New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-01-27
INSURANCE MEN COMBINE.
HORMING NEW TARIFF ASSOCIATION
,.,nx,xa OFT plan TO REVIVE THE RECENTLY

CARRYING OUT A PLAN TO ktNINE inb
SUSPENDED RULES AND REGULATIONS
The rooms of the Board of Fire Upderwriters were
srowded with insurance men yesterday, brought TO-
neither Nv specal meeting Of the BE ara 10 CONSIDER
the demorazcd condition Of affairs In connecuon ~"h
the recent ss pension OF the rates rules ana
:, ,,o rawg .ecoci.tion So great the Interest
which the gravity of the situation has evoked that here
wore few atsci tees Nearly all the Don-tarih com
n.nes were remcsented Henry H. Hall, OF the North
ern Assurance Company, presided lie Dreny reVic"-
Cd the alarming facts which confronted insurance inter
ATS and stated that the losses of the last year In the
Fire Patrol District alone made up by the secretary
aggregated more than So 600, OOO-whch he SAID was
an abnormal showing These figures did not include
the losses Brooklyn elsewhere within the Metro
politan District, which would amount to S2OOo,oOo
more 1t was evident from the published statements
Of the companies that largo majority of the offices In
city had expended considerably more In 1887 than
their receipts, and unless change took place 1t was
only a question of time when both capital and surplus
would be wiped out These dargers were OF the under
writer's creation and unless speedy action were
taken to stem the tide s worse evils were near at
hand.
A resolution was offered reafrming the principles
Of the ropoan Compact but discussion brought out
tho that such action required unanimous consent
which was deemed mpractcable. substitute dcclar-
Ing the companies represented pledged themselves
observe until February 49, tho rules and rates OF
tho New York Tariff Association as they stood prior 10
the SuSpcnStUn oy WhlCn tlic oo "o
vsed received large majority Of the votes cast but
. number of representatives declined to vote. AS these
with the abscnees would be able to nufy united ef-
fort and render futile the obeos sought tie resolution
was laid upon the table and the whole subject re
opened.
After a long and somewhat acrimonious debate,
resolution adopted revivng the rates, rules and
regulations of the Tariff Association and making them
binding when 90 per cent Of the compane and the cap
al engaged in the fire insurance business in Ncwlork
shall given written consent to the agreement.
There only two dissenting votes. committee
of five, John ". Murray, Of the German American;
]. II. Washburn Of the Home; H. ". Eaton, Of the
Liverpool London and Globe Henry H. Han, of the
Northern and !. Temple o; the fl loCe man, as
execution Before adjournment Chairman Hall an
nOuDccd that than the 30 per cent required had
given assurances OF which practically
the cooperation Of nneenthS of all the companies In
New York
II the scheme is carried into effect sad Mr. Weed,
Of the insurance firm of Weed Kennedy. yesterday,
in dace with the terms of tn, resolutions ddupt
ed, a much stronger Tariff Association than has been
known in New York I'm many years Will bc the result
II is believed that the companies who have become par
ties tho agreement will no. retreat from the position
they have taken I'm the face OF the threatened opposition
Of u three companies who ave pcrSlStently RS
fused TO enter any tnH collation.. but al an early
day Will be ad opted both offensive and deen
sve for the protection OF the companies Which tCok the
I'm port ant action of to-day"