The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-04-28
INSURERS IN COUNCIL.


THANKS FOR THE vETo-THE CAUSES OF
FIREs-DENUNCIATIoN OF THE WISCONSIN
LAw-IMPoRTANT ACTION TAKEN.
NEW YORK, April 22.-The convention of
the National Board of Underwriters re-
sumed its session this morning. After the
routine business was disposed of, E. D. Hol-
ton, vice-president of the Northwestern In
surance company, of Milwaukee, intro
duced resolution of thanks to President
Grant for his veto of the finance bill. Mr..
Holton said he came from the west, which
had been greatly misrepresented in the mat
ter. and for himself he regarded every dol
lar of the currency as rotten. The following
is the resolution, which was adopted amid
uprorious applause:
Resolved, That the members of this Board,
representing more than seventy. five million
dollars of Insurance capital of the country,
without respect to party, desire to express our
satisfaction with the action of the president in
vetoing the initiation bill so called, bill which,
in the opinion of the Board, puts in peril, not
only the welfare of the capital we represent, but
threatens ruin and disaster to the great CONNER
cial interests of the country at large.
A report of the special committee to con-
slider and report on a new form of policy was
read. Two forms accompanied the report,
and were submitted to the Board for its con-
sideration. The committee urged the Board
to adopt one or the other of the forms pre-
sented, the necessity for this action being
apparent in the daily experience of under
writers, the policy so adopted to have
printed upon it in conspicuous letter,
"National Board form of policy" The com
mittee also submitted a resolution recon-
mending reduction of 10 per cent. from the
standard rates of premium on all property
where the company insurance or average
clause is inserted in the policy. The report
was accepted and laid on the table for furher
action. Mr.. Rankin, chairman of the CON-
mittee on the causes of fire, made reports
with accompanying statistics. A table
was given showing the causes
of fires in Is American cities during the wear
1872, which were as follows: Accidental spe-
cific, %; benzine, naptha and liquid gas,
A; chemical explosives, Z; coffee roasters,
l; carelessness with matches, 597; children
with matches, 127; defective fiues, 2S3; de-
tective heating apparatus, 200; explosions,
ID; foul chimneys, los; fireworks, l0S; fric-
show windows, 100; gas pipes and me-.
ters, 81; grease, pitch. tar, oil, etc,
81; hot ashes and Goals, IS; incendi-
airy, BIG; kerosene oil, 237; malicious
mischief, Is; over heating, drying rooms
and boxes, 43; pickers, Is; spontaneous COM
bustion, lib; smoke houses, II; sparks, 252;
steam pipes, s, unknown, 80.
AN EXAMINATION
of the report will show that a very large
per cent. of these fires could have been
avoided with ordinary care and caution.
The report was accepted and ordered printed.
Mr.. Head, from the committee on confer
ring with the New York farm board, offered
a recommendation that farm property be in
sured on a basis of IS cents per 500
for three years with the two-thirds
| clause added. Laid the table
I for further action. The report
l of the New York Board of Underwriters on
| gas and gasoline machines, was adopted on
the recommendation of the special commit
4 tee. The executive committee were given
power to treat the cases of board agents
who acted for new board companies. Th~
new form of the constitution re~|mit
mended by the president was adopt,d Win
a few minor changes. The cor-itee on
finances was instructed to taxi acsion IA re. re-
gard to increasing the p,Inioersnlp Oh tne
Board and the recommrauaIlons Oh the com-
mittee in supervis~y agents IN regard 10
: the appointment 81 la.ers were IeIs,reu 70
the corsinittee on the Wisconsin
insnranSS law. reported resolutions de-
oIori-g that this law, which
n,ovides that the full value of policy shall
De basis of indemnity for loses is unconsti-
tutlonal by interfering with the right of pri-
yate contracts, and should be resisted by the
combined strength of the fire insurance in
J terest. The resolutions further condemned
the law as putting premium on arson, and
advised the executive committee to bring a
test case under it before the Supreme Court
, of the United States, at the earliest practica-
BILE moment. Considerable discussion fol-
! lowed, several members favoring modifi-
) cation of the language of the resolutions. A