The New York herald., 1872-11-17

Tho Boston Fire and tn Effects Upon Fire Un-
derwritsrs ~, 600, 900 Of Capital and How
It Stood the ssorehing-The Lessons
Learned at Bostm-Mansard Roof and
Elevators a. Auxiliaries to Fire
Out Of Disaster Good to Come.

Never In the history Of New York, with the single
exception OF the days succeeding the Chicago rc OF
last year, has such excitement prevailed In insur-
ance circles as during the week just closed. The
excitement in the earlier part or the week
amounted to q panic, but as time passed, and the
fire ceased to rage, and insurance companies
ascertained the extent OF their losses, there
became an easier feeling and insurance men
breathed freer The HERALD has already given
very full statements of LOSSES and the condition OF
the companies which represent In
THIS CITY ALONE OVER TwENrY-ONE MILLION DOL
LARS OF CAPITAL,
and surplus OF over $1,000, 900; but few facts in
the way OF resume may not be out OF place at
this time, when nearly every citizen who owns
second suit OF clothes is interested in the suppress
sion OF fires and the sOvency of our insurance COM
panies. Besides the $2s, 100000 local capital in
vested in fire insurance, companies OF other States
doing business in this city have capital repre-
senting $l3OOooCo and surplus OF So OOo 0OO There
we may say is invested in the business Of
nre insurance Alone and hence it is not To be won-
dered at that connagration such as that which
has just visited Boston should create CONSERVATION
in insurance circles.
or the many million risks held by New York COM
panies In the burned districts, losses or only little
over six million dollars were sustained. Compared
with Chicago, the insurance interests in this last fire
has suffered but ilttle In the Chicago fire, where
the property was estimated at the lowest calcua,
tion at SIZE, 100000, sxtyour companies had losses
i0oting up over twenty-three millions. or these
twenty companies failed, having sustained losses
amounting to $l4,500,000. The companies that sus-
tanned their character for solvency lost e. 600 1856
From these figures II win be seen that the losses
to New York companies are only about one quarter
Of what they sustained In the Chicago fire.
1t is gratifying fact to note that
the losses have affected our companies much more
ngntiy than last year, only three companies, the
Humboldt, international and Market being COM
PEELED to suspend. The fact that 80 few New York
companies have been
CARRIED DOWN IN THIS LAST FIRE
may be assigned to two causes First, that the
Chicago disaster awakened insurance underwriters
to the necessity OF more care being exercised in
the selection OF risks by distributing them over
large territory, instead or accepting risks OF from
block, and, second to the spirited competition
that existed between Boston companies and those
OF New York for the business OF the former city.
The superb granite structures that existed in
the burned district were considered frst-class
risks by all underwriters, more especially owing
to the high reputation Of the Boston FIRE Depart
ment, and New York capital made an effort to
compete with local capital in covering them.
owing to the pride that the Boston people enter
were successful In securing the greater part OF the
risks at rates under those offered by New York
underWrlJers, VINO were forced TO turn their atten
ton to mill and factory property. These circum-
stances, insignificant as they may appear at first,
doubtless are the cause OF New York companies
escaping so well, while the local companies feel
the disaster severely, and In many INSTANCES have
been swamped. Considering the amount OF
CAPITAL INVESTED IN INSURANCE
in this state our companies may fciicitate them
selves upon coming out as well as they have. The
following figures as TO the capital and surplus OF
tine companies doing business in the State on the
lst OfJanuary last, are Oficial:-
Percent
OF
Capital Surplus. .S,ytlus
Companies OF this state. S2l,2H,O20 $fS2,81 $3463
Companies other
States doing business
In NavvN Narx 60