New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-06-27
TIE GENET4 AWARD BILL.

THE ACTION OF CONGRESS DENOUNCED AS ROB
Berry or THE INSURANCE COMPANIES.
A TRIBUNE reporter visited the Offices OF
several marine insurance companies yesterday to as
certain opinions OF insurance in regard to the
bill passed by Congress Monday providing for the
distribution OF the Geneva award All seemed to con-
eur In the opinion that the bill was unjust toward the
insurance companies. and that the reputation of the
country would be SO injured abroad that no other
country would submit any other dispute to court
OF arbitration.
J. ID. Jones, President OF the Atlantic Mutual Insu-
rance Company, said that the text of the bill had not
been given in the papers and it difficult to give an
accurate opinion of its effect but rs ne understood the
abstract published In the morning papers 1t was rob
berry Of the insurance companies Remuneration was
granted to all classes of losers who suffered from the
depredatOns Of the pirates except the Insurance com
panes. The Government invited the companies to send
in their claims Washington aud promised to secure
the amount them. They sent them, they were pre-
scented the Geneva Commission, and more than hall
OF the sl50oO,c0O paid to the United States was
paid on the represented losses OF the insurance
companies The Government had presented the claims
OF the nation AZ Geneva and they were diSao"ed All
the money obtained received private claims and
i. not the property OF the nation but OF the private
persons who the sufferers and leave out the in
surance men would oil than half the sum
of award III the Treasury after all other just Claims
had allowed, which amounts to nothing more nor
the claim OF Insurance companies who can show to the
satisfaction OF the Court that during the late Rebellion
of its losses In respect to war risks excluded
the premiums other gains upon risks, does not
amount thing practically, for the losses and
gains kept separate from others the books
OF the companies and al the best the amount could be
only estimated which would not be accepted by the Court
He did not expect that Congress would do anything
with the funds left hand for time at least No
companies would be at all affected by this result be-
cause they have not relied upon these claims, bur
esteemed them AS losses. The Columbian Insurance
Company which failed during the would b. able TO
pay much larger percentage to Its creditors this re-
lief were obi aired lie thought this would be a death
blow TO ali future attempts submit such subjects
arbitration with foreign nations, Tor the NATION had
vet when II had money hand refused to 1t to
those for whom they had obtained it,
Mr. Joun T. Parkinson President OF the Sun Mutual
Insurance Company said that the bill was gigantic
swinde insurance companies. The government had
received more than half Of the Geneva Award the
claims Of The underwriters OF the insurance companies
which the Government lad invited them 10 place IN Is
hands for collection against England Inc money
granted to the United States not granted 10 the
ton It's general claims for injury In the proongation
the war; &c. but on each OF these items MED by pr
yate persons private losses When vessel is insured
the company Assumes all risks. and, in RETURN the
property insured becomes that ofhe company II It is
insurance and Whatever the company can realize
from the wreck or injured goods belongs to
at low rates against the pirates. because
they would be surely reimbursed by England at the close
OF the war England has paid the money, but our Gov
ernment will keep nearly OF the
those whom IT belongs He Thought that when thi,
PEELED by public opinion at home and abroad to dis
tribute The remainder TO those To whom 1t righfuy
would injured by the failure to obtain the amount of
the Alabama claims, they had not been allowed by
the superinteh Oh te ins"ngg & ,i ,b No.
companies could do to submit and hope for better
treatment from the next Congress Other marine m
officers visited but their views dd not d
fer materially from those gwen above