The New York herald., 1872-11-20
THE INSURANCE BUSINESS.

Chasing Down Canards-A Period OF
Temporary Excitement Over st. Louis
Sensational Despatches-NO Further
Suspensions Yesterday-The Interna-
tional, Niagara and Commerce, of New
York, and dNarragansett, of Providence
The Fire Underwriters.
The fires that occurred In Brooklyn and Boston
on Monday evening seemed to have but little
effect upon New York companies, and their officers
took them as usual occurrences of small moment (;
but when about noon yesterday some persons,
evidently anxious to get up panic, circulated the
report that great fire beyond the central of the
Fire Department was raging in st. Louis
there was a visible change in the counte-
nances of presidents, agents and secretaries
and messengers ran helter-skelter in every direc-
ton in search of authentic information. For an
hour or two the excitement was very great !;
officers hurriedly ran over their books TO ascer-
tain
THE EXTENT OF THEIR RISKS
in the Queen City OF the West. Others, more
anxious, hied their clerks to the telegraph
office with dispatches to their st. Louis agents
for information. Ere long dispatches were
received showing that the reports had been greatly
exaggerated ana that the danger of an extended
confagration had passed. This cheering news was
confirmed by later dispatches, and what promised
PLY averted, and the usual calm followed the tenn
porary futter. Inquiries made among New YORK
companies show that
on the Brooklyn fire. Four or five had small risks
OF 900 to $6O0O but these made no serious drain
upon them. The International, which suspended
last week. cancelled $4,000 on this property few
days ago. and 1t Is believed that the risk trans
ferred to some OF the Brooklyn companies.
No further suspensions were reported yesterday,
although persons interested in producing panic
are constantly starting canards about failures, for
the purpose, evidently, OF affecting stocks. such
rumor was started regarding the Narragansett OF
Providence, on Monday, and obtained Gre
dence; but o telegraphic despatch from the
eGaaa ns se ne
is the strongest company in Rhode Island" The
losses Of this company were 600: Its assets are
S7OO 600, and 1t continues business with a capital
or 600 900. 1t was stated that the Equitable OF
Providence, had suspended, but investigation
nard also, and this company continues business as
usual.
WINDING Up THE AFFAIRS
Of this company, and it is expected they will be
able to pay all losses and return something to the
stockholders, who will at once form new COM
pany, and within few weeks resume business
1t leaked ont yesterday that an effort was likely
Niagara Company, and the officers were visited
with view Of ascertaining the facts. From them
conceived by single stockhoder who threatened
to apply for the appointment OF receiver, they
believe with view OF compelling his associates to
buy his stock He was however, frustrated by the
prompt action Of Mr. Church, the acting superIn-
tendent OF the Insurance Department, who invest
them solvent and permitted them TO 60 on. The
directors have not made assessments as yet, as
their capital is very large. They have under adj
visement the prOpriety OF
REDUCING THEIR CAPITAL STOCK,
and eting OF the directors will be held this af
ternoon to decide the point.
The Commerce, OF New York, Is one OF the CON-
panies that suffered heavily by the fire In Boston,
but IN what amount the officers refuse to divulge
Yesterday one OF the 01Cers, who was applied to-
declared that they had no idea what these losses
were or how they stood, and ever since the fire.
has been given by President BabcOck or his assist
ants 1t is said that they have resolved TO raise by
assessment sufficent sum to cover losses. but It
has not yet been done. They have o sign out. how
ever, declaring that they Will pay all losses and
continue business. The Board OF Fire Under
writer's meet this afternoon to adopt schedule OF
rates and consider the subject Of Mansard roofs
and elevators.