August 27, 1908

FERNIE LOSES FIVE MILLIONS

Fernie, BC., Aug. 18 - The insurance adjusters for the several companies holding risks in Fernie have been busy and have encountered little trouble in arriving at settlements. Below is a list of the losses sustained by each company.

Lloyds leads the list with $235,000, and the Phoenix of London is a good second with a total of $136,000. The total loss of property in the district is over $5,000,000 and the insurance will cover less that 40 per cent of it.

Lloyds, $235,000; Phoenix of London, $136,000; London & Liverpool & Globe, $78,000; Royal, $77,000; Canadian, $57,000; Norwich Union, $55,000; British American, $55,000; Anglo-American, $51,000; Pacific Coast, $47,000; London Mutual, $45,000; Atlas, $43,000; Union, $39,000; Equity, $38,000; Northern, $35,000; Western, $33,000; Queen, $33,000; Caledonian, $28,000; Dominion, $27,000; Phoenix of Hartford, $27,000; Phoenix of Brooklyn, $26,000; Sovereign, $25,000; Globe, $25,000; Sun, $24,000; German-American, $19,000; Mercantile, $17,000; St. Paul F & M, $16,000; Manitoba, $16,000; Law Union, $15,000; New York Underwriters, $15,000; North American, $15,000; Western Canada, $15,000; Traders, $14,000; Richmond & Drummond, $13,000; Aetna, $12,000; Montreal, $10,000; Connecticut, $7,500; Colonial, $4,000; Rimouski, $3,000; Imperial Underwriters, $2,500; Nova Scotia, $2,000; Commercial Union, $2,000.

In addition to these amounts it is understood that the Canadian Pacific and Great Northern railway companies each carried insurance of about $200,000 on the properties which they lost.

FERNIE

(From the District Ledger)

At a meeting of the relief committee a resolution was passed appropriating $60,000.00 of the relief funds for building purposes. Fifty thousand dollars to be spent in buying lumber, and ten thousand dollars for building supplies, all material to be furnished those desiring same at cost price, the party receiving such assistance to have six years to repay without interest. Tenders will be called for, for supplying lumber and building material.

FERNIE'S DEBT

GO Buchanan, supervisor of the Dominion lead bounty, speaking at Rossland of the Fernie disaster, stated he had returned from East Kootenay, where he left PCT O'Hara, Dominion deputy minister of trade and commerce, who was in the city on August 5th with Mr. Buchanan visited the mines here, the smelter of the Consolidated company at Trail, the Blue Bell mine on Kootenay lake and the St. Eugene mine and concentrator at Moyie. Mr. O'Hara became an enthusiast in regard to mining before he left Moyie. From there he went to Fernie in order to see the scene of the great conflagration that swept over that city and vicinity. "The Blue Bell mine," said Mr. Buchanan, "is in splendid condition and is out-putting one hundred tons of raw ore a day and is getting good quality of lead concentrates by running it through its mill. There is a vast quantity of ore in the Blue Bell. It is low grade, to be sure, but it is one of the largest lead mines in the province, second only to the St. Eugene. It is owned by the Canadian Metals company, and SS Fowler, ME, is in charge of it."

Mr. Buchanan in speaking about the disaster experienced by Fernie said that he thought the government should come to the aid of that city by assuming its indebtedness. All of the resources of the city have been destroyed by fire, except the realty which it owns, and, as a consequence of this, it is without much credit with an indebtedness of about $50,000 against it. In order to provide itself with a fire department, city hall and other necessaries of a municipality, it must borrow money. Now the question naturally arises where can such capital be procured for a city already in debt, with many of its citizens in not the best financial condition? One way out of the difficulty which environs the municipality is for the provincial government to assume the present indebtedness. This would make a clean slate and what money is actually needed can be borrowed as the city's capacity in the way of meeting any obligations in the future is a sufficiently good risk to borrow enough money to put in on its feet again. Mr. Buchanan says he thinks the province would be justified, under the circumstances, in assuming Fernie's municipal obligations.


Photo Album relating to the Fernie fire.

Coal ButtonMining Towns