St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-02-17
CHAMBER OF COMMERCE.
1t Protests Against the Proposed Law Regu
Iating Insurance Companies.


sylvania TO j. J. Hill, proposing to establish
nail factory here. The letter was accom-
panied By note from Mr. Hill, and was re-
ferred to the committee on manufactures
communication from Senator Mcmillan was
also read in regard to the improvement of
the Mississippi river, and iled for infOrma-
ton. The market house committee and the
legislative committee were given further
time. The report of the mercantile committee,
made By Mr.. Noyes, against doing away with the
interior custom houses, was adopted. Mr.
Moves stated that considerable effort was
being made in New York to have all interior
custom houses abolished. The committee OBJ
jected to this for the reason that goods can
be got through the interior custom houses
quicker than they can through the one ut
New York
A gentleman who was in the chamber pre-
scented the subject Of manufacturing glass in
ST. Paul, hut on motion Of Mr.. McCiung the
matter was referred to the committee on
manufactures, before which the gentleman
will he heard. Il resolution was adopted to
the effect that the committee on streets Of
the boarl be requested 10 confer with the
proper committee of the city council, with the
board Of public works, the water commits
sioncrs, aad the engineer in charge, and re-
port what streets ar. % be paved, macadam-
iz-d or graded what sewers TO be dug and
what lines OF water pipes laid during the
present season.
THE MATTER OF INSURANCE.
The most important matter brought before
the board was that Of insurance, which came
mp on the following resolution offered by Mr.
S.abury:
ResOired, That the chamber of commerce Is
opposed TO the passage of the proposed
amendment to the insurance laws Of this
state, making the total amount insured Ton
real property the un disputed measure of loss
in case Of fire, believing that such
change in the law is unjust,
and will work very injurlously to both I'M
derwrilers Jud insured, by greatly hamper
ing the former, and increasing the rates
paid by the latter, and our Ramsey cOu MY
delegation is requested 10 oppose the amend
meDt referred 10.
As soon as the resolution was read, Mr..
Geo. W. Hail, manager Of the st. Paul
Underwriters union. addressed the board,
and said he desired TO present few state
ments showing the results of the business Of
lie Insurance in Minnesota and the city Of
81. Paul. He said There is no other one
commercial interest which 50 plainly shows
the rapid increase Of population and wealth
IN our state as does the insurance business.
The insurance department of this state now
gives US statistics for thirteen years, from
1872 10 1884 inclusive. In 1872 the iusur-
auce companies issued their policies of in
demnity against the loss by fire. for 5000
600, receiving therefor for premiums s6S9, 900.
in 1884 policies wyre issued for
Sl9G 00U, 600, receiving in premiums 50, $780,
600, indicating that We have quairupled at
least our population and wealth during the
last thirteen years. In order ID more plItic
uiarly bring to notice the results of the
business in the whole state he gave some
statistics from the reports of our insurance
commissioner:
The total amount OF indemnity or policies
Issued by the companies against loss by fire
for thirteen years, ending Dec. 81, 1854,
was 81. 27S. 635. 959; amount of premiums re-
ceivcd for this indemnity was Sl7, 1913, 66lS7;
amount paid for losses aud expenses for the
same time Nas $40 1864 Sc. The net
profits upon slT, 1903 G0l.ST was 1927. IS3.Ol,
or about IA per cent upon the whole amount.
For the Inst seven years, while tue
premiums have largely Increased, losses
have more than Kept pace with them.
During that time tire amount Of indemnity
granted bv the business companies amounts
20 S12l, 553, 345. Amount OF premiums re-
ceived during that time was Sll, rs, 49g. 90.
Amount paid for losses and expenses WAS
SO, 42g, S4t.26 leaving q deficit on under
writing in the state of Minnesota % the in
surauce companies doing business for the
s, ven years ending Dec. 81, 1884, OF $751;
344 GO, or an average OF neary Sl0l,0JJ
each year for that time For the year end
IL. Dee. 81, 1884, the amount OF indemnity
against loss by fire was $l95, 900 0J0, for
which was paid in premiums S1.539. OlO.
Amount Of losses and expenses paid, -, 724,-
600, leaving tue companies again out OF
l,ockct ON tue years business Si95, 900. For
the city Of st. Paul he had only
data for two years. In 1888 the
amount Of premiums received WAS
SAC, 900. Amount of loss and expenses
paid. S432, 600, leaving deficit to the COM
panics of $4,000 Ia 1854 the amount OF
premiums received was $3.50, 600. Amount
OF losses aud expenses paid SjT3. 900, the
net loss to the Insurance companies bring
$4,000. Or this amount therc was paid
upon policies issued al other points $50. 600.
leaving still q deficiency TO companies hay-
Ing NJ, ucies In this city Of S33, O00 With
his state OF facts, while good companies are
not Withdrawing from the city they virtually
NANt AAut 80 ~ = LEeAh extent hN cutting
down the lines which they have heretofore
carried and some of them are inclined 10
reduce the amount Of their policies still
farther. Mr. Hall closed h7 saving
that he had presented these matters
70 thoboard, and would leave them with the
members thereof 10 decide what action. II
any, the board would take IN rcgard to what
be called the egr,lensome laws upon insur-
auce companies sought to BE- passed through
cur prescut legislature. He desired alsu to
call tie attention of the members OF tho
board O. the real condition OF matters in ST.
Paui aud the immediate necessity OF more
and Better pN1teciion against fire.
DR.. Day said Tie evil VS. q crvinE Que
Thv'e wtTe too many fires, but he could not
see what tbe mcdy should be. set he felt
that some Cstope from The evils we ssuffer
should be- found lie thought the compani-s
should hx = maximum rate for the amount
OF Insurance upon vacn building. Cart
BcrScy thought the trouble was one that could ,
not De amecigd. Insurance agents are
anxious to iusu7c. They ut commissions
and are Consequently interested ia getting
ali he insurance tagy can, fur IN that way
they gei sbeir pay. Mr.. Moves and Mr.
Hodgsou both favored the Resolution. Mr.
LAue X. Stoue thought the insurance COM
p. n.,s ca 1t 10 o. made 70 psy Tor the ful
amount oi tty .osS, vberC they have the oo-
p0r unity % place The rsk. Finally. on q
vote iu- taken, the resolution was adopted.
aud the chamber adi0grpcG.