The morning call., 1893-12-22
RETURNED FIRE.
The Insurance Companies
Take Quick Action.
THE UNDERWRITERS UNITE.
Merchants Must Not Cancel
Policies Hastily.
INTERESTS ARE AT STAKE.
Resolutions Against the Cancella-
tions on Account of the
Bush-Street Fire.
INTERESTS ARE AT STAKE

The insurance underwriters have opened
war ON question of principle which
arose over cancellations of policies in con-
neetion with the Buyer & Reich fire.
On wednesday everything looked blue
for the insurance companies that had de-
clined to pay losses TO Buyer & Reich.
Several merchants who carry large
amounts OF Insurance showed their hand
by canceling policies held by these cor
poratlons and boast was made that 9TH
ers would do likewise. 1t had every ap-
pearance OF concerted action to express
sympathy with the business firm whose
losses are not satisfactorily adjusted.
More than thar. without some contrary
action, agents feared the boycott would be
severe on twenty-five companies that re-
fused payment on the basis claimed by
Buyer & Reich. The supposition prevailed
pretty generally that business thus can
celed would be distributed among the
eighty-hve remaining companies repre-
sentod in this city.
Victory seemed to be with the mer.
chants, but turn came in the trend of
events yesterday. 1t was very sudden and
came earlier than expected, and shows
conclusively that the underwriters mean
business In their fight.
meeting was held in the afternoon,
and every underwater in town attended
Tne unprecedented action of several mer-
chants canceling policies because certain
companies withheld payment of losses on
the Bush-street fire pending an investiga-
tlon was discussed at length. At last the
question was referred to committee con-
slstlng OF Hugh Craig. John w. Cofran and
William j. Dutton.
Mr.. Craig is agent of the New Zealand
Insurance Company. Mr.. Cofran is man
ager Of the Hartford Fire Insurance Com
pany, and Mr.. Datton is vce-president of
the Fireman,s Fund Insurance Company,
agent OF the National Fire Insurance Com
nany OF New York, the Rhode Island
Underwrlters' Association, marine agent
OF the Providence Washington Insurance
Company and the Insurance Company of
North America.
the committee Immediately formulated
and adopted resolutions expressing the
underwriters' views of the situation in
clear and forcible language.
One paragraph has reference to the can
collation. OF policies with companies who
refuse to settle doubtful losses, and con.
talns conclusions that will astonish the
merchants who took action on account of
the Buyer q Reich trouble. 1t concludes
with an express understanding that nc
policies shall be taken by companies not
directly interested from men who Cancelled
insurance on account of dispute between
underwriters and people sustaining loss BY
fire.
Late in the afternoon the resolutions
were typewriter and taken from office to
Office for sigDaturee. Another day will be
required to get all the companies to sign.
as ITO agents have 20 be seen by the COM
mIttee. There was no difficulty SO far
about receiving signatures as the agents
are In hearty sympathy with the move
ment.
ut involves principle" said an agent
last evening. I'VE feel. and in fact know,
we are right in regard to the Bush-street
fire. Personally l would not write policy
with man who Cancelled his policy over
that affair. No honest agent would.
And now it has come to this that mer-
chants who have acted that way cam OF
get new policies in other companies
The members Of the committee declared
they would not accept policies where
others had been Cancelled, and say that the
underwriters have taken the same position,
From a reliable source it was learned
that three mpanies-the Guardian and
Sun, Prussian National and Helvetia
Swiss-had refused to sign the agreement
or resolutions.
The general result will be made public
to-day.