The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-04-25
INSURANCE MEN CAUTIOUS.
SAN FRANCISCO AGENTS LOOK
FOR SOME FAILURES.
They Also Say COmmisslo wolfe Puts the
Losses Too Low NJ Sis 900 900
Weak Local Companies May 90 Down
Other Cities Benefit 10y the Calamity.

W
fire insurance companies and State lnsur-
ance COMMISSIONS Wolfe.
Some agents of companies that are hard
hit are making open declaration that Wolfe's
statement, made the day after the blaze
had extinguished. to the effect that every
dollar would be paid on policies held by
every company, was not only II advised
but was more an expression Of the COM
missioner.s wish than a careful considera-
ton Of the condition of the assets Of many
Of the insurance companies warranted.
Commissioner Wolfe placed the aggre-
gate insurance loss at Sl75 900, 600. There
is hardly a member Of the board Of under
writer's so conservative as the State official.
Rolla V. Watt, manag ger of the Royal In
surance Company, says that 500 600 900
will be a low estimate. Ben Smith manager
Of the Connecticut Fire Insurance Com
pany, dec lares that s225 600, 900 will hardly
cover the entire sun that will have to be
paid out to the holders of policies.
COMMISSIONS Wolfe" said Mr.. Smith
to-day, "is certainly as optimistic as he is
far from the mark when he says that
$175 900, 600 will cover the entire amount of
insurance loss. OF course it is very con-
siderate in the commissioner to nurse the
feeble ray of hope in the breasts of some
of the companies that assuredly VIII not be
able to pay dollar for dollar when the time
comes. The insurance men are at some
what Of a loss to interpret the attitude OF
the commissioner in announcing the day
after the fire what the loss will be"
It is freely predicted among the insurance
men that, when the time for adjustment
comes, more than one of the less conserva-
tive concerns will go to the wall. There
have been many Of the younger and more
radical companies in San Francisco that
have been cutting under the old line con-
Germs, as represented by the board of under
writers, and nave been writing policies at
low figures with little security behind them.
These ag~gregations have been doing a
land Office business for the last few years,
and nave sorely vexed their older com
p~e,itors. But now, il is prophesled, the
day of reckoning has come, and it is even
minated that so cents on the dollar will
be a big margin for some of the sore pressed
Offices.
A meeting of the Board Of Underwriters
was held yesterday afternoon when the
report was made by most Of the managers
of the companies that their safes would not
be accessible for some time and that the work
of ad iusting would necessarily be delayed :.
Furthermore, Gen. Funst on has requested
tina no safes of the downtown offices be
opened at present while the chaotic condi-
ton of the downtown district would render
the work of protecting tha contents i'm
practicable.
1t was decided therefore hat all efforts
at adjusting losses would be held in abev-
ance for at least a week. This delay vii!
be Of great benefit to some of the weaker
companies, which will have a chance TO pull
themselves together financially in the in
terim. 1t il tacitly understood that there
will be no quibbling about the character OF
the disaster. An earthquake may be an
act of God. but the fact that buildings
burned unhindered after the shock because
of the lack of water supply IA distinctly
traceable to the frailty of man. Because
San Francisco had no adequate salt water
auxiliary supply it burned.
Already speculation is rife, and rumor
carries on rapid wings a report OF the I'M
Mediate effect which the disaster will have
! upon the business Of San Francisco and
the individual investors in this city. 1t
is an i'll wind that brings profit to no man.
and several cities on the Pacific coast which
naNe udTtu III u" 'Si'
competitors Of commercial San Francisco
will now have an unparalleled period OF
boom while the city by the Golden Gate is
raising herself from the ashes of despair.
Oakland, directly across the bay, Is one
of the communities that is going to find a
golden lining to the cloud. Even as early
as Yesterday three factory sites were dis
DC sed of by Oakland realty dealers, and
the office buildings, of which Oakland has
a goodly number, are going at fabulous
prices. All of the San Francisco papers
have moved to Oakland and will probably
remain here for months pending the cree
ton Of new homes on the ashes of old.
Seattle and Portland are two other com
munities whose leap forward will he ire
mendous. For the last five years, in fact
since the Klondike trade first offered itself,
these two cities have been bidding for
some Of the carrying trade that has long
belonged to San Francisco. The Hill line
of steamers plies between Seattle ano
the Orient and the freight boats of the
Boston Towboat Company make Portland
their American terminus. Both OF these
carriers are bound to get the large share
OF the Oriental trade while San Francisco Ii
recovering from the fire.
Before a week is over the ruins will bc
spotted with a mushroom growth Of shack:
and corrugated iron shanties, where bust
ness will be done over the ashes Of pas
successes. Every one knows that it il
going TO be a hard pull and that no one il
going to recoup in a minute, but the righ'
sort of spirit seems to be there and hope
runs high.
To-day more than 1900 men went into thu
ruins with shovelsa and GRO WEARS and initiated
the work. Yesterday the boom of dynamite
again resounded over the miles OF black
ened walls. The explosive was set TO thu
tottering walls that lined Market stree
and imperilled the lives of all who passed Il
and fro on thai thoroughfare.
To-day the razing of the ruins still con
tinues on the main street of the city anc
before the end Of the week a level plaiI
will mark the course Of that avenue in thu
ruins, from the ferry straight up to the cit,
Hall. The urgent call for laborers has gon'
out through the State;
The motormen and conductors Of Sal
Francisco have shown themselves a hard,
lot. They nave gone to work as day la
borers with the pick and shovel. The ga
the electric railway company
the water company and the street depart
ment nave all put men to work, The waite
.aoi.a ORC hainp repaired and in a wee