New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-12-15

prised the district from Chambers street to
18th street and from the North River to
and a little cast of Broadway. A large
section of the East Side, between Chambers
and 18th streets. would PROBABLY De Included
in the next rate reduction.
In contrast TO the explanations OF the
rate makers that they deal fairly with the
situation, the first witness heard by the
legislative investigating committee yester-
day complained bitterly of gradually in
creasing rate he was forced to pay for his
fire insurance policies This increase he
laid at the door of the local exchange.
which he denounced as a trust"
Alfred r. ConkiDs, the witness referred
10, said that as trustee for considerable
real estate he had 10 place fire insurance
on thirty-five buildings in New York
"A Hold up by the Trust"
Taking as an example the building at
No. IL Lispenard street, Mr.. Conkling said
that in 1897 a $4,000 policy cost him $3.50
premium for a three-year term. Since
then each renewal of the policy had been
at a higher rate, the last calling for
premium of $50 for the same amount of
insurance. After a fight with the insur-
ance men, Mr.. Conkling said, he managed
it was still away in advance Of his old
rate. and he considered it "a hold-up by
the trust"
I'm ten years" he said, through the
Vaccinations of the fire insurance trust,
the rates on that property have been quad
rupled For every dollar / paid ten years
ago. | pay four now
1t appeared that Mr.. Conklfngs prop
erty holdings were handled through the
douglas Robinson, Charles S. Brown
Company, and he promised to get from
them the schedule ratings his property
published by the exchange, and give them
to the committee.
Edgar j. Tapping. a local agent of Mil
waukee, was recalled to the stand yester-
day. He told the committee he thought the
present rates throughout the country
could be cut in two and still give profits
to the fire insurance companies.
Money was wasted, said Mr.. Tapping, in
the employment of numerous agents and
solicitors because 80 per cent OF the policy
holders would insure without solicitation,
and the expense Of acquiring the business
Of the other 10 per cent was saddled on
the entire number of policyholders-
Lyman NJ. Drake. local agent Of Chi
cago, testified that in his opinion the great
est element of expense in fire insurance
was the fire loss of the country, which fig
ured up roughly to about $500 a minute
year by year.
Local agents. said Mr. Drake, could
be the most potent force in the country for
reducing the fire loss, by working ear
nestly for be ter construction"
a. ". Neale, Of Cleveland, a local in
surance agent in that city and president
OF the National Association of Local
Agents, now in session here, and c. H
Putnam, OF Boston, the secretary Of that
association. were among the witnesses ex-
amined at the morning session.
G. H Woodwork, Of Buffalo, A local
agent and member Of the Buffalo Associa-
ton of Fire Underwriters, the rate making
body for Buffalo and Tonawanda, admit
ted that the members of the Buffalo or
fire insurance business of the territory
they covered In all its workings the Buff
faIo body was similar to the New York
Fire Insurance Exchange, said Mr.. Wood
worth.
Alfred Hurrell, assistant counsel TO the
committee, who has handled the fire in
surance end of the investigation, put up
to each local agent examined the question
of state supervision of the rate making
bodies Generally they agreed that state
supervision. was theoretically right, but
most of them raised the objection that the
work was of such nature that no. chang
ing body, politically appointed, could han
die II. ,e..e. -s