Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-31
WASHINGTON FIRM
IS 100 YEARS OLD
Potomac Insurance Co. Has
Had Interesting and Suc-
ceSSfuI Career.

One OF Wsshington's oldest and most
successful financial institutions-the Po-
tomac Insurance Co.'S celebrating its
Tooth birthday anniversary, a glance At
the minutes of the organization reveal
ing some most unusual incidents con-
nected with its long career.
Very early in its history the CONF
pany insured the property of Col. George
washington Parke Gusts at Arlington
and about the same time turned dow,
an application to insure a brick house
owned by W. w. Corcoran, who at the
time was one of the directors.
The company was chartered bv Com
greSs on March 2. 1881. the charter
being approved by President Andrew
jackson and also signed by Andrew
Stevenson, then Speaker Of the House.
1t started out as Georgetown organic
Zaticn.
Noted Men Charter Members.
The minutes record that there met
''at early candlelight" in the council
chamber OF Georgetown the following
representative citizens who we're charter
members and representatives of the
company: w. w. Corcoran. Raphael
Semmes, r. Read, j. Cruttenden. VIII
liam Hayman, j. Marbury, A. Burnett
and John Kurtz, president. The by
laws we're promulgated and a fire and
life policy adopted. While the company
mas continued uninteTuptedIy the fire
business to the present day, it was un-
fortunate In the life class as IL appears
that policy of IS 900 was issued and
became claim very soon after its de-
livery 10 the assured. The company.
only having about $4,000 capital At
tnat time. was so discouraged by this
unexpected act Of Providence that IL
Immediately retired from the life UNDER
writing.
1t was the custom at that time when
pohcy or insurance was needed 70
make formal written application IN
the company and the board of directors
immediately met and considered the
merits and rate Of the risk w. w.
Corcoran was among the first to pre-
sent an application on brick building.
out the board Of directors rejected the
same; such proceeding NOWADAYS
would be rare and unusual. w. w
Corcoran, 1t appears, was also elected
20 present a statement, or as we define
1t, schedule giving in his judgment.
certain adequate rates for different
risks. In those days there were no
rates or rate-making organizations and
all insurable risks were presented 10
the board Of directors and rate fixed
in keeping with what the board deemed
reasonable. The meetings of the board
were called for early candlelight," and
1T appears that an absent director had
10 render a mighty good excuse for
not being present. This Is only an
evidence Of the interest and zeal mani.
tested in an infant organization with
$4,000 capital and surplus to be
earned.
Arlington Property Insured.
As an evidence Of the conservative
ideas of the directorate we find a reso-
luton adopted appropriating so cents
for the purchase of penknife to be
used for office purposes"
There also appears an item Of mate
rial interest showing the confidence
imposed in so small a company at this
time-the application of Col. George
Washington Parke Gusts, the owner Of
Arlington, who desired policy of
$4,000 on Arlington and its outbuild-
lngs. The company Immediately ap.
proved the application and policy was
delivered to the distinguished assured.
The company at that time did not
conf1ne its operations to the District of
Columbia, as there are numerous in
stances where risks were written In
western Maryland, in the vicinity OF
Frederick, and, unprotected properties,
such as country grist mills. which class
Is now viewed with but little favor by
the fire underwriters.
It was customary in those days,
where fire departments were largely of
a volunteer membership, TO encourage
the efforts Of the department by pre-
senting the members with some token
Of esteem where meritorious action was
in evidence. There appears in the early
history OF the company a record Of the
presentation of q half dozen appropri-
ately engraved dessert spoons to q
prominent Georgetown family for I'M
usual efforts in helping to extinguish a
nearby fire. Through the kind thought
and generosity of descendant Of this
family, the Potomac Insurance Co. IS
now in possession of one of these
spoons, which 1t holds with the highest
esteem and interest.
The present officers of this company
are George w. White, president; Thomas
g. Moore, vice president and manager;
Alexander K. Phillips, secretary; j. w.
Lawler, assistant secretary, and William
G. Dent, assistant secretary.
The present directors include Henry
Gomont, A. A. Hoehling, Charles E.
Hood, Charles E. Howe, o. II. P. john
son, Thomas c. Moore, F. Norie Miller,
S. Norie-Miller, c. F. r. Ogilby, Alex
ander K. Phillips, Frederick Richardson
and George w. White.
The company has extended its scope
Of underwriting, which now includes all
branches of fire, tornado, automobile
and inland marine insurance and is &C
lively and conServatively represented in
AZ States.
On March 8, 1897, the company's
charter was amended. again being
signed by President jackson, and this
time by James K. Polk, as speaker Of
the House. The charter was again
in 1870, being signed this time
by President Grant and Speaker James
G. Blaine. When another change was
made in 1900, President Mckinley af-
fixed his signature Of approval as did
Speaker D. B. Henderson.
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