504 



MASSACHUSETTS. 



delay of the engines, consequent upon the 

 prevalence of disease among the horses of the 

 fire department, gained considerable headway 

 before any thing was done to check it. It 

 swept to the north nearly to State Street, 

 laying in ruins most of the district bounded 

 by Summer, Washington, *nd State Streets, 

 and the water-front. The area burnt over was 

 about 65 acres. The number of buildings de- 

 stroyed was 776, of which 709 were of brick 

 and stone, and 67 of wood. The assessors' 

 valuation of these buildings was $13,591,900, 

 and it was estimated that it would cost $18,- 

 000,000 to replace them. The amount of per- 

 sonal property destroyed was about $60,000,- 

 000. There were very few dwelling-houses 

 burnt, and only 14 lives lost, 7 being those of 

 firemen. The only important public buildings 

 injured were the old post-office on State 

 Street, and the new unfinished post-office on 

 Water Street. 



An extra session of the Legislature was 

 called, to commence on the 19th of November, 

 to devise such measures of relief for the city 

 of Boston as might be deemed expedient. 

 Several insurance companies were hopelessly 

 bankrupt, while others were forced to wind up 

 their business, and a demand was made for 

 new charters, or for a general insurance law. 

 A joint committee on this subject was ap- 

 pointed, to which all petitions and proposi- 

 tions were referred. The result was a general 

 insurance act, which passed both Houses after 

 a thorough discussion. It authorizes any ten 

 or more residents of the State to associate 

 themselves together, by an agreement in writ- 

 ing, for the purpose of carrying on the busi- 

 ness of fire or marine insurance. The capital 

 shall not be less than $200,000. After the 

 company has organized in pursuance of the 

 written agreement, a certificate must be ob- 

 tained from the Insurance Commissioner, set- 

 ting forth the names of the parties, the amount 

 of capital, articles of association, etc., which 

 must be filed with the Secretary of State. No 

 policy can be issued until the sum of $500,000 

 shall have been offered and subscribed for in- 

 surance, and entered on the books of the com- 

 pany. The payment of dividends and losses 

 is regulated by the following section: 



The holders of stock in mutual companies with a 

 guarantee capital, organized under the provisions of 

 this act, shall be entitled to a net semi-annual divi- 

 dend not exceeding 4 per cent, on their respective 

 shares, if the net profit, after providing for all ex- 

 penses, losses, and liabilities then incurred, includ- 

 ing a sum sufficient to reinsure all outstanding risks, 

 is sufficient from time to time to pay the same ; and 

 if any such dividend is less than 4 per cent, it shall 

 be made up when such net profit becomes sufficient 

 therefor. 



Three-fourths of said net profit, after the pay- 

 ment of said dividends, shall be credited to, and, at 

 the expiration of the policies, divided among the in- 

 sured, and the remaining one-fourth shall be invest- 

 ed and be a reserve for the security of the insured ; 

 but, when from time to time the reserve shall exceed 

 5 percent, on the amount insured, the whole of said 

 net profit in excess of said reserve of 5 per cent. 



shall, after the payment of said dividends, be di- 

 vided among the insured at the expiration of their 

 policies. 



The guarantee capital shall be applied to the pay- 

 ment of losses only when the other cash funds have 

 been exhausted; and, if the guarantee capital shall 

 at any time be reduced, it shall be replaced from the 

 first accumulation of the reserve, or the directors 

 may at their discretion replace the whole or any part 

 of it by assessments upon the contingent funds in 

 the possession of the company at the time of said 

 reduction. 



Among the other acts was one authorizing 

 the city of Boston to issue bonds to the ex- 

 tent of $20,000,000, to aid the owners of 

 land in the burnt district to restore their 

 buildings within one year from the 1st of 

 January, 1873. The bonds run fifteen years, 

 and bear interest at the rate of 5 per cent, in 

 gold or six per cent, in currency. A bill was 

 also passed providing for a commission of 

 three civil engineers to be appointed by the 

 Governor, to report a comprehensive system 

 of drainage for the city of Boston and the 

 surrounding territory, within a radius of ten 

 miles, the expenses to be borne by the city. 

 A Merchants' Exchange, with a capital of 

 $2,000,000, to be located in the burnt district, 

 was incorporated, and the Old South Church 

 was authorized to lease its building to the 

 United States Post-Office Department, with 

 the consent of a majority of the pew-owners. 

 The extra session of the Legislature came to a 

 close on the 18th of December. 



"The World's Peace Jubilee and Interna- 

 tional Musical Festival " commenced in Bos- 

 ton on the 17th of June, and continued until 

 the 4th of July, under the direction of Pat- 

 rick S. Gilmore. It took place in a large 

 wooden building known as the " Coliseum," 

 located near the intersection of the Boston & 

 Albany and Boston & Providence Railroads. 

 The structure was 550 feet long and 350 feet 

 wide, erected without much pretence to or- 

 namentation. The interior was divided into 

 two sections, that occupied by the audience 

 being 300 feet long, and that devoted to the 

 chorus and orchestra being 240 feet of the 

 length of the building. The chorus consisted 

 of 20,000 voices, and the orchestra of 1,000 

 instruments. Besides these, several musical 

 organizations had been secured by Mr. Gil- 

 more from Europe, including the band of the 

 Grenadier Guards from London, the Kaiser 

 Franz Grenadier Regiment band from Berlin, 

 the Garde Republicaine band from Paris, and 

 the Emperor of Germany's Cornet Quartet. 

 Franz Abt, the eminent German composer, 

 was present, and conducted the performance 

 of several of his own songs, and Johana 

 Strauss, of Vienna, appeared each day and 

 led a select orchestra in the performance of 

 some of his own compositions. There were 

 other special features, and the whole made np 

 a musical festival on a scale hardly equalled in 

 modern times. 



According to the census of 1870, of the total 

 population (1,160,660), ten years old and over, 



