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

N npce N0nuPrteHs
Liat wesk We reierrA IN general terms 90
The loose unfounjed, but vifulent attack made
BY the Morehanis' Jounaai upon some Of tie In
suranoe Companies of tbs city. A that time
We did not deem tine matter OF sufficient mos
meot TO enter into detailed reply TO the char
ges made by the writer in the Journal We
did believe that every man fanihar With the
standing and character Of The offices attacked
would easily estimate the assertions Of the
Journal At their true value. However We
fnd that, net by reason Of the legitimate cirou
lation Of thu Merchants JourHal, but owing to
the malicious industry OF one particular Fire
Insurance Company, the number of the Journal
for October s9th, has been circulated among
the principal Insurance agents throughout the
county-marked for attention, and on this &C.
count several agents have written to the com
panies attacked Tor explanations.
1t does not eVinco much sagscity on the par;
Of those agents that they should take alarm at
the fagitious statements made by the Jourusi
Before an agent undertakes To act fer any
insurance company no should take the neccs-
sary precaution TO satisfy himself Of the sol-
venoy of the office and the chatacter OF its man
ayers, aud as far as New York Offices are con
cerned there is no difficulty in the way of oo-
tanning the most thorough information on those
points With that information in hand an
agent should be always prepared to defend his
! office from groundless aspefsions 1t s of vital
Importance to On sgent hat lie should be always
prepared to msinian the good iepute ofhis com
pany in his district. Assuredly by this time it
| ought TO be well known amongst agents that
| for the last seven years every insurance com
pany in New York reDdeTs sunually sworn
return ofits affairs in detail to the State Comp
troler, and that full abstract Of all those re-
turns is embodied in a special annual report Of
the Comptroller TO the Legislature, which is
printed for public circulNtiOn and widely dis
tributed. With a copy of that report at hand
an agent can within.ceItain limits always under.
stand the position OF his oflice-at least he can
always sufficiently comprehend its position to
enable him to disregard such hippanl assertions
as were hazar1cd by the reckless writer in the
Merchants Journal now under consideration
There is something supremely amusing in the
air OF authority with whcl the Merchants Jour
nal took upon itself to discourse Of insurance
companies II undertook TO tell the public
what Offices were responsible and what were
not, and out of the fire companies in the city
is selected just fourteen for its essay, aud added
in a Philadelphia company and on expiring
country Ofli;e 10 garnish the thesis. VI th'
fourteen city companies, the JOnrHal enumer
, Gted five as deserving of its stngulshed con-
sideration, namely the HOVE Howard, METRoP
oLrrAN, BowsRY. and FRENEN's FUNB. Let u
hope that these five companies fully appreciates
the valuo oi the influential endorsement OF th
Megehanta' Journal At best the journal !
: really nothing more than q sort of miscellaheOu
advertising paper designed for circulation grGti
5 among the hotels throughout the country; on
the idea OF setting it up as financial authorit
is funny
Having exhausted itself in praise of the fiv
companies obose named, il visited the remain
t ing nine city companies with its high disspprC
baton, namely; the KNIoKERBocKER FIRE Cos
= MoSwEALTH, CoNTINENTAL, WALL STREE-
= EVERETT, IRvINr, ARTlsASs, LAFAYETTE, an
i TRADEsMENs Now this is strange jumbl
d of Young and old, weak and strong and Of tn
!. very best, the very worst is said
:, Ii is charitable 90 suppose that the write
u was wholly ignorant Of his subject, and as Tech
i less as Ignorant; otherwise we should conclude
3 that he was actuated by personal motives Of th
a very worst description.
!. OF the KNIcRERBoCKER Fire, which is th
4 oldest company in New York, established
r. 1887, the Merchants journal wrote thus
"Kuickerbocker Fire Insurance asserts to hay
q capital of S2s0,000. Rather a questionRbl
!. concern, and one we could not conscientious
recommend 1t is waning in the three gree
essentials to safety, and is essentially third
rate office. We say this with all difference t
:. the COED opinion its offices entertain OF then
selves and the concern
rs 1t is rather a compliment to the KnickeIbocl
1f er that the man who had such a conscience, q
A. would permit him TO write and publish such
gross libel 'eOuld not conscientiouely recon
= mend the office The Knickerbocker was ol
ganized July 3, 1887; capital $3.50, ,OOO asle
e- per last report to Comptroller, S334 7s6 i
m cash received for premiums during the yei
1858, $50, 974 81; gross income, S72, $50 2
" losses paid for 1853, SI3, ,7s6 AZ; losses unpa
G. Eighty Five Dollars! dividends paid during Il
year, $42 954 40. See COmptrOliers Report f
N 1858, p. 30
Last week the Knickerboeker has made
semi annual dividend offs per cent, pay able
10 December; and the stock of the Company sci
= on the market, whenever it can be had, whic
n is very rarely, at l20 to I30 per cent.
ie This company confines its business prime
Sc pally TO New York city, and its management
i'll of strictly conservative character
t. No. 2 The COMMONWEALTH. Referring to th
le company, the Merchants Journal said:-
0, This company affects great respectabilit
er tohich is abOul all that can be said Of IL /
n stock is quoted at "a, which is all that it
4 worth. As to its officers, they seem more
,h tent in preserving their own dignity than doiT
le such business as will put the concern on
IL solid basis, and do something more than II
salaries TO its we'll tailored clerks. II aft
ty what we have said, our readers feel inclined
be insure in such an office, it is their busines al
not ours"
Now, that is about rs mik-and .wateTish
sort of eensure as could be written; not but III
it is Just "a malevOleAt as the writer could ma
n- IT,
de Although the Commonwealth is not amo
IL, the "go ahead companies, it has always ma
y tanned am unimpeachable character in all
tr nsaetons, and has done a careful payi
lg, business. The office was organized in 1883
MA a capital Of $3.50, 600; at the close of 1858
:. aggregate amount of assets specified in
w. return to the Comptroller, was $2S3,347,t
mt reoeips for premiums in 1855 S45,42 OIL; gr'
ial income, $63 9s: loss paid for arrears
~ 1857 and 1858, $40 072,2S; losses unpaid. bel
claims resisted So 900; dividends paid dur
''e the year, S25, zoe; being 10 per cent. premi
on the capital See COmptrollsr's Report
to "a ..a. Z.
The business of the Commonwealth is chi'
within the city and State Of New York Th
is no officer oi an Insurance Company IN N
len York more popular among his cOmpeeTs,
cry more general regarded with respect and este
TO that Joseph IIoxie, Esq. the President Of
md Commonwealth, genial kindly, hearty
l gentleman, without the least dash Of snobbi
md ness or pretentous dignity" about him.
rec How Mr. HOx could provoke the wrath
- the Merchants journal, OF any other jouma
me this city, is a surprise to as,
get 3lly.-The Wall Street Fire Insurance q
uid pany is denounced by the Merchants JourRal,
not cause 'its birth was baptsed in very bal CHI
dis pagne and good oysters" This looks like
un> opinion of the oyslerhouss critic so much Il
Pooned by the Herald
has Let US recommend the directors Of the
my Street the next time they bid the writer in
hat Journal 10 a banquet, that they will prov
lose for him special bottle OF Mpmn. That br