The New York Herald Newspaper, March 22, 1869, Page 8

a es FINANCIAL AND COMMERCIAL. Sunpay, March 21, 1669. ‘There ia a lively apprehension in financial circles ‘as to the course of the money market for the period to the first week in the ensuing month, Ordinarily, it would be necessary to calculate only to the 1st proximo, but the experience has been so often re- peated of continued stringeacy for many days be- yond the allotted or expected time that engagements are now made or declined with reference to this fact, Last year the setivity of money continued a whole month, while In a more recent lastance, in the period succeeding the last quarterly statement, nearly ten days elapsed before the money was returned to the banks and circulauon in suMctent quantities to reduce the rate of Interest on call loans to the usual figure. Tye extent of the stringency which is looked for at the close of the présent month is variously canvassed, Indeed, the subject has divided the street iito two sets of thinkers, who until within a few days were very evenly divided. Latterly, however, those who predict unusual acti- vity have suddenly grown into a large majority, as witnessed in @ decided “bear” attack upon stocks on Saturday. Last year the crisis was precipitated in the middie of March, when commissions as high asone-eighth and one-fourth of one per cent per day were paid in addition to the legal rate of tnter- est, and continued with little abatement until the second week In April. Besides the preparation for the quarterly statement by the banks at that time, the money market was subjected to the aggravating influences of the immense “drop’? im Atlantic Mail, demoralizing as it did ali classes of lenders, and the btigation between the Ene and New York Central rival operators, Thus far in the pre- sent year the activity has not created a greater de- mand than that which could be satisfied by the pay- ment of coin interest. There is still a wide margin of time within which thejmarket may fluctuate to the extreme of stringency, and the “bears” shake their heads and say that such is its undoubted destiny. ‘The ist of Aprilisthe great ‘‘setthng day” of the eountry, not only for past engagements, but for the contraction of new ones. The thousands of industrial enterprises in New England which have lain inopera- tive through the winter, the resumption or rather the fall development of the mining interests of the Mid- dic Siates, and the great agricultural element, ali require money at this time of the year. The reflux omes to New York with the middie of April, lasting throughout the summer or until! the demand comes from the West aud the South for the movement of the grain and cotton crops. The condition of the banks for the corresponding periods of 1868 and 1869 is shown as follow Legal Tender Excess ove! Excess over The banks are, poorer by over $4,000,000 in legal tenders anc specie than they were last year, while the items of loans ts $1,600,000 greater, and that of deposits $7,500,009 less, y tement of the associated banks was than expected that it took py Surprise, It was supposed » policy which these institutions have been pursuing since the passage of the 1aw abolishing quarterly statements, together with the eights, 85 9 87; Alabama eights, 98 299; do. fives, er do, sixes, sterling, 92; South Carolina six: lla do,, new, 70 a 71; do., registered stock, 62a 65; City of Memphis sixes, 5144 @ 52; do. Atlanta eights, 80 a 82; do. Savannah ‘sevens, 92893; do. New Orleans consols, 73 a 80; do, do,, Issued to ratl- Toad, 68 a 70; Mobile and Ohio sterling, 68 470; do. eights, 57 @ 60; Mississipp! Central Railroad, first mortgage, 71 a 72; do., second mortgage, 55 & 56; Memphis and Charleston, first mortgage, 88 a 90; do., second mortgage, 76 & 77; do. stock, 47 a 48; Greenville and Columbla Rallroad, guaranteed, 56.0 58, The earnings of the Marietta and Cincinnatt Rail- road for the second week 19 March compare as fol- lows:— ++ $22,238 1868, . ++ 21,679 Annexed ts 4 comparative statement showing the shipments of specie from this port last week and during the year to date, together with those for the corresponding periods in 1863:— 1869, Twelfth week $181,332 Previously rep: 7,258,582 $14,107,724 $7,439,868 The exports of specie from New York to date in the previous sixteen years compare as follows:— $7,460,569 21: 3 So oat 2,459,178 7,882,495 Subdjoined Is the total valuation of foreign imports at the port of New York for the week ending March 19, compared with the previous week:— March 12, March 19. Dry goods........ $3,036,008 $2,619,040 General merchandis + 3,985,001 8,627, i Total for week,... «+ 687,021,605 $6,246,407 The imports of dry goods for the week and since January 1, 1869, compare with the corresponding pe- riods in the two preceding years as follows:— For the week. 1867, 1968, 1869, Entered at port....$2,517,763 $1,563,530 $2,619,046 Thrown on market. 2,631,359 1,878,059 2,984,744 Since Jan. 1. Entered at port. 011,859 19,318,296 26,025,706 20,140,740 25,809,317 29,1 ‘Thrown on uarket 32,314,912 COMMERCIAL REPORT. SATURDAY, March 20-6 P. M, Asurs.—Receivts, norfe. Pots were in moderate demand a $7 87g. Pearis were dull, and prices E¥,—Rio was dull and heavy at yesterday's quotations, while other kinds were dujl and nominal. We heard of no sales of moment, Corrox.The market was fairly active, the demand being ers, but there was considerable irregularity es amounted to 3,314 bales (including 68 to 1,808 were taken by exporters, &01 by spin- ‘ators, For future delivery the busine: tes, 200 bales low middling, for March, at &74c, r the inst half of April, at the same price, We Cylanteand = Mobleand N.O.and Fiorids Me Ee at 2s, 50 hal compreased, and 400 boxes starch at ‘The chariers were:--A Britiall brig direct to Jersey with 1,100 Soares grain at 5: . A British bark toa direct port on t Dbis, crude petrolenm at large demand from the country banks for currency, would resutt in an exhibit of a decrease in the ttem of loaus and legal tenders. A reduction in the item of specie was expected as a sequence of the heavy im- ports of the v but there is a correlative increase instead of decrease in the item of deposits, which 1s also unaccountable, if not puzzling. The deductions froin the statement are that the shipments of currency from the South have largely exceeded the shipments of currency to the Northern country banks. ‘The South, it should be remembered, has few banks, so that the flow of currency from that direction would Feceive no perceptible check from the general dis- position which has beon manifested to make ready against the statement which the Comptroller may on any day cail for. The statement, however, 1s only faworable comparison with what was expected. The loss of legal reserve, it will be perceived, is a little over $1,000,000, The totals of the jasi two Weeks are contrasted as follows: — March 12, - $201,609,095 17,253,071 March 20, $265,008,502 6 Lega! tende Saal ‘The following are the differences:— Decrease in specie. Incre: Macrease in deposits... Increase in legal tenders. Governments in London touched $4 on Friday, the Aighest point they bave ever reached. The advance to this point was expected on Thursday by our Joreign bankers, who were purchasers to an amount variously estimated at from $10,000,000 to $15,060,000, ‘The market closed heavy, however, in consequence of the reaction succeeding this demand and the in- ability of the foreign bankers to profitabiy piace the exchange made against the purchased bonds, while ‘the dealers who had sold to them were willing to allow prices to settle in order to lay in new stocks at lower figures. While the '62’s still con- tinue to lead the list, and are the highest priced, the effect of the passage of the Public Credit bill has been to divert foreign attention and investment to ‘the other issues which are expected to be admitted to the call at the boards in London and Frank- fort. The 1567's became a favorite for shipment, and of the millions purchased as above stated a large Proportion was of this date. The closing prices on Saturday were a8 follows:—United States sixes, 1881, registered, 116){ a 116); do., coupon, 1164; a 116%; do., five-twenties, registered, 11334 a 114; do., coupon, 1862, T1ISX% a 119; do., 1864, 114% @ 115; Go., 1865, -116% @ 117; do., new, 1805, 113% a 118%; Mo., 1867, 113\f @ 115%; do., 1963, 11394 a 11334; do., 10544 @ 105%; do., coupon, 105%; 2 105)4; currency bonds, 193% a 103%. Gold was subjected to the effect of distracting romors in the early portion of the week, but became comparatively steady at the close. Quite @ “squeeze” was contrived when the foreign bank- ers came to deliver the goid which they had sold speculatively against the bonds bought for ex- Port, and as high as }¢ was paid for borrowing uring the crisis of this demand. The range of Price during the week was a8 follows :— Highest. Lowest, Tuesday Welnesday. Thursday. Friday Saturcay. ‘ ‘ Foreign exchange was utterly demoralized by the immense purchases of bouds for the Kuropean mar- ket. Cable transfers were ma/le at 1037,, and prime bankers’, sixty days, sold down to 10 These figures are nearly low enongh to cause gold importa- tions, ‘The stock market during the week was in the main Guii as to the number of transactions, t avoid engagtments during the present mouey market keepiag operators quiet. On Satur- day the cliques manifested & disposition to “get from under” their loads, andasharp attack was made upon the raliroad tiat. The features of the week have been Pacific Mall, which steadily drooped to 8794, and New York Central, which was run down to 166%, both reacting after the appearance of the bank staiement. The closing street prices on Saturday even- ing were 08 follows:—Pacific Mall, 88 a 884; Western Union Telegraph, a New York Central, 107 @ L674; Brie, 84 & 39g; Reading, 914 a vik: Fort Wayne, 11034 @ 11944; Onto and Missiasippi, 42 a 524; Michigan Southern, 0614 a 98:4; Toledo, @ 106; Nortowestern, 84 a 84'¢; do. preferred, i av Southern securities were without important fea- tnre or change during the week, prices ciosing on Saturday as follows:—Tennessee, €x-coupon, 66 a 604; do, new, 65 & 6524; do., five per cent, 65 a 61: Virginia, ex coupon, 6644 @ 67; do., new, 61 a 613¢; 20., registered stock, 60 & 60M; dO, registered, 1606, 68 & 94; do., registered, 1867, 61 a 51) Georgia mixes, 81 a 82; do, sixes, small, 7 a s0; Go. sevens, 924; do. sevens, interest payable in Georgia, $8 890; North Carolina, ex coupon, 62% a 2%; d0., new, 6834 a 68%; Mixsourt sixes, 63 4 44; do., Hannibal and St. Joseph, 98; Louisiana mines, 71 B 72)5; do. levee mixes, 08 p 68%; do. Jo and an Al 'y Islands, 20 FLOUR AND 2.937 bags corn meal, 3,745 do. oate and 48 do. ry and prices were a'most nominal. mand for either, slipment of cousumption. Cal duil aud nominal, The sales were avout 6,300 bbls. Southern flour was in licht demand and easier. Sales 225 bbls. Kye ned, Sales 125 dois. Corn meal tour quotations, We quote :-— ois, petroleum to Gibraltar for orders, erican ‘orig from the Satilla river to the om omnia was flour was dal! and Superdine Western: prrtitiiiis Ze eo-weameraoe Southern euper.ine and extra. flour (sacks and bt Seis Aedoagttoasssannace: BSUSSESsSAseRsuUsers 50 90 50 pry 0 0 oy cl) 6 50 00 00 50 00 bo 7) 13 b 50 uu a a 6 a4 a 5 a 4 Milwat , 2 we lower, thougi Liverpool at &8. LUd., . ihe sales were only about 22,000 bushels ‘0. Yspring, 10 store; #184 a 81 65 for snail lots 1 60 for amber Michigan and #180 pring $1 50 was bid aud #1 BI asked, vady, oid mixed being heid at 9%c., in re, with We, bid; tbe sales were about 40,000 bushels at aie. for new mixed Western, 8c, for Bouthern white and Sic. alc, for Western and Sothern yellow. Oats were quit at about verterday's prices, the safes being limited to yout 36100 bushels, at te. 9 78 4c, ta store, sad Hse. afloat of 2d above the pub- at 8143 for choice white California, for white do. Corn was rath OF rye ts ere small sales of Western at $135. Barie was quiet s 50) bushels German at $206. Barley was dull ai ominal, GuNxtEs.—We bearl of no further sales, Prices were Iie. a Vic. for bags, and MMe. a Ble. for cloth. Har was only molerately sought after and in fatr supply. Prices were heavy and lower, being 6c. a 70c. for shippio Ge. a B1 10 for retail tots, l'a $1 10 for long rye straws and fe. for shor: ial ta ales eye twas it prices remained steady at for ini T to choice grades; receipts fair. Hrar.—Though the market was dull prices remained steady ui IV se. 12e gold, for Manila, Age. a 6c. do. for Jute, and I 100. do. for Sisal. MonasseaThe marcet was dul therefbeing but litte de- mand, and prices remained heavy at yesterday's quotations. We heard of no fales of moment. NAVAL STOZrs.— Receipts, 40 bbls. spirits turpentine and 800 do, rosin. For the former the market was dul and heavy d we heard of no sales of siguiticance. rately active demand and full prices pre- ‘There were sales of 2, bbis. common 000 do. strain 40 a §2 45: 400 5s at and 150 ag 1 8d 60; No. 4, 82 56 a B2 Wi; No. a B40; tia do. $6 0 $8. Wilmington tar was steady at abo Of Newbern rope 200 bbis were disposed of at 01 rT to demand and urm, the sales tn Boston, on terms kept prt- steady at $1 62 for prime winter. Otuer re quiet, but mates our last quotations, PETROLRUM.—Receipta, 2,234 bivie. ned. Crude was in better demand, and with lightoderings the market waa Grmer, lowing at avout Vic. No sales were reported. Refined was oproved demand, but the bosiness was light, owing to the ased firmness of holders, the market closing a Bose; wr stander! ise. There were sales of 3,000 bbs, at aw and 3,000 ¢o. frora April to June (1,000 each month) at Hie. 10 Phtiadeiphia the market was ouly moderately active Dut bigher, the g 00 bbls. standard white at 29%e., 000 da. for Marek ne BOC, $00 G0. for April ai at tor Apritand May af S2ige., and (W0 do. for ite, PROvVIsiON®.—Recsipta, 134 bbls. pork, 60 do. beef, 125 Packazes cut ineats, 2-9 do. tard and 242 dressed bogs. ' Tho UR nee in pork wan very light, there being scarcely deman ices were lower. sales. Dress hi ing at 18%e. a 1\o. for Weat- for city.’ Live hogs were quoted. at Ie. a oC 978 bead. “Beet was dull and un- ere confine” to about 100 bis, at $11 a d ta ry for extra do. Tieree beéf Bae gta, ANT oamina! at, 824 828 for prime mess 01 do, Beet hams were steady fa Within the range of these 100 hin were’ oe Sut meats were moderate!) news. a kage and pickied shoulders, gc. tor emai Te. for piokled hi Bacon wa ned Reept at (uli prices, vi Db, » A and ead The lard'market was quiet and beav to 850 packages at 18. a 19%4¢. for hie rendered, changed. The $16 for plain me rices 100 bbia. were sol ait in, though held with firm- disposed of at IBigc. @ 18S¢0. and alee 0. 1 to prime. steam atid Including 60V tierces for'M: aw seller's option, | - ‘Ke leaterpini: --Oaroiion was quiet co & Mic, 01 a evened ot Se enlan of meant = ommnn to SErDs.—Of linseed there were further sales of 1,000 Timited ex Herald, in Boston at 82 25, gold, duty paid. Grace were ic, for clover, #3 0 & 88 75 for for for rough flax. ow of anie but Atew small lote were gold at ISe. a 183¢c., in bby cen. demand and with offering SUOAR.— Raw was in good ‘The market wae firmer, while prices advanced « trite, closing Atl econ Wisc. tor falr to good refining Cube. ales were {600 bhda., part at 117%¢¢. for Cul he <. er veing 60,000 iba. at 11 Receipts, 10 bbls. moderately active, bub prices remained sendy. Sales bbie paid. MARINE TRANSFERS, ‘The following i# a statement of the marine trans- fers at this port frow the isth to the 20th inst, inclusive March 1s—Schooner Palma, 305 tons, one‘eighth, $2,000, March 18. » teentns, $7,9 March i6—Schooner Palma, 205 tons, one-sixteenth, $1,000. gare Emerald, tonnage not given, 40050. March 18—Steamship Val) city, 2 tons, $45,000, alabddghentaens ae March 1s—Propelier Edward Bech, 129 99-100 tons. $4,050. March 16—Barge Westminster, 146 62-100 tons, $2,000, aan 19—Rarge Silver Cloud, 226 60-100 tons, Schooner ¢ America, 47 46-100 aif, $2,250. 2-Schooner CO, L. Taylor, 36670-100 tons, | *icasen 20-sio0p Soveppine, 10 vons, one halt, g400, PIRE INSURANCE. Condition in New York State—Great Increase of Losses Duriug the Last Ten Years— Decrease of Dividends—Reckless Methods ef Doing Business and Insurance—Want of Uniformity in Rates of Premium—The Evils of Insurance Brokerage—Organized Opposition to the Brokers—Excessive Taxa- tion of the Receipts of Companies—Business in 1868, ‘The didference between life and fire insurance in their fundamental principles and practical working fa so distinct that the same criticiam will not apply to both, and yet there are many evils, involving im- mense sums of money connnected with the business of Ore insurance in this city of which the public ought to be informed, and which loudly call for’ additional legislation, That flreinsurance is a great public necessity is no longer disputed or doubted, No merchant who expecta to get credit on his stock of goods can do without tt; no owner of a house or Teal estate dealer who has buildings to rent, unless, luke Astor and a few other mulilonnaires, he can af- ford todo his own insurance, thinks himself safe ‘without this protection, The time has passed when People had to be persuaded and urged to insure their property; the boot is on the other leg. The greatest evil, perhaps, connected with the business 1s that they are anxious to get more insurance than they are justly entitled to, and the only questions they will raise are concerning the soundness of the companies and the rates of premium, MAGNITUDE OF THB BUSINESS. The statistics for the year ending December 31, 1868, which have just been published, show that there are now in operation 104 fire insurance com- paries, chartered by the State of New York, with capital stock amounting to meariy $29,000,000, and fifty-one companies from other States, representing @ capital of over $20,000,000, all doing business in this State. They give employment to hundreds of oficers, clerks, adjusters, brokers, &c, The offices of the flre insurance companies monopolize a large part of Broadway, between Wall street and the City Park, and same of the side streets are being filled up with them. They have within the last few years driven the merchants out of the best part of Broadway, and their oMces command high rents. Their advertise- ments fill the insurance papers; their agents are Beattered all over the United States, and the fre- quent attempts to defraud them are a fruitful source of litigation, CAPITAL STOCK AND DIVIDENDS. Some of these companies commenced their or- ganization thirty or forty and, in one case, over sixty years ago, but as their success depends entirely upon the prudence and capacity of their ofticers, ‘the oldest companies are not always the most suc- cessful, nor have the largest stock and assets, In life Insurance a capital stock is only needed to give company an initial start and enable it to sustain itself for the first two or three years; after that it 18 cf no more use than is a plot on a ship after she is fairly out upon the Atlantic Ocean; but fire insurance companies are so uable to heavy and sweeping losses that as a general rule the larger unimpaired capital @ company has the safer it is to msure in. In Massachusetts acd etme other States there are many purely mutual companies which take a small part of their premiums in cash and the rest m notes, which are liabie to be assessed in case of extraordi- nary losses, aud although the pian often works well in the rural districts, where the fires are small and the buildings are isolated, yet even these companies sometimes cca Ess, especially when @ panic arises among policy holders, in consequence of assess- ments being made upon their notes, which restuits in asudden winding up of their affairs. Vhis great danger effectually prevents their operation in large cities, where extensive fires are apt vw prevail. Tue experience of the last few years has shown that tue busines of fire insurance in this city is attended with more than ordinary hazard, and it has, ou the whole, proved an wnprotitable one. Ouly those companies which are conducted with more than ordinary econ- omy and caution can realize sufiicient dividends to Rey the stockholders for making the investment. ‘he whole amount of stock and surplus is liable to be swept away by great conflagrations, as happened to many companies in the years 1835, 1345 und 1866, For this reason it is claimed by the most experi- enced underwriters of this city that a dividend of twelve or fourteen per cent on the stock of a fire in- surance company is the lowest which can be made in order to secure the stocklolders and pay them for the risk which they assume. This rate has not been realized during the last few years. According to the New York insurance reports from 1859 to 1867 inclusive the average divi- dends realized by the New York State companies during these years were, 1426; 12.05, 10,41, 10 8.56, 8.62, 8.30, 6.76, 8.46, showing an almost uniform decrease and bac ban only 9.40, Daring this same tune the premiums Increased from $6,299,688 40 $22,071,638, and the losses irom $2,631,986 to $14,423,122, and the percentage of losses to pre- minms has also been increasing, as well as the ex- neces §6Of §6management, the latter caused y the inflation of the currency and injudicious competition am the companies, This fearful crease = of losses has not been sustained by additional rates of premium, as is shown by the decreasing dividends ou the etock; on the contrary, the rates from 1853 to 1867 were constantly decreasing, until the ablest underwriters of this clty clearly saw that the only alternatives which the present condition of the busi- ness presented were reform or financial ruin. The causes of this increasing unprofitableness of fire in- surance during the past ten years well deserves a care- full Meany ge hw api = be = hed) are mi agra in the present met of con- ducting ¢ business, of which the public ought to be informed, since it is interested in it to the amount of many millions of dollars, One of the great evils which the company have to contend with ts OVER INSURANCE. Itisa easy and & ea, common thing fora man to get his goods or buildings insured for consid- erably more than they are worth, and there is no statute law in this State to prevent it. In such cases the temptation to incen is very great. There are hundreds of men whose loose principles of morality will allow them to take advantage of their tmsurance policies, and by design or wilifui careless- ness contrive to have boy J age | when they are tu pressing need of | prog and although the owner receives only the loss proved, ‘de it is estimated by experienced insurance men ‘that one-half of the claims for loss sre more or less fraudulent, and for want of sufiicient proof to the contrary, the companies have to pay far more than the amount of the property destroyed, The absence of any jaw to punish @ person making a false statement respecting the amount of his property destroyed tends to encourage this practice. Many men do =e) seem toconsider ig Fy Se ae os poration or a government, and there Di of our Legisiatare making some provision against this growing evil. It would be a very forcible reme- dy, and it would save at least one-half of the fires which take place, if law were passed and properly enforced preventing insurance companies - ing more than three-quarters of the losses sustained by fire, thus making the owner of the property an insurer to the amount of one-fourth, Such a law 1s now pending in the Legislature of Michigan, with a fair pi t of being passed, and such a law ought to bein force here, with an exception in favor of public warehouses. Ii would very soon save mil- lions of property and materially iessen the rates of premiums, HASTY ADJUSTMENT OF LOSSES, The old fashioned rule of rie: sixty days to a help ae A? i = eden Day- ment of lonses, in order to give time for the discovery of fraud, is seldom observed In most companies, In afew instances it is found to cause some mcon- venience to the 'y insured, and in the case of property insured by several en yy moat of them are desirous of hav! & repu' mi for: pt deal- ing, and for fear of | business settle ug) without making any inquiry whether there are sufl- cient grounds of frand to warrant them in resisting the claim. If this cautious delay could be strictly Adnered to it would do much towards lessening the numer of fires and atford greater opportunity to con- test fraudulent clatms,butin the absence of any statute on the subject it is useless to expect that ali companies will adopt this practice. It is the eral testimony of experienced underwriters hext to over insurance there Is nothing which tends moreto increase thé number of incend! fires than ‘Uuils injudicious practice, DIFFERENCK IN RATRS OF PREMIO: Another evil which . Contend with, and which i a fruittal suurce of loss to them, is the want of uniform tariff of rates rig- idly aduered to, New companies are constantly be- ing , aud in onder to compete with old ones, offer to insure at a lower rate than eapprieace has nies er 4 done with safety. often happens, » that t by inexperiouced oftivers, and theyr are mare - ’ dap = fC wn Ll get, an ore tance ts thet tie re stock! lows of divide ‘The result of this nd ‘simtian preaieas state com| during the past \- dends, and coven had no tutploa over thelr habit ues, In Lapiearans | prayed under each jeocaes thee canal slaw ‘unto tiselt, ant ull very recently tl as ‘no convert of action or har- moby among them. table of statistic is no uke tue table of wortality in life insu them in determining we proper rates Tor the tr om of riska, and every cou, has the oMioers abd lus own experience guide. Some of the oi companies have Se Mga‘ pe oo a an; publish thie information. for rivais. This is a master for the Insurance a meht at Albany to attend It ou of insuring theatres, cotton mium for all classes of risks could be stated with INSURANCE BROKERS. Dw the past two or three years there has been passed than the. practice: of euployiuy uusuraiios el an the practice of emplo brokera There are about 500 men in this city em- ployed in this busing and their earuings in the year 1867 was estimated to amount to $700,000, i ure active, wide awake and almost omnipresent and believe in the first part of the proverb, ‘Live and let live.” ‘They are alwaya on the look out to discover when a poliev expires on @ builaing, and whenever a cargo of goods arrives in port they are on haad to place the risk in some company where it will be covered with insurance for all it is worth, The accommodati merchant or consignee 18 too busy to attend to the matter himself, and relies upon their representations aud word for the faich{ul performance of this duty. The broker who 1g only intent upon his own cominissions Pa gon the risk in the com) where be will get I commission, which is often as high as fifteen or twenty per cent of the premium, and all this for acing » few minutes’ work, which the merchant could send one of his clerks to perform. To show how exorbitant insurance brokerage is itis suMcient to state that while merchandise brokerage varies from one-fortieth down to one-four-bundredth of the amount invested in the transaction, insurance bro- kerage has risen from the enormous charge of one- tenth of the premium, to the ment by a Majonty of the companies over one- seventh, or fifteen per cent of the amount and some companies are so ignorant and reckless a3 to pay one-fifth and even one-lourth of the whole Premium as broke Any one can see that this Opens a wide door for. many evils. It greatly in- creases the cost of insurance, lessens the dividends of stockholders and ultimately ayers the capital of many companies. It enables an nsible class of men to place an immense amount of meurance in companies which are unreliable and which pay these extravagant commissions simply to ‘get business” at any cost, aud thereby obtain an undue aaveniage over older and more reliable corporations, It eres adds 2 our ae and ts eens cendiarism, e grea jury o property owners. whey instances Eaves been known where a broker has been girected by a customer to place his msurance in a particular company which paid no more than ten per cent, and the broker has. Teported incorrectly that the company declined to @ the risk. It 18 a. common practice for the bro- kers to retain the premiuni in their own hands till the end of the month, ana in some cases for two or three months, and repeated instances have occurred of brokers failing to pay their premiums at all, and the insurer has been called upon by the company and Rie! singed to make @ second. ent, on the -ground that the broker was an agent forthe insurer and not for the Soman, ‘There areseveral cages of this kind now pend! nee the courts, At length it became evident that the business of fire msurance in this city must either be entirely controlled by the brokers of by the companies, ‘he former became 60 powerlul aa 01 tion that they began to dic- tate their own terms to the compa! which could not be disregarded with impunity, and the National Board of Underwriters was 0} dd, which now comprises about half of the compan‘es and agencies in this city—the largest and most influential ones— for the purpose of freeing themselves from the con- trol of this class of men and doing business in a more economical manner. It became evident that the compantes would have to pay fifteen or twenty r cent commission for their business or have it rought to the oftice by the insurers, and they chose the latter alternative. They estabiished the REBATE SYSTSM, limited to this city, which allows a rebate or > ment of ten per cent, and in some cases more than this sum, on the premiums of all business brought directly to the offices of the companies connected with the board. Some of the companies employ salaried soltcitors and hold themselves responsibie for the business transacted by them as agents. This Tebate system is now adopted by aout one-half of the principal companies in this city and is rapidly growing in public favor. EXOHSSIVR TAXATION, — + The Interna! Kevenue law requires that one and a half per cent of premiums of fire msurance and tive per cent op the dividends shall be paid into the national Treasury. It 1s claimed, with no little share of reason, that this tax 18 tnjust and burden- some beyond ail precedent. It is a tax upon the Josses and expenses, as weil as on the profits of the business, The dividends reecived by the stockhold- ers of the New York = solupanies in 1868 were $2,740,556, while tne State and national taxes were 257,679; that is, for every dollar received by the stockholders as dividends on their capital, 45.9 cents had to be paid a8 taxes; or, if we regard the taxes and dividends as the proiits made from the business, we find that 31.4 of every dollar that is earned in fire Lasura@oce, not including revente stamps, is paid in taxes, and the remaimder, 63.6, 1s paid to the stockholders. The mere announcement of this fact is enough to show that this tax is excessive. Su; pose that every merchant had to pay, 3L4 of his profits a8 taxes, how many would escape bank- ruptey? BUSINESS OF 1868, From the official returns of the tire insurance busi- ness of this State we have the following stauistica up to December 31, 1868:— New York State Companies, Chartered capital paid up. ‘Total assets........ Net cash premiums. ‘Total imcome..... ‘Total losses in 1868, a8 reported Disbursements in 1888.... $28,911,232 49, ory Expenses of management. + 6,436, Liabilities... sees seeeccees 11,818,174 Surplus over reinsurance and capital... 9,249,722 Gross amount of fire risks written. +2,534,683, 704 Total cash dividends declared... 2,740,536 National and State taxes.. . 1,257,679 Companies of Other States. (61) Chartered capital patd up. 20,061,720 Total assets... 41,7 8 78S, 261 20,714,984 Ban 7 ‘rotal losses in 1868, as reported. Disbursements In 1868.......... Expenses of management. Liabiniues. 4,499,945 13,525,150 raf - 2, Surplus over reinsurance and capital. 7,042,711 Gross amount of fire risks written. «+ +01, 159, 584,866 Cash dividends declared. . 2,217,598 National and State taxes. 976,515 Report of Executive Committce of National Board of Fire Underwriters. MR. PRESIDENT AND GENTLEMEN—It becomes my duty as chairman of your Executive Committee to present to you the report of the acts of that com- mittee during the time that has elapsed since your last annual meeting. Your attention is called to the published proceea- ings of the meetings of the committee, held at Phila- delphia on the 12th and 13th days of June, and at Boston on the 11th and 12th of September, for a state- ment in detail of the measures discussed and adopt- ed in furtherance of the objects of our association. Some of the measures there adopted have been car- ried out with signal success, and others have re- ceived ® careful consideration by sub-committees having them in charge, the results of which will be given you in detail by the several committees. The practical working of our system of rating and equalizing rates to risk will be stated at length in the report to be submitted by the chairman of the Committee on Local Boards, Rates and Commissions, to which your careful attention is invited. The labors of that committee have been severe and exhausting. and to its steady faithfulness is to be attributed in no small degree the favorable results obtained during the year. r committees will bring before roa matters of the higest importance toour general interests, and, it isto be hoped, that the measures to be recom- them will receive your bees! approval, good to the public and the present. organization have been so by those partially informed or 80 grossly misrepresented by those whose interests were affected its opera- tions, that committee feel called upon to set forth anew motives which govern you in seek- Ing the ald of an association like that of the National It is @ well known fact that for years before its organization, the business of fire insurance was conducted with ay such Ly | uniformity, experience or skill, as laolated and neceoerily ee ean of arian com| m ave developed. There was littie om rehange of views among regation great mass of facts, so ry + when eombined, yet so valueless when teolated and locked in |he experience of individuals. ‘The bustness ts essentially one of average, and that o Wi aoe ur largest companies for ry a doz the past fifteen or Lice 4 Years. it is one of the dozen objects of this board gather, in form, everything that can be of val the actual cost of fire rMane in de- insurance oMice over 45,000 documents of various kinds, and has sent more than 4,000 letters, all of which have tended, more or less, to the education of under- writers throughout the country, The proceedings of this board and its various committees lave beea freely circulated, and @ vast amount of practicui re- Sults have been obtatned therefrom. ‘The tirst great object has been to awaken an interest in the vusi- ness, a8 one requiring skill and ablities of tue first order, and create in the minds of its managers a higher self-respect and regard for others aud a dis- interested endeavor on tie part of all to strive for the good of common tnterests and increased intellt gence in their management. On the subject of rates much has been said and done, and no simali degree of friction created by the advance which has been made as a watter of self- preservation. On this point the public have judged us from a partial view of the facts and necessities that demanded such advance and have, in many cases, been too ready to condemn what they should Lave ap- proved. No sane business man will say that msu- Tance capital is entitled to only such legal interest as it would earn in the hands of its owners individ- ually and without extraordinary risk. Assumin; seven per cent as the highest interest capita! in indi- vidual hands will command, all will be quite ready to admit that it should command at least doubie that amount when subject to the too weil known hazards of the business of flre insurance. Lf four- teen per cent be regarded too high a rato of interest on capital liable at any time to be swept entirely away, a3 in 1835 and 1845, or p pierre as in the great fires which have since devastated our large cities in various parts of the country, we will coim- ee on twelve per cent, and see how tar below tt figure the average dividends have failen. By tablea of the New York Insurance Depart- ment, from 1859 to the present time, we tlud Jor nine consecutive years the folowing result:— Percent- Year. Capital. Dividends, 1859 «$20,007,000 1860. ), 482, 51 1861. ), 282, 860 1862, 20,432,860 1863. 23,632, 1864. 807,070 1865. 31,657,010 1866, 80,642,660 1867, 28,561,232 2,416,354 8.46 Total $224, 413,41: $21,095,628 9.40 @ decrease in percen of average showing pe tage dividends from 14.25 per cent iu 1859, to 6,76 per cent in 1866, the year of the organization of this and 8.46 per cent for 1367, the first year of its efictent working, and 9 general ‘average for the entire nine years of only 9.40 per cent, a figure far below the compromise percentage named above. It should be borne in mind that tie capital herein invested would have earned at least nine per cent for the last five years, if invested in government aecurities, without a dollar’s risk. But at the minimuat legal interest of seven per cent the earnings of the business, as such, has been oniy 2.40 per cent over legal interest; to say nothing of the capital that bas been wholiy sunk during these nine Ca The ainount of capital actually swallowed up yy disasters during that time will more than equal one per cent of this sum, leaving less than one and a half per cent net profits of the busin oi earnings of capital. Low as this nine years, the average for 1866 fell 3.64 per cent be- low it, or 24-100 below legal mterest at seven per cent, and that, too, with an alarming tmpairment of capital itself. in addition to these facts, it was found that white the amount of premiums in i805 was nearly three times larger than in 1859 the losses of that year tad increased toa figure nearly five ‘times larger, aad a percentage of losses on net premiuuns had d irom 42.07 per cent in 1869 to 71.48 per as Will be seen from tie following table:— Premiums, Loss 20,786,547 22,071, 638 Total........$118,841,418 61.33 ‘The subsequent resuits of 1866, as shown by the table, gives additiona! force, im the unprecedented percentage Of 76.08, to the influences that de- manded a reform, and the percentage of 1867, with all the advantages of one full year of our board, 13 four per cent above the average of the nine years in- clusive; thus demonstrating, beyond cavil, the necessity of an lucrease of rates, and the further fact that such increase has not been oppressive or tm ad- vance of what was demanded by the average of previous years. ‘To ali this may be added the large Increase in expenses, caused by the inflation of the currency and @ most unwise dompetition, The expenses amounted to about thirty-four per cent in 1865 on the net cash premiums of 65.84 that year. The insured may find matter for ve consideration in the fact that in 1859 $719,8u0,620 at risk, had for its protection capital and assets to the amount of $26,243,354, while at the end Of 1865 $2,153,505,607 had $44,300,657. The percentage of protecuion in 1859 was 3.65 per cent, in 1865 2.88 per cent, and at the end of 1386 2.02 per cent, showing a decrease of 1.63 per cent of protection to the insured—an alarming decrease when applied to & sum nearly as large as our na- tional debt. The aggregate results of all the fire insurance companies in the United States, if they could be accurately obtained, would doubtless show sitoilar Tesults to those above cited, embracing only compa- nies chartered in the State of New York. Under circumstances like these the good sense of fire underwriters im all parts of the country called loudly for reform and union of action for preserva- tion from tmpending and certain ruin to these great interests. . our organization has been called a modic effort at reiorm, caused by the great tire at Portland, on the 4th of July, 1866, but such is not the case. Action was taken on the 30th of April previous, by the New York board, and preiiminary circulars issued to companies on the 9th of June, calling for expressions of opinions, which resulted in tie or- ganization of this board. ‘There had been since 1858 a steady downward tendency in rates, with a steadily increasing ratio of losses, until there was no alternative leit to the busi- hess, a8 # Whole, but a uniform and decided advance in rates of prewium. To stand, was financial ruin— to advance, our only hope. The result has justited the conclusions of that time, and, unsatisfactory as they have necessarily been, they have come none too soon ior the permanent safety of the public und we Wellare of the capital invested, It was not to be expected that an organization of this kind should have worked perfectly at first. The great wonder is that 1t las worked so well. At the very outset the want of reilable data was severely felt in adjusting the advance of rates so unpera- tivel Bem rel Saees are — ot _ ines qualities may have and, perhaps, injustice has been done in adjusting the rates upon certain risks af certain points; but in every case where reasonable cause has existed for reduction of rates, complained of a8 being too high, the proper reduc- tion has cheerfully been made, until of late such Complaints have become comparatively rare aad un- imy ‘ne great work now before this board is a carefal and thorough re-examination of riska and adapta- tion of rates to risks in such @ manner as shail afford impartial justice to all, To fix rates too high sa [a phe ae policy, ag unwise as it is unjust; public need no surer pledge of fair and liberal treatment, in this respect, tan is to be found in the universal willingness, on the part of mem- vers of this board, to correct errors whenever made, and the imevitable influence of competition in pre- venting too great an advance on the larger class of risks. Nowilag can be further from the purposes of this board than the formation and matntenance of monopoly. In the nature of the case such a result is impossible, An advance that would yield enor- mous protits would stimulate the formation of new companies to such a degree as to defeat such a pur- pose, even if it were practicable to bind a body of men, a8 honorable and experienced as the uader- writers of this country are acknowledged to be, to a scheme $0 unpopular and unbusinesslike, Men en- gaged in other pursuits of life associate in guilds of ade, chatuoers of commerce and kingred or- izations, for the collection and we mm of the statistics of their various trades, and monopoly is raised against thea foresight. How, then, should an organiza- tion of this Kind, with all ite proceedings and actions me be obnoxious to this The evidence cited from oficial documents has demonstrated both the necessity and wisdom of the course ; those who reliable protection for their properiy should be the last to complain of a union, the free object of which is to protect that which gives them the protection they The true interests of we insured and imeurer in the same di and that which impairs toe of the latter dimin- jshes the security of the former. The interests of both are identical. ital, if unproductive, will be employed @ business #0 hazardous, will be withdrawn al lace u irresponsible companies, with littie security to the maured, If the well known laws oh ee our at of moderation in the ad- ‘vance of rates. Great caution and sound judgment should be exercised in brt that advance up to id no higher, and, in vo adjust the rates of premium to the of each class have been done in the fix. the’ result of this very want of pse more unendurabie by the few mouths’ fay sults we bave witnessed, There can be no mitdle ground ofsafety. You must either perfect the workings of oar present or- ganization, $o as to yield Jaw resuits to capital and linpartial justice to the public, or abandon what hag already been accomplished, at so much labor and expense, and return Ww all the evils of unrestricted competition, with the inevitable result of disaster and ruin in the end, Periection caunot be secared without stil farther labor and expense, and an unflinching purpose to carry forward the work, less of present Or future discouragement or inconvenience. Your patience, which has alrewly been se’ taxed, in listening to complaints and adjusting dil- ficulties, must be equal to still heavier drafts upon it, and our efforts must be systematized and directed With still greater power and certainty to the work in hand. The present opportunity once thrown away will never return, to many at least; and it is vain to hope for moderation or safety in the reckless compe- tition sure to follow feebie eitorts or with keener appetite from the restraints thus put upon it. Let these considerations duly infuence the La ceedings of this Board, and neither the public inter- ests nor the welfare of the capital under your care will sutfer by your deliberatious, ‘The interests at! Stake are too vast to be trifled wiih or acted upon Without the utmost caution and conscientions re gard to the rights of ail, Let the legitimate pur boses of this organization be faithtuily carried out and the business of tire insurance wtil be elevated in. tone and character and placed upon an intelligent basis, trom which it will secure protitable reaulta to itself, while it commands the respect und confidence of the public. D, A. HEALD, Chairman, GENERAL NOLES. Fast Day in New Hampshire April 3 Fast day in Massachusetts ‘rhursday, April 8, Virginia has 640,000 acres of oyster beds, . Snow Is ten feet deep in the streets of Montreal. Laimetoae saint has been terribly thrashed by bis vi Ein Bad to have an Academy of Music, to cos ‘The Ulinois Industrial University refuses to admit female students. Savannah, Ga., is sending immense quantities of lumber to England, New potatoes have made their appearance in the market at Columbus, Ga, Boston expects her current expenses this year to be upwards of $7,000,000, There are good prospects of the establishment of @ stove foundry in Lynchburg, Va. A fourteen year oid boy committed suicide af Ringgold, Ga., on the 14th instant, A negro girl 1s to be hung at Meriden, Miss,, on tha 26th instant for murdering her child, The Chesapeake and Ohio Canal, having been com- pleteiy repawed, was opened for nayigation om Mareh 15, . Fifteen bales of cotton were made from three noes of ground iast year vy ascientide cultivator, ueu Athens, Ga. ‘The “Knights of St. Crispin,” the secret society of shoemakers, 1s stid to nutber 190,000 membera in the United States, There are fourteen convicts under sentence ot death m the Maine Stale Prison—eleven tor murd and three for arson, 4 Before the Iitnois Legisiature adjourned a bill wat passed giving each member $300 to pay his room, rent during the session. Off Long {Island seems to be good whaling ground. Two rigat whales, yielding iifty barrels of onl, wer captured by citizens of Auagaasett last week, According to the annual registration report ti fatality of consumption has decreased nearly twenty-t five per cent in Massachusetts during the past Oitee: years, ‘Thomaston, Me., intends to build this year 10,c0d: tons more of shipping than in 1863, The iargest ship’ ever built in the State (2,200 tons) is now on the’ stocks in that town, A Memphis jury, having found a man guilty off murdering a citizen who is alive and well, are de-} liberating whether to rescind their verdict or let we convicted man kill the citizen, The Georgia White Oak Lumber Company, ore ganized 4 year %go, now lave 10 operation, on the Ocmuigee ‘river, a floating steam factory, turning, out 1,500 finished pipe staves per day. Kansas has a@ population of about 400,000, It has 600 miles of railroad In active operation. ‘There are published in the State ten daily and fifty weekly newspapers. ‘The State has a debt of $1,000,000, Here is an epitaph written on a stone on the ban! of the Sweet Water river:—“Here lies the body jeems Hambrick, who was killed by an old-fashiond ed, brass mounted pistol, with no stopper fer tu cock to rest upon, aud of such is the kingdom heaven.” The following notice has recently been removed from a vridge in Athens, Georgia:—*‘Notice—Twentye five dollars fine for driving over this bridge faster than a walk. Ifa negro, twenty-five lashes on the bare back. N. B.—Haif the above reward will be! given to tae informant.” The Finn poisoning case at Brid; Minols, ig still enveloped.in mystery. The famliy pave all died, Mr. Finn being the last. The verdict of the coroner's! jury found that the deceased came to their death o1 or about the 7th day of March, 1809, from the eect of potson, administered by some person or person unknown. PUBLIC GAMING IN NEW ORLEANS, {From the New Orleans Crescent, March 16.) For the first time in many years gambling, sance’ tioned by legal authority, was last evening to ba seen in New Oricans; for at 59 St. Charles between Gravier and Union, was tnen thrown ope to the public the first licensed gambling saloon yoann for In @ recent euactwent by the State Legisg ture, Approaching the spot last evening we saw q @ number of people standing on the adjou walk, down upon which shone the light of a iltammin: “69.9 lamp, ting the figures bystanders and passersby now and the: the green baize doors to | peng open jn at the great crowd which bad gathered wit Entering, one saw a motley Stermibings, test then Playing, many: only looking on. room not large. e walis are handsomely handsome chandeliers are pendent from the cet! and along @ portion of one side of the room a With its glittering array of many hued an ornaments atiracts the visitors’ attention, Th eee us ben | wry colored men LR nd the crowa—what a heterogeneous gathering was—men With mugs scarred by vi coufiicta innumerable; men with qutet, gentiemaa! mien; respectable men and roughs, men who di & giance from the police, men who can look an} body in the éye—ail were there, some betting, som wondering Whether they shouid bet or not and som firmiy resolved not to bet at ail. There is a rond table, nearest the door. It 1s as large as a billiai table, aud around it alone were crowded twa ree score of players. Then there ts roulette table, faro table, and two or other tables, interesting evidently to players, who swarm about them, making locomott avout the apartment anything but easy. Every Was quiet and orderly, however, although no men were visible. ‘The superintendent states he will hereafter put a special officer on duty for the revention of disorder or other crime, Other insti cong of @ similar characcver are to ve shortly ‘openedl we learn, MARRIED IN FUN BUT WEDDED IN EARNEST. ‘The gn ng (Vt.) Journal says that, not thousand miles from White River Junction, a seri comic affair occurred, which made the parties to thi joke laugh out of the other side of their mouths, A Gorrespondent, who describes the affair, says: “they lave got up the funniest snari acroas the river that you ever beard of, Ata party last wel, at one *s, after exhausting the ordinary game: and wanting something uew, mook marriages wei proposed. Accordingly names were drawn by lot and four couples stood up to be marr: The ceremony was performed, and duiy pronounced wife by t laws of the before “inese wile esses.’ Afterward they ascertained the wan off ciating Was a justice ‘on ie art the are ily married, ey the jus it that ever Was. One of them, Profesac ——, of T——— seminary, expect @ lady up below in about a fortnight to marry him, and near! every one involved 19 Ms eng Bed be married away; one other gentieman & lady belo suey feel ike death. They have searched ail books and consulted authowities far and near, everything only proves the knot still tighter,’ 7) wee has been ned fifty dollars for each cou ie says he ts from another county and cau business here, aud supposed the marrii not to legai, It ts certainty a funny scrape, anu made stl} Tuanler by the fact that all the parties belong vo the a eTanrvied, Ged best oj rae ‘ayes are |@ oun O1 the i A by the te wer alarm THE MAINR Cov Fisteamen.—T! ‘able activity at this yon oor wears ee time along our woarve: fishermen usually get their outiite for . Srutses ‘There are more fishermen now getting ready tor tig fishing banks than generaily for this season, and &® eater interest than le manifested ine fishermen for @ trip to the Grand bank which have not previousiy been much it The number preparing for the George's ia i np 4 time not decreased.—Portian Arguty RAILROADS IN —/ aeapaten ARKANSAS.—A Little Rock March 16) to the Neo arene Pi t the present rails Toad law, composed of Governor Ol of State White and B, Tyomaa, ap ard aid I Pine miles of Commissioners uni to the Uh | roads: i and Kunice, a Tr) ry the Memphis and Littie Rovk ($10, sissippi, Washita and Red Kiver; OF A60 miles allowed ty | The abeyan: the above roads the ‘bud southern Dortian of tae State, ag =