The New York herald., 1874-09-29

The Position of the Board of Under
writers Firm md Unchangcd-What
Companies VIII stand by the Order
Chicago's Methods of Relief.
Despite the scornful headlines ana the charac-
teristic spleen displayed every day in the news
columns OF the Chicago newspapers the people OF
that city must in very few days realize that the
insurance companies belonging to the National
Board OF Underwriters are deeply in earnest. The
wild declarations OF the Chicago people to the
effect that the Eastern companies cannot exist
without the business OF that city Will soon be
found sadly wanting in proof, as the companies OF
the Board are determined to try the struggle with
the rest OF the word. In doing So tOO they claim
that they strengthen every risk they have taken
elsewhere, and largely increase their ability to
pay losses. The sum OF the insurance in
Chicago under the present conditions, hangs
like a great nightmare over the heads
or the dlrecsors Of every Eastern company.
1t is something like stock nitro ogycerine fac.
tory or q powder mill, and the amount of care
and worry entailed does not justify the heavy risk
OF capital. The companies arc therefore about to
''step down and out" The insurance men OF
New York belonging to the Board are unanimous
in sentiment. and that there will not be any d.
vision the people Of Chicago may rest assured.
= TRYING TO HELP HERSELF.
There isno alternative for Chicago merchants
but 20 form an organization OF some sort Tor their
own ins urance and 1t Is understood that they are
trying to do this. The plan compreheBds nothing
less tnan company WITH $50, ,00o zoo, all the stock
OF which is 10 be taken by the merchants and
property owners OF Chicago Where all TINS
supernuous cash Is come from, or
wnere the money, after 1t Is raised Is TO
be Kept so as to be beyond the reach llre Is
yet disclosed The manner III which the money Is
10 be invested Is not stated, but IL ~ presumed
that government bonds VIII be the only securities
ment should be called to this method OF placing
any new loan IL may have 10 invest the capital
in Chicago property would, IL Is evident, be no
better than to DO Without Insurance. Tor, on the
hypothesis That anotner great cUnnagration may
be imminent, the property would be destroyed
assets OF corporation or was held by individuals.
Chicago may have $50,0O0,001 loose cash
somewhere, but she has II Is generally suggested
that 100000 Or less would furnish the Increased
water advantages so much needed.
WHAT THE COMPANIES WILL DO.
reporter Of the HERALD made very extended
tour among the insurance Offices OF tns city
yesterday. He carried with him a list OF the
companies winch intended to continue their busl-
ness IN Chicago, according TO the Chicago Times,
despite the decision OF the National Board. the
imposing array of names and figures lost much OF
It's slgnncance before he had finished.
Among The companies stated as certain to re-
main IN Cncago were the Irving, OF New YORK
the Commerce, Of Albany, and the Lorillard, OF
New YORK. 1t was ascertalned by calling at the
onlces OF these companies that they mad all with
drawn; the first Immediately after the last fire
and the other two shortly before the action OF the
Board, The Lorllard IS not OF the Board
companies and retired as q matter OF discretion.
The following companies In the list as given yes
| terdAv Will certainly Withdraw on the LAT nf Cato