The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

8 MARINE REVIEW. some important changes. For ex-fire on all wooden hulls the deduction, pro rata, is ; per cent. per annum, while for separate fire policy, fire conditions, the different classes of risks are divided as follows: Atand Ary, I per cent.; A2 and A2%, 134 per cent. Br, 2 per cent. In view of the probability of a number of vessels, especially those loaded with grain in Chicago, being laid up, on account of the unfavorable freight outlook, after making one trip, the tariff provides for insurance covering a first.trip, and the clause govern- Insurance Tariffs for 1894--The Underwriters. Some of the shrewdest men connected with the shipping business of the lakes are to be found among the general agents who represent marine insurance companies. Their methods, especially as regards the high commissions involved and the great number of sub-agencies drawing such com- missions, have been criticized, but in their dealings with lake vessel owners they have proven themselves a very capable body of men. Portraits of a few of the leading spirits in this business appear on this page. Cc. W. ELPHICKE, CHICAGO. They met in Cleveland a few days ago to formulate hull and cargo tariffs for 1894, and notwithstanding their disagreements in the past, they have again signed schedules of rates anda great number of regulations for another season's business. Probably the most important action taken at the meeting was the establishment of cargo HENRY S. SII,L, BUFFALO. ing it may be stated in this way: Ascertain the season rate on time of policy wanted and then charge 10 per cent. of same. This takes the vessel from port of loading to port of discharge; allows forty-eight hours after arrival at port of discharge, and covers either rates on coal and iron ore at 18 cents for Lake Michigan and 20 cents for Lake Superior business. Iast year some of the "blanket" contracts on coal and ore running throughout the season were made at figures equal to about half.the prices now agreed upon. Of course, these risks were taken last year at unreasonable prices, with a view to obtaining hull insurance in re- turn for the low cargo rates, but if the pro- mises of the underwriters are to be relied upon, the new rates will be maintained in 1894. Local agents' commissions are placed at Io per cent. on all business, excepting steel hulls, on which the commission is but 5 per cent., and in this regard also there are promises of no departures from the agree- ee the long trip from Duluth or Chicago to lower lakes or from any other port, no mat- ter how short the distance. The work of preparing the tariffs took up the better part of three days from the underwriters, and among those present were William Sandrock of Smith, Davis & Co. and Henry Sill of Worthington & Sill, Buf- falo; David Vance and Frank I, Vance of David Vance & Co., Milwaukee; C. W. Elphicke, A. L. Fitch, P. H. Fleming, Geo. L. McCurdy, C. A. MacDonald, J. S. Gadsden, J. J: Rardon and W. H. Calbick of Chicago; James J. Clark of Detroit, J. H. Platt of New York and Mr. Bigelow of the St. Paul Fire and Marine Company. Messrs. William Sandrock, Frank lL. Vance, Henry Sill, Geo. L. McCurdy and J. H. Platt were members of the committee engaged on the detail of ment. In hull insurance, which concerns the vessel owners most, the several changes in DAVID VANCE, MILWAUKEE. the tariff amount, on the whole, to a re- duction of about one-fourth of one per cent. on the very best class of wooden risks. On A2 risks, however, with which the under- writers claim to have suffered the heaviest losses again last season, advanced rates are general, and for vessels classed below A2 the rates will be practically prohibitive. No change is made in last season's rates for steel vessels, but a new clause is brought in, providing that if the bottoms of metal vessels are sheathed with 4 inches and up- wards of wood a deduction of one-fourth per cent will be made. This is to encourage construction similar to that of the steamer Harvey H. Brown, recently launched by the Detroit Dry Dock Company, as it is expect- ed that with steel boats sheathed in this way there will be less liability of losses formulating the hull tariff. GEO. 1. MC CURDY, CHICAGO, P, H. FLEMING, CHICAGO, A committee consisting of Messrs. Platt, Sandrock, Vance, Elphicke and MacDonald, was entrusted with the selection of an offi- cer of the association to whom all adjust- ments of losses will be submitted for ap- proval, before being sent to the underwri- ters. The committee was to meet later in Chicago, but it is probable that the position will be given to Capt. A. R. Manning of Cleveland. This same committee will, it is expected, appoint local inspectors at several ports, who will be engaged throughout the season iff inspecting boats, with a view to guarding, as far as possible, against losses on grain cargoes through leakage of vessels that have not been rigidly inspected. Under the new tariff the underwriters will issue to wooden vessels of over $50,000 valuation a total indemnity policy, by which owners will be paid in full if they prefer the ocean policy to the usual lake form of policy. Cc. A. MACDONALD, CHICAGO. through stranding in shallow channels. With reductions of Io to 30 per cent. in valuations as they will appear in the new Inland Lloyds Register, which will not, by the way, be out until April to, and further restrictions in the tariff, the underwriters have taken a long step toward protecting themselves against vessels being too highly valued. There will be no allowance of Io per cent. above the book value in this year's business. On Az and Ar wooden steamers the maximum value will be the register value and the minimum 8o per cent. of the register value, while on all other wooden boats the maximum will be but go per cent. -- of the figures in the register and the mini- mum 80 per cent. Rebates and cancella- tions are all the same as last year, but the one-third new for old clause in the new tariff is waived, in all cases where the insurer pays for it, and in the fire business there is also J. S: GADSDEN, CHICAGO. To induce owners to carry part of their own collision liability the tariff makes the rate for that insurance one-half per cent. for three-quarters insurance, against 1 per cent. for full insurance. The reductions in valua- tions on A2 vessels will be as great as 20 to 25 per cent. and on Br 25 to 30 percent. Ad- vances in premium rates on A2 vessels can not be given in detail but they are raised all along the line. On boats valued at $50,000 the rate of the ordinary lake policy will be 5% percent. Atrip rate for May is also made. Itis 7 per cent. of the season rate, as against ro per cent. for April. More de- tail than is here given is contained in the full tariff, which at the time of going to press was not in print, but the important changes are well covered in this summary. The new rates for cargo insurance represent an advance of practically 50 Pemcent,.. cron ore and coal dealers are not taking kindly JAMES J. CLARK, DETROIT: