The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-04-12
Rates on Alaskan Vessels Will
Be Greatly Advanced.
FOUR INSTITUTIONS WITHDRAW
Two American. One English and
One German Companies Go Ont Of
the Business Entirely. ana
Others Want Rates That Will
Late Wrecks Have Caused II.

As wreck has followed wreck In quick
succession in the waters or the ihtaiiu
passage TO Alaska, the marine Insurance.
companies have watched the speedy oiih.-
mutton OF their earnings with growing I'M
patience. until they have reached the
point Of bearing IL no longer. TWO OF the
strongest companies interested in that
field have withdrawn entirely from the
insurance OF Alaskan vessels. ana TWO
more are about to follow. The others IN
the business will az once advance their
rates TO somewhat offset what seems 70
be the inevitable losses.
It Is impossible to give the names OF the
companies that have withdrawn and are
intending 10 cease that insurance. but
they are said TO be among the most I'M
portant institutions in that line In the
world The announcement OF their with
6rawal comes from NJ. c. Harrison, or
NJ. c. Harrison & Co, insurance men. VINO
says there is no question OF the marine
writer's having taken this action. Mr.
Harrison spoke a, considerable length
yesterday afternoon Of this proceeding
and the causes that led up to II.
1t appears that the trouble has been
brewing for a long time; in fact. ever
since the rush TO Alaska began. and every
steamer possible was rushed out and made
a member of the gigantic Alaskan fleet.
There were naturally many accidents, but
It was the hope that with the wedding out
OF the first season there would come less
liability TO catastrophe, and therefore
greater safety IN insurance.
There was a wedding out. but IL seems
that the waters OF the inland passage are
more dangerous. In the eyes of insurance
men, than was at first supposed, making
Ii hazardous for even the stanchest YES
sells TO navigate them. There was the
steamer Tees. which last year was
wrecked and cost $4,000 to repair her;
now she has been damaged again 10 the
extent OF Slo.e0o: the Dirigo Is smashed
10 the tune of probably $4,000; the City
of Topeka will probably require an outlay
of s25 coo to $4,000 10 put her into good
condition again. and besides all these ac-
cidents in the last lew weeks. the steamer
Boscowitz has been afflicted with the pre-
valing malady.
The average rates OF insurance for YES
sells engaged in the Alaskan trade are
from 10 10 Il per cent, with few steam
ers of exceptional worth at slightly lower
quotations. Ii is not known 10 what an
extent the rates will be advanced. There
il no organized body OF insurance men
that fixes the rates for all. Some insure
cheaper than others In various services.
one having the most of the business In
the lines engaged in the Oriental trade.
another on the Honolulu run. another in
the Alaskan line. and SO on.
But IL is, however, said to be a fact that
there Will be a somewhat general agree
ment that Alaskan vessels must pay
heavier tribute II they wish to be guaran-
teed against disaster. The matter has
reached a point says Mr.. Harrison.
where the Insurance companies must get
enough in premiums to offset the losses,
or else withdraw from the business"