Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-03-14
DUB INSURANCE COMPANIES.
The Nashville Commercial Insurance
Cou,.an-

I
Company.
If banking be the right arm of commerce,
insurance mnst be the left; indeed it lies
nearest the heart; and the confidence that
mercantile and manufacturing eommuni-
ties and the people generally have in the
solvency Of the various insurance compa-
MES Of the land may be said to be the real
basis of commercial prosperity. The finan-
cial wrecks of the country have been, and
| doubtless will continue to be many, and
now and then an insurance company goes
down in some student storm of adversely,
but the occasional occurrence does not
mitigate against the proposition we have
made.
The city Of Nashville is represented in
insurance circles by both fire and marine
and life companies. In this connection
we des On commenting somewhat in detail
upon the Nashville Commercial Insurance
Company, whose specially is the issuance
Of fire and marine policies. The company
was organized on the first Of May, 1854,
under special charter from the State Leg
islature, with an authorized capital Of $780,
600. Its first officers were: Alexander Fall,
President; James Walker, Secretary. OF
the authorized capital, $4,000 was paid n
and business begun.
Mr.. Walker remaire Secretary until
January, 1864, when h. was succeeded by
R. G. MeNairy, who oficiated in that ca
pacity until the death Of Mr.. Fall in July,
1866, wheneupOn he was elected to the
Presidency, and Mr.. E. d. Hicks, who had
previously been connected with the COM
pany two or three years. was elected to the
Seeretaryship made vacant by the promo
ton of his predecessor. The Board of Di-
rectOrs Of the company, as now constituted,
comprises: James Woods, JnO. Kirkman,
r. Q. MeNairy, G. E. IIillman, n. Burns,
Robt. II. Gardner, VIM. II. Evans, L. II.
Lanier, S. II. Macy and S. NJ. Murphy, all
of whom are residents Of the city, the three
first named having been members Of the
first Board elected under the charter.
While but $4,000 of the authorized cap
ital was paid in at the outset, the remain
ing 100000 has been accumulated from the
earnings Of the company. Up TO January
l, 1875, it had received
From Fire Premiums. ....... $751; 1884
Marine ........ 2S0, .46
Or total of........-..... S73S,557.4O
And during the same period it paid:
Ere losses. S229,296
Marine ..................... 1884
Or a total of. .............. 1912, $50
One remarkable fact in this connection
may be stated: that during three years of
active business the total losses sustained
were only fifteen dollars. Since the organ
ization Of the company there has been no
cessation Of business, ami during a con-
siderable portion Of the late war it was
virtually the only company doing business
in the city.
ali Of the business OF the company is |
transacted at the home Office. The origin |
atOrs Of the enterprise, taking counsel from |
the disasters of others, so framed their rule |
Of action that a miscellaneous business in /
the hands Of comparatively irresponsible |
persons, was impossible and one of the |
first bylaws enacted was TO the effect that /
no agencies should be established except |
by the unanimous vote Of all the Directors. |
The result Of this policy may have con-
tributed to restrict the business Of the CON-
pany to a certain extent, but it placed its /
in the hands o. men of known
prObity Of character, and it has resulted in
making the Nashville Commercial Insur-
ance Company one of the soundest and
most reliable that does business in the
Stale. Its record is one that none con-
nected with it need be ashamed of.