Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-10-24
THE UNDERWRITERS.
Propositions Submitted by the Bustpess
Committee Ac ed Upon and the Con yene
ton Adj urned Without Day.

COMMITTEE Ac ed Upon al d the Conyen,
ton Adj urned Without Day.
New YORK. Oct. 2l.-Ths convention of FIRE
underwriters resumed its session this morning
Resolutions condemnatory of deposit loans
were referred to the committee on business
Mr.. z. Stevens offered a resolution providing
for a committee to confer with Legislators with
view to settlement whereby over ins urance
may be sbrogsted. Mr.. Stevens thought it
was the interest of the convention to cooperate
with legislators to secure the necessary laws
Tor the presentation OF what might be consid-
ered a cause of incendiarism. Referred to the
committee on business. George q. Oakley,
chairman of the committee on organization,
proposed a constitutional amendment, which
was discussed article By article.
After a brief discussion the constitution as
whole was adopted and recommitted to the
committee on organization TO prepare bylaws.
The president was authorized to appoint COM
mittee to nominate officers for the ensuing
year. He named as the committee N. E, Bow
ers, of the English companies; j. Goodnow,
Hartford: Thomas T. jeremiah, n. Y; w. G.
Crowell. Philadelphia; Alfred James, Chicago:
f. W. Arnold, Providence, and 4. Bowker
Boston.
After recess A. Lawton Snowden was chos-
en- president. The advisory committee in
cludes John W. Hartwell, Cincinnati and Robt
]. Smith. Chicago. A series of resolutions
were adopted, setting forth that it was the in
evitable effect of all bad legislation respecting
insurance to diminish the security OF policy
holders and materially to increase the charges
for insurance. The companies and their policy
holders were strictly Identical, and the coLveu-
ton protests against such legislation and calls
upon legislators to see 10 it that the
laws affecting insurance be considered before
adoption, and asking that no laws be enacted
respecting insurance except such shall con-
serve to the best interest of policy holders
throughout the land. The business commit
tee reported a series of resolutions, which were
adopted, declaring that all legislative enact
ments seeking to crcumscribe the freedom of
contract and prescribe infexible and iron
form of policy inexpedient, unnecessary and
injurious to the interests Of the usurer as we'll
as 10 the companies; that il was the
duty of all the underwriters to oppose
all such enactments by placing before the
legislature where such laws are contemplated
the considerations which this association re-
garded as of commanding Importance, and as
furnishing good grounds for opposition there
to. The resolution also provided for the ap-
pointment of committee to represent the
views of this body before such legislation as
may have such laws under consideration, and
requested the companies doing business in
Massachusetts TO delay action under the statu-
tory form of policy prescribed by that State
until the advisory committee shall have CON-
ferred with the authorities of that State, and
shall have reported their action and recon-
Tendations to members of the association.
The same committee made report Oh valued
policy laws and submitted for a substitute the
protest made some time ago to the legislature
against it. The report was also adopted.
New YORK, Oct. 22.-The business committe-
of the underwriters at the session to day sub
mitted report on profit insurance. They re-
ported unanimously in favor of insuring on
rents, recognizing it as legitimate insurance,
not on profit. but on actual loss, and not dan
gerous TO ire insurance interests. The COM
mittee was in favor of Considering the prac-
tees Of insurance commissions beyond the
amount covering charges and expenses and
such property of the commission as would have
been paid in face of withdraw with goods
The committee reported in favor of condemn
ing the practice of profit insurance on manu-
featuring risks, as subversive of one of the
principles of fire underwriting, tending to en-
courage lncendiaris N. The committee con-
demned the practice of insuring general profits
on general business.
The second proposition relating to commits
sions was referred to a special committee to be
appointed by the chair. The third proposition
was amended to read that the practice of in
surfing profits on manufacturing risks should
be condemned as unwise and inexpedient and
IN this form was adopted. The fourth propo-
sition relating to condemnation of the practice
OF profit Insurance on general business risks
was adopted.
The business committee then reported on
Mr.. Oakley's resolution on the subject of State
deposits, and the first part of it, protesting
against such deposits as unjust to the com
panies and also to citizens, was adopted. The
second part, referring to cases where deposits
made with State authorities should appear as a
liability against the assets of the corporation
making them, was, after discussion, voted
down.
MIR. Cowarden's resolution declaring it to be
the duty of the convention to take up the sub
ject OF rates and commissions to agents, and to
institute revisiors sc as to secure just rates
and fair commissions, were discussed at large
Finally the following substitute was adopted:
That 1t was the sense of the convention that
each member of the united fire underwriters
association in America shall, in lis individual
capacity, exert his utmost efforts toward the
formation and satisfactory workings Of local
boards throughout the United States
Mr.. Heald, of the Home Insurance company,
offered resolution suggesting that the under
writers IN New York be requested, as matter
of justice TO themselves, to become united and
form a local board. Adopted.
The time and place for holding the next
meeting was referred to the advisory com
mittee.
Chairman Hall appointed the following as
committee the Massachusetts codi6ed
policy: d. A. Heald, Fl. A Oakley. II. Kel-
logg, w. FL. Ross, Geo. L. Chase, Albert Bow
ker and A. L. Snowden.
Adjourned sine die.