New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-01-25
INSURANCE MEN AT WAR.
ALL RULES AND RATES SUSPENDED.

TIE STRUGGLE EXPECTED TO BE SHARP Sho"'
AND prCIsIvE-vIKws ON TIM sIruArioN'
An exciting meeting Of the Tard ASSOCIATION
Was held yesterday, at which tho dsln'eg".ion
which has been going on for many months resohoo
Q climax Seventy-fve fire insurance companies
were represented by thirty-one members OF the
association. an unusually large attendance AFTER
a lone and lively debate q resolution was adopted
mspendne all rates and rules Of every descrip-
zion concerning premiums brokerage and every
ether subject not excepting even the rates upon
Abre goods in storage which It had been predicted
would be saved from the wreck. In short, the
association did everything but disband Tho
shell Of organization is retained so that when
che combatants get tired Of the strife the means Of
coming together again will be at hand. That
there was strong opposition to this action which
Has been so long discussed threatened and fore
told, is shown by the fact that the resolution
passed by the bare majority of three-the vote
Standing Ia to Ia.
THE BREAKUP CONSIDERED DrPLoRABLE.
There was much speculation among insurance
men on the subject yesterday and it was evidently
the general feeling among them that such an
entire breakup was deplorable and was By no
means the solution Of existing troubles desired
Bone basis OF cooperation among the companies
doing business In New-York and its vicinity was
believed ~ be o necessity, but 80 long as the
association included members who felt at Liberty
70 write q little lower rates of insurance or to
pay larger rates Of brokerage than the regula-
lions enjoined, it could hardly be expected that
Me remainder would fail to seek relief from the
bonds which prevented them from exercising the
same freedom.
D. r. Kennedy, of the firm Of Weed & Kennedy
Of No. lis Broadway, in speaking OF the effect OF
yesterdays action, said:
This of rates. and like all the proba
Utilities that the strong paItcs Will make IL severe
and sharp I'm order that may be short and decisive
To
Of their business In the Metz JJan district 1t means
suin If long continued Large companies with agency
systems extending all over the Urted States aid
Canada afford to go without business in New
York. or to do business here without profit Tho
latter is likely to be the course pursued and they Will
Do business at rates that are Improbable. and Tins
force the fighting After all have had enough Of
twentieth time and thoy will kiss and make Then
We shall have another Tariff Association There viii
meantime have given up the ghost and therefore
there will be fewer elements TO concilate.
THE PERIOD or DISSOLUTION WAS REACHED.
j. Ii. Washburn vice president of the Home
Insurance Company and formerly president of the
Tariff Association, seen by a reporter and said :
was not at the meeting for sent In my resigna
ton Saturday, when the Home withdrew from the
association, and you bring me the first information
have had of the action today it is not SURPRISE
to me, sweeping a It appears to have been When
the Royal. the London and Lancashire and inc sun
went out THURSDAY followed by the action of other
companies later In the week, II was pretty certain
that the period of practical dissolution mad been
10 anything and the situation is worse than before
the Tariff Association was formed. We shall now
have wilder competition than ever before. cannot
say II the insured will reap permanent advantage
from this state of affairs. They will get their In
guraHce at less rates. but whether they VIII get as
good a quality of insurance IS Question There
Will be Very reckless and Wild competition. Since
the breaking up OF the Metropolitan compact last
gpruc. aside from tho few risks which were raeu DS
the Tariff Association. the competition has been the
widest have over known No change could POSI-
bly, be for the worse.
Henry ii. Hall, manager Of the Northern As
surance Company said:
Tho effect of the breaking of the Tariff Associa-
zion will OF be to give the pubic cheaper
policies Whether not they secure cheaper lhsur-
snce depends upon the discrimination manfested IN
the selection OF companies. large conhagratOn IN
this CITY IS not improbable. and the fire Insurance
companies here were never In so poor cOnditloh
10 meet such a contingency at present The eA-
penses of doing their business and the excessive broker
age paid have eaten their vitality and In this con
dItIon they have contracted fatal disease IheS
cannot with safety allow their business TO depart
from Them and to increase 1t at present rates Is
death The companies that are really strong are the
companies which will be able to walt Tor the STORM
~ blow over. . -, . -
II was ascertaned that the situation seems so
grave to prominent Insurance men that can wa
Being prepared yesterday afternoon for meeting
of all the companies doing business In the CITY
nj an early day to consider questions which can
not be long postponed.