The basis upon which the association of 1826 was organized was "uniform rates of premium for insurance in the city and county of New York and the village of Brooklyn, adherence to the rates for several classes of hazards set forth in the rate-book of 1821, permission for alterations in buildings without additional charge for carpenters for fifteen days, the deposit of $500 by each member with the association as a guarantee of abiding by its regulations, and a petition to the legislature to repeal the law laying a tax on the capital stock of the several insurance companies of the city." All the local companies in the city agreed to these terms except three- the Firemen's, Greenwich, and United States. The first two objected to the deposit, and the last to the arrangements in general; so the organization went on without them. The first president is unknown, as the early records of the association are lost; but it was probably President Rankin of the Globe, as that was the largest company in the city, and it was in its office that the association was formed. Among the presidents, in the course of years, were General Laight of the Eagle, President Mercein of the Equitable, President Richards of the Manhattan, President Underhill of the United States, and President Walker of the Security, some of whose portraits adorn the rooms of the present board. The officers were a president and a "clerk," the title of secretary not being adopted until many years later. Some of the customs would be considered primitive now; for instance, a member absenting himself from a meeting was fined one dollar. If he came late the penalty was fifty cents, and if he departed before adjournment, without the permission of the president, fifty cents was again the forfeit. While the "Association of New York Fire Insurance Companies was in existence many of the modern improved features of local fire underwriting had their beginnings. The germ of the fire patrol was in the adjunct to the association known as the Fire Police, which was organized in 1839, and supported by the contributions of the companies. Two years before this the first efforts were made towards standard rating. Under the standard, charges at first for high buildings were so heavy that not a few were reduced in height by their owners. From a whole block of houses on Platt street a story was taken off, in order that lower rates of insurance might be obtained. The system of schedule rating which prevails largely throughout the United States was an outgrowth of this work. Under the direction of the association the policy form was from time to time improved, and the association constantly promoted improvements in the fire department, and was an important factor in the movement for pure and plentiful water, which culminated in the introduction of the Croton in 1842. The great fire of 1835 came at a time when the companies in and out of the association were indulging in their periodical pleasantry of undercutting rates and increasing commissions for business. The fire meant dissolution to many of the companies, and a sharp advance in rates to the survivors and those which re-organized, and to the new companies also. Then followed several fat years, encouraging as usual the creation of fresh competitors for business, and the inevitable demoralization in rates, until just before the fire of 1845, but a shadow of the organization was in existence. The local companies bore the brunt of the loss, as there were not yet many outside companies represented in the city, and misfortune brought them to their senses again. And so the ups and downs of metropolitan fire underwriting went on with the years pretty much as they do now, until 1857, when there was a great split in the association on a question of brokers' commissions. The rules forbade them altogether, and there had been secessions and new creations of companies until of the local companies alone there were thirty-eight non-members to forty three remaining in the association. The point was reached when a new order of things had to be recog nized. In April, 1858, the bulk of the companies came together again, the old association sloughed off, and the " New York Board of Fire Insurance Companies," the predecessor of the present board, was organized. The first president was Joseph Walker of the Security, and the first secretary, John Milton Smith of the Home. This organization lasted until 1868. To it was due the suggestion of a national association of fire underwriters, and the abolition of the volunteer fire department for the paid system was largely due to its influence. It was the New York board which sent out invitations to agency companies to meet in New York to talk over the situation, which was bad again, in 1866, which resulted in the formation of the National Board of Fire Underwriters. The local associations of fire underwriters of New York had hitherto been unincorporated bodies. In 1867 a charter was asked of the legis lature. The act of incorporation named the presidents of fifty-four city companies and the manager of one foreign company, the Royal, as incorporators. The act declared that "the purposes of this corpora tion shall be to inculcate just and equitable principles in the business of insurance, to establish and maintain uniformity among its members in policies or contracts of insurance, and to acquire, preserve, and disseminate valuable information relative to the business in which they are engaged." The act provided for the continuance of the fire patrol, giving its employes the right to enter buildings on fire or exposed to fire, and under the by-laws permitted the formation of a tariff association, to be composed of such members of the board as might elect to belong to it. The new organization was incorporated as the New York Board of Fire Underwriters." Its first annual meeting was held May 8, 1868. Thus it is at the date of this writing twentyfive years old, having been incorporated May 9, 1867. Notwithstanding the vicissitudes of fire underwriting in New York during its career, it has always been a strong organization, powerful in the promotion of the interests of the insured and their insurers, and commanding the respect of the community by its dignity, its disposition to deal fairly with the business, and its uniform ability in the administration of its affairs. The following is a tabulated list of the officers of the "New York Board of Fire Insurance Companies" from its organization in 1858 to 1867, and of the " New York Board of Fire Underwriters" from that date to the present time; Henry H. Hall, James M. McLean, Nicholas C. Miller, Vice-Presidents. George C. Satterlee, John Milton Smith. Secretaries. William W. Henshaw. William W. Henshaw. 1888 George M. Coit, Samuel P. Blagden, William W. Henshaw. 1889 George M. Coit, 1890 1891 1892 William W. Henshaw. Samuel P. Blagden, Samuel P. Blagden, The treasurers of the board have been Charles H. Birney, 1858-1866; Martin L. Crowell, 1867; Marcus F. Hodges, 1968-1881; Martin L. Crowell, 1882-1883; Wm. A. Anderson, 1884-1888; Wm. M. St. John, 1889-1890; Lindley Murray, Jr., 1890 The meetings of early associations of fire underwriters were held at the offices of the members, usually in rotation. For some years afterwards the office of the New York Equitable, at No. 58 Wall street, was used. At the time of the dissolution of the old board it had quarters at No. 19 Nassau street. The need of more room for its increasing business sent the new board to No. 156 Broadway. From there it migrated, in May, 1879, to the Boreel building on Broadway, and, in May, 1889, the present commodious quarters in the Mutual Life building, 32 Nassau street, were occupied. New York Bowery Fire insurance company of New York was incorporated April 24, and began business September 24, 1833, the original paid-up capital being $300,000. The charter authorizes fire and inland insurance, but the company has restricted its business to the first. The officers are Henry Silberhorn, president; Charles A. Blauvelt, vice-president; and J. Frank Patterson, secretary. The directors are Charles C. Pinckney, Thompson Pinckney, William P. Woodcock, 2d, Henry Silberhorn, William P. Woodcock, John Wilkin, Gurdon G. Brinckerhoff, Helmuth Kranich, Charles A. Blauvelt, Henry B. Pye, Herman F. Kanenbley, George W. Silberhorn, J. Frank Patterson, James E. Morris, and Edwin Van Houten. New York Fire insurance company of the city of New York on April 6, 1891, re-insured its business in the Home of New York. It began business December 22, 1832, and reorganized under the general act of July 1, 1865. Its capital was $200,000. The company resumed business with the same capital February 10, 1892. Augustus Colson is president, and William I. Keeler secretary. New York Insurance Report: Part I of the thirty-second annual report of the superintendent of the insurance department of New York was issued February 21, 1891, presenting the condition and business of fire and marine insurance companies operating in the state in 1890. The whole number of fire and fire marine companies transacting business in the state was 156, and ocean marine companies, 19. Five New York joint stock companies discontinued business during the year, being the Firemen's, Guardian, Knickerbocker Fire, Long Island, and Prudential Fire association. The companies which withdrew from the state during the year were the Alantic Fire and Marine of Providence, Louisville Underwriters, Hekla Fire of Madison, Wis., Franklin of Columbus, Ohio, Mercantile of Cleveland, Anglo Nevada of San Francisco, and Firemen's of Baltimore. The companies admitted during the year were the Reliance Marine of Liverpool, State Investment of San Francisco, Ohio Farmers of Le Roy, Caledonian of Edinburgh, St. Paul German, and Manchester Fire of England. The companies required to make up impairment of capital during the year were the Fire Association of New York, and the Prudential Fire association. The impairment of the latter, amounting to $47,000, was not made up on account of discontinuance of business, December 10. The impairment of the Fire Association, aggregating $57,057, was fully paid up and the capital restored. The companies reducing the number of their directors under the provisions of chapter 183, laws of 1877, as amended by chapter 650, laws of 1887, were the Phenix of Brooklyn and Williamsburgh City Fire. Part II relating to life, casualty, and miscellaneous insurance, appeared April 11, 1891. The new companies organized during the year were the United States Guarantee Company of New York, with a capital of $200,000; and the New York Plate Glass insurance company, $100,000. The name of the Commercial Union Life insurance company was changed to "Commercial Alliance Life insurance company in accordance with chapter 410, laws of 1890. The capital of the company was increased March 12, $25,000, making the total $150,000. The United States Industrial insurance company of Newark, N. J., was admitted January 19, 1891, the capital being $250,000. " Three assessment life companies and fraternal orders were admitted during the year, and 19 companies and orders were examined by the department. The aggregate receipts of the department for the fiscal year ending September 30, 1890, were $145,248.34; aggregate expenses during the same period $83,428.81; excess of receipts over expenses $61,819.53. The total receipts from January 12, 1860, until October 1, 1890, amounted to $2,470,013.58, of this amount $2,466,586.16 being from office fees collected by the insurance department and comptroller. The total expenses during the same period were $1,806,754.19; excess of receipts over expenses, $663,259.39. New York Life Insurance and Trust company of the city of New York, was incorporated March 9, 1830. It ceased many years ago to do an insurance business, but has 26 life policies for $71,000, and 70 annuities for $38,531, still in force. Its cash capital is $1,000,000. The officers are Henry Parish, president, and Joseph R. Kearny, secretary. New York Life insurance company of New York was incorporated May 21, 1841, under the name of the Nautilus insurance company. The authorized capital was $200,000, with the privilege of increasing the amount to $400,000. Marine and fire insurance were permitted by the charter. Organization, however, was not effected, and April 18, 1843, the charter was amended, authorizing the company to organize and transact business under the plan of mutual insurance. For this purpose a charter identical with that of the New York Mutual insurance company was extended, conferring the right not only to transact marine, inland, and fire insurance, but also to engage in all forms of life insurance. The company was organized April 12, 1845, with J. De Peyster Ogden as president, and Pliny Freeman as secretary, and commenced business April 12, adopting life insurance as its field of operations. The number of policies issued during the first year of the company's history was 54 whole life and 29 short term, the former covering $164,000 and the latter $82,250 of insurance. In 1847, A. M. Merchant was elected president and retained the position for one year. In December, 1848, he was succeeded by Morris Franklin, who remained at the head of the company until the time of his death, October 22, 1885. During the first year of President Franklin's administration 261 whole life and 98 short term policies were issued, the whole life representing $839,750, and the short term $199,400 of insurance. April 5, 1849, an act was passed changing the name of the corporation, the title of New York Life insurance company being substitued. Under the amended charter, marine, inland, and fire insurance were eliminated, the business being restricted to life insurance, the execution of trusts and annuities. The by-laws, which were adopted at that time, provided that the company's transactions should be confined exclusively to insurance on lives and to insurance appertaining to or affecting life." The New York Life was one of the first companies in this country to inaugurate plans for the abolition of the forfeiture feature in life insurance. It introduced as early as 1860 its ten-year non-forfeiture policy, which was rapidly popularized throughout the country. Tontine investment policies were also devised by the New York Life. These policies, as a class, participate in the surplus of the company. But no dividends are allowed, augmenting the amount of the individual policy or diminishing the cash payments required during the tontine period selected, the surplus accruing to policies of this form being placed to the credit of the class to which the policy belongs. At the completion of this period it is divided exclusively among the survivors of the class who have kept their policies in force. These policies as |