New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-05-10
INSURANCE COMPANIES TO COMBINE.
THE MOVEMENT ALMOST CoNsUMMATED-FEw
YET STANDING OUT.


The movement toward combination Of the l4O
Insurance companies doing business In this city. for
the regulation of rates which was begun more than
six months ago seems now TO be approaching its
consummation. Lnd;ey Murray. IT., president Of the
Empire City Insurance Company and T. e. Little, OF
the Phenix: have been among the most active MEM
bers Of the committee appointed TO push The formation
of the combination. They have worked diligently and
have secured the signatures of about 100 companies.
Names are added 10 the list every few days. The
twenty companies which still refuse to become part
OF the cCmbna ion fC the most part small ores who
lear that they would not be benefited by joining hands
with the larger concerns. The Phoenix Company. OF
Hartford has agreed join the association as soon as
"5 per cent Of the companies In this city have signed
That, II Is said. amounts practically TO membership
on its part. the general opinion seems to be that
the combination will be formed ultimately.
The only large company which has declined TO add
Its name to the list Is the Continental. Its pres
dent I. G. Moore has written a letter TO Mr. Little
making the following conditions for Joining the com
binaton: The commission brokerage not to eX-
coed ID per cent any business, matter where
located; each member to agree that he VIII not re
insure In companies not members OF the association any
portion of risk which can be carried by the mem.
bers all companies to be in the combination. or. II
this Is Impossible. tho Board TO be formed with ut
least 20 per cent Of the companies; In the latter
case, two rates TO be made, the lower rate TO be
given to such property owners VIII agree to A
condition In the policy that they will give all their
business TO the companies which have co operated ;
no risk to be written at the home office OF any
member at less than the tariff Of the place where such
rish II located all premiums to be paid within thirty
days, or policies to be cancelled branch Offices 10
be restricted all companies ~ be equal In privileges
and concessions brokers to be recognized as properly
organized body rates only to be enough in amy class
10 yield small profit These conditions, however,
have not. as Yet, been accepted.
Among the other companies which havo not Joined
the combination are the Kings County, the Eagle,
Williamsburg City. the Hamilton and the Globe. Al
though Il few OF the companies have Little faith In
the ultimate success OF the combination. the greater
number think II Is assured. Mr. Little said yesterday
that the combination might be declared now. as it
had sufficient strength IL need not fear the companies
remaining outside Of the combination. combination
OF this kind Necessary, a, the companies had in
many Instances lost money. one OF the principal
objects 10 reduce the expenses Of brokerage. II
was also tho opinion Of tho president OF the United
states Company that tie combination was an absolute
necessity. New York. he said at present did not
pay enough premiums 10 pay the losses on capital
Invested. He thought also. that it was ridiculous
To attempt to do business without concerted action.
The combination was now strong enough 10 declare
its intentions.