New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-06-17
Per Companies
Sj.sS1.j17 lOI


esn compa,Ilcs chiefly have proAed by the conlpcti
nnies received in lss5 SO23.000 moro premiums than
eleven foreign companies IN 1873, ana hile III me same
period the New YORK city companies decreased III mum
Der from egntynyc to nity-ivc, yet Tour new OrK
con pancs nave. In tho same period Increased their
preiuin receipts 3377O or over % per cent OF the
increased premiums Of twenty-two foreign CON.
panies An examination OF INC figures III detail
shows that many or thc STRONGEST Ne"
York and other companies, which, by Iler strength
ana reputation. are enabled To hold the confluence
Of community In The lace Oh any competition nave
voluntarily refused 10 Keep pace with thcr competitors
allowed their premiums TO fal oil in nee to
tneir policy -hoders aud stockholders
1hTee leading New ION e}P pan h "a 6 aoWet
Oh ~ ~,
TWO Phadl hIa companies S"2S' W
Wnlleltb by 10 means follows that volume OF premium
il SYNONYMOUS with profitable conduct OF the Insurance
nnsInes, YOU Will see by the isures submitted how
rcd l. the loss have sustained In the aggregate.
You will also that success IN increasing tho volume
80 nreru,,lIu In the present decentralization the
huc,t and not any special class While 1t i losing
game for all, the final advantage IN competing for
rremium must be- with the companies doing a large
agency business 10y which the great pesc In this city
is distributed over larger area IL Is equally clcar
mat tne Nsw-York CITY business, by itsel. Is TO these
companies none the less unproitabie. AnA!yze tho
I've reired from business 1873, aud will iind
that 1t their heavy expcns - nos aDnorna! losses
attempted to neurazc THIS item by efforts u Increase
their volume OF receipts In the country nj large found
mai II WAS death to drink OF stTeam poisoned ut It's
over 10 per cent OF the total premiums collected
business in the state OF New-iork WAS Received from
Inc melropoa district When this fact IL considered IN
connection with the general Increase OF rates through
ont the country is It not clear that the seat .! the
disease now affecting the fire insurance business Of the
United states Is within the control OF this Board
The Ncw-Nor1 CIly companies have basis
pense on their Now-York business tax and patrol
cign companies per cent To tins add Office expense,
which, with New-iork ana foreign companies. ranges
from 20 60 per cent and We Will nnd II Is correct
statement tAai the foreign aud NcwY York City compa.
mes have present, ON the average, an expense. in
ff..ta a ni irn NJ
TO Tins now adding the item OF brokerage. rang
from 20 to 10 per cent For ihe past three years
attempted rate certain larger establishments and
have limited the commission thereon to 10 per cent
Win effect upon the aggregate Income OF all COM
paules shown 10y the following:
1882 premiums 99s
a gain OF 4l3l67 showing that the reform attempted
been neu,ralzcd By the greater reduction OF
and III brokerage the unrated risks In these
three years the premiums have been distributed as
follows:
New.York City companies As per 40 per cent
Agency companies ------....--.32 80
Foreign companies ..............Z0 n
nfiymne MY hye, and the foreign companies from
twenty-five To twenty Two. inc agency companies have
decreased from hfy-nne 10 slxtyt~o. showing that the
efforts TO secure reform have been, % asure
,hwarted not only by the trh companies Themselves
but 10y the companies which have ignored the OF
the 1arin Association, many OF the latter having most
failure To correct present abuses This Is
the situation AT the present time:
Naturalization that ent-i,s loss upon all com
]
penso Will nave the ultimate advantage.
II. desire the part OF the companies having this
advantage to correct pre- sent abuses
Ill determination on the part OF certain companies
wnicD clearly cannot ong survive the present condition
OF affairs, TO nuliify every effort for reform.
Each company now dong business ia this city
either to mee the competition or allow It's business
IN great measure. 10 depart from IT, How tho
companies. with their expenses running from 40 10 90
per cent. take either course with any hope for long
i-tencc To save our business from ruin AZ
once undertake vigorous reform To do first
be reduce expenses TO continue present
4ffa.f
OF new companies, dealing directly with the insured
without he pay OF commissions to miidlenen We
submit that II is unfair to throw upon merchants ana
manufacturers IN this city. VINO have large accumulated
values. The burden OF our own folly aud Unreasonable
expect them to pull MS through the present crisis
To attempt to establish equitable tarls OF rates upon
present expenses Is impossible. We usIfy
coniemplates brokerage OF twenty five per
cent OF over. This Board, IN 1865, maintained tariff
and uniform brokerage with one hundred and fftyfour
with double tho amount OF lnsnrabie value and one
hundred ana forly-sevcn competing companesi For "a
all OF the insurance capital no" III THIS city Is required
III 1855 S2ll.45S In Ncw-iOrk CITY premiums was
gwen under the law to companies not formally admitted
~ this state.
The question will arise to the companies which have
the advantage ID The present condition OF affairs: Why
perseveo In All attempt OF partial reform. which accom-
psues little beyond postpOniug for snort period tue
cannot be secured would II not bc better FOR Us lover
term OF years. TO intensity the Decentralization tor Tow
Monihsi
For the past year efforts have been made to reduce
the OF business the entire country by
al agreement among all companies. fromises Of
operation nave thus lar Dee secured to an extent
before realized III any similar movement; yet In this
city threatened by defeat by tho refusal to CO.
operate on the part 0f several companies which have
the most to Tear by fluie aud equal profit 10 win by
success Respectfully recommend:
l. That this Board takc oogIztnce OF the sudcct OF
The expense OF conducting our business In this city
II. That special comnittce OF ten be appointed to
report upon the sulJcci.
THE GROVE CLrB "OUTRAGE"
Five members of the Grove Social Club pre-