New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-31

cancel existing policies The policy
holders, however, had apparently some
difficulty Ill getting their money. So
ended the only experiment in insurance
by municipality on record to my
knowledge
I'm 1854 was Instituted the Friendly So
ciety OH a plan of mutual contribution.
Subscribers were called upon to pay sew
on-tenths Of ! per cent on the insurance
on brick houses as a deposit, and about
15-100 Of per cent for expenses. and were
liable to pay IL called upon, as much as
AZ per cent a. assessment in any one
year. Double these terms were applicable
TO timber buildings.
I'm 1896 was established under the
name of the Amicable Contributors Tor
Insurance from Loss by Fire, the office
long known as the Hand In Hand.
which. up to within II very recent period
was actively conducting business.
In the United States, the first fire in
surance company to be organized was the
Philadelphia Contrbutonship. which was
formed on February 49, l752. It's plans
were similar TO the Hand in Hand, and
It's first house mark was four hands
clasping wrists.
owing to the bad experience from tires
in houses having trees in front Of them,
the Contributionship decided in l7sl that
such houses should not be insured be-
cause the trees made IL difficult to fight
fires Naturally. i'm a city like Phiiadel-
phia. this action caused considerable OPP
position. and as a result on February
%. 1856. the Mutual Assurance Company
was organized. AS a house marx TINS
company had a green tree, cast In Lead
fastened to a shield-shaped beard. afnxed
to the front Of the insured property. Roth
Of these companies are still In existence
"In 1894 were established in Philadel-
pha the Insurance Company OF North
America and the Insurance Company Of
/ the state of Pennsylvania. Both OF these
/ stock companies were organized to trans
, act marine insurance. but during the flrst
year OF the North Americas existence ~
was decided TO add the business OF nre
| insurance. and the proposals for insur-
ance were completed in the latter part OF
the year.
Two general hazards we're provided
| for. the first class including common in
surance and providing for brick or stone
houses, stores and furniture or merchan-
| disc therein. while the second included
| those houses which were not wholly
brick and stone and ouch extra hazardous
goods as pitch, tar, turpentine. etc. For
, the first class the rate was 30 cents per
500 on an $500 policy and A. cents on
policy not exceeding 5000: while in the
second class the rates were IS cents per
sl00.
at the close Of the eighteenth century
twenty-five companies in all had been
| formed, and OF these eight were conducted
or the mutual principle.
For a few years. ending IN 1910, bGsi-
ness had been regularly transacted in the
United States by but one foreign COM
pany. the Phnnix OF London. through
resident agent In Philadelphia. This conn
pany entered the United States as early
as 1904. Israel Whelcn being it's agent IN
Philadelphia.
I'm islS the Liverpool and London tn
tered the United states, followed in 1851
by the Royal. There are to-day in the
United States thirty-seven foreign fire In
surance companies.
The first companies 10 establish what
is known as the agency system we're
companies Incorporated early In the last
century at Hartford. Conn, the Hart
ford and the .4Ina. and the foundations
were then laid of a business which. since
diligently fostered and pruned. furnishes
almost invariably. the best results re-
ported by any class OF stock companies.
AN address read before meeting OF
agents held at Niagara Falls By the late
Charles y Whiting. formerly secretary
OF the Hartford and later president OF the
Orient. contains much curious informa-
ton OF insurance.
policy No. 1 OF the Hartford covered
builders risk Of 5000 for three months
at 1917 cents. No. took $1,000 on Gin
distillery at IA per annum. No. a. VOC"
on stock OF drygoods al 10 cents. NO
% $4,000 on a stock OF hardware al -
cents. Within a few weeks from birth
the company was taking single risks IS
per cent in excess Of its entire cash as
sets.
The hazard was not as great a. IL
seems for the insured vas obliged 10 run
the gamut Of regular personal exam
inat,on before a policy would be Issued
a
on any one property. The insured was
Obliged TO carry a material portion Of the
loss himself.
Persons desiring insurance solicited II
"A a prIyilege from the officers OF the COM
pany. man OF bad reputation touhu
IL difficult to obtain policy.
AT first no commissions we're PAD 10
agents. their compensation coming from
the survey which was Obliged to be nleu
with the application for the policy ana
the policy fee, both Of which fees were
collected frcm the insured.
There have been but few great Aneri-
can CONVERSATIONS The nrst was that Of
December 49, 1898. in New York. when
destroyed property TO the value Oh |io'V'''.
600 and bankrupted twenty-three out Oh
twenty-six New York companies.
The property losses through conhasra-
ton I'm the United States and Canaua
since the New York conhagration ~here
the amount has exceeded that OF the Ne"
YORK connagration are a. follows.
year. Buildings. Amount.
60" nrss, ''',-.......ls5i $3.50 :lG.3oooo0
chicago .......Is7l 1890 los uoo ouD
pos,op ..........tS12 l,i18 Iaoon"OpD
q 600 15.0nDb'b