Democratic Sentinel, Volume 17, Number 42, Rensselaer, Jasper County, 3 November 1893 — BIG LOSSES BY FIRE. [ARTICLE]

BIG LOSSES BY FIRE.

WASTE FOR NINE MONTHS GREATER THAN IN 1892. H*nj Concern* Forced to the Well end Several Others Preparing to Go Out of Business—toss Is Already *26,000,000 More than hast Tear. Insurance Companies Quit. Fire losses in the United States during the first nine months of 1893 were •26,840,000 greater than for the corresponding period of 1892, and not less than a dozen strong companies are preparing to go out of business between now and the Ist of January. Low rates, heavy losses and onerous State legislation are driving capital into safer and more profitable fields of employment. The active companies have paid out over $9,000,000 from their aggregate surplus funds thus far this year and the January statements will show an enormous shrinkage in the securities held by the companies. It has been one of the toughest years in insurance annals. The fire waste in this country from Jan. 1 to Oct. 1 footed up $121,832,700, a monthly average of $13,537,000. The loss during the corresponding nine months of 1892 was $94,992,350, a monthly average of $10,594,700. For the corresponding period of 1891 the loss was $98,960,670. If the percentage keeps up during November and December at the same rate as during the preceding ten months the total waste from flame for the calendar year will approximate $162,500,000. The loss by months with comparisons with previous years is as follows: 1893. 1892. 1891. January *17,968,400 $12,664,900 $11,230,000 February.... 9,919,900 11,914,000 9,226,600 March. 16,662,360 10,648,000 12,640,760 April. 14,669,900 11,968,800 11,309.000 May 10.427,100 9,486,000 16,660,398 June 16,344,960 9,265,660 8,687,628 July 12,118,700 11.630,000 9,692,200 August 13,222,700 1 ‘,145,300 9,055,100 September... 10,608,700 7,879,800 10,668,200 T0ta1..... $121,832,700 $94,892,360 $98,960,670 Many Companies Fall. The total number of sound insurance companies doing business now, foreign and homo, is about 225. They actually paid $84,0C0,000 in losses last year, against $81,000,000 in 1891. There are in addition an unknown and decreasing number of wildcat companies which insure anything that will pay premiums, and that never pretend to pay losses. Since Jan. 1, thirty-five tired, weak, or wildcat companies have gone to the wall. Not less than $100,000,000 is invested in the stock of fire insurance companies. This amount of money is pledged to indemnify owners of property worth nearly $17,000,000 against loss, and last year the premiums paid for insurance footed up about $163,500,000. The statistics for 1893 have not been brought down to date, but the aggregate of value of property insured and of premiums paid runs above rather than under 1892.