The New York herald., 1872-11-17

These figures show the value of the buildings only
exclusive OF stock, and may be somewhat under the
actual amount lost.
With the exception OF the Chicago fire no conla-
grafton has occurred In this country since 1885
where more buildings were consumed In the
great fire in this city, in 1885, $4,000 coo worth O
roperty was destroyed, including 600 stores. The
nearest approach TO the Chicago and Boston fires
that is a matter OF record IL the great London fire
ol 1866, where the loss was 50,00J00o.
THE LESSON OF THESE FIRES.
While New York may congratuia,c herself that her
insurance interests have hot suffered severely,
these fires wll IL IL believed result III good, both
to the insurer and the insured. III the past the
business OF insurance has partaken too much OF
species oil gambling. IL has been found u pront-
able business In wnich to invest surplus capital.
and year by year 1t has been growing popularity.
While IL has been ound profitable the companies
have entered into spirited rivalry Tor business,
and In dong SO nave been too reckless IN the seIec
ti0n OF their risks. They have been more ANXIOUS
to show large liue Of business, big capital and
large surplus than TO exercise care IN the character
OF the risks they Then this rivalry or cut
throat policy has been carried that risks are
often taken at a rate that ~ not at all commcn-
surate with the character OF the responsibility they
assume, and tney have put their trust IN provl-
dencc rather than In the Judgment OF their survey
ors. Another very great aouse that has crept into
insurance Is
TIE DANGEROUS DRAWBACK SYSTEM
Many companies processing TO adhere TO the schcd-
ulc OF rates adopted by the underwriters to secure
business and distance all rivals have res0rted to
the practice OF giving large drawbacks to
property owners VINO apply personally at
their head Offices Tor insurance. By this means
companies with small capital have been enabled to
undermine good companies who desire to exercise
care III the selection OF their risks and when a
great connagration comes these wOod-cut COM
panies fall before II, and their dupes lose large
portion OF their insurance. While this IL the case,
rather while this practice largely prevailed pre-
vous to the Chicago 1re, and Is still followed to
some extent 10 would be unjust TO say that all the
companies which have succumbed 10 the Boston
fire have been guilty OF this pernicious drawback
practice. Other causes have doubtless embar-
rassed some Of the companies.
Another lesson that our insurance men have
dearly learned Is that they I'm the future avoid
centralizing risks In few blocks or one city, and
especially where Mansard roofs prevail to any great
extent Instances are known, right here In New
York, where companies have taken risks aggregat-
ing over half capital on territory less than that
burned at Chicago. few hours sweep OF the fire
name would wipe such a company out OF exist
ence and leave the insured unprotected. The only
true theory is to scatter risks as large terri
tory as possible, and In different Cities Then, in
the event OF great fire, the losses would be more
generally distributed among the companies, and
could be more easily borne by the insurance world.
These are subjects that are now attracting the
careful attention OF insurance underwriters, and
there Is good reason to hope that, from the
LESSONS LEARNED At BOSTON
and Chicago, our insurance business In the future
will be conducted upon more sound and equitable
basis to all concerned.
Another subject tnat has forced itself upon in
surance mems attention by the Boston connagra-
ti0n is
THE DANGER OF ELEVATORS
as an auxiliary TO the spread OF fire. on this sub
ject the insurance Spectator OF this city, scnsbly
remarks.-
I as the Boston papers appear charging the
elevator opening IN the building where the fire originated
was the means OF drawing up the flames 10 the roof and
spreaanhg disaster over sxyour acres OF great city II
icai the entire question Of exposures and
how fuy these elevator holes as now arranged must
act many invitations the flames 10 leap at once
rom the lower 70 the upper noors Of any building provided