, 1877-06-01
The Situation in New York Not
Improving.
Many Companies Sick and
Retiring.
The Dig Fish Trying to Swallow
tho Little Fish.
The Alliance Companies Badly
Den1oralized.
Big Thing for q Banker -Broker--Pnvato
Fire Hose,

Epsesaf Correspondence qf The Tribune,
FEw YoRK, Mnr "0.-Thoro are evidences con-
nually increasing that the situation In rc insur-
apce IL considered BY home Of tho shrewdest men
ia The business to 10 alarming. Ten years ago a
period Of low rates would have been regarded a.
only a temporary aflalt, to bs 1Amenked for ttmc
And then passed over. fow a. nav factor enters
into the estimate. In which every respectable or
experienced underwater views tho situation. II 10
thc possibility OF disastrous con0agralfon ID
Chicago or Boston. This danger Ia 80 serious In
tho minds Of eome Of our officials, that Ia making
up schedules fos rating city risks and charging for
silklnds Of exposures, by which tho risk ratcd Is
supposed 10 be Increased IN hazard, It IL insisted
there ought to bo charge for tho special
danger OF "ecnesal coudagration." This direct
application Of Tho fcnr felt by many underwriters
has nesef been carried Into effect, however, mud
ita on1y apparent Influence to-day lies IN the dtrcc.
tton Of limited risks In certain localities Iut tho
prcfrnt era Of cmoralIzcd rates through which tho
companies arc all pasatng cxctes serious appssheu.
slons for the future.
WITHDRAWING COMPANIES.
Gome OF tho ont-of.town companies hayc taken
Tho alarm and Withdrawn altogether from our elty
business. The Connecticut and National Of Hart.
ford have both Withdrawn. Tho. Globe Of Dos.on,
Oswcgo nhl On0ndnga, Bangor Ok Nntno, Amazon
Of Cincinnati. hare also retired from this neld,
snd there arc indications that others Will follow.
iet this II an net requiring tho strongest sort Of
moral couFgc. TO give up nn acquired business and
lcare territory whorrln dizziness has been obtained
uhicn IN part at least Is desirable, Tbero aro
fIgna also TINT some OF tho Iargcst companies
intend TO bc vory carv Of their policies in certain
dl.ttiets Take tho territory bounded by Canal
tltect, Ghambern street iiroadwny and West Iroad.
w we.S .e,nus - Hm1m as eo goos !'tres
posks Il th!s pnston o. tle cisy would have Do.
ss.o{ea llkew!se many in,arnnce companies. tlc-
ancc upon some tsocks in thia district, owing 10 c
setI9n of com eomDanies In fcductas ther lines npon
,oeSs .hstsi1 i, essM tsG Ens'!s Offices with
down The lines through Worth. Thomas, LconarI,
,n S Snse xct st,es.s Thn elosk on Worth street
iapto'aby insured for an aggrcgnte Of Si5, OOO..
COZ, and In some II Il Exceedingly djicnt 10
grt any lnctcaso In tho amount.
T!lR LAtaH AND sMALL COMPANY STRIFE. l
= inrotsIblo for a close observer to resist Tho
conviction Tint there y quiet but relentless war
result 4 tho e.nc. rho eafiicst symptom was
sc osa % II ss da4S 6 IL tses s Ts!s
s 1s 9ass Il s s;$s ss IL ss,s sons fan
pey te locals, Then hs strfs becsmss gsn
.ta siso ths practical abtoeat!on q sstes hero
There I tIi: peeu!ari., 10 .ls. st:aTeio
\ Ss ct st naai: e.e TsG Ao
poor erssiala such ~ woodworkers and dangerous
Mnau'ast1t'es' there tH only 10 ordinary eon'pe,l
g|lrh Office. and one can get remarkably low rate,
ii. III fs sxes sss ts s"a qSes s sss &C. k, SaM
other Enslteh office md quite the city compnny'a
!ate, and Il will In discounted either BY 'ttat
ishn nspocla! hazaHi, ths Engllshn1an viii b. rtH
b. ao tra S;s nc aiy ics, ans
asenc!as Of cnt.oI.town companies.
TIN ALLtANcH DREAEIsG Ut, =
hAs not dissolved. THIS il Technically tre, oat
e 1' s a ls s h!a ssw
no myro tis al,sc. bat atripped Of IL nower. Su
hml NJ lsngcr oeeulcs tho commanding position |
toranl tho business oE thu whao country a. ior. !
:o.eaed eomposs s"Hsoss ~ le tas
companies. lsas welded an Immense powet, auit
sIleatea, tha ALLIANCE wosla continue A. before @
ss,1 s1f; hi a' ssi. Sssi '' Ss as;1
IL iIoms Of Ill., c'ty .ua Eins q 1laitfofd@ha1e
sss ssf;Ss foy assa of he t. e assa
l s sGss wne az e ';s
I;ew, and ntIord n.niscnent. By bis Reference 10
.'lueephalus" ana other hrFy, stcctla Of his inl-
pfhh WIS ali adherence 10 nIlhlinum rnscs, but
win tue shove reported cfcctlons it ID a. useless
u the s1attonal Hoard tsclf. Doubtless thero wifi
b sif,t.~KIe r,hat 10 rcaln tho shadow OF an Or
eanszatton, but tho substance ts already gone.
The magic numbcrs BY which companies were
desgnatcd In tic secret s1l1ln arc out OF Joint.
4 BANKER INSURANCE. HRoKKH.
Que Of the Incidents of the paht ftw wccka Is tho
experience OF city agcut vim bad souie fsks ex.
plHnA Tor well. known corporation. lle supposed
hat tha renownf OF the tnslra9ce WIS nlatter Of
course, but At the eleventh hour was n0tldrd that
hs had a competitor. Later still ho discovered that
thts eompetitor was NaAaAu street banker. who
has several times lntcly dabbiel In fra-lnsurance
fos his own profit. In this case thq Premium
amounted to nearly $40, 700, and tho bahkor ran
aiound from ufcs to olilce aA diligently a. II he
were ituending on thy proat for l.ta doily hrend.
lle eauid only tut the fcgninE oYent. however, by
tehatng froul tho policy Fut1 enough commissions
to make tho net rata lower Than that Of Ills com.
pettoF The bankcF succeeded by this means In
securing tho Hak, and the transaction figured up
About a. follows;
{leml4M paid company SO o
A<As 10 PET cent. lhu
nla conpany. hEM
AsesHeo tfoht A573
Frone. ACKNOWLEDGEMENTS rs
To aecuro this enormous profit he spon4 tho best
palt o. ~cck's tiue. Thu lMHker who engaged
10 this transActun 1ells foreign exchange, and
tnplet lnito Of magnificent otl}eea on Nassau |
efset, .nd would Etre twtco tho profit 0n the risk
sauer than have bis name printed
AN INCIDENT witt 4 MoHAL-