The times. [volume] (Richmond, Va.) 1890-1903, 1902-01-11
INSURANCE MEN
INPLORE RELIEF
They Address Urgent Let
ter to the City Council.
ACTION OF CHAMBER
Joint Committees TO Suggest Means
of Staying Fire Waste.
INSURANCE Co.'S ULTIMATUM
Rate Will Bs Raised or They viii Withdraw
from the City-Rlchmond Is Insured for
Thirty-eight Millions, Yielding an
Annual Income TO the Com
panies of Four Hun
dred Thousand.
INSURANCE COs.' ULTIMATUM

All Richmond is deeply concerned just
now. 1t is about the effect The big fires
OF last year and this are going to have
upon the insurance and the business life
generally Of the city.
The questions which every one is ask
ins now are: How can the city combat
these fires? How can the insurance
companies, which are threatening to raise
their rates, be convinced that every pos
sible preparation VIII be made to protect
property from fires?
Every manufacturer, every merchant,
every resident, every person. however
nigh or humble, is virtually interested in
the solution of these problems The in
surance companies are taking active steps
in the matter, the Chamber of Commerce
has taken the initiative, and the members
OF the Board of Aldermen and Common
Council are Individually much concerned.
The movements begun have been direct.
The insurance agents have addressed an
urgent letter to the two branches Of the
CIty Council asking that steps be
taken at once TO put the city in position
to cope with fires. They have not out
lined what is To be done TO accomplish
this But the Chamber of Commerce Will
go further. This body Will suggest to the
Council such measures as seem 20 it best
10 place the city in safe position.
Loss OF TWO MILLIONS.
The loss by fire in Richmond the past
two years has reached the startling fig
ure of S2,GJ1,000. The insurance COM
l}aries lost last year by Richmond $780,
600. That is, they paid out to persons in
Richmond whose property had been de-
stroyed during the year 100000 more
than they received in premiums from the
entire city.
The insurance companies cannot stand
this and say that but two courses are to
be pursued; one to raise the insurance
rates; the other to withdraw from the
city. One or the other they will do un-
less the city meets promptly the condi-
tions confronting it The city fire and
water departments both suggest remedies.
When the solutions of the matter, as con-
tributed by Chief Puller, of the Fire De-
partment. and Superintendent Boiling, of
tho Water Works. are compared closely.
It will be seen that these heads of de-
partncnts agree-the mains of the city
must be larger.
INSURANCE COMPANIES LETTER
Here is the letter which is addressed
by the insurance agents of the city to the
Council:
Richmond, Va, January 10, 1902
To the Honorable, the Board of Ald"r-
men and Common Council or the City
of Richmond:
Gentlemen,-Your petitioners, compris-
ing the three fire insurance corporations
having their home Office at Richmond
and all the policywriting agents conduct
ing fire-offices at Richmond would most
respectfully represent to your honorable
bodies that the fire losses at Richmond
aggregate during the past two years
sum approximating 100000, about
equivalent TO the fire Insurance revenues
at Richmond, available for loss pay
r1ents. after expenses OF conducting the
business are discharged, for a period OF
about eight years.
They would turther represent that the
destruction of $2,000,oe0 worth OF property
by fire is the absolute loss OF just so
much capital, resulting in a loss of pub
lic revenues from taxation on the pro-
pcrty destroyed and of premium revenues
TO your petitioners and their principals s
The business of providing indemnity
for loss by fire has become commercial
necessity is indeed the guarantee Of the
basis of all commercial and industrial
credits The rate of cost of fire insur-
ance indemnity IS seif-regulating
enough money must be collected out OF
those who require this protection TO pay
.he losses sustained, the expenses OF con-
ducting the business. in which is Included
excessively burdensome taxes enacted on
the conduct of this business by State and
rnnnicIpal governments and a reasonable
hire of the share capital at hazara 10
nroyiue security and guarantee the m
demnity.
The abnormally excessive losses al
Richmond will, if they continue neces-
.ar{Iy, increase the cost of fire insurance
indemnity here to such a degree that
our commercial and industrial growth as
a CITY Will be seriously menaced. we 90
most respectfully beg that your honor-
able bodies will have prompt cohsiueta-
ton and attention given 10 the grave
,S,o,r ,rS u
such prompt action as may be founo 10
nc judicious TO seek to stop the nre-
waste of this city.
If Il be found that the present ordl-
,ances are inadequate. enact such as may
no found necessary. If those no"
feciiye are negligenhy or insuiaclenls
enforced. fix the blame and discipline
.,t.,I,,ri-s II the Fire Department be
tn,,,a IN he inefficient or inadequateiF
.,,,,,rioa "a cone with the greaUy-increas-
"a ,,azards of Richmond. due to Its
srowth and development IN recent seatss
snnly such remedy there as may oe
deemed wise IL the water suppis Vi tas
size of the water mains ~ .,st oorrect
tnsdeouate, take promptly soeh Coz ~
,,,o stene as may be found proper IN as 'ias
..as,,.ct Joroner inspectors OF plans VI
~, nronosed buildings and OF All eAis.i..e e
r,s,ts NOT vet burned. dwellings, me me, li ee..-
file and manufacturing plants, 'l aa S,,
nncially of all electrical anstaiit.'A9, ansta. .a -
> competent expert inspector or .hsPes. pee.
tors, armed with the authority ot the c,.s ~
government, under proper ofa,halse s. .a. your
-, ,,rcently recommended LOT Soui
consideration and actoti t.e
.rS. ara loss of the United States IN n tne
o.len6ar year 1901 exceeded siof,vNV'v.s' y.
ueeessitating the failure OF some M iirs : IN IN
rIrarce companies. the reshsufahce
witierawal and retirement OF many
others. so that 1t is now practically iIn-
possible to secure in the word insnr-