New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-10-12
THE INSURANCE CRISIS.


BETTER PROsPECT-THE FORTHCOMING IN
SURANCE CONVENTION - REPORTS FROM
VARIOUS COMPANIES.
There was much less excitement though no
less activity yesterday the negborhood Of the various
insurance companies which known to he interested
in the Chicago fire. One fact alone pointedy leads to
the assumption that the loss is far from being disas
trous the first accounts seemed 10 warrant The COM
paics which Tuesday either could not or would not
furnish any information to their condition were ready
and willing yesterday TO give the details OF their
liabilities and assets. The result was evidently not
SO dire as they had anticipated. Much anxiety was ex-
pressed for the arrival of the Cunard steamship Cuba
which due yesterday morning. G. W. Miller, the SUI
peintendent OF the State Insurance Department. who
been making short tour in Europe being passen-
ger in her Mr.. Miller do much to relieve the en-
barrassment under which many Of the companies are
now lahorng by allowing them to use his personal au-
tholty raising capital to enable them to continue
business Mr.. Miller. alone give any trustworthy
permission for such action. He can, and doubtless
will, guarantee his personal influence IN procuring
State legislation for the protection of such companies as
may in the interests Of their clients and stockholders
think il desirable to adopt such course. The general
feeling under such exceptional circumstances the
Legislature will indorsc any sanction that Nh Miller
may give to the raising of extra capital especially IL the
capital be raised by the directors themselves
matter Of great qualification Ill insurance circles
that the National Convention of the superintendent
of all the State Departments meets on the 18th
Of this month at the Underwriters Hall III this city
This Convention will include nearly every State In the
Union and 1t is hoped that important and beneficial ac-
ton will taken with regard to insurance rates during
its session. Its probable action is fOreshadowed
in the universal desire for the submission to
the Legislatures of the various States OF a
uniform scheme of insurance. Such a scheme,
though open to the charge Of unOnlsm or even
monopoly is absolutely necessary. For some time past
there has a Of competition which has seriously
nterfered with business success and this war has again
been complicated by a serious difference between the
companies and the brokers. The rates of insurance.
though perhaps founded trustworthy statistics have
been totally insufficient to make up the excessive cost
of agencies and Of brokers' in many cases
IS per of the premiums. Many OF the companies
have already returned to the old rates OF the National
Board These about 25 per cent higher than
those lately demanded, but they have been
cheerfully paid by all classes of hOuseholders
merchants, and importers. The amount OF re-
insurance, apart from that Of companies whose
resources ART than absorbed, transacted
in the last three days almost Incredible Some OF the
larger and more substantial companies say that their
business Of Tuesday and Wednesday has some way
TO replace their heavy losses in many ensurances
having been made without any necessity. Too often
vague fears have led to pay heavy premiums for
transferring their insurance accounts from old and
trusted Office TO one not so strong.
the following notice: 'The losses OF this Company at
Chicago will not exceed y 100000 leaving unimparcd
CAPITAL Of M,OOOOoO, with surplus O, over H,OOOUG"
The assets OF the Company ON the LIST OF July last
amounted to &6,047,378 or.
The Market Fire Insurance Company nave sent the
following circular to all their agents:
erred to suspend Company for you
will aers@e sR @ emSn to be aTnd he closing
up the Affairs q the CompnJ Measures have en 20
The old one that We have been much S ts,am. "Ai Yoa
will collect and remit for all policies issued and report d. al your
The Liverpool and London and Globe are vet unable
furnish auy precise estimate Of their losses The mana
ger has however TO ne eaH Ge ann mon" y
be as low az $l,5OOOOO This Company has S3,OOOOOO
assets in the United states Their total assets are
SEQ 09 o. All the directors and shareholders are per
soauy responsible for the engagements OF the Company
ana the charter strictly provides for the issue Of execu
ton upon a Judgment any Of the directors pro-
The Phenix OF Hartford have not yet ascerained the
exact amount of their loss they roughly estimate it
at 10000. They have surplus Of 81, 10000
The OF the Philadelphia branch has photographed
that he has risk Of $4,000 The assets of this Company
The North British and Mercantile of London roughly
estimate their losses at about oO t9iS Is based on
are S5OOOO The head office in London has determined
TO pay and leave the here unoucht
The following telegram by cable wasreceived IRON W:
Cater the Chairman Of the Company in LONDON
snSscrbe $500 Tor Chicago sufferers The directors
here have made arrangements with thelr panhelSs'
apee with this telegram and the paid i'm
medatey This action the part OF the LONDON Con
pany win relieve the money market mere 10 tne oAo
Of 100000. ,,..o. ,,ro,ab,v 10
The Howard have sustained heavy loses, prooaoy ,
the amount OF S276Oo0 But they have $3.50 asses
their Dosttion is not materially damaged 1heH iVas
will about absorb their Surplus leaving their captai III
The International think that their loss cannot e1cse%
Aso 0Oo They have capital Of 100000 and snIpTTo
over $780, Judge Savage, the Presldeht "
pany and Presdenf Of the Board OF FIRE ~ he
"a Already in CHICAGO He took with him Seoes9 TOT tno
purpose Of hQuidatng all cAills "e" WV
possible. .,.. oaret,, efsmnfe of
The North American after making careIui 1c.ed
their lablities assume that their losses Will h"s pev
Aq6OOOO The assets of the Company arc Ios IN full
will therefore he able not only TO pay on LOSSES ,i az
hut TO continue their business with good cap Ia "a
basis. Mr.. Griswold, their agent Is IN ct lo.s
sctyev emnoyed u ascertaiBnR the e1ac. ,oee. a,a
Copsiderabe an xiety has been fel nce s Mn,naI
with regard TO the position or tne ~ the Com
LAe Insurance Company. Tneds6 snv discussion as
psny course precIuaea Any that the
n their eolyency but the stockholders hseano
Company have t6 900 loaned on Linz ~ their
ave- heen naturaily anxious about the fhiuT VI TIT
stoct and the nrospect OF future divdenot; INF
~ Ia smtboTfad 10 state that the following alspaG
s.,srenca =" lie ComDanys loans in Chicago; ., 49,
nyscIS \ eEIhrlH; ssy 10 al Inquirer hat 'ne 80 All
Co1neetcut Mrosl L Company q, 20 psT cent
cash vsue OF I've M I'M mostly
hanoo Nplon VII" 's'u' J. l.. GKsEsk Secretary
| Hartford. Oet IL, lS1l yo.l N, Eo IoI Rrond vay
oEed rsthcT desnondut aud stated that they hhd no
Information that they could give Ihey ha 81 n na6 &
in Chica0o and reDorfed cash capital OF tLoo'Vo nun
surpus Sl6O 600 money making the tota hsne,H
the greater portion Of which u ieporVGun oro ev