New-York tribune., 1874-04-23
FIRE INSURANCE INTERESTS
NETTING OF THE NATIONAL BOARD OF FIRE oNDN"
WRITERS. ~,

The eighth annual ConVehI,o" VI A. ,,o,r
.onol Board of ire-Underwrters was .,nn,re a, II
n,s at No 1856 Broadway, yeseruay, US, ,ha uow.
ioV'r, ,, rho president Henry A. Oakley oi 'no ~
zoo Company Of this city, eaileu inc '''o"
M aiu "rder More than 30 companies wero repre-
sented. . = q parisb a annears
hat the receipts of the year. ihcluuihB o""noe on
80, ,nr, 1s7s were <I9,4Ss o. and tho expenditures
- exc 10. 80: leaving a deficit Of $5,7O6 33 which was
- mn nv several members Of the Board. supple
rontarv report concerning the Incendiary and Arson
Fnpd shows the collections had been ,759 sO and tho
expenditures s1,ls rs; leaving balance of No7s g.
The President read his annual report, OF which tho
following is an absUact:
Twas generally conceded by insurance managers that
the year had been highly remuneratve In results
but impression not borne out by official figures
from 1877 Companies The dividends OF 1873 averaged
upon the capital employed for NewYork State Com
panies IS for Companies OF other States ss "a, show
ing gain 1872 OF 702 per cent The whole amount
paid out to stockholders between 1859 and 1874 was i
s6 26l 20. The capital at the current rate OF
interest would have produced si3s2 65 the balance,
s2l,375,olO 5s, shows the profit OF insurance.
The percentage OF losses paid TO premiums
received was in 1873 For NewYork State Companies,
s5s A; for Companies OF other States, $6O 13'
The aggregate average Of lose for the year was
co O6lO0. American companies received Tor premiums
s52O472l 10 and foreign companies soso3365 29 In all
this amount is paid out for losses In ad-
diton TO the above amount received for fire premiums
the same companies received for inland and marine in
sursnce s390771 A. and paid out for losses s9SooZoo a.
The percentage OF expenses upon the premiums received
in 1873 was % 94l0O including those OF foreign COM
panies as against 80 isOo in 1874 Expenses amounted
TO $2O23536 o. the total payments being 6l66OiJ5 w.
90 per cent upon the receipts leaving an excess OF re-
ceipts over expenditure of s564si0i 6; adding the
amount received for interest investments and de-
Quoting the paid for dividends. there ls net
| gain in 1873 OF S6,6lG,950 So. Ihe business
| OF 1917 showed net loss or S'32O%6;
the companies are 6OOo Of per cent better of
than on the 1st Of January 1874 The two years, 1917
and 1873 averaged about legal interest on the capital
employed BY these figures II is that without the
help OF this organization there would not have been
many solvent companies at the opening OF TINS year
The general depression Of commercial and manufactur
ing interests at present augurs less receipts or TINS
year than for 1872 1878. The reported losses OF the
first three months this year amount TO f9Oes55 an
increase Of s295 over the losses OF the first quarter
Of last year The system of supervision OF local boards
by the supervising agents OF the Board has been OF
great service recommend that the number OF Super.
visng Agents be enlarged to four and that two skilled
persons shoud appointed to act as raers in eonnec-
ton with local boards.
Our records show sS2 local boards in operation with
membership of s22 agents, an increase OF l72 boards
and 3se agents over 1872. The Executive Committee
propose TO have Inconsistencies In ratings corrected
After trial for 10 months of the NewYork schedule we
pronounce il the nearest approach to justice yet onered
and the public regard it with favor. The difficulty
of securing proper building laws and their faithful exc
cuon IN cities is met in measure by the schedule
system Under il the erection Of unsafe buildings and
of Mansard roofs In popuous quarters has been stopped
From Jan l. 1873, March 49, 1874 622 business build
ings in have been altered for better risks In
Boston no wooden Mansard roofs have been put up in
the burned district since the Of the schedule rates
Chicago rebuilt the schedule plan Phadel-
pha should speedily apply this corrective system IN It's
narrow streets In Cincinnati a recent survey has
shown that out of 2S7s business buildings in the most
valuable quarter only 935 have metal roofs and l91 iron
shutters while 1896 have wooden cornces, $50 party
walls only inches. and party walls les- than 'o
inches thick.
In 1873 very many cities were stimulated by the desire TO
reduce the cost OF insurance provide for sufficient
water supply, and many other cities ana towns nave
works in progress under contract. The successful
organization Of "a Sappers ana Miners CORPS III New
York is noticed IL is claimed that such corps at
the Boston or Chicago fire would have saved millions OF
dollars TO the insurance companies. .,,,. F..
The Committee Statistics has collected valuable in
formation upon ten classes OF hazards for the years
ls7l-2 In February they put lor'h prenmaaIN re-
port upOn class woolen mills. Bureau OF stats
tcs has been established at the Boardrooms and has
received valuable statistics IRON various Quarters
will be practicable 20 have important questions ADDED
TO the next Governmental census blanks az wen as TO
the State blanks OF the prominent New England
and Middle States, who will take state censuscs in 1875
| The Construction of Buildings"
The report recommends a continuation OF the system
Of giving rewards for the detection and cow SOn OF
pc rsoDs guilty Of arson OF incendlarsm ThA1eport
| takes up legislation and taxation Laws have been
| presented IN the Legislatures OF NeW-IoTk, illinois,
| Wisconsin, California Virginia Georgia. Texas North
Carolina. Ohio, Maine aud Rhode Island, winch, If
carried into effect, would obhge Large majority OF
companies withdraw from business in those States
There disposition TO press absurd and ruinous laws
the recent one Wisconsin passed agpaTepty ~ direct
| Wbic q
The report huds reason for congratulation IN the
passage of the law in this State authorizing the
| tion Of % special reserve fund for companies.
Rudolph Garrigue, Sew-YOrk, moved for the adoption
OF resolution OF thanks the President for his excel
for specific action be referred to tue standing
to the special committees "heh required Ii was
the report OF the Executive Committee was then read
| by Stephen CrOwell, Chairman. This reviewed the
work of the Committee during the year advised careful
study The subject Of the compensation Of agents and
recommended salared managers IN the larger commu
mites, called attention 10 ne following resolution,
passed at recent meeting OF the Provisional Commit
tee. This was aerward adopted By the Board without
debate the report OF the Committee bcng accepted
| ordered 20 be entered in the minutes:
Rt,oed That recommend TO the National Bosrl the adoption
general rae providing every agent dry con
vcted Of violation Of Ie he tha be compelled TO collect The s
cuA premium or cancel the poey and eai t Eeeo!e Committee
| General Agent Thos. II. Montgomery read his annual
report Nj Montgomery presented the reports OF sl.
pervising Agents W. 6. Davis Jacob Peetrey ana II j.
| Smith. The President read several communications.
! The Committee Of Finance through its Chairman
| A. B. Mcdonald OF New-York recommended that the
Executive Committee be empowered make an assess
ment one-fourh OF one per ceu the OF the
agency premiums OF members TO defray the expenses of
the Board for the current year. Ii explained that
t75oO would be raised in TINS way, and the resolution
was adopted.
| f. Aliger New-York, read the annual report OF the
! Committee Inoendarism and Arson This stated
that the Boards action in establishing guarantee fund
Of $4,000 which To base rewards for the detection
conviction. and pupishment OF nceudaries had been
very beneficial The Executive Committee has thus far
authorized offer &c Iocahties-s of
81 COO OF Of $500, etc. Only has been pre-
seued for payment far The report OF the Committee