New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-14
THE INSURANCE PROBLEM.
PROTECTION BADLY WANTED BY SOME.
OTHER AMERICAN COMPANIES DAN HoLn THEIR

OTHER AMERICAN COMPANIES DAN HOLD ThEih
OWN AGAINST FOREIGNERS.
There was stir among fire insurance companies IN
this city yesterday. especially among those oon'en,
doing purely local business, 1t was reported thas
one two OF the smaller of them were about TO follow
In the footsteps OF the Knckertocker and tine
and 60 out Of business also. Insurance men Sic POI"
tcuarly reticent, however, on the subec' "a po'eeo
OF American against English companies unless 'hcy
assured that what they say VIII not appeai o'e
their names for the reason that there now eAis's |"
friendly interchange of business between 'ne rhshsn
companies and the American, the former giving mer
excess of business where they have friends among the
latter Therefore for the president oil an American
company to come out openly rs an advocate for egls
lative protection against foreign companies "ouo per-
haps result unfavorably to his particular company
one president Of an American company said yester-
day to Tribune reporter that ne uoueht seVefa
small American companies would soon go 10 tne wall
as it was apparent that the action taken by the
Knickerbocker and the Guardian fire Insurance com
panies was well advised. The STOCKHOLDERS III
number of small companies have been looking pauehny
for dividends for the last three years. ne adoea' pu
they have looked in vain, and from present hdicaIohs
should say that they will continue To look IN vain
Insurance business in New-York does not pay Inc
rates are too low
But Won are all scramblng to secure risks ct the
present rates are Won not ~ asked the reporter.
aNo. we are not replied the Respondent PRESIDENT
at least some of us are not and the company repre-
sent does not care take risks In Brooklyn properly at
ALL as the English companies are driving rs out OF te
business in that city. l can't see anytmhg pue
retirement for our small local insurance companies, as
II seems to be case Of rule or ruin among our English
rivals who are cutting rates daily, and to my knowl
ed % some az them are losing money here for the pur
pose of securing trade and driving out OF business
certainly believe In protection against Foreign CAPT
tai and / think The Tribune would do good tMng
to advocate it,
The president Of one of the larger American COM
panies said: ave do favor protection to American
captaI but we can't ] am glad to say, recall any
appalling facts as to the detriment we have received
from our English rivals. Our company Is oolns we'll
increasing its business and making money Dut
know that many small companies must go out Oh pus
before long, TO stay In II IS only 10 lose hoes
The Insurance business is like any other. some VIII
succeed at IT, some will fail, and am personally In
clined to think the rivalry of English companies has
been healthy for American insurance. Americans were
once content do nice little conservative business
and the management OF our companies was lazy
mans lob 1t was well paid and didn require muoh
work but to-day it is very different. Some American
companies are building their capital TO secure pup
lie confidence, and the management OF our Work N
quIres the keenest business TALENT
Another president said these English companies
are eating up our business They come over here
with a portion of their assets and make claim ior
particular solldity account OF their pig Ensis
capital These companies cannot take RISKS over "a
certain amount regulated by aW but tney 40 s
continually and get over the dllncnty py TeinsuLs
in other English companies that will often take rlsks
at lower figure than the branch Offices here. nhn'
English companies doing business IN Enslana anu Win
ont even branch in America, can afford TO insure al
lower figures than do, because their expenses are
less" "a, - lor,
The books of the Knickerbocker Fire Insurance Com
pany and the Guardian Fire Insurance Company were
being examined yesterday by number OF experts Du'
no definite offer has been made for their nsEs yet
Until this item Of reinsurance is known no state
ment of assets and liabilities will be Issued by either
company. -.