The New York herald., 1867-02-02
snAkY INSURANCE COMPANIES.

A Threatened risascial Pasic-D -Disassrens
Rsssits Of the Marine Lssses 81 1885,
Tho Exeise1ens and Rumors In Wall
STRAIGHTFORWARD Canecllinx Of One Million
and q Quarter In Scrip by one Company. dkc.
II rumor in Wail street haah IL correct there n .
crisis Of threatening nature hanging over many Of
eur insurance corporations which may within very
short period Of time, unless outside assistance
10 the rescue. develop itsef into general panic.
which the greater number not all Of these bodies
must inevitably sueeunb, and which may end In the
total ruin and bankruptcy Of companies hitherto con-
sdered the safest and the richest in the commercial
world.
COMPANIES pAseEa hASEkurrcr
Al is very we'll known within the lasI twelve months
seven Arst class insurance companies in this city and
nine or ten In tho New England States, have been
Obliged 70 go into liquidation, and very considers-
bic number Of others present impaired capital
in their balance sheets Of lss Of November last These
delnquencies or dehoiences whichever they may Dc
fires occurring in the country during the year. which
have swallowed up an amount of capital far exceeding
one hundred million dollars; add 70 this the danger IN
CURED by many OF those bodes those which have al
ready failed and Others toterDg In taking marine
risks during period the most DISASTROUS almost ever
known at cannot at all be wondered at that those
interested soud watch the conduct OF the directors Of
the companies with strict vigilance and apprehension
and anxiossy look forward for the yearly statement Of
bean the means OF reducing the value Of insurance
stocks considerably the Market and it is not betrayng
company, holding high position on Change week
ago could scarcely nd buyer u any price within the
rHs Loesne on rnr cDxPAnRa
Ramon bad very good foundation on this oeeasione
and it was only wondered ct By many Of the knowing
ones how the compauies-thOs dealing In marine
riskscoud bear up against the they met with
during the past year. and the serious losses they had
doubedy sustained One OF these companies, II is re-
ou0o IN matt In in fha uaaf
another 600 o00 another $500 GEO. another $500 00o
and on all losing less but in every the
richer corporations and ruinous to those possessing
capital enough 70 meet the new demands which are
each mo%sn, being presented for scarcely DAY passes
hgence that another and st another vessel has been
lost at sea- and that new score is TO be added to the
unparalleled losses which mark records Of the
ance companies tor the year 1866-67.
SCRIP EoLDRRe' STOCK CANCELLED
some OF me most prominent OF ne companies yes'er
which it appears that many Of them cancel all the capi
tai represented BY scrip which instance the SON
created the greatest Indignation among the scrip holders
and gave rise 70 the current ali yesterday In Wall
street and broadway, and which Was almost the sole
topic Of among commercial and others
interested In insurance Affairs The scrip holders Of the
Sun Insurance Company assert that the trustees are by
their own saying not justified reducing the scrip more
than sixty per cent that they have organized new
company, assuming the same name, and propose con-
'Is Ssds as eesy s %
true state OF affairs, it has rather O damaging
appearance for the company The statement published
can scarcely be considered satisfactory is s entirely
silent the subject Of eDcr0achment capital and in
line gives very strong grounds for doubling the sta
bty Of the corporation, when il charges In its column
OF outays the Of $27s 63S "a for expenses and
reinsurances Rensurances are only made when .
company short Of capital and fears 70 BE- unable 70
meet claims made against IT, or when 1t wishes 70
divide the responsibility OF risk that has become
hazardous since the policy Was granted.
meeting OF the scrpholdes OF the Sun Company IL
called for noon to-day Al the Aorchants News Room 30
Pine street. for the purpose Of taking such action
be deemed advisahle IN tho promises. ,a.
.sa AARIRs Di9AsrHRe.
The year lSo0 taken whole, has been almost une-
quaed in the extent Of the damage 70 ocean ahippDg
The period OF los embraces the sixteen months ending
January 1897. During the four lastmonths Of 1885,
the Oesee IN that ah0rt period were such threaten
mNny Of Vpr compapiee year ego The continuance Of
thsse AsssteB with almost equal severity, taking /
lapse the hsttutons then % endangered. Nor does
there 70 be much hops for cessation Of thsse
disasters, 70 judge BY the following statement
Of marine drasts reported during the month Of Janu
Addsd during The remainder Of The winter up 70 the
present moment rsposss coming In inform ~ Of Gen.
unued losses and damage - marine properly. a.. \
There wers forty three American mercantile sea.
going craft and twenty-five foreigners (bound from
United States ports reported during the current month
either totally Lost or tsing Tho fearful weather
that prevailed In January had created anticipation
Of severe lossea which have been unhappily fully
realized; but though the footing up 10 very heavy IL
not serious than the continuance Of such severe
weather may have been reasonably expected 70 pro-
duce
The I,s. comprises steamers, ships, IL barks Is
bngs 80 schooners and sloop; total S. or these a.
were wrecked, abandoned, foundsrsd, burnt and
are missing.
Their names, destinations, &c, were As fellows
Those indicated BY Q 70 were wrecked: foundered.
ahGnf m mis-