The Providence news. (Providence [R.I.]) 1891-1906, 1894-05-07
INSURANCE.

| Massachusetts State Fire Marshal.
The bill to establish State Fire Mar
| shal will be discussed in the House May
10 1t is generally expected that the bill
Will become law.
Lloyds and Mutuals.
Since the advent of the Mutuals and
Lloyds the number Of surplus lines in
the market have steadily diminished and
there are now few houses which cannot
get all the insurance they need, that is IL
theyare willing to accept the quality OF the
security offered.
These new Eastern corporations are secur-
ing much OF the patronage which form
erly went to the Western Mutuals and
Virginia Stock Companies.
Brokers who have the placing OF sur
plus lines look upon the Eastern Mutuals
and even the Lloyds as far preferable and
safer than the Western companies men
toned and so cancel and replace their
lines In the better companies.
There Is a marked decrease IN the volume
OF excess business placed over the water,
and foreign companies which depend for
good share of patronage from American
excess lines will feel keenly the advent OF
the many new companies.
The Lioyds threaten to enter Massachu-
setts and personally solicit business from
the assured, In violation of Massa-
chusetts law, because, say they, the
law Is unconstitutional. The in
surance commissioner, when informed
They will not accomplish much. People
VIII not buy their goods. The merchant
VIII look in the report on insurance in
Massachusetts, and when he
does. not see anything con-
corning the company soliciting his
business, he will come TO the insurance
department. We shall tell him he doesn't
want any OF it, and when tell q Boston
merchant he doesn't want insurance in
certain companies why he doesn't take
1t. Still," concluded the commissioner
as he brought his hand down upon the
table "if they should succeed in getting
any business and solicit IL in violation OF
our law this department will be heard
from, for we will put them in Charles
town Jail sc. quickly it will make their
heads SWIM"
Fire Insurance Stocks Should Pay
Large Dividends.
Because, First-It is the most hazard
Gus stock to purchase, subject to assess
to utter humiliation in cases of wide
spread confiagration in large cities where
immense values are concentrated.
Second. The capital that enters into
fire insurance companies must be genuine,
and so instantly available that 1t may be
depended upon to meet the largest losses
caused by fire, which otherwise would
extinguish capital engaged in other enter
prises.
Third. 1t is compelled to assume risks
which capital engaged in all other pur-
suits than fire underwriting decline to
Fourth. 1t affords she sure foundation
for the use of capital profitably engaged
In building up and sustaining enterprises
upon which the convenience and pros
perity of all communities and the people
generally depend.
Fifth-The risk Ii assumes through the
companies issuing their policies OF in
demnity are beyond the control Of the
companies, and change in the financial
condition OF people, which causes many
to become Indifferent regarding the
protection OF insured property
and even incites some to commit the
crime of arson, is hazard that cannot be
measured, and against which no obtain
able rate OF premium is adequate, conse-
quently it is q serious menace to all cap
ital invested in insurance companies.
Il Rough Notes.
The Old Colony Mutual Of Boston.
Mr.. Raymond Hayes, secretary of the
Old Colony Mutual, left yesterday for a
trip to the West. Mr.. Hayes will confer
with the Insurance Commissioners OF Ilii-
nois and Ohio and will endeavor to obtain
Licenses from these officials authorizing
the Old Colony to do business in these
States. J.F. NJ. LYONS.