, 1874-10-01
INSURANCE..

insurance. II fnal withdrawal was aoter-
ninod upon. ho thought noarly ovory bonrd
company would 20. Tho requirements OF
tho National Board wore mono other tllan
those required Of and lived mp to by
cvcry city in tho United States
wherein they pretended to do any considerable
buainoAB. It waa not expected that Chicago
could fulfill n1l the requirements In t'so months,
but 1t WAS expected that bho would mako an
effort to protect hcrsolf. and ono Which would
look to a compliance with tho rcqtlisltlonB NJ
soon as practicable. They had soen no effort
amounting to anything on the part Of Chicago.
Tho Board aeon to consider Chcngo In Imminent
danger Of destructive conaagratlon as my
time, and unloss precautionary 1noARiiros "oro
adopted In good earnoat, they considered It ur-
safe to remain.
Tho lossos in Chicago by Hartford companies
A FORMIDABLE sUH-
In tho Grant Fro atouo, something Ako
a8,ooo,ooo. barring this, many Of them find
atoady balance against them. Tho Phtpnix had
tho kinlneBa to aliow your correspondent tho
balance-aheet Of their Chicago agoncy. continue
Ing for Twenty-Five years. Aside from tho GREAT
Fire, thoy had lost Sumo Thousands OF dollars,
and, including that national calamity, wherein
suG1 llftEtHn per C0[Lllil kuAA %AtA <AtA-
tal tho au1n total of thar losses in Ccago
amounted to q Sum sufficient to establish adozen
OF tho wildcat corporations which tlnd occasion
for Joy In the pronont attitude Of tho board COM
panoa. ana who would jump At The chance ,,,1 OF
Etna lost at tl,at tbno something ''ko
9o,0D0, ,000,-n years dividends, thoir sinking
fund. and 81 ror centum Of their cnpita This was
indeed \ misfortune mud, setting 1t aside, ono
very bad feature Of Chicago insurance Is, that
rx,.f7HtY 1ufr AI1ntyQ In n ff0HG
amounting to anything, sud, In Boiao caseu, an
actual
BALANCE aoA1asr THE COMPANIES.
They aro we'll Informed touching tl:o Why's and
wheret0reB Of cvory considerable IoHs. Illn-
sands of dollars arc traced to tile objectionable.
wnntOh incfcfonoy of TINT moro apology FOR asi
organization, rho Chicago Firo Do,nrtmsut.
Other cauHoB 1ro set forth in tho requirements
of July 2i. II, aftor the patient exroncnce OF
Quarter Of d contury, the companies find that
underwriting in giyon city IL actually Hnp' otlt-
able. and II for their losses tliey siud All easy
explanation 1t would not be strauge If the co,'-
panieH should map out tho conditions uudnr
which tho could do business in snct, city, and
In tho Abaonco Of which it would be Impossible.
Such 10 tho caro- with Chicago Tho collt'aulcs
digclaim any Intention Of interfering with the
Municipal Government Of that city; sho may
do without Fire Do nrtmont, establish n,anl-
moth lumber yards, indulge ID Htrcet-locono-
tiycs, lay 3-inch or 3.fcot Nator.main; Chicago
may act her slpleno pleasure in all those ,nat-
tors but tho Hequal 10 1t il. that, under BuLh
circumstances, insurance companies
CANNOT p0s8tnbY LIVE
Business in business tho world round; anil
with tho history Of tho past, If Chlcaeo does not
choose to romely tho owl, tho companies choose
TO . move out and avoid the risk Of being
ao;riounsy crippled, or. maybe, annihilat- !!
asnnrning risks Of 30 serious u nature,
without cause or itlea save to administer to tho
caprico OIL those who prefer to indulge thom-
selves in porsistont foothnrtliuoHs. Chicago is
tho graveyard of MANY IN Insurance. conpauy.
II It bo ttuo TINT faw companies have mado
ANYTHING thoro, mud many huye Lost, 1t might DO
asked, Why not depart without stopping to talk
the matter ovcr7 If their profits. eithor past,
present, or prospective, were tho only induce
However truo may bo the saying that corpo.
tiona have no hoarta, tlley aro certainly loth to
withdraw, foraeeng, as thoY can tho
CONSEQUENCES or aESEnAL SUSPENSION OF
INSURANCE
In city which doeH a lurgo business, largely
upon credit. Again, tho Companies and their
Stockholders afs. largety Interested in Chicago
insostmentH and they would not. without a
cango, hurry to impair thoir own intoreata,
There was 4 rnnor on tho streets yesterday
in their bands awaiting Investment in Chicago az
soon aB tho prescut difficulty could be ndjuHtod.
little inquiry expladed this rufnor. Tho first
man seen was N1r. Goodwin, OF tho Connecticut
caro ?" nWel]. va are 1nyostinr sor,e Ihcro. !,
:. What part Of your income ," II ouuid mt
aay exactiy." HTwenty-Gyo nor contu,n ? u
"psrhans son "rwonty nrr centum :? i"
/" Yos. Il would not be oycrcstimnliup il. thint.
to saw that 81 per contum of our income il lnn,,
ofl in Ch;carn, and va ponnra]ly rnn,,irn ;nsnr
anco collateral Wo ara Investing tiI,,ro r.ht
olnne Int If xe could not eot ;nsurancn ALTAR
liz ist ~ dctoher, m abnujfi
srop ,SvrYT,no. ~ Msrrsn or co1,nar.n
nAI1d what Ia yonr oni1,ion Of tho eom,,nncs
wb;ci, ventura info S,hjca"o nrainst tbn Esconn.
mondntion ~ thc Knt,nnaf I3osrfl p" t.S1v fT,,,.
ion ia. thnt tho Hoard cn1nnanps nmbrnco t,rnttv
,nm,i Ill tho ,o;s ,n conann,;nu -, H. o,I,,t.
io thov rnt VA hovn III ,r,,iol, 80 sn1o,t
from and wo ncyer iooh at n bttfc pocnnd.ratc
rnmnanv Afi tho Doord snics in Iisrtfor,i
nrc nor,actlv root1." Gncn ~ tI.n nnait;on nf fha
Gonecticnt Niutus, r,ifo Im.rn,;co En,nn,ny ~ NV
viii, ;ta n,nr,nn,,s ircnn,o 1'r ti'n ,.oor n.:I
nnc. NJ 1h7s of sa mi 71oa SAo '''A s''>A'"s
T1,a ;,ina tif,-i,,cnmo 81 aos 6a4 -;nrast
lint III 1;ttio IN ti,;"oro %''--'''''o' 1"''oS
nh"rtor r ne1.M,o,,o 1,y, al oao s1a IN ;nro,. ~
mar cantun ar thnraaho,,ta T., troo ~
!:TSa phn,,;r M,,tmnI tnro - -, ;,'ca'o n, 80
III as ~ nov naro ,,,t1;n,"n. a. - liz 20
~ 1;Ta on,,aos ~ ,t "" a n y
gn,tfn5a ~ ~ ,n;tmo,t ;a.n ",' Sonn
ca,,ac a n,nic boro nma ;'SII 4 ,vntd be ~ "o'o
u