Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1861-02-05
from tho ,ev York IndependenN.1

ed above. J. C. g. KENNEDY,
Superintendent.
From tho ,ew York Indspendent.1
The Continental Insurance Company.
This Company is out with state
ment of its condition at the close of the
year, as usual, in which we see verifi
cation Of what We have on several oc-
casions predicted, namely: that its sys-
tenn Of doing business, judiciouslv ap-
piled, tends to stability and reliability by
law Is inevitable as the laws of CRAWL
tation.
Amid the chaos which has prevailed
in underwriting spheres, it is no small
credit TO the management of this Com.
pany and no uncomfortable proof OF the
inherent strength Of the participation
system" that it has steadily maintained
its steadtastness to usages which have
been, until quite recently, admitted by
all capable underwriters to be essential
to the security of insurer and insured,
and to tariff Of rates which was claim
ed by the same parties with equal una
nimity to be Indispensable to tho i,teg-
rity Of the business.
"Competition is the life OF business"
This is = maxim that We accept as one
Of the vital promoters of enterprise in
this country but that is a sad perver-
sion of the sentiment contained in the
maxim which inauguratcs mere sense
less opposition or rivalry, destitute of all
business calculation, aud which, as we
see, results in the death Of business, BY
the humiliation Of those institutions
against which it is aimed, or the ex-
haustion and ultimate suicide Of those
who adoptit
The Continental Insurance Company,
with unwavering faith 10 the principles
OF equity and security upon which it is
established, redoubIing its energies in the
course of its deliberate adoption, and free
from those hysterical fears which have
led other companies, during tho past
eighteen months, to surrender the princi-
pal safeguard of their business
erative rates-through fear ofbeing over
come by the enterprise or reckIessness Of
others in the business, has he'd steadily
on its way; discharging with promptness
its bonds Of indemnity in cases Of loss !;
adding to it's guarantee fund considerably
more than the ratio Of its increasing line
sfrisks and, after dividing to its custom
ers three-fourths Of al it, net profits, A.
tording to its stockholders . liberal COM
pensation for the use and exposure Of
their capital; and At the close of the year
1860, year Of unusual disaster by fire,
after having paid much larger amount
for losses than ever before during apv
one year, stands sound and firm and unim
paired in every item of ito organization
more popular than ever before, and more
deserving Of popular favor than ever be-
fore.
This 10 what We call an Insurance
Company. The statement of the Com.
pany which W publish below, will tell
it, own story. Several other Compa-
MES in this city have adopted the Con-
tnental system during the past two
years, and they need only to observe
ito indexible adherence to rules and rates
1--WE hope their own wisdom has already
led them to do this) to secure tho Con.
tinentsl's success.
Statement Of the position Of the Con-
tinental Insurance Company Of the city
Of New York, January l, 1861:
ASSETS.
Cash Observation-Disclosures. @25,5s5 81
Real Estate. ACKNOWLEDGEMENTS. 6O,750 90
Leans mortgages, 6rst lien on Real
Estate, worth over 81 ass, 050..... 641, 800 90
Loans ON stocks Of solvent institu.
tions, worth $2lS, 459 81, payable
on demand ................. 800 90
Stock and Bonds owned BY tho Com
pany. ................. .......... 1Os,25o 90
In. crest on loans due and unpaid
(since paid )..................... 9o,74s 81
Premiums due. Observation-Disclosures. S,847 20