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men, in 18 companies. A fire-alarm tele-
graph will be operated in connection with
the fire department. All the apparatus
will be sent from New York as rapidly as
it can be finished. Dr. Morris N. Kohn,
of Hartford, will be the chief of the new
department.

—In the matter of the defunct Commer-
cial Ins. Co., of Chicago, the assignee has
been ordered by the court of bankruptcy
to adjust the claim of Upton, Boutelle &
Waterman, by allowing them to retain the
money paid them, in full of all services
and accounts.

— R J. Smith, secretary of the Traders'
Ins. Co., of Chicago, is mentioned as Mr.
TealPs successor as vice president of the
local board of underwriters.

—Mr. B. C. Dean, of Lowell, has been
appointed assistant commissioner of insur-
ance in Massachusetts.

— ^The Clayton Fire and Marine Ins. Co.
has completed its organization at Wilming-
ton, Del., with a cash capital of |100,000.



—We cheerfully give place to the follow-
ing from an esteemed correspondent. The
statement y^bs copied from the Chicago
Times, and assuming it to be correct our
comment was based thereon:

Chicago, April 2, 1875.
Editobs Chronicle:

The article in your number of March 18,
on page 170, in reference to the Chicago
board of underwriters and James Ayars,
Jr., is inaccurate in statement, and adapted
to leave a wrong impression. He did not
hold over from September in consequence
of the failure of Mr. Drake to qualify. The
error was in the paper from which you
copied.

The facts were, Mr. Ayars was appoint-
ed commissioner to serve from November
10, 1873, to November 10, 1874. On Oc-
tober 26, being 15 days before the close of
the year, the board resolved that for the
next year, commencing November 10, no
salary should be attached to the office.
They did not desire the services of Mr.
Ayars any longer. On October 29th Mr.
Drake was unanimously elected commis-
sioner in place of Mr. Ayars. Mr. D. was
ready and willing to qualify; the mayor,
the council and police commissioners were
officially notified of the act of the board;
it was the duty of the council to confirm.

It is for services as commissioner from
November 10, 1874, to some time in Feb-
ruary following that Mr. Ayars claims pay-
ment. The board, believing he had neith-
er a legal nor equitable claim, declined al-
lowing it. The legal question involved
will probably be decided by a court.

—The receivers of the bankrupt Boyls-
ton Fire and Marine Ins. Co., of Boston,
are paying a final dividend to creditors of
7 410 per cent.

— Citizens Ins. Co.— We are informed
that, in consequence of the unprecedented
success of this home institution, the direc-
tors have determined to extend all their
branches of business, viz., fire, life, acci-
dent and guarantee throughout the do-
minion, and to increase the capital to $2,-
000,000, ten per cent cash paid up— a cer-
tain amount of new stock being allotted to
each province. We are glad of this, for
the extending of the guarantee branch
alone will be a great boon to the commer-
cial community, inasmuch as the amount
paid for a security bond is allowed in pay-
ment of the premium on a life policy — ac-
tually making each person his own surety.
They have also decided to legally separate
the life funds from the other funds of the
company, although they have always been
kept quite distinct by the company.

We have no doubt that a large amount
of stock will be taken up in the maritime
provinces, for its past record, under the-
management of Mr. Edward Stark, is a
guarantee of what it can do in the future.
This company is not altogether foreign to
us, for during the last nine months no less
than from $400,000 to $500,000 in accident
policies have been issued by them through
their maritime provincial agencies. We



predict for this Canadian company un-
bounded popularity.- i/ar. Trade Review
{St. John, N, B.)

—During the year 1874 the fire insurance

business of Wisconsin was done by 103

companies as follows:

Risks Prems. Losses

Written. Bocdved. Incurred.
Joint-stock cos.

of Wisconsin. $17,918,006 $360,186 $105,4i»
Hntaal Cos. of

Wisconsin ... 28,282,467 450,557 278,241
Companies of

otlier states... 96.406,080 1,872.260 682,885

Foreign Cos.... 12,855,488 187,088 43.004

Totals $155,462,036 $2,270,086 $1,009,572

— A quarterly dividend of three per cent
has been declared by the Orient Fire Ins.
Co., of Hartford. By careful manage-
ment and close watchfulness of the risks
of this company, the officers were late-
ly able to increase the capital from earn-
ings, and still maintain a surplus.

— Hartford is rapidly acquiring a repu
tation in the matter of destructive fires,
which, judging from recent results, will
soon gain a distinction for the fair city
only equalled in extent by that which its
spirited and enterprising citizens have al-
ready achieved for it in the insurance
world. This time it is not in the **dry
goods quarter," nor ** a church," but the
Churchman building, the upper story of
which was completely burned out on
Thursday last, involving a loss of from
$50,000 to $60,000, with an insurance of
$48,500 in the following companies:

Home, of New York, bulldhig $7,500

Home, of New York, stock 2,500

NaUonal, buUdlng 6,0C0

^tna, building. 10,000

^tna. stock 2,000

Phoenix, machinery 5,000

Phceniz, stock and fixtores of composing

room 2,600

Hartford, machinery 2,500

Hartford, type 2,600

Atlas, machinery 2,600

Allotype 2,500

Shoe and Leather, of Boston 4,000

Total $48,600

—The annual meeting of the Chicago
board of lake underwriters was held March
29th, at the office of the secretary. No. 108
LaSalle street. There was a full attend-
ance of members of the association. Mr.
H. S. Tiflfany presided, in the absence of
the president, and Mr. James B. Kellogg
officiated as secretary. The first business
,in order was the election of officers for the
ensuing year, which resulted as foUows:
President, R. J. Smith, of the Traders';
vice-president, H. S. Tiffany; secretary
and treasurer, James B. Kellogg; execu-
tive committee, J. B. Hall, T. G. Crosby,
and I. J. Lewis. The board then proceed-
ed to consider some proposed amendments
to the by-laws relative to the rules, regula-
tions and tariffs, and their enforcement
among members of the board. The amend*
ments were adopted. Mr. Wm. Levering,
the secretary of the International board,
was present in his official capacity, and
held a conversational discussion with the
members of the board in regard to the
questions of interest to the organization.

—One of the successful contestants in a
Milwaukee spelling match, recently, was
Frank H. Whipp, secretary of the North-
western Fire and Marine Ins. Co. t
Digitized by VnVjOQlC



THE CHROKICLE.



217



—Mr. Wm. R Kerr, fonnerly secretary
of the St Joseph Fire and Marine Ins. Co.,
of Missoari, and latterly of the firm of
Peck and Eerr this city, has accepted the
position of general western manager of the
Scottish Ck>mmercial Ins. Co. His territo-
ry will embrace the states of Ohio, Indiana,
Eentncky, Illinois, Michigan, Wisconsin,
Iowa, Minnesota, Missoori, Kansas, Ne-
braska and Territories, with headquarters
at 8t Looia. Mr. Kerr retains his connec-
tion with his firm. The company will be
placed in the hands of agents at varions
points where it has not heretofore been
represented.

~Mr. James M. Brawner died at his
residence in St Louis, on the 29th ult.
Since 18^, Mr. Brawner was the general
agent of the Equitable Life Assurance So-
ciety, and had been at the time of his death
longer in the service of the society than
any other agent He has long ranked
among the ablest and most successful so-
licitors in this country, and as a man, won
for himself many friends outside his pro-
fession as well as in it He leaves a widow
and two children.

—At the fire last week in the Church-
man building, Hartford, Mr. Hayden, the
pablisher of the Insurance Journal^ met
with a loss of some hundreds of dollars in
the damage by water of several hundred
copies of a book published by him some-
thing over two years since; a volume of
essays by the rector of Christ church, New
York, with the tiUe of ** Copy.** No in-
sorance.

— Wm. Muir, formerly special agent of
the Germania Fire Ins. Co., and secretary
of the Pennsylvania state board, has been
appohited special agent for the National
board in Pennsylvania. His address is
Harrisburg.

—Mr. Webster, formerly president of
the Orient Fire Ins. Co., of Hartford, is
now in the employ of the National board
in New England, and is specially engaged
in rating.

—Mr. Charles A. Hopkins, for several
years cashier of the Mutual Life Ins. Co.,
of New York, has resigned that position
and accepted the general agency of the
company for Rhode Island. Mr. Hopkins
has the wishes of his old associates and
friends for success in his new field of op-
erations.

—Mr. E. E. Ryan, an old-time, most
reputable and active insurance agent of
Chicago, has gone to Havana to spend a
few months in hopes to improve his health,
which is much impaired. He is an old
friend of ours, and we sincerely hope he
will letnm fully restored in health to re-
same his active life.

— E. Duncan Sniffen, agent in New York
for the Clay Fire and Marine Ins. Co., of
Kentucky, has resigned the agency of that
company. He controls a good line of
business which he can place with any other
company he may represent

—Wisconsin has passed a law similar to
the New York reserve surplus law.



— It is proper that the Itmtrance and
Beal Edate Journal should have the benefit
of its explanation of the omission of the
Travelers' Ins. Co. from its chart. It says
its chart is confined to the life insurance
statistics of the year, and the Travelers,
being an accident company, its statistics
were inadmissible. This explanation is
neither ingenious nor ingenuous. Correct-
ness is the first thing to be aimed at in a
statistical publication, and the omission of
a company wh'ch wrote nearly 3,000 poli-
cies last year does not tend to give one
confidence in the figures of this chart Be-
sides, such an omission is certain to mis-
lead any one trusting to it It was only in
looking for the reason of the decline from
last year's business that we made the dis-
covery of its omission, and our excellent
contemporary, the American Exchange and
Bei^iew, has commented upon this chart
and the changes as though it were a cor-
rect statement of the transactions of com-
panies doing business in New York. It is
not, as that journal seems to suppose, an
offence against the Travelers, but an offence
against the business, that it has committed,
in publishing a chart which is confessedly
unreliable. And now that we are upon the
subject, we may as well state that the Sla-
tors' fire insurance charts are equally unre-
liable. As to the omission of a portion of
the name of the paper, which we spoke of
as the Real Estate Journal^ we are ready to
apologize, though the publishers of the
chart in question should have been thank-
ful to a critic who omitted to state that it
was an insurance journal.

— One does not have to go to life insur-
ance to find evidences of carelessness, or
worse, in making applications for insur-
ance. The Boston BuUetin says:

In a shop in Carlisle, Iiaving a credit for a eteam
pnmp, it was discovered by an inquisitive special,
after the policies were written, that this important
mechanism lay in the cellar unattached, and not
within 800 feet of steam or water connections. In
the case of a shoe shop down the Cape, which for
two years lias been rated with pnmp and stand
pipes, they were recently learned to apply to the
boiler pomp and the steam pipes carrying heat up
the building. A small lumber mill in New Hamp-
shire rated low on account of " the boiler and en-
gine being outside and unattached to the building.**
On examination, after the risk had been carried four
months, there was found to be a portable boiler and
engine mounted on a truck standing with the smoke-
stack within five feet of a window, and running the
saws inside by a band wheel at the end of a shaft
sticldng throngh the building to the engine. The
fuel was wood. This engine and boiler did handy
service for a grist mill near by, and also went into
the woods for felling trees. This mill had credit for
two reservoirs, which were four hogsheads sunk two
on top of the other, at two comers of the building
to catch the rains dropping from the roof.

— The following are the latest quotations

of New Orleans insurance stocks:

Crescent Mutual 63.00^ 63.S0

Commercial [email protected] 66.00

Delta [email protected]

Factors* and Traders* 81.00(^

Germania. (g^

HJbernU 82.00® 88.00

Home a3.00(&

Hope 29.00^ 29.60

Merchants* Mutual 52.00^

Mechanics* and Traders* 65.00(^

New Orleans Mutual 11.00(^ 12.00

Orleans Ins. Co 27.00® 28.00

SunMntual easo® 69.00

Union 81.50® 82.00



— Buffalo was visited on Saturday last by
a destructive conflagration, involving a to-
tal loss of $220,000, with an aggregate in-
surance of $140,000. The extensive print-
ing and lithographing establishment of
White & Brayley was completely de-
stroyed; the proprietors estimating their
loss at $145,000, with an insurance thereon
of $84,500, in the following companies:

Hartford, Hartford $4,600

New Hampshire, Manchester 2.500

First National, Worcester 2,600

British American, Toronto 2,500

Standard, New Jersey 1,000

Star, New York 2,500

Pennsylvania Fire 6,000

Hoffman, New York- 2,600

British American, Toronto 1,600

Ins. Co. of North America. 3,000

Scottish Commercial 2,000

Oswego and Onondaga 2,500

St. Nicholas, New York 2,600

St. Paul Fire and Marine 2,500

Home, Columbus 2,500

People*s, Trenton, N. J 2,000

Bangor, Bangor, Me i,500

PeopJe*s, Memphis 1,500

Lancaster Ins. Co 2,500

Glrard, Philadelphia 2,500

Armenia, Pittsburgh 2,500

AUemannia, Pittsburgh 2,600

Fireman's Fund, San Francisco 2,500

Liverpool and Loudon and Globe 6,500

Connecticut, Hartford 2,500

Atlantic, Providence 8,000

Meriden Fire i,ooo

^tna, Hartford 6,000

Providence Washington . 2,500

American Central, St. Louis 2,500

Fairfield Ins. Co 2,600

New York Central, Union Springs 2,000

Edward J. Chester, foreman of Liberty

Hose Co. No. 1, lost his life during the

fire.

—Referring to local insurance slocks,
the Hartford Oourant says:

The stocks of all the fire companies have been in
fair demand, but the supply on the market has re-
stricted sales. The iEtna, Phoenix and Orient have
each made their quarterly dividends, and are now
quoted ex. Travelers is firm and steady; we note
sales at 169, and of Hartford Trust at 105^. The
Connecticut General Life has made its usual semi-
annual dividend of four per cent., and not 3^ as the
news columns have given it

The following are the latest quotations:

FIRB INSURANCB. ^

Bid. Asked. Sales,

♦^tna 196

Hariford 198

♦Phoenix 190 190

National 139 144

•Orient 124 127

Connecticut Fhre 118 122

Atlas 98 lOOitf 90

LIFE INSURANCE.

iBtna Life 490

Travelers Accident 169 170 169

Hartford Accident 101

Hartford Life and Annuity. 68 72

Continental 100

•ConnecUcut General 90 98

♦Bx-dividend.

— A big bonanza has Just been struck by
Mr. Langwith, one of our energetic life
solicitors, having placed an additional
$55,000 insurance, making $100,000, on the
life of Mr. Lawson Valentine, varnish man-
ufacturer of this city.

— The 169 companies doing business in
the city of Boston during the six months
ending December 31, 1874, received pre-
miums amounting in the aggregate to $1,-
705,812.70.

—It is stated that President Oakley, of
the National board, intends visiting Europe
in the spring.

— Another fire insurance company has
been started in Boston, to be known as the
Revere, with Mr. Joseph Wellman as pres-
ident. Its capital, $200,000, has all been
subscribed. f^ r^^-^r-^J,^

Digitized by VnOOQlC



218



THE CHRONICLE.



— The prominent insurance firm of
Smith f Davis & Clark have issued a pro-
nunciamento, appearing elsewhere in our
columns, which directly addresses itself to
the interests of our citizens having proper-
ty to insure. It announces that the firm
have withdrawn from the Buffalo board of
fire underwriters, and being free from all
restrictions, will hereafter use their own
judgment in fixing rates and transacting
business between the public and them-
selves. The result cannot fail of being ad-
vantageous to insurers in a marked degree.
The firm have the agency for 10 of the
most noted and reliable companies, and
their patronage is deservedly very exten-
sive. They are energetic, far sighted busi-
ness men, well aware of the importance of
their undertaking, and the public will
doubtless show a grateful appreciation for
their independent action in separating
from the combination by which high pre-
miums have been so long maintained. —
Buffalo Courier.

— There is a lively little scrimmage just
now going on in Chicago, Mr. George A.
Shufeldt, Jr., insisting that the Protection
Life is an ** unmitigated fraud," and the
Protection asserting, with as positive a
tone, that Mr. Shufeldt is an * impecunious
shyster, " and a * 'blackmailer. " It looks as
though both parties were astonishing them-
selves, and the world that listens to them,
by telling the truth. So far the evidence
is about evenly divided. There is a dispo-
sition among those who know the Protec-
tion to believe Mr. Shufeldt; but we are
not informed as to what Mr. S.'s acquain-
tances think of the charges of the Protec-
tion. We shall watch this little fight with
interest, and record its result with satisfac-
tion, however it may terminate.

— The San Francisco insurance men are
moving quietly and quickly in the estab-
lishment of their fire-patrol. The mana-
gers have leased for a period of eight years,
at a monthly rental of |250, the building
on Stevenson street, adjoining the lot at
the intersection of that street and Ecker
street The building is a two-story brick,
with a frontage of 80 feet, and the lower
story is to be prepared for trucks and
ampler fire apparatus, and the second one
for sleeping rooms. It will be completed
in a fortnight, and the patrol will be pat in
operation immediately thereafter. There
are several applicants for the position of
superintendent

— Through close application to the du-
ties of his office, the health of Mr. H. Ste-
vens, secretary of the Charter Oak Life,
has been impaired and necessitates a vaca-
tion, which has been cheerfully pressed on
him by the directors. Mr. S. will take a
trip to Bermuda accompanied by his wife,
and will be absent about a month. We
wish him bon toyage^ and safe return with
restored health.

— A certificate of incorporation of the
International Ins. Co., of Washington, has
been filed in the office of the recorder of
deeds, with the following incorporators:—



P. S. Cowen, D. C. Needham, L. A. Har-
vey, T. H. Perrel, P. Sprague, D. Carios,
E. J. Ferris and A. S. Townsend. The
capital is to be $150,000.

— It appears that while we were denoun-
cing in New York the act to incorporate
local boards and maintain a fire-patrol, the
same act, substantially, was passed in the
state of Alabama, and approved February
19th. This Alabama law gives, as the pro-
posed New York law did, the power to
agents to tax companies two per cent of
their premiums to maintain the organiza-
tion. There are two or three ways of
meeting this, and it may safely be assumed
that one of them will be adopted. When
the insurance companies of this country
desire to maintain a fire-patrol in any city,
they will probably do so by voluntary con-
tributions, and not by allowing their own
agents to impose a tax on them for the
purpose. But it will soon become a ques-
tion, at the present rate, whether the com-
panies are the agents of their agents, or
the agents the agents of their companies.

— The Chicago Times is authority for the
statement that the rates of insurance have
been reduced in that city by the local
board, and that the new tarifif will go into
effect as soon as it can be printed. In the
absence of any definite intelligence, we
cannot say whether this is true, and, if
true, whether it is due to the beneficial
effects of BQhedule rating. It certainly
cannot be based on the profits of Illinois
business in J874, as the profits in that state,
by the auditor^s report, were considerably
less than one per cent of the premiums,
being about $90,000 on $12,000,000 of pre-
mium receipts.

— At a meeting of business men, of Rich-
mond, Ya., held at the office of P. J.
Wright, Dr. W. P. Palmer in the chair,
and Edward McCarty acting secretary, a
new insurance company was organized un-
der the name of the ** Commercial Fire
Ins. Co. of Richmond,'* and directors
elected. The meeting then adjourned, and
the directory being called together, elected
Mr. Samuel M. PuUiam president, and ap-
pointed a committee to procure a charter,
draft by-laws and secure an office. The
capital stock of the new company will be
$200,000. Mr. Pulliam, the president, has
long been known as an insurance man from
his connection with the old Mutual Assur-
ance Co., while the directory are all men
of influence.

— A bill calculated to add to the market
value of insurance stock is now before the
Massachusetts legislature, by which a ten
per cent, yearly dividend can be assured
to all stockholders, by making up to the
stockholders dividends passed from the
large surpluses of the past year. This is
fair. If the state is to inscribe a maximum
dividend, why should it not offer some op-
portunity to the stockholders forgetting it.

—The Ohio general assembly adjourned
on the 30th ult, after passing 146 acts, not
one of which, we believe, related to insur-
ance.



- C. D. Hooker, whose name has long been before
the pnblic in connection with divers insnrance com-
panies which unfortunately went the way of all the
earth, has given np the Insurance business entirely
and become a granger.— 7n«. HeraHd.

Is it certain that Mr. Hooker has changed
his occupation. Several bills have been
introduced in different legislatures incor-
porating granger insurance companies.
Perhaps Mr. Hooker has simply trans-
ferred his talents to fresh fields and pas-
tures new.

— The agency of the Springfield Fire
and Marine Ins. Co. at Leavenworth, Kan-
sas, has been taken from A. A. Mosher
and given to Nellis & Weed. Mr. Moeber
has gone into the non -board business, and
gives notice that he is going for Nellis &
Weed, by advertising that he will write
policies for parties insured with them at
the lowest rates, and deduct his commis-
sion. He is a good man to look out for,
and the companies he represents will need
looking into.

—The legislature of Massachusetts has
passed a law to permit the Lycoming Fire
Ins. Co. to do business in that common-
wealth. That is not the title of the act,
though it is its effect, and Massachusetts
might have many a worse company in her
borders,

— Is Massachusetts trying to extend its
jurisdiction ? The following act has passed
the legislature:

8bc. 1. Mutual Are insurance companies created
under the laws of this state may issue policies on
any property included in the terms of their charter,
situated in the New England Stotes« New York, Pen-
sylvania and New Jersey.

WonH the states in question have some-
thing to say about that?

—In the South Carolina legislature,
which adjourned on the 26th ult, an act
was passed to protect the rights of married
women and children under policies of life
insurance taken out for their benefit; also,
an act repealing the law requiring depositB
from insurance companies doing business
in the state.

— Franklin Hathewayhas been elected
secretary of the Mercantile Ins. Co., of
Chicago, in place of W. S. Babcock, re-
signed.



■'Anuuless.



i^ rtBji»ti\



InsuranccAgents.



CEstobliahed 1864.)
404 ITalnnt St., PliUadelpbla, Pa.

WHITCOHB ft FITLLEB,

(W. H. S.) (■. A.)

P. O. Box 78.

BnrllnstoB, Tf.

IPIRB3. LIB^K ANT> MLA^RH^TB

s^fliai^^i^ ABBOTS.



THE CHEONICLE.



219



Un IGEHTS


MAKING




A Purely Mutnal Company,
having the advantage of
High Rates of Interest, by
virtae of Its location.




LIFE BUSINESS




A Low Bate of Mortality,




ind Low Working Bxpen-
061 combined, render this
Company a fayorlte with
Inmrera.




TH£IR



Online LibraryCosta RicaThe Chronicle: a weekly journal, devoted to the interests of ..., Volume 15 → online text (page 51 of 100)