The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-01-28
IT'S CENTENNIAL STATEMENT.
The Great Old Hartford Makes Its
One Hundredth Annual Showing


One Hundredth Annual Showing
At the office of Heber j. Grant & Co.
the we'll known insurance agency, the
officers were yesterday regarding a
statement just received from one of
their companies with more than usual
interest.
The statement was that Of the Hart
presents its centennial showing this
year. The company is one hundred
years old.
When one looks at its fiattering pre-
liminary figures. and compares them
with those of a year ago, we are not
surprised that the managers of the
Hartford Fire are even a. bit faster
than usual in publishing a statement
of the resources and condition Of the
company. The year 1898 was an I'M
satisfactory one to business men gen.
orally in the United States, and not
less so to fire underwriters; but the
Hartford Fire increased its assets $685.
267 during the year, despite reduced
values of securities of all kinds; and
over a third of a million of dollars was
added to the reinsurance reserve.
These are exceedingly creditable gains
The Hartford Fires preliminary fig
ures are: total cash assets, $7,37S, 092;
policy-holders' surplus, So, 546, TO; net
surplus. s2,296, no.
The Pacific Coast figures of the gen
eral agents, will show an increase of
business in this field.
There is in the home Office Of the
Hartford Fire Insurance company a
policy issued by the company in Feb
uary, 1894, for $500 The Hartford Fire
was then operated on the Lloyds plan,
by individual subscriptions on each
| risk accepted by the company. In 1910
a perpetual charter was procured from
the legislature, and the company began
business on the stock plan, with a
subscribed capital of $150,000, 16 per
cent. of which was paid up in cash
The first officers were Nathaniel Terry,
president, and Walter Mitchell, secre-
tary. These offices are now held by
George L. Chase and P. c. Royce, res
pectiyely.
The Hartford was the pioneer of the
agency system. In December, 1910,
Jonathan Trumbull of Norwich, Conn,
was authorized to receive proposals
for insurance. It was a Connecticut
man of this name. a relation no doubt,
| from whom was derived the colloquial
Brother Jonathan" who is to the
! United States what John Bull is to
England.
At the great fire in New York in 1885
the Hartford Fire lost $4,000. At this
time the entire cash assets were only
$4,000. The president went to New
York and gave public notice that the
company was ready to pay losses in
cash and in full. The managers were
full of true grit. They opened an Of
flee in New York, and spread this an
nouncement broadcast Confidence
was inspired. Business came in SO
rapidly that there were premiums
enough to pay the losses at sight.
| This tide of prosperity has been flow
ling ever since. The Hartford Fire
promptly met the extraordinary losses
| of CONGREGATIONS in New York in 1915
lin ST. Johns and Nantucket in 1916
s151 900 in Portland in 1866; nearly 81
100000 in Chicago in 1871, and nearly
half a million in Boston in 1872. In
the hundred years of its career the
Hartford Fire has paid over s40,0OOO 0(
losses.
In the last ten years the assets of the
company have increased nearly three
million. or about thirty per cent. an6
the annual premium income has riser
from s2.342s99 to 1910. 901. These re
markable gains attest the aggressive
character of the management and the
popularity of the company.