New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-11-11


Prom adraSes sAe,t Of TAs Spectator.
Enough is known already to afford certain
snd positive that, though the destruc-
tion Of property has been very great. the
disaster not by any means such as 10
warrant anything like public apprehension as 10
its consequences The of the burned district IS very
much smaller than that at Chicago: but II Is to be re-
embcred that Il also contained larger proporuonate
amount OF property-larger and better oudingslana
more valuable stocks Of goods. These OF course com
prsed the risks which regarded with greatest iaNor
BY the insurance companies and upon them they wrote
ther heaviest lines on other hand these risks were
we'll dstrbuted 80 that the aggregate losses divided
between a very large number Of companies Inc total
loss in Chicago not only much heavier, but At was
horne by fewer companies than the total Of the losses at
Boston.
Another important fact s that, rs at Chicago. the
heaviest losses fall upon local companies. We believe
TINT more than half Of the whole amount is distributed
among Boston offices, many OF which confined then bust
exclusively 10 Boston and in consequence Of this
foolish and mistaken policy, the chief sufferers.
There If much ground for hope that single Boston
company except the few which wrote only
dwelling risks has escaped losing than it's entire
few Of the oldest Of these, whose prestige is Of
the greatest value will undoubtedly call In fresh capital
and reoreanize under their old names.
AZ for the companies Of NewYork and other States,
certainly the majority Of them will withstand the shock
Very many OF the New York City companies have lost
iuconsderably and win escape with unmpaired capital
Others which have lost heavily viii call their stock
holders repair their capital The duty Of the public 30
this emergency very plain. 1t would be easy 10 pre-
epitate money panic, the consequence Of which would
be vastly disastrous than the losses at Boston But
there is no occasion for anything like alarm. The insu
rance companies will be found better able to meet the
Shock than tho public anticipated Insurance directors
and stockholders viii look forward bencefOrth 10 an era
Of paying rates and those who are the worst SUI
ferers viii ind their best policy TO contribute fresh
e. Of r{oh hur of
which must onsue.
II s too early 20 state or even estimate the insu-
rance losses Boston. Enough. however, Is known to
the that while the companies have re-
ceived a blow, the majority OF them viii with
stand the shock. The Chicago fire was greater eaamt
" than the catastrophe at Boston Moreover the losses
were distributed fewer companies Now, as then
the strong companies viii emerge With improved credit
and distinction. They have been improving steadily
since the Chicago fire, ana having received increased
rates all over the country, now in better position
10 sustain the blow. As for the smaller companies
Il will be found, in most cases, that The
proportion of their losses to their resources smale
than that Of the companies which transacted al
agency business. The lists which given elsewhere
show the names OF all companies which regularly ad
mitted TO business Massachusetts. OF course. the
brunt Of the disaster falls them. But, in addition
TO the companies which were regularly authorized e
write risks Massachusetts 1t will be found that there
many other companies not so authorized which
Though IN most inCOnslOeraDly) on
offered 70 them bF brokers at their home Offices. II Il
not unreasonable TO suppose that nearly every stock in
company in the United States has lost some
thing great bulk Of the losses IL is TO be reInem
bered falls upon the companies whose names appear jim
tbe lists as authorized 10 do business in Massachusetts,
The following summary OF the capital, assets and
FIRE force Jan 1872 Of all fire. marine and
nremarne companies authorized TO lido business IN Mas
saehusetts or course amount ofifre risks in force
includes thu whole business Of those companies the
amount insured elsewhere well as in Boston. Since
January 1872 several companies, whose figures
included herein have been admitted into Massachusetts,
The amount available for payment Of the losses in Boston
viii vary from SEQ 600 The total amount PAID
by companies 10 the sufferers by the Chicago
IRE is about SSJ,OOoOOO.
cspitsi Assets Flr, rills IN force
~s: +. '7"o ' !5 I'SSa s53 &c
Nsis.i asrss I'd sTe-nan1e
c1nEa s1ATE COpASIE&
Pre- manpe .nd sremsnpe
Forgn COM lO3ps @so6sS 2sooaes ''2
To.s...............sM22si2 slS721ois s60asls,s47
In the tables gwen eswhere is column which shows
the total Of insurance taken in Boston by each
company in ISL This cannot be relied guide to
the exact amount lost by each company or even ap-
proxmately for these companies write not only ono
year risks but three and hveyear risks as WE'LL and the
total amount at stake IN Boston In nearly every case
will be found TO vary considerably from the figures
stated Nor should 1t be inferred that the loss OF each
company viii equal the figures given. In many in
stances these figures include very large at risk
outside Of the burned district and wholly unaffected so
that a. rule better TO believe that the losses Will
fan below the figures gtvenas we have found 10 be
the ease with several companies There s one thing about
It. and that tho public rely very largely upon the
strength Of the companies Remember what done at
Chicago. Many companies were bloted out there, but
not one that did not pay something considerable. A
majority Of the companies survived CAlcagO-he
leading companies did without eXcepOn3nd nearly
all that failed paid than nifty cents on the dollar
The companies tat did withstand the Chicago disaster
sre strong main they were before It's occur
renee, and taking them whole, the public can well
sford % wait with confidence Insurance will cost more
than IL did week ago, and the higher the the bet
ter the company will be able 10 pay the loss should 1t
occur. The pu .c may well learn one thing: Insur-
nnce has been furnished these many years past below
cost With tho experience Of Chicago and Boston, the
public viii ioBgDf ret indemnity below its market
value. TAe commodity VIII hereafter bring what 1t IS
worth,
COMPANIES DOING BUSINESS IN BOSTON.
MASSACHUSETTS JOINT-STOCK FIRE, MARINE, AND
HIRE MARINE COMPANIES
C,up1aba Location. Capital. A,setS ssCh { ~ Yts -
esgo JAM Is72.
SAmerican . Boston 100000 s9l57s9 ... S5,776,OS2
tiaY rcstr 100000 6bf 5000 l2,3S3CO3
IeVery........ Beverly $1,000 3o4f2 1850
kBCetOn.. Boston 5OoeO Il9tlS llltolyo
BOylstOu Boston SuVVJ s4lC5l 1900 I1bsol 81
CIV. Boston 10000 4O2J51 1900 b,4O9J8
kfOt bOhtOl Jlv-t fZsstO low iao3l 40
Equitable ...-... PIOVlh INV 4Voto
ETYchauee ... Boston 10000 2G5,6l7 So. 1901
FaDeuI Hall. Boston. 10000 21OO0 -. 80.