The New York herald., 1874-09-25
CHICAGO AND INSURANCE.

The National Board OF Fire Underwrit-
ers Declare Against New Policies on
Chicago Property-Opinions OF Promi-
nent Underwriters.
The National Board Of Fire Underwriters yester-
day issued card stating that alter the lst OF
October next the companies OF that organization
will cease writing policies IN the city OF Chicago
unless better provisions are made against the de-
structlon Of property by fire. The officers Of the
Board claim that having waited two months for
the authorities Of Chicago to take such action as
would render 1t safe and reasonable Tor Eastern
capital to engage in the insurance OF property In
that seemingly fated city, they now see no mani
festation OF desire to accede to their conditions,
and, as result, no way left save to carry
out the plan announced in last July. While 1t Ia
to the interest Of every company to continue It's
Chicago business If ON effici ent fire department.
can be secured, yet under the present condition Of
AFFAIRS it Is not deemed wise to hazard capital
where there is such wretched system OF putting
out conhagrations. The following circular tells It's
own story. 1t certainly deserves the considers
ton Of every man who has business interests or
capital In Chicago 1t is addressed to the lnsur-
ance companies OF the National Board doing busi
ness In Chicago, and reads
NATIONAL BOARD OF FIRE UNDERwRIrERs !
NOS I8 AND l's Bh9ApwAI s NEW @ f9RK' sept ~ ~
the Executive Committee held this day the following
resolution passed At their meeting OF July last
Resolved, That the authorities of Chicago having
20 sSm oa Of Tir M ng on Pui ne M sy
July last; this ,b now rec9mmend hat all c9S S
business Of re in the city Of Chicago either
BY policies or wal on ana after tn the s Day o
70 communicate tnis decision at once to all National
the s. n sG b.e %
Board companies will carry out the above recommends
as e R = icGp % M
General Agent National Board
THE EFFECT UPON CHICAGO.
The result of such a course as the entire insur-
ance interests OF the country propose to take will
very materially affect the business OF Chicago.
The Eastern merchants will, as result, refuse to
send goods to that city on three to SIX months
credit when they cannot be insured. The enor-
nous grain trade OF the port will at once diverge
to some convenient locality where the elevators
can be covered by insurance. The terms on which
Chicago VIII have 10 deal with the outside world
VIII be "net cash" Strangers win AVOID the city
because their baggage WIN not be safe at the
hotels, and wedding parties from the West with
extensive wardrobes WIN go to Niagara by way OF
some southern route. Indeed, there may be some
ground ior the rumor that star actors aud
actresses who had made engagements in
that city tor the next winter have already
declared their determination to withdraw from
the contracts unless ample security can he OBJ
taned for their wardrobes. 1t IS believed that
Chicago does not realize the situation, or that she
wants to monopolize all the insurance business In
her midst.
WHAT THE OFFICERS SAY.
The officers OF the various companies in this city
are unanimous in the statement that The unsafe
any corporation IN taking risks upon either real or
personal estate in that city. HERALD reporter
insurance offices OF the city, and found the opin-
ions so nearly alike that the statements may be
aensS the mSs sSe resaen.
the National Board of Fire Underwriters, was
lOund at MS Office and said, substantially :-"There
to Withdraw from Chicago II the authorities will,
In some way Or other, improve the facilities for
saving property from fire aud OF preventing the
widespread connagrations which nave twice
swept over that city. The Insurance business is
iation become such a matter of nicely. The ee-
ment OF luck or chance does not, as is too gener-
ally believed enter into the calculations Of an
months ago the Board stated clearly that it recog-
nized the dangers to insurance interests In Chicago
operation than it had from the authorities OF
that city. Tnls request for better fire
modest, business ike way as possible, has been
ignored utterly by the Chicago authorities, and the
Board therefore merely reatlrms It's determine.
tion 70 doing business In Chicago until some
action Is taken. The circular which you have was
telegraphed 10 Chicago yesterday. There seemed
to be some disposition among the prominent busi-
ness men VINO are most interested to urge the re-
modelling OF the fre ordinance recently passed.
passed resolutions declaring it to be the duty OF
the Fire Department to secure the services OF the
ablest man in the United States as chief; but
nothing further has been done The Board Will
not reient, just because It cannot AFFORD, in the in.
terest OF the stockholders OF the several companies
which constitute it, to write policies in Chicago
any city where there Is absolutely little OF no Sc
curity from nre.n
The Secretary OF the London, Liverpool and
Globe Insurance Company was found at bis desk.
| He expressed himself In very much the same
manner as Mr.. Oakley, bat said In reference to the
! foreign comp anies THE foreign companies In
| the Board will certainly act IN perfect harmony
with the American companies In this matter.
| There Is absolutely no other course open TO secure
a reasonable guarantee for our risks We are
| 10th TO leave business which some OF us have
been fifteen or twenty years building up, but 1t Is
| better that We should DO so than that by staying
| II is clear question OF profit and loss The in
suTance companies have certainly lost enough In
Chicago to satisfy the most exacting fire depart
| m