Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-10-18
D|SCODRAG|NG PROSPECTS
Caused the Peabody Insurance Company
to Go Out Of Business.

10 u0 Uul Oh BUSINESS.
ALL OF ITS RISKS HAVE BEEN RE-
INSURED WITH THE PHOENIX
COMPANY, OF LONDON, ENG
LAND-F. SCHENK & SONS
ACQUIRE THE LOCAL OFFICE
BUILDING OF THE COMPANY.
DID HEAVIEST INSURANCE
BUSINESS IN WEST VIRGINIA.
The announcement that the Peabody
Insurance Company, of this city, had de-
cided to go out of business, was re-
ceived with surprise by everybody
with the exception of few persons who
were acquainted with the purposes of
the company. Secretary J. f. PAUL
stated to a Register reporter yesterday,
that the step was taken because of the
very discouraging outlook, especially
for the small companies. The deal with
the Phoenix Company would not have
been made, however, if the Peabody
Company had not seen an opportunity
to dispose of its Market street prop
erty at a fair price.
The Peabody Company. as shown by
the annual reports of the State Audi
tor, has done larger volume of busi-
ness in West Virginia than any other
insurance company operating in the
State. It's average premium receipts
in West Virginia amounted to $4,000 a
year. The next highest receipts fell
$4,000 short of this figure. The Pea
body Company has been conducted with
satisfactory results generally. Since
1895 no dividends have been paid until
last year, but the business done thus
far this year justified the belief that
a dividend would have been declared at
the close of the twelve months.
Insurance companies generally share
in business and industrial prosperity,
but this year has been a notable ex-
ception. Very few companies have been
operated at a profit. Fire losses are
not altogether responsible for this, as
there has been a cut in rates during re-
cent years. 1t is said that the present
year is the most disastrous ever known
to insurance companies, except in cases
of a general confagration. Well in
formed insurance men take very
gloomy view Of the future, and the
officers of the Peabody appear TO have
shared this opinion.
For about three months the firm of
f. Schenk & Sons has been endeavorlng
to purchase the Peabody building,
erected several years ago. When 1t
appeared certain that the deal would
be consummated, at terms satisfactory
to the Peabody company, Secretary
PAUL went to New York, and opened
negotiations with the Phoenix Assur-
ance Company, of London, England, for
re-insuring all the risks of the Pea
body Company. He returned from New
York last Friday, and on Saturday, the
Peabody building was sold to h.
Schenk & Sons for 100000 cash.
The building is a handsome office
structure, but has not been a paying
investment for the Peabody Company
heretofore, probably owing to the fact
that so many office buildings have been
erected in Wheeling during the past
few years. The purchasers had pre-
yiously acquired the Musee property,
adjoining the Peabody building, for
which the Peabody Company received
$4,000, so that the aggregate amount
received for its Market street property
was $4,000. 1t will be remembered
that Schenk & Sons were also bidders
for the property adjoining the
Grand Opera House on the north side.
Members of the firm declined to outline
any plans they may have with refer
ence to the Musee property, expressing
regret concerning the premature publ
cation of the sale. The statement was
made, however, that the present high
price of materials precludes the idea OF
erecting building on the Musee prop
erty at the present time.
Mr.. Washington Irving, special rep
resentative of the Phoenix Company, is
in the city completing arrangements
with the Peabody Company and its
agents for re-insuring risks. The deal
has been closed, but Mr. Irving will re-
main here for several days.
AS will be seen by an advertisement
published in another column in this
issue Of the Register, the business OF
the Peabody Company will be contin-
ued in West Virginia, under the man
agement of Mr.. ]. F. PAUL, and an
advisory board, consisting of John NJ.
Brown. Col. j. A. Miller, A. ]. Clark
and A. D. Seamon, these gentlemen
constituting the Board of Directors of