Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1891-08-05

wv III. s@~.e
Deoianise 4 Il e'cisGk sos % 6sfneeay
Asa. /, he West Fad Sness kslsey G
VII havs no ascertain slemsnea IN -
u3ashiy expensss, sach . dsnags ciafns.
sapssyss' aceidsnn from horses q eaes, q
dnasee ciains By fsason Of the - o.
eleuericisy. Afsaf some six veeks' cssend-
eteeios af the matter Pres whitney -
ssseaesd viii Ns. John C. Paiss, sepes-
ssntine he Anssicsn Casually Iisuranes
& Security Co. Of Bsisimofe, BY which To-
the psynens Of Stipulated no Ithty sun,
Mr.. Pstgs's company insures The West Eod
Ca against IL liability, ~ ve understsao
il. for evssy accident 70 employees OF ne
Iuhfic.
The ii Of. this liability BY The pay
msns Of . axsd monthly sam will be appre-
c,ssed By the 500 "Wess Esd" stockhold
ere. white for tbs public all the ssfssusfds
viii be sdded. which 9 company Win
o. 500, 600 assets owned - veil - man
sssd By fhs largest Insurance. men In the
{ ,untry, cs1 devise through IN ofssnizs-
ron equipped for this spscial Geld
We are informed thu. the cost OF this
insurance viii be iess 10 the West Fad Co
tn "a n has herssofor paid in damages and
|, ssl expenses for defence upos ia accident
sceounE
A. near o. We can estimate Il the average
monthly payment upon this account here
after viii be bat sb3us 2 per cent. OF the
gross earnings Of the West Ead Street.
Railway ca.
As this company 10 the largest street rail-
way company in the world and carries one
hundred and twenty million passengers .
L.. 81 k,a aontN ant liz bltfkp
from shich il 10 nov relieved can Be better
imsgi med than calculated.
Il Mr.. Paise's belief that this form Of
Insurance sili be extended before long over
The steam railroad interests OF the country
a ID just - thoroughly % it 10 being ex-
sendsd to oil classes OF manufacturing,
real estate owners, express companies, etc
Such insurance would ultimately sdd
many millions to the market vslue Of rail-
road investme ats. and give security holders
col f fence they have never before ex'
peris need.
Ths Quincy granite quarry Cos and
other employers Of labor liable to accident,
have insured themselves 10 soma foreign
Cos. against Casualties. but the Co. which
has taken this West End insurance. 10, We
understand. the first American Co. org,n-
IL ID to do this business upoH . consider
s,le scale. and concerning it Al interesting
bit Of business history may be toll.
When after the war the son OF the Rev.
Henry Ward Beecber left the army be
took up with insurance - many another
has done, not because Of ary known quAli-
fcations Therefore. but today the arm Of
Beecher & Benedict does the largest IT,
sufsnce brokerage business in the world
They saw the field for casualty Insurance
and some time ago wished to start Co. t.
be- owned entirely by themselves and Mr.
John C. Paige. who does the largest it,
surance business in N. e but the arrange.
ments could not then be perfected. LsteI
some of the richest men in Baltimore pro
,sed such Co. with $500 900 capital
Messrs Beecher & Benedict suggested Z
union of interests aud offered to put in q
million Of capital.
1t Was finally arranged, Is the Baltimore
men wished third Of the interest to bt
held outside the management, ,hst the cap
ital should be 81 000, 900 for which 81 500
900 should be paid into the company thu
insurance mansg gers 70 contribute maj Or
ity Of the cash and the outside capitalist
to invest the funds and hold the fnspcis
management. Upon the board Of director
Mr.. w. W. Spence and his associates o.
Baltimore represent the largest fortunes il
that city, and Gen. Henry W. Slocum &C,
Pres. Graves Of the st. Nicholas Bank o
N. Y, represent in part the Northern cap
ital. while among the owners not directors
are s, V. White, the N. Y. broker, Mr.
Duryes, the starch manufacturer AM
Church Bros the eods manufacturers.
The American Casualty & Security Go
has been in business less than Il months
but il income today upon premium sccoun
is 10000 = week. about one third Of ~hicl
il from the New England business Of Mr.
Paige.
Boston-Wsgers were offered at tn
board this morning that West End Stree
Railway Common would sell at S75 befor
Nov. 1.