The New York herald., 1872-11-11
THE SHOCK TO INSURANCE INTERESTS.

OF Insurance Writers to the Losses
ms Compared with Chicago-Ncw Eng
land Companies Believed To he In a
Critical Condition-The Condition Of all
tho Companies ON January 4, with
Amounts OF Risks In Boston.
A little more than year ago insurance circles and
companies were thrown into q state of eXtraOrdi-
nary agitation by the destruction OF the Garden City
OF the West. In the crash that followed the disas-
trous event many leading companies succumbed.
and some were SO badly weakened that they had to
suspend operations With matchless elasticity
they, in the year that has elapsed almost entirely
recovered, and they have been congratuating
themselves that such an event as the burning Of
an entire city would not again disturb their
equilibrium-at least for a generation. The effect
OF the news of the later and more appalling
calamity in Boston, bursting upon them In the
quiet OF Sabbath morning, can, therefore, be
better imagined than described. The insurance
companies OF this city have larger interest in
Boston than they had In Chicago, and the sudden
and unexpected blow Is consequently the greater.
Many OF the companies last year, when the crisis
had been past, said to themselves another such
disaster and we are undone. The second disaster
has come, and day or two will probably witness
an unprecedented crash In insurance clrcles-a
crash that will deeply affect the financial circles
not alone OF this country, but Of the entire CONNER
cial world.
In the first excitement yesterday morning the
oficials of the various companies wildly rushed to
their offices and eagerly perused the ponderous
ledgers containing their risks. Sedate men became
excited and grave men boisterous, and the heads
of none of the individuals interested seemed to
have any degree OF calmness. The disaster was so
totally unexpected, as none for moment ever
dreamed OF so terrible a calamity from such place
as Boston, that the business
MEN COMPLETELY LOST THEIR SENSES
and imagined themselves under the influence OF
some hideous nightmare. A HERALD reporter
sent to call upon the leading compa-
MES could get no coherent answers
from the persons in charge. They could
tell nothing about risks, losses or surplus They
could form no idea OF the extent they were in
volved, and stated that nothing definite could be
given until full particulars OF the disaster and The
names Of firms could be ascertained.
A dsconsolate individual with a very long face
stood behind the window OF the Guardian Fire In.
surance Company, on Broadway, the door Of which
was fastened against oil intrusion. The reporter
motioned to him and he opened the door about an
inch to see what was wanted. TO the cour.
teous inquiry addressed to him relative
to the risks the company had I'm Boston
he returned short and uncvil answer, and, saving
he had no Information to give, slammed the door in
the reporters face, leaving this individual to his
mourniul meditations. visit was paid to the
Clinton Insurance Company, where the Secretary
courteously furnished all the information he could
at that moment give. The company has lost about
$45.O00, leaving surplus OF $4,000, which the
Secretary states will be strong enough for all de-
mands. Mr.. Mclean, President OF the Citizens,
said he could form no estimate OF the losses, but
said II the entire city Of Boston was burned down 1t
would MT severely AFFECT the company he repre-
scnted as there was surplus OF 500, coo over and
above all risks. At the Lamar Insurance oliice
NO INFORMATION COULD DE PROCURED,
paces When were visited. strange W to saw o'b tbe
offices or none Of the Boston or Hartford
companies, winch are the most deeply anected
by the calamity, were open, and all kinds of
strange rumors were In circulation on the street
in consequence OF this strange circumstance. An
than kite; they are burst up and they don't want
to keep OPEN" This seemed to be the prevailing
gave no signs OF life the opinion that sw eeping
disaster had overtaken them was deepened. Gem
tlemen connected with other companies hazarded
remarks to the same effect, but in general the ofii
cials OF one company were very guarded In Offer
ing opinions relative to the solycncy OF another
company.
In the st. Nicholas ONCE clerk was busy occu-
pied In examining the books and he states that the
losses OF the company will be very slight. In the
German Insurance office small knot OF individuals
were cautiously scanning map OF Boston. The
great English ,Ompanies-the Queens, the Liverpool
and London and Globe-were not open al any period
OF the day. and in consequence their losses could not
be ascertancd. 1t Is stated that their loss Will be
great, as their risks are large. IL seems ii the
smaller companies would nearly all sustain losses,
but the great ones win have 20 bear the brunt OF
the visitation. The greatest sufferers will be the
Eastern companies, and Hartford will be about
much affected as Boston itself. IL was rum0red on
the street in the afternoon that some companies
whose names were given
but nothing definite could be a,scertained, az the
offices OF the companies alluded to were all closed.
A continual stream OF visitors kept pouring into
the Offices that were open during the entire day,
eagerly inquiring for later particulars and losses,
but their curiosity was not gratifed There were
no later particulars received by them, and the
anxious ones were referred to the extra editions OF
the 7stegrdn,, which were at the time selling by
the thousand on the street. Most or the visitors
poIlcyholders and the agitation and alarm visible
on their faces were painful to contemplate. They
rushed rom office to ONCE In search of the news
they SO eagerly wanted. They were forced TO re-
turn home without having procured IL, but they
again and again returned to meet with the
same reception. Wall street was crowded with
pedestrians and the brokers were madly running
around to get at something reliable about their
losses, but the fact Of the day being Sunday
insuperable obstacle In their way. Up to q late
hour last evening the same excitement prevailed,
although most OF the Offices closed early and did
pany state that their losses will not exceed one
hundred thousand dollars, and that there Will be an
ample surplus left to cover all demands. The fol-
lowing letter has been sent to the HERALD nom
the company for publication
orrIcK COMMERCIAL FIRE IssuRAScr cosrAr,
To THE EprroR or THE HERALD .0~D'-' - '''' 'V"H
Having been informed that this company srepored as
losses In Boston Be paid from Inc surplus and the cap
ia" remain "Paalq PpAN YSSs gSspsf,y Secretary
The attaches OF nearly all the New York compa-
MES were engaged until late hour last evening in
losses, and nearly all will likely be able TO make an
APPROXIMATION by noon to-day. In the absence OF
the individual risks they have avail ourselves OF
the following compilation made by the publishers
Vi ;ae Spectator, the leading insurance journal OF