The Sunday herald. [volume] (Washington [D.C.]) 1866-1887, 1882-04-02
Somcihing About the Fire Insurance
Business.

A few days ago the 80 Citizens Fire In
surance Company, - organized In this District six
monIIs back "ith strong board of directors, ample
capital and the best promise OF success that could be
imagined under present circumstances voted both by
its Stockholders and directors TO wind up close out,
and rensure its risks In another company. The
this not any lack Of public confidence la the
company its managers, or In fact any other cause
that can be imagined, except solely The excessive
OyercTOwding hrld for such enterprises here.
The Impression to have got about that because
there is little danger Of confagrations spreading
widely in Washington, and destructive fires com
parativey few, the fire Insurance business must he
- bonanza, - which all at liberty To work
ad nbitum. business men, in fact, got IN
patient a certain extent Of paying premiums to
the old established and trustworthy companies, and
seemed think that by uniting together TO insure
themselves, as 1t were IN smaI coterles' ana hnnt
outside business, they could get back IN dyi-
dends what they paid In premiums, or possibly make
handsome prJnt-not realizing mat the lheHlthDle
expenses many companies with different offices,
secretaries, agents. etc, must tend to Increase the
aggregate cost Of Insurance 10 ALL while the cutting
OF rates by the keen competition made young and
weak companies shaky and threatened crash some
time with the winding up OF the Citizens, -
which started under the best auspices II Is to be
hoped this tendency has been checked, and property
owners win return 10 the more prudent policy OF in-
surfing In long established aud well known concerns
where the benefits Of extensive experience ecohomi.
cal management, aud accumulated funds are brought
10 the work.
The example Of the directors Of the late "Cltzens
many Of whom were insured for large amounts, in
this connection is significant They voted to renoure
all the policies OF This company, one hundred aud
sixteen Ia number, ia the Oldest Of ali the fire in
surance companies in the District the famous " Fire
men S. Incorporated by Congress In 1897 among
| the members of the old volunteer IRE department,
| but which extended Its membership and operations
the abolition OF that service, aud Is now an hst-
| tuition of the National Capital The venerable DIR.
| GuntOn It's president from it. start until the
time Of his DEATH aud his able yet conservative man
| agement brought II the prosperity which adorned
everything he touched Three oftheoIigihal directors
also SIN alive, Andrew Rockwell the original ten
Roary secretn ar dhom9l Parker ana W Sdm
Is MIR. Albert 4. wilson. The above action of the
directors has given universal satisfaction, since not
only is the " Firemens'' considered Of iron clad sol
idty but us conduct Of business is As live and
| cOmmOdang as that Of the Youngest 81 Its numerous
competitors; and IL Is 'stll la the Iing for new
business though II might rely simply on Us present
assured patronage FOR support for probably genera
| ton To come. There Is therefore nothing specula-
tive about it, and IFS patrons have the assurance that
| they win not be shifted 10 some other company OF
compelled 10 look cut FOR nov assurance before tho
| termination Of their policies.
Mr.. Glen. Howard the secretary Of the Fremen's
IA Published interview last week, paid high tfi-
bule 10 me mahasemeht OIL lhe I'saoNei olInIduuh
'lhe ne OF risks transferred to as 10y that com
pauy are hrst Class-in larl ! never saw a better
| line, The business Of the citizens Company
was well managed, ana " u had mot been for the
competition aud great reduction Of rates the company
would have been IN prosperous existence to-day II
was tLe wish of a majority Of the directors thar the
business should be transferred 10 this company. so
far as We know the policy holders are Wen satisfied
with ms arrangement. u any OF them want iuflheI
! gulrauter-, sc are willing 10 furnish lhrm.
10 the same eject was tie testimony " MI. Emery
the president Of the "Citifrns''
90 Nr company WAS Nuuhu as "A AollAIs lNtlt NtIb
Two three directors, however, who became diasat-
lshed because they did not think they were making
money enough and they wanted TO draw out so as Ia
get their money, That was the cause NJ the winding
uU- We have done safe husines-r been lu existence
| sA months Iaid an expenses, including the expense
OF Httlng up The once, ana couple OF hundred
dollars ahead. SOW, having a. lose the cost ui hitting
up the ucr, etc, and to piy iuI Trihauiug the poll
ltir., suppose viii have 70 make an assessment ui
Zoo 20 close up accounts.
The fact, however remained, that rs dealing were
Improbable, and the puhcy Of sustaining an old,
tested, and satisfactory company received renewed
luuuGsumyut. Tho FTemeu's Insurance Company b
iu fact one 90 the udust la the United states ana ~
management Is thorough as II Is satisfactory TO al
patrons The capital is eco nn0, aud the sulpu
amounts 90 500. 900 more. Us nlhcrIA arc NOTABLY
courteous and obgiug, aud rs 0co centrally located
| over the Bank Of Washington. Mheu We nave such q
home Institution, there Is no need Tor our owners n
managers OF property TO 30 10 Tor slgn 81 OUTSIDE com
lauirs Tor insurance Nh, Howard further explained
thu success Of the FiTemen' aa follows
! "pus Ii strictly home company anu ~ caro- i"
los. we never ALLOW customer To leave the once no
satisfied. The directors are all well Known men 90
the Di,ulct-all active business men, MedohOl l'b'
risks Ia other cities where wc are not present. I" ae
for ourselves what we are undertaking. ny puiauihl
2 safe system we are enabled 20 insure properly lel
III rates as loss as any nrst~clafs company IN the couh
tTy can oner. We have dope business on ills cpIne
ever since we were chartered, but we have purchase,
the northeast corner of Louisiana avenue and seyent
a ONCE for the company