The New York herald., 1872-11-13
Remarkable Prophecy About BOs-
ton Mansard Roofs.
New York State Companies Lose
Over S5,000,o00.
FOREIGN COMPANIES HEAVY SUFFERERS.
Examination of Connecticut Companies
Show Losses Of $3, 100000.
PROPOSED INCREASE OF INSURANCE RATES.

The excitement among the Insurance ofIicials
was Yesterday unabatcd. Later returns from their
Boston agents In many cases gave more cause for
hope to some companies, and showed their actual
losses to be less than ut first estimated, while
others were grteved to learn that they were more
heavily involved than first dispatches indicated.
Broadway, where most Of the companies ofaces
are situated, was the
CENTRE OF AN INSURANCE PANIC
almost, and insurers and insured alike partook OF
the excitement. The publication in the HERALD
yesterday OF the losses did not appear to satisfy
the patrons Of the various companies, who crowded
the Offices to learn by actual investigation of the
s0lvency Of the concerns In which they insured.
Insurance brokers and other officials hurried about
with anxious visages in search OF the latest intel
igence and hundreds expressed their fears for the
stability Of companies known to be solvent pre-
vi0us to this latest disaster. There were many
rumors a1Oat as to the condition Of some COM
panies who declared on their bulletin boards that
they were not seriously affected. One gentleman
stated that he knew OF his personal knowledge that
number Of companies had placed their losses at
one-half what they actually sustained. Said he -
II tell you, sir, you can't
RELY UPON ANY OF THESE COMPANIES.
There is the - Company who say their loss
Is but 100000. ! would make anidavit 1t is
$500, o,000 Many Of these companies will require all
their surplus and nearly all their capital to pay
losses yet they profess to be solvent and able to
reinsure their risks. They continue to take new
risks without making up their impairment, and
may 60 up in balloon any moment when q pres
sure comes" This view OF the case was taken by
others, who said that
THE PUBLIC WOULD HAVE NO SECURITY
until the Insurance Department OF the State over
hauled the companies and compelled them to make
mp their deficiencies.
One great cause Of the large losses to the CON-
panies is the rivalry that had existed between
them They have carried on q
REGULAR cUrrHR0AT GAME
TO deprive each other OF the business and have
been very careless In the selection OF risks. For
several months there has been marked competi-
ton between the Boston and New York companies
for the business of great mercantile houses that
have been just swept out OF existence, as 1t was
considered safe risk. Boston companies, how
ever, excelled New York companies by giving
cheaper rates and the New York companies were
driven into securing factory and mill risks instead
consequently our companies come out less dam
aged than the Boston companies many Of which
have suspended and are irretrievably lost by put
ting their iaith in granite and Mansard roofs. The
only city
COMPANIES KNOWN TO HAVE SUSPENDED
are the Humboldt and the International although
rumors respec Ting the collapse OF others last eyen-
ing new around thick and fast, and reporters had
. busy time chasing the cdndrds and running them
down to find them untrue. The International ut
meeting Of its Executive Board, was forced into a
receivershp, two elements contending for the Sc.
lection OF the receiver. The officers selected Mr..
John Camerden, but the Court appointed Jarvis
Slade, who justified in bonds Of 100000 and yester
day assumed charge The capital OF $500. 900 is in
n no booi In tad Tn
real estate at 179 Broadway where the ONCE Is
situated. 1t claims surplus OF $45O0o and says
1t can pay all claims in FULL have enough to rein
sure Its risks and balance Of twenty five thirty
per cent to divide between stockholders.
The rumor OF the suspension OF the Corn Ex
change Is premature. They place their assets at
$27O,00o, losses In Boston at 100000, which re-
duces assets to $4,000. Allowing SEQ 900 for rein.
surance $4,000 would be lett for stockholders. At
o meeting Of the stockholders and directors held
yesterday the Boston loss was subscribed In full,
and the company continue on their old capital and
surplus
The Hanover for the safety Of which fears were
entertained, has O surplus after paying all losses,
OF 100000; but 100000 to keep that line OF secu.
rity unbroken was subscribed and paid in yester.
day
The exact amount OF salvage, which will reduce
or increase the estimated losses, has not been
ascertained; but o despatch from q leading Boston
nnderwriter yesterday placed 1t from eight to
WHAT OFFICERS SAY.
Yesterday afternoon a HERALD reporter called at
the ofices OF the humboldt, Star, International,
Peoples and Hoffman Insurance Companies, il
having got abroad that these companies had sus-
pended. The rumors in reference TO some OF the
companies having suspended were totally ground.
less as the reports win show
The International Insurance Company has sus-
pended, and Mr.. Savage, the President OF the COM
pany, assured the HERALD reporter that it
would be able to pay one hundred cents for every
dollar OF Its Indebtedness.
The Humboldt Fire Insurance Company has also
suspended and appointed Mr.. Mulligan as receiver.
The following Is the statement:-Assets, s275,oo
OF this company Is that for some time previous to
the Boston nre It's losses were very heavy, and
consequently its losses In Boston have greater
eject than they would otherwise have had The
President does not think that the company will be
able to pay any more than seventy-Ave cents on
the dollar and thinks that doing that much VIII be
1t Was also reported that the star Fire Insurance
Company had suspended, but such step would
have been altogether unnecessary, as will be seen
from the following Official statement:-Capita,
$2ooo surplus, 500, 900; assets, 10000; total
Sss . oy tne Boston IRE 900 These figures OF
put ~ 10 highly improbable that In the existing
state OF affairs correct estimate OF losses could be
The Holman Insurance Company was reported to
,ar1 ,ner9. SUSPENDED but the gentlemanly officers
reierencs eoachssia no one any information IN
C, rvu ast nignl tnat the Peoples Fire Insurance
nstomPany sts Ry OF Worcester. Mass, had suspended.
up 10 late hour, received any oricia iyn,ormation
as TO the suspension, but entertain fears that The
company WIN nave to suspend, a. Its losses are
lhere were many reports about yesterday that
THE STANDARD INSURANCE COMPANY
hnd wound up It's AFFAIRS. reporter OF the Upu a.
found That these reports were not trna IT,
lg true the Standard lost very heaviiv nv
tAs nre-to the amount OF 's27S.Ooo; bS, but