The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-11-17
DOOM OF INSURANCE COMPANIES.
The Attorney General Making .
Raid on the Home Offices.
|;S7g,il7 Received in 1871 as Premiums, but
No Money for Present Policy Holders.
LOSSES TO HARVARD COLLEGE.
'$3,984,695 Contributed for the Relief of
Sufferers by the Oonfagration.
BOSTON, Nov. 10, 1872.

Sufferers by the Confagration
BOSTON, Nov. 16 1872.
A large amount or work has been performed yes
terday and to-day the burned district by aborers
in opening new streets and widening the passages
through those previously opened by afeimakers in
forcing the doors OF vaults by irem en- and parties
engaged in pulling down walls. In the latter oper-
alton the OF explosive materials has been aban-
dOned, owing to the danger of duahne cartridges.
portion of the walls on the east side OF Pearl
street, forming fine artistic ruin, was pulled
down, and attempts not successful were made
on the opposite wall. stagings were erected
around number Of vaults encased in
brick for the purpose OF taking them down
intact. Laborers succeeded in forcing narrow
passages through the huge piles of granite powders
which encountered the upper end Of Franklin and
the lower end OF Congress street, and through
Devonshire from winthrop square TO Summer
street, while other gangs OF men widen the pas
sages through other thoroughlares, SO as to admit
the travel OF teams two abreast. A large quantity
Of wool and sides of sole leather was recovered
from the ruins in Congress street, and iron and
steel from stores in Federal street, apparently not
much damaged The heaviest wall demolished this
forenoon was the Water street front of the Fifty
Associates building in Liberty square. This was
pulled into the street, there being no chance to
work behind it. Load after load of broken ma
chnery, metallic castings, pumps and other
materials, now classed under
TIE HEAD OF OLD JUNK,
were hauled out OF the burned district, and the
seekers after momentoes of the great connagration
reaped rich harvest from the ruins OF crockery
and glassware stores. The fire produced some
curious effects in its action upon this class OF goods
varieties OF which, in form ana color, were fused,
and cooling, formed combinations OF the most
singular and beautiful character. Photographic
artists resident and from abroad SCI up their
cameras among the ruins, obtaining views OF the
most interesting localities. Chicago taught
us the value OF brick, the worthessness of
iron. Boston teaches the value OF MARBLE the
inferiority OF granite. Brick stood, marble stood,
iron warped and fell, granite cracked, exploded
and threw whole fronts into the streets the
masses made the streets impossible, and our
noble granite fronts were as powerful friends to
the fire as elevators and Mansard roofs. Marble
stood the intense heat equally well with brick as
S visible among the ruins. What we lose in granite
gain in marble. Washington, Milk, Summer
earl streets will be clear and open to the
4 morrow, arording visitors extended
vD IRE. 1t Is estimated that there VIII be
. ND FIFTY THOUSAND STRANGE
LIE IN THE CITY
rIe airy lines being drawn
he burned district. The
rgtOn street IS all clear,
b. through the street to
prev uncH ITO the other side.
The co. Pilot building,
consisting red thousand
dollars wor.A Il IA curious
appearance. 'es were
melted out, leayll .ect
ever. About ten al prove
serviCeable. The twosl ably safe,
but all the machinery, inc. nj pres
ses, is ruined The WdUeTI, VIII appear
next week III Il new dress ana and beautiful
as ever. In January Mr.. Dow vi. axe the Waver-
ley House Tor his onlces, ana let 800 well lighted
n rftaA wi
trustees ol tue
BOSTON, HARTFORD AND ERIE
Railroad are laying tue silis lor Two new depots
Tor passengers, the other Tor freight. The
former will TIC 200 eet long and sixty ieet wide;
structures WA be OF wood aud covered with CORFU
gated iron. Architects estimate that substantial
buildings Tor business purposes can be erected Tor
$l5 a square foot. AT this estimate the burned dis
trlct could be covered Tor Sl9,342,001
Immediately after the connagration Deputy In
surance Commissioner Rhodes, in the absence OF
the Commissioner, Mr. julius L. CLARK who is now
IN Europe, transmitted TO several companies in
Massachusetts and Offices doing business in this
Commonwealth a circular asking statement OF
their losses, together with blank schedule. The
schedule referred to relates to the gross present
assets OF the companies gross present liabilities,
including reinsurance fund, taken at fifty per
cent OF premium received on unexpired lire risks,
hni the iuli amount OF premiums received on
marine ana inland risks not marked OF, and total
losses by the Boston fire. Very few responses
have yet been received, as many companies are
unable to give definite statement AZ present, but
SETTLED THAT BOSTON INSURANCE OFFICES
as general thing are rendered wen nigh insol
vent. 10 settle up their AFFAIRS IL win be necessary
10 Lave receivers appointed by the Courts and
Already tie Attorney General has commenced pro-
ceed,ngs against the Faneui Hall, PRESCOTT, Fire
AID Marine, National, Exchange, fremont Bolys-
ton fire and Marine ana Lawrence insurance COM
paIies, ali OF this CITY, with view TO wind up their
AFFAIRS Mr.. Rhodes IS OF opinion that very little
legislation is required In order for the companies
70 reorgsnize. These new companies Will be en-
b. as sale as though they never had
gny connection with them. Many OF the Old
he believes will be successfully entitled to carry
OUT this pan OF operations, though at 1rst they
VIII be compelled TO start with only their capital
subscribed and paid IN without any surplus on
hand. Mans are ready 10 pursue this course and
with the exception OF the American and perhaps
one or two Others which can meet their losses
there is no alternative but TO close Up their bust
ness Or TO start anew, entirely independent OF the
old corporations
TgE JOINT STOCK COMPANIES OF MASSACHUSETTS
are nearly ali placed IN o position where they must
eitbe; VI. nj up their affairs by due process of law
~ paying their losses and having
capital equa; TO the amount OF cash pre-
mum paid in, and they then will again he enabled
20 proceeg uninterruptedly. Very lew can meet
the last named requirement. as the amount Of their
rsks has been So large that they rally from
the losses sustained. The Boylston Company, for
instance, haY losses amounting 70 100000 and ex
lsting Liabilities Oh other risks which Will swell the
sun nearly To two millions Of dollars II they should
ASSESS TIER shareholders to- the amount OF 81 900 900
obey would only then have raised money enough to
Hhke them actually secure, and not enough TO sat
ps'y the law, which provides that they shan have
tu's on haid equal 10 the amount OF cash premiums
psn an TINS Is true as 10 the majority Of other com
paBiee, and their only remedy IL to 20 through the
courk, WIND uD their AFFAIRS and apply Tor new |
JoIsr STOCK PREMIUMS is 1871
me prei,iums paid TO the Joint stock companies |
OF massachusetts IN 1871 were $3,s72l7, represent
ing $l7,0OO,0oO OF risks; and as nearly all the /
amount OF premiums was invested IN boston prop
erty 10 is considered OF the highest Importance that
previous weB-estaDiished companies I'm BOSTON
shall be chartered anew and be allowed 10 resume
business without delay, so that this large amount
other companies ,vntside The State and perbaps |