The San Francisco call., 1906-05-02
READY TO PAY
OBLIGATIONS
Fir6mdn'S Fund Is
Awaiting Final
Adjustment.
Early Settlement
Is Assured by
President.

Nothing since the recent disastrous fire
has giFSa more outward evidence OF
greater assurance to the distressed popu-
lace of San Francisco than the an
nOuncement made by the insurance COM
pauies that ali losses sustained by prop
erIy owners Will be paid in full and as
rapidly the necessary adjustments are
made. Particularly has this feeling Deen
noticeable since a formal declaration was
made Two days ego by the Flremans
Fund, which. with the Home flre anu
Marine and the Pacific Underwriters.
compose the strongest insurance concern
In the West. The latter's announcement.
coming At a tine when public anxiety
was at its height. has buoyed the conf
cence Of the smaller property holders or
san Francisco. whose only hope OF re-
establishing themselves in the new West
eTn metropolis has been in realizing on
their insurance policies. In its published
statement the Fireman's Fund says:
The Board of Directors Of the Fire
mans Fund Insurance Company an
nOunces that the company is amply able
10 pay all Liabilities accruing under
the policies involved in the great San
Francisco cOnfiagrations and at a meet
ing held April p, 1906, unanimously
instructed its officers to pay ali claims
as adjusted and continue business as
usual. WM. J. DUTTON, President"
There has never been any disposition
or the part of the Firemans Fund to de-
lay payment Of its just liabilities" said
President Dutton yesterday, and we
without any public discussion Of ou-
cOmpany's affairs had IL not been for the
circulation Of certain literature that has
had 2 tendency to mislead the public
concerning the settlement Of insurance
losses These unwerranted statements,
together with the story that has gone
abroad that cur company was hit very
hard in the recent fire prompted the di-
rectors of the Fireman's Fund to issue
q formal announcement.
1t is difficult for me to state at this
Sarly date exactly what our full loss is, for
We are as yet unable TO get at our records.
Vice President Bernard Faymonville,
who is now hurrying home from Chicago.
would be able TO give a most accurate
statement and he certainly will on his
arrival, for he is most familiar with the
company's city business. The company's
statement for January last, based on re-
ports from the eight districts into which
San Francisco was divided, showed our
liabilities to be a trifle more than 5000
600 Therefore we may take that figure
as a basis of calculation.
We are told that three-fourths OF San
Francisco was destroyed during the re-
cent fire and that the surviving quarter
is in the residential section AS the
Fircmau's Fund was comparatively heav-
ily involved " the latter district, We can
safely reckon L 3t "l'~ salvage there Will
amount TO very near 5000. coo, thereby
reducing our liabilities in San Francisco
10 approximately S5.OO0.0oo.
I'VE also figure that another million
dollars will be deducted from the $5.00O,-
600 when an accounting is rendered of
undamaged warehouses and the total will
be further cut by eliminating the losses
directly attributed to the earthquake and
the blowing UP and tearing down Of
buildings by the municipal government
Our policies specifically provide against
responsibility Of the company through
acts Of this character by the city"
II this way President Dutton estimates
thet the losses Of the Firemans Fund
will amount 20 q little more than $4,000.
0O0. That the Fireman's Fund is well
prepared TO meet this liability promptly
he cites the fact that the report made to
The directors On January 1 showed that
the companyS t9tal assets were $780,
600. Of which s3.71S.000 was represented by
capital and surpus-an amount which
President Dutton says is ample TO ab-
solve tho company Of ell its responsible
fties growing out of the fire.
This condition Of affairs" said Mr..
Dutton, has been explained to the board
Of directors. which is composed Of men
D." who count their wealth in millions.
among them being such prominent citi-
zens as Charles i. Bishop, John c. Cole
man. George A Newhall. Captain John
T. Wright. Arthur Smith. John Br-
ninghanl and w II. Brown. They have
instructed the officers Of the company to
proceed with the settlement of losses as
would be done in ordinary cases. and
the Firemans Fund is now awaiting the
result Of the report Of the underwriters
President Dutton. while speaking par
ff.,illsrlv eOr his own company. enaDha-
sized his opirion that nearly all the
other Insurance companies would pay
losses IN full He also added that while
81 Is true that some Of The Fireman s
Fund records were destroyed. they did
nos include the records of the city bust
moss which were stored in the basement