New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-09-26
CHICAGO AT ITS OWN RISK.


THE DECISION OF TIE Underwriters.
rur ACTION OF THE NATIONAL BOARD IN REFUSING
TO TAKE RISKS APPROVED By THE COMPANIES
The withdrawal of the Underwriters from
Chicago continues the main topic Of interest IN insui
ance Circles where the matter has been thoroughly n
yassed IN all Its aspects IL was wthou.
the insurance companies felt compelled 10 w'oulaw
from such field OF enterprise as Chicago pr'sen..u
rha rapdv recurring conhagrations. threatening tne
rpin Of every insurance company having nskS
4, Chicago compelled the Underwriters W
maka conditions upon which they would uo
business in that city ihese oo"u 49,.
were of reasonable character. and the necessity i ~
nhservanoe OF which were patent that It was matter
of that the thoroughgong business peope
Of Chicago did not appreciate them suneleny 10 carry
,h ,,to affect careful canvass of the New-York IN
.rrapce companies has elected almost unanimous
determination to withdraw The companies oeiohginE
10 the National Board will all comply many Vi
them had already begun TO close up 'nei,
affairs and the action Of the Nauonsi ooalu
was very largely anticipated. The insurance oinciaS
generally expressed desire to return to chicago "heh
the local government had so Improved lts ueiensos
ca,nst Are that the companies could DO 80 consistently
with their safety Some fears have been espresso" '
wildcat companies will prey on the chicago peopo
NOW that the regular companies have wlthda"n' ou'
IA expected that their lease Of business VIII DO snol
lived as the prosperity OF Chicago demanus eounU
basis OF insurance Should this withdrawal OF the IN
.r.nco comnanes be permanent, the damage inflicted
anon that city would be incalculable The nrs'
.r6 heaviest effect will DO the withdrawal OF the Eas'
ern capal which has built and sustained Chcago ny
the present time. Eastern merchants WIZ no ioisoi
tend credits to Chicago dealers when they come neio
Inv as the risks viii be too great Eastern mon WI,
not care 20 take the regular risks Of business comoneu
with the extraordinary one OF hre' against "non "
ah,ors will not be fortified by insurance. Insurance
antsl has also aided largely developing the city, ana
the money from that will no longer Dc
ing The general expectation, however, Is that oic"so
will soon perceive what is TO its permanent ana mtne
date advantage. and adopt the commoneense pfo'f
sions prescribed ,,
Tnomas II. MONTGOMERY the General Agent OF the
National Board of Fire Underwriters stated yesterday
that 80 FAR as had been able TO ascertain the
OF affairs remained unchanged. He had been III eo"
mupIcstlon with many OF the companies belonging 70
the Board and the information obtained from the IN
showed remarkable unanimity of sentiment upon the
main nrinciple involved. Nearly all the companies
roud withdraw from insuring In Chicago unless tue
neasures OF protection against fire indicated by the
Executive Committee we're adopted new ADMINS
tration OF affairs affecting the safety OF the CITY
against extensive CONGREGATIONS was aosolutey
needed I'm Chicago and as yet there was no evidence
that any radical change would be made Immediately
30 that there was no alternative for the Com
panies There seemed 20 be a feeling In that city,
he said as indicated by recent kilograms that the insu
rance companies represented in the Board were not In
earnest In their intention OF taking no more risks tnere
hut Mr. Montgomery very emphatic in his decara-
ton that companies were decidedly In earnest anu
that the universally of sentiment among them IN that
regard was even greater than had had reason to
pect The question had been raised In Chicago as an
argument against the withdrawal OF their insurance on
Chicago property, that ii would DO disastrous 10
swered that by continuing such extraordl-
companies also vitality Involved For II companies
continued to do IN localities which were well
known unsafe they thereby preudiced themselves
In the eyes the whole community and the only course
for them 20 pursue order to their credit through
out the country 10 discontinue business In Cncago
until radical reforms had been effected II was nothing
more than measure Of selfprotecton, and the same
requirements would be necessary ia any other city
Communications received from large number OF com
papes In different parts OF the country members or tne
Board showed only that they were In favor OF cOm
plianee with the recommendation OF the Exec
S Ssye sHeSpnteS the suggestion s and had
ready declined to do any further business IN
~ tS eom ' In fact Instead OF the companies
following the recommendation OF the Committee; the
Committee bad only given voice 10 the opinions OF tne
Companies IL was hoped. however that the citizens OF
Ckcago would see the necessity OF the precauuoh
ary measures required by the companies ana W0uiu
nrooeed 10 carry them into effect speedily as possible
when they that the COMPANIES fepresentcu ~ to
Board were practically unit IN their determination 10
withdraw II radical reforms not adopted But
under the existing circumstances the tAevuuNe Sol
ittee would been fathess 10 It's Trust u nau hot
issued its recent recommendations: 49,, ,,,
Henry A. Oakley, President OF the Natonal BOARD OF
Underwriters stated lay h ss1 received from
large number OF the out-Oftown companies, ana Ihey
bns,ness from Chicago Among those which had thus
answered favoraby the Providence Companies ana
those OF the smaller Connecticut cItes He also salu
that nv referring 10 late copy The Chicago Tribune,
he saw the ordinance establishing tue nre MINUS
Chicago had passed 0 P fbe eef opSonents was the
President OF tue Fire Board