The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

Insurance Losses Jump Upward Run of Disasters in Few Weeks’ Time Piles Up Claims—Recent Reorganizations Add Strength ARINE underwriters have wit- nessed the ending of another short but unfavorable period in the field in which they are special- izing. The losses have increased to such an extent that unless the tide changes for the better at an early date it is probable some of the many companies which are now transacting marine insurance business will find the year 1924 to be one of the bad periods in their history. News ‘was recently received from Hatteras, commonly called the grave- yard of insurance hopes, of an un- favorable nature. At this point, the SantTraco foundered about the middle of March, resulting in a tremendous loss: on hull and sugar cargo. The disaster to another sugar ship, the Gitynpon of the Atlantic Fruit which went down with the loss of three lives and a sugar cargo of an insured valuation of $450,000, was the second of its kind. The hull was valued at $300,000. The captain of this ship and the first and second mates went down with it, but the remainder of the ship’s crew were rescued by the ' Cananova, also of the Atlantic Fruit line. The GLynpon was built at Port- land, Oreg., in 1919. Her gross tonnage was 2722 and 1672: net.» The exact cause of this disaster is still unknown. The hull insurance on this ship is known to have been placed in London. Forty per cent of the $450,000 cover- age on the cargo was retained in the New York market, and the remainder placed in London, There was also approximately $75,000 on disbursements and this also went to London. The news of this disaster had scarcely been assimilated by the street when on Saturday, March’ 22 word was received of a casualty in New York harbor. The White Star liner, O.tympic, in backing out from her pier, collided with a steamer of the Furness- Bermuda line, the Forr Sr. Gerorce. The collision inflicted so much damage upon the Forr St. Georce that the passengers of that steamer had to be transferred to the steamer ARCADIAN, of the Royal Mail Steam Packet line. A rumor was circulated that the two Bermuda bound steamers were racing down the bay, but this has been forcibly denied by Lloyd B. Sanderson, the American director of the Royal Mail Steam: Packet line. The Forr Sr. GrEoRGE was hadly damaged and came line, within an ace of being sunk, which re- sults in a serious claim for the underwrit- ers of London to absorb. The damage to the OLtympic was examined by divers, after which she proceeded on her way but the casualty opened her F. P. A. warranties and the question of seaworthiness arises. A short while ago details were received of the collision in the Thames estuary of the American steamer, AMERICAN MercHANT and the Britisher Maratua, with the loss of eight lives aboard the latter. The AMeErIcAN Mer- CHANT is a new freighter and while on her maiden voyage was badly dam- aged and had to be towed into Tillbury dock. The Maratua was out- ward bound. The bow of the American ship cut through her forecastle, caus- ing a hole fifty by thirty feet; and she was only saved from sinking by the quick action of the skipper, in keeping the nose of his vessel in the Maratua’s side, and so pushing her on a mud flat, where she was beached. This disaster added ad- ditional losses to the London. market. To complete the many disasters, news was received’ of the stranding of the PREsIDENT -MonroE of the Dollar line, on Pacific reef, 32 miles south ot Miami, Fla., and about 5 miles from the coast. Several days passed before at- tempts to float her proved successful. The PRESIDENT Monroe was bound from New York around the coe * * New Staff ao to Lead Union Hispano HE official staff of the Union Hispano Fire and Marine In- surance Co., New York City, has been reorganized. At its annual meeting held on Tuesday, March. 25, the fol- lowing changes took place. William. B. Vanderhoof resigned as vice president . American and director, and six new members were elected to the board. The follow- ing officers were elected by the directors: President, Francisco Tamames; vice presidents, David H. Bellamore and Elias A. Delima; vice president and general manager, Imre Temesvari; treasurer, Edward Enthoven; secre- taries, William J. Charmack and Charles B. Kemp. The members of the new board oi directors are as follows: David H. Bellamore, 186 vice president of the company and secretary of the Mosler Safe Co; Segundo Casteleiro, president of Casteleiro-Vizoso & Co., and president of the Matanzas Cordage Co; William J. Charmack, secretary of. the company; Elias A. De Lima, vice president of the company and vice president of the Bank of America. Edward J. Enthoven, treasurer of the company and member of the firm of Jacquelin and DeCoppet; Charles W. Hutchinson, president of Hutchinson and Jaquarth; John H. Hampff, director of the VanCamp Packing Co., and VanCamp Products Co; Charles B. Kemp, secretary of the company; John H. Lynch, president of the Terminal Warehouse Co., and president of the Chelsea Lighterage Co; William Neer- gaard, member of the firm of Jolesch Miller’and' Co; Eusebio E. Ortiz, treasurer of the Union Hispana Americana’ De Seguros, S, “A. of Habana, Cuba, and president of La Compania Papelera Cubana; Paul B. Roura, member of the firm of Boland and Preim, and director of the Flat- bush State bank; Francisco Seigle, vice president of Banco de Comercio; Francisco Tamames, president of the company, also president of the Com-- pania Proveelora Cubana, and_presi- dent of the Union Hispana Americana de Seguros, S. A. of Habana; Cuba; Imre Temesvari; vice president and general manager of the company. The Union Hispano Fire and Marine Insurance Co., was incorporated in 1922, and licensed by the state in- surance department of New York in. February, 1922. The company was organized pri- marily for the purpose of taking over the United States business of the Union Hispana Americana de Seguros, of Cuba. The organizer and first presi- dent of the company was:-Walter D. Despard, who had managed ‘. parent company in the United States: for a number of years until- his death. Op- erations of this company ‘were con- fined to marine insurance, both direct ' and reinsurance and to fire reinsurance. Its business in the United States and Canada has been prosperous. The financial statement of the Union Hispano Fire and Marine In- surance Co., as of Dec. 31, 1923.shows total admitted assets of $1,841,412 capital paid up, $400,000; net surplus, $33,001; unearned premiums, $908,906, net premiums written, $1,896,363.