The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1877-10-27
Fires ana Insurance.

thousands of dollars worth of property of all
kinds, is it wonderful that "hard tines are up
on us. Look ut the tigures-the losses for nine
months ending september 80 compared with the
same months of last year. for the United States
alone:
Total losses ... $50, So, 800 s414G8, 200
! Losses to ms. Cos. -. 1874 700 2j,15S, 100
These figures include the losses by the great
fire in Pittsburgh caused by the railroad strikers,
and the fire at Paris, Texas Including the losses
in Canada, with the st. Johns fire we have,
Total losses ........ ... $40, 725SO0 $54,64l, 800
Losses TO ms Cos...... 37,l4SOOo 2SslO, 100
No of fires. .......... IT'S 74,5
For the month of September alone the losses
in the L. S. and Canadas were as follows:
Total losses ...... s7,l994OO S59l2, 500
Losses to lns. Cos...... 3,4H, 400 go, 800
No. OF nrcs. ............. OH 10
Illinois lost 1914, 100; District of Columbia, ST.
G26, 600; New York, Sl,ss9, POO; Little Rhody,"
$685., 1OO and so on down to $500 in Nebraska.
The smallest loss on any one day was $3l, 800.
Nine bakeries were burned $ churches, II drug
stores 1Ofourng mills % country grocery stores,
90 hotels-nearly one day, Is liquor stores, 81
livery stables, planning and IL saw mills, II res
taurants, 6 steamboats,, etc.
The figures above are not fictitious but as
nearly accurate as it is possible to make them. If
there be errors, perfect statement would proba-
bly, increase the volume Of loss, rather than di-
minish it, and they show that the trouble is in
creasing-whether through carclcssness or crime
! is hard to tell Probably the insurance compan-
! ~.
increase, by not increasing the responsibility Of
the insured, by not making him feel that he has
a duty to perform from the fact that he is nsur-
ed instead of apparently leaving him free from
all care on the ground that he is insured for all
his property is worth, and allowing him to feel
Indifferent whether his property burns or not;
another cause mag be the result Of the ruinnous
practice OF some companies to get business at
any price, writing insurance on anything and ev-
erything, at whatever rates they can ret, and
trust to luck to get out all right and that the in
! sured is an honest man and the risk fair one.
Time was when the insured was canyassed as to
moral worth as well as his property as to liabi-
| ty to be destroyed-a practice which, 20 many
companies, has become 'old -fogyism." This I'M
der cutting business is one of the great evils of
the day. 1t makes and has made business, but
of the most dangerous kind, and is now rcapng
| its legitimate fruit. With these enormous losses
to be borne, as well as the depletion of receipts,
is it wonderful that the companies are beginning
10 read death in tables like the above, from which,
only a radical reform in practice can save them?
| BY law of the Missouri legislature of last winter
fire insurance companies in that state are requir
ed to file with the Insurance Department special
statements Of their condition as of July l. From
statements filed for July l. 1877, the commission
er has compiled a summary of the standing of
companies, and from his report the Spectator com
piles tables comparing these companies condition
in Jan. !, 1877, and july l, 1877, these compare
tive tables showing that Of the l6l companies A
only have made money during said months,
115 lost money and 2 came out even. Of these
| lGl companies II did business on July |, with
capital impaired to the amount of from S35 to
500. 30. The increases of surplus Of the com
panes making money run from S13l up to
s5S $50; the decreases from 81 400 up to :413, 536
Ten companies lose over 100000, and three over
800, 900.
In this connection the remarks Of Mr.. Baker,
President of the National Board of Underwriters
which we clip from the n Y. Mat, are ap,opos
Competition has brought about demoraliza-
ton; rivalry has buried the safeguards far out OF
sight Local Boards, except in n few places
have ceased to exist. What is To be doney The
problem so difficult of solution, is that calls
for earnest debate and serious attention. The
great disasters of Chicago and Boston have been
lost sight of to be only brought to remembrance
by the reproduction of similar scenes. Within
few months only the flames destroyed a large
part of the city of Galveston, Texas sweeping
az mi Df hlp 4 few Ks
ago the warning was repeated in a more north
ern cline, the announcement that the city OF
st. Johns was well nigh blottcd out from the map
of North America by fire. These caantics as
suredly point to reorganization of our Board
they admonish US the time is upon us To estab-
lish tariff and again require that rates shall be
had adequate TO the hazards assumed. Is not
the question plain that united action should De
takcns Can you not, Will you not discern the
signs Of the times.
These are indicated WIKI great force in the re-
ports Of companies doing business in Missouri a.
required by the Insurance Commissioner, giving
their condition July LIST, 1877. These tables have
been lately published in supplement to the |
Western Insurance Rera1r. The reading of such
figures sustains the position here taken, that ac-
ton is now necessary, or reckless rates, II con
tinued, will still further increase the deficits of
the Corporations, lS shown forth in those col /,
umns. 1t would be inydiOuS 10 select names for
examples; the great majority oi Companies, both |
American and English, show the same result, |
viz: a decrease of surplus rs compared with the |
exhibits Of January lst, 1871.
The future is IN your hands. SIIli competi-
ton continue among ourselves, or is there de-
termination enough to say and receive that our
policies shall not be sold below thc values? Tn.
fortunately, the idea i, abroad that National
Board Companies have demanded, nay, do yet |
demand excessive rates. This doctrine has been I
fostcrcd by the non Board element, naturally /
enough ~ IL gained much favor iur hcirpolices /
No greater error was ever firmly planted in the /
mind. of insurers. our members have only ask. !
ed proper returns for the risks carried. The pub
lie should bc taught the truth How much that !
simple little word of five letters teaches, yet il j.
4 monosyablc Of great power,
These remarks though, may ne, especially in
tcrcsting TO Insurance circles, are equally 80 to !
the general public rcpo-in- their trust in these
companies, and may bc taken for what they are
worth in the condensed and unsati.fying |