The New York herald., 1872-11-14

make no better showing In their published state
ments, and canards were started ct every corner
OF the streets intersectng lower Broadway, about
other companies being on the eve Of going int
bankruptcy. The International, at the head Of
which Is Mr.. Savage, one OF the most cautious Of
presidents in the city, was generally believed to be
solvent and In Noufshing condition, yet it sue
cumbed to the astonishment Of everybody, ana
asked for receiver. An examination OF the state
ments put forth by several other companies shows
that they are apparently no better than tho
International yet they still stand the pressure.
In yesterdays HERALD the condition of all the city
companies with one exception, appeared in .
voluminous compilation made from the oficerg
statements, and yesterday 1t was subjected to
much criticism. Many officials, wniie declaring
that their own losses were correctly put, declared
that rival companies had understated their losses
by from forty to sixty per cent Mr.. Hodges. Of the
Hoffman, was one OF these gentlemen, and he AZ
signed as his reason for not before giving his losses
to the press that he knew some other CON-
panes were placing their loss at one-half OF
what they actually sustained, and did nos
wish to mlsrepresent as they had done.
The report that his company Is In critical condt-
ton he most emphatically denied; he placed their
loss by the Boston fire at $1OoOOO and assured the
reporter that they can pay 1t and have good sur
plus to continue business. He felt very much
aggrieved at the reported suspension Of the Hon.
man and declares that, If 1t is necessary, the ON.
GERS will MAKE up any deficiency, even II 1t DO
double the present loss. 1t Is to be regretted that
he has not sooner placed the facts as to their
condition before the public and thus set at rest
the rumored suspension. 1t is matter
Of regret that the rumor gained crcu-
one but their President l0r his obstinacy. In tho
face OF apparently well-founded rum0r and the alb.
sence OF any statement OF its condition or any
denial OF the rumOr. the press could not be
pected to declare the company solvent, and Mr..
lodges mas doubtless aiscoverea ~ iast tas INC
candidly point to the figures which show such
gratifying exhibit for this old and popular company.
When asked II other suspensions were likely to
occur prominent insurance men yesterday grayely
shook their heads and responded that. that they
three or four other companies to weather
the danger that threatens A great deal
depends upon the liberanty of tine stock
holders. This was shown Immediately after the
| Chicago fire, where many companies, at first and
for many days after supposed to be solvent, went @
posed by the directors Of these companies that tue
stockholders would at once come forward and
make up the impairment by subscription; but
many failed, and their companies were driven to
the alternative Of going into bankruptcy. Snca, & It
companies who are badly scorched financially BY
to the aid Of their institutions with subscriptions
be able able to o. continue fire Underwriting ana
pay all losses In full II not, serious embarrass.
i mcuL, ii uOC DoukTupCCy, Iuu5C TtSulLs WucIc guo
surplus is wiped out by the losses, and the capital
Is 80 much impaired that they have not enough to to
rel eq mrss msss
some companies nave sustained at Boston the stock
holders can but protect themselves by temporary
suspension, and It Is probable few Will take that
course There was but little change reported yes.
terday in the New York companies from that given
The risks Of the Farragut, in Boston, were but
$4,000, as VIII be seen by reference to the card
! HERALD to-day.
BY an error in the transpost!on Of lines in yester-
have no loss in Boston II lost o,oco, but has
surplus lett Of sssa s2l,ample 4 for all purposes.
ssoCoo instead Of as at rst reported.
| and will pay in full.
:. The Peoples. Of worcester, has been swamped::
It lost 100000 and had $S0OOOO assets on LIST Of
The Narragansett, Of Providence, lost s2so.ooo:
but Is all right as 1t mad s77SS2S assets on iss Oh
The Union. OF Bangor, Me-, sustained a loss o.
$4,000 Dus is solvent' as It's assets on iss o.
The Bay State OF worcester Mass, has sue.
sS ns as # ad on s
assets II win likely pay in full.
The Mertden, Conn.,, Insurance Company loses
The Home, Of Columbus Ohio, loses only s41,5oO.
The Equitable Insurance Company, OF Providence,
of its stockholders The total risks Of the company
in the Boston burned district are s317,oOO ana the
The only failure reported yesterday among New
York companies is the Market, located at 81 Wall
On Tuesday the the es M tae5
informal meeting Of the directors they suspended,
and meeting OF the stockholders will be held to-
| day to decide upon what course to pursue in set
tng up the company's affairs. One Of the officers,
who was applied to for the assets and liabilities,
after to-days meeting. This company has been
exceedingly tS having suspended
is believed that it viii be in a position
to pay large percentage on its losses, and per-
IN The in the i
on Monday last Mr.. Henry NJ Bixby, one Of the
Pratt for an order dissoiving the International IN
surance Company and appointing receiver. on
JSdSni Judge Pratt a. ~ granted temporary Injunction
against the company, and appointed as temporary
Known known merchant % IN New YORK and a partner Of
Herald Dolner. On Tuesday, after notice Of these
proceedings had been given to the company comps Judge 1e
application OF other stockholders, appointed Mr..
JARVIS slade permanent receiver Of the company,
% ceedings before Judge % % Pratt, The tempOary innnc
tion granted by Judge Pratt was made returnable
] peared in the Chambers at eleven O'clock yestsr-
day mornngMr Brown for the insurance 70 ,s COM
S seiore Judge FancHer
Mr.. slade, H. Bergen In behalf OF Mr.. Bixby and
Henry Cullen J for Isror; Mr. ~ sSs
from which 1t Will be seen that rival factions are
fighting for the spolls before the Courts:-
Mr. Bergen asked Judge Pratt to make the Injunction
perpetual taking the ground that after the appointments
OF Mr. Cammerden as temporary receiver ne G, Jnuge
and Judge Pratt should make an order appoint
ing Mr. Cammcrden or somebody else permanent re-
| celver.
Mr. Scudder the other hand, claimed that the order
by Judge Fancher appointing Mr.. Sladc as receiver
valid and ended the proceedings He said that the stock
holders almost unanimously approved OF Mr.. SHADES
pointen and that three ourts OF the Boston creditors
would also support him. He thought these creditors
shoI.i have voice in the settlement Of the affairs Of
company haviir million dollars OF assets
Mr. Rerren urged tha. Mr.. Slade was recommended by
the directors Of an nsolyent company nat ne
himself Of the directors and one OF tne nnanc9
committee under whose management the company nad
become insolvent Mr.. Cammerdcn was ready 70 'u$.
nsh bonds 10 the extent of &0,00U II the Court re.
CURED it. Mr. Bergen went on TO say that tney camea