Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1859-12-08


70 the ofacc. Thus ne Merchsnts' Journal
now enyf. "Nothin1 gives ne moro pleasure
than 10 ropair on injury" Mhat high es /
innate Of felicity The Journal must have. ID /
would seem that the Journal stops at no amount
Of Misrepresentation IN the FRS. instance ia |
order TO provide the exquisite delight Of repair |
ing the injury afterwards Well the Journal |
now goes on TO say
I 'In a former number of this journal we made |
some remarks on the character and standing Of
the Continental Insurance Company, These |
remarks wero called 10Th by reIorls We then |
placed implicit confidence 10, but which we are
nov fully satisfied had theirorisin in prejudiee.1
There is no disputng the prejudice" Fin
ally the Journal now says Of the Continental
"By the company's exhibit, it is shown that
the success Of the enterPtze since It's establish
ment has been much greater than that Of any
other office doing business on a similar amount
Of capital, which important TACT is endorsed by
the published report Of the comptroller Of the
State. Its premiCms have steadily advanced
from $4,000 in the first year its existence to
s250,00O, the gross premiums oi i,s last fiscal
year. IL is also shown that its expenses have
been less in proportion TO the amount Of busi-
nees it did than any other office in the State,
Especially was this 30 during the past year, as
is shown by the comptroller's report, before ro-
lerred to-"
Then the journal goes on to enumerate from
the Comptroller's reports and subsequent state.
ments the 100000 assets Of the Continental,
and says that 1T is shown that the company has
paid its losses with great promtHude, that be.
ing regarded as one Of the best means Of sue
cess, and that" Its net earned surplus is arg
er than that Of any other company doing busi.
ness in New York, and shows it to be sound
and reliable beyond doubt" -..
Can the force Of rtcantation farther 90 Let
the men interested in the question look upon the
, first picture and on the last aud consider wheth-
er the Merchants Journal is a credible witness
ag, inst any insurance company. IL must be
recollected that the admissions and apologies
! in regard to the Continental were sXfored upon
PLAIN exhibition the facts, which facts could
3 have been just easily referred to before the
} false charges were made by the Journal
The fret class position and character Of the
Continental is patent to every well informed
man in the community. .
= After the Continental the next responsible
, Office attacked by the Merchant Journal, was
: the IRyIao, in this bald manner:
q "IRvING FIRR Insurance CoNPANY-lt Ii would
q be entirely safe TO wait until this concern, with
g lis molly string of doubtful directors, shows a
better hand than it has yev doGo. A long list
+. Of directors is all very well. but sound securi-
ties good business talent, and prosperous busi-
IS ness are the means whereby puDllc confidence
d and success are attained"
e For reply to this We shall say, that this is the
is frat timewe have ever found the character of
Is the Irving challenged 10 any manner The Of.
is ice was organized in 1852, ON u capital of
d $500, 600 At the close of 1858, the assets
y stood at S242;733 9li premiums received in
1858, S64 639 49, gross income, Ss0,509 80;
e losses paid for 1867, (arresrs) ST3l3, 3,and for
4. 1858, S26, l43 l0 dividends for 1858, S2s 900,
o being Ia per cent. per snnum on the capital.
4 About two-thirds of the Irving's premium
T, was taken ia the city and State of New York
d and the losses remaining closing the
le statement amounted to only S7,5O4 5S: o
,e which SO 3l5 90 was resisted. See Lomptroll-
er's Report, p sc.
sr The character of the Irving is above reproach
k and the attack is entitled to more credit than
8 that made on the Knickerbocker, Common.
le weulth and Continental.
Next, the ARTIzANs INSURANCE. CoNPANI
le comes in for blow, and here also the furniture
in and apparel is vexatious TO the Journal, a.
thus:-
ge THE ARTIzAN'e.-- is rather flashy con-
le ceTn, started few months ago for the bsneft o
" lew gentlemen who were out of business
at 1t makes gorgeous display of office furniture
i. such as mahogany desks and well veneerct
TO clerks and secretaries. We have very litt'
a. confidence either in the responsibility of tn,
concern or ability of its ability Of its managers
k notwithstanding they have several times beer
Is Quilted by condescending editors"
a TIE Artisans is new office established il
n 1868 on a capital of Sl50,000, which, it ha
r been well understood in the street, all pa'
ts up squarely in cash and the Office was ataIte,
o; in the most bona fde manner, and is in tn
ar hands of thoroughly respectable men. The at
81 tack on this office was ungenerous as we'll a
i'd unjust.
he 1t is comparatively easy to dsparage younI
or oilicei however, the standing end character o
the men interested in t he AriitdR'S will success
a fully repel the insinuations Of the Merchant
in Journals.
lis LAFAYETTE INSURANCE Oo.--Ths Ccmpan
ch came in for one of the last kicks Of the JonrRa
as follows:
y "THE LAFAYETrE-We have recently see
10 to what miserable shifts this week concer
ia would resort to avoid paying its losses II
49, Just now troubled with a sudden changing G
:, directors which is not the best Of symptoms =
\, In fine, the concern manIests weakness an
70 insecurity, and may De claased in the categC
in, ry of highly doubtful"
no Thus the Lafayette is charged with veal
, n ness, with avoiding payment of losses, an
av with changing directors" The last is the onI
az one of these accusations in which there is
to scintilla of truth. 1t is fact that the ofiC
md has lately chlnged its president and secretai
and one OF two directors at the last elee ion.-
both the former president and secretary ha
nat to resign in order to accept other more protit
Ike bic employments, the president an lmporial
situation of trust in Brooklyn aud the secretal
,np TO go into partnership with his uncle in
i'm. weslthy commercial establishment Both of
its ces have been well filled up,and the Lafa,
ipg cite is not q weak concern and has not ayoi'
on ed any just Lost.
the This office was organized in Brooklyn in lsI
the on a capital Of $3.50 900 and has maintained
AZ. very excellent character from the hegnnin
oss At the close Of 1858 the assets were lsSO42
ri premiums received, $40, $40. 10; income, S54
ina 702 "a. Losses paid for arrears OF lS5
inS 81 $50, and for 1853, 266 3d. dividends, SlI
um 500; [see comptrolers report, page 9s ] Mo
n than three-fourths of the premiums was TAXI
in the city and state Of New Yoik, which shoV
eay the good repute of the company at home.
lere As o losses, the Lafayette carried but tw
few at the time the "Merchanl's Journal" made
or attack, and one of those was disputed and q
sem other admitted, and the money ready to pay
the when the amount was adjusted This last W
old 81 900 to Seth Adams, in Boston, on vel
lsh- recent fire; the other is about $4,000 a ri
in the West, in which the Washington HI
Of and the Exchange are also interested, and 4
/ in loss is resisted by those two offices well
by the Lafayette on the ground Of very frau
ON. ulent misrepresentation The premiums
be, ken by the Lafayette within ;he past L
am months of this year exceed the premiums
AZ. ,ha vyhols veyr of 1919 heing Sdi O0O and n