New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-02-12
TRYING TO MEND INSURANCE RATES.
A FEW COMPANIES HOLDING OUT AGAINST NE"
TARrFr-RECENT HEAVY LOSSES.

A FEW COMPANIES HOLDING OUT AGAINST NE"
TARrFF-RECENr HEAVY LOSSES
special committee appointed by the Board Oh under
writer's 10 secure signatures 10 an akeo
nent Nv hich should not into effect until 1t covered W
per cent companies and capital engaged III 'no
business in this city establishing An
Of rates fixing commissions at moderate sum- mas
been busy engaged since the first OF the month IN
irving TO secure further signatures TO the agreement
This movement requiring the cooperation Oh ioI oo
papies reporter OF TRIBUNE yesterday made some
INQUIRIES az TO It's progress lie learned that the sigma
tr OF 121 companies had been actually secured ana
that seven more promised that the state OF the
case was follows: Assets 1928; dissents 10 on the
fence O. 1t will be from this statement that the
committee four signatures OF the NUMBER required
Unless these four be obtained the agreement Is not
binding upon any OF the signers
Among the companies which are counted as opposed
10 this movement the following, their respective
capitals being given) The Eagle, 100000; Kings
County, si5o,ooo; Knckerboeker 100000; Manufac-
turers' and Builders 5000 C00 Pacific s2OoO99; stana
ard 5000, 600; Williamsburg City, s2bo'OOt IL VIII
be SEEM therefore, that these companies and their ag
eeaate capital represent about the capacity OF single
million dollar company Their non-concurrence 10 oy no
means feared by the other companies but unfortunately
for the hopes the sgners OF the agreement the HOMO
Insurance Company, Of New-York, must be ADDED tenn
porary, at least to the list The Home Company mas
capital OF e3oOo,Ooo Its directors and stockholders
are among leading merchants of New-York. Inc
Secretary Of prominent company stated to Tribune
reporter yesterday the attitude of the Home was
incomprehensble the insurance fraternity It's inter-
ests all over the United allied TO tans ana
tariff organzaos and 1t was inconsistent In pursuing
course In this city which must Inevitably lead 10 disaste
IL had large in the recent Broadway hFes
and Its city well up In percentage to those
Of the poorest companies In the city. Is UNDERSTOOD
however, that the Home IL awaiting events ii inc
stockholders and directors Of this company could realize
that the attitude OF Home ia tending to demoralze
the business OF the City NewYOrk and the
entire country and that their present course was In
direct contradiction to all their previous history they
would certainly make things hot for the oncers OF
the company
The ROYAL Insurance Company Of Liverpool has also
refused 10 sign paper, but its position, as well as
that OF the Germana Of New York, Is somewhat duerent
from that of the Home Tho Royal ana Oefna"ia were
not members Of the old Tarr Association ana were UNI
committed by any signatures It's agreement But they
adhered long as they were In FORCE ana
the companies Interested in the present movement are
perfectly willing trust these companies TO ABIDE oy
the tariff though they do not attach their sigma
lures to It. The companies the fence have not posi-
lively refused Join the movement and many insurance
officers believe that the Home Will Join In the agree
ment here will be difficulty in securing the sigma
OF OF the companies that are now regarded as
uncertain The underwriters Of this city have been very
up during the last two weeks by the numer-
Gus fires this city Buffalo and elsewhere and their
loss accounts have swollen beyond precedent at
this season OF year Stockholders and directors may
well stand aghast a. the nroads upon capital made oy
these fires the question OF the solVency OF many
companies seriously discussed by leading insurance
officials The opinion prevails extensively that the con.
dillon Of business demands uniform rates and reduced
commissions without which company In New-fork
can hope income equal Its expenditures dur
ing the current year.
The sentiment Of the companies voiced by The In.
surance Monitor" In It's last Issue as follows:
III we read the annual statements cor
rectly there are at least dozen OF the
small companies OF this city doomed to extinction during
the present year. with expenses largely exceeding In
come and with reduced surplus funds the only question
left is how long the stockholders will stand It, Some
OF them show small ratios but their enormous ex
pense accounts have dragged them downward The END
cannot long be postponed The funerals OF companies
In the year 1888 promise TO be more numerous than ever
before In o single twelvemonth.'