Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1863-04-07

COLUMBIAN MARINE Insurance Con-
PAEY.-Iu calling the attention of the public
TO the advertisement of this sterling Com
pany, the most satisfactory evidence we can
give Of its reliability is the fifth annual state
ment Of its affairs, as presented by the New
York Insurance Monitor of April l, 1863.
The Monitor says &c Comparing this with
its previous statements, we find that its busi-
ness has steadily and largely progressed.
On December 3lst, 1852, it had a grand total
amount Of premiums, 81, ,035, ,243 64. It's pre-
miums marked off as earned during the year,
amounted to $725, $685. from which, after
dedueting losses, re-insuranees, etc, the
Company reserved a net profit of 1929, ,769.
Out of this sum the Trustees have distributed
SI4l ,605.l3 among the stockholders and deal
ers of the Company, reserving the balance
Ss7 ,l64, to provide for the payment Of unad
justed claims, e.c. Still further, tho COlum-
bian has made a total cash dividend of IA l-6
per cent. on its cash capital, and has award
ed to dealers the cash dividend Of Is per cent.
return, as also 8 per cent. additional in scrip,
to be issued on the first of next June. The
total amount Of assets belonging to the Com
pany is 81 ,135, ,540. .35-aII of which is in
frst-class securities. 1t would seem that,
with this splendid total of assets, and this
shining record of success, the Columbian
might be well satisfied with its progress and
condition. Not so, however. Its directors
proceed upon ambitious principles, and
- think nothing done while aught remains
TO do" They recognize the progressive
spirit Of the age, and propose that their
Company shall take its stand among the
foremost corporations of the country. It's
capital is to be increased 10 81 ,00O, 600. That
this end will be accomplished is guaranteed
by the prosperous condition Of the Company.
Its shares sell readily in the market at
prices above par. Annually, during five
years past, since its organization, it has paid
stockholders an average dividend of II per
cent. As natural consequence, subseTip-
tions to its capital can easily be obtained.
One moral, SO TO speak, which We deduce
from the experience of the Columbian, is
that we need more marine insurance capital.
There are but thirteen Marine Companies in
the State, to one hundred Fire Companies
the former receive every year nearly double
| the amount Of premiums accumulated by the
latter. During last year, the Columbian act
ed on the cash accumulation principle in re-
! gard to profts-that is, dealers, instead Of
| taking the chance Of profits in reclaimabls
scrip, were allowed to elect, when insuringi
to take, at the end of the year, cash returns
in rates Of 20, 10 or 10 per cent, according tC
] the class Of business. This principle has
worked well with the Company, and its cner-
| getic and prudent officers may be eOngratu-
lated on their successful management. The
| Columbian is one of our soundest corpora
tiOns, and is destined to still greater emf
| nence.
d, % In contemplating its success, We are led
| to wonder that there is not still greater com
| petition in the business Of Marine Insurance
/ The interest which attaches to that branch oi
adventure is almost romantic, anu the chances
Of profit in its pursuit are perfectly valid
/ Moreover, the vast interest Of commerce
connecting this Republic with other natiOni
Of the earth, and insuring to the United
States place Of eminence and power among
those nstions-Would seem to invite the So
licitOus care Of patriotic and wise citizens >
Robert Hanna & Co., are the agents for tht
above Company in this city.