, 1874-08-08
LOCAL F1RE-INsURANcn.

IUuAL LEItslE-lN UM.
n he Efito, ef The Chicago Tribune:
SIN: From tho position you, aro taking a. to
tho inguraare-queation, mnnly growing ul,t Of
tho 1ato tire. and tho suspension OF ONO OF our
local companios, 1t mny bo we'll for us aa dltl-
zons to couBidor how much indemnity #s want
Of local character, OF tho import styled In
surance, and known bost aa Chicago aHHuranco-,
Tho commercial requirements Of our oitazans IN
mnttors of insurance donland no mora Rapub-
llca, nor do wo want any moro Atlantic and
pauiflcs. I rotor directly to the management
of thoao and similar ooucerns What
Chioago noeds IL a strong stook-oompAny, or
gantzod by practical buainass- men, and not oon-
panics organized By so-onllod inaurance-mcn
merely to givo places to adventurous and vnl-
turoB. In view Of tlic fact that no arc rroEross-
Ing 10 more careful aud porfoct sJstom Of pro-
lection from fro. produced BY tho domands OF
our preBent underwriters al well ~ by our NOR
clnllte aud busiueas-mon, 1t bcoomes ovidont
that capital will Hoeli inHuranco.stuok ~ m it,
/ vostnont, when sl1own thai with proper protcc-
tion from fires, and careful, prudent 1nana2o-
mont In conducting tho itisuratce-businasB tho
| oapitat invested shall be protected.
business.atand,ns to inyost goneraily in insur-
anco-stock; Tho Old cry OF "patroi'tzo 1lome-
| conlpanius" IL poor argument. and wo dp not
indulge iu It for lnon1ont Wo have too largo
| al iiauranco.intorost to expect to monopolize
capital exclusively to carry AL our riakB, and
| when no ca,i show, as We hhvo in ono company
| at leaat, D legitimate organization, no can roly
| upon tue foreign inauranco-companios' approval
autl corporation. Foreign capital. 1t IL satu ia
| Jealous Of our local companies. Th1s tH not tho
case whoro tho company Ia . legitimate onc
Opposition to local insurance Ia found IN oased
| whero IL is known as 4 fact that tue company Is
| bogus. Tho Auditor may give his historic np-
proYal-certf1cato OF authority to do baRiness-.
| but we want moro wo want character in mon
wIlo nanago tho company, as well as security.
representing foreign company who would not
gladly alao roprosont local company; but to got
| this approval no mutt hare legitimate men aud
| mca1ls. Bogus mon with bogua aocuritlos-some
made aud ot1ers borrowed -oannot make . COM
pany thns grants indemnity ri, .rao there o.
can. With great Justice. to tho'nseyos,
| project, aud organize an insurancc~company
whose stock will pay = company that will 70.
ceiYo the appreciation Of tho people, tic favor OF
foreign underwriters, and tho business OF the
| country. ....-.......s...,,
eurancc-1nut tors. and why7 Has Chicago ever
had strong cash-cspltal, full-paia company,
| with but enc exception? Wo have had mono
tl,ey havo all boon projected upon small por-
| oentago, or on borrowed securities.
The n1orchant, manufacturer, and dealers gon.
| orally ehou1d at onco entertain tho question OF
| securing reliable local ufauoe-eompanieE. VIC
have tho mon and tho capital IN our buainoBa-
channels, and whom tho businessman will look
III that direction for local Insurance, md nok to
tho ordinary inHuraucc-yn{turo whoRe pockets
aro filled with policioa written by insurance-ad.
curitios based upon property without titie, Of
bogus Mexican or United 6tates bonds, no can,
| az citizens, enjoy sound local indemnify.
CHICAGO, Aug. I, 1874. A. B.