The Bridgeport evening farmer., 1909-11-18
BUCKINGHAM ADVOCATES
 LOWER RATES
(Continued from Page 1.)

(COntnueO ITOH rage AJ
 The principal speaker of the evening cn insurance subjects was Henry E. Hess manager of the New York Fire Insurance Exchange. He was unable to get far into his subject owing to the briefness of the time. He spoke on the History of Rating Organiza- tions fin New York City" He said that the practices of the business in regard to rating had changed but lit- tie in 90 years.
 He said the first fire insurance com pany was the Mutual. organized in 17S7. This afterwards became the KnickerbocReri in 1890. owing to a disagreement over rates eight compan- les combined to form the Salamander Company in 1S19 A committee was appointed by the members to revise the rates. There were five on this committee. This was the first rating organization Standing officers were elected in 1921. They put out the uni- form policy which was the model for the Standard policy of today
 He pointed out that in 70 years the rating value of sole occupancy has not changed He said there was a good deal of custom in the business after all which could be respected as other time honored customs were.
 In 1850 there was a meeting in New York of representatives from eight in
 surance companies throughout the East A committee was appointed to | learn the condition of insurance in the United States. A few months later
 a meeting was held in Hartford The
 committee reported that up to 1S10 the
 rusiness had been profitable. but from
 hat date for 20 years there had been
 60 many new companies who cut rates f that the profits of the business were
 knocked out From 1881 to 1850 the | premiums and a great deal of the cap | ital had been required to make up for | losses. This explained the increase ip rates. The increases in losses were ! charged up to the increase of factories.
 high buildings. friction matches. in-
 cendiarism and the handling of volatile
 oils. | Tn 1857 came the split on the ques- | tion of paying commissions to brok- ere After this split only 4s out of Sl
 companies remained in the organiza- ton Meanwhile a tariff had been fs-
 sued by the organization to the coun- | try at large. This was the first of its
 kind and was published In 1852
 Here he told of the organization of the New York board. He warned the
 insurasce men that they should not compare conditions in New York with other places because the business was handled there so differently. Here he had to stop. He had just got to an | interesting part of his address and was urged to remain and finish 1t. but he said he had to return to New York. F.. W. Beardsley of Hartford. follow ed Mir. Hess with a brief talk A let ter of regret was read from w. E. Metzger of Tennessee. who was unable | to attend. He congratulated the local | organization on its work. Other speak | CTS were expected but were absent. | These were the officers elected for the ensuing year:
 President. Charles L. McNeil. Tor | rington; vice presidents. Edwin B. Cowles. Hartford. Philip l.. Holzer | Bridgeport. R. Pearce. Danbury; sec
 retary and treasurer. Edward w l Kpean Shelton. awecutfyp. cornmittee w H. Heald. Stafford Springs. J. L. Case Hartford. W. H. Squire. Meri- den. c. IT. Arm. New Haven. l.. D. Rhinehardt Stamford. C.. l.. Boyd. Wa ! terbury. c. w Stevens. Meriden, D. s. | Moore winsted. T. B. Warren, Bridge | port. F.. 5. Hoyt. Norwalk. H. Brig ham. Hartford. w. L. Hatch. New | Britain.