, 1874-09-25

TEE MERCHANTS.

TEE MERCHANTS.
| LII. L.. 4. LETTER.
Mr.. l.. 2. Letter, Of tho firm Of Flcld, Leltc
d Co., was next callol un. Mr. ].oitor aaid lit
lad glvon great deal Of timo mud attention I'd
tho subject Of Insurance, nn to Lilo oorla nailc
'by o'llzons to accnro compliance With tho do.
na''da inato by tho National Doard. Ho Thought
TINT tlicso dcinauds wero In tho n,aiu Just
and right, md TINT Chicngo would llayo
to comply with thcn1. Of consao, a.,oIl
compliance could not DO Ind iii two moutlB'
tlmc, ana 1t was Idle to supposo TINT
tito National Board hnd withdrawn for tl,at
rcaAon, That was Il rroloxt, 10 cover appear.
nncou. Tho real roaaou WHY thoy had with
drawn WIS that tho stockholdora OF thoi :
companies had boon III panio oyor
since tho fro of july II, md Ind forced tho
mauagcra to tako thlB ntnp. lIo beloved kho
manAgors had roststod tt aa long au They could.
Ho hnow that some Of them regarded tho robult
portion Of Chtcugo NJ bottor than MI nyorago
riak, but tlloro wau 10 1,ao in rcasoniug with
stockholders who had paid two asscss,aontu to
meet Losses fn Choago mud Doutou, and had gono
without dtv!donls two or three yonrB. Tho lro
OF July II. though roally benefit to tho city
from aii underwriters point Of view, WIS just
largo onongh nn1 just destructive enough to
produce panic anong tho enHB whoHp income
aerolltlh upon lnHlitnilco dividends.
AIR. Letter Thought thcro was only ono thing
to DO dono, and that was to put oursulwcH In d
condition whore thoao Stockholders would know
tint Chlcngo WIS good ttro risk It was in,-
pouBblo to DO business lloro without insurance,
and, wlilo he did not npproliond that city
Which Ind shown Blch marvellous recnpcrNelvo
power would now he rnined BY the withdrawal
Of insurance, llo folt convinced that tho With
drawal was n very SERIOUS thing, aud TINT 1t
must bc met by substantial nnl carly COM
pIianco with tho conditions nRmod by tho Na-
tional Donrd at thoir July 1nccting.
Mr., 1Tonry ". Hing, Of Tho firm Of Il. ".
King L. Co., was convorscd with Oh tho samo
K-Wlnt do you suppose will DO tho cfEoct Of
tho ac.ion Of tho National DoardP
Nlr. King-So fur Ms Our firm Is concerned, we
do not fool the lonBt Bollctulc. rcgard tue no.
tlon Of tho National Dourd aB being entirely ab-
surd. There was no noed for it nt all. 1usnr-
managers mud stockholders feel TINT 1t is not d
paying Investment lot tholn, by ait mems, WITH
draw. There will bo plenty 10 take their plnooa.
n.-Dou't you think that tho actlou Of tho
National noarl will teud to injuro chicago crctlt
Alr. King III tho credit Of Chicago depended
upon insurance companies, i should bo Bo.Yy for
our future. 1t doca not. Tho mon WHO passed
tho resolutions Ut withdrawal noYor, perhaps,
saw Chicago. TiloY don't know the "make-,lp'
mora. mi If opinion that tho business Bec-
ton Of Chicago is better prepared to contond
against tlro than any business section it my
othor American city tint I know Of. Thore il
owed % Tic tic " wlra ~ to ous t|,s !a,p. !Ioporter@; h
l lave only to touch that wiro, and thirty mcn
como to tho rescue III case of fro. There aro
10 Hood the roof, anl other pro-
cautions. aud we arc not alono in tlliB Bystcn of
pr0tacsion. All tho great firms, and most Of tho
1foSf1nH NJ St1Nro
Inn lo Desired? OF course wo uoel moro large
'Hater-pipo, which IL being put dawn n8 fast us
possible; but tho idea Of asking lib to rcnlovo
MI the l,itnbol~yards instant9r III positively out
even woro there no legal obstacles i'll tho way
Llealy, mn astonlshed TINT MEN who pretend
10 business wiHdom should net in 30 silly a way,
R.-What do you think will 10 thu result au
regards tho conipaniesy
Mr. kilrJ-f think thoro will DO q split. Some
# tho agencies will refuse to be bound by tho
lction Of tho National Board, in which, l think,
hey aro PCT fcct!y iustiaod. lnatead Of having
:laceo companies. withdraw from hero, I think
many Of tlion will socodo. II they DON'T other
'hanco. Wo aro not going to 20 scared by any
7ompous dielation oa tho park OF few self
sufficient insurance men At the East. Wo hayo
ycatlerod tougher storma than this. 1n fact,
lIsa IL not storm. It will only help to
Eastern men, OF tho Nationul Board typo that
Chicago eau run horaelf, and will not be run by |
hem. If all Goea to al, thcro is enough capital
ight IN this city. joined to outsi1o capita1 to
establish lst-class homo companies, and mako
nol interest. Chicago, lilo all tho rest Of tho
yorld, will Iind herself her best frorl. Whom
lscso Eastern compAnica acc that wo ero not I
.fratd. aud ttlat things SO on just ID smoothly
Is evor. they will be H,lad to come pneaking back
llimblo pic, for busness, like water, il always |
uro to find its proper Level,
K.--Do you thinl. That THO Common Council |
mn be urged to futhor action On lire matters
Mr.. King-The Common Council layo a!rosdy |
hown ahcir disposition to bow to tho popular
will in tleir notlon Of Monday night. I hayo no |
loubt that they CELL bogot to do anything in
casou but tho National Board tlouiaudol Of
hem some thinga that, nuder no circumBtancos,
ould be done ut once. We.hnyo to take tine,-
improve our watcr supply, and haye oyory posai-
ito safeguard; but know that tho Lt1Aincss-mon
f Chicago have too much public spirit o,ld pluck
vor to bocone tho slaves OF M outside body
lie tho Nntonnl Board Of Underwriters. The
unnor tlee0 gcntleMen understand that Tho
otter.
tIR. JAHsEN.
Mr.. Jnnbon, Of the bo0ksailing and stationery
i'm Of Janseu, McOlurg Co., was also spoken
H.-lIow do you fool about tho withdrawal |
Mr.. JauHen-I feol Nil aorcno about It, We
Iii faoo tho difficulty ia wo hayo mot many otl,-
rs. If outside companies withdraw entirely,
hch doubt, tho beat thing our busincss-ulon
nd capitalists, can do il to GO into
10 insurance bnBlucsa thomHoyca, II Tho
;astorn co1npanioA think they nro loaing
lonoy hero, no ono will object to thoir getting
Ut. That's tho way to wind nattorp up. Wo
70 tho people most interested, and, II We work
ght, wo can got UP systom Of insurance as
ood as any tho East oat afford lla. I i,aye not
1slicient lelauro to-day, or should talk moro
lily on this point. Gull ASSURE you that wo
,ol perfectly safe.
MR. WINsLoW,
Nlchards. 6laaw l. WinBlow, was noxt iuter-
owcd es follows;
N.-AIr. WinBlow, docs your house feol rneaBy
'ar the action Of tho National Board OF Undor-
ritorn?
lir. Wiuh!ow-Not in tho lcaHt. rilis IL not
10 first timo tint Eastern insurnnco mon hayo
led to bluff ua. They ralaod tho ratea Of III.
franco 20 high TINT thcro WAS great compoti-
Oil, mud wo, at one limo, wrote aR low nj Is
'ntH. That was ail absurdly low prlco,
1t wo wero enabled to do it OH 40.