The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-04-25
TAXING INSURANCE COMPANIES

Yesterday morning the National Board d Fire Under
writer's held meeting Underwriters Hall, No $50
broadway, at eleven O'Clock, and the SESSION continued
untlltwoP. NJ The mombers Of the press were not
admitted, but IL was understood that tie aggressive
legislation ut Albany the main subject considered.
and that the determined effort Of the Insurance COM
panes directly affected by the Hammond bill TO repeal
hostile legislation will be warmly seconded BY the Ma
tonal Board at their meeting called br to morrow
"wednesday at eleven O'Clock A. NJ
In addition to the Hammond bill the companies are
understood TO have somehow incurred the hostility or
Mr.. smyth, Acting Superintendent OF Insurance at
Albany who SCOTS at the idea OF the New York COM
panes being driven organize under other State cbar
tiers In order TO escape runous taxation here Senator
starbuck it Is understood viii introduce bill 'for the
just assessment OF insurance companies, !" whlcn wiz
actually provide for the taxation Of United States bonds
held by the mutual companies.
Mr. Henry A. Oakley. the President OF the National
Board OF Fire Underwriters, waited upon BY
HxRALD reporter ONCE yesterday ~ the Howard
FIRE Insurance Company Mr. Oakley said in ercct:-
senator Hammond, The ex-Dcputy Attorney General,
who Is the author OF the bill about which
the correspondent OF a morning paper that
showed the Board of National Underwriters IN 1874
$24 600 900 beyond the legal interest 70 their stock
holders, distributing about thirteen per cont 10 dv
dends, besides making large accumulations 10 the sur
plus fund that IN 1873 the department report shows
dividends accumulation OF capital Of over thirty per
cent Now, Mr. Hammond ;ortnrcs my language nto
exactly the contrary OF its true meaning instead OF
surplus OF sa o00 there has been an actual dchc
OF nearly that amount So much for tho accuracy OF
that gentlemans statements II Is OF the utmost con-
sequence TO the State and that the interests
and stability of the rc insurance companies should be
conserved. Every great fire loss TO the nation OF
much OF It's real wealth, and this cannot take place
without It's effect being cit In time by the whole body
polite Rates OF premium IN England France, Italy,
Switzerland and parts of Germany are much lower
than in the United States, not only on account
Of the superior construction OF their critics. rigid
laws and constant but because the state
protects and does not constantly harass insurance in
tcrests.
TiIE COMPANIES LEAVING NEW YORK
Secretary Of State Kelsey, OF New Jersey, stated IN
substance that tho officers OF some OF the most PRONE
inent insurance companies OF New York have beon IN
correspondence with him having In view the removal
OF their principal Offices, capital and surplus 10 that
State the proposed law providing for the taxa
ton OF the capital stock OF insurance companies should
be passed by the Legislature OF New York. The cor
respondcncc also asked what was the method &c, OF
taxation. reply had been sent TO them giving tho
desired Information. stating also that they could have
the relief that respect by situang in New Jcr
scy and hc had doubt but that they could get tho
necessary legislation The New York companies also
organize New Jersey under the general insurance law
by complying with Its provisions.