St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-03
Breezy Historical Sketch Of
the Establishment OF Life
and Fire Insurance.
First Companies Started and
the Success Which Attend
ed Initial Efforts.
Fen Sketches Of Insurance
HustlePs Known Through
out the Northwest.

A review of the insurance interests
of st. Paul and Minnesota is a review
OF the rapid and marvellous growth OF
the city and state. To indicate that
growth it Is but necessary to capitulate
the amount of insurance written i'll the
early days of the city and the magni-
tude it has reached to-day. To-day, in
St. Paul and Minnesota, the Insurance
profession ranks exceedingly high. The
members of it are among the most pub
lie spirited citizens, progressive and en-
ergetic. Many Of the Insurance agents
have been engaged in the city and
state for nearly forty years; in fact,
ever since the city took upon itself the
identity of St.Paul. The first bona ide
insurance man to locate in St Paul was
S. 5. Eaton, who is still in business, the
best posted man on insurance in the
Northwest, and the most popular maT
III the business.
The first legislative supervision of the
business of insurance was provided by
an ''act to regulate insurance com
panies not Incorporated by the state OF
Minnesota which was approved Feb.
6. 1860, and took effect on the 1st day of
July following. This act, in express
terms, exempted life companies from its
provisions. and confined its application
to "fire" and fire and marine buSi-
ness. 1t required all insurance COM
panieS of other states. as a condition of
their tranSacting business in this state.
to obtain certificates of authority for
such purposes from the state treasurer.
To this end they were first obliged to
file with that officer certain statements
of their condition and business. Under
this act twenty-three companies in all
filed such statements and were admitted
TO the state They exhibited at the
close of 1860 an aggregate cash
capital of $S.5496 SO; total assets
amounting to Sl2.250, 030.45, and total
liabilities to the sum Of S901.415.44.
This act was twice amended at the reg
ular session of 1862. BY one Of these
amendments life companies were sab
jected in all respects to the provisions
of the original act of 1S60: but at the
extra session. convened in September,
1862, both Of these were repealed, and
new act was passed, not materially af-
fecting the operation OF the original law.
revision and were incorporated into the
general statutes of 1866 as title six of
the chapter thrty-fOur OF that volume,
with the heading ''Of Foreign Insurance
Companies" while the few conditions
pertaining to companies organized
within the state were EN- braeed in title
two of the same chapter. The latter
comprised certain requirements as to
capital, assets and character Of the
securities held, and provided for ex-
animation of the financial condition
of local companies by county attorneys,
and the revocation Of their certificates
of authority for noncompliance with
the law, while several of the conditions
governing companies of other states
were also applied to home companies.
The law in this shape received Two i'm
DOrtant amendments at the session of
1861, and in the following year gave
place to ian act regulating foreign and
domestic insurance companies" aD-
proved March Z, 1868. This act was
amended March f. 1869, SO as to pre-
scribe the stipulation as to service of
process required by companies outside
the state. and to define the receipts
upon which the per cent tax was en-
acted of such companies. The act Of
1868, as thus amended, embodied the In
Surance law of this state until displaced
by the act now in force.
The expansion of the business in the
decade ending with 1870 may be in
ferTed from the following compare tive
exhibits of the number and condition of
the Joint stock fire Insurance companies
doing business in the state of Mime
sofa at the beginning and termination
OF hat period:
No.
VT Uos. Capital. Assets. Liabilities
1879 . S1,6o6l0l S1l356,79 So SSl7915 ~
1870 10 2l,2H,46j 81. 454, +56 70 4.6S7919 50
Adding the foreign companies and
their American assets and liabilities,
with the assets and liabilities of the
single mutual company within the state
at the date last named, a comparison Of
tie number and capacities of the fire
companies operating in Minnesota at
the dates named is afforded in the fol-
lowing statement:
Rates of
Liabilities
No. and Asts
Yr. Cos Assets. Liabilities. per cent.
1850 D Si22J5. 030 IS S997, AS - 40
1870 46 2s554, 81 81 1916, l3l = $40
The number and standing of the CON-