Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1859-02-10


The Courant OF the Sd quotes the stock Of
the Hartford Fire Insurance Company at l62
to 1853, the .Etna at 2l0 to els. the Phoenix at
2lO to 2l3, Connecticut at liz to lis, City at
1I9 to I22, Charter Oak at ll3 to III, Aer-
chants ITO to liz, North American ia to ll6;
and New England at 1O3 to los. The annual
statements of the companies issued to stock
holders bear evident marks of increased success
the past year, and continued advance in the
stock of every Company is noted. Increase OF
companies is going on, and the Hartford COM
munity has been canvassed for two more since
the year came in, and the Courant predicts that
the tendency of tie increase will be to reduce
rates to point below remunerative. 1t states
that the success of the older insurance comPa-
nies has been mainly since 1854, and gives the
following interesting sketch of the Etna as il
lustrativ, ofthe past and present with Hartford
Fire Insurance Companies
The Etna Company has now been doing a
business just about forty years. Its cash divi-
dend rarely exceeded one or two per cent premi-
um till 1927, when the great fire at Mobile did
its work. For several years large amounts OF
the stock was even given away. Webelieve no
owners ever paid buyers anything to take
it. It's first cash dividend of IS per share
was not till June, 1885. Here it was suppos-
ed by the stockholders that the climax of won.
der and surprise had been reached. A few
prosperous years succeeded, ,one quite so. From
| ls49 to 1852 all the dividends we believe were
passed and the stock fell to so. Premiums which
had for long time been reducing sank to a low
point. No system of classifying risks was then
gone into and a building was building no
matter how occupied, and at no previous history
did more gloom hang over Insurance property
than at this period of time.
The great fires at Montreal, st. Louis, Water
town, DC, followed each other in rapid success
sion, so as to make conversation on the subject
very anxious in tone. The eorporators had ex-
tended their credit to their utmost limits. Di-
rectors took hold and gave their names freely.
Added to all, the Protection Company, though
of good age, had never been marked with any
great degree of prosperity; about this time it
began to show evident and unmistskable signs
that its days were numbered. Frequent meet
ings of its directors, who deserved better fate,
were held, but they saw no signs of returning
prosperity. Paying largely in extra intest, dis
appointed in the integrity of confidential agents,
they became worn out and disheartened, and at
meeting held on the..afternoon of September
4th, 1854, it was resolved to make an assign
ment, which was done. Confidence in those
companies left, was gently shaken abroad
Quick as thought, upon the heels of this failure
one of the companies issued circular to its
agents. We never have seen so excellent a
document, alike brief, to the subject, and point
ed. This circular did its work upon the ques-
tion of rates; not only for the Office Immediately
affected, but to many others. From that very
day onwsrd, most FIRE offices have been pros.
porous to our unusual degree.