New-York tribune., 1872-12-06
LIST OF UNAUTHORIZED coMPASIEs.
JOibls sss-.-s 80 - /. - % - 20 4. .
These Companies haVeupphed for admission.
1uE TOTAL InSa


. These Compsnis, haysapphed for admission.
TOTAL LOSS.
In the lists and statements given there is the
basis OF an estimate OF the aggregate amount OF In
surance on the Boston fire. An official statement cannot
be expected until very considerable time has elapsed,
and several will be needed to reduce some OF the
estimates actual figures;
Ascertained loss OF ~ Massachusetts, com
.sJo'Sol,oVO
Ascertaincd loss Of 80 New York companes. S,S7O00
Ascertalned loss Of f1s companies of other States
and England AVs2oVo
Estimated losses OF 81 companies not heard from s0jSOOO
Estimated losses Of 25 companies not regularly
admitted TO business in Massaohusets....-.. $4,000
ro,o, s52s7s6Oo
Finy-three millions OF dollars. think. VIII cover tne
weight OF Inc insIirance responsibility. Only SS5OOOOO
OF The total given are estimated ana subject 10 mlch
modification Al any rate ihs ioa Is as near a. ng1tSS
eau approach to facts ut TINS date, ana 10 not ahuci
pate any great variation.
STANDING OF COMPANIES.
Opinic-s or statements made concerning the condition
OF companies must be received with caution IL Is yet
impossible to give authoritative statements OF the as
sets AMI liabilities OF the companies which suffer- In
some cases snch statements have been made by compa
nes bnt comparison with their last statements, made
jan l. 1871 has such discrepancy that haste care
lrssness or wiful Misrepresentation arc clearly evil
dent. AT present the ONLY aPproAimao1 10 tne c4hd
their last annual statements as basis or CALCULATION
Within few weeks better judgment o, tnen present
standing can he made Salvage where 1t accrues' may
then ascerained ana tins years interest ana returns
The Greatest wreck l. Of course in Massachusetts, and
especially Boston. The losses OF the Boston cOnph-
njss are immense Running over the list you pick
out Boston companies. every one OF which mas lost
over million dollars The aggregate losses or these II
companies amounts To S2iOO1.OOO The whole loss OF
Boston companies is SG920O, nearly nneenths OF the
total loss or Massachusetts, companies ana about one
half Of the entire losses OF all the companies involved
julius J.. Clarke, esq. Insurance COMMISSIONER OF
Massachusetts taken the affairs Of the ruined com
panes promptly in hand the authority OF tne supreme
Court has been invoked. and the afflicted companies are
rapidly going into tho hands of receivers For the fol
lowing companies all Of Boston, receivers have been APP
pointed this week: Union Mutual. Boston Fire. Boys-
ton Exchange. Franklin, Lawrence National Prescott
fremont, Washington Neptune ana Eliot. Inc IOlON,
ing companies under niunctiOn many or Them Will
doubt in iew days be turned over to receivers
Mutual, Boston: Mechanics Mutual Boston, FAneuil
Hal bSSt9o ba5 HoSard StG Boston Boston,
Merchants, Boston; Mutual Benent, Boston; Norta
American Boston; Peoples of Worcester and Shoe and
Leather Dealers Of Boston. 1t Is impossible TO tell at
present which OF these companies arc nkey 70 DC reor
ganized. The Faneuil Hall Company taking means 10
its capital aud its ultimate establishment Is
~-''''' THE NEW INSURANCE LAW.
Tho Massachusetts Legislature Is now occupied every
day with the new Insurance bill 1t has been considered
In Committee and in conference with the Insurance
Commssioner-who is the author OF some OF ts most
important proyisonsand has at last passed the Senate
A whole flock OF amendments to greet it on Its
appearance the House. and which OF them the bill will
ultimately absorb is very doubtful Both branches OF
the Legislature disposed profit by the lessons OF
the re and result OF their action the legal fonnda
tiOns winch insurance companies may De erected Will
be lald broader and deeper IL would be TOO much 10
expect This side OF the millennium that any legislation
will avert the crash which such supend0us calamites
OCCASION yet the ounce OF prevention Is never 10 be
neglected. aud If we get even pound OF cure We ought
thankful. The bill passed by the Senate doubles
the amount OF guarantee capital In the case OF mutual
companies. Under the old law mutual companies were not
allowed TO do business until S5OoOO had been subscribed
be insured and entered the books OF the company
The present bill provides that the sum subscribed To be
has taken the ground that t inpraccable TO grant
special charters; but have framed here general law,
Which permits the same class OF companies 10 organize
under stronger guarantees Of capital ana funds;
THE FINANCIAL LESSONS OF THE PIRE,
We have not learned the lessons Of the calamity II
easier read them than TO follow them to embody
them in laws The same questions that at the
Chicago fire have arisen with this and meet the legsla
tor as well the nancier. The pointed and orobe re-
marks OF julius L. Clarke the Massachusetts Commi.
sioner, In his report the Chicago fire. receive
tO insurance Interests In this country
One Of the mos! i@Poraa pce question, ipeni,d Is What
and 70 complete Indemnity for the nsure
5 . Il Hon % GSa D f PSf; Vii % s sS s @ @ a ;ocs. s d ,pS
honorable insurance that there 1, snisye We
sautas. rr.rsnes TO ss and protection boi seasons d s
AL Speag, sSls we 'o.Ie n eon,ssng Asr o5a ,seu
enou, Ven Hheh are too commonly taken or he sod substance
Wts interest, o. are directly and
careful
the other hand equally that uairr possible
company svs o. disaster 70 result from lmproyhi
intensified by the suicidal policy Of companies Engaged Ibis rmnous
d.nressiona pohey which whatever the of s gaon
pertaPs more than nlihng else dsmofdEa the ban
lover standard than thai existing before Chicago gr
this direction Immediate pressing peceSsity Thu.
visitation Of those terrific days Chicago 90 tfa Ia
It, experiences and VIDE spread ts resa win
of unprecedented sgrsssee and Importance So obvious
they 10 Intelligent underwater that
prudence interest voud 90 conpel in
pheit obedieuce 70 their impressive tesrhneA Never
before for radical rrforns hath IN hs
selection Of rk the usalon Of rates and ehacer Of To-
siHssrsioH maie gnal aud pAay apparent Ye Ia
seeming deTon of the terrible sacrifices ~. made
ever And While lhe ehsuel aA .e.
snoliennK af