Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1872-11-22
The Legislature,-Extra Session.
Fire observation-disclosures Coli
scam TO Come Down

BOSTON, thursday, Nov. u, 1872.
The work of the legislature, outside the COM
mittee rooms, amounted to very little to day.
In fact, nothing can be done to advantage until
the hearings are over. An order was adopted
authorizing the committee to report such amend
ments ID the insurance laws as they may deem
necessary. The Atlas mutual fire insurance
company came in asking for charter and were
referred to the committee, although Mr.. Kim
ball suggested that il looked TO a revision of all
the insurance laws rather than to giving imme-
diate relief TO the insolyent insurance compa-
MES. Perhaps the members think it good
time TO adjust the loose screws in our insurance
system, and bring the insolvent companies I'M
der the provisions of some wise and general
legislation.
The coliseum, which has grown very ugly to
the citizens Of the western part of Boston since
the great fire, was doomed to destruction by
vote OF the house 10 day. MeSSrs. 1owne and
klmball earnestly proclaimed that the huge mu-
steal wood box was standing menace TO the
city that should be Immediately pulled. down.
The house agreed with them, and the city of
Boston are empowered and directed TO remove it
without delay. Mr.. Merritt of Springfield, who
enjoys cheap notorety, put in long and hifalu-
tin resolve about the mileage and pay of men,
berS, which was referred 10 the finance COM
mittee
The first committee report made yet came in
to-day from the railway committee, who re-
ported bill authorizing the Boston, Hartford
and Erie railroad corporation 10 extend its
tracks through such streets of the burnt district
as the board of aldermen may allow. The OBJ
lecti to facilitate the removal of the debris of
the fire, and it is calculated that by such a
course at least months time may be saved
1t Is also claimed that the tracks will be useful
in conveying into the district large quantities of
building material to be used IN recOnstructing
the burnt district. The debris will be used to
fill the fats OF the Boston wharf company in
South Boston.
The central point of interest all day was the
green room where the insurance committee were
in session. Judge Abbott appeared Tor the
full for fOrty-One years, but had been made in
solvent by the fire. He hoped the legislature
| in changing the insurance laws, would not base
the changes on the probability of another great
| fire, for if this was done, insurance would
| be SO high no one could avail themselves
Of it. The average dividends of this company
! have averaged Is perlcent for six years. James
| II Lunt appeared for the Suffolk company, and
| John C. Abbott for the Shoe and Leather COM
pany. The last named has paid 20 per cent
dividends for three years, and previous to that
about IL per cent annually. They lost two
millions in the burnt district.
George U. Shattuck appeared for the Massa-
chusetts mutual company, which dates from
lI99 and whose losses of a million and a quar-.
ter by the fire will be paid by assessment on the
policy holders. They ask for a change of char
Ter, 10 provide Tor guarantee stock Of S10O, 600
to sSOO,OO0, on which the dividend should not
exceed eight per cent; the right to reserve part
OF the profits, the law now requiring mutual
companies 10 divide all the profits; the right 10
insure to the full value, and lastly, the right TO
insure anywhere lin the United States Mr.
Putnam of Worcester and Commissioner Rhodes
questioned the policy of granting the petition,
as 1t recognized radical changes from the pure
mutual principle.
The Manufacturers, Fremens, Benefit,
| Franklin, Boston National, North American,
| Elliott, Prescott, BovstOn, New England
Mutual, Washington, and Merchants insurance
companies were seyerally heard, which COM
pletes the petitions for special legislation Then
matters pertaining 10 general revision of the
| insurance laws were discussed, various gentle
| men giving their views and criiczing the mode
| in which the insurance business is done The
| hearing will probably last all the week.
The committee on the proposed municipal
loan for Boston met in the blue room, a large
number OF the solid men of Boston being pres
| emf. One of the most interesting things brought
| out was the testimony of the eX-mayOr of Port
| land as to the effect of the fire loan issued by
that city after their great fire. By this it ap-
| pears tnat the loans OF Portland under her act
| is to-day considered good, and the system has
had test of over five Yeas. The institution
there is paying one, the principal for about
one-eighth of it had been paid, and the interest
| up TO this time amounts to $4,000. The effect
| had been TO keep down interest," and at no time
has money commanded over seven per
| cent. In Portland the only loans by
| which trouble came 10 the commissioners
were those granted to parties who desired 10
| speculate An improvement of this act would
be the placing the care of loans in the hands of
| the loan commissioners and the sinking fund of
the loan in the care of the commissioners of the
| sinking fund. The authority of the act con-
ierred upon Portland the right TO issue bonds 10
| the extent of 100000, bat the loan commits
siOners have only issued $685., 900. Judge Abbott,
VIM. b. Spooner VIM. B. Gray, Ex-Mayor
Wightman, Harvey Jewell, OTIS Norcross, Peter
Is. Brigham and others urged the adoption Of
the bill giving Boston the power to issue a
SIG, 900 600 fire loan.
All this time another committee was in session
considering some very important changes in the
law relating to the regulation and inspection of
buildings.
Both houses meet at 2 tomorrow.