The New York herald., 1872-11-16
THE INSURANCE EXCITEMENT.
The Market Forced Into Liquid alton
They Will Reinsure Their Risks in the
Exchange-Pr0pOscd Increase of Rates
on Mnnsard Roofs fr.m 6Oc. to 81 go
Per Hundred.


Per Hundred.
The insurance interest was somewhat excited
yesterday over what was believed to be the critical
condition OF two or three companies whose losses
at Boston impaired their surplus capital, and
whose stockholders seem to hesitate about sup
porting the directors in their determination to
make up any deficiencies. Among these companies
is the Market, whose able and energetic
President did not abandon hope until yesterday
afternoon. two hours session OF the directors
and stockholders was held and the discussion
showed that the directors, including ex-Mayor
Kalbhcisch, who is a large stockhoder were
willing to pay their proportion OF the seventy five
per cent assessment required to carry the COM
pany through, but some OF the stockholders showed
an indispostion to stand the assessment, and
consequently, Mr.. Taylor and his directors
were forced much against their wishes, to
the alternative OF liquidation. The meeting
resolved in view OF this condition OF things
to reinsure their risks in the Exchange lnsur-
ance Company, who assume them after yesterday
and wind up the company. All policy holders who
desire TO have their policies cancelled can have
the premium refunded TO them pro rata. The OFF,
GERS report that they will be able to pay all losses
and have probably twenty-five or thirty per cent
left TO divide among the stockholders. AS they
perfectly solvent no receiver will be called in,
and the affairs will be wound up by the present
officers. This action on the part OF the Market
had a depressing effect upon insurance men, all of
whom speak in the highest terms OF Mr. Taylor,
tho President, who has devoted many years to a
business that is crippled 10y this last great catas-
trophe.
The impression gains strength in insurance cir
Giles that otner companies VIII have the same eXpe
rience the Market. Several which are In tempo
rary embarrassment have so lar been unable to
induce the directors to come TO time. The Sccre-
tary oil the corn Exchange. which before the fire
had but small surplus, reports that the directors
nave resolved upon an assessment, and they hope
to be successful IN securing about $4,000 to IN
crease their assets.
The question OF Mansard roo!s still excites un-
derwrters to a great extent. The Committee on
Rates OF the Board OF Underwriters have reported
To the Executive Committee new schedule OF rates
which, to the language of Mr.. Miller, OF the
comrnttee il adopted wili make 1t TO the interest
OF owners c. irame Mansards to remove them en-
tirely." The old rate was ten cents per hundred
dollars for Mansard roof buildings. and fifty cents
additional If they were OF frame, which classed
second rate. II is understood that the rates rec
commended are double the Old rates. or about 81 20
pcr SlOO on all frame Mansards OF certain height
II this schedule be adopted owners OF Mansards
will find that the Insurance premium will make
large hole in their receipts for rent, and the
same rate OF increase enters into the
contents of such buildings. After the
reception Of the report OF the Committee on Rates
yesterday the Executive Committee held meet.
ing and passed resolutions in favor Of the increase
O. fifty per cent in insurance rates for Mansards Of
frame and fifty per cent the contents. The rates
first class Mansards, IL Is believed, VIII be fixed
at per cent Tor building and one per cent for
contents. The Importance oi the proposed increase
VIII be seen when IL is recolected that building
valued at 100000, with frame Mansard, will cost
$l,NO per year 10 anu one WllH IL HTepToOf
Mansard $1,000 per year. II is generally believed
that In the meeting OF the underwriters on Wednes-
day next the proposed increase will meet with
much opposition on the part of some members, aud
may be defeated.
There were no further suspensions reported yes.
crday. The question OF receiver Tor the lnterna.
tiOnai has been finally settled. Mr.. Camerden, ap-
pointed by Judge Platt, OF Brooklyn on the appii-
cation OF ii. NJ BXby, has been discharged, and the
appointment OF Mr. shade by Judge Fancher, OF
this city, confirmed.
The directors OF the Merchants, OF Providence,
haII "A Ina M an no
deficit caused by their Boston losses. They will
continue business as usual