortcr-Will it result III tho disruption OF
Alr. Slilo.-Wo caunot toll TINT, hut IT will
crento division nf sentiment, notwithstanding
tho Beculing unauinltty Of the action, which will
probably result in breaking up tho organization.
onis,n will bo created whcu tho resolution il
put in force. October md November nro
the two busiest months with tho mer-
cl,anta of Chicugo., and it is tho
worst @ tno In the ye1 to 1top .unacrM1rt'ng. 1
heen much butter 10 hnyo stopped Issuing poll
cicn Gu tho LIT Of September, thus giving tho
business mon Ell opportunity to reallzc tho con~
dition they wcro III without prc1udicing their in-
tercsts to such nh extent results from the
present action OF the Committee. While NO aro
strong supporters Of tho National Boarl We
think tlo action shows n lack Of Judgment.
Yhcy should have sent committee hero to SEQ
whit NO wero doing. as thoy did 10 boston after
dscusrion With tho authorities. As matters
now stand, we TO not know whether wo are OIL
foot or OIL horneb2clz.
Repofter-Will all tho companies comply with
the recommendation
Mr.. Mlor--lt is snid tnat tho yoto for tho ros-
oln;ioA, was "unaniluens." II tic yoto WAS sup
pemensoa by tho signing Of oil agreement, tic
agreement will bo ourriod out. But II it was by
vote nlono, thoro is probability that thcro Will
10 Bomo members Of tho Boarl who will not nd
here to it. As long ua human nature il cousti-
tutcd MI it ill., you can rcBt aegsurcd that no such
compact, 70 clearly unjust, can be carried out.
Roportor-Eyon If tho Board companies with-
draw, others will tako their plaocs2
companies Of sufficient capital outside OF tho
Board to protect Chicago. Tho clement that
ontern into tho Nutional Doard Ia tho bono unl
einow Of tho insurance capital uf tho country
over fl50, ,0o0,1u0 being represented BY it's NOM
ber1.
liopoftcr--What will become Of the fire.
patrol?
Mr. Milor--That Will 10 continued. The OK
ira Fatrol--tho tHen5y ncn who patrol the stroeta
ut night-will bo dlAlouscd with Oct. /. Tho
National 1fn3rtI them hf3t fhny 1nrn
clincd to mako any moro assessments for that
purpote.
Noportor-Whnt do you think Of insurance
prospcctAa
hi. Millor-No ono ca,t expross clear opinion |
about that. No arc all like Mtcawbcr, having no
specific instructions IRON our principals but tho
presumption is thut NC will follow tho National
Goard.
Roporter-1f Tho companies Withdraw will thoy
not return it tho protection They demand ia as-
Burcll |
Mr. Millcr-Thcre is no guarantee OF that !
until thu rofotms aro liked facts. Ticre e q |
disposition OH tho part Of tho National Board 10
exercise certain controlling iniluouco ovor all
the large cities to mako tllom inaurablo. There |
iB hardly city in the country except Now York |
and Boston TINT il considered in safo condition.
4 great many things aro lacking mt st. Louis,
Cincinnati, Milwaukee, and Louisville to mako
them strictly desirable points. II tic Eefornls %
needed are secured, tho Boaru will lave done . |
good work.
Neportor-Do you credit tho rnmor TINT tho |
il tho work OF New York nicrcl,ants |
who desire to injure tho credit OF Chicago
abroad ?
Mr.. hil1or-1t is tho result Of tue tinidity that
bab existed III New York aincs the tlro Of 1871, |
and which was Increased by that Of July, on tho
principle OF Il told you ao." Wo hayo heard |
that rl.nlor, bnt do not know whether there is |
Rny foundation for it.
1soporter-W.ll you continue issuing policies
at tho present ratoB2
Mr. Aiillcr-Yce, until no receive specific ill.,
ftrcctions from o,,r principals, Wo do not
recognlze any ono clBo.
JONATHAN GOODWIN, III. |
. Reportor-liow do you regard tho action OF !
the Committee
MIR. uuodwiu-We know nothing othor than
~hht 1sas been tolographod, but wo doubt |
Whcihor tho companies will bo unanimous.
Repurtor--have you any reason for believing |
TINT tilcY " ill not @ohoy tho maudAto?
Mr. Ooodwin-Wo know OF nothing that CON-
pelB tlcm 10 obey it. Az wo understand it, tlloro
il nothing in tho compact with The National
lsoarsl which auti'orizea them to dictate where