The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-03-02
The Insurance BuEtness.
From, M PiafE,1iroh Gp-sss,

The larger part OF the Insurance
Companies of this country seem to have
fallen upon evil times. They report
unprecedented losses. In many in
stances not only the accumulated saw
ings, but the capital stock, has been abb
sorbed- A convention of delegates
from various Companies has been held
with a view TO devising and applying a
remedy.
The unanimous confession seems. to
be that the whole business has been
dune in 4 reckless manner. A few
years ago some of the more popular
companies made Prodigious gains.
companies were started by the score.
Properties were insured beyond their
value, thus extending encouragement
to dishonesty and incendiarism. 4
brought on a collapse. Many of the
nrmest companies are cancelling out
standing policies upon manufacturing
and mercantile establishments. And,
it is now proposed TO increase the rates
OF insurance, so as to cover the losses
in the future, and pretty surely leave a
surplus after providing for reasonable
dividends.
Upon dwelling houses, both in town
and country, IT is safe to say the rates
heretofore charged have paid well
enough upon strictly rural residences
The ratio of profit has been large be-
youd reason. The same is true of VII
lage residences. It is not difficult TO
ind villages in which, in compare
lively few years, a hundred thousand
dollars has been paid for insurance on
this class OF buildings, and in which
the losses have been insignificant or
none whatever. Indeed, it Is hard work
TO find a village in which the facts are
not about as stated. Even including
store properties in rural districts and
villages, the fair presumption is that
large profits have been realized. In
other words, the country has been
steadily assessed to pay for losses in
cities; and it is quite probable that in
remodeliug the scale of charges this
inequality will not be expunged.
A Quarter OF a century ago, il was
hard TO find mercantile establishment,
even in New York, that was selling a
million dollars worth of goods a year.
Now, the annual sales of single houses
reach from twenty to forty millions.
Stocks are proporioned TO the amount
OF business done. Hence, when one oi
these mammoth establishments IS con-
sumed, the aggregate loss is startling.
This difficulty Is aggravated by the
character of much OF the material used
IN erecting these mammoth warehouses,
However the exterior may be garnished
with iron, red sandstone, or marble
the interior Is almost entirely of wood.
Fires originating within the building
find fuel as dry and nearly as abundant
as though the structure y As altogether
OF wood. Generally. the walls are sc
thin that when the woodwork, and the
combustible goods become thoroughly
/ ignIted, they oppose weak resistance tC
the spread of the flames into adjoining
J buildings. r---s-s-
whatthe Insurance Companies ought
to do is to graduate their charges fairly
according 10 the different sorts of risks
making each carry its own burdens
The tendency Of THIS Discrimination
prove the quality OF the, buildings II
/ which the larger risks are necessarily
located, and so lessen losses by 6re.