New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-05-09
FIRE UNDERWRITERS MEET.
ANNUAL SESSION OF THEIR NATIONAL
BOARD
INCREASE OVER LAST YEAR OF THE AVERAGE
DIVIDEND TO STOCKHOLDERS

The twenty fourth annual HecuhS Va W. 49,.
Board of Fire Underwriters was held YESTERDAY az
,oorns 80 Tho Ner York Board in the Mutual Life
Rni,dinr No 10 Nassau-st The attendance was large
among the members present being j. Goodho"' PioSi
dent of the Aetna Hartford James fereahcc' pio'
of the Alliance, NewYork; ID. Adee' preSuo"' Va ~
American New York: G. H. Mclean wee presiuen' VI
the Citizens, New.York: G.. H. Van Allen Vice'presr
dent of the Commerce, Albany u. L. hHo9' names
~ the Commercial san Francisco L. Murray, president
=, the Empire CITY, New-York; F. W. Arnold pre'
dent OF the Equitable, Providence X L. r.. - H'ii
vice president Of the Fire Associauoh' ''i"''
NJ A. Stone secretary OF the Greeh"lch Nc"-io'h'
= O. AfYeld. manager OF the Hamburg Bremen "er
many Thomas James general manager Oh the ha',oNer
New York; G.. L. Chase. president OF the ii"rl'i''
hartford d. A. Head, president of the Home Ne"
York: G. E. Foyer secretary Of the Insurance company
OF North America Philadelphia; f. Litchfeiu ha'"soi
Of the Lancashire England; ii. W. Eatoh' presuen'
Of the Liverpool London and Globe, England W. l.
Barton president of the Merchants PROVIDENCE H. l.
l. II. Kattenstroth secretary Of the NATIONAL New
York J. NJ. Nichols, president OF the Nauohai mart
ford C. r. Whiting president of the Orient, Hartford
J. L. Thomson secretary Of the Pennsylvania Phladel
phia F. V. Price, president Of the Peoples new 10TH
G. p Sheldon, president of the Phenix, BrooRNh' ~
W. c. SHELTON, president Of the Phoenix Haruoro
r. b. Beath secretary of the United Fremen g. fhiia
delnhia There were a more OF Others repre-
senting important foreign and domestic companies
In his annual address President Head said that
since 1865 no less than $40 stock companies had
failed or retired. These companies represented capa
Amounting TO SOL 96 651 and assets OF not less tah
S147 o76sa5 all of which either lost In the onS
ness or withdrawn from it as not yielding suIno III
turn upon the investment The average dividend 10
the stockholders of 269 American companies during
1850 was 0S-l00 per cent gain OF 90 100 per cehI
over 1885 which, willie exceeding those Of the four
previous years vet falls below the average OF thftV
years The interest earnings of assets were more imam
sufcient to meet the dividends The loss ratio OF all
companies domestic and foreign. had materially In
creased during the year. had also the percentage OF
losses There had also been marked increases In the
risk and in running expenses The statistics given
Mr. Head said. would show much more SATISFACTORILY
TO the investors than TO the companies
referring 10 valued policy legislation. Mr. Head sad
that the result in Wisconsin, where the valncd-pohcS
law was in operation. had seemed to prove that such
law was an incentive to incendiarism In that Sta'e
an advance of four cents in the premium rate had
becn made to meet the increasing ratio OF ourf'ns'
which had cost the insured S5l6Oo' more 'ha' uuer
the normal rates before the law The excess ol o'r"
i-r In that state had cost the companies Sl1o'ooo as
their proportion Of the Injurious results following 'ho
passacc Of the law. The only way In which the per
ricio,s objects of the law could be met was bv an IN
crease of rates similar results had been oo,c'>e u.
Ohio ONLY in q less degree than i'll WISCONSIN, i"o
term risks or fvcycars' risks. at All average ru,v
rate ot % cents on each 500. had rcdnced the
risks were likely produce bountiiuI crop oi ioSc
The wear 1850 was one OF extraordinary losses ana
therefore not satisfactory from the UNDERMINING
point OF view. During that PERIOD New ioih -
comparies received fire premiums OF 80 '''-'ooo '
had Maid fire losses OF Sl6,j03AO0, the comPai'H '"
other states received premiums OF soi,oii VI a"u
had maid losses of $50 604 $685. while the American
,orpanes combined received premiums OF o. oSo' wv
ard paid losses OF s4719S363. the rato Oh ioSs o''
"a - This is an increase in the ratio OF loss VI
. m over 1888 and of 2.41 the average ior 'no
wears The enormous volume OF business oo"e 10
shown by the fact that in thirty years Aineroan
psnics have received premiums OF si'oio'-0, A.
have paid losses of S754,935.f0o 1hese nsro o w
mn. ,rc,udc marine and inland Insurance anu ioS'oo
49,, II rashhurn chairman of the Committee
IN ,chtiur Heating and Patents. presented an LUZ
nortant rcport in which he said that the great p'oO
lon, before underwriters today was the hil'ako'n'
Of the various systems OF electric hsn'lhs - 80
insure siffe:y from, fire. Instead Oh oe'''s ,',.,'
element they at first had thought eiec'nc HsH"'s
.n hooo,,e q most prolific source of danger. ana
had cost the insurance companies more thah any
method Of lighting heretofore in use.
Figures were gwen showing property losses Dy
ercs from electric wires and lights. as follows III
1896. s4eO.250: 1887. S65l.93o: 1ooo. Sl'oo''-l"'
$50 -. 500 500 Continuing. the report said that
the employment of petroleum for fuel was stll largely
experimental and needed to be carefully watched'
VaIiou, safeguards recommended. Inc
Iepoyt recommended that the rules 81
the New-lo Board regulating eleGtlc hsh,
Equipments. be adopted BY the National Board. and
the Latter appoint deegaie 70 serye upon com
Light Association. the OBJECT being the adoption Of
nn]o7m regulations for electric light equipments and
i inst a1anin,on ih9 ad fHp
g. A. Van Alien. ON the Committee on Ineend @rs s
ana ArSon iep9ted 'n@' inoubtins to $40 500
Eight rewards pad. amounting to ESQ
These secured ten convictions. the average sentence
to,rfv six
after onc-half cent 90 each 800 o. thc hct pre-
aiums OF the companies suhsennaG; te ASSESSED LOT
'eT The i repor Of the COMMITTEE on Adjustments.
pssenGa By o C. " %h'nv such iY prct i
hcrg calculated TO increase the pumhcr OF hFcs bN
rni,hns az incentive 10 inccndiarism SOM check TIC
cty for business lead them to make hasty settlements
to gain reputation FOR lberaIity with ne public,
and thc following resolution was offered. differing but
slightly from one adopted by the Board in 1853, which
Resoivcd That it Is inexpedient,. in view Of the
present condition Of the bus mess Of insurance com,
dcdnction for interest when paid in advance Of ma
turty and in the abschce OF any special reason tor
fore the end Of sixty days from date of adjustment
Tho report and the resolution were both adopted
George /. Chase. chairman Of the Committee , on
thsa NevtYork. JPennsylvanie. Massachusetts and
Iowa had declined to put valued policy laws upon
agents should hereafter be instructed to use their in
nuence against pcrnciou LEGISLATION in their respective
other reports made from number Of minor
standing committees and special papers Of interest 70
underwriters were presented. J. W. Smith, assistant
chief Of the Brooklyn Fire Department. appointed
INSPECTOR of fire departments, fire patrol and water
supply for the National board with salary Of 81 800
year and an allowance Of $500 for travelllng ex,
Philadelphia g.. r. sheldon and D Adee, Of New York
was appOinted to attend the National Convention OF
Ffre Engineers, to be held at Detroit In September
The following officers were then elected
Presdent d. A. Head. New York; vice president
n W G shelton, Hartford secretary, X. b. Bcath
philadelphia: treasurer. Fred W. Arnold Providence
chairman executive committee, J. GOodnow, Hartford
vicechairman executive committee NJ. A. Stone. New
York. ~ -,
The members Of the National Board enter
tanned az an informal dinner at DelmOnicos last night