The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-07-26
MONEY STILL EASY
Governments Strong, Southern Securities Neg
levted and Railway Mortgages Steady.
GOLD HI 1-se A HI 5-S.
Secretary Boutwell, Sells s., 600, 900
at ll4.43 a u4.6O.
WALL STREET,

WALL STREET, !
THURSDAY, July 25-6 p M
On Change to-day wheat showed better feeling,
holders OF spring advancing their prices, which,
however, in the absence Of demand, were merely
nominal. Flour was strong for fresh ground, with
generally improved demand for the other grades.
Cotton was quiet, but steady, at 21c. for low mid
ding and 22c. for middling
BUSINESS ON THE STOCK EXCHANGE WAS QUIET,
even the reported heavy loss by the fire in Jersey
City last night falling to gavanize Erie into excite
ment. The reason of this remarkable reticence
the part of O stock usually SO mercurial to respond
In movement to an incident decidedly calculated
to afrect Its value was owing to the early
CIRCULATION OF REPORTS
from the company that the loss had been very
much 0verestimated and was fully covered by in
surance, recently made upon policies variousy de-
scribed as "n0ating," 'blanket," or general The
nrst reduction in the amount Of the loss, after the
morning journals estimate fxedAit at $4,000, 0OO
Later the company's agents named 500 900 as the
approximate figure of the loss, while an insurance
agent who naturally owes divided allegiance to
the Erie Company and the underwriters estimates
It at 100000 1t Is safe to conclude that the whole
amount Is covered by insurance; but while the
details OF this insurance not given, it is con-
ceded that at the lowest apprasement Of the losses
the specific insurance does not cover such loss but
the balance can be easily made up out Of the gene
raj policies.
TO ILLUSTRATE
the difference between these specific risks and gen.
era risks 1t Is worth while to show the relation OF
one company to this fire. The London, Liverpool
and Globe Insurance Company garry risks pur-
chased from another company Of California upon
the property OF the Erie Railroad amounting to
900. Of which $4,000 was specific
=. the Jersey City workshops. They
uIon 90 ,icI hi ch
Is not liable for assessment until such
time as all the specific policies have been ex-
hausted without meeting the loss, when it becomes
liable to the extent OF sixty per cent only AS all
the policies have been made out in the same form
ut Is probable that this proporton-certanly a
marked one between specific and general risks
mas been preserved throughout. This uncertainty
IN the matter, however, calls attention to the
MISTAKEN SILENCE
go persistenty sought to be preserved both by in
surers and insured in the case Of fire in respect
either to the loss or the amount covered by insur
ance In the case of the loser it Is capable OF un-
Iierstanding upon the supposition that he might
make lower estimate than the adjusters
wOuld-a rare circumstance, however. But
in the case Of the insurance companies
1t is simply tradition of earlier age. The Stock
Exchange once thought that for the public to learn
of their dealings would be the destruction of their
business but when the HERALD let light in
upon them and their transactions business
nOurished beyond their widest dreams.
The insurance companies might learn
a lesson from this experience by satisfying public
'curiosity-most natural where pecuniary interest
lis involved-upon occasions of excitement like
this. Every owner of a policy has an immediate
interest In knowing what companies are
involved in the loss sustained from any
great fire, and to withhold such informa-
ton necessarily weakens public confidence
in the very principle OF insurance. 1t takes away
it's greatest promise-viz., relief from anxety-in-
creasng uneasness rather by its spasmodic excite
ment. Since the Chicago fire particularly, when so
many companies were wound up and large num-
Der OF insurers found themselves after months with
WORTHLESS POLICIES
In their possession such information is more than
ever required and should be promptly supplied
from autheLtic sources. The companies that per-
Sistently refuse 1t legitimately open to
the suspicion OF being dangerously in
volved. Since the Erie fire there have been
other fires resulting in serious loss The
warehouses Of New York are crowded with
valuable merchandise waiting the LIST OF August to
take advantage OF the ten per cent tariff reduction
before being taken out OF bond The late extraor.
binary warm weather has rendered many OF these
dangerously innammabe, and every merchant,
Is interested in learning how his
UNDERWRITERS ARE AFFECTED
py current losses Every householder and shop
keeper mas the same interest, and this silence on
the part OF the insurance companies is almost scan
dalous under the circumstances as well as calcu
lated to destroy all confidence in their
STABILITY. Another point which insurers
would gain from this publication of
risks BY insurance companies after every great fire
would be larger distribution of such risks in the
business OF these companies and more conserva.
tive policy in their government. contamination
most devoutly to be wished by all who have any.
thing to lose by nre-insure IL.
THE MOVEMENT IN ERIE
to-day appeared to have but slight reference to the
IRE, the price opening at 51 but speedily ralying
upon purchases by those interested in sustaining
the price Of the stock. The same parties AFFECT to
regard the loss last night trifng; but while
Erie Is borrower in the market the
loss of even half q million is a great matter.
u would pay or good many coupons;
besides some interruption and transportation must
49,