Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1872-11-12

The local Insurance Companies.
The loss Of considerable amount OF money
invested by people Of moderate means in insur-
ance stocks is one OF the most serious of the
indirect misfortuues resulting from the Boston
fire, as insurance stock has always been regarded
as a safe investment for money held in trust
and other non-speculatiye capital. The portion
of the city destroyed by the fire was a fayorite
one with insurance agents, and consequently
many Of the most reliable companies were the
heaviest losers. Before the fire Ehad ceased its
ravages rumOrs, exaggerated Of course, but in
some eases approaching the truth, began to be
circulated regarding the standing Of our local
companies. A visit to each Of the offices and
careful inquiry has developed the following
facts Exact information is dhficalt to obtain,
as it is impossible as yet for even the officers of
the companies to know exactly where they stand,
and they were naturally disposed to be cautious
in their statements. 1t is, however, definitely
known that the Peoples, Bay State, First Ma
tional and Merchants and Farmers Mutual
companies have lost heavily and, with the ex-
cepton of the latter, have stopped issuing poll
cies.
The Peoples insurance company, the largest
in the city, and considered one of the best in
the country is the most deeply involved, its loss
being estimated at over half million of dol
dars. It's assets are SS0O,293. This sum in
cudes surplus, reinsurance fund and a capital of
100000. The losses sustained by this COM
pany amount to more than the capital and sur
Plus combined.
The losses Of the Bay State company, esti-
mated with the usual amount of salvage deduct
ed, are over 500 900, while the risks covered by
its policies in the burnt district are considerably
more than that sum. The company has 5000
assets, including a capital of 100000. The di-
rectors held meeting yesterday afternoon and
voted to call a stockholders meeting, to be held
next Tuesday, to take action in regard to levy
ing an assessment to make up the capital.
The directors Of the above companies have
decided to issue no policies for the present, and
though no definite vote has been passed, it is
generally understood in insurance circles that
payments Of losses will be suspended until full
and definite information is placed before the
stockholders.
The First national company lose $4,000.
Their assets, including 500 900 capital, amount
to S175OOO The directors held a meeting YES
terday afternoon and voted to make an assess
ment of $4,000 to pay the Boston losses, and
proceed with business as before. leaving their
capital intact Notice of this action was tele.
eraphed TO their agents last night. The direc
tors control three fourfbs of the stock. so. of
course tbe Stockholders at their meeting next
Tuesday. will confirm their action.
The Merchants .nd Farmers mutuaI have
assets amounting TO S4OoO OO and nremium
notes TO the yaluc Of S45oOoo Their losses
omouutinu rs nearly os can he oscertoined to
about s8oo 0OO will Inc nromntlv maid and the
compauv pronose 70 continue business The
officers hone IN nav all tbeir losses wtbout call.
inc unon poIicy holders tboucb an assessment
of one third TO one IaIf the amount or nremi-
ums NAV he necessary
The Central Mutual has issued q circpl,, IN
its AGENTS TO the effect that the losses sustained
by the company are only aI,out $40 GOO and that
they will he promptIv maid
The Manufacturers, Mutual and ,I,o Old yy,,.-
cester MutuaI lose notbipg hv t1,o fra diroctI,,
though il is understood the forro, coronon,,
own stock in the Peoples' comnonv
AID. Washburn's agency dispotcbcs have
been received from the officers of the SprnotieId
Fire and Marine, North British and Mercantile
Providence, Washington. Hartford pbmnix Of
Hartford, aud Home of New York companies.
announcing their solvency and that thew win
continue business as heretofore. The Niagara
of New York, the Meriden of Meriden. Conn.
and the Ena of Hartford, represented at this
agency. are doubtless all rigbf. thouob nothiro
has been heard from them. The National of
Boston is shaly, and is the only company unon
,,.I,ioi, r,,;oi,.. .o,, NO, ,,..i..,,
The companies represented by Mr.. l.. c..
Parks, consisting Of the Royal Of Liverpool,