The New York herald., 1871-10-17
THE INSURANCE CRISIS.
Meeting Of the Board Of Fire
Underwriters.
The Chicago Disaster-The State Superintendent
in the van--He is Prepared to Aslist the
Companies in Tidins Over Their Diff
cultes-Honest Companies to Ap-
point Their Own Receivers.

surance companies, with the object OF comforting
with the Underwriters rs TO what course should be
adopted In the present crisis and of explaining to
the cnairmen OF the different New York insurance
companies that wherever company de-
served his support he was prepared 10
do everything In his power TO assist
them In tiding over their present difficulties.
There were present u. r. curry, of the New York
Fire and Life Insurance Companies; ID. r. Curry,
Chairman OF the Republic; J. ID. Cox, Chairman
Of the Atlantic; II. NJ. freeman, Chairman Of The
Market; Hubert Gereaux Chairman OF the Lafayette;
Mr.. Franklin, Chairman OF tho YoDkers: +. T. DigGs,
Chairman OF the Williamsburg City; W. J.
Seover, Chairman or the Adriatic; Mr.. FellOwes,
Chairman OF the Rutgers; Mr.. Townsend. Chairman
OF the City; Mr. Ross, Chairman or the Queen's:
George w. savage, OF the International and Presi.
deat Of the Board Of Fire Underwriters; II. W.
Crowe! President Manager Of the Impcrial or Lon
don, England Mr.. Colston Chairman Of the New
YORK; Mr.. Zervancc. Chairman or the AstOr; Mr..
Rankin, Chairman of the Fulton; MIR. Graham,
Chairman OF the Metropolitan; Geo. f. Hope, Chair
man OF the Continental; Mr. Mu,ligan Chairman OF
the HumOoldo; Mr.. Jarvis, Chairman CT rhe Lenox;
Mr.. 81. Jobp, Chairman OF the Lamar; II. A.
Oakley, Chairman or the Harvard; Mr.. Woolcott
Chairman OF the Hanover; Mr. Pinkney, Chairman Of
the Relief; Mr.. Crowell, Chairman OF the Irving:
Mr.. Anderson, Chairman OF the Mercantile; Mr.
Forester Chairman OF the Broadway; Mr. hoffman,
Chairman OF the Margrave: Mr.. Manners Chairman
OF the New Amsterdam; Mr.. Backhouse, Chairman OF
the Kings County; Mr. Garrigue, Chairman OF the
Germania; Mr.. Johnson, Chairman OF the Firemens
Trust; Mr. Sparknan Chairman OF the Fircmen 8
Fund; G. u. Whtne, Chairman or the Home; Mr..
carter Chairman o. the North America; Mr. JONES'
Chairman OF the Nassau; Alcger Brotners, agents
for the Commercial Union ana several other COM
panics; Mr. j. n. Goodsell, OF the Ye,n0tor, and
Mr.. 9. G. Hyne, OF the Monitor insurance !ourlals;
T. w. Bryant Acuary OF the New York Insurance
Department, aud Ezrah White Chairman or the
North EriilSil Commercial OF London and Euuburg.
Mr.. ii. - Ocott, Secretary OF the National lnslr-
Mr. GEoRlE W. SAVAGE, the Chairman OF the
Board OF tue Underwriters, before the meeting
received MESSAGE from Deputy Comptroller Green
TO the effect That he wished to confer with the Boaru
O. underwriiers wlrn regard TO me paymenl oI ine @
MIR. Savage then introduced Mr.. MILLER, VINO
Mn. PRESIDENT AND GESrLEwEN-About three
months ago received your greetings as was about
to leave Tor Europe. The first surprise received on
return was the intell,Eence OF The awful calamity
which had ovcrtaken US. You have my most pro-
rms GREAT AFrILorroN
II IS satisfactory, however, to know that the
going through the ordeal with HI The
honor with which ! knew they would The
VIII OF course be q small percentage OF the actual
loss to the community ~ large IL seems TO me
ana inform y0u Of the best methods OF alleviat-
ing the distress which must follow this calamity.
/
those most afliiced-the sufferers in Chicago AMI
then with you. whose fortunes have been swept
away and yet VINO now nlaniulv come forward To
endeavor To discharge your obligaLons trust to
remove any
which would lessen the eject OF the evil ana you
shall nave my cooperation in every measure and
Recommendation OF legislation compatible with law
In the liquidation oil your 0Dlgations. Coande IN
me and shall do al can for your interests Be-
Heve me. that nave your interests at neart and
VIII 40 everything IN my oWcr 70 promote them.
woen men are sometimes gwen - hasty action
Now, although
s desirable sfill - unsafe to force any panic In
the money market or TO take summary measures
many instances where a company can increase us
stock and II seems we have hardly had our proper
share or capital invested and that Is for poadto in
ducc the investment OF moro money in 1re insurance
companies throughout the country, which for the
the present calamity cannot fail 10 give. who IN
vests money In insurance Ia entitled TO honor from
the people anu TO make more than ordinary PROFITS,
the distressed at juncture like the present. 0ene
men, perhaps 1t may be expected that should re-
fer TO things which have occurred during nv
absence In Europe. iou all well remea.ber that
aid not go in my Of1cia capacity. did not travel
as cosmopolitan insurance Investigator did meet
representatives OF Insurance companies abroad bnt
unonciay. All reports to the contrary are lies. l
have not the slightest Idea Of resgning my position.
never solicited the agcney for myself or for any
one else OF foreign companies. ! shall con.
,inue to do my dulles. and for the next
two weeks | shall be In New YORK.
when viii be happy TO confer with you at the 81.
George W. savage was then elected Chairman OF
J. J. OAKLEY. chairman OF the Harvard Insurance
Company, said he wished to ask the state Superin-
teudent something more definite with regard to tne
appointment OF receivers oil such companies as
should be obliged TO suspend business. The general
IMPRESSION ne said abroad was that the present
crisis would be taken advantage OF 10 appoint i'm
proper persons as receivers Of these 0mpanes by
which the insurance world and tae community at
would gIier.
Superintendent MrLIER-f am very glad that my
attention mas been called more directly @ ~ % ~ TINS
accordance with the wishes Of these companies
ere g 20 an as sw n asoaa hs
the state Superntendent has the power to appoint
rec Vr % e ro ON" M 70 aoner ne W @ pa 81
1 am equally that n l Ion YOU IN recon-
mcndipg receiver at the present time he will be
appointed. Wherever a company Is
HEARTILY pisPUSED
10 show an honest exhibit of assets shall heartily
concur and do al TO produce the appointment Of
such receivers rs they may wish.
Mr.. IofE. Chairman OF the Continental, then ad
dressed the meeting at great length. lie said be
was not surprised TO the superintendent speak
as he mad. New York insurance companies unIor-
wards, a good deal, creating certain Impressions
with regard 10 shareholders and directors. How.
Superint ten,lenL to nave him really to cooperate
with the companies, whether broken or bent, espe.
cialy those obliged 70 -
WIND THEIR BUSINESS
or reinforcing their capital There was great dii.
ference ne said, between the failure OF company
and the present failures, when IN the legitimate pro-
Rrcss OF business, the companies faled tne failures
arising from mlIaimnlstration In former years.
The speaker then alluded TO an attack which had
been made on superintendent Miller, and animad-
vered strongly the OF those who attacked
him. This attack was In reference to the payment
OF the expenses OF the state delegates 10 the Ma
tiOnal Insurance Convention.
Mr. II. J. OAKLEY, President OF the H0wart, made
similar remarks, and strongly defended Superinten-
dent Miller from The attacks OF interested parties.
lie explained at length the reasons why the ex-
penses OI the delegates had been paid
The PRES lDENr, in advcrnR TO the attack on Su-
perintendent Miller said that he hoped the matter
would now be dropped once and forever. He sald
he had only arrived at seven O'Clock yesterday
from Chicago, and gave an eloquent and graphic &C
count OF the condition Of the i-fated city, Wnle