The morning call., 1895-03-03
BUYER & Reich
WIN THE Fight.
ARBITRATORS AWARD THEM
NEARLY $4,000 INSURANCE
AND INTEREST.
THE MONEY WILL BE PAID.
END OF THE NOTED CASE CAUSED
BY THE BIG BUSH STREET
FIRE.

The Buyer & Reich insurance differences
have been settled at last and on terms very
satisfactory to the firm The arbitration
committee made its award yesterday,
placing the amount of the firms loss at
$4,000 in round numbers, which is but
$500 less than the firm claimed after the
preliminary skirmish between Buyer &
Reich and the insurance companies was
over The firm will also get about $10,0 900
interest besides the $4,000.
The Buyer & Reich fire took place in
July, 1893. The firm at first claimed total
loss of $l37,600. In September, 1893, loss
OF Sl12 900 was fixed by the insurance COM
panies adiusters, Peter Outcalt and E. P
Farnsworth. On October II the companies
refused to pay the insurance. After ap-
pralsers had placed valuation of $37, 800
on the partially destroyed property this
sum was agreed upon by both parties
Buyer & Reich brought down their claim
to $112,0O0 The companies made an offer
OF $4,000 and later rose to SOC, 900, after a
report had been made on the losses by
William H. Lowden.
1t was then agreed among the opposing
interests to submit the matter to arbitra-
ton. BUYER dS Reich selected S. Nickels-
the insurance companies. On January 10
last b. J. McCutcheon was agreed upon as
referee. The hearing of testimony was
begun month ago by the arbitration
board. The law firm of Reinstein & Eisner
appeared in behalf of Buyer & Reich and
won for them the substantial victory. Van
Ness & Redman represented the insurance
companies. The award virtually fixes the
losses as follows; On goods partially de-
| stroyed ,$37 800; on goods totally destroyed,
$40, 900.
There were originally twenty-nine COM
panies interested, but the Guardian, the
Prussian National, the Hamburg Magde-
burg, the Imperial, the North German and
the Alliance paid the loss in full quite
promptly. The other companies will now
pay their losses Immediately
T. G. Van Ness made the following state
ment of the case from the insurance COM
panies' views. He said: Immediately
after the fire Buyer & Reich claimed that
their loss was $137, 800 Satisfied that their
claim was exorbitant the underwriters re-
fused to recognize it, and thereupon ap-
praisers were appointed, who determined
that the loss upon goods partially dam
aged by smoke and water was $3S,000 in
round numbers. Buyer & Reich claimed a
further damage of $4,000 because of to-
tally destroyed goods.
''This claim was denied. and as no agree
| IleuJ COulu De TedCDeQ Su1US were COM
menced against the companies in which it
was claimed the total loss was $129, COO In
arranging the arbitration they appointed
Siegfried Nickelsburg and we appointed
w. t. Y. Schenck to act as arbitrators
The names of several merchants were sug-
gested by both sides to act as third arbi-
traitor. They accepted none of the names
proposed by us. We accepted several o1
those proposed by them, but the gentlemen
SO accepted refused to act. 1t was then
suggested that a lawyer be selected as the
third man, and we consented. We pro-
posed the names of ten prominent lawyers
and all of them were rejected. They sug-
gested several attorneys. Among them
was e. J. McCutcheon. We agreed to him
"We have spent month instaking testi-
mony and the award was made to-day II
| fixes the value of the totally destroyed
goods at $72, 900 in round numbers, which
added to the amount awarded upon the
damaged goods, puts the total loss at $11O,-
900. This is $1,000 less than the smallest
claim made by Buyer & Reich, $19, 900 less
than the amount sued for and So, 600 less
than the original claim The award will
! be paid, although the amount allowed is
| $4,000 to $4,000 in excess of what some
feel satisfied is the actual loss"