Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-11-29
NEW ORLEANS INSURANCE coz
PANY.

From our Special Correspondent
EDITOR INSURANCE REvIEW-In ac-
cordance with my promise to you whilst
in st. Louis, have been looking up the
history of the abOye-named company,
and now give you the result Of my re-
searches. On the thirtieth Of April, 1903,
the Territory OF Louisiana passed from
the possession Of France into the hands
OF the United States, by the treaty Of
that date signed in Paris. Robert l..
Living stoD was at that time minister
plenipOtentiaTy Of the United States to
the court at Versailles. On March 26,
1905, whilst Louisiana was yet Terri
tory, the New Orleans insurance com.
pany was incorporated az a marine COM
pany, and among the first Of the certifi-
Gates Of stock Issued were two 10 Robert
u. Livingston both in our pOssession).
This company continued its business
successfully under the governments of
Territory and State until January
p, 1926, when, by act Of the legisls-
ture, the privilege to do a fire bust
ness was added TO their franchises.
They continued as stock company until
the twenty-fOurth of January, 1853,
when the mutual system became 50 pop
ulsr, and then changed to the mutual
plan, and became, by change Of charter,
the New Orleans mutual insurance COM
pany. After the war, the mutual plan
gave way TO the present popular plan of
a stock company, but dividing their
earnings upon the net earned pre-
miums paid in by each insured. BY a
call Of the scrip-holdeTs, the company
was again changed to a stock company
u n al 81
dollars. This change took place in May,
1872. Again, in April, 1874, the name
OF the company was changed from the
New Orleans mutual insurance company
To the New Orleans insurance company,
and as the company had now decided to
go into the general agency business,
they provided that the profits from their
agency business should accumulate until
a fund of five hundred thousand dollars
should be laid aside as a reserve fund,
and be invested in United States bonds
for the protection Of policy-hoiders. Be-
sides, contingent fund Of two hundred
and fifty thousand dollars is to be saved
from its home business, interest.
etc., for the protection Of stock.
Heretofore the business of the New Or
leans companies has been entirely local,
and the companies have not pursued the
wise plan Of laying aside their profits or
any portion thereof as an accumulation;
their capital being considered sufficient
for the protection OF their pOlicy-hOld-
ers. The company has always stood A
No. in this community, not only for
the prompt and equitable settlement OF
her loss es, but for the high moral stand
ing Of those who have been at
the head of her affairs. The pres
ident Of the company, MULES
Tuyes, and Mr.. J. w. Hincks,
the secretary, have grown up with the
company and now stand high in our
insurance fraternity and mercantile
AS | remarked before, her
business until the last two years has been
confined to this community, and from
the organization Of the company until
now, some SO years, she has paid out in
losses over 81, 100000, and for those 50
years has paid an average dividend OF
Il! per cent. TO her stock and policy |
holders. The company is extending
ler agencies over the west and /
southwest, spreading her risks, and !
her lines. Her business in I
ler new field of enterprise is steadily /
Income derived directly |
rom business at its home Office in the !
:ity Of New Orleans, is not exceeded by |
my company in the United States. 1 /
lave thus given you the history of this I
I'D and popular company. She goes |
rom home with a reputation well /
earned IN the vicissitudes of business
iie of siXty-nine years, unsurpassed by |
my in America for promptness and |
equity in the settlements Of her losses,
md the urbanity and integrity OF her /
,ffieers. What more can community |
lesire? If all these good qualities do not /
her to the favorable consid. I
ration Of your people, then, indeed, viz
ne has no reward.
The assets of the company now
mount TO 100000
Presidents and secretaries of the New
orleans insurance company, from 1905
0 1874:
observation-disclosures L. Hartman, 1905
0 1913; William NOtt, 1913 to 1926;
'homas Urquhart, 1896 to 1911; Angus
ls st. Martin, 1871 to 1915; J. 81. La
eyre, 1915 70 1854; J. Tuyes, 1854 to
S74.
Secretaries-P. f. Dubourg, 1905 to
slS; A. Longer, 1918 TO 1913; Augustus
t. Martin, 1919 to 1871; J. Tuyes, 1871
D 1854; l.. G. Adam, 1854 to 1859; l. w.
iincks, 1859 to 1874.
Yours, respectfully, PROGRESS.
NEW ORLEANS, October, 1874.
COMMERCIAL HOTEL is getting the
BAD in business.
WEDDINGS in high life. Watkins is
be man.
THE GREAT RED STORE.