New-York tribune., 1900-07-15

from any other cause rarely has any bad effect
on the business of the concern if it has life
enough left to begin over again. The loss serves
advertisement, and instances are not un-
known where such disasters have proved to be
blessings. But a steamship accident whether
/ it be by fire at wharf caused by a frecracker,
in which was hurt or a collision in a
fog in which all hands were lost gives the COM
pany black eye from which it takes it a long
time to recover. The company is always
blamed. and the howl that goes up from all
quarters reduces the traffic A clean record, as
far as accidents are concerned. is of more benefit
to an ocean transportation company than fine
ships and improved safeguards against acci-
dent count more than carved and decorated
apartments The companies know that and it
keeps them wide awake. and this makes them
good risks in the insurance funds which
features of the various corporations"
PROTECTIVE SYSTEMS PERFECTED
Insuring without insurance companies is not
confined to steamship companies. Merchants and
manufacturers rarely insure themselves. but
many concerns expend large amounts Of money
in perfectfng their protective systems and by
that means reduce their insurance premiums.
This has been done TO such an extent that in
surance companies take risks on manu-
featuring concerns which were considered so
hazardous few years ago that seIf-insurance
was a matter of necessity.
The Standard oil Company is an exception to
the general rule TO individual underwriting.
1t began to insure it's property about ff-
teen years ago and although il has sustained
heavy losses since that time by fire il is be-
leved that the insurance department of the
great corporation has been a paying institution
The property in the shape of ordinary buildings
is kept insured, $ is also the oil in transit:
but the great manufacturing plants the re-
fineries and the property pertaining to them
are insured only by the company, and losses
sustained az their plants are paid for out OF
the corporations insurance fund.
Among railroad corporations self insurance has
also gained a firm footing. and while many COM
panies keep their terminal points and all places
wnere there IS a congestion of values well COW
cred by insurance they leave all smaller sta
uons, sheds, water houses. and in many
instances bridges and trestles uninsured ex-
cept in the company insurance fund The
New-York Central and Hudson River Rail-
road has abandoned the system and carries
a large line Of policies all its property but
the New-York, New-Haven and Hartford the
Illinois Central. the Chicago. Milwaukee and St
Paul and the Pennsylvania Railroad are among
the roads which still continue TO carry large
amount of insurance on their own account
The Western Union Telegraph Company at one
time carried no outside insurance. bu: it has
followed the example of other large corporations
and now insures all its large plants.
COOPERATIVE INSURANCE
In parts of the country where manufacturing
institutions are closely grouped the cooperative
insurance plan became popular at one time and
ii is still maintained in many parts of New-Ene-
land a number of factories pay a sum equal 10
the premiums which would be necessary to keen
them fully insured into an insurance fund and
oct of This fund losses by fire which may be sus-
tanned by any OF the parties to the Arrangement
are made good The plan. according to its pro
motcrs. has the great advantage aside from
being an economical. arrangement, of making
the concerns scrupulOusIy careful and the svs-
TENS of watching, cleaning and inspecting
which are adopted in the factories do for them
what the safety devices do for the steamships
make them good risks.
Occasionally said an insurance man ..one
finds merchant, who, because he has had some
falling out with the insurance people will insure
himself. but the cases are few. and fire either
IN the mans place or enough TO give him
shock, usually brings him TO his senses and
ne takes out insurance and sleeps better for it
In the case of steamship companies individual
insurance may be all right but the merchant or
the manufactures who has his all under one roof
makes a mistake when he becomes his own in
Surance company