Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-02-27
VALURo OF INSURANCE
LOSSES szHoM BALTrKoRz FIRE
BEING PROMPTLY PAID.
Wisdom Demonstrated of Patronizing
Companies Lawfully Organized
Izand Administered.

IT.
An extepded editorial argument Is to ap-
pear in Views the insurance organ of
this city .jpz II, next issue on the subject of
the Baltimore fire and the value of patron
izing condpanies that have bean lawfully
organized aand administered. The ar
ticie will 3 maintain that the value
or nre insurance in good companies
mas been brought forciby = the at
tention of the public by the action of
many of suchs companies since the terrible
immigration that wiped out nearly ore
hundred millions of property in the heart
OF the business district of the monumental
city on the It'll and sth of the present
month and put to their mettle the best of
the companies to meet the unexpected de-
mands made upon their exchequer
although most sOreiy and heavily hit"
the article will say. 'the lawfully consti-
tuted companies have uufiinchngly met the
situatlon and, are furnishing genuine in
this course they have given an example Of
rectitude and integrity which has impressed
the whole world and added lustsr to their
already standard qualities.
Losses Already Paid.
Views figures that already there has
been paid in losses on that fire about $i2.-
100000. and that nearly S4.0O0.000 more of
claims has been put in such shape that
1t will be paid within a few days. This
is in itself a magnificent showing for the
fire insurance companies In which risks
were taken by the persons who were later
to be sufferers by the great fire, and an
incentive which surely In the opinion of
the periodical quoted. ought to vastly i'm
prove the insurance business and add a
feeling OF safety to the future for all who
enter into risks with standard companies:
1t Is also said that the amount OF insur-
ance paid up to this time would have been
much larger had 1t not been for the handi-
cap unfortunately imposed upon the COM
panies by reason of the work of handling
the immense quantity of debris made by
the fire before the amount of the losses
could be estimated or approached.
The valuation of the salvage was for
long time unknown and the companies
could not in justice to themselves pay full
losses where there might possibly be only
partial claim set UP against them. Within
week. however. Views thinks that this
handicap will no longer exist, and that the
companies will be able to make good to all
insurers the full amount Of their losses and
an honest settlement on them,
A close approximation by this publication
of the total losses places them at $500
coo, but adds that it is somewhat conSoling
that this sum is from ten 70 fifteen million
dollars less than the amount OF the losses
as originally figured. OF this total more
than 5000 900 falls on the local companies
of Baltimore, and 1t may be that at least
81 OCO 600 more will be deducted from the
total by salvage that Is yet TO be heard
from.
Another factor according to the article
prepared BY Views In the reduction OF the
previously larger estimates of the total
loss is due to the fact that marry or the
large Wholesale dry goods houses and man
ufacturinsS firrnsswere in pools among them
selves, and many other firms were insured
in mutual; companies. these latter. as a
consequence, being taxed to their utmost
to meet their losses even IN part
Insurance officials Criticised.
Criticism Is made in the article of the
action of the insurance commissioners. in
Guiding Insurance Superintendent Drake or
the District of Columbia. for calling upon
the fire insurance companies at TINS time
for a special statement of their gross ana
net losses by the Baltimore fire. This &C
ton is termed mot only injudicious. but
very unjust" in that 1t imposes additional
vexatious labors upon the ire insurance
companies which are straining every nerve
to souarely and promptly pay their losses
and thus all the more 1irniy establish them
selves in the confidence Of the country
One of the most unfortunate results of the
great fire was the destruction of several OF
the Baltimore local companies when were
heavily interested in the burnt district. All
of these companies with the exception Of
the Baltimore. Equitable and Old Town, re-
ceived hard blows and have had difficult
time to adjust their losses even with the
appointment of receivers to take charge OF
their properties and enable them to make
PAYMENTS according To the best OF their
ability.
Status of Baltimore Companies.
Views has complied a list Of the local
Baltimore companies showing how they
stand at the present moment. and from this
~, atalu i,fdO situation IN
that quarter. This list is as follows:
..Baltimorea Fire Insurance Company
Mr.. w. C. Pennington. the president. has
been appointed receiver of the same.
..F'iremens Insurance Company-Mr. +.
e. s. Wolfe, the president. has been ap-
pointed receiver. 1t has reinsured its Bal
t.more county. local business in the Fire
mems Fund of San Francisco. and appoint
ed Mr. Harry l.. Rail. secretary of the
Firemen's, as Its manager for Maryland
The business outside of Maryland has been
reinsured in the Providence Washington
Insurance Company of Rhode Island
1.-THE Home Fire will retire. as it has at
risk over 5000 0O0 and assets of about $470-
600. Mr.. G. Harlan Williams mas been ap-
pointed receiver.
"Oid Town Fire Insurance Company-Mr.
Jas NJ. Warwick, president. has been ap
pointed receiver. 1t is stated. however.
that the Old Town will be able to pay it's
arrangements will be made with the Phenix
of Brooklyn to take over its business on
renewals.
Peabody Fire Insurance Company-Mr.
r. B. Post, president. has been appointed
receiver. This company will only be able
to pay about 40 cents on the dollar. 1t is
understood their amount at risk was $780,
000 1t had a capital of $127 OO0 with as
sets in 1908 of over 100000. The business
of the Peabody has been reinsured In the
Home of New York.
THE German Fire Insurance Company
will lose it's entire surplus. amounting to
nearly 100000 but will pay every dollar.
and continue in business with their capital
of 100000 unimpaired.
.eThe Maryland Fire Insurance Company
will go out Of business, but expects to pay
its losses in full. In its principal asset was
the company's building, which they valued
at $50 600.
..The Baltimore Equitable Society had 81
COO coo at risk in perpetual policies. Az the
company has $3,QQ0,0cO assets. they will pay
every dollar and, continue. After careful
Investigation their loss Is estimated at
about 81. 5Oos000.'~
'.The Security Fire Insurance Company
of Baltimore Is bard hit. 1t is the opinion
that as it CARED large number Of risks.