New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-11-11
THE INSURANCE LOSS.
HOW THE COMPANIES WILL STAND THE
BLOW.


surance officials and men prominent in insurance af
fairs who were in the city yesterday, to the prob
able loss and consequences to the great interest they
represent Some of the companies are already will
ing to state their estimated losses and the statistics
which we furnish provide some means for
forming O rough estimate Of the Liabilities Oh
Others, although Of course IL not only
does not followEthat the companies whose risk IN
Boston is named have lost all q considerable
part Of that risk in each instance, as all did not in
sure largely in the burnt district and there are also
some like those companies for instance who confine
their risks TO dwelling houses who cannot be heavy
losers by the present disaster. 1t will be seen that
the Boston companies took their heaviest risks in
that city, and but few among insurance men here
expect that any of the Eastern companies 90 be
able to respond to their liabilities.
THE COMPANIES RECKONING THEIR RISKS.
MORE ACTIVITY IN INSURANCE OFFICES on Sun
DAY THAN ON MOST WEEK DAYs-TIE TEL
EGRAPH OFFICE BECOMES AN INSURANCE Ex-
CIANGE-PRoBABILITY THAT MANY SMALLER
NETWORK COMPANIES WILL BE PRESSED TO
THE WALL.
The alarming dispatches in the Sunday pa
pers produced panic among the insurance officials and
their clerks who hasened to their respective offices in
this city and earnestly trying discover the extent of
their risks and their probable lOsses pored their
their risks small evinced great satisfaction boz
there was large number having heavy risks Who not
knowing the limits Of the fire. could not approximate
their LOSSES and In unpleasant state Of uncer
tainty. A third and considerable class had heavy
risks, and we're only too well acquainted with the
burnt district, they knew that within 1t laid tho
greater part Of their Boston insurance Bankruptcy
with them seemed inevitable The clerks Of the attes
companies also very much troubled the failure
Of companies will throw them out of employment.
and leave them without the OF subsistence at tho
beginning of what promises TO be severe Winter.
Almost the first movement OF the insurance officials
upon reaching their offices send telegraphc dis
patches 10 their agents in Boston, requesting inOrms
ton the extent Of the fire and the risks incurred
by their respective companies All day long
these dispatches sent TO the Offices OF the
Western Union Telegraph Company, and at several times
during the day main office OF the Company, at No. M
Broadway, presented the appearance OF insurance
exchange, being filed with excited and respondent in
suranee officials eager to get OF their communications,
and ascertain the worst Mutual views exchanged
In the telegraph office, and condolences expressed ~
the close which the underwriters would retire to their
respective offices and the work Of figuring
how they stood"
A TRIBUNE reporter IN search OF facts regarding the
Are and IT'S effect upon the insurance companies, en-
countered many OF the leading insurance officials, who
almost unanimously stated that the fire would be even
more disastrous than that Of Chicago, the risks in
those In the other city, and the companies had
nearly all been represented by agents and had taken
large OF business there They further represented
that the companies not nearly as strong now as
they we're before the fire OF Chicago that many had been
leading very preoarous existence since that time, and
would have to suspend all business. individual
underwriters upon being asked how they stood gener
ally said that they could not tell as the only Information
they could get from press dispatches, which
we're not always specific enough to enable them
to Judge correctly. There WAS general
complaint that they could get adyiccs from
their agents and many officials, tired Of waiting, oos
the midday train for Boston, yesterday. and re-
enforced by still larger number In the evening II was
generally conceded however that all the Boston, IN
deed the greater number of the New-England fire
insurance companies had been ruined.
The officers Of the Standard Fire Insurance Company
Of No. Broadway say that they have risks in Boston.
have teegaphed for information but received no reply
Their cash capital 100000; net assets, Jan l, 1872
$40 s74 49,
The Citizens Insurance Company at No. 100 Broad
way state that their capital Is s3OOOO assets ssoO
and their probable loss between $4,000 and S2O0OO0
They state they have information upon which TO
approximate and the loss may be much nearer the
former figures than the latter.
The Lenox. at No. 1853 Broadway have q capital OF
$4,000. and will probably lose $4,000.
Mr. Miller President of the STAR states that the assets
OF the Company amount to 100000 The total
largely short of the lattor figure.
The Brewers and Matsters' OF Broadway had in
formation regarding their losses but did nor believe that
they would lose their surplus OF Sl000O0 This Is new
company, having been established but a year, and
therefore had not accumulated many RISKS in Boston.
The Germana OF No. IFS Broadway New-YOrk, repre-
their cash assets at over $OOO They stated That
they had risks in Boston. and engaged in ckOnng
them, and would make "a statement today.
The st. Nicholas OF No 166 Broadway and Eighth-ave
cSptl al $4,000 ard assets at $3.50 49, The officers
state that their risks IN Boston amounted 10 between
$4,000 and $4,000 and their probable loss at about $20
They had dispatched an agent " Boston 10 look after
r j. Temple agent of the Citizens, of Newark New
Jersey office. No 1853 broadway, ~ y, represents the
cash capital at 100000. aud the losses at s7,6oo .
Mr. Oakley I PS be ba q no h s Nv az SS 6
withdrawn his agent months ago. He attributed the
facility with which they spread the flames
The Long Island Jefferson, and Globe. Will probably
each lose from $4,000 20 5000 Dut VIII not Oe impaired
The English companies VIII nearly all be heavy losers.
with the exception OF the Guardian aud Lancashire,
which have recently established agencies there, aud
r rsEs HO' ~" INC 0pp'''D' . discriminating D'-"
reporter OF THE tribune called upon Mr.. Arthur
F. Willmarth, Niee-President o. the Home Insurance.
Company, the Fifth Avenue Hotel during the after
Wi!imarh stated that the Company was ready TO can.
eel its liabilities Immediately, aud Indeed had already
gade arrangements ISr 60 Dong MI .n MH s
New-York City, aud that undoubtedly many
have TO sink the weight Boston had
always considered by insurance nen as the safest
over $4,000 had Unfortunately issued policies that
city 10 four tunes this amount. pr. hlImarta was OF
upon an mercantile pursuits genenlly IN this cry Vast
amounts Of wool and Other merchandise hal been de-
M az large quantities goods belonging In this city tao
loss OF which would seriously affect the markets
The directors several companies will me e., today
aud ibele Will be general meeting OF the Board OF Fire
Underwriters 10 take into the nre the ds
should be taken to meet them Wherever business men
80 baa IL