The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-01-20

FLOOD LOSSES
RAISE The RATE
LUMBERMEN's INSURANCE AssO-
CITATION SURPLUS IMPAIRED.
"Series AZ Will Return to 48 Per Cent
Assessment Attendance OH
Record is at This Years Conven-
ton.

Lumbermen Of the Mississippi val
ley have always feared fire, but they
never feared water as they do now,
after the disastrous. flood experience
Of 1908. The Retail Lumbermen's In
surance association held it's annual
Temple, and food losses were a fruit
full topic Of discussion thru the ses-
sion. Fires caused by Stacking lime
occasioned good deal Of loss, and the
regular assessment rate was not suffi-
cient. For the first time in the ten
years experience Of the association,
the surplus was drawn upon.
Secretary Hollis announced that the
directors had decided to increase the
rate this year on insurance in series A.,
from 80 per cent to 4 8 per cent Of the
| old line rates This is done for the
former figures. and no objection was
raised. The policies in Series B paid
48 per cent last year, and the surplus
on this class of insurance was main
tanned. The rate on series B will not
be changed.
$7,697,775 of insurance in force. on
series A. Losses for the year were
$5O,144.55, and the surplus remains
$11, 1895. Series B has $4,517,935 Of
insurance in force. Losses were paid
in 1903 amounting to s21,939.4S, and
the surplus on hand is now s992,23.
| Retail yards are limited to $4,000
have old line insurance in addition.
Series B has only been in force two
years, but the owners of large yards
are anxious to have another series
started, so that they can get their
extra insurance at association rates.
They got motion thru the meeting
this morning, offered by F. H. Stoltz
Of st. Paul, instructing the directors to
Investigate, and if practicable start a
series G, when sufficient policies have
been promised. Paul Lachmund, Sec
rotary Of the Wisconsin Retail Lum-
>nounced that they We're ready to take
additional policies on any yards in this
territory, at the same rates.
The program this morning consisted
of an address by H. E. Bacon Of Min
neapolis, vice president Of the assOcia-
J. H. Queal the president; the report
of the secretary, w. G. Hollis, remarks
by E. G.. Fahnestock, assistant secre-
tary, and the election. D. e. Baker Of
Traer, Iowa; w. r. Wood of Parker
S. D.; and w. E. Terry Of Galesburg
ILL.,, were reelected directors for terms
of three years. A finance committee
was elected, consisting Of L. r. Wax
iner, Elmwood. Neb.; G. M. Porter OF
Oskaloosa, Iowa; and George Ingram
of Sank Center, MINI. The directors
will meet tomorrow afternoon for the
election of officers.
Not less than 500, members of the
Northwestern Lumbermen's associa.
ton are here to attend the convention
This is by far the largest attendance
ever record d.sA No previous conven-
ton has ever seen more than 400 In
attendance. The large turnout is at
tributed by the officers to increased
{. interest In fs4F asspciati ton work and in
creased membership rs
The procee aings OF the association
were resumed this afternoon with the
executive session, which began at
o'clock. To- morrow morning the
convention will CLOSE with a business
session. and the election Of officers.