The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-02-03
FIRE UNDERWRITERS TROUBLE.
GRAVE CHARGES AGAINST FIRE INSURANCE COM
raxns-A SCANDAL THAT WILL LIKELY BE

GRAVE CHANGES AGAINST FIRE INSURANCE COM
covyrEp Up AND KEPT FROM THE PUBLIC
rhs Insurance interests as represented by the
close corporation known a. the New York Board
Of Fire Undcrwritcrs," have, ct different times,
been convuised By scandals about unfair dealing
on toe part Of companies represented In the Board
but careful enorts have been taken to prevent the
public. wao patronixe these wealthy corporations,
rom learning the cause OF these disputes lest the
companies might suner. Time and again the
charge OF sharp practicen has been made by one
company against another, aud the matter in DIS
PATE bas been referred quietly 70 the Executive
Committee. who manage In some way to settle the
question 90 a. 10 avoid scandal All the compa-
Mes composing this powerful Beard. that repro
ssns procsbv eioo.ooo go OF capital are bound BY
well defined rules, fixing the premium rates and
regulating me entire basiness OF nre Insurance. the
On the stock Exchange rules regulate the Wall
street operators VINO are members OF it. Every
company that violates these rules by reducing
its rates OF premiums on risks or by giving excess
save drawbacks. Is looked upon with distrust and
y soh,sct 70 daseipAae Yet 10 mas often been
ssrsaos weird descend 20 petty subterIuaes to
svsss tae rules and secure business that they
ths KIND origin ascs vita The American Fn 9 insur.
ancs comfany OF which Mr.. James u. Halstead u
,s ss few Gays ss1 14 4U%
tn~ sesra after tbe period OF fifteen days notice,
- the rules provide raey silsse as the cause OF
have vlcsstcd TIE rulos and disrsesrdcd the rates
Aareed upon ~ the board The complaint OF this
Sasssas con. zee ieS sse.r report and Is yss
ss:. ..i a..is :. Ss:'sirs SSs i ssss
TIE Beard saa solicited some ,nior@stion As 70
in,lns' cd that \, was nooody's business. ana
snsa asked lor tse names Of ne COMMITTEES 70
''ihat he asd not see that the public were inter.
ested Ia knowing their names." otner and more
ioand. MT. naislead. Prssldent OF the segrieved
company. stated that his action was taken IRON
ne r res ysay ~ we ppns tss
ssoSsss 5, me Board We ihns We Ssve ssdsnss
the ruies Alie We have aDsdcd oy them faithfully.
Hence We nave gwen the usual ufteen days no
Of me manner Of doing business in the arrange.
meat o. ne sssmam' For sns,snoe here - r,sx
on oos sa ne ' ss1' sas p' ave sDI per
ave snewissss tSss aS S srssssr rssuctacns
are made ~ eome Of the conpAntes have been
carSsS ous IN good sS aim 81 nv pro%.ss Our
COMPANY docs not propose 70 deviats rom the
from the Hoard. M. HAlstead declined 90 name
the companies that had been guilty Of this disre-
the company viii u all probability retire and the
Executive Committees report VAL likely be care
fully guarded 81 Mr.. Hsnshsw and his associates
=: NE
their rssks nom those companies who Jeoparcixe
their capital ana endanger their soivency oy tax
ing risks ~ premiums Delou the established rates.
THIS Y Q suDjecl that Interests every man aud
woman Who takes out en- insurance policy. and the
pubic are Interested IN knowing who the commit
tee to whom these charges have been referred are,
Mr.. Henshaw's opinion 10 the contrary notwlth-
standing.