Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-12-11
THE BOARD OF TRADE.

The Origin of the Syanicate Blocl; Fire
Discussed Insurance Companies De-
nOunced and Messrs. Drcnnen, Starr Il
Everett Yindicated and Endorsed.
The regular weekly meeting of the board
of trade was held yesterday forenoon with
B. f. Nelson in the chair.
The trouble existing between Drennen,
Starr & Everett and the insurance adjust
ers was brought before the board by Capt
Merriman.
The insurance committee held meeting
last Thursday to listen to statements of
facts from the complaining parties in this
affair and evidence was taken showing the
total loss claimed to have been sustained
by the firm to be $4,000 and the
total insurance on sock $97, 900.
The insurance adjusters on ascertain1ng
the loss deducted from the aggregate
stock on hand as shown by booksof the firm
between $4,000 and $1,000, alleged good
will" included in the firms original pur-
chase of $31 800 from E. A. Harmon. By
the evidence given by Harmon, and as
shown by the papers, no such good will
was paid for. The adjusters also deducted
$4,000 for freight on goods and $1,000
Tor discount on time purchase, etc., and
when these and other deductions were
made, the adjusters figured the actual loss
to the concern TO be $4,000, or about two
thirds of the loss suffered by the firm on
the Syndicate block fire.
The foregoing statement of Capt. Mer-
riman gave rise to considerable discussion.
John DeLaittre-"Would the. items
stricken out, added to the valuation as es-
timated by the adjusters, have equaled
the amount Of loss claimed by the firm,
or, in other words, if their claim had not
been tempered with, would it have been
all right?"
Anthony Kelly-"Yes, sir
Mr.. DeLaittre-"Then that shows Us
how careful we must be in dealing with
gougers, robbers and swindlers."
Captain Whitney believed the only
thing for the board to do was to look
after the moral character of these young
men.
Gen. NettIeton-"In other words look
into the origin of the fire which rumor
credits them with starting
Capt. Whitney@"That's it exactly.''
Capt. Merriman-"As for myself, man
who will set fire to his building, with the
knowledge that he is endangering the
property and life of his neighbors, would
do all in my power to prevent his realiz
ing on the insurance, and would recon-
mend hanging him to the nearest lamp
post. But so far in this investigation
have failed to hear anything derogatory to
the character of tdis firm"
Gen. Nettleton said he was not there as
an accuser; he only wished to bring the
matter before them so that the truth may
be known and the coed name of the firm
sustained. From personal acquaintance
he could vouch for the honesty and in
tegrity of the firm, and believed the story
of their setting fire to the building to be
false.
Capt. Whithey-sIf these men are what
they seem, and the insurance men are
choking them In an unjust manner, it is
right for this board to step in and say
hands off, and if they need the backing of
this board, am for the adoption of res
olution endorsing them"
Geo A. Brackett-"I believe the theory
advanced is correct, and if necessary
would move the offering of a reward of
$500 for the apprehension of the person
who started it, and would be one of the
four persons willing to give $25 towards
that end.''
Robert Hale-"This board should stand
by the character of her citizens, and at
some future time shall make move for
the passing of a law compelling insurance
companies to pay all their losses"
Capt. o. G. Merriman moved the fol-
lowing resolutions, which were unani-
mously adopted:
WHEREAS, 1t has come to the knowledge
of this board of trade that payment Of a
large portion of the fire loss of Messrs.
Drennen, Starr d Everett, of this city, is
refused by certain insurance companies,
| and
WHEREAS, This boards standing COM
mittee on insurance report to this body,
after thorough investigation, that they are
satisfied the fire loss of said firm consider
ably exceeded their amount of insurance
at the time of the fire, and further report
| that in connection with the case anony-
| nous rumors have been circulated deroga-
| tory to the business character of said firm
| of Drennen, Starr & Everett. and that said
| rumors are alleged to have influenced all
or some of the interested insurance com
panies in the matter of payment of aseer-
tanned loss; now, therefore,
ReSolred, That it is the deliberate opin-
| ion of this board that Messrs. Drennen
| Starr & Everett are strictly honorable and
upright men, that their character and their
standing iu this community are wholly
above reproach, and that any rumors to
to the contrary have their origin either in
malice or misinformation.
Committees were granted further time
| to prepare their reports.
Ga motion, the board then adjourned.
Christian Students.