Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1873-01-08
Home Insurance Company Of New York.
Principal ONCE, No. 135 Broadway.

SASHA blC MCCcSolly VI IdultdA CuduSC
in some respects.
Two things appear to be conclusive
ly demOnstrated-frst, that absolute
security is only attainable in cOmpa-
nies doing a very large business; Gala
mites like those of Chicago and BOs-
ton inevitably sending small concerns
to the wall-and next, that it is better
to have risks widely scattered, rather
than concentrated in particular lOeali-
ties.
Without intending any invidious
comparisons, we merely propose TO
say something about a company which
meets the requirements of the busi-
mess community more completely
than any other we could name. AS
our readers have doubtless anticipated
we refer to the Home Insurance Com
pany of New York, an institution
which has amply demonstrated the
validity of its claims to public conf
denee, and holds to-day the proud po-
sitiOn Of the leading company in the
United States, doing an exclusively
fire business.
Setting aside all previous statements
let US consider the condition of the
Home" at the present moment. after
the heavy draft made upon its resour-
ees by the Boston eonragraliCn.
Its entire loss cannot erceed $500.
600 and will probably fall eonsidera-
bly, short of this outside estimate, but
even if that entire amount were paid
ont, there would still remain assets
exceeding So, zoe, 900 cash, as its COM
Oined capital and surplus, at this time
are more than 81 800, 900, and from
the new business which pours in
eeaselessly, its daily income is not
less than $4,000.
While company resting upon such
a solid basis as this might continue to
do safe and profitable business upon
the rates hitherto current, it is evident
that the only salvation Of smaller con-
Germs consists in q material advance
Of premiums, and it is pEpbable that
by general consent, the rates will be
increased nearly fifty per cent.
There Is no doubt that competition
has hitherto depressed rates below a
point consistent with security, but
reform in this regard, while 1t will
serve to reinvigOrate doubtful insti-
tutiOns, will render the Home" abso-
lutely impregnable against and Gala
nifty short Of the general destruction
of the universe.
The Home Insurance Company was
organized in the spring Of 1858, its
first policy being issued in April Of
that year. Previously it had been the
custom of insurance companies to re-
strict their operations to their own
immediate locality. The disastrous
result of this system, as shown in the
year 1885 and 1916, induced a number
of New York merchants to Jay the
foundation Ofa company which should
give a wider scope to ITS business, and
by judicious selection Of risks, place
its solve ncy, in case of sudden ealami-
ty, upon a more secure basis.
This movement resulted in the
organization of the Home" with a
capital of $500, 600. In 1858 the Stock
holders added 500, 600 to the capital,
and in 1859 further increased it to
81 900 900, and from that date the
company has always possessed the
largest Pdid-Wp capital of any insti
tuition in New York, engaged in the
same business. In 1864 the capital
was enlarged to 1000, 900, by an adj
ditiOnal cash subscription of 81, 100000
and in 1870 the capitalization of por-
ton of the aceumulatiOns made the
entire cash capital s., 500 900.
The premium receipts in 1854
period OF 81 months-were $3.50, sos, so
and in 1871 81, ,746, 702. Besides earn
ing and paying to the stockholders
over S, 500, 900 in dividends, the Com
pany have paid for losses, up to Janu-
ary 1st. 1872, nearly S17, 200, 900. Such
operations could have been conducted
to a successful issue only by the most
'eonsummate ability and thoroughly
practical business management, and
if the past be any criterion by which
to judge Of the future, the Home In
surance Co. is destined to maintain
the leading position among American
institutions of the kind.
At an early period in its history the
Home commenced the establish
ment Of Agencies in all the important
business centres throughout the Uni
ted States, and have now upwards of
400 representatives, exclusive Of Cali
fornia and the Pacific coast, which
requires about 100 more. These agen-
cies, while in direct communication
Will NAC AAllLCf AAG H1IlEClCn
to a most careful supervision by State
and General Agents. A system so
extensive in its ramificatiOns requires
the most methOdieal management in
order to securd its harmonious and
successful operation. That these nu-
merous branches are most admirably
conducted is evident from the prompt
ness with which their returns are
made, no company exhibiting in pro-
portion to its assets so small "bal-
anee In the hands Of agents"
The success attending its home
agencies suggested the propriety of ex-
tending their field of operations to
Europe, and accordingly, in 1870, the
Company established General Euro
pean Agency at Hamburg, whence
branches have been located in Eng
land, France, Belgium, Holland, Ger
many, Austria and Russia. This is,
we believe, the only American COM
Pany having permanent agencies
abroad, and very few could hope to
be equally successful. The reputa-
tion OF the "Home" preceded its ad-
vent and its foreign business is steadi-
ly increasing.
The Directors of the Company are
we'll known gentlemen Of position
and influence, in both commercial
and social circles. Many Of them
have been identified with the Com
pany from its origin and to their saga
city, in connection with the enter
prise and judicious management on
the part OF the Executive Officers,
the unparalleled success of the Insti-
tion must be largely attributed.
Of course such prominent position
has not been attained without expo
sure to the shafts of enviOus direction
and the enVenOmed arrows OF delibe-
rate Misrepresentation, but all such
have re- ulted only in cOv
enng their authors with confusion,
while the Home" has pursued the |
even tenor of its way, and is to-day
the largest Fire Insurance Company |
in New YORK, nor does it seem possi- |
BILE that a contingency could arise |
which its resources would prove in (
to meet.
This Company ass been represented I
fora number Of years in Warren, by
ADAMS, Insurance Ag't-
WEDDING OF A VETERAN WATER
LOONATIC.-William Edwards, ofJay,
who is almost 95 years o d. married a
woman of 40 q few days ago. This
old man was one of WellingtOn's sol
diers, and was twice wounded at Wa
terlOo, yet he is hearty and apparent
Y we'll and has been an iDVetRraTa