The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-11-26

strong factors in building up the
Home. Wherever he is known the ut
most respect is felt for his splendid
business faculties. He has the full
confidence of his colleagues and asso-
GATES. broad mind and sound judg-
ment are among his chief character
istiGs.
Other officers of the company are:
Frederic G. Boswell, second vice pres
ident; Emanuel H. A. Correa, third
vice president; Areunah M. Burtis,
secretary; William H. Cheney, secre-
tary; Henry J. Ferris, assistant secre-
tary.. The directors are: Levi P.
Morton, Cornelius N. Bliss, Benjamin
Perkins, George H. Hartford, John H.
Washburn, Elbridge G. Snow, Henry
F. Moves, Lucien G. Warner, Warner
Van Norden, Dumont Clarke, James
B. Van Woert, John Clafiin, William
F. Havemeyer, Cord Meyer and Levi
original board of directors Is Levi P.
Morton, ex-vice president of the
United States, who still remains with
the company.
President Washburn paid a fitting
compliment to the company's en-
ployes at the semicentennial banquet
of the Home, when he said: II know
Of no corporation where every en-
ploye, from the highest to the lowest,
feels so fully and so thoroly that he
is a. part of the company, and its in
terest is his interest," ~.-~ ~~ :
Some Early History 49,.
The early history Of the Home In
surance company and the conditions
prevailing for decade or more prior
to it's organization afford an interest
ing study. All this is set forth to
some extent in a. recent brochure is
sued by the company From this it
Is cleaned that the first event Of great
Importance in the insurance history
of New York was the great fire in De-
cember, 1885, which destroyed some
20,000,000 worth Of property and re-
duced most Of the insurance COM
panies to bankruptcy. At that time
w
not far from $S,0O0,O00. .>'->.'s~ o.. 7--
, lie legislature, in order to get the
business started again, voted to re-
| issue the charters of any, of the com.
panies that had been made insolvent
which chose to subscribe and pay in
new capital. Several of them com.
piled with the conditions, and In {
few years New York and Brooklyn
possessed insurance capital of some
$6,OOO,OOO, besides that represented
by agencies Of Hartford and Boston
companies. .; 20 = .., -. -,
Ten years later another great calam
ity befell the business. In July, 1845
the fire in Broad street again ruined
most of the companies. Thereafte
mo disposition was manifested to pu
one company. The new constitution
of the state, adopted in 1916, pro
hibited the granting Of special char
tiers and required corporations to b.
organized under general laws, so tina
the underwriting capital of the city
even when reinforced by agencies from
other states and cities, was unequa
to the demand.
The general insurance law of tn
state was passed in 1849. Under thi
. and the amendments adopted fror
time to time have all the insuranc
companies been organized. At frs
they were small, and the business o
the country at large was done b
: local mutuals and little local com
panies, one or two of the Hartfor
concerns alone doing a general agenc
J. business. .. D..
: Home Company Organized.
In 1853 there was something dc
ing" Two companies were formed i
New York that year, each with