New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-09-25
CAREER OF THE HANOVER
This Institution Is Known Wherever
Fire Insurance Is Placed.

than hfty-seven years The company has net
surplus Of more than 100000. On February
1. 1903 The Journal Of Commerce" said: 'The
ffty-seventh annual statement Of the Hanover
Fire Insurance Company shows a very decided
Improvement ia its financial position. the net
surplus being in excess OF 100000 The total
resources of the Hanover have increased 10 s4.-
5s5.s25. gain Of sest4s2 over last year. The
reserve for reinsurance is s2.O61.601 and for
losses in process OF adjustment s1S5.s5s- Be
sides this. the Hanover has reserved a special
fund OF $4,000 for taxes. The net surplus. after
making all deductions. amounts TO s1Os304
gain OF s20s.954 This Is the first time In the
history OF the company that its net surplus has
passed the million dollar mark. and u is credit
TO the able and conservative management Of the
Hanover. under the administration OF President
WarfeId who has put its plant in excellent con
ditiOn."
Much depends on the personnel Of the man
asement Of companies doing a financial business
with which there is connected an element or
risk the opportunity for the expenditure OF
large sums of money The Hanover Fire Insur-
ance Company OF New York has earned repu-
tation throughout the country and IS justly
noted for its fair treatment OF IT'S stockholders
and its agents. The company operates through
out the entire country. excepting few OF the
smaller states and territories. and has well
established general and local agency plant. but
to its management especial attention should be
called
r. Emory WarheId. president OF the Hanover
Fire Insurance Company. has given unqualified
evidence Of his ability as executive and FIRE
underwater. His business career began as
! junior clerk In the Office Of the Firemen's OF
baltimore. In 1871 He was then only sixteen
years old Seven years later his steady ad-
vancement was marked by his receiving the ap-
pointment Of secretary Of the company. In
| lSS2 he resigned from the Firemeu's 70 ACCEPT
the management Of the Continental for Mary
land and Delaware. In 1855 the Royal made
him Inducements which he could not AFFORD to
ignore. so he reIinQuished his connection with
the Continental to assume charge OF the Tsaiti-
more department Of the Royal. comprising Mary
| land. Virginia, West Virginia. North Carolina
and the District Of Columbia Eleven years af-
forward that department. was consolidated with
the Philadelphia department Mr.. WarfeId be-
| ing transferred to Philadelphia as assistant
manager. becoming manager in 1905.
Under the management Of Mr.. War6eId the
business Of the Hanover Fire has increased very
rapidly. and the company is enjoying a greater
| degree OF prosperity than ever before under his
paratively young, is a veteran underwater of
broad experience. and the progressiveness OF
the companys management Is reflected IA All
'ts deId operations and the conduct OF its repre-
sentativeS wherever they are situated. Com
panies have been and some now are success
tuHy conducted without the aid OF experienced
underwriters as presiding officers. but result,
favor an active management In every caDacifv
possible. 10 so happens that In an era OF peace
and prosperity prominent name will invariably
carry with II guarantee OF sOIidity OF the in
stitution with which Il IS associated. Eut ~
the hour OF storm and stress. when the under
writing craft Is being tossed hither and thitber
on the pOnderOUS pillows Of an uncertain 9
when technical knowledge and resOurcefu1Das~
OF its officers are prerequisite 70 its safety-tben
is the time when the powerful name is powerful
In name only.
In t. Emory WarfeId the Hanover has an
executive in chief who is familiar with All tb,
ins and outs of the business.
In THE New York Times's' annual NDarc;,t
review MIR Wartield gave some very tnterestins.
views on the work OF the underwriters an ~.
conservation Congress concerning fire vasts
and our natural resources. Such men as Ar
"arneld do more than conduct fire insurance.
companies successfully; they educate the pub
Tic mind along the line of economies. In the
ar'icie mentioned he referred thus TO the general
iuea IN regard to fire insurance: "Our peoD,s
appear 10 have very erroneous idea of fire in
surance. and to think that insurance PAYMENTS
'solea'e destroyed values; whereas the fact n
''iat insurance companies are In a sense tax col
ectors and distributors of such taxes amODe.
t'OSe suffering loss by fire The reckless waste
tuinesS OF our people Is nowhere more apparent
hR INN q,