The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1864-09-16
The Continental Insurance Company.

We publish in this issue Of our paper, the .
Semi-Annual Statement of the Continental In
surance Company of New York. The system
Oh winch this Company is based, differs from
most others in that it contains the advantages
o' tne pest stock companies with those of the
pest mutual. Promptness in the payment of
I'LL losses, sure guarantee against the assess.
menus which are naturally so much dreaded by
persons having property to insure, and the
leaving, by its system of dividing the profits
with the insured, in the localities where the
property is the principal part of all amounts
received by the company for premiums, are
distinguishing features. The Continental ia.
therefore, not liable to the objections Which
are valid as against other companies located
without the State, since it does in fact possess
the advantages of a home mutual company.
1t will appear by reference to the state
ment, that the business of the Company has
rapidly increased since the participation"
system was adopted, and that the assets have
now reached the large sum Of 81 ,sss, 21O16.
After careful examination of the statement
and of the Company's plan of doing business
and making its investments, we are well salts
fed that the Continental is one of, if not the
safest and best companies In which to insure.
In connection with the advertisement re-
ferred to, we notice the name of our most
worthy citizen, Parker Paine, as General Agent
for said Company for the State of Minnesota.
Mr.. Paine is one of the strong men of Saint
Paul, is well and favorably known throughout
the State as successful banker and very
careful business man. We congratulate the
Company on its good luck in obtaining the
services of Mr.. Paine as the General Agent as
also Mr.. Paine in obtaining the agency of so
good Company as the figures in the adver-
tisement referred to show the Continental, of
New York. to be, which is really second to no
Insurance Company in the Union. The Con-
tinental has formerly been represented in Saint
Paul by Hon. John s. Prince, for the last
eight or ten years. Mr.. Paine informs us that
he has resigned his position as Director of the
Madison Mutual Insurance Company, of Mad
ison, Wis, position he was elected to by said
Madison Mutual Insurance Company last Jan
uary.
We copy the following and give the au-
thority:
The Wisconsin State Journal of July 2sth,
says:
If we recollect right, it is promised that the
scrip should be redeemed within ten years of
its issue, and it would seem that point has
been reached in five years, one half the time,
much to the credit of the officers who have so
ably managed the business of the Company.
We shall with the greatest confidence present
O11rC or no hot hon I,,o
this time, and as ever hold the remainder, con-
fidently expecting to receive our annual inter-
ests in cash, and the final redemption of every
dollars worth of all waste and future issues of
this Company at par.
The New York Independent of July 21st
says:
The largest exponent of the participation
plan is certainly the Continental, and we have
reason to believe that the example and vigor.
Gus practice of this company led many of the
other offices to adopt the system.
This company can now rely upon one argu-
ment, at least, which is generally indisputable
-success-yes, success the most complete and
unquestionable. When the Continental started
on this line, it fixed the limit of the scrip accu-
mutation, to be reached before any of the scrip
should be redeemed, at half million dollars
Now that amount has been reached, and the
company commences to redeem its scrip issues
in cash at par. This is tangible. All through
the Continental has paid the regular 6per cent.
per annum interest on its scrip, making it
good and desirable investment all along; be-
sides liberal stock dividends have been made
without single intermission.
Manitestly there is great future for this
system, and the Continental, las one Gifts ablest,
most conscientious, and successful opponents,
will claim and secure formost position.
The August number of the Wisconsin Farmer
has the following article pertinent to the sub
ject:
This faithful redemption of pledges is of
great interest, for two important reasons:
First, it is evidence indisputable of the rapid
growth of the cOmpany's business and sec
Ondly, it demonstrates, what is not 80 true of
some other companies pretending to do BUSH
ness on the same system, that the Continental
is q bona ide participating company-honest-
ly conducting its business, on the participate
ing plan and making it o point to reach, at the
earliest practical moment, that maximum
amount of scrip named in the charter beyond
which the Company may not legally 20 with
out commencing the work of redemption.
There are twelve companies in New York
doing business on the plan of the Continental
and several of them are recognized as having
been remarkably successful; and yet the most
fourishing of the remaining eleven although
it has been doing business nearly as long as the
Continental has accumulated less than one
hundred thousand dollars of the half million
fixed by its charter as the maximum, on the
attainment of which it will be obliged to be-
gin its redemption of scrip in cash.
These statistics further illustrate the careful
ness and economy with which the business of
the Continental is done, by showing that while
there are several Companies whose capital
equals, and one whose capital and assets largely
exceed those of this Company, there is but one
whose net surplus, after providing for H6erall-
ties and reinsurance, is one quarter as great.
That Company claims SO, 2S6, 270 total assets,
to 81, 345, $50 for the Continental; and yet its
net surplus, as above recited, is only $69S, 49,,
to $547,752 for the Continental. Inc Cont
the most ABLY and fairly conducted OF the 1O2
Companies whose figures are reported by the
Superintendent of the Insurance Department
of New York City, A proud showing. truly.
GEN. HOODS REPORT.
New YORK, Sept. S.--The following is Gen.