, 1879-01-27
Pretty Thin Piece Of Jugglery by
the New York Gang.
Alarming the Public by Exaggerated
Accounts Of Losses.
1'ocl1oting Increased Rates by
tho DcluSfOn.
The Recent Big Fires md Their Effects
on tl,o Companies.
Exposure Of q Nent Scheme to Hum
bug Customers.


"NESiO" TIEnHEs.
speetaf Corrsspondsnee Of Ths Tribune.
Nxw Yonx, Jan. 2s.-Now That they have
litslo time for rest, and arc not engaged from
early morning until late nt night estimating
losses, attending meetings to appoint Commit
tees to adjust them, md otherwise 'aborinR
with the tlstatla Of losses caused by tile two
great fires OF 1ast week, our insurance men
must OF ought to bc heartily ashamed Of thcn,-
selves for Tic absolutely ludicrons attitude they
hare assumed for four or five days past. They
hare been rs excited a. a parcel OF cats TN
back fcnco BY newcomer, artl, With elongated
conntenanccs, fearful eyes, anil ranc-str'eken
ways, they have helped each other to Imagine
an,l believe that downright ruin and bankruptcy
were hu7ertu0 over them with drawn sword.
With a psttal supply OF backbone nl'l
moral courage, they hare viewed until
to-day the recent 6rcs as the
fareru,n,ers of Insolvency cit not
ann,l,!,atut,, but tte frcl[ng II changing to 4
nloru cheerful tone, AMI officers OF comp&nles
are rcQaintng courage. Hrl Will II littIe Of
quality which has been very scarce Since lust
Saturday morning, viz: common scntc. It 's
well. II the fcc0rti III thb past four days bD
rrcllitab!e, in McreS's patnc what Is dlscredit-
abIet
Nononr nAptr HUNT.
The two ilres Ut Tuesday anl Friday nights
burned lp property worth $4,0oo,000. That "a
true. Ono building was burned III tho first, two
In tic second, beside two others badly damaged.
This Ia tle SUI, total of the entire loss, an II Is
not tie frst nor the second t'Ene that such heavy
lutscs have occurred tn this city, nor will IL, in
all human probability, ho tho last. But while
thls was the outside extent Of the damage, 1t Is
felt that these two losses actualIy wiped out tho
| cnt!re pronium receipts Of tho past year. II
| this aggregate experience had been equally
| scattered, It might have been less disastrous,
| but some companies lust twice ns much by these
fires ~ their receipts OH city business Tor lb5e,
Antl Of course they set up Jcll Ike fio1 with
Il tin-puIl attachment, THEN the paople SAW the
apparent enormous losses of tho English com.
pat,ics. Tic Ltyerpon tk 1.ol,,lun d Globe lIati
<t4t,UtW, the Imperial tE Northern SlN,000,
Commercial unlun f75, co.., Royal s5o000, etc.,
but they dItn't think that these Sums are mere
(lca-httes for tflosU mammoth Institutions md
that the Sl45, ,000 for tho tirstnat1,ed !. much
smaller SUN liroporttonaiely than $!o,o00 to =
city conpnny III S::nu1 eanital and as ~, mneh n.a
ltere aru unIy three companies wllnse surplus
funds aro affected sufficiently to brlug them to
grief, while IN every other Instance tho Losses
ran bo paid without itnperiltnk tho losers even
In resnote deREec. II ID si'nply sase VI I" no'
buiy hurt"
T,in crrr NOT ENDANGERED.
THIS ridiculous panic Ia Of such small lEmen-
sio,,s TINT It ,s difficult ia treat It hobcrly. The
idea which went forth tho dsy succeeding the
lrc, and which has been llarpetl upon With it,
crcssing c1atnor over since, AMI which sioubtleaa
produced tho sa,nc impression elsewhere, wal
that tic City Of New York had narruwly cscapcd
destruction by Wholesale, overwhelming con
E!aRratlor, This Il too pnny and contemplate
to require much consideration. Tic fact Is tha1
the frat fire was confined by tho 1remen 10 thu
four walls Of one building. The second fire
running from Worth to Tho,nas strcet, but wai
confined bY two iniopcndcnt walls rs soon - i
met them. The i]rctncn wcro alto to prevent IT.
crossing rhomas street, which fs dsy dSs,uy m'riy
held II In check from crossing Worth street
ulnl thus this great, threatening conllagrattos
actually burnt over less territory tilail your bis
many months ago. Tl1erc might have been I
| wtnd, and there might haye becM frozen by
tlrasits. There might have been shower o
gold. but ttaera wasn't. aid tint Is Just all ttia
Hrcs Involving 81, l,Voo.OOo loss IL about tic thiu
ticst fraud uf tho season.
HOW 1T WAS CREATED.
This panic among tho insurance compante
and tic public WAS created by the newspapers
eggcd on by thu frightened companies them
seives. 1lle papers interviewed various insur
anco ott,c!ats and GOT exaggerated statements @
tic losscs aud the effect upon tho business, an
printed them. Then the merchants desiring insul
ance sent out orders for iucreascd lines at Bie
ment when the companies were disposed 10 re
strict lines 10 minimum Rums. 1'.c supply bcln
partially cut oil and the dc1lant Increased, sti
further hlelltcned the small panic; twasnsse
al,at tncrrnxnts wcrc uuahle 70 obtain insurance
and an tho surface It appenrc1 % II the huttncs
Of tlte-lnsuranc6 had been affected by the blue
staEccrs. Tile brokers wero infested, alni III