Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1871-10-16

FIRE INSURANCE. Tho Chicago calamity
having happily failed to create panic in this
city has nevertheless very naturally agltated
those insured against fire as TO the probable
safety of their risks. 1t will certainly not add
to their comfort when the naked truth of fire
insurance liabilities is told Yet, like everything
else, when steamboats, or railway trains, Tor
instance, for many years pursue their roads IN
safety, the awful crash OF an accident becomes
the exception: nor does it deter the travelling
community from runnlng the same risk with i
feeling of comparative safety. In the ilrSt place
there seems to be no rule in fire Insurance OF
the amount of risk ia ken rs to the proportion
oi capital paid up or held. Thus for instance,
some Of the very best offices have liability OF
nearly forty times their capital.
The 4Etna Company gives her statement on
the lst of January, 1871 Gross assets 50, 49,
$50; amount of risk on lst of january, 1871;
S337 ,S74 1; yet this Office is perfectly able to
urrt its liabilities The fetal capital OF all the
ire insurance companies in the United States Is:
In the State of New York compa-
nics assets Sh i--,ooo 4i
Mutual companies in the State "i
New York, assets. 2,3Io,6ii ,'
Companies in other States assets" =, lIl, lol w
Mutual companies IN ether States, , -,
assets o,O9o, ,GLp ~
Total assets Of fire insurance com. ,.
w
The amount of risk on the SIS Of December,
1869, wis:
New York Joint stock fire nSur
ancc companies. il4, In, 40 u
Nrw York mutual fire Insurance.
c,mnu,,ic. i2,504, l45 90
Companies from other States. !, i4o 61uHoi y.
Mutual lireinsurancr companies. 80, AS, 1S2 Al
Total amount OF SS $50 03S,ool ~
Or twice the amount of the national debt,
with assets Of S4j,oOO,0Oo.
Considering that for the last generation the
insurance companies have really only been cali
ri upon twice to make good loss of over $l0,-
mO, 900 at one time in one placc-vlz., the tire
in ;;..5 and '45-wc must confess that, as gene
raj thing, fire insurance is Il lucrative business,
us there is no business that can do tltty times
the amount of its Investment IN 4 Year. The
above figures do not include the foreign Offices,
which insure very heavily. The American
Branch Of the London and Liverpool and Globe
Insurance Company had Oh December 81, 1869,
$40 936, l26 fire risks, aud the risks during the
year written besides this was 1920, 3H2, ,5n6 or
a total of $3l ! ,23S ,G%22.
These gigantic figures certainly remind one
uf the distance to some planetary body, or the
amount of yards of cotton fabrics manutactur
cd in Manchester, yet, with all the safety OF
this immense property, upon which tho pros
ncriy of a whole nation depends, has very
Justly been looked upon rs safe and secure. 1t
must, however, not be supposed that the sur,
yiving insurance companies will very long 1eel
the loss sustained in Chicago, as it can easily
i,c seen by our very figures that the Increase
nt premium, which some have already put in
force, of only 80 per cent, will give the total
CORPORATIONS in the United States, $l2OO0,0 600
additional premiums, and consequently y profits.
The dry goods store in Maine and the cotton
press in New Orleans will alike be called upon
to contribute to the loss Of the insurance offices
sustained by the Chicago tirc.-N !. WorhI