The Bon Homme County independent. [volume] (Tabor, S.D.) 1904-1913, 1906-05-03
INSURANCE AFFAIRS
SAID TO Be CHAOTIC
Charles L. Peekham Declare,
San Francisco Fire Is
the Cause.
RATES SURE TO GO UP
Meeting in Chicago 20 Be Followed b,
One in New York, and Advances
Over Country 10 Like
W Seen.

Chicago. April 3o.-"The fire insuT.
ance situation today IL chaotic" said
Charles l.. Peckham. OF the FIRM o.
Pcckham. Hall & wampold. insuranC.
adjusters. at the monthly dinner %
the Chicago Credit Mems association
while 10 In comparatively easy for
agencies I'm San Francisco To make
some estimate OF losses. I believe l am
safe I'm saying that there Is not one
company that knows even approx
mately. or will know for n long time.
what Its liabilities viii be. The fire In.
surance situation In America today Is
more serious than IL ever has been be-
fore"
&. NJ. Cartwright. In an article In
the Tribune. says:
There Will bee a general advance In
FIRE insurance rates In the business
Centers OF all cities OF the United States
In the near future To enable the COM
panics To recoup In measure their
San Francisco losses.
a meeting OF all western managers
was held In Chicago TO discuss the sit
uation. The governing committee OF
the Western Union, the largest legis-
lative body OF the west, decided that.
In the face OF present conditions, an
advance must be- made. Eastern off,
cials had advised their western men
TO prepare for the increase. and tho
To Determine Plan.
Company officials meeting I'm IN,
east decided that the advance shoult
20 into effect simultaneously over the
country. To that end they asked the
Western Union TO send committee
of Ave TO New York To attend "A general
meeting TO determine the nature and
plan OF action. A similar committee
will attend from the south.
sa(. ~ h.
crn Union. said that the western COM
mittee would be appointed today.
1t Is stated that the Western Union
will see To IL that adequate rates are
charged On classes that are now con-
sidered Improbable and that charges
for defects In risks Will be insisted up
on emphatically.
Nothing will be done as TO Chicago
rates until the officials and managers
get together and decide what plan will
be followed.
The governing committee OF the
Western Union has been reorganized
with Law Brothers, managers OF the
Royal, as chairmen.
Fire underwriters felt much easier
yesterday over the san Francisco loss
situation than heretofore. The London
Assurance. which had the heaviest liza
billty I'm San Francisco. cabled from its
home office that all its obligations
would be met promptly by funds from
London. The Traders OF Chicago sent
out telegram TO every one OF its
agents In the United States, stating
that all It's losses will be promptly adj
justcd and paid and the company will
continue In business with ample re-
sources. IL will increase its capital To
100000. The Calumet OF Chicago
also will continue and meet It's obli-
cations promptly. The local directors
considerable fortitude and pride In the
institutions. and although they will be-
assessed 10 meet the losses, they do
not intend to let the companies cease
business.
State Authorities Criticised.
Insurance men are condemning tn,
action OF some OF the state insurance
commissioners who declare they In
tend to require sworn statements OF
losses ut once. The commissioners OF
New York. Ohio. Illinois and Tennessee
already have given such notice. In
surancc officials declare that until they
have time TO adjust themselves and
their stockholders are assessed, IL nee
cssary. public confidence I'm the COM
panies should not be shaken by this
action OF the commissioners. Under
writer's take the ground that II the
commissioners will wait for three or
four months the companies will then
be In condition to file statements as re-
CURED"
Philadelphia. April 27.-As n result OF
the San Francisco confiagration the fire
association OF Philadelphia has ad-
vanced It's FIRE premium rates In the
congcstcd central district rs per cent.
The American fire insurance commit
tee announced that IL re-insured In the
Commercial Assurance company OF
England its entire outstanding risks ex-
cept the perpetual insurance. President
irwin. OF the fire association. also said
he had ordered a 81 per cent. advance
I'm premiums on risks OF this company In
tho business section OF New York and
similar action will be taken elsewhere.
with the advance In premiums the fire
association also reduced from Is TO 10
per cent. the commissions allowed In
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