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Thus was formed and brought into existence THE INSURANCE COMPANY OF NORTH AMERICA, in the samc room where was transacted, sixteen years before, that memorable scene which forever names it InpEPENDENCE HALL; and the Directors at once took steps to form their plans under the eighth of their Articles of Association, “To make such Insurances upon Vessels and Merchandize at Sea, or going to Sea, or upon the life or lives of any person or persons, or upon any goods, wares, merchandize, or other property gone or going by land or water; and at such Rates of Insurance or Premium as they shall deem advisable.” ——. A TE ST WP Ss Se A HISTORY OF THE IL EARLY MARINE UNDERWRITING IN PHILADELPHIA. HIS first attempt to establish a corporate associa- 1 tion for effecting marine assurances in Philadelphia merits some notice of the conduct of that business in the earlier years of the city’s history. Resort was had by the early shippers to the private underwriters of Great Britain, and early mention of London underwriting for American interests is found in the Penn and Logan Corres- pondence, though William Penn’s scruples as to insuring his property often prevailed. James Logan writes him in 1701: “Notwithstanding thy tenderness about insurance, I hope there is some made.”—i. 80. But Penn’s tenderness seemed to prevail only when a promising risk was de- spatched. He writes Logan, 6 September, 1702: “I shall be glad if this dull sailer [Cantico] gets as safely as the Hopewell. I am tender as to insurance, and did nothing in it for the Hopewell.”—i. 133. THe seems to have been tender, also, as to the credit of the underwriters, doubtless deeming but little dependence would be placed upon. a business which might not have the sanction of Heaven. He writes 16 February, 1705, to Logan: “J. Askew ensured £100 upon thy letter, but the ensurer broke, and the twenty guineas lost. This done upon the former inti- mations. Ensurers fail much.”—i. 353. INSURANCE COMPANY OF NORTH AMERICA. 15 In 1721 Mr. John Copson opens an office or agency for the procuring of home insurances from local capitalists, and in the American Weekly Mercury of 25 May, 1721, he adver- tises his plan as follows : — “ASSURANCES from. Loffes bappening at Sea, &., being found to be very much for the Ease and Benefit of the Merchants and Traders in general ; and whereas the Merchants of this City of Philadelphia and other Parts have heen obliged to send to London for such Affurance, which has not only been tedious and troublefome, but even very precarious. For remedying of which, An Office of Publick Infurance on Veflels, Goods and Merchan- dizes, will, on Monday next, be Opened, and Books kept by John Copfon of this city, at his Houle in the High Street, where all Perfons willing to be Infured may apply: And Care jhall be taken by the Jaid |, Copfon That the Affurers or Under Writers be Perfons of undoubted Worth and Repu- tation, and of confiderable Intere/l in this City and Province.” It was within a few years of this announcement that there was published, in 1725, in Philadelphia, by S. Keimer, the first book in America in which reference is made to insurance ; it was printed by Benjamin Franklin, and its interest increases from the fact it was the first book printed by him. It was Franklin who was, in 1752, greatly instru- mental in establishing the first insurance company on the continent, The Philadelphia Contributionship for the In- surance of Houses from Loss by Fire. The author of this early work was I'rancis Rawle, the founder in America of the family of that name, and was entitled Ways and Means for the Inhabitants of Delaware to become Rich, and in it he classes insurance as a branch of trade, which, while helpful to the adventurer on risks by sea, would as well be promotive of commerce and agriculture. But Mr. Rawle’s paragraph so well expresses the benefits of insurance that 16 A HISTORY OF THE he is entitled to the insertion here of his own argument, which cannot be improved on in the language of to-day, in showing that insurance is, in truth, the foundation of all solid business enterprise :— « Having thus far difcours’d of moft of the Branches of Trade we are capable of, there is yet one great Encouragement, to adventure in the Difcovery and Profecution of new Markets; more safe to the induftrious Adventurer; namely an Infurance-Office in one or more of thefe Colo- nies; which is the interefting of divers in the Lofs or Profit of a Voyage, and is now become so much the Practice of England, that Infurance may be had in divers Cafes as well againft the Hazards at Land, as Cafualties at Sea, which muft be acknowledged not only to be fafe, but a great Encouragement to adventure; for it may fo happen that a Perfon may {ometime adventure his ALL, and then in case of a Lofs he may be rendered uncapable of a future Trade, to the Difadvantage of the publick, and (it may be) to the Ruin of himfelf; whereas could he get a part of his Intereft either of Ship or Cargo infured, (tho’ in Cafe of fafe Arrival he parts with a part of his Profit, yet) in Cafe of lofs, he is fecur’d of fuch part as he infureth, which may be fufficient Bottom to begin a new Adventure: How far this may conduce to the Trade of this River, is obvious to any Man of Thought. Now whereas there has been fome Attempts made at Philadelphia, which dropt and prov’d abortive, (for what Reasons we never could learn) we humbly propofe to the Legiflature that an Office be erected and supported by a Fund arifing out of the Intereft of the Loan-Office. This will be a good and fafe Bottom, and cannot be eafily overfet by a few lofles ; and we conceive will con- tribute to keep up the Value of our Paper-Credit by promoting of Trade, Navigation and Building of Ships, and in Confequence, of great Advantage to this River: Which we refer to the Confideration of the Merchant.” —pp. 62-63. From the date of Mr. Copson’s opening an office in 1721, of the operations of which we are without any particulars, and which may have been included by Mr. Rawle among those “attempts made at Philadelphia, which dropt and prov’d abortive ;” many years elapse before we have record of another Insurance Office. We find, however, from the a A rane, Ermpany of Moh mertig => “20/ \ \ h ereaASali: Lamy as well in own Name, as for snd in en and Names of alla ty oher Perfon or Perfons, to whom the fame x way or a apperigin, Payt or inall, doth majy Affurance, and gaufeth Aes and them and every of them to be infured, loft or not loft, at and from nt losnord Le 2 2 upon all Kinds of lawful Goods and Merchandifes, Toaden or to be load ea) the good Chey called the Serene 7 t whereof is Mafter for this prefent Voyage rn n" : eee oF Whofoever elfe fhall go for Mafter' In, the faid thip, or by whatfoever other Name or Names the faid Ship, or the Mafter the-eof, jor {hall be nid or called, beginning the Adventure upon the faid lawful Goods and Merchandifes from and immediately following the Loading thereof on bogyd the faid om. aforefaid, and fo fhall continue and endure until the faid Goods and Merchandifes fhall be fafcly landed at Po st. file fo - ——— - nam aforefaid. And it fall and may be lawful for the faid Ship in her Voyage to procee and fail to, fouchand [tay at any-Forts or P) by Strefs of Weather, or other unavoidable Accident, without Prejudice to this Infurarce. Touching the Adventures and Perils, which we the ers are contented to " and to take upon us in this Voyage, they are, of the Seas, Men of War, Fires, Enemies, Pirates, Rovers, Thieves, Fettifons, Letters of Mart, and Counter Mart, Surprifals, Taking, at Sca, Arrejts, Refiraints and Detainments, of all Kings, Princes or People, of what Naticn, Condition or Quality focver; *Barratry of the Mafter and Mariners,’and all other Perils, Loffes and Misfortunes, that have or fhall come tod ¢ Hurt, Detriment or Damage of the faid Goods or Merchandifes, or any Part thercof. + And in cafe of any Lofs or Mifs Fortunes, it Mall be lawful to and for the Affured, Factors, Servants and Afligns, to fue, labour and travel for, in and about the Defence, Safeguard and Recove! of the faid Goods and Merchandifes, or any Part thereof, without Prejudice to this Infurance, to the Charges whereof we the Affurers will contribute, cach one according to the Rate and Quantity of his Sum herein infured. And it is agreed by us the Affurers, that tHis Writing or Policy of Infurance fhallbe of as mach Force and Effect as the fureft Write ing or Policy of Affurance heretofore made in any of the UNtTED STATESS OF elfewhere, » And fo we the Aflurers are contented, and do promife and bir ourfelves, each gy Executors, Adminiftrators and Afligns, for the true Raformange of the Premifes, confefling a a ET Ba a one for his own Part, our Heirs, Fxecutors and Goods, to the Affured, ourfelves paid the Confideration duc unto us for the Affurance, by the faid Affured, ot* » -Afligns, at andafter the Rate of G4 And in cafe of Lofs, the Aflured is to ibate Treo Pesads per Cent. I fasinloofs-todsepaidinThoeo-Monthsabrer-Res fehosesf. And it is agreed, that if any Difpute fhould arife relating to the Lofs.on this Policy; it hall be referred to two indifferent Perfons, pne to be chofen by the Affured, the other by the Affurer or Affurers, who fhall have full Power to adjult the fame; but in cafe they cannot agree, then fuch two Perfons fhall chufe a third; and any Two of them agrecipg fall be obljgatory = Parties, 7" In Wirness wirreor, WE the fess yan our Names and Sums aflured, in Philadelphia, the Fo (2rd P75 Day of One Thoufand Seven Hundred and o/ 72. hp” Memorandum. Salt, Wheat, Indian Corn, Peaféy Malt, and idtvicd Fifb flowed in Bulk, and Tobacco in Cafks, are warranted free from Average, unlefi general, All other Guods free from Average under Five Pounds per Cent. unlcft gencral. The Affired Joall allow the Qfficc-keeper or Lireker 1 1alf per Cent. for bis Trouble”in ctllecling any Lofs that may happen on this Policy, paying the fame in due Time, and regiftering [3 in the Office-Bosks. And in all Cafes of Return Premium, Yive per Cent. on faid Premium to be retained, provided that in no Cafe it be undefan Half per Cent. on the Suit 1 Jubferibeda Iris mutually agreed by the Partics.to this Palicy, that no Part of the Premium Shall be returned or abated, on account of any Deviation © ich [halt be made by the Owners or theig Tadlors, from the prefent Voyage. Warranted fice from any Charge, Damage, or Lofs, which may arif¢ in confequence of a Seizure or Detention of the Property for, or onaccount of illicit or prohibited Trade. fuse if Ze) such. $F idk fad sii lny afc Bofrandi— liesrniterrv s JPL hi. 27 foil 2a itis Holand Loder paired vont ages od JH aio Cork Al nt EA fied ne suis, Hs bone Sguance salle contenleced, tt enttloanle said ep lovey PA Legends Ailing ssh Clits? ap 7 Ae egy bores and rsh Saori A ung, waitanl lenin 4 2000 Gotu fili a aah A 2000 EARLY MARINE POLICY OF THE INSURANCE COMPANY OF NORTH AMERICA, 1793. OE — INSURANCE COMPANY OF NORTH AMERICA. 17 MS. journal of the Hon. John Smith, the originator in 1752 of the Philadelphia Contributionship, that local under- writing was resorted to by the merchants in his day. On 13 June, 1746, he writes he “was busy with the insurers of the sloop, but could not get them to settle till they see whether they shall have her or not.” And on 1 December, 1749, “William Callender and I were at the Insurance office in the morning about business”; and we see that he himself begins to underwrite, for on 10 November, 1750, he records he “was at the Insurance office, and began to underwrite.” This was the insurance office of Mr. Joseph Saunders, which at this time was located on Reese Meredith’s or Carpenter's Wharf. This is, in fact, the first one of whose operations we know anything, and which was the forerunner of others which became equally well known. Mr. Joseph Saunders was an eminent citizen and prominent member of the Society of Friends, who began issuing his policies, all prefaced by the invocation, “In the Name of GOD, Amen,” at his store on Reese Meredith's Wharf, above Walnut street (Pennsylvania Gazette, 28 July. 1743). In 1752 we find he “IS remov’d from his late store on Reese Meredith's or Carpenter’s Whart to the Houle wherein Ijrae/ Pemberton, the Elder, lately liv’d, in Water-Street, the next door to James Pemberton’s, at the Corner going down to Cheftnut-Street Wharf, where he continues to fell,” &ec., &c. Devi’ a Jowrnal, 10 March, 1752. Within a few months he advertises: “Notice is hereby given, That the INSURANCE OFFICE for Shiping and Houfes is kept by Jofeph Saunders at his Houfe, where Ifrael Pemberton, fen., lately lived, near the Queen’s Head in Water- ftreet.” Peni’a Journal, 25 June, 1752. 18 A HISTORY OF THE This was the first office of the Philadelphia Contribu- tionship, Joseph Saunders being the first Clerk of that association, which had been organized the previous April, wherein he was succeeded in 1754 by Robert Owen. This is the first Fire Insurance advertisement published in Phila- delphia. In 1756 we find him «« Remov’d to the corner of Chefnut and Water-ftreets, the next door but one to where he formerly liv’d.” Pennsylvania Gazette, 10 October, 1754. To a later advertisement he adds a postscript : « N.B.——The Insurance Orrice for SuippinGg is Kept by him as ufual.” Co » Pennsylvania Gazette, 8 July, 1756. He again moves four years later: « JOSEPH SAUNDERS is removed from his late Dwelling, near Cheftnut-ftreet Wharf, higher up Cheftnut-ftreet, between Front and Second-ftreets, and next Door, but one, to John Reily’s,* where he con- tinues to fell fundry Sorts of Goods, and Keeps an Infurance office for Shipping, as ufual, and hopes his Friends who have been pleafed to em- ploy him in that Way will ftill continue their Favours.” Pennsylvania Gazette, 23 October, 1760. This office was on the south side of Chestnut, about six * This gentleman undertook to insure lottery tickets, as was done some years later by the clients of Kidd and Bradford. To an advertisement of St. Paul's Church Lottery there is added :— N.B. John Reily, of this City, Conveyancer, will infure Tickets in this Lottery at a very low Premium.” Pennsylvania Gazette, 29 January, 1761. +See the advertisement of M. Symonds in Pennsylvania Chronicle, 2 May, 1768, of a } «Removal to the new shop in Cheftnut street, the fixth door from Second Street, nearly opposite to Mr. Joseph Saunders, merchant.” INSURANCE COMPANY OF NORTH AMERICA. 19 or seven doors east of Second street, and we find him advertising here up to 1768.# The next office we find is that of Thomas Wharton, ¢ On Carpenter’s wharf, where Jofeph Saunders lately kept:” “ N. B.—The Infurance Office is there as formerly.” Pennsylvania Gazette, 7 May, 1752. This announcement of Mr. Wharton’s enterprise led to Myr. Saunders’s advertisement of the following June, above quoted, by which he sought to remind his friends that he yet continued his insurances in his new quarters. He had not before this competition arose advertised his insurance * This worthy citizen was born 8 January, 1712-13, at Farnham Heath, in the parish of Farnham Royal, County of Bucks, the third child of Joseph and Susannah Saunders, and brought a certificate from Friends’ Meeting in London, 12 February, 1733, to Philadelphia Yearly Meeting. He married Hannah, daughter of John Reeve, of Philadelphia, 8 January, 1741, and died 26 January, 1792. Of his large family of children but seven married, and his descendants find representatives in many of the prominent families of Philadelphia at this day. His son John married Mary Pancoast, and of his daughters, Sarah married William Redwood, Susannah married William Hartshorne, Mary married Thomas Morris, Hannah married Mordecai Lewis, Rachel married Joseph Crookshank, and Lydia married Samuel Coates. The earliest policy from his office now known to exist was issued to John Kidd, and underwritten by John Miftlin, Archibald McCall, Samuel McCall, junior, and Augustus Hicks, in the amount of £450, on Goods from Philadelphia to London, at four per cent., bears date 25 April, 1749 (0.s.), and is endorsed by him, “Reg? in Book B, fol. 83,” by which we can approximate to the beginnings of his insurances. A policy of his, dated 27 May, 1761, conforms to the new style, and omits the “In the Name of GOD, Amen,” which phrase had been omitted by Thomas Wharton in the policies issued by him. They still retain the phrases, however, *“ Whereof is Master, under GOD, for this present voyage,” &e., &e. It was to Mr. Saunders’s office that Colonel Thomas White refers in the following letter to his friend Mr. Thomas Harrizon, of Baltimore County, written 24 April, 1755: —On my coming to Town I went to ye assureance office and ordered yr Policies to be made out, but could get only ye 75£ on ye Brig Philip & James underwrit; they having already fully ventured on ye other vessel; the reason is, that very few will underwrite on a vessel from Maryland. Mr. Meredith has signed for ye above 75£ in Goods at 33 p ct so yt I paid £2. 17. 6.” a a or OST 20 A HISTORY OF THE office ; his assuming the Clerkship of the Contributionship at this time doubtless led to the belief he would relinquish his marine insurance. Mr. Wharton’s business grew slowly, for a policy of his to Thomas Riché, underwritten by John Baynton, on Goods from Philadelphia to Antigua, “ ton per cent. dated 25 October, 1756, is registered in his “Book B, fol. 64.7 In his advertisements for many years he continues his notice of an Insurance Office. In 1765 he associates with him his son, and the firm is Thomas and Isaac Wharton: ¢« N. B.—An Infurance Office for Shipping is Kept by them.” Pennsylvania Gazette, 30 October, 1766. The latter, in 1781, associates with him his kinsman, Samuel Lewis Wharton, and their Register of Policies begins this year. Subsequently we find Isaac Wharton and David Lewis as Insurance Brokers at 115 south Front street, the latter gentleman afterwards being President of the Phenix Insurance Company, and his son and grandson were successively Treasurers of The Mutual Assurance Company. In 1319 we find their successors, Thomas and John Wharton, ‘Insurance Brokers,” tenants of The In- surance Company of North America, on the Dock street front of their property. In 1756 Mr. Walter Shee opened an office, and advertises: « NOTICE is hereby given, that WaLTER SHEE, in Front ftreet, at the corner of Cheftnut-ftreet, in Philadelphia, hath opened an office for the infurance of fhips, and merchandize. All perfons who want to have infurance made, may apply at faid office, where all risks will be under- ”» wrote. si es Pennsylvania Gazette, 23 September, 1756. INSURANCE COMPANY OF NORTH AMERICA. Mr. Shee was the third on the list of the first signers of the Hibernia Fire Company, 20 February, 1752. A policy issued by him on 15 May, 1758, to Thomas Riché, on Merchandise from St. Christopher’s to Philadel- phia, at ten per cent., underwritten by William Moore, is registered by him in his © Book B, fol. 62,” from which we may estimate the growth of his business. In 1760 he in- forms the public: « N. B.—The Infurance Office for Shipping and Merchandize is kept by him as ufual.” Pennsylvania Gazette, 6 March, 1760. He subsequently associates with himself his brother, Bertles Shee: « NOW opening at their ftore in Front Street, five doors from the corner of Cheftnut-ftreet. «WALTER AND BERTLES SHEE.” « N. B.—The Infurance office for Shipping continued by them as ufual.” Pennsylvania Gazette, 26 September, 1765. «At their ftore in Second ftreet, nearly opposite the Golden Fleece Tavern.” Pennsylvania Gazette, 7 May, 1767. Following these, next came the office of Kidd and Brad- ford, located at Colonel Bradford's store in the Old London Coftee House, that ancient building at the southwest corner Front and Market streets, which remained intact up to 1883, and was announced by the following advertisement : Philadelphia, 8 April. NOTICE is hereby given that on Monday next an INSURANCE OFFICE for INSURING Shipping, and Merchandize will be opened at A En A I TT ST RP a A ETE A HISTORY OF THE the London Coffee Houfe, where Risks in general will be underwrote, and all Perfons may have their Infurance made with Care and Expedition by JOHN KIDD and WILLIAM BRADFORD. Pennsylvania Journal, Tuesday, 8 April, 1762. Colonel Bradford’s paper, the Journal, in its issue of the following week advertised : «Tbe Philadelphia INSURANCE OFFICE is now opened adjoining the London Coffee House, for INSURING Shipping and Merchandize, where Risks in general will be underwrote, &c.”’* But prior to Kidd and Bradford's office, a New York broker had sought for Philadelphia business, for Mr. Anthony Van Dam advertises his office in the Pennsyl- vania Gazette, 13 September, 1759, as follows: « The New York Insurance Office is opened at the Houfe of the Widow Smith, adjoining the Merchants’ Coffee Houfe : where all Rifks are underwrote at moderate Premiums. Constant Attendance will be given from the Hours of Eleven to One in the Forenoon, and from Six to Eight in the Evening, by Anthony Van Dam, Clerk of the Office.” Mr. Van Dam was a citizen of New York, eminent in ‘business and social circles, one of the incorporators of the New York Chamber of Commerce under its charter of 1770, and its first Secretary, who, espousing the British side in the Revolution, went to England after its close. There were other insurance Offices in New York at the same period, but Mr. Van Dam alone extended his opera- tions to this city. The site of his office is believed to be the modern 93 Wall street. # Col. Bradford's eminent and useful career is faithfully portrayed in An Old Philadelphian, Colonel William Bradford, The Patriot Printer of 1776, Sketches of his Life, by his descendant John William Wallace, Esquire, Philadelphia, 1884. INSURANCE COMPANY OF NORTH AMERICA. 23 Thus much for the early Brokers and their Insurance Offices. We now note the beginnings of associated under- writing. In the year 1757 certain merchants —namely, Thomas Willing, Attwood Shute, Charles Stedman, Alex- ander Stedman, John Kidd, and William Coxe entered into Articles of Agreement, under date of 8 October, “under the name and style of Thomas Willing and Company,” for the purpose of underwriting policies of marine insurance. Their preamble recites, * Whereas the Insurance of Vessels and Merchandize has proved a great Encouragement to Trades, and that by Companies is most secure to the Insured. Therefore to establish a Company for insuring Ships, Vessels, Goods and Merchandise on reasonable terms,” &e., &e. They were not to write more than £600, lawful money of Pennsylvania, nor less than £50, on any one risk, and a regular set of books were to be opened. Thomas Willing was to be the cashier, and the books kept “in the Counting House of the said Thomas Willing, in Front-Street.” Bach partner had one-sixth interest. New Articles of Agreement were made 20 October, 1758, by the same parties, excepting Mr. Shute, whose place was taken by Robert Morris, the same name and style continuing. No funds were put up by the partners, and the ** Company” issued its policies simply upon the united credit of its partners, which assuredly made a strong guarantee of indemnity. This effort evidenced that the practice of individual underwriting was growing here, and indeed, probably, invited it among those of our merchants whose surplus wealth was increasing. How long “Thomas Willing and i a a a EAE A A 24 A HISTORY OF THE Company” continued to underwrite policies cannot now be ascertained ; but as their agreements both of 1757 and 1758 were but for a twelvemonth each, no renewal may have been had in 1759. On 20 April, 1762, Mr. John Kidd and Colonel John Nixon established a like “Company.” which at its expira- tion the following year was renewed for another twelve- month. Kidd and Nixon's subscriptions to policies, which were made by Colonel Nixon individually, were not to “underwrite more than two hundred pounds lawfull money of Pennsylvania upon any one bottom or risque whatever.” Merchants procured their insurances from the individual underwriters, through the instrumentality of the brokers, at whose offices risks were offered and terms arranged, and who secured the policy from those of their clients, either individual or associated, who were willing to underwrite the applicant. This class of gentlemen, which had grown in importance, in a few years claimed some compensation over and above that which might accrue upon the adjust- ment of losses, and we see thus early the beginning of the commission question. On 12 February, 1762, we find there was a meeting held of sundry of our local underwriters—namely, Henry Harri- son, Peter Reeve, Amos Strettle, Conyngham and Nesbitt, Scott and McMichael, Samuel Purviance, John Wilcocks, Willing, Morris and Co., Samuel Mifflin, Child and Stiles, Thos. and Wm. Lightfoot, Abram Judah, James and Drinker, Samuel Oldman, John Mifflin, Reed and Pettit, and Aquila Jones to discuss this broker question, and they agreed : INSURANCE COMPANY OF NORTH AMERICA. 25 «That the several Brokers in whose offices they shall hereafter sub- scribe Policies shall be accountable for all the premiums arising from such subscriptions being allowed thereon by us the underwriters, a commission of one and a quarter per cent. for standing the Risques of such premiums, collecting and paying the same in the following manner : “1. That such Brokers shall settle each Underwriter’s Account every three Months, and pay the Ballance due thereon exclusive of all pre- miums arising from Policys which have not been Subscribed above one month, and in the Intermediate time between such Settlements shall pay all losses due from us out of the Premiums on Policys which have been underwrote more than one month, or se far as such subscriptions extend.” But a more grievous cause of complaint grew up in the lowering of the rates of premiums, for as individual under- writing increased, the number of brokers’ offices as well increased, and competition affected the standard of rates; and in this. history repeats itself in our modern business. On 6 May, 1766, a meeting of nineteen underwriters was held, who signed an agreement, which thus begins: ““'T'he Subscribers hereunto being Convinced by sad Experience that the premiums of Insurance have of late been Inadequate to the risques underwrote in this City, and fearing that the Consequence of their con- tinuing so will be an entire loss of so necessary and usefull a Branch of Business, as most of the present Underwriters are determined to decline the pursuit of it, unless some regulations of the premiums are made and generally agreed to: Wherefore we and each of us promise to and agree with each other: “1. That we will not subscribe our names to any Policy or Policies of Assurance at any less premium or Rates than are specified in the List annexed hereunto signed by the Brokers.” “5. That if any Persans now in the practise of Underwriting in this City do refuse to sign and agree to these articles, We will not subscribe any Policy of Assurance to Cover any Ship, freight, or Goods the Prop- erty of such refusing underwriters, nor any other Policy which the said Refusing Underwriters may have signed.” “9. We will subscribe no Policy but what comes from an Office Keeper.” A HISTORY OF THE The original MS. of this document, signed by the nine- teen merchants, shows that more than one-half of the subscribers had subsequently erased their names, and so effectually in some instances as to forbid deciphering them now. Thus we may presume but little time elapsed before these gentlemen felt themselves too restricted by the agree- ment, and withdrew from it to join the general competition for insurances. Mr. Kidd. one of the partners of “Thomas Willing and Company” of 1757 and 1758, subsequently engaged in the Insurance Brokerage, and in 1762 associated himself” with Col. William Bradford, “the patriot printer of 1776,” and the firm of Kidd and Bradford, before referred to, main- tained their marine insurance office until 1763 or later, Bradford continuing it up to 1776 in his own name. Colonel Bradford left behind him a valuable miscellaneous collection of MSS. relating to politics and business, and it is among these in the Pennsylvania Ilistorical Society that we find many insurance books and papers of his forerunners and of his own office, which the Society has arranged with intelli- gent care; the most interesting of the insurance documents being the Journal of his own underwriting accounts from 1768 to 1774. The business of securing and placing risks among the -» local underwriters must have steadily grown in importance, for among the Insurance Brokers of Philadelphia a few years later we find in addition to the names already men- tioned those of N. & J. Frazier, at No. 95 south Front street, afterwards Nalbro Frazier at No. 161 south Second street; Robert E. Hobart, who had an office at the City Tavern i 7 fom & Lewls, “4 C & 4 - = WHERE AS Js 2 ad, / Lrvits Favere 1lin-A—> -n Name; as fc int and Names of all ahd every other Perfon or Perfons, 40 whom the 13 ir Thall appertain, , in Part ot in all o ne ri nd. hn ELE gov them and every of them to [Yelag loft or not loft, at and , A - : / lan Ao arrest ns order 7 ~~ A pon all Kinds of lawful Goods and Merchandifs# loader %o be loaden aboard the good ~~ wy wm galled the swhereof is Matter for this prefent Voyage (ete PP Bred LIN wrote rms frm TT on wholoever elfe fhall go for Mafter if the faid Ship, or by whatfoever other Name or Names the f{d$hip, or the Matter thereof, 153t fhall ‘be named or galled, beginning the Adventure upon the faid lawful Goodd and Merchan lifes from and immediately following the Loaditig thereof on bogrd the faid 2p Ree yy Bf remem aforefaid, and fo fhall continua aod endure until the faid Goods and Merchandifes fhall be fafely landed at Surry eans Cormier ee ———. Qe -aforefaid. And it thall and may be lawful for the faid Ship in her Voyage to proceed and fail to, touch and flay at any Ports or Places, ‘if thereunto obliged by Strefs of Wentber, or other unavoidable Accident, without Prejudice to this Infurance.” ‘Touching the Adventures and Perils, w hich we the Affurers are contented to it to take upon us in this Voyage, they are, of the Seas, Men of ier, Fires, Enenies; Firatet, Rovers, Thieves; Fettijons,: Letters of Mart, and Counter Mart, Surprifals,- Taking at Sea, Arrefts, Reftraints ard Detainnients,” of “all Kings, Princes or People, of what Nation, Condition or Quality [oever,” Barrairy of the Mater. and Mariners, and all other Perils, Loffes'aty Misfortunes, that have or fhall cope to the Hurt, Detriment or Damage of the 1id Goods or Merchandifes, or any Part thereof: And in cafe of any Lofs ‘or Misfortunes, it fhall'be Jawful to and for the Aflured, - ds 7 Faftors, Servants and Affigns, to {ue, Ibour and travel for, in and about the Defence, Safeguard and Recovery of the faid Gi rand fere chandifes, or any Part thereof, without Prejudice to this Infurance, to the Charges whereof we the Affurers will contribute, exch one according to the Rate and Quanity GEbi3 Sum herein inured. “And it is agreed by us the Affurers, that this Writing or Policy of Infurance thall be of as much Force arid Effect as thedureft Writing or Policy o ‘Affurafice hétetow fore made in any of the UN1TED STATEF/ or elfewhere. And fo we the Affurers are contented, ‘and do promife and bind ourfelves, each®onejforihis. own Partyodr if Executors and Goods, to the Affured, .#¢; Exeglitors, Adminiftrators and Afligus, for the true Perforspance of the Presnifes; confefing ourfeves paid ation’ us for the Alfurance, by the faid Afured, or ~/« J — Aflgos, at and after the Rate o 2) Sov Gf wo Andin cafe of Lofs, the Affured is to abate Tao Pounds per Cent. and fuch Tofs to be paid inone Month after Proof thereof. Anditis agreed, thatif any:Difpute fhould afife relating to the Lofs on this Policy, it ¢ referred 10 two indifferent Ferfons, coe to be chofen bythe Affured, the other by the Atiurer or Affurers, who fhall have full Power to adjufl the fame; but ia cal they caanot agree, then fuch two Perfons tall chufe a hird; and any Two of them agreeing, hall be obliguicry to both Parties Tv Witxess whereor, WE the Affurers have fublcribed ‘our Names and Sums affured, in Pliladelplia, the AeerTy A ~ Day of Ceepeeds One Thouland Seven Hundred and © inety- 37 Leo dian Corn, Peasy Malt, and dfied Fift flowed in Balk, and Tobacco in. Coffs, are warranted free from Average, unlefi generals other 1; per Cent. urlefs general. per or Br ‘Half per Cent. jor bis Trouble in collecting any Loft 1Fat may Fappen on this Policy; paying: TFe [ome in due Tim ond regifiering it in Re:urn Premiuin, Five per Cent. on Joid Premium io be re:ained; provided that inno Cafe it be under an Half per Cenveon ile Sum jubycribed. by ibe Parties to itis Folicy, that ra Part of ihe Fremium JEall be'reiurned oraba'ed, on accoun: of any Deviation which fball be wade by ike Owners or.iler Fallors, a a - a a Jrom the Voyage. : - from any Charge, Damage, or Loff, whichmay arife in confequence of 4 Seizure or Detenticn of the Property for; of.onaccount ofdllicit ‘or prohibited Trade. Warran.ed free 7. . < 27 27 . aR - ~~ a Arn tod till / lvrenr ys lon ty LPNs Are dren Lgl aralbece A Sty Hid dotlery ~4 . oe J. 7, os 2, = - 4 Sh lpni' Qipages. = / :/ a CI ar Lol Tho Yon led ity Him PI Sond (4 7 [rene 7 ep ll de pL MnO Rt & oe . y » — alr pre ielaqn Shefints 77 Chine far trceals CorEEo0 : rl AN TY 26 =p pe : ee SS — Dire Forme). Foner (24 Gd ys f A Q Te ee te Lando 70le pen So fol BLL KR ~~ pennies baie EARLY MARINE POLICY OF PHILADELPHIA BROKERS, 1795. INSURANCE COMPANY OF NORTH AMERICA. 27 building ;* Jacob Shoemaker, afterwards Shoemaker & Berrett, at No. 29 north Water street; John Donnaldson; and John Taylor, at No. 10 south Front street. Some of these gentlemen had their own policy-forms in print, with their names and office address added thereon, though the contract appears to have been the same in all cases. The modern broker is content with attaching the label of his name and address to the outside of a company’s policy; those gentlemen, printing their own policy, could at once lace their name and address prominently on the first pace. ~ aoe * Robert Enoch Hobart, the elder brother of Bishop Hobart, was an active, enterprising man, of a well-cultivated mind and literary taste. At first a mer- chant, then an insurance broker, he became in 1811 a resident of Pottsgrove, Pennsylvania, being allied in marriage to the family on whose estate the town was built, and who gave its name; at the time of his death, he had been for two sessions a member of the State legislature. fo a— Ya a IR n ¥ et FB “gam -——— a aps meri 7, A HISTORY OF THE III. EARLY FIRE UNDERWRITING IN PHILADELPHIA. HUS much for the growth of marine insurance in Philadelphia. It appears to us of this day remarkable that our ancestors had no means for indemnifying themselves against losses by fire on land; no individual capitalist stood ready to underwrite indemnity te the house-owner for the possible destruction of his property by fire. Such losses, however, were not unknown to our earlier citizens, for the necessity for some mode of extinguishing fires led to the establishment of a fire company, the Union, on 7 December, 1736, followed by the Fellowship, 1 January, 1738. the Iand-in-Iland, 1 March, 1742, the [Heart-in- Hand, 22 February, 1743, the Friendship, 30 July, 1747, and the Ilibernia, 22 February, 1752, with an aggregate membership of two hundred and twenty-five members, em- ploying seven engines, one thousand and fifty-five buckets, and thirty-six ladders. This force witnesses to the dangers from fire the citizens felt themselves surrounded with, and yet they remained without any source of indemnity from loss whatever, until 13 April, 1752, when certain Contri- butors, as they were called, then organized under a Deed of Settlement Zhe Philadelphia Contributionship for the In- surance of Houses from Loss by Fire, and it was not until INSURANCE COMPANY OF NORTH AMERICA. 29 1 June following, that any member of this mutual associa- tion sought its first policy, and he was the Hon. John Smith, the author of the “Deed of Settlement,” and the first treasurer of the company. This organization was the result of an invitation to “All perfons inclined to Subcribe to the articles of infurance of houfes from fire, in or near this city, are desired to appear at the Court-bouse, where attendance will be given, to take in their fubfcriptions every [eventh day of the week, in the afternoon, until the 13th of April next, being the day appointed by the [aid articles for electing twelve directors and a treafurer,” which was first inserted in the Pennsylvania Gazette, on 18 February, 1752, and continued therein until the date of meeting, but the paper gives no intelligence of the action then had. The office of the company, we have already seen, was opened at the store of Mr. Joseph Saunders, its first «“ Clerk.” Myr. Smith was a native of Burlington, New Jersey, and a younger brother of Samuel Smith the Historian of New Jersey; he was at this period a prominent merchant in Philadelphia, and had established the first line of regular packets trading to Liverpool from this city, was a member of the General Assembly of the Province of Pennsylvania, and prominent in the affairs of the Society of Friends, and one of the originators of the Pennsylvania Hospital; he was the promoter of this invaluable scheme, and to him must be conceded the honor of its authorship. Though but thirty years of age at this time, his practical views at once enlisted Benjamin Franklin's co-operation, and this with his own personal influence in the community, which was enhanced by his being the son-in-law of James Logan, 30 A HISTORY OF THE Chief Justice and afterwards President of the Council of Pennsylvania, and whose death had occurred but a few months before, secured the establishment of the first in- surance organization in the American Colonies. He was an active member of the Hand-in-Hand fire com- pany, then a young organization, which he joined shortly upon his coming to Philadelphia in 1743, and which in time enrolled in its membership some of the leading citizens, and in its later history, continued the same characteristics of membership. In the year 1771 the entire corporation of the city, according to Mr. Thompson Westcott, appears to have been embraced in its membership, and statesmen, lawyers, physicians, divines and merchants were among its “honor- ablemen™; four signers of the Declaration of Independence, Clymer, Hopkinson, Rush and Wilson, Chief Justice Tilgh- man, Bishop White, Provost Smith, long maintained their membership. In later years it ceased active duties at fires, fulfilling only its social claims in the monthly dinners, and leaving the use of its engine to other organizations, and finally ceased to exist in 1817; of its last roll of members, the Hon. Horace Binney was one. Mr. Smith in his MS. Journal, before referred to, makes frequent allusions to attendance on its meetings; and his connection with it may have secured his attention to some scheme of insuring owners of buildings from loss by fire. On 26 August, 1748, his Journal records: “in the evening rode to Stenton; took with me a plan of the damage done by the fire in London, and gave to the old gentleman; and the magazines for March and April, which I left with Hannah.” This refer- ence is to the fire on 25 March preceding, which consumed INSURANCE COMPANY OF NORTH AMERICA. 31 two hundred houses in Cornhill, the severest conflagration in London since the great fire of 1666 (Walford’s C'yclo- pedia). The Journal unhappily ends before the establish- ment of the Contributionship, but from the entry now quoted, we can judge that the thought of such a company, and perhaps its plan of organization, were the result of mature consideration before he presented the subject to the citizens of Philadelphia. While its popular title HHand-in- Hand “is not contained in any part of the Deed of Settle- ment, nor in the policy, nor in any of its minute-books or papers” (Mr. Binney'’s Centennial Address, page 29), we cannot but connect its use from the outset with the title of Mr. Smith’s fire company, many of the members of this, being the contributors in that. A later by-law of the Contributionship forbade the insur- ance on buildings surrounded by trees, which was expressly permitted by its Deed of Settlement; this led to the forma- tion on 5 July, 1784 of the Mutual Assurance Company for Insuring Houses from Loss by Fire in and near Philadel- phia, to whom our citizens by the payment of an additional Deposit could have both their Insurances and their Trees. The interest and feeling created by this restriction in the Contributionship Articles can best be seen in the public announcement made by the objectors, which we find in their advertisement in the Gazette of 25 August, 1784: Philadelphia, August 10, 1784. A NEW SOCIETY For infuring Houses from Lofs by Fire. A Great number of the citizens of Philadelphia, who are proprietors of houfes in the city and its fuburbs, many of whom now are or have been Members of the Philadelphia Contributionship for injuring Houjes A HISTORY OF THE from Lofs by Fire, have found it convenient and agreeable to them to have trees planted in the ftreets before their houfes, which the said Contribution- ship have thought proper to prohibit by one of their bye-laws, although the same is expressly permitted by a law of the State, and notwithftanding application has been made by above forty of their Members to have the faid bye-law repealed, who fignified their willingnefs that an addition fhould be made to the premium of their insurance for the fuppofed rifque attending trees in cafes of fire, as is now done with refpect to bake-houfes, coopers, apothecaries and oil men’s fhops, flores containing pitch, tar, brimstone, &c., which application has been rejected. Wherefore a number of perfons, desirous of having their houfes infured from lofs by fire, and feeing themfelves precluded from the advantages of the prefent inftitution, have judged it necessary to form another fociety for the purpofe aforefaid, and have entered into an agreement, that as foon as fo many perfons as have property in houfes to the value of one Hundred Thoufand Pounds collectively, shall have figned the faid agreement, a meeting of the fubscribers fhould be called, to form a plan for the manage- ment of the intended fociety. That having no intention to prejudice the inftitution already eftablifhed, and being only actuated by a defire to fecure their own property, they further agreed, that if the bye-law above referred to shall be repealed within ten months from the date of their agreement, which was the 5th of July, 1784, that then their faid agreement fhould be void, or otherwife to be carried into execution. Subfcriptions to near the amount above prescribed having already been made, at a meeting of the fubscribers it was unanimoufly agreed to lay their proceedings before the public, and to inform fuch as are difpofed to join them, that fubfcription papers are lodged with Mr. WiLLiam Craig, in Second-ftreet, and Mr. Jou~ PHiLips, at the corner of Front and Pine-ftreets. A meeting of the fubfcribers will be held in September next, whereof each one will be informed by a particular notice. In the Gazette of 27 October, 1734, we find the following: The Office of the Mutual Aflurance Company, for infuring Houfes from lofs by Fire, IS kept by the subfcriber, at his houfe in Quarry-ftreet, between Moravian-alley and Third-ftreet, where the members of the said Com- pany and all others defirous of having their property infured may apply. ArpLicaTions will also be received at the store of Mr. MATTHEW CLarksoN, in Front-ftreet, between Market and Arch-ftreets. John Jennings, Clerk. rrr —— ’ [HOUSE] By the Prefident and Directors of the Infurance Company of North America. a WHE PREAS 4. ithory Mister 7 JAS Atit Yor elite he (4 hath paid to the Prefident and Directors of the Infurance Company of Worth America Ao x Gotan. fir Fre Zz Et enn Aottcuns redloy Free eras Se Pranic Sl Tere i, , ¥ “Krid a ia Perils pr bdioailia oy Ae Gents Hand, lala an Krmpad Baad i aD Sgunbily poert= p from Lofs or Damage by Fire, for Bre > Fo Tis tore hd en oe Freer esr Arend ¥. (#ira£2> NOW KNOW ALL MEN BY THESE, PRESENTS (hav In confideration thereof the C: 7st oqk, Ffate and Securities of the [aid Corporationtthall Bellibig to pay untd.the [3d an my am Executors, Adiuini trators or Aflicns any Lofs or Damage whi ich i or may happéit by ostby means ofiFiy bn the faid ire Hrirrtn within the term Soreiid, urlef they the faid Prefident and [ rectors fhall fort! red by Fires or fall make good ihe faid Lois opDamgoe by paying therel ron 0 the Eftiniata thereof to be made by Zin Hr aw == or provided she faid(’ en hail be wholly bs deltroyed by ot by-means of fir2 nd Securities of Dye Corporation thal be fubject.to paso the aid “ois 17 Lill + Seaarmnnny s fum of ere Zain ~ ary Billed liars mers jet orefaid fro ¢ to time to be computed from the FA Loan iF Rirzy Re Yicyeat a) (riliore. Soil lor —— coer? (hl wel truly;pay, or,caufe.to be paid the fum ol Z aid Infyrance Company-of North America which 7 os geetf— theretd by accepting the fey which aid in wgminer faid \ with give Diredtions forputting g the faid ih wl [fom In pao a rs TOM in eyery Jagr for fo lor ons 1 time as ih ns Clay, on dr before vats me. mmm 8 the Prefident and Dire A bein aad fuceeeding Year, and the faid Cor, port rey daysafter proof th ereof 3 and if an u erm nination of Arbitrat ors i ting the fame between th he C the ASSURLD, parties PROVIDE D alw non Mallnot be fubject or lia ry or ufurped power t Securities of the faid Cory POT n, Foreign my, Civil Commotion, or any Mi litaw cafe the "laid Aflured fhall have already™ ‘made, of wed of sand fpecified on the back of this Policy » l, atthe ume when any fu hallhappen y perfon who (hall ufe r excrcife theran th incr ; per, or lnnholder Leeper 3 Bread or Bifeu Ship Chandler; Boa Buitder ; Malt Dic 8) B ow Ci ; 4 if and Celgurman ; y Earthen Ware Seller; or fhall be made ufe of for the Storing of hE keeping of Hemp, Fla v h . 1} ¢ SL gles, Hayy Sires, Fodder of any kind, Corn uae whrelhed, Oil, Wax, Di HH d, any Tofs. or Dasgeby Fire; wh hil ap riot taker eth ely or be binding to the fuid Corpo atiof s the fame fhal but ig all, or any of the faid cafes, this Policy, and every claufe, article and Thing bereln contained Mall be void and of nane effet ; ofhcrwife it hall remain io full force and { N WITNESS whereof the faid Corporation have capfed ¢ bs, Common Seal to be bereunto alized on the “ GLEE Day of - io the Year of d F2imel our Lard Orethoufand (even hundr N. BL, LhifRolicy to be of nc for 2020 Gvr Aenea 52 ig RY _ OH 770 pred 7 - fuch aff Mignment Le alowed by ao entry thezeof in the Books of the Companw. i aligned, un! luc li gp yA ‘ 2 “2000 z EArLY FIRE PoLicY oN BUILDING, 1795. Rr A AR ie Sr " A ETA al A a So Bn a i an a i En ove INSURANCE COMPANY OF NORTH AMERICA. Article XXXII of their Deed of Settlement is as follows: 'That there be an Addition to the Deposite Money upon the Insurance of all Houses having Trees planted before them, and also for Trees planted in Yards near the Houses; which Addition shall be determined by the Trustees, and be in proportion to the Risque such Trees may occasion. All Trees planted near Houses shall be Trimmed every Fall, in such Manner as not to be higher than the Eaves of the Houses. And Trees planted after Insurance made must be reported to the Office, and the additional Deposite paid within twelve Months after they are planted, or the Deposite Money will be forfeited and the Insurance become Void.” One practical result arises from this favor, interesting to the arboriculturist, by often establishing the date of the shade trees planted by our old citizens; one instance we find at Bishop White's dwelling, built by him in 1786, No. 89 (now 309) Walnut street, for not until 14 November, 1795, did he plant his trees, as we find by endorsement on his Policy No. 191, he made *“his Deposite for Planting two Trees in front of the within described house and paid to the Treasurer one pound five shillings,” which was at the rate of one-quarter of one per cent. for the privilege of shade trees. This Company became and still is popularly known as the Green Tree, from the house badge it adopted, as the Contributionship, from its carly badge of four-clasped hands is as well known by the name of the HHand-in- Hand. The latter’s office, at the time of the organization of the Insurance Company of North America, was kept in the house of its “Clerk,” Mr. Caleb Carmalt (afterwards Treasurer from 1807 to 1817), located at No. 99 (now 239) 3 a A tm Sa I TT a TR THEE Tee TIRE 34 A HISTORY OF THE Market street; and the former at No. 92 (now 230) Vine street, the residence of its Clerk, Mr. John Jennings; both the buildings thus occupied have now disappeared, and modern structures stand in their places. In General Affembly, TUESDAY, April 2, 1793. An ACT to incorporatethe Inlurance Society Company of North America. 1 WW siereas a Company has been formed in the city of Philadel phia and a competent capital thereto fubfcribed for the purpofe of caz= yying onthe bufinefs of infurance and application has been made to the Legiflature by the faid Company for an ack of incorporation Ia order therefore to promote an inflitution which by alleviating the sifques aad loffes incident to trade and navigation mutt in its operations be equally beneficial to the agricultural and commesdal interefls of the flate. SkcT. 1. Beit enafled by the Senate and Iloufe of Reprefentatives of the Commonwealth of Pennfylvania in General Affembly mat and bt ds hereby enacied by the authority of the fame That the capital Stock of the Tnfurance Company of North America may amouns to any fun not exceeding fix hundred thoufand dollars that the fame fhall be divided into fixey thoufand fhares of ten doflarseach {hare 2nd that the perfons copartnerfhips or bodies politic who have thereto fubfosibed fhall pay the refidoe of the fum and foams of money duo and payable for the (hare or (hares by them refpedively fablcribed in the mannee following 102 PAGE OF ORIGINAL BILL PRESENTED TO LEGISLATURE. INSURANCE COMPANY OF NORTH AMERICA. 385 IV. INCORPORATION. ITH this review of the early schemes of under- writing in Philadelphia, there can be formed some idea of the extent in which individual capital was interested in ventures by sea, and how favor- ably was received on its announcement, the plan of organization in which those seeking the uncertain profit of underwriting, could become shareholders in a reputable institution, and leave the direction and character of their ventures to a Board composed of responsible and intelli- gent gentlemen. The new Board of the Insurance Company of North America met the day following their election, 11 December, 1792, at the City Tavern, that well-known place of resort in those days, which was situated on the west side of Second street, north of Walnut, on whose site was after- wards erected the Bank of Pennsylvania, now in its turn displaced by the Government Warehouse, which covers the entire lot between Second street and Dock street, and Gold and Lodge alleys. All the Directors were present, and Mr. John Maxwell Nesbitt was unanimously chosen President, and Mr. Ebenezer Hazard, Secretary; and the Directors divided themselves by lot into committees of two. Gen. Stewart, Mr. Moylan and Mr. Ball were appointed a com- 36 A HISTORY OF THE mittee to petition the Legislature for a charter, and prepare a bill for that purpose; and the Secretary was directed to prepare a draft of a marine policy for their consideration. Messrs. Ross, Pettit and Miller were a committee to make a table of the lowest premiums as a guide to the sitting committees; and Mr. Ross, Major Moore and Mr. Leamy, a committee to provide suitable offices for temporary accommodation of the Company, and were authorized to make such arrangements, with the approbation of the President. On Friday, 14 December, the Board met at six o'clock, p. M., in their own offices in the brick building No. 119 (now 213) south Front street, which they leased to 1 May, 1794, at £100 per annum, from Mr. Thomas Mackie, who occupied the building, which was owned by Mr. John Mifflin. On the day following, 15 December, their first Policies were issued. Gen. Stewart’s committee, under their instructions, pre- pared a petition to the Legislature, and three copies of the Memorial were made, each signed by all the Directors respectively for the Governor, the Senate, and the House. Messrs. Stewart, Moylan and Miller were appointed to carry it to the Governor; Messrs. Moore, Leamy and Cramond, to the Senate, and Messrs. Barclay, Ross and Pettit to the House. Its text is important as showing in a formal manner the substantial reasons for the char- tered establishment of such an institution, and is as follows : To the Honorable the REPRESENTATIVES of the FREEMEN of the Comimnon- wealth of PENNsYLVANIA in General Affembly met, The petition of the INSURANCE COMPANY OF NORTH AMERICA. Directors of the Infurance Company of North America, in behalf of the Jaid Company, Most RESPECTFULLY SHEWETH ! That your petitioners, attached to the public welfare, behold with the greateft fatiffaction the commercial purfuits and interefts of the United States becoming daily more numerous and important; but they have long regretted that, for want of fufficient number of underwriters of responfi- bility in the principal cities and towns of the United States, commerce is burthened with the charge of commiffions to European correfpondents for effecting infurances, and large fums of money are confequently drained from the country. That thefe confiderations have induced a number of the citizens of this Commonwealth to raife a fund for the purpose of infurance and to aflociate themselves under the name and title of Zhe Infurance Company of North America, upon the principles contained in a plan which they have the honor with this memorial to fubmit to your perufal. That your petitioners humbly conceive that confiderable benefits will refult from this affociation as well to the citizens of this commonwealth in general, as to the mercantile part of this community in particular, by retaining in the State the money invefted in their capital stock and the large {ums that muft otherwise be drawn from the country for premiums of infurance, by relieving commerce from the prefent tribute paid to foreign underwriters, and by fecuring the aflured through the means of an ample capital stock from a poflibility of lofs, which in the manner of making infurances heretofore practifed both frequently happened through the failure of individual underwriters. The whole number of fhares into which the capital ftock of the com- pany is divided, being already fubfcribed, the affociation are prepared to enter upon the profecution of their intended object; but in order to eftablish a greater confidence in the minds of perfons who may incline to do businefs with them, and to enable the aflured, in cafe of difputed lofles, to have more convenient recourfe to law, as well as to enable the company to prosecute their undertaking with greater ease and effect, your petitioners are advifed to apply to the Legiflature for an act of incor- poration. Your petitioners, therefore, confiding, from your experienced patriot- ism, that every opportunity to advance the opulence, the ease, and independence of the citizens, will be cheerfully embraced, pray your aid in the premifes, and permifsion to bring in a bill of incorporation for the purposes aforefaid. A HISTORY OF THE This with the accompanying form of Constitution, drafted by Alexander James Dallas, were presented in person to the House and Senate on Tuesday the 18th December, and the next day the Memorial was read twice and referred to 2 Committee consisting of Messrs. Swanwick, Forrest, Turner, Eyerly, and Gallatin to make report thereon. Opposition, however, was soon presented to their project, for on the 29th, “a petition from a number of the mer- chants and insurers of the port of Philadelphia was read remonstrating against the prayer contained in the petition of the Directors of the Insurance Company of North America,” which on 3 January, 1793, was read twice and referred to the same committee. This was met on the 12th by “Memorials from a number of the merchants, Ship owners, Insurers, and citizens of the port of Philadelphia, praying that the Company stiling themselves the Insurance Company of North America may be incorporated,” which were on the 14th in turn referred to the Committee; and these were followed on 5th February by another petition to like effect. The month passed without any action by the House, nor did the Committee submit their views; and on 98 February, the Directors appointed Gen. Stewart and Messrs. Blodget and Ralston a Committee to memorialize the Legislature of Delaware for an Act of Incorporation, and to draft a Bill for the same; but the Journals of the Delaware Assembly give no evidence that a memorial reached that body. This move of the Directors, and which they did not con- ceal, brought from the Committee on 11 March a favorable report to the House, in which is disclosed the motives of INSURANCE COMPANY OF NORTH AMERICA. 39 the opposition, and consequently merits here a perusal, and is as follows: That they confider the welfare and profperity of the agricultural intereft of the State, as infeparably connected with that of its com- merce and navigation. That no commerce or navigation could be beneficially conducted with- out infurance, no body chusing to commit confiderable property to the ocean, without guarding againft the numerous accidents to which it would be thereby expofed. That infurance cannot be fo well conducted by individuals as by an incorporated company, for want of that identity that would enable such a company to be fued in cafe of lofs, where juitice could be had much more f{peedily than in fuing every feparate underwriter to a policy, a work of {uch immenfe expence and lofs of time, as frequently to defeat entirely the object of infurance. That solidity is alfo to be confidered, which it is impoffible to attain with certainty with private underwriters, whereas this Company’s pro- pofed capital of 600,000 dollars in the public funds, will be a sufficient guarantee to thofe who employ them. That already the charges of infurance have been confiderably abated since the eftablishment of this company, whereby a great faving to the mercantile body is effected, who can afford to give fo much more for the produce, as they pay lefs for infuring it. That the number of perfons underwriting in Philadelphia, does not at prefent exceed about fifty, and the risques they take, being on an average only about £200, on a single bottom, of courfe only about £10,000 can now be infured at the different offices here on a single risque, which occafions a drain of money for infurance to Europe, or to the neighboring States, very prejudicial to the body of this one. That it is not in the contemplation of the petitioners to exact or ask for themselves any exclusive privilege of infurance, {fo that thofe private underwriters, or any others, may ftill go on to infure, as heretofore, for thofe who will employ them; confequently that only a competition on a more enlarged fcale will enfue very beneficially to the carrying on of the businefs in queftion. That in almost all commercial countries fimilar incorporations exist; that in our own there are such for infuring houfes from loss by fire, it hi 40 A HISTORY OF THE i would not be eafy to thew why the prefent Company fhould not be incorporated on the same or like principles. a — For thefe reasons the Committee fubmit the following refolution: re a Ee Refolved, That leave be given to the petitioners to bring in a bill conformably to the prayer of their petition. On the 30th of March, this report was taken up for a second reading, and the Resolution adopted, and on the 1st ti of April the bill was reported, but on the 11th, the Assem- | bly adjourned. The opposition of the private underwriters had thus prevailed effectually to postpone an early incor- Hi poration, for a chartered organization threatened their own a ——————— continuance in business, and their profits had already been . diminished by a reduction in premiums. : 1 But the payment by the Directors of a six per cent. 1 dividend on the paid subscriptions on the capital in the 1d following July, threw the opposition on another plan of id attack, for the pecuniary success of the Company had been 1 so great and rapid as to lead its opponents to depreciate i the chartering of only one such organization, and they hastened to appeal that the Directors of the North America | should not be the only favored ones; and the contest 3 1 remained on this ground at the following annual session of the Legislature. On 9 December, 1793, the Directors a Ta recorded a minute, “That the Directors take opportunities : Tif of conversing with the City members of Assembly to gain | : their interest in favor of our application for a charter,” and i on the following day the bill’ was reported to the Ilouse : among the unfinished business of the former session, and on the 11th was referred to the City members Messrs. Hiltz- heimer, Latimer, Swanwick, B. R. Morgan and Kammerer. Ea ————— —————-' A te EA a I Crabb, a We Ely fly oases Lil = En LD ED, (or Ion ols. Finty Hares Rordangpodrars : ffehone VL, Serra en ZH ; nh or FH TD iver fi Fon HE rn fret Soni lores for Armas Soe lio Goinon TAR pa CoraisFoord ore Serdred oR ar, Sood 09 Soadd Hie Bp LZ Mn 9260 BoD FE vse Jl Re , JO PN — — — = 1. ’ th plaEsiat zz rrr so Lore 2 QL STE o> L /580 Li nnv@ 34C° mame =A, ' JJ Belly — 22 rt a Fo oliey D4, Pres for i Hors jab be Soom A Lleyn adovc 2 Ltr irscos ZZ adr CT eon) Sone De Lmin, Ly Fear z tec ert en le flerillibnct Ha Belyal) ¥ Bra trre a Pres OD2632C 2 vy ca:%ar = A Suir Wo eri ra nH (92ers tan br y at a se 2 AL HL sed Vale, yr Ae Lae 032 He Hon Freon alids 2 oe, a prmiai dr lll FIRST PAGE OF MARINE BLOTTER, WRITTEN BY MR. HAZARD. INSURANCE COMPANY OF NORTH AMERICA. V. MARINE BUSINESS. N THE meanwhile, the business of the Company had grown rapidly, unaffected by the want of carly suc- cess in obtaining a charter. The stated committees of the Board sat regularly to pass upon all applications, Mr. Hazard had opened the books and wrote the first policies, and in a few days a clerk was voted him, Mr. William Coulthard being appointed at five hundred dollars per annum. A porter was engaged, John Valentine Cline, for «£6 per month and an hint of a douceur at Christ- mas.” And before the month was out another clerk, John Cook, was appointed. In the following March, Samuel Young was appointed Surveyor. The first policy was issued to Conyngham, Nesbitt & Co., on the ship .lmerica, James Ewing, Master, from Philadelphia to Londonderry, for $5,333.33, at 2{ per cent.; and the second on goods in same ship, for $3,200. Policy No. 3 was to John Leamy on goods on board the brig Margarita, Anthony Arnaud, Master, from Philadelphia to New Orleans, with liberty to touch and trade at Cape Francois, for $1,500, at 3 per cent. Policy No. 10 on the 15th was to the President, Directors and Company of the Bank of the United States, on cash laden after the 10th inst. on board any vessel, any Master, from Charleston, 48 A HISTORY OF THE South Carolina to Philadelphia or New York, for $20,000, at 1 per cent. The form of policy employed was that in use by the local underwriters at the time, Mr. Hazard writing at the head in the usual blank, the name of the underwriter: « The Afsurance Company of North America.” The Committee on Policy reported later a recommendation to delay printing their own until the result was known of their application for a charter. The first six months showed the premiums received $62,114.33, and premiums determined $8,910.19. The first loss was the ship Jn- dustry, amounting to $4,000, which was paid 10 June, and a few days later their second claim was met, $515 74, on the sloop Betsey. The interest account amounted to $3,276.20, and early in July the first dividend was declared and paid to stockholders, being six per cent. on the first and second instalments of the paid capital, and which amounted to $7,975.28. The second six months’ premium receipts were $151,350.98, and the determined premiums, $69,184.21 ; interest was $3,574.41, and the losses amounted to $19,474.64. The sccond dividend was realized to the stockholders in January, 1794, being six per cent. on the first, second and third instalments of the paid capital, amounting to $14,400. With these satisfactory returns to the stockholders, the motive for the change of base of the opponents of the company’s incorporation can be seen; and as the profits of an organized business of under- writing were so manifest, these opponents were now only too eager to share in them, and instead of thwarting the INSURANCE COMPANY OF NORTH AMERICA. 49 desired incorporation, only asked that they also might be incorporated. A form of marine policy for their owr use appears to have been considered on 27 March, 1793, and was submitted to Messrs. Jared Ingersoll and William Tilghman, two gentlemen learned in the law, for their opinion whether it would secure the property of the individual members (other than their interest in the company’s funds) from legal claims for losses; but conclusions on this do not appear to have been reached until after incorporation, as a form for the company’s policy was only finally agreed to on 9 May, 1794, and at the same meeting “the Draft of a Device for Seal, presented by Mr. Blodget, was approved of.” This seal remains unchanged to this time. It had not been long before the brokers found their clients preferred the solidity of a wealthy association preferable to the credit of an individual underwriter, and broucht their applications to the company claiming a commission thereon: but the board on 27 March, 1793, declined to write for the private offices and allow the brokers two and a hall” per cent., they guarantying the premiums; and realizing its strength, made public advertisement of their rules, and invited orders to be addressed directly to the company. The following were adopted at the same meeting when the form of policy was adopted, as the “rules to be observed in transacting business with the Insurance Company of North America” “1. All orders for Insurance must be given in writing, signed by the Applicant; and as minute a Description of the 4 50 A HISTORY OF THE Vessel is expected as the person ordering the Insurance can give, respecting her Age, Build, how found and fitted, and whether double or single decked. “9. All Policies will be ready for Delivery in Twenty-four hours after the order for Insurance is accepted at the office, and the Policy must be taken up in Ten Days. “3. Notes with an approved Endorser for all Premiums must be given in Ten Days, payable as follows: “For American and West Indian Risques, in Three Months after the Date of Policy. “ For European Risques, in Six Months. “ For Indian and China Risques, in Twelve Months. “ For Risques by the Year, in Eight Months. “ For Risques for any lesser Time, in Three Months. “4. Losses will be paid in Ten Days after Proof and Adjustment; but if the Note given for the Premium shall not have become due within that Time, the amount of it shall nevertheless be deducted from the Loss to be paid.” Their advertisement gave “notice to all whom it may concern, that agreeably to the above rules they are ready to receive all orders for Insurance which may be addressed to them, accompanied with Directions to some responsible House in Philadelphia, for the payment of the Premiums within the time limited. In case the Risques offered shall be approved, the Insurance shall be immediately effected, otherwise notice shall be given either by answer to the Person applying, or his agent in Philadelphia, as may be ordered.” Bythe Jen and Directors of the dnfurance Company of North America. ro Zi 39 il 7 = WHE EAS cna eft. “nn as wel! in own Name, as for and in the'Nyme and Names of all and ‘exer ober Perl; n may, or fhall appertain, in part or in whole, doar Infurance,. and wich, A aradecy) id them, and every of them to be infured, or not loft, at and from. CE tigi ards Fos tlodsas Aoi os fs ceccl 7 any Ho Los gsr Sort WE Lhsl Araocs Pr = Left > Yoreios al) a firme e re oh Zz Bln del “upon all XKinds of lawful Goods and Merchandizes, laden or to be ladgn aboard the gud / alled fT % - whereof is Mafter for this prefent Voyage 72 ” J shofoever of Mall gofor Mafter in the faid Veffel or by whatfoever other Name or Mames the faid Veffel, or the Maller thereof, Is or fhall beynamed ” erin he, Adv ture upon the faid lawful Goods and Mere chandizes, from, gnd immediately following the Loading thereof on-board of fad \V Ir. at / / 2 ene" aforefaid, and fo fhall continue and endure until fe faid Goods and Merchandizes fhall be fafely landed at =A ul lho hr cn NF ————, = wee aforcfaids And it fhall and may be lawful for the faid Veflel in her Voyage to proceed and fail to, touch died al y Ports or Places, if thereunto obliged-by Strefs of Weather, or other unavoidable Accident, without Prejudice to this Infurance.r Touching the Attventures and Perils, which we the Aflurers are contented to bear, and take upon usin this Voyage, they are, of the Seas; Men of Wary Fires, Encmicsy Pirates, Roversy Thieves; Fettifms, Letters of Mart, and Counter Mart, Surprifals, Takings at Sca, Arrefisy Refiraints and Detainments, of all Kings, Princes er People, of what Nation, Condition er Suality focver, Barratry of the Mapter and Mariners, and all other Perils, Loffes and ne gS or fhall come to the Hurt, D)é&iment or Damage of the fu Gaods or Merchandizes, or any Part hfreof. And in Cafe of any Lofs be, 72 < or Misfortunes, it f Avful to and for the Aflured, . Factors, Scrvants and Affigns, (and the Affured” on Pant agreesAnd engagasby , Ly * u Falors, Servants or Afligns) to fue, labour and travel for; in and about the Defence, Safeguard and Recovery of the faid Goods and Merchandizes, of any part thereof, without Prejudice to this Infurance, tothe Charges whereof we the affurers will contri wccording to the Rate and Quantity of the Sum herein infured. id it is agreed by us the Affurers, that this Policy of Infurance fhall be of as much Force and Effet as the furell Writing or Policy of Infurance heretofore made in the Unite States of AMERICA, or cliewhere,, And fo we the Aflurers are conten and do hereby bind the Capital Stock, and other common Property of the Prefident and Directors of the Infurance Company of North-America to the Affured, —72 ¢f Exccutors, Adminiftrayéfs and Afligns, for the true Perd formance of the Premifes, confefling ourfelves paid the Confideration due ungp us fof thé. Affurance, by the fuid Affured, or 722 Align, after the Rate of Ae. nd So Sova Fonts, aril. of “ne ed 75 fa ten elle ogra Sverre : 2 77 Trove fet Cond fe reid Feat He ii LF tal cceed Soar vee sy ~ Anda Cafe of Lofs, the Affured Is tosbute Tom per Centi-und fiich Lofs to be paid i Thirty days after Proof and AdjiTlment thereofy the Ambunt of the Note Hee for the Premium, ify unppid; ‘being. firlt dedudted. And it is mutually agreed, that if any Difpute fhall arife relating to a Lofs;onkthisi Policy, it fhall be referre to Two Perfons; one to be ¢hofen by the Aflured, the other by the Prefident of the Infurance Company of North America} for the time, being ;> - 2 « w= 3 = oy Z m 1. AUALLINNOD X'THLNONW d'10 NA ‘ALIHA\ dSOUARY INSURANCE COMPANY OF NORTH AMERICA. 57 write in support of the claim which the sufferers by French spoliations have upon the Government of the United States in consequence of the late Treaty with France which pro- hibits them from claiming from the French Government.” On 21 May following, the president was authorized to confer with the presidents of other insurance companies, as well as with private claimants, to take order respecting applications to Congress on account of the spoliations. But it is not needed to recite the various minutes of the board in this grievance against the National government, nor the various steps taken by counsel and in memorial, to seck redress from year to year, and how twice on the eve of success, a presidential veto, on baseless arguments, had thrown the claimants back. Between the vears 1827 and 1846, twenty-two reports of committees, all in favor of the claimants had been made in the two houses of Congress, ach by a bill, and for five millions dollars indemnity, In the first session of the Congress of 1346. both houses united on a bill, which was vetoed by President Polk on 10 August, then on the eve of his war with Mexico. The claimants, however, returned to the matter in the following session, and in January, 1855, both houses united on the bill, which was in its turn vetoed by President Pierce on 17 February. Each of the following Congresses witnessed the introduction of’ measures of restoration, but the war of 1861 to 1865 prevented further consideration of the matter, until in the XLVII Congress a bill was introduced by Senator Hoar, providing for a reference of these to the Court of Claims, which passed 15 December, 1832, but did not reach consideration in the House. In the following 58 A HISTORY OF THE Congress the same bill was presented by Senator Frye and passed the Senate, and reaching its passage in the House 14 January, 1885, it met the approval of President Arthur. The Directors can now look forward to a period when the corporation can secure some restitution for the heavy losses of its carly years. The claims for losses by British cruisers were met under Mr. Jay’s treaty, which was ratified in 1796, by which that government “paid to the merchants of the United States for captured vessels an indemnity amounting to $11,650,000.” The losses by Spanish cruisers, and those for which Spain was responsible in harboring the prizes taken by the French, were eventually settled by the treaty which secured to us the possession of Florida; and the directors in July, 1824, were enabled from this payment to make a dividend of sixty per cent. to their stockholders; dividing $300,000, when their surplus did not exceed $20,000. The marine business of the Company exhibited some remarkable fluctuations; and as the directors of those early days had not learned the lesson of a solid surplus, they divided the profits to the stockholders, not forecasting the storms which would come, and their want of thought in this respect, more than once brought the corporation to the brink of ruin. The marine premiums written to the close of the year 1793 amounted to $213,465.31, and the losses paid, to $38,484.16. In 1794 the premiums were $290,656.83, and they increased to $1,304,208.91 in 1798, when they began to decrease, and in 1802 they were but $103,902.26. This first decade showed premiums written $6,037,456.71, and losses paid, $5,500,887.57. The premiums of 1802 were INSURANCE EOMPANY OF NORTH AMERICA. 59 trebled by 1305, and again in 1806; but in 1808 the premiums were but $5,843.55, and the losses, $108,568.93; and the years 1809 to 1812 inclusive, showed an annual average of but $45.449. This second decade gave premiums $1,364,637.43, and losses paid, $1,583,836.47. It will be seen further on how different were the results during the same periods of the fire business, though in magnitude of premiums it seemed but a modest department of the com- pany. From 1813 to 1822 inclusive, the third decade, the premiums written were but $276,764.50, while the losses paid were $335,554.06. The succeeding decade, 1823 to 1832 was yet more discouraging, for the premiums were $160,138.70, and losses $227.954.57. The years 1833 to 1842 noted the upward tendency, the premiums being $428,584.16, and the losses only $358,332.78. The decade succeeding, gave the premium account, $2,855,189.98, and the losses, $2,153,679.96. The company began its operations at a period in the commerce of Philadelphia when its supremacy was acknowl- edged, and when its capitalists and shippers had their ventures in all quarters of the globe. This sceptre gradually passed from Philadelphia to its older neighbor New York, and with the enlarging number of companies at home and in other cities, and a reduction of rates, the lessening business of the company can be explained. Of their active associates in the business in the city during the first third of a century of their existence, the Pheenix (1803), Philadelphia (1804), Delaware (1804), Marine (1809), United States (1810) and Atlantic (1825), each in its time closed its business, evidencing the severe trials which marine underwriting in 60 A HISTORY OF THE particular underwent at that period; and the State of Penn- sylvania and the Union (1804) alone survive to testify to the struggles of those days. Of the New York companies who were contemporary with these, the Knickerbocker, as the successor of the old Mutual Assurance Company (1787) and the Eagle (1806) alone survive, and the remainder, namely, the New York (1796), Associated Underwriters (1797), United (1797), Columbian (1801), Washington Mutual (1802), Marine (1802), Commercial (1804), Phoenix (1807), Firemen’s (1810), Ocean (1810), have all passed away. The oldest company in New York issuing marine policies is the Sun Mutual, organized in 1841. The oldest company in Boston so writing is the American, organized in 1818. INSURANCE COMPANY OF NORTH AMERICA. 61 I. FIRE BUSINESS. MMEDIATELY after incorporation, Fire Insurance suggested itself to the directors. The two local mutual companies insured buildings alone; and no instrumen- tality existed to offer indemnity to merchants and manufac- turers for their losses by fire on land; if the company could take all the risks of the sea, with fire included, why should it not take the risk of fire on land; and while protecting the merchant by their policies on his sea ventures, could they not offer him a policy to cover his ventures when safely landed and stored in his warehouses. At a meeting of the directors on 28 April, 1794, it was “proposed to form a Plan for Insuring Goods, Wares, and Merchandises in Dwelling Houses, Warehouses or Stores and upon Buildings, against the Risque arising from Fire™: and Messrs. Swanwick, Blod- get and I'ry were appointed a committee to consider the, subject. The committee reported in favor of the plan on 11 July, and “on the question, will the Company insure the full sum the Goods in Store are valued at, or two-thirds of said Value, it was determined in favor of insuring the full sum, by eleven votes against one.” But the summer, with its renewed visitation of yellow fever, prevented action. On 13 October, the Proposals for Insurance,” or conditions as we now style them, were adopted and ordered printed and advertised, and the new fire policy was approved on 62 A HISTORY OF THE 10 November. On 24 November, William Garrigues was appointed Surveyor of Houses, and on 8 December, a badge was adopted to be attached to houses upon which policies were to be issued, agreeably to the custom of the two older mutual companies of the city, which was a wavy star of six points, cast in lead, and mounted on a wooden shield; and at the same meeting it was determined not to make any insurance on frame Houses or Stores, or on Goods in either of them; this rule was not adhered to, however, as by the minutes of 27 March, 1798, reference is made to the practice of insuring wooden buildings, and the question raised how far it will be proper to continue it. On 10 December, 1794, the first two policies were issued, namely: No. 1. William Beynroth, on German Dry Goods, in the House No. 21 High Street, for three years, for $8,000, at 30 cents per annum, the premium being $64, which was on the scale of two and two-thirds years’ premium for a term of three years. No. 2. Lawrence Harbert, on Dry Goods, $5,000, and on Furniture and Wearing Apparel, $1,300, in the House No. 161, on the North Side of High Street, for one year, at 30 cents. The demand for the fire policies was limited, but the amounts sometimes written on a single policy made a fair average of business. On the 22 December, No. 6 was issued to John White- sides for $25,000, being $23,000 on Linen, Woolen and Silk Goods, and $2,000 on Furniture and Wearing Apparel, “in the Dwelling House and Store adjoining, both included in No. 136, on the South Side of High Street,” for one year yA Haws) 722. A Sat Rl Gwe. — Cl a ht 7 7 3 ££) Fn Tol . 9. Cask A; wi Alen er House ia 20H" I; 25 JO00 . A Wado Foniiorind, yy wc loatony Goin. Tali) Fomead io) tars) n> Qos [ts JO Pleaion 91 raviel ~~ JOO (idl | dle at 30 lot" TY /5 go Badse RZ 2 tim Cont, Ford, ein — PL. yo (unite fa lurgalioy rh Sui Zy Goods, in Howse) JU° | PE Hr TH ott oP Width Lor Cre, Year: os Dt 28 Ad ET. Bh | Frye fi Pobidy LZ 2 Saves] 20tnd doe, 8 A FIrsT PAGE OF FIRE BLOTTER. INSURANCE COMPANY OF NORTH AMERICA. 63 at 60 cts. No. 7 was issued on the 31st to Wells and Morris, on Ironmongery, Saddlery and Hardware, in the House No. 135 Iigh Street, for $16,000, at 45 cts. On 19 January, 1795, the Secretary was directed to have printed 5,000 of the “Proposals,” to be distributed at the houses of the Inhabitants of the City, a stroke of activity not common in corporate circles of that day. The badge of a star was shortly disused, for we find on 26 December, 1796, the adoption of an eagle rising from a rock, as an alternate with the star, “the Insured to have their option of the Badges™; the cagle we yet see on some of the buildings in the eastern part of the city. But one of the star badges is known to exist, and that was recognized only six years ago on the building now No. 229 south Front street, in which, upon examination of the policy register, it was found that Policy No. 4 covered $3,000 on wines and teas, for one year, at 30 cents. The insurances at first were exclusively on town risks; but after a consideration of an extension of this branch, it was agreed on 9 March, 1795, “that Brick or Stone Houses within ten miles of the City (in Pennsylvania), may be insured against fire.” A year elapsed, when greater exten- sion was given, and 18 April, 1796, the Directors “having considered the expediency of affording the Public an opportunity to make Assurance on Buildings” from Fire beyond the limits heretofore prescribed, they determine to “allow the same, provided they be situated within the United States, and premiums adequate to the risk in the opinion of the President and Committee of the Week be paid for the same. And provided also, however, that on hazardous in . A HS 64 A HISTORY OF THE the vicinity of Philadelphia, and denominated of the first class, no single risk shall exceed Six Thousand Dollars unless situated in a principal Town or City, nor be accepted at a less premium than a half P cent. per annum; and pro- vided also, that on hazards of the second class, no greater risk on a single building shall be taken than four thousand Dollars, and that no less a premium than three-fourths cent. annually.” And “That the Insurance on Wooden Buildings shall not be considered to be precluded by any article in our printed proposals, but that when two or more wooden buildings adjoin, a larger premium shall be required than is demanded on a single wooden building.” Prior to this the same risks beyond the line sanctioned 9 March, 1795, had been accepted, and on 29 February, it was resolved, “the Insurances which have been so made be and they are hereby approved and confirmed.” On 27 February, 1798, “the Board is of opinion that it is not expedient to have an Agent at Charleston authorised to take Risques against Mire,” which minute points to the first offers of a distant agency. On 19 April, 1793, a total loss on a risk on Maiden lane, New York, was suspected to be of incendiary origin, and a reward of $1,000 was offered “for discovering and prosecuting” the supposed incendiary, which was duly advertised in the New York papers. On 16 January, 1804, the president referred to the board “the demands of applicants for insurances against fire to have the premiums reduced” which the board were not prepared to order, leaving them to the president and the committees to make according as they should deem it expedient where circumstances would fairly admit of small gsi Re a es l tlh ih Se REE a dake pep oS on INSURANCE AGAINST LOSS OR DAMAGE BY FIRE BY THE Insurance Company of North America. THE President and Directors of the Insurance Company of North America, in the Tity of Phila. being desirous to employ the capital of said company to purposes useful to the public as well as neficial to the institution, have resolved to extend their Insurances against losses or damage by Fire, to di t parts of the United States; on buildings of every description, as well as on goods, wares, pnd merchandize of all kinds. And upon such moderate and liberal terms, as itis presumed w induce fo avail themselves of the means thus offered ; to protect themselves from the destructive injury po frequently occasioned by fire. < \ 3 Among the various claims which have been made aga first establishment (now more than thirteen years) no instance of a legal controversy has occurredy bes tween the company and the, assured.....But on the contrary, all claims for losses of this nature, have adjusted and paid with the" utmost promptitude; which circumstance, together with the ample’capi the company possess, gives them a fair claim to public confidence, inst the company for losses by firersince ty RATES OF ANNUAL PREMIUMS TO BE PAID FOR ASSURANCES AGAINST FIRE. No. I Hazards of the First C buildings. | by For sums not exceeding $10,000 in one risk, from 25 to 30| For sums not exce: +. gents per annum per $100. cents per annum per $100, o. 11 HL Ne No. — Hazards of the S d Clans, Viz wm Hazards of the Third Cla. stone building, covered with tile, slate or metal. | Brick or stone buildings covered with boards or shingles. Buildings, the walls of which are p Furniture or merchiandize, not hazardous contained in such | Furniture or merchandize not hazardous contained in such || icks or stone, ar I partly with w | F z 810,000 in one risk, from 30 to “| . I ed buildings adjoining to or situated near to hazardous buildings, or in which hazardous goods are Rept; or hazardous business carried on, will be charged at an extra premium; subject to such variation as the nature of the risk may require, WT The following articles are deemed extra hazardous, and also buildings in which they, or any of phem, are contained, though in various degrees, to wit — Pitch, tar, turpentine, rosin, wax, tallow, ot, 8 spirits, sulphur, hemp, flax, cotton, glass and china ware, especially if’ unpacked, looking glasses, ) » y _T. Persons desirous to make insurance-on building in places where the Company have no agent, must accompany their applis cations with a description of the property to be insured, to be made y a master carpenter, and signed by him as well as by the owner or applicant, and attested before a notary or magistrate, who will certify his knowledge of the parties and their credibility, The site a sition of the building must be described; the street or road on which it stands, its contiguity to water, and particul ther any or what fire companies are established, and cr vided in the place or neighbourhood.—The materials of is built, how secured by battlements or party walls, what kind of access to the top of the house, and how the ashes are generally des ited, 11. The dimensions of the building, the style in which it is fifishcd, and how occupied, whether merely as'a dwel or for any other purpose, and for what purpose ; als of the value of the building, independent of the grou IL "The situation with respect to other buildings or back bui Ings, whether adjoining or not; comprehending at least dred feet cach way.—What kind of buildings are within th Rance, how built, of what materials, how occupied, whether vate dwellings or otherwise, #1V. No insurance will be effected on more than two contiguous buildings, if built of wood, or on property therein; nor on more than three contiguous buildings if built of brick or stone, or on property thercin.—And there must be a space of at least fifty fest between such wooden buildings and any other property insured, ond a space of thirty feet between such brick-or stone buildings and other property insured. 0, and SALE L I III EPIL IEE ELLIE E GIL 4 PP ELIPIGELE IGG I dF ssbb bs alarm of fire. CONDITIONS OF INSURANCE, V. No insurance will be effected on wooden bu on property therein, to an amount exceed thereof, VI When insurance is wanted on goods, a general de. scription of the building in which they are ke similar in all respects, as to danger from fire for insurance on the buildings themselves, of the kind and nature of the goods, whether § opened, VIL If any person shall insure any shall cause the'same to be described otherwise t are, so as the same be charged at a lower premi demanded if the true situation thereof were ma surance shall be void, . No insurance is binding until the st pad; but it shall be deemed effectual from t ment whether the policy be signed or notoAnd i pe continued or renewed at the expiration of the term of tl licy, without further expense than the payment of the prer the renewed term; provided the circumstances of the risk remain as when first insured, or it is not increased, IX. If any other insurance be made on the same property, noe nd indorsed I tice thercof must be given to this office, an seed on the policy; otherwise the insurance will be void.—And in case of such insure ance, each office shull beara rateable proportion of any loss which may be sustained. X. Goods held in trust, or on consignment may be insured as such in a separate policy, but they are not to be considered as ine sured otherwise, Nor are bills of exchange, bonds and other ses ALLL GEGEL CEES E85 SOOOELGEOELELELI48425 8244080004 NNNNOOIrr od | No. IV n per $100, i rrrrrrrs COOOL EET II LLG I TEL 00I 0 LI ELI EERIE LEIIPEIIIGLI0000 100000000000 rareareme reed ndlers, brewers, hemp and flax dressers, pamters, coopers, carpenters, cabin makers, malt houses, bakers, ship che i varnish or turpentine works, theatres, mills, and NO Et Clr tb II tI r ss Iss 20h s dr Gb bs bb FIs bs sb trs ss ss tbsp i + i ta of the Fourth Class, "18. cred with boards or SKIN Jewellry, and all articles mare than commonly liable to injury Ly wet, suddencremovély otithe/R ur on 2» kers, coach oRearriage kers, sugar refiners; distillersy ghemists) lyn $ . . ” . - wo 3 Buildings in which the fll ning occupations are carried on, are dln extra hazardous; to witrmd Tallow 3 et m 3 3 \ : leedsymoney, bank and other notes, ormurrorsumn il agreement i. is Company wil not be liable or-accountibleYforgany invasion of an’enemy, or by'any v civil commotion, og , or other thing of the'like property insured, unlési.by nee will be made on buildings Toa x shortee for a longer term than seven! yearsg=2Pere hall be allowed one” year’#pres ; and ird of a year’s premium nian ing vears.—Insurance may, however; bateffected on goods in packages, for any term not less than LN NIL Losses sustained by on sured Th ghia : pe after due proofiand liquidation v ction; and it is td! becunderstood tha v make good losses on property”insured by them'if byme ning 1 Yam 1 g Iso damage which’ goods may sustai 1 removal or th ns.by mea i \ f | rc. etters of "inquiry fhost 1iid) amd Srders Tor insured ! by the means of paying the premium, will be prompts ly attended to, if. addressed 10 JONN INSKEEY, Presidents Insurance OMce of Reg anc) Fhiladelphing PrOPOSALs For FIRE INSURANCE ISSUED IN 1806, Ser SE SR, INSURANCE COMPANY OF NORTH AMERICA. 65 alterations, “so, however, as not to go below 25 cents for $100 per annum.” This doubtless may have been induced by the increased competition of the two new companies, the Union and the Pheenix, who as well added fire underwriting to marine, and who began operations before incorporation was consummated. On 19 May, 1807 the society for protecting property from loss in case of fire made application for assistance, and the president was directed “to pay as a Contribution to said Company the sum of $50.” This institution was the early forerunner of our present Fire Patrol, but of its work and its duration we find here no further trace. Policies had been from time to time issued covering properties in distant localities where the applicant had been known to the company; this led to extending the business more systematically; and on 6 October, 1807 Mr. Alexander Henry presented an address “on the subject of extending Insurances against Fire to Lexington, in Kentucky,” on which Messrs. Henry, Taylor and Read * were appointed a Committee to consider as to the benefit and propriety of extending insurances against Fire generally to other Cities and Towns in other States beyond what is now customary to take.” On 3 November the committee's favorable report ras adopted, and they were directed “to digest and report such limitations, regulations and restrictions as it may be thought prudent to recommend.” And on 1 December, the board adopted their resolutions, which were carefully drawn, looking to a cautious business, one of which cm- powered the president “to appoint suitable and trusty persons at such places as he shall think advisable to act as 5 66 A HISTORY OF THE y Surveyors and Agents of the Company,” and “to instruct each agent of the Company as to the execution of his trust and furnish him with such information as he may think proper.” This was the beginning of a fire agency business which half a century developed into such great and profit- able proportions. From a little manuscript book entitled “Fire Agents,” in President Inskeep’s handwriting, recently found in the files of the company, we obtain some particu- lars of this agency work which are worthy of record here. By this we learn on 22 January, 1808, Charles Ellis was appointed agent at Burlington, James Ewing at Trenton; on the 23d, Andrew. Ross at Washington; on the 26th, Ephraim Holmes at Bridgeton; and at “Towns Westward,” Jesse Hunt at Cincinnati, Peter Lee at Washington, Thomas McCall at Lexington, Jeptha Dudley at Frankfort, John Bustard at Louisville, Thomas Howard at Richmond. On 3 February, among others, Jacob Ilay at York Town, John Creigh at Carlisle, Edward Crawford at Chambers- burg, Robert Brown at Greensburg, James M. Caldwell at Wheeling, John McCoy at Chillicothe, Doctor John McDowell at Steubenville, William Tate at Nashville, and on 6 February, Robert Boggs at New Brunswick. Mr. Dudley held the agency at Frankfort for thirty years, his resignation being noticed at the directors’ meeting of 8 January, 1838. On 20 February, Mr. Inskeep wrote to Marks John Biddle, Esq., of Reading, “I take the liberty to send you some of our Proposals, form of a survey, and letter of appointment for an agent, which I will thank you to direct to some suitable person in your place who will act as such for this Company. I should be pleased if you INSURANCE COMPANY OF NORTH AMERICA. 67 would accept the agency yourself, but this I can scarcely hope, as the magnitude of your own concerns will probably forbid it.” Mr. Biddle selected and appointed Mr. Frederick Fritz, and this was the beginning of an agency which to this day has been continuously filled with faithful and competent representatives. ® This extension of the company’s business found a motive in the establishment by the Phoenix Insurance Company of London of agencies in this country; and as their experiment had been successful, the time had arrived for the North “America to secure the like footing at distant places. But the Phenix may have resorted to flexible rates when this home company entered the agency field, if we can so con- clude from a letter Mr. Inskeep wrote 14 March, 1808 to * The following is the first letter of the president to the new agent, and dis- plays the caution with which the “agency business” was conducted. “29 March, 1808. I am pleased to hear from Marks John Biddle, Esquire, that you have accepted the agency of the Company for the Borough of Reading. I have received your survey of Mr. George Keim's property, which is very minute and circumstantial. The risque would have been a very good one was it not for the circumstance of the Oil and Paints being kept in the cellar, and the Tavern being so nearly situated. I will, however, agree to take the Risque at 40 cts. per $100, for one year—should the premium be agreeable, the amount as per statement at foot may be remitted, and on the receipt of which the Insurance will be binding. The policies shall be forwarded by Post or otherwise as may be directed.” These were numbered 5,003 for $1,000, “on a Stone House or Building, Kitchen and Store adjoining and belonging thereto, Situate on the north side of Penn Street, in the Centre Square, near the Court House, in the Borough of Reading,” and No. 5,004, for $5,000, “on Goods or Merchandize contained in the one and an half Story Store adjoining the assured’s Dwelling,” all at 40 cts. for one year. Both had the following endorsement: “Notwith- standing the foregoing restriction, It is agreed that the assured shall have permission to store in the above named Store, Gunpowder, Spirit of Turpentine, and Oil, together with such other articles in small quantities as are usually kept in a retail Country Store.” Charge was made for a badge of $2, and for two policies, $2. The only remuneration to the agent being his survey fee from the assured. 68 A HISTORY OF THE Mr. Ewing at Trenton, viz.: “I am aware that the Phoenix Insurance Company of London do take risks both in and out of this City at a lower premium than we do in this office, and that without much investigation. We find, however, that a decided preference is given to our office at higher premiums than they generally ask, the reasons for which, people must judge for themselves—it does not belong to me to assign them.” The Phenix came here in 1806, but withdrew its agencies in a few years, but re-entered the United States in 1879. One of its original “Proposals” issued in Philadelphia, was found in 1830 among the papers of the North America, where it yet remains. In 1807 the Pelican Insurance Company of London was represented in New York, but it was without any representative in Philadelphia. The expiration of fire polices was notified to policy- holders by advertisement in the daily papers, in monthly lists; whether the assured was a citizen of Philadelphia or of Charleston, his reminder was obtained only through the Philadelphia papers. The general results of the fire busi- ness were satisfactory to the directors, but it was in these early years looked upon only as an adjunct to their marine business in its convenience to their customers; and Mr. Stephens, the secretary, often referred in his semi-annual reports to the profits of this business as meeting the ex- penses of the office, showing that it was relied upon to defray the current expense of the office, which it more than did, so that the marine business in its fluctuations and uncertainties should not be exposed to the charge of office support. Secretary Stephens in his report to the stock- (For Foeloe>.- Months.) BY THE PRESIDENT AND DIRECTORS OF THE INSURANCE COMPANY OF NORTH AMERICA. x S157 WHEREAS, Ar Cstilly— A hath wi to | re A of ti Insurance of North pol 7 ; ass foams” / Jeet ett be of ermriel Has probs Hove ¥ Sd Fob Senile Sl Lit Clie orey, ort Ay sre (Lf fe Cleiico pli laf ad rll, sarees) 7. fe Le, Ltd vo 724 Fle a ip ow Point, ai oul Hr 2h led ay het ly ‘Aollais) Cy rilogrer or Sout Fit Howe llorer) Y (Howse & 7 lo rete Ze Locate” sre Y/Y Jef Sls) “ gil et Sy Letts, SAA te Hors 4310 f klar oF A iene hi vA = = Ne 2 JHU —— re hip of id of Gil HED HA rr £ hil ye gud vom sin in pms 272 TY alo arty ti [atclarty Ohler, Tre Fetiv Poi pa EE 141 that in consideration thercof the Capital ck Fo and Securities“of. the said Corpor: ation Ton shall be subjectto pay unto the 7 NL A seis" : nay. happen by or by mans of A 7 Adm) nistrators or: Ass + Loss or, Damage which shall-pr, fr the said President and i s} a forthwith flee said Assured o the said Hen 71 ol 5 he like quantjty of £7 cer rae fi ed by fire, or provide d the said oo” 1d’ Securities of the Corpo rm. ‘of the same a beAvholly uosed by orb TA gns © of fre with in’ the! term afo 1 th en the a) § , BE an — Heirs, Executors Z, rr pire, © Sg HF 7 LLL G72] re mmm ee and so shall contis Yiosy I esaid within thi s7after proof fof Loss; rand if any dispute shal as SURED, such di ) ¢ the j TOT Arbitty orsiimliffer réntly-chesenfewlipsean ut in all cases where p r « r ty ir y this policy n the period above st riod, whereby claims ms v ¢ insure b dl in no wi riod for which the insur i ities of the said Corp or: Sugar Baker; Ship Cl faker ;* Rope Ma packed in hay or st L enti s prticle and Thing shal i one effect v in an full ford IN WITNESS WHERFOF, the s x to al pz ¢ 77 7 w Dad J ateccat Year of our Lord Oi 1 Light Hu g gos J ? B. "This Poli y be transfers 3 ec he consent of the Company (1 it not ot! isc), and the ! wed from tio nto tim t 4 ire), the prema £08 thie renewed t jn thy jut any additional expense {subject, ho Oy 4 5 NEO 2 tH er LonlleT EARLY FIRE PorLicy oN Goobs, 1809. Fh ff awit | a a ke EA i RE INSURANCE COMPANY OF NORTH AMERICA. 69 holders January, 1825, says: “the fire business meets expenses as it ordinarily does when no losses occur.” The extension of the business to other localities was to increase this profitable result, and at a time when marine insurance in this country was disastrous and had a very doubtful future. "We might suppose that had in the outstart more direct attention been paid to this branch, larger returns would have been had and the company have been propor- tionably benefited; but we must recollect that fire insurance was in its infancy comparatively, and the insurer in a com- munity, was the exception, and not the rule. The large lines written by the company were evidence of the want of proper knowledge of the danger in so writing, but it was on the other hand evidence that the moral hazard was more certain, as the danger from frequent fires was lessened by the fact that the major portion of any community was entirely uninsured, and the want of a guarantee of indem- nity in case of loss, perforce made this class of people more heedful to the dangers of fire and watchful of their interests. To the close of the year 1302, embracing eight years and twenty days, the fire premiums received amounted to $81,253.76, and the losses, which first began in 1797, $30,116.59. The next ten years were better—premiums, $98,647.95; losses, $23.873.30; the succeeding decade was remarkable in its figures—premiums, $69,224.20; losses, $1,569.44, the years 1814, 1816-19 and 1822, not showing a dollar of loss on a premium receipt of $42,380.79. From 1823 to 1832, premiums were $61,639.33; losses, $17,973; the decade following, premiums, $114,326.34; losses, $78,043.27. From 1843 to 1852, premiums, $554,267.08; 70 A HISTORY OF THE losses, $382,407.43; this last period embraced the losses by the great fire in the vicinity of Vine and Callowhill, west- ward from the wharves, July, 1850, after which there was an acknowledgment of the inadequacy of fire premiums in Philadelphia on the part of the companies, which led to action in October following, which would have been united and common but for one company declining to agree to advanced rating. The years 1843 to 1852 mark the de- velopment of the modern system of an agency business, for the receipts had quintupled those of the preceding ten years. The decade following showed a larger busi- ness and with better results; premiums, $1,138164.24; losses, $424,443.32. The next decade showed a premium receipt of eight times the amount of its predecessor; and the premiums for the year 1884 alone exceeded the com- bined premium receipts of the first sixty-eight years of the Company's operations; the average loss in this long period being but 45.3 per cent. of the premiums. On 28 January, 1840, a committee was appointed to pre- pare a form of perpetual policy, the recent supplement to the charter enabling the company to enter on this business, but the final steps were deferred, and authority was only formally given to the officers on 4 May, 1841, and the first policy was shortly thereafter issued; and to the close of the year 1846 a loss of but $62.09 was made upon a net deposit receipt of $5,781.55. To the close of the year 1872, the losses had been but twelve and one-half per cent. of the net deposit receipts; but a proper mode to calculate the per- petual business is to base the losses upon the interest of the net balances, and the result in this instance will show the INSURANCE COMPANY OF NORTH AMERICA. 71 losses of the company to be about one-third of the interest account on their perpetual deposit balances, and after adding its proper expenses, leaving the deposit untouched, (subject to call as it may be,) and a profit beside. The beginnings of the fire business, modest in the ex- treme, have grown in our day to a figure which the first hoard of directors never contemplated, any more than they could contemplate the immense growth of the nation in its wealth and population. The wealth of those days was to be found on the Atlantic board, and shipping was the most familiar and perhaps the most respectable calling, and opened the most promising avenue to the rising generations for the extension of their activities. But wars and the changes in the courses of trade made the uncertainties of sea ventures more conspicuous, while the silent but sure growth of inland interests was outstepping them in attrac- tion, until in our day we find the best energies of our people given to internal development, and for the success of this corporate underwriting must and will be had, and the future of fire underwriting seems illimitable so long as we cannot measure or bound our national growth. And we must admit that marine underwriting, even with its peculiar fascinations, has lost its rank of prominence, and that fire underwriting is now and will remain in the forefront. A HISTORY OF THE VII. LIFE BUSINESS. HE first action had under the clause of the articles of association permitting Life Insurance was on 20 January, 1794, when Messrs. Fitzsimons, Ball and McMurtrie were appointed “a Committee to consider of a Policy for insuring persons against Capture by Algerines, etc.” This was at once formulated, for on 11 February following, they insured Captain John Collet, “on his Per- son against Algerines and other Barbary Corsairs in a Voyage from Philadelphia to London, in the Ship (leorge Barclay, himself Master, Valuing himself at $5,000,” the premium on which was two per cent. On 7 March, Captain Samuel Hubbell, of the ship Hagle, bound from Baltimore to Oporto or Lisbon, was insured in like manner for $4,000 at five per cent. On 13 May following, Thomas Baker, master of the brig flector at and from Bordeaux to Phila- delphia for $4,000, the premium of which was five per cent. These insurances were “declared to be made upon the person of * ¥ ¥ aoainst the risque of Capture by the Algerines or any of the Barbary Corsairs only, and it is mutually agreed between the Parties to this Policy, that if the said * * * ghould be killed in any attempts made to defend the said Brig against the said Algerines or Cor- sairs, or should die before or after his Captivity and before he should be Ransomed, the Assurers shall not be bound to INSURANCE COMPANY OF NORTH AMERICA. 73 pay any other Sum or Sums than what may have been expended in attempting the Ransom of’ the said on It was not until 9 January, 1795, that it was decided to undertake some plan for insurances on lives, and Messrs. Blodget, Fry and Breck were appointed a committee to form a plan, and the same must have been put into use by the officers without reference to the board, although the individual applications for life policies were in cach instance passed upon by the board. But the demand was light, for not until 21 May, 1796, do we find the approval of the first two life insurances, viz., on the life of John Ilolker from 6 June to 19 September inclusive, for $24,000 at one and a half’ per cent., which, however, appears not to have been accepted; and “on the natural life of Bon Albert Briois de Beaumez (who attained the age of Forty-one years in the month of December now last past, and is about to sail for India #* # # # 3 for and during the term and space of Eighteen Calendar months™ for $5,000. A guaranty in this policy as to continuance of the life of the subject is made in the following phrase: “The said President and Directors, therefore and in consideration of Ten per cent. to them paid, do assure, assume and promise that he the said Bon Albert Briois de Beaumez shall, by the permission of Almighty God, live and continue in this natural Life for and during said Term and space of Eighteen Calendar 8 months On the 27 September following, $8,000 was agreed to be insured on the life of Colonel Tousard for one year at eight per cent., “with permission for him to go and remain in the West Indies during that Period”; but the policy seems not to have been issued. 74 A HISTORY OF THE On 15 February, 1803, an insurance for ten thousand dollars was agreed to “on the Life of General de Noailles (who is now supposed to be in the Havana) for six months at the rate of five per cent., he being prohibited from acting as an officer or soldier in any military expedition, or from return- ing to the West Indies after his arrival here during the continuance of the said Risque.” And the last we find agreed to was on 9 April, 1804, on the life of Mr. Gzeorge Meade; but neither of these policies were issued. The premiums named by the company on the life applications may have prevented in many cases acceptance of its policies, as is shown in the cases now cited. Mr. Hazard in respond- ing 20 November, 1799 to the inquiries of Mr. Henry Remsen, made on behalf of the Manhattan Company of New York, as to the mode of conducting the insurance business in its different branches, stated regarding the life - branch: “There have been but few instances of this kind, perhaps half a dozen, in each of which we have gained the premium. Price’s tables are those we have used, as far as tables have been recurred to.” This branch of the business seemed not to have survived a decade, nor was the company induced afterwards to renew or cultivate it, and not until the incorporation of the Pennsylvania Company for Insur- ances on Lives and Granting Annuities in 1812 was it that the subject of life insurance secured any development and extension in this community. INSURANCE COMPANY OF NORTH AMERICA. VIII. FINANCES, HE statement of premiums given on previous pages indicate that the finances of the company underwent many and severe fluctuations. Success early favored the projectors, and divisions of profits were promptly realized to the advantage of’ the stockholder personally, but to the detriment of the corporation. The dividends paid from July, 1793, to January, 1798, inclusive, amounted to $591,296.63; but in July following the balance of the com- pany’s accounts was on the debtor side. In January, 1799, a dividend of twenty per cent. was made, viz.: $120,000, followed in the next semi-annual period by a heavy balance again on the debtor side. This condition of the company continued up to January, 1807, when a dividend of four per cent. was made, and the company by this time was owner of 3,770 of its own shares. Dividends continued with some degree of regularity to 1812, inclusive. Three years fol- lowed without any profits to divide. In July, 1816, the company owned 7.534 of its shares; by July, 1835, it became possessed of 13,959 shares, purchasing to save them from the market; and the assets, including these, amounted to $683,021.50. The highest assets prior to this were in January, 1809, when they amounted to $722,699.03. In 1842 an equalization was had of their condition, by a reduc- tion of the capital, alluded to before, to five dollars a share, 76 A HISTORY OF THE and the assets were on 1 January, 1843, $385,060.92, including 13,459 shares. On 1 January, 1850, the assets “had increased to $911,667.40, and the company only own- ing 12,000 shares. By 1 January, 1853, the assets were $964,681.49, the company having parted with all its shares formerly held by it, but the capital had been increased in 1851 to $500,000. On 1 January, 1858, the assets were $1,007,825.26. . Ten years later the assets had reached $1,962,836.54, while dividends amounting to $900,000 had been paid in the same time. In 1874 the capital stock was doubled, and this in 1876 was in its turn doubled, making it now two million dollars. The decade ending 1 January, 1878, showed rapid but substantial progress, the assets on that date being $6,408,696.38, the dividends paid during the same period (excepting 1873 when dividends were passed, due to the Boston losses of November, 1872 amounting to $1,170,000, while the surplus had increased from $237,753.36 to $2,362,532.34. In 1831 the happy con- summation of a joint increase of the capital and surplus was effected by increasing the stock to three million dollars, and apportioning the one hundred thousand new shares to the stockholders at the rate of twenty dollars per share, being double the par. On 1 January, 1835, the assets amounted to $9,079,481.40, showing an increase in seven- teen years of $7,116,644.66, from which when is deducted the new capital paid up $2,500,000, and the cash increase of $1,000,000 in the surplus, we find that in this period the gain from its business and investments alone amounted to the sum of $3,616,644.66. First RECEIPT FOR RENT PAID BY THIS COMPANY, INSURANCE COMPANY OF NORTH AMERICA. 7 IX. OFFICE LOCATIONS. T may be interesting to follow the company through its various offices, and call up pictures of the localities in which it found itself from time to time. It steadily maintained itself nigh to the haunts of the city’s business, and we shall thus be able to obtain glimpses of some of its neighbors and associates and some studies of that section of the city in which centered Philadelphia's mercantile wealth. It is elsewhere stated that the new board met at six o'clock, r. ., on 14 December, 1792, in their own offices, which were in the brick building No. 119 (now 213) south Front street. This building remains substantially unchanged to this day, and is one of the few original edifices left in the block. A very faithful etching of it was made in the spring of 1880 by Mr. Pennell, a member of the Philadelphia Etching Club. Nearly opposite, at No. 96 (now 212), lived Mr. Nesbitt, the president, the counting-house of his firm, Conyngham, Nesbitt & Co. being on the first floor; next door, No. 117, lived Mr. Jasper Moylan, a director, and later their counsel; at No. 115, Messrs. Isaac Wharton and David Lewis, merchants and insurance brokers, had their office; and immediately south of No. 119 was the large building owned by Mr. John Ross, a director, occupied by the custom-house. On the 78 A HISTORY OF THE opposite side of Front street there dwelt at the time, besides Mr. Nesbitt, Robert Ralston at No. 90, Miers Fisher, No. 92, Peter Blight, No. 102, Nalbro Frazier, No. 104, Francis West, No. 108, Samuel R. Fisher, No. 110, Mordecai Lewis, No. 112, and John Morton at No. 116. Shortly after their settlement in these offices, proposals were made to the board by the trustees for the Philadelphia Dancing Assembly to unite in erecting a suitable building for their joint uses; the proposals were submitted * to Mr. Nesbitt and Col. Pettit, but no further reference appears on the minutes to the subject. Here the company continued until February, 1794, the only intermission to their business being caused by the ravages of yellow fever in 1793, which was particularly severe in that quarter of the city. Mur. Nesbitt left the city in September and passed the remainder of the season at Clermont, the residence of his partner, Mr. David H. Conyngham, a handsome property with a fine mansion, situate at the southeasterly junction of Nicetown lane and Hart lane, a place afterwards known as Mrs. Griscom’s famous school. Mr. Nesbitt, who was not in robust health, had probably been passing his nights out of the city previously, for on 24 September, 1793, he writes to Mr. Hazard, “I went to Town on Monday to see what was to do, but found things in our Neighbourhood in such a Situation I thought it Improper ee. ——————————— * The Dancing Assembly proposed that each should advance £6,000; the lot to belong to the Insurance Company, joint agents or trustees to be appointed for the management of the business, letting the house, &c., and the money arising from rent, &c., to be divided between the Insurance Company and the Dancing Assembly. INSURANCE COMPANY OF NORTH AMERICA. 79 to remain. Indeed I should have long since quit our own business, for that was arranged so as to make my presence unnecessary, but I did not like to decline my place in the Insurance office while I could remain in Town with any degree of personal safety, and if any applications are made, I shall, if sent out to me here, attend to and answer them as I do my own business.” Mr. Hazard had written him on the 23d: “The situation of our Neighbourhood I find has become truly alarming; in going to and returning from it, I am much exposed to Infection, and it does not appear necessary to attend longer at the Office, as so little Business offers; were there more, it could not be done, as I am now quite alone. Mr. Coulthard [the clerk who had been appointed 18 December, 1792] went a few miles into the country on Saturday afternoon and intended returning this morning; but as it is now one o'clock, and I have not yet seen him, I fear he is sick; there are no Directors whom I can consult on this Occasion: thus Situated, I have concluded to remove the Books and Papers, for the present, to my own house, where I shall be constantly ready to attend to anything that offers.” Thus exposed, and without clerical help, Mr. Hazard moved the office work to his house, No. 145 Arch street, on the site of which is erected the easternmost of Mr. Womrath’s improvement, and is now No. 415. Mr. Hazard built this house in 1792, and there he resided until his death in 1817, when his heirs sold it, Mr. William Sansom (who was a director in the company 1795-97) purchasing it for his daughter, Mrs. George Vaux, whose family occupied it until they sold it to Mr. Womrath, who also 80 A HISTORY OF THE purchased the adjoining property on the west, for many years owned and occupied by Mr. John Cooke. Mr. Hazard and eight others of his household succumbed to the epidemic, two of whom died from it; and here he remained until 9 November, when the approach of cool weather rendered it safe to return to the office to Front street, and clients would feel no hesitation in going thither. He had communicated daily with Mr. Nesbitt, but from 28 September to 11 October, his letters ceased, showing the time and duration of his illness. He had here himself written fifty-three policies, whose premiums amounted to $16,875.32, and kept up the books and all the correspondence of the company. The faithful porter, John Valentine Cline, always called Valentine, and recorded on the company’s books as Doorkeeper, rode out daily on horseback to Cler- mont and exchanged letters with Mr. Nesbitt. This correspondence is preserved entire, and each letter is duly endorsed by the receiver; and thus we have in the com- pany’s files a complete picture of the terrors of that awful visitation, whose mortality amounted to one in four of the population which continued in the city, the deaths in all amounting to five thousand in those few dreadful weeks. All Mr. Hazard’s letters and enclosures coming from his fever-stricken house were passed through disinfectants at Clermont before being there read, and the papers show marks of the treatment to this day. But the enclosures were often returned by Mr. Nesbitt, the worse for such, and on 22 October, Mr. Hazard writes him: “If a less quantity of vinegar will answer the purpose, perhaps it will be best not to put so much on the Papers, as it defaces them; I do INSURANCE COMPANY OF NORTH AMERICA. 81 not know whether it will destroy the writing, but if it will, it may be very injurious in case of a Law suit or Reference in which these Papers must be produced.” In February, 1794, the company rented the premises No. 107 south Front street, at the southeast corner of Walnut street, at £100 and taxes per annum, and there moved 1 March. It was on the 10 December following, the first fire policy of the company was here issued. They subleased to Mr. Alexander Todd “that part of the House of Com- pany’s office now occupied by him, for £25 per annum.” This building was destroyed some years ago, and the present warehouse erected on its site. Within a twelvemonth, the directors felt their business warranted the purchase of a property for its transaction, and Messrs. Pettit and Ball, with the president, were appointed a committee to purchase a lot, with or without buildings. Yet another twelvemonth clapsed, however, before they could consummate their plans, and on 12 December, 1796, they purchased the premises on the opposite corner, No. 84 south Front street, at the southwest corner of Walnut, being a lot nineteen feet by eighty, with a main and back building thereon, for £3,400; but they appear not to have obtained possession until the close of the following year, for we find on 14 December, 1797, a committee (Messrs. Breck, Blight and Francis) was “appointed to view the house and consider what part of it will be wanted for the accommodation of the Office and Doorkeeper.” The occasion of this appointment was a communication from Col. Pettit, the president, “respecting accommodations On 19 December, they “reported, 9 in the new building.’ 6 82 A HISTORY OF THE That the following apartments in the said Building are absolutely necessary for the accommodation of the Com- pany; the large room on the ground floor; the lower room in the back building; the whole of the second story of the house, with sufficient room in the Cellar and Vault to hold their fire wood.” And the directors “permitted the Presi- dent of this Board, in consideration of his present indisposi- tion, to occupy until the next election of Directors, such rooms in the new building as are not necessary for the accommodation of their office, leaving also a room for their messenger.” Col. Pettit had been so indisposed for some months that at the annual meeting the following month, he declined re-election, and Mr. Joseph Ball was elected president; but Mr. Ball resigned in July, 1799, owing to pressure of private affairs, and Col. Pettit having regained his health, was re-elected, and continued in office until his death in 1806. He had kept his residence in the building, as shown by the city directories, and when the office was removed in 1804, he changed it to the corner of Second and Dock streets, where he died. The back building had been “lately occupied by M. Moreau de St. Mery as a printing office,” and this the board proposed “to rent to some Person who will not use it in any hazardous business.” In the following May, Dr. James Mease became the tenant, and here his office appears to have remained until 17 June, 1800. His rent for the first year was £50; but in 1799 he claimed this “was much too high, considering the present state of affairs, and the universal diminution of the value of houses in the city, and he had no doubt they will experience a further fall,” INSURANCE COMPANY OF NORTH AMERICA. 83 and his offer of $100 for the second year was accepted. The city directory for 1799 records Dr. Mease at No. 14 Walnut street. In the years 1797 and 1798, other visitations of yellow fever scattered all who had business in the eastern part of the city. On 25 August, 1797, the president and secretary were “Vested with power to remove the office either to another part of the City or out of it, in case of such an increase of the present disorder as shall lead them to think it expedient.” Three days later Mr. Hazard writes to Mu. Ralston “of a proposed removal of the office to Market or Arch street, between Ninth and Twelfth, but thought they might as well go to Wilmington as there”; and on the 31st advises him they have “decided to remove to Arch street, to a handsome, new, neat, airy room, with three windows, chimney piece, &ec., in style.” They became tenants of Mrs. Mary Kean, but the precise location cannot now be determined. In 1798 the company’s books and papers were removed to Germantown, to the old academy on School House Lane, a meeting of the directors being had there on 8 September. In the Zrue American of 14 August, is an advertisement: «The office of the Infurance Company of North America is removed to the School-houfe, near the Market, in Germantown. Orders for infurance left at the South East corner of Arch and Sixth ftreets will be duly forwarded.” On 8 January, 1799, there is a minute, “It is left to the President and Secretary to make provision at Germantown for the accommodation of the office that there may be a certainty of a suitable Retreat in Case any Contagious 84 A HISTORY OF THE Disorder shall make it necessary to remove from the city next summer.” And on the 14th, “The Board agreed to take certain rooms in Mr. Samuel Billings’ house at Ger- mantown for the next season at $300.” This house is the stone dwelling, No. 4304 Germantown avenue, adjoining the Germantown National Bank building at the corner of School street, and was the building which the United States Bank occupied during the epidemic of 1793; hither Mr. Hazard moved with his family and the company’s books when the “Disorder” made its appearance; the front parlor and two large rooms on the second floor were those leased. His letters thence to Col. Pettit, who had just resumed the presidency, and who had remained in the city, are yet on file, covering a period from 19 September to 7 October; there was no meeting of the board from 6 August to 4 November; Mr. Stephens, the bookkeeper, afterwards first clerk and subsequently secretary of the company from 1306 to 1832, remained also in town forwarding all applications and proposals for insurance to Germantown, as doubtless he had done the previous year, as specified in the advertise- ment. On 23 September, Mr. Hazard writes, “We had heard that the Fever Alarm has encreased, and are sorry to be informed if so much Cause for it as apparently well founded Reports intimate, from what we hear, the prevailing Opinion here is that the Banks will yet be removed.” Mr. James Murray, the clerk, who remained with the company until 1806, had accompanied Mr. Hazard, and on 19 Sep- tember, he writes, “The Dysentery has left Mr. Murray very weak, but he is convalescent. I hope Valentine won't share the Fate of his Brother Janitor.” On 2 October he INSURANCE COMPANY OF NORTH AMERICA. 85 writes “the information that the Fever is abating, is very * %* pleasing. * I hear numbers arguing that it will not be safe to return before there is a smart Frost to render City Air salubrious.” The board subsequently testified their appreciation of the labors of those employed in the office during the contagion, by voting Mr. Murray $200, and Messrs. Stephens and Chas. P. Heath (the fire insurance clerk who remained with the company until 1809) $100 each, for their “services and attention,” and to Valentine, the Doorkeeper, $60, for “his extraordinary services during 3 the prevalence of the Yellow Fever.” This faithful servant of the company, John Valentine Cline, remained on active duty in the office until March, 1828, when he was voted an annuity of $100, he being then, Mr. Stephens records, about eighty-two years old. Before he entered the service of the company he had been twenty years with Col. Pettit, who wrote Mr. Nesbitt, on 15 December. 1792, endorsing his application, “it is due to his merit that I should say I always found him honest, sober, diligent and attentive to his duty.” In January, 1804, a committee was “appointed to make inquiries respecting a suitable house or apartments in the neighbourhood of the Exchange,” which was at the time on the west side of Second street, between Walnut street and the City Tavern, as the directors felt they were not, while in Front street, near enough to the centre of business. Failing to purchase the premises No. 98 (now 204) south Second street from Captain John McKeever, they leased the building, and by the 3d February had moved thither. Adjoining on the north, No. 96, was the Phoenix Insurance 86 A HISTORY OF THE Company, who had purchased that property the previous year, and at No. 94, the corner of Walnut street, was the Philadelphia Insurance Company. Captain McKeever's house, built about 1761, by Benjamin Paschall, who in 1777 became one of the Associate Justices of the Orphans Court of Philadelphia County, yet remains in good condi- tion. Ilere the company continued for five years until they could secure a property by purchase, which they did on 16 November, 1809, by purchasing for $12,600, Mr. William Meredith's lot and buildings, where that eminent lawyer had lived for some years, on the south side of Walnut street, immediately east of Second street, extending through to Dock street, being Nos. 40 and 42 (now 136 and 133) Walnut street. Hither they moved in January, 1810, renting No. 42 to the Delaware Insurance Company at the sum of $500 per annum, on a three years’ lease from 1 Feb- ruary. The remainder of the company’s lease of No. 03 south Second street was taken by Mr. John F. Watson, the author of the Annals of Philadelphia, who moved his residence and book store there on Monday, 5 February, as recorded by Mr. Stephens in his office memorandum book. Besides their neighbor, the Delaware Insurance Com- pany, of which Mr. Thomas Fitzsimons, an early director of the North America, was now president, there were nigh the Philadelphia, Samuel W. Fisher, president, at the south- west corner of Second and Walnut streets; the State of Pennsylvania, James S. Cox, president, at the northeast corner of Dock and Second (adjoining the Dock street front of the North America premises); the Phoenix, David Lewis, president, at No. 96 (now 202) south Second street; INSURANCE COMPANY OF NORTH AMERICA. 87 the Union Mutual, Joseph Ball, president, who had been president of the North America from January, 1797 to July, 1798, at No. 45 (now 129) Walnut street, opposite; the Marine and Fire, John Leamy, president, who had been a director of the North America from 1792 to 1806. at No. 49 (mow 133) Walnut street; and the United States, Israel Pleasants, president, at No. 49 (now 133) Walnut street. The Philadelphia Contributionship, was at this period located at No. 99 (now 239) Market street, Caleb Carmalt, treasurer; and the Mutual Assurance Company, John B. Palmer, treasurer, was at this period without a settled habitation, and applications were received at the counting house of Mr. Palmer’s partner, Mr. Robert Wharton, on Pine street wharf; its monthly meetings had been for many years held at Hardie’s tavern, on the south side of Market street, and in 1809 and later at Heads’ Mansion House Hotel, Third street above Spruce, until the office was finally established at No. 54 (now 226) Walnut street. It was in February of this year (1810) that was incorporated the American Fire Insurance Company, the first chartered in this State for a general fire insurance business, the Con- tributionship and the Mutual Assurance Company confining themselves to building insurances alone; Captain William Jones was the first president, and Mr. Edward Fox its originator, who was one of the first stockholders of the North America, the first secretary; and its office was open at No. 73 (mow 229) Chestnut street, but in a few weeks was removed to the building it purchased of Mr. Moses Levy at No. 101 (now 311) Chestnut street, adjoining the bank of North America. The first advertisement of the 88 A HISTORY OF THE American commended the operations of the company to the citizens on the grounds of its “not risking its funds by making any Insurance on marine or other hazardous adven- tures, being confined by law to the sole and single object of insuring against loss by or damage by FIRE.” The same year witnessed the creation of the African Insurance Company, which was located at No. 159 (now 529) Lombard street, Joseph Randolph, president, Cyrus Porter, treasurer, William Coleman, secretary, with a cash capital of $5,000. “The members of this Company are all colored persons,” as stated in the directories for 1811 and 1813. In the latter year it was located at No. 155 Lombard street, which appears to have been the residence of its secretary, whose profession was given as “teacher.” We find no traces of it after this year; some of its policies are yet preserved in the families of its insured. The Delaware Insurance Company continued to occupy No. 42 Walnut street until the middle of the year 1814, and was succeeded the following April as tenants by Messrs. Pratt and Dundas until 1822, and later by Mr. Thomas Newman, stock and exchange broker, until October, 1831. The Dock street front had contained the office of Mr. Nicholas Biddle, “Attorney at Law,” who remained the company’s tenant until November, 1811; Mr. William Cramond (who had been a director of the company from its organization to 1800) occupied this office from April, 1816 to April, 1819, and was succeeded by Thomas and John Wharton, insurance brokers. The company remained here for a quarter of a century, with but one intermission of a month during the prevalence of the yellow fever in the INSURANCE COMPANY OF NORTH AMERICA. 89 summer of 1820, when they rented the premises No. 240 (now 710) Market street, where the office was maintained from 7 September to 7 October. The directors desiring to keep near the centre of business, which had made another step westward, sought a location opposite the new Merchants’ Exchange, then just erected, and entered into an agreement with Mr. Thomas P. Cope (a director of the company from 1829 to 1854), who owned the lot at the southwest corner of Walnut and Dock streets, to rent the westernmost office of the building he was about erecting, and on its completion they moved into it 25 August, 1834. The office was known as on Walnut street one door west of Dock street, and is now No. 216, and was taken on a lease of twenty years. The premises, now vacated by them, they sold in 1836 to Mr. John Garrison for $14.000. But before the expiration of this lease they needed larger accommodations, and again sought quarters of their own in the immediate neighborhood. On 8 January, 1350, they purchased at public sale for $16,000, the premises then owned by the Philadelphia Exchange Company, which had purchased them in 1833, known as No. 60 (now 232) Walnut street, extending through to Pear street, being 17 feet 3 inches front by 138 feet deep; there was a four story, rough-cast building on Walnut street, occupied on the first floor by a tailor store, and on the upper floors by Messrs. Draper & Co., the well-known bank-note engravers, and on Pear street front there was a three story brick building. The front building was not adapted to the purposes of their business, and it was removed, and a new structure was 90 A HISTORY OF THE erected by A. Masson, at a cost of $5,350, on plans furnished by Mr. Gervase Wheeler, an English architect, temporarily sojourning in Philadelphia, extending about 85 feet in depth, leaving a pleasant garden over 50 feet deep to Pear street, the dwelling on the end being removed. This new building was occupied 11 December, 1851; Messrs. Brown, Jones and Neff were the building committee; and at the first meeting of the board held in it, the directors “tendered their cordial thanks to them for their valuable services in planning and directing the construction of the beautifully appropriate building in which the Board convenes for the first time this morning.” The balance of the company’s lease from Mr. Cope for the former office was taken by Mr. Joseph Cowperthwait for his proposed new insurance com- pany, for which a charter was procured at the next Legis- lature, and known as the “Philadelphia,” the former of that name having some years before retired from business. The growth of the company’s affairs in the next two decades proved these accommodations inadequate, and in 1872 communication was had with the Farquhar building on the east, and two large rooms therein leased for the officers and a directors’ room; and in 1874 a three story building was erected on the end of the lot adjoining the main office, and the pleasant garden was no more. But five years after this, a period which showed the greatest advance ever made in the company’s business up to that time, the directors looked for yet more commodious quarters, and on 15 January, 1880, purchased for $70,000, from the estate of the late Edward Y. Farquhar, the property adjoining on the east, and known as the Farquhar Buildings, being 35 i La 3 Yond, TAFTEEEEE ] EER ~ EAR] TT ae ] 4 7 ——_— ay \ FRONT VIEW OF BUILDINGS ON SITE OF WHICH THE NORTH AMERICA’S BUILDING WAS ERECTED 1880. INSURANCE COMPANY OF NORTH AMERICA. 91 feet front by 138 feet deep. This building had been erected by Mr. Farquhar in 1850, on the site of two buildings then known as Nos. 56 and 58 Walnut street, and had been occupied exclusively for offices. Within two months this building was vacated by its tenants, and plans were adopted for a suitable building to cover both the old and new prem- ises as prepared by Messrs. Cabot and Chandler, architects, of Boston; and temporary quarters were secured in the building owned and formerly occupied by the Philadelphia Saving Fund Society, No. 306 Walnut street, now owned and occupied by the Royal Insurance Company, into which the company moved 24 May. On 12 July the old office submitted to the first stroke of destruction, and on 16 August, the first foundation-stone of the new building was laid on the Walnut street line. The winter of 1880 and 1881 came carly, and proved an exceptionably severe one, and the work was much delayed. The following summer saw the completion of the present handsome and substantial building, and occupancy was finally enjoyed by the company on 6 December, 1881. A HISTORY OF THE X. LIVES OF THE FOUNDERS AND THE PRESIDENTS. HISTORY of the Insurance Company of North America would not be complete without fitting notices of its executive officers. A retrospect of the lives of these men will show the causes of the company’s endurance through trying times, and its final established successes; representative men they all were, and their con- nection necessarily made the company a representative corporation. It has not been a light task to gather materials for their memoirs, but sufficient is now known of them, to recognize in them, men of parts, of intelli- gence, and of probity; and in some of them, men, who on behalf of their native country, took no common part in aiding its establishment as an independent nation; men who gave their best energies and of their means to their country, could not but be found faithful to the institu- tion whose concerns were in after years committed to their care and oversight. Of Mr. Nesbitt, the first president, but little can now be gathered. To him, and especially to Mr. Hazard, must be granted the meed of the successful establishment of the company; hence, the ensuing notice of Mr. Hazard properly follows that of Mr. Nesbitt, before we can enter upon the public and private career of the latter’s successor, Colonel Pettit. And a notice of Mr. Samuel Blodget, though he was not an officer, finds the most INSURANCE COMPANY OF NORTH AMERICA. 93 appropriate place as a co-founder with Mr. Hazard and the others immediately following that of Mr. Hazard. 1 Mz. Jouxy MaxweLL NESBITT was born in Ireland in 1728, and came to this country in carly life, and entering mercantile life, became very successful in business, in the conduct of an extensive mercantile house in this city, which was widely known in its connections successively as that of Conyngham, Nesbitt & Co., the senior being Mr. Redmond Conyngham, who subsequently returned to Ireland, and there died, and whose advertisements appear in the Penn- sylvania Gazette as carly as 9 June, 1757; of John M. Nesbitt & Co.; and of Conyngham, Nesbitt & Co., when David IHayfield Conyngham, the son of Redmond, was admitted. and the old style was resumed. His interest in Colonial affairs led him into active participation in the Revolution, he and his younger partner Mr. Conyngham, being elected members of the First Troop Philadelphia City Cavalry in March, 1777, as his elder brother, Alexander Nesbitt had been two years preceding. He remained an active member of this now venerable company through the Revolution, sharing in its New Jersey campaigns, and on his resignation, was made an honorary member 10 Sep- tember, 1787, with his brother. Mr. Nesbitt was one of the original members of the Friendly Sons of St. Patrick, and was clected vice-president at their first meeting, 17 September, 1771. He became its second president in 1773, and afterwards held the same office from June, 1782 to March, 1796, at which time his ee ES A AE TAP vl Tet mse 4 A HISTORY OF THE health began to fail. It was from the membership of this Socloty that the Hibernian Society was formed 27 June 1792, a society which to this day continues in useful Sty and is the heir to the good fame of the Friendly Sons. So many of his associates in this organization warmly espoused the Side of the Colonies when the clouds of Witter dis appomment arose, shutting out hope of any redress of grievances from the British parliament, that Mr. Nesbitt would have been singular, had he forborne participation in the stir of the times. On 17 June, 1780, the house of J M. Nesbitt & Co. subscribed £5,000 to the fund to Aiptant the credit of a bank for furnishing a supply of provisions for the use of the army, and Mr. Nesbitt was appointed oe of the five inspectors of the organization, which was effected ander the name of the “ Pennsylvania Bank.” Mr. Simpson in his Lives of Eminent Philadelphians, narrates the story of his faithful patriotism, when Judge Peters called on him among the first after his receiving a letter from General ‘Washington, depicting the great needs and suffering of the army, and explaining to him the wishes of Washington Mr. Nesbitt replied, “that a Mr. Howe, of Trenton, had offered to put up pork for him if he were paid in hard money, and that he had contracted with Howe to put up all the pork and beef he could possibly obtain, for which he should be paid in gold.” The engagement was performed by Mr. Howe, and J. M. Nesbitt & Co. paid him the gold. Mr. Nesbitt said to Judge Peters he might have this beef and pork, and, in addition, a valuable prize just arrived Balen with provisions. Mr. Nesbitt, with others So in the organization of the Bank of Pennsylvania, identified INSURANCE COMPANY OF NORTH AMERICA. 95 themselves with the new banking institution promoted by Robert Morris the year following, and at the organization of the Bank of North America, on 1 November, 1781, he was elected one of its directors, and he continued in the board until 9 January, 1792. On 31 December following, it was incorporated as “The President, Directors, and Com- pany of the Bank of North America,” and here we may perhaps find the original of the title to the new insurance company which ten years later opened its doors under Mr. Nesbitt’s presidency. Judge Peters was one of the witnesses to his will, with James S. Ritchie, Francis West, and Redmond Conyng- ham, which was proved 25 January, 1802, and by which he left his entire estate, after providing annuities to his surviv- ing brother James and three sisters, to his friend and partner Mr. Conyngham, whose son, the late Judge Conyng- ham. the eminent Pennsylvania jurist, born four years before his death, was named John Nesbitt Conyngham. In the Daily Advertiser of 27 January, 1302, a friend’s obituary of Mr. Nesbitt describes him in the following words: “This worthy citizen maintained for upwards of half a century the character of an upright and intelligent merchant in this city. In his extensive dealings, friendship and kindness always tempered the claims of interest and justice. In private life he was truly amiable, and so circum- spect and discreet in his manners, as never to offend by speech or conduct. His remains were interred on Sunday [24th] in the First Presbyterian Church, and attended by 4 numerous concourse of respectable friends and fellow citizens.” Rte Br eg A HISTORY OF THE 2. Mr. EBENEZER HAZARD was one of the earlier promoters of the association which gave birth to the Insurance Com- pany of North America, and to his energy and industry must be largely attributed the instant success and the steady growth of the institution. Ie was a man of note among his peers, and prominent in all the various under- takings in which he engaged, and equally so in those initiated by others as in those of his own origination. The company was favored in having as its first secretary so faithful and conscientious an officer, and one whose standing in business and literary circles allied him to a large connec- tion, and whose wise administration of the general Post Office Department, for many years previously, was a guar- antee to both its stockholders and its clients of a just administration of his responsible duties. Ebenezer Hazard, the son of Samuel Hazard, of Phila- delphia, who was the great-grandson of Thomas Hazard, who came from Wales and settled on Long Island, was born in that city 26 January, 1745, and ** was baptised in the ‘New Building’ in Fourth street below Arch,” later known as the Old Academy, on 7 February, by Rev. Gilbert Tennent. He was the second son, and named after the Rev. Ebenezer Pemberton, who was the pastor of his mother at the First Presbyterian Church, New York, and by whom his parents were married in October, 1739; she was the daughter of Matthew Clarkson, of that city, whose wife was Cornelia Depeyster, and the sister of Matthew Clarkson, who was in 1792 mayor of the city of Philadel- phia. Samuel Hazard resided some years in New York, FIRST SECRETARY, 1792-1800. es rat i et he ae INSURANCE COMPANY OF NORTH AMERICA. 97 but returned to Philadelphia before the birth of his son. He was a merchant, and sold books among his other merchandise, and was one of the founders of the Pennsyl- vania Hospital, and for a number of years a manager until his death; and an original and active trustee of the College of New Jersey, and was one of the first members of the Second Presbyterian Church, which was organized through the instrumentality of the Rev. George Whitefield in 1743, and under the pastoral care of the Rev. Gilbert Tennent. He died 14 July, 1758. Ebenezer Hazard spent his early years at the school of the Rev. Dr. Samuel Finley (who afterwards married, for his second wife, Anna Clarkson, Hazard’s aunt) at Nottingham, Maryland, and graduated at Princeton College in 1762, of which Dr. Finley had become the president the year previously; one of his classmates was Jonathan Dickinson Sergeant. In 1780 he wrote a life of Dr. Finley. In November, 1762, he enlisted in a privateer, and the following month was wrecked off Martinique; subsequently shipping on IL M. ship Scarborough he cruised in the West Indies until June, 1764, and afterwards sailing for England was there discharged and arrived home in March, 1765. He removed to New York in 1767, and engaged there in the book business with Garret Noel, and in 1770 became his partner under the style of Noel & Hazard, and so con- tinued until April, 1774, when the business proving less successful the firm was dissolved. It was in this connection that he developed that intimacy with books which was so helpful to him in after years, and made for him those 7 98 A HISTORY OF THE literary acquaintances which through life afforded him very agreeable connections. He spent parts of the years 1770 and 1771 in England. In July, 1775, the New York Provincial Congress recom- mended him to the Continental Congress as a fit person for postmaster, and on 5 October he was appointed the first post- master of New York. On 30 August, 1776, the day after the retreat of the American army from Long Island, he was ordered by the Committee of Safety to Dobbs Ferry, and in this neighborhood the New York post office mostly remained until after the evacuation of the city by the British army in November, 1783. In 1777 he was appointed surveyor of the post roads and offices throughout the coun- try, and traveled on duty on horseback between New Hampshire and Georgia until his appointment 28 January, 1782, as Postmaster General of the United States. He was the third to fill this office, in which he continued for seven years, succeeding Richard Bache who had succeeded Ben- jamin Franklin. It was at this period he writes “he is hurried through life on horseback,” but his new appointment gives him promise of a settled place of residence—which he found in his native city. It was in 1779, in the midst of his wanderings on government service, that he began to gather materials for his Historical Collections, consisting of State Papers and other Authentic Documents intended as materials for a History of the United States, no doubt filling in his spare moments in his tours through the principal towns by copying documents and manuscripts, which he finally pub- lished, the first volume in 1792 and the second in 1794. It was with his usual untiring industry that being armed INSURANCE COMPANY OF NORTH AMERICA. 99 by the authority of Congress with the right to examine and copy whatever he saw fit, that he made copies of State papers and documents which he observed were fast going to decay or were being scattered and lost. Dr. Allibone truly says of him and his son Samuel, the compiler of the Colonial Records of Pennsylvania and the Pennsylvania Archives, that “it is to such indefatigable laborers that historians are indebted for much of the most valuable portions of their compilations.” His labors on this work were in part interrupted by his appointment as Postmaster General, but were resumed in 1789 on his retirement and then pursued to completion, though the second volume was published when he was engrossed in his very active duties as secretary of the Insurance Company of North America. Mr. Hazard married, 11 September, 1783, Abigail, daughter of Joseph and Jane (Chevalier) Arthur of Nan- tucket. They were married at the residence of Judge Breese, in Shrewsbury, N. J., whose wife was Mrs. Hazard’s elder half-sister; Judge Breese by his first marriage with Rev. Dr. Finley's daughter became the grandfather of the great inventor Samuel F. B. Morse, LL.D. In his corres- pondence with Dr. Jeremy Belknap, whose History of New Hampshire was published in Philadelphia in 1784 under the superintendence of Mr. Hazard, there are many interesting personal references to the Breese family and its connections; this correspondence was published by the Massachusetts Historical Society in 1878, and evidences Mr. Hazard’s business as well as literary ability, and affords us a good exposition of his christian and manly character as well as his merits as a finished letter-writer. 100 A HISTORY OF THE He began his housekeeping on Arch street, old No. 161, below Fifth street, where their son Samuel was born 26 May, 1784; but on the removal of Congress to New York his office followed, and he renewed his residence in that city, and there continued until his retirement from office in 1789. Charles Thomson, the secretary of Congress, writes his wife from New York, 6 April, 1785: “Hazard, the postmaster- general, has in consequence of the order of Congress come here and has been trying to get a house. IIe meets with difficulty, and wishes to have leave to reside in Philadelphia; whether he will get leave or not I cannot tell.”—MS8. letter. He finally returned to Philadelphia in December, 1790, having in that year served on the board of three, appointed by General Knox, Secretary of War, to appraise West Point, then about to be purchased by the government. He here entered into the brokerage of stocks with Jonas Addoms, a firm which continued until 1792. Ie may have united the brokerage of insurances in his business, which doubtless brought him in connection with the project broached early in the latter year, of forming in Philadelphia an Association of Underwriters. He was the owner of two lots and houses on Arch street above Fourth street, one of which he had purchased in 1783, and in April, 1792, he removed these and erected on the eastern portion of this property his three-story brick man- sion, No. 145 Arch street (now 415), into which he moved in November. He describes it to Dr. Belknap as “a fair brick house in an inconvenient part of the city, and too remote from the theatre of business.” This was sold by his executrix on 8 November, 1817, to William Sansom, INSURANCE COMPANY OF NORTH AMERiCA. 101 who purchased it for his daughter, Mrs. George Vaux, and until its purchase and destruction by Mr. Womrath in 1861 it was generally known as the Vaux Mansion; the eastern of the three buildings erected by Mr. Womrath stands on part of the site of the old house; the remainder of the lot was thrown into the garden; adjoining on the west was Mr. John Cooke’s property, which was also purchased by Mr. Womrath, and upon these two his three stores are erected. This mansion which Mr. Hazard built, which he occupied for twenty-five years, and therein died, is of interest as containing the office of the North America, and where all its business was transacted during the prevalence of the fearful epidemic of yellow fever in 1793, as the regular office had to be abandoned on account of its vicinity to the affected district. He writes 12 October, 1793, to his friend, S. A. Otis, “Here I am, with my family, in the midst of disease and death, which will no doubt surprise many, but Divine Providence had placed me in such a situation that it appeared evidently to be my duty to remain in town. This point being settled, I had no difficulty in determining what to do. I have always found the path of duty to be the way of safety; and whilst I know that I walk in it, I can cheerfully commit all events to the Great Disposer of them.” And on 30 October to Dr. Jeremy Belknap he writes: “To remove from the city, or not, was early a ques- tion in my mind; but upon thinking over all circumstances, and especially how much depended on me respecting the insurance office, I felt it to be my duty to remain in the city, and determined accordingly. I have not been out at all, and Mrs. Hazard would not have me, so we all took our a LEA Se TO SRA 102 A HISTORY OF THE chance together.” These extracts testify to the steadfast- ness and faithfulness of the man, who believed his way of safety was in the path of duty. The president, Mr. Nesbitt, a man not of robust health, had early left the city and found refuge at his partner Mr. Conyngham’s residence, Clermont, three miles to the north of the city, and from there com- municated almostly daily with Mr. Hazard. But the epidemic invaded his household, and he and Mrs. Hazard, his daughter, his sister, a young woman from the country, a servant, and man were al! in succession stricken down, and his sister Anna died of it 18 October, and was buried the same day, and the old servant was also a victim to it. In his letter to Mr. Otis of 12 October he says: “We have had our share of the disorder, but it has been very moderate compared with the sufferings of others. I am recovered; Mrs. Hazard is so well as to be about the house.” On 27 July he had written Dr. Belknap: “I am seldom with my family, except at meal times and while I am asleep, and frequently do not leave the office before nine at night. Perhaps I perform works of supererogation, but it seems to be necessary at present. If business continues to encrease as it has done, assistance will be necessary.” His industry appeared to be exceptional; all the records of the office were kept by him for many months; books, correspondence and policies were all from his pen, and he personally attended to all minutize of the office; for though a clerk was in a short time after the company’s operations began employed, all the responsible clerical work remained in his hands. The office work of those days was prolonged, and while to-day we condense in a few consecutive hours the work of INSURANCE COMPANY OF NORTH AMERICA 103 the entire day, the custom of the period was to accommo- date the merchants, who mainly living over their counting- houses had no limits of hours in the transaction of their private or business affairs. We find that by resolution of the directors on 15 January, 1795, the president was required to attend the office from eleven to two o’clock, and five to eight, and the secretary from ten to two, and from four to eight each day. This practice continued in effect for nine years. On 18 July, 1797, Mr. Hazard writes Dr. Belknap, “It is not necessary that our hours of business should be such as they are, and I have tried to get them altered so as to give me a little time for recreation, but I have not succeeded.” On 14 January, 1796, he writes: “It is near Ten O'clock at night and I have not left the office yet.” And it was in the midst of this labor, that he passed through the press the second volume of his Listorical Collections, for which he was obliged to prepare a second Index, as his first MS. of this was destroyed at the fire of Thomas Dobson's, the publisher. Correlative to Mr. Hazards industrious and faithful application to his duties in the North America, it is well to quote here his account of his labors as Postmaster General recounted in his address to President Washington, 21 September, 1789, when a change seemed to be impending in the management of the office. “Though I have made repeated applications for more assistance and so clearly pointed out the necessity there was for it, that a Committee of Congress reported in favor of its being allowed, I have been left to encounter the whole business of the department almost alone. * # # #* Besides the general superin- i STAR 4 YA » a 104 A HISTORY OF THE tendence of fifteen hundred miles, exclusive of post roads, I have had to maintain a very burthensome correspondence; to examine the quarterly returns from all the eastern offices; to enter all the accounts; to keep the books of the depart- ment (which since my appointment has been in double entry); to make communications to Congress and com- mittees, which have frequently required lengthy and tedious calculations; to form and enter into contracts, and pay the contractors quarterly; to inspect the dead letters; and to do the business out of doors as well as within. My own attention has been so constantly necessary that I have not had time for proper relaxation, and in three years past, have not been to the distance of ten miles from this city. I once hired a clerk, but found my salary was not equal to that expense in addition to the support of my family, and was obliged to dismiss him.” It was under his administra- tion that the department for the first time became paying. Mr. Hazard’s pecuniary interests in the company were great, and many of the stockholders were his personal friends. Mr. Robert Ralston, whose wife was his cousin, was a director until 1800. On 17 December, 1799, he asks leave to resign, as his health was so much affected by his constant close attention to business, and the same year he appears to have parted with the major part of his stock and at a handsome premium; and at the stockholders’ meeting on 13 January following, his resignation was accepted with their “thanks for his long and faithful services as secretary of this company.” He was requested to act as secretary pro tem. until the office was supplied, but he did not continue this long; a temporary arrangement was made by INSURANCE COMPANY OF NORTH AMERICA. 105 which Mr. Robert S. Stephens, the bookkeeper should be first clerk and to countersign checks, but no secretary was appointed until Mr. Stephens’ election to the office 28 February, 1806. It was during the last years of his administration that occurred the heavy drains upon the company’s fund from the captures of our merchantmen by French cruisers, amounting in the aggregate to the sum of $514,125.80, and the harassments arising from this source with the uncertainty of the company being reimbursed by the French government, contributed greatly to Mr. Hazard’s desire to be released from any further official responsibility. In his seven years’ secretaryship, the company had in its marine business received in premiums $4,588.497.29, and paid in losses $3,556,682.99, and in its fire business, begun in December, 1794, had received $49,241.26 premiums, and paid losses $22,853.99, and upon its capital of $600,000, had paid dividends to its stockholders amounting to $591,296.63. But Mr. Hazard’s cnergies forbade idleness, and his release from office duties allowed him opportunities for equally efficient work in philanthropic and literary pursuits and in ecclesiastical stations. He was trustee and elder in the Second Presbyterian Church, then at Third and Arch streets, from 1784 until his death, and was trustee of the General Assembly; during his residence in New York, he had been a trustee of the First Presbyterian Church, located in Wall street. He was a deeply read bible student, and a fine Greek scholar, and revised Charles Thomson's MSS. of his original translation of the bible. The correspondence between the two is yet preserved in the family, and Thomson 106 A HISTORY OF THE generally yielded to the reasons advanced by Mr. Hazard for his corrections. He finally purchased Mr. Thomson’s share in the transaction, and afterwards disposed of it to Earle, the bookseller, and as it was passing through the press in 1808 he corrected the proof-sheets. Ile was Curator of the American Philosophical Society, to which he often con- tributed papers; the first corresponding member of the Massachusetts Historical Society; member of the New York Historical Society, and fellow of the American Academy of Natural Sciences. Ie was for many years manager of the Schuylkill and Pennsylvania Bridge Com- pany; of the Delaware and Schuylkill Canal Company; of the Philadelphia Dispensary; a member of the Guardians of the Poor; and of the Board of Missions. He was the author of the proposals and the outline of the act for the Schuylkill Navigation Company, which was incorporated in 1813. He was a useful promoter, with his influence and capital, of many local improvements, and while possessing a sound judgment in all things, he was of such liberal and enterpris- ing turn of mind, that he ever stood ready to take a share of the risk which any venture that was sanctioned by his judgment demanded. But no greater monument exists to his memory in financial affairs than the Insurance Company which had the impulse of his mind in the outstart, and his steadfast and faithful administration in its years of infancy; and the same business soundness and executive ability in the successive officers of the company will preserve to it the like favoring success which he so firmly established. Mr. Hazard died at his residence on Arch street, on 13 April, 1817, and was buried in the ground on the north side INSURANCE COMPANY OF NORTH AMERICA. 107 of Arch street, west of Fifth street; but on the removal of that cemetery, his remains were taken to Laurel Hill. His widow survived him a few years, dying 6 July, 1820. Mr. Hazard had four children, the youngest dying in infancy. The eldest, was Samuel, born 26 May, 1784. whose name is established in American historic annals as one of its most indefatigable compilers, and who died 26 May, 1870; the second, was Elizabeth Breese, who married first Ebenezer Rockwood, of Boston, and secondly, the Rev. Thomas E. Vermilye, D.D., of New York, and died in 1861, aged 75 years; and the third, was Erskine, born 30 November, 1789, who was identified with the development of the Pennsylvania anthracite coal fields, and was one of the originators of the Lehigh Navigation Company, of which he was for many years the president, and as well was inter- ested in the promotion of other enterprises to develop the son as well as coal business of his native State. He died in 1865. 3. Mgr. SAMUEL BLODGET, Jr. was a native of Woburn, Massachusetts, where he was born in 1755. He entered into military service and passed three years’ arduous duty, part of the time on the staft’ of General Washington, whom he had first met at the encampment at Cambridge in 1775, and with whom his father was personally intimate. Sub- sequently, he engaged in the Hast India trade, and made visits to Europe in 1784 and 1790. lle married for his of his grandfather's life in Mr. Thomas * See sketch by Mr. Willis P. Hazard R. Hazards Recollections of Olden Times, New York, 1879. . 108 A HISTORY OF THE second wife, on 10 May, 1792, Rebecca, the second daughter of the Reverend William Smith, D.D., Provost of the University of Pennsylvania. Mr. Blodget was a man of bold spirit and venture, and while interesting himself in the Tontine Association, and equally in its successor the Insur- ance Company, he continued his efforts to found the national capital, a scheme he had been formulating for some years, and which took shape on his last return from Europe; and in connection with this, he planned a National University, the details of which he had studied out in his foreign tours, and in the interests of which he frequently conferred with Dr. Smith, which led to an intimacy in his family, resulting in .the marriage with his daughter. In his Keonomica, a statistical Manual for the United States of America® he says of himself: “The writer needed not the recommenda- tion of his former commander to persuade him to purchase, as he did in 1791, property to the amount of above $100,000 in and adjoining the city, one day to become the noblest of the universe.” Tis plans for the new city embraced the establishment of his university, which was “what he most prized, designed in part at the Hague, and completed at Oxford, where he had all the universities of ancient and modern times to guide his pencil.” The success of the new city of Washington was due to his skill and management, though some measure of the profits of his investments are realized only at this late day by his descendants of the third generation. Mr. Blodget died in Philadelphia, 11 April, 1814, and was buried on the 13th, in Christ Church burying- * 1813, 14 April, the directors subscribe for one copy Samuel Blodget’s Sta- tistical Works. This copy yet remains in the company’s library. T99-180¢ 98; 1 7 96-1 SECOND PRESIDENT, 1 INSURANCE COMPANY OF NORTH AMERICA. 109 ground, but no stone marks the grave of the founder of ‘Washington City. 4. CoroNEL CraArLes PerTIT, son of John Pettit, was born near Amwell, New Jersey, in 1737. He was early trained in public affairs. "While a young man at Trenton, Perth Amboy, Burlington and New Brunswick, in the Province of New Jersey, he held positions in connection with the Courts of the Province under the Provincial Government: of George III. His earliest commission appears to be one dated 27 October, 1769, as Deputy Secretary, Clerk of the Council, Clerk of the Supreme Court, Clerk of the Pleas, Surrogate, and Keeper and Register of the Records of the Province. During this period he also held commission dated 8 March, 1771, as Aide-de-Camp, with rank of Lieut. Colonel, to William Franklin, Governor of the Province; and after Franklin's arrest in 1776. he was commissioned at Princeton 8 October, 1776 as Aide-de-Camp, with rank of Colonel, to Governor William Livingston. He was Colonial Secretary under Governor Franklin, and held most intimate and constant intercourse with him during the last eventful years of his administration. After the revolutionary proceedings of the Colonial Legislature of New Jersey, which brought to a close the Franklin admin- istration, Colonel Charles Pettit was again appointed Secretary of the Province by Governor Livingston. In the published records and archives of the Province of New SS BSR ER sy 110 A HISTORY OF THE Jersey, we find his name frequently given in connection with proceedings of the executive and of the Provincial Congress previous to 1776. His residence had been at Burlington, but he removed with his family to Perth Amboy in 1774 when Governor Franklin removed thither; when Franklin was taken prisoner in 1776, he appears subse- quently to have made his residence in Philadelphia, after a short service as Secretary of the Province. During this period, fraught with anxiety to every lover of liberty in the Colonies, we find that Colonel! Pettit continually co-operated to promote harmony between the Colony and the mother country, and if possible, by means lawful and: peaceful and honorable alike both to England and the Province, prevent that trouble, resort to arms, which the obstinacy of the King and his Privy Council finally rendered necessary. In the eventful year 1776, being forty years of age, we find him providing for the safety and protection of the records of the Province, which the Assembly of New Jersey by special act of legislation had put into his charge. And sub- sequently he entered the military service of his country, being commissioned Assistant Quartermaster-General to Major- General Greene on the latter's appointment 2 March, 1778.% In this latter capacity he rendered faithful, efficient and responsible service for a long period under General Greene, and was with him at White Plains, Philadelphia and else- where. With General Greene he had maintained an intimate friendship since childhood, and when that officer resigned, # At the same time Col. John Cox was appointed assistant quartermaster- general, and General Greene said “nothing could have induced him to accept this post but the appointment of those two gentlemen as his aids.” See letter to General Reed, 9 March, 1778. INSURANCE COMPANY OF NORTH AMERICA. 111 Colonel Pettit was offered the Quartermaster-Greneralship, but declined it. About 1783 he moved permanently to Philadelphia, and soon thereafter became engaged in mercantile pursuits. Here he was at once again thrown into public life. He entered the Pennsylvania Legislature in July, 1784, and in the Continental Congress, to which he was elected the next year, serving from 7 April, 1785 for two years. During this term of service the great questions relative to the organization of the Republic, by the adoption of a Constitution for the Confederation of States, were engross- ing the attention of all those patriots who strove to place upon a firm and lasting basis that independence for which they had risked their lives and fortunes. One of Colonel Pettit’s contemporaries has thus recorded this position in regard to this matter, as follows: “He stated his objections to certain portions of the document with firmness, but recommended its adoption with candour, and it is known that he became the principal instrument of subduing the Pennsylvania opposition by his conciliatory conduct at the general conference which was held in Harrisburg previously to the ultimate vote of ratification.” On 13 April, 1791, he was appointed the commissioner to superin- tend accounts of the Commonwealth with the National government; and was the author of the funding system of Pennsylvania. He was a trustee of the University of Pennsylvania from 1791 to 1802, and a member of the American Philosophical Society, to which he had been elected 21 January, 1785, in whose deliberations he took a lively part. 112 A HISTORY OF THE One of the original directors of the North America, and an intimate friend of Mr. Hazard, Colonel Pettit was active in its interests and zealous in promoting its growth; and on the resignation of Mr. Nesbitt, he was on 13 January, 1796, unanimously elected president. In September of the follow- ing year, he met with an accident while driving with his friend General Jonathan Williams, near the latter’s seat, Mount Pleasant, which so seriously affected his health, that on his urgent request, the directors finally accepted his resignation on 9 January, 1798. On his illness it became necessary to appeint a president pro tem., and Mr. Joseph Ball was clected, who was eventually appointed president in January following. The office of the company was at this time in Arch street, and the members, in fear of the yellow fever, were out of the city; and we find an entry in the cash book on 17 September of a payment to “J. Hardy for horse hire, occasioned in calling a Board of Directors to a special meeting to elect a president pro tem.” Colonel Pettit’s health was regained, though he was permanently lamed, and his interest in company affairs was renewed, and on Mr. Ball declining further to serve on account of the office taking more of his time than he could spare from his private affairs, he was re-elected 8 July, 1799, and continued in office until his death, 3 September, 1806. The board had granted him the use of two rooms in the upper part of their office-building southwest corner Front and Walnut, when they removed thither in December, 1797, in consideration of his infirmities, and here he dwelt during Mr. Ball’s presi- dency, and on his re-election, their use to him was continued, or as the minutes quaintly express it, “he was indulged (rent INSURANCE COMPANY OF NORTH AMERICA. 113 free) on account of indisposition, with such part of the build- ing not rented.” He continued his residence here uatil the office was removed to No. 98 south Second street, when he moved his rooms to Dock street, near Second street, where he died. An obituary to his memory appeared in the Daily Advertiser, 9 September, 1806, the authorship of which is attributed to the pen of his friend General Williams, whereby we can form a truer estimate of’ the man’s character and influence, than by the mere recital of his various public duties. His interest in the company descends to present generations of his family; his only son, Andrew, was a director thirty-two years; his son-in-law, Andrew Bayard, from 1798 to 1803, and his great-grandson, Thomas Charlton Henry, elected a director in 1864, was on 2 November, 1830, elected vice-president of the company, and the latter's grandfather, Alexander Henry, an intimate friend of Colonel Pettit, had been a director for the extended term of forty- eight years. Colonel Pettit married 5 April, 1758, Sarah, daughter of Andrew Reed™ of Trenton, by his first wife, and was thus intimately connected with General Joseph Reed, the son, by Mr. Reed's second marriage. With William Bradford and Jared Ingersoll he was an executor of the will of General Joseph Reed. who died 5 March, * Colonel Pettit’s father and father-in-law had been associated as Reed & Pettit, in general merchandising in Philadelphia; and we have their advertisement in the Pennsylvania Gazette, 7 August, 1760. “at their store in Front Street, a few doors below Walnut Street, directly opposite Mr. William West's,” nigh to the building in which the first office of the Insurance Company of North America was opened. Reed & Pettit were among the prominent underwriters of Phila- delphia, for we find the firm subscribing to marine policies in respectable amounts as early as in July, 1759, as shown by Walter Shee’s books, and as late as November, 1762, we find them in Kidd & Bradford's books. 8 < 114 A HISTORY OF THE 1785. Colonel Pettit’s children were a son Andrew, and three daughters: Elizabeth, who married Jared Ingersoll, the eminent member of the Philadelphia bar, and for many years the counsellor of the Insurance Company of North America; Sarah, who married Andrew Bayard, and Theo- dosia, who married Alexander Graydon, the author of Graydon’s Memoirs. Portraits of Colonel Pettit were made by Gilbert Stuart and Charles Willson Peale; it is from the former's painting that the cut is taken which is produced here. D. Mg. Josern BALL was born in Douglas township, Berks county, Pennsylvania, in 1752, the son of John and Mary (Richards) Ball. In early manhood he became manager of the iron works at Batsto, Burlington county, New Jersey, then owned by Colonel John Cox; this was in the earlier years of the Revolution, and in 1779 he became the pro- prietor. These works were extensively employed in the manufacture of shot and shells for the Continental service. The correspondence of Mr. Ball and Colonel Cox with the Committee of Safety of Philadelphia in May, 1776, given in the Pennsylvania Archives, 1st series, 4th volume, shows that the ammunition then being furnished to the committee was by their special order, hauled by teams from Batsto to Cooper’s ferry, now Camden, instead of being transported by the usual less expeditious mode of conveyance by water. Mr. Ball took the oath of allegiance to Pennsylvania 10 September, 1777, and during the Revolution he was an INSURANCE COMPANY OF NORTH AMERICA. 115 active patriot and advanced liberally of his means in aid of the cause. Ile entered into business in Philadelphia and with much success accumulating a goodly fortune and becoming largely interested in real estate. After the close of the war, it is said he embarked in the schemes for the restoration of the public credit inaugurated by Robert Morris, by means of which he with many others suffered much pecuniary loss. He was, in October, 1791, elected a director of the Bank of the United States, which Congress had incorporated in the month of February previous; and he was one of the original board of the Insurance Company of North America, and was influential in its councils; during an absence of Mr. Nesbitt he acted as president pro tem. in February, 1794, when Colonel Pettit met with his severe accident, he was on 20 September, 1797 again made president pro tem., and on 9 January following, on Colonel Pettit’s resignation, was elected president. His private affairs, however, were many and pressing, and he resigned his office 8 July, 1799. Iis seat in the board was declared vacant 1 August, 1803, under the charter, agreeably to the provision formerly recited, to the effect that a director of the company could not act or serve in like capacity in another insurance company, as he had taken part in the organization of the Union Insurance Company and on 26 July preceding, had been elected its first president. This company was chartered 6 February, 1804, and Mr. Ball con- tinued president until 10 February, 1807, when he declined re-election and was succeeded by Mr. George Latimer. His country seat was on Point-no-Point road, the site now being merged in the improvements of the Reading Railroad 116 A HISTORY OF THE Company at Port Richmond. Here he died 2 September, 1825, leaving a large property, which upon the death of his wife, and leaving no children, was divided among a large number of heirs. He was first cousin to Mr. Benjamin W. Richards, who was mayor of the city of Philadelphia from 1829 to 1832. 6. Me. Joun INSKEEP was elected a director in 1802, and on Colonel Pettit’s death was elected president 1 October, 1806. He was born near Marlton, Burlington county, New Jersey, 29 January, 1757. He took part in the Revolu- tionary struggle, and was Commissary of Issues at one time, and captain in the second battalion Gloucester militia. Subsequently coming to Philadelphia, he became proprietor of the George Inn, at the southwest corner of" Dock and Second streets, and afterwards entered the China trade and became a prosperous merchant, and was active in many public enterprises. He was elected mayor of the city in 1800, and again in 18304 and 1805, and became president of the company at the close of the last term. He had also served as alderman in 1801 and 1802. His conduct of the presidency of the company was very successful, and in July, 1824 the board voted him a set of plate valued at $500, as an acknowledgment of his services in procuring the reimbursement of the claims under the Spanish treaty, which produced to the stockholders, as stated on a former page, a dividend of sixty per cent. at that semi-annual period. He acknowledges receipt of this worthy testimonial i rd <0 ~ 2 “€0 — = zi = a a 2 — = — = = a 2 = INSURANCE COMPANY OF NORTH AMERICA. 117 on 19 August following, in a well-written letter, which is retained in the company files. In his will (proved 23 December, 1834) he directs that “the plate presented to me by the Insurance Company of North America, over which I presided, be divided equally between them [his children] or as nearly so in point of value as the pieces of which it is composed will admit.” Ie resigned the presidency, due to increasing infirmities, 5 April, 1831, the directors voting him an annuity “until otherwise ordered,” which was only terminated by his death 18 December, 1834. Ie is buried in Christ Church burving-ground, Fifth and Arch streets. The children named in his will were Abraham IH., Mrs. Samuel Fisher Bradford, Mrs. Samuel Brooks and Mrs. Robert Taylor. is wife was Sarah Hewlings, whom he married in 1776, and who surviving him, died 17 January, 1842. She was in receipt of a pension from the govern- ment for her husband's services in the Revolution. A son John, who died before him, was taken in partnership by Myr. Bradford, his brother-in-law, forming the well-known and eminent firm of Bradford & Inskeep, publishers and booksellers of this city. Mr. Jonx Correy Swmrra was born in Philadelphia, 3 October, 1784, the son of Dr. William Smith, an eminent druggist. Ie carly engaged in mercantile pursuits, and for many years was actively and successfully engaged in the China trade. Ile was elected a director in January, 1831, and president 5 April following. Ie died suddenly 22 June, 118 A HISTORY OF THE 1845. The United States Gazette on the following day noticed his death and said: “Mr. Smith during his long life fulfilled the duties which elevate and distinguish the man and the merchant, with such propriety, and with such efficiency, that he gained consideration for his worth, and respect where respect was so difficult of attainment and valuable in a commensurate degree. Ie was for many years one of the first merchants of our city, and at the period of his decease, was the president of the North American Insurance Company, a post he filled with much ability.” His sons are Harrison, Cooper and Charles Ross Smith, merchants of this city; and his brother, Samuel F. Smith, served two terms in the Direction of the company from 1830 to 1835 and 1838 to 1862, thirty-one years in all, dying 23 August, 1862, aged eighty-four years; he was also president, during the latter term, of the Philadelphia National Bank from 1842 to 1352. 8. Mr. ArTHUR GILMAN Corrix was born October, 1799, in Gloucester, Massachusetts, the son of Dr. William Coffin, a prominent physician of that place and a descendant of Tristam Coffin, one of the eight original purchasers and pioneer settlers of N antucket. After full preparatory training at the celebrated Phillip’s Academy in Exeter, N. IL, he entered Harvard College but did not complete his studies there, owing to his father’s death, and came to Philadelphia about 1821. Here he soon found employment, E-) ox —t 1 4 3 oa Z = zi & a = - = ; - YN EL INSURANCE COMPANY OF NORTH AMERICA. 119 entering the shipping house of Messrs. Havens & Smith, where he won the confidence and esteem of all, and when a vacancy occurred in the secretaryship of the Insurance Company of North America he was induced to make application for it, which was strongly endorsed. His letter of application, yet preserved in the company’s files, is indicative of the directness and simplicity of the man. Ie was elected secretary 19 June, 1832, against strong competitors, and fulfilled the duties of his office with such faithfulness and skill during almost the entire administra- tion of President Smith, that on the death of that gentle- man he was unanimously elected president 1 July, 1845. His administration proved an eventful one, and marked the growth of the company up to the requirements of modern usages in both marine and fire underwriting; his good judgment and kindly tact effected a gradual change in the management of the responsibilities of the business which he found largely assumed by the directors through their weekly committees, which system gradually failed of active operations not only from the growing weight of the busi- ness, but as well also from the entire confidence the board grew to place in his equitable and conservative administra- tion. A perusal of the minutes during this period show the gradual reference of important matters to the president “with power” for his final action; and this position was attained by the influence of his great modesty and deference, for he continued to refer to the board matters of detail even after the practice had grown up of leaving all to his decision. He was a just man and an intelligent underwriter; his 120 A HISTORY OF THE professional opinions always had great weight, and his practical wisdom gave him an influence among all classes of men with whom he associated allotted to but few. When he assumed the presidency, the year closed with a capital of $300,000, and total assets of $426,507.84. The year of his resignation found the capital of the company $2,000,000, and the assets, $6,461,729.70. For some years his health had been failing, and while deprived of steady participation in the conduct of the affairs of the company, he never with- held hearty endorsement to all the growing activities of the company, and its growth in wealth and position afforded him keen gratification. He desired to withdraw from the presidency, and the board declined to listen to his appeal; until finally he pressed the matter, and his resignation was finally accepted on 14 January, 1878. But in thus parting from him as president, he still remained a director, and the board continued to him his remaining years, a practical acknowledgment of their debt to his wise and faithful administration. Ile lived but a few years after; physically weak, and becoming more infirm, but busying himself in kindly thought with all the interests he had been connected with in his active life. Added to his office duties, he was for a third of a century vestryman of St. Andrew’s Church, and some time warden; for many years a member of the Board of Education, and by the election of Councils, a director of Girard College. He was a member of the first board of managers of the Merchants’ Fund Association, and for a quarter of a century a member and the chairman of its executive committee; and during the same period he was a manager of the Union Benevolent Association, and i 78. SIXTH PRESIDENT, 1845-18 ! | i | | A 5 ¥ 1 ] i ] § INSURANCE COMPANY OF NORTH AMERICA. “also of the House of Refuge; for over forty years he was manager and president of the Magdalen Society; he was manager for more than a third of a century of the Pennsyl- vania Bible Society; and for many years a manager of the Pennsylvania Seaman’s Friend Society. Iis death, 29 July, 1881, was felt far and wide, and both in corporate and private circles all recognized the loss as that of a christian friend and a safe counsellor. 9. Mg. Cuarres Pratt was born in the city of Philadel- phia, the son of William and Maria (Taylor) Platt, on 16 February, 1829. After pursuing an academic course, he entered the University of Pennsylvania where he graduated with honor in 1846. The connections of his father’s house with the China trade opened to him an early opportunity of entering into business. The year after his graduation he was sent to China in one of his father’s ships, the Zartar, where he was trained in mercantile duties in the house of Ritchie & Co. at Canton. After passing three years here, he left for the United States, journeying in Calcutta and the Red Sea, and making the tour of Europe, reaching home in the autumn of 1850. In the following January he was admitted a partner in the house of William Platt & Sons. The large extensions of this eminent firm in the China and California trade and in the ownership of clipper ships, came to an end in the year 1854. For some years, as the junior partner, his time was given to settling up the affairs of the firm, and on 3 January, 1860, he was elected secretary of SE RN Vey BA ——— YRS eS ——— I — 122 A HISTORY OF THE the Insurance Company of North America, and on 13 January, 1869, its vice-president, and finally on Mr. Coffin’s resignation, was elected president 14 January, 1878. Mr. Platt on his entrance upon the company’s work in 1860, soon won the esteem and respect of the board com- posed of men his seniors in years, and in the trying years in the country’s history which followed, was skilful and firm in the development of the company’s business in all its branches, in which he had the hearty support and confidence of his venerated predecessor. His administration has covered the most active and growing period in the com- pany’s history, and the measures thereunder pursued have brought the company to the foremost rank of American institutions; in its fire branch to a national reputation, and in its marine branch to cosmopolitan renown. Of the directors serving on his election in 1860, only Messrs. Harrison and Cope survive. CW fw RY RE 8 EE i A LE il mh GRAND STAIRCASE IN HALL. MANTEL AND FIREPLACE IN HALL. APPENDIX. List oF OFFICERS, WITH THEIR TERMS OF SERVICE, List oF DIRECTORS, WITH THEIR TERMS OF SERVICE, LocATioN OF OFFICES, List OF ORIGINAL STOCKHOLDERS, V. CHARTER AXD SUPPLEMENTS, VI. MARINE BUsiNEss BY DECADES, VII. Fire BUSINESS BY DECADES, VIII. List oF EARLY PHILADELPHIA UNDERWRITERS, IX. A PuitaperpHIA MARINE Poricy or 1749, AUTOGRAPH OF JOHN M. NESBITT, FIRST PRESIDENT, 1792-1796, / mm rrp halt Bint AUTOGRAPH OF JOSEPH BALL, TuHirD PRESIDENT, 1798-1799, I RR lL 1 List or OFFICERS, WITH THEIR TERMS OF SERVICE. PRESIDENTS. Joun M. NEsBitr, . . . . 11 December, 1792-13 January, 1796. CHARLES PErrTir, . © . . © . 13 January, 1796-9 January, 1798. Josep Bann, . . . . . . . . .9 January, 1798-8 July, 1799. CHarLEs PETTIT, . . . . . . .8 July, 1799-3 September, 1806. Joun INSKEEP, . . . . . . . . . 1 October, 1806-5 April, 1831. Joun C. Smrru, . . . . . . . . .5 April, 1831-22 June, 1345. Artur G. CorrIN. . . . . . .1 July, I845-14 January, 187K. Cuarres Prarr, . ©. 0. ©... . . . 14 January, 187%, VICE-PRESIDENTS. I. Cuarres Prarr, . . . . . . 13 January, 1869-14 January, 187%, II. I. Cuarrrox HENRY, . . . « « +. . . . .2 November, 1880. ACTING VICE-PRESIDENT. WiLLiam S. Davis, . © © . . . . . . .4 June, 1878-5 October, 1880. A HISTORY OF THE SECOND VICE-PRESIDENTS. . 3 March, 1874-5 October, 1880. . 12 January, 1881. WiLLiam S. Davis, WiLLiam A. Prarr, TREASURER. Taomas H. MONTGOMERY. Elected 23 November, 1880; declined, having accepted vice-presidency of the American Fire Insurance Con.vany. SECRETARIES. . 11 December, 1792-13 January, 1800. ROBERT S. STEPHENS, . 28 February, 1806-12 June, 1832. Bookkeeper, 27 February, 1798. First clerk, 21 January, 1800, to countersign checks. Resigns, 5 April, 1805, his clerkship. ARTHUR G. COFFIN, EBENEZER HAZARD, . 19 June, 1832-1 July, 1845. HENRY D. SHERRERD, . . . . 1 July, 1845-1 June, 1858. Secretary Atlantic Insurance Company, 17 July, 1837. President Insurance Company of the State of Pennsylvania, 28 May, 1838. . 2 November, 1858-3 April, 1860. . 3 April, 1860-26 January, 1869. . 26 January, 1869-12 January, 1881. . 12 January, 1881. MATTHIAS MARIS, CHARLES Pratr, MATTHIAS MARIS, . GRrREVILLE E. FRYER, . ASSISTANT SECRETARIES. ALEXANDER M. WALKER, . . . 1 July, 1845-20 February, 1847. Clerk, 30 October, 1838. MATTHIAS MARIS, . . 23 February, 1847-2 November, 1858. FirsT AssISTANT—3 April, 1860-26 January, 1869. Clerk, 4 January, 1847. F. P. HoLLINGSHEAD, . . 29 November, 1859-9 February, 1864. . 10 August, 1869-14 January, 1874. . 14 January, 1874-12 January, 1881. . 16 January, 1884. CuarLEs H. REEVES, GREVILLE E. FRYER, - Eugene L. ErLrison, . Er yar AN Ta INSURANCE COMPANY OF NORTH AMERICA. 127 List or Directors, with THEIR TERMS OF SERVICE. DIRECTORS. . Apams, ROBERT, . ALLIBONE, S. AUSTIN, . ARCHER, SAMUEL, . . AsH, JAMES, j. ASHLEY, JOHN, . AsPINWALL, GEORGE W., . AsTLEY, THOMAS, . . BAKER, Jonn H., . . Bary, Joserun, . BArcrLAY, Jon, . BAYARD, ANDREW, . BELL, THOMAS, 21. BEvaN, MarTuew L., . Bruicur, PETER, . BLODGET, SAMUEL, BRECK, SAMUEL, . BoGas, JAMES, . 1807, 1808. 1847-1857. 1816-1828. 1800-1804. 1803. 1851-1853. 1809-1839. 1801. 1792-1803. 1792, 1793. 1798-1805. 1797-1800. 1822-1841. 1794-1800. 1792-1799. 1795-1797. 1805-1808. Died 1839, aged 67. Died 24 Jan., 1830. Died 1854, aged 40. Died 2 September, QA Ww] m9 1825, aged 73. Third president, 9 January, 1798 to 8 July, 1799, (Died 1 June, 1832, 1 aged TI. Died 1812. (Died 11 April, 1814, ( aged 59. Died 7 May, 1809. BT wir A HISTORY OF THE . Bowen, WrLLiam KE... . Brockie, WILLIAM, . Brooks, SAMUEL, . 3. BROWN, ISRAEL, 3. Brown, Joun A., . Brown, Jonux A. . . Brown, Joun 11. . . BuckrLey, EDWARD S.. 5. Carrow, Joun G., . CHALONER, WILLIAM, . CLAPIER, LEWIS, . CLARKE, EDWARD RS... . Coates, Epwarp H... . CorrIN, ARTHUR G., . . CoMEGYS, CORNELIUS, . Cony~NGHaM, Davip H.. . Cork, Francis R., . Cork, Tomas P., . CorriNeau, DENNIS, . 9. Cox, Paul, . . Coxg, Danie Ww, . . CrAlG, JOHN, . CramonD, WILLIAM, . . CRAWFORD, JAMES, 1848-1866. 1870- 1835-1853. 1803. 1828-1872. 1881- 1807-1816. 1882— 1811-1813. 1836-1838. 1802, 1803. 1862— 1885- 1846-1881. 1801-1804. 1796-1800. 185H— 1829-1854. 1801. 1799. 1800-1805. 1793-1799. ( Died 17 April, 1866, ( aged 68. Died 1853, aged 75. Died 31 December, 1872, aged 84. Died 1 April, 1858, aged TI. Pe 4 May, 1837, aged 73. ( Died 29 July, 1831, I aged 90. } Third secretary, 19 June, 1852. | Sixth president, 1 July, 1845 to LU 14 January, 1878. Died 5 March, 1831. Born 6 June, 1821. (Died 22 November, ( 1854, aged 85. ( Died 4 June, 1852, ( aged 88. Died May, 1807. 1792. 1795-1800. Died 25 October, 1843. 1797-1800. AT RR I NS AI ri i INSURANCE COMPANY OF NORTH AMERICA. 129 . CumMmINGS, WILLIAM, . CUNNINGHAM,GRAHAM S., . CusHEMAN, CHARLES W., . DALE, RICHARD, . Damon, ALBERT F., . Dickson, James N., . . DoNarn, Joseph, . . DONNALDSON, JOHN, . Downing, Jacos, . . Dunn, THOMAS, . EMERY, SAMUEL, . EMSLIE, ALEXANDER, . INGLISH, THOMAS, . Evans, CADWALADER, . FIELD, SAMUEL, . FisHER, JAMES C., . Frrzsimons, THOMAS, . FORDE, STANDISH, . . FosTER, WILLIAM, . . Francis, Tomas W., . Fry, Joun, Jrg., . GARDINER, Joun, Jg., . GOURDON, FERDINAND, . Griscom, CLEMENT A., . Haga, GODFREY, . HARPER, CHARLES A., 9 1863-1861. 1881. 1869-1880. 1803. Died 24 Feb., 1826. 1874 1851-1866. 1803-1819. 1798, 1799. 1804. 1810-1813. Died 29 Dec., 1831. 1795-1797. 1801. Died 1862, aged 91. 1803-1808. 1801. Died 1841, aged 79. 1874-1880, 1882— 1798. 1800. 1794. Died August, 1811. 1794-1797. 1829-1840. ( Died 2 June, 1815, 96-1807. ; 1796-1807 ( aged 48. 1794-1796. 1801. 1803. 1797. 1870 Died 7 February, 1825, aged 178. 1800-1825. { 1826-1835. BE Seren ios, an°- oi 4 i A SA A i A SS SS Sat Se ee A HISTORY OF THE . HARRISON, GEORGE, . HARRISON, GEORGE L., . HARVEY, Isaac, Jr. . . HarwooDp, ROBERT, . Hawkins, HENRY, . . HENRY, ALEXANDER, . . HENRY, T. CHARLTON, . HopGpoN, SAMUEL, . HOLLINGSWORTH, JEHU, . . Hoskins, FRANCIS, . Houston, HENRY H., . . HUMPHREYS, ABEL, . . IMBERT, FELIX, . INGRAHAM, FRANCIS, . . INSKEEP, JOHN, . . JENKs, Jou~n H., . JEssup, ALFRED D., . JoNEs, SAMUEL W., -. . KEITH, SAMUEL, . KruMBHAAR, LEWIS, . . LARGE, EBENEZER, . . LARGE, JOHN, . LATIMER, THOMAS, . LEAMY, JOHN, . 1803. 1854— 1808-1810. 1803-1811. 1800-1803. 1799-1847. 1864— 1802-1813. 1794. 1846-1857. 1884- 1802. 1801. 1799, 1800. 1802-1834. 1885— 1866-1873. 1807-1873. 1805, 1806. 1812, 1813. 1800-1804. 1806-1815. 1808-1824. 1792-1806. Died 6 July, 1845. Died 1861, aged 90. Died 16 November, 1815, aged 62. Died 13 August, 1847, aged 82. Died May, 1819, aged 91. 1834, aged 76. L Fourth president, 1 October, 1806 to 5 April, 1831. [7s 18 December, Born 11 Sept., 1781. Died 7 November, 1873, aged 92. Died 4 April, 1852. Died November, 1810. a INSURANCE COMPANY OF NORTH AMERICA. 131 . LEEDOM, RICHARD, . LEIBERT, JOHN, . Lewis, RoBerT M,, . McCALL, ARCHIBALD, . McCoNNELL, MATTHEW, . . McCREA, JAMES, . McKEAaN, THoMAsS, . McKissICK, JOHN, . . McMurTRIE, WILLIAM, . . MapEIrA, Lous C., . . MARKOE, FRANCIS, . MAsoN, JOHN, . MEEKER, SAMUEL, . MIFFLIN, SAMUEL, . . MirrLiN, THOMAS, 3. MILLER, JOHN, JR., . MILLER, MAGNUS, . . MILLIGAN, JAMES, . . Moore, TrHomas L., . MOYLAN, JASPER, . . NAIrAc, PETER, . NEFF, Jou~N R., . NEsBITT, JOHN M., . NEWBOLD, JOHN S., 1809-1813. 1809-1813. 1882- 1794-1807. 1792. 1801. 1877- 1810-1813. 1794, 1795. 1867-1880. 1812, 1813. 1854-1874. 1802, 1803. 1804-1809. 1801, 1802. 1803. 1792-1799. 1801. 1792-1799. 1792. 1801. 1841-1863. 1792-1795. 1881- (Died 13 April, 1843, aged T5. (Died 1 April, 1807, ( aged 69. (Died 1 September, 1874, aged 72. Died April, 1820. Died September, 1813. Died 11 February, 1812, aged 53. (Died 24 July, 1863, ( aged 74. [ Died 22 January, | 1802, aged T4. First president, 11 December, 1792 to 13 January, 1796. A HISTORY OF THE . N1ckLIN, PHILIP, . . NorTH, JOSEPH, . OLDDEN, J AMES, . PALMER, JOHN, . . PARKER, JEREMIAH, . . PEARCE, MATHEW, . PERRY, CHARLES, . . PETTIT, ANDREW, . . PErTIT, CHARLES, . . PraTT, CHARLES, . PoynTELL, WILLIAM, . . PRAGER, MICHAEL, . Prarr, HENRY,. . Prick, Tuomas C.. . RaLston, ROBERT, . Ramsay, WILLIAM, 57. READ, JAMES, 40. Reap, WILLIAM, 91. RHOADS, SAMUEL, . 165. RoGers, CHARLES 11 . 10. Ross, JOHN, . 38. RUNDLE, RICHARD, . Sansom, WILLIAM, . S1MPsoN, JOHN, 1794-1800. 1801, 1802. 1798-1800. 1808, 1809. 1803. 1802, 1803. 1817-1822. 1806-1831. 1792-1806. 1872— 1801. 1805-1811. 1792, 1793. 1795. 1874-1881. 1793-1799. 1809-1813. 1800-1822. 1797-1800. 1803-1807. 1877-1884. 1792-1796. 1796. 1795-1797. 1800. Died Nov., 1806. Died 6 March, 1837. Died 3 September, 1806, aged 69. Second president, 13 January, 1796 to 3 September, 1806, (Omit 9 January, 1798 to 8 July, 1799.) ( Sixth president, 3 April, 1860. Vice-president and secretary, 13 Jan., 1869. | Vice-president, 12 Jan., 1870. | Seventh president, 14 Jan., 1878. Died 10 Sept., 1811. Died 1793. ( Died 6 February, 1838, aged T6. Died 11 August, 1836. Died 31 Dec., 1884. Died 26 May, 1826. Dy rtp INSURANCE COMPANY OF NORTH AMERICA. 133 105. SmiTH, EDWARD, 129. Smith, Joun C., 24. SMI1TH, ROBERT, 128. SmiTH, SAMUEL F., 79. SPERRY, JACOB, . 33. STERETT, SAMUEL, . . STEWART, WALTER, 2. STILLE, JonN, . SToKkES, WILLIAM, . . SWANWICK, JOHN, . . TAGERT, JOSEPH, . TAYLOR, CHARLES, . TAYLOR, JAMES, . Tomas, Jacos M., . TiNGEY, THOMAS, . . TrorTER, EDWARD 11., . TrorTER, WILLIAM H., . . VAUGHAN, JOnN, . WaLN, Jacos S., . . WaLN, S. Morris, . Warn, WiLLiay, . . WARDER, JOHN, 1807-1857. 1831-1845. 1794-1800. 1830-1835. 11838-1862. 1802, 1803. 1795-1798. 1792-1796. ( 1800,1803, 1804. ( 1806-1840. 1802. 1792-1794. 1802-1813. 1836-1873. 1803-1808. 1840-1853. 1794. 1858-1872. 1873 1794-1798. 1805-1824. 1852-1870. 1802. 1801. Died 7 June, 1859, aged 76. Died 22 June, 1845. Fifth president, 5 April, 1831 to 22 June, 1845, Died 23 August, 1862, aged 84. Died February, 1803. Died 14 January, 1874, aged 75. {Died October, 1853, ( aged 53. (Died 3 May, 1872, 1 aged 58. Died 30 Dec., 1841. Died 4 April, 1850. {Died 21 December, 1870, aged 63. { Died February, 1826, aged 50. a SAA us A HISTORY OF THE . WEIR, Siras E., . WELsH, JOHN LOWBER, . . WELsH, WILLIAM, . . West, FRANCIS, . WHARTON, ROBERT, . WHEELER, CHARLES, . . WHITE, AMBROSE, . . WHITE, JOHN, . . Waite, Joun P., . WHITNEY, GEORGE, . Wikorr, Jacos C., . WiLcocks, JOHN, . . WILLING, RICHARD, . Winsor, HENRY, . . Woop, RicHarD D., . 1823-1828. 1879 1842-1878. 1793-1799. 1804, 1805. 1874-1883. 1839-1873. 1825-1848. 1867, 1868. 1882-1885. 1801-1831. 1794. 1805, 1806. 1873- 1841-1869. Died 11 February, 1878, aged 70. Died 29 June, 1843. Died July, 1883. (Died 29 December, | 1873, aged 93. (Died 14 February, 1 1848, aged 66. Died 6 March, 1885. Died 23 May, 1834. Died 18 June, 1858, aged 84. (Died 6 April, 1869, aged 70. NUMBER OF DIRECTORS ELECTED ANNUALLY. Ey Rt fle INSURANCE COMPANY OF NORTH AMERICA. 185 TERMS oF DIRECTORS’ SERVICE OVER TWENTY YEARS Samuel W. Jones, Edward Smith, . Alexander Henry, John A. Brown, Thomas Astley, John Stillé, Charles Taylor, William Welsh, Arthur G. Coffin, . Ambrose White, . John Inskeep, Andrew Pettit, Jacob C. Wikoff, . George L. Harrison, Samuel F. Smith, Francis R. Cope, . Richard D. Wood, Thomas P. Cope, . . 67 years. .51 . 49 . 43 Fifteen—1792, 1793. 1814-1845. Edward S. Clarke, Twenty-five—1794-1813. John White, . Nineteen—1852, 1853, 1877-1880. John R. Neff, Eighteen—1851, 1854-1857, 1866, 1867, 1869, 1870, 1872-1874. James Read, . Seventeen—1862-1865, 1868, 1871, 1875, 1876. John Mason, . . . . . Matthew L. Bevan, . . Sixteen—1846-1850. 1858-1861. Jacob S. Waln, . Twenty—1881- T. Charlton Henry, . 136 II. III. IV. V. VI. VIL A HISTORY OF THE 3. LocATiON OF OFFICES. Organized in Independence Hall, November, 1792. Officers chosen, “ City Tavern,” 11 December, 1792. 119 South Front street (now 213), 14 December, 1792-February, 1794. Southeast corner of Walnut and Front streets, February, 1794- December, 1797. Southwest corner of Walnut and Front streets, December, 1797- April, 1804. 98 South Second street (now 204), April, 1804-January, 1810. 40 Walnut street (now 136), January, 1810-25 August, 1834. Walnut above Dock (now 216), 25 August, 1834-11 December, 1851. 60 Walnut street (now 232), 11 December, 1851. 56 and 58 Walnut street (now 228 and 230). The New Building embracing these three numbers was occupied 6 December, 1881. EE Ry HE pr yw my REE TRON 0 Ss A FGI Lh 7 i FT TREE Lai Mo i fi eb .,.dl = ae ae PTR RR ATR LTR MAIN OFFICE, LOOKING FROM THE HALL, OF THE INSURANCE COMPANY OF NORTH AMERICA. | : Ep TET IR a ——— 1 1 INSURANCE COMPANY OF NORTH AMERICA. 137 List OF ORIGINAL STOCKHOLDERS OF THE INSURANCE CoMPANY OF NORTH AMERICA. Adamson, Seth Addison, Mathew Ames, Dudley Ames, John Ames, Nathaniel Anderson, Alexander Andrews, Abraham Andrews, Joseph Appleton, Nathaniel, Jr. Appleton, Nathaniel Walker Ash, James Ashton, George Atkinson, John Atwood, James Austie, Thomas Ball, Joseph Ballantine, Thomas Ballard, John Balstead, J. Barclay; John Barnes, John Barnes, Philip Barnes, William Barnet, Joseph Bartleson, Abner Barton, William Barry, James Beal, William Beaman, Ephraim Beates, Frederick Beckford, William Bell, Thomas Bentley, Zach. Biddiford, Preston Biddle, William M. Blanford, Charles Blanford, William Blodget, Samuel, Sen. Blodget, Samuel, Jr. Borland, John Bourn, Shearjashub Brackstone, Chandler Bradford, James Bradley, Charles Brakstone, James Bridges, Lawrence Bringhurst, George Broome, Hendreckson and Sumarl 138 A HISTORY OF THE Broome, Jacob Brown, Philip Bruce, Jonas Brunson, Carter Brunswick, Christopher Buckley, Thomas Burgess, William Burrows, William W. Burton, William Butler, Hannah Byrnes, Joseph Cabot, Humphrey Caldwell, Jolin E. Camberwell, Thomas Cambridge, William Campbell, David Campbell, James Campbell, William Cane, Patrick Cannada, Joseph Carey, Joseph Carnes, Adam Carney, Peter Carroll, David Carter, Francis Carter, George Carter, Henry Carter, J Carter, James Carter, John Carter, Zebulon Center, ("harles Chalmers, Samuel Chaloner, John Chester, John Clark, John Clarkson, George Clarkson, Rebecca Clarkson, William Clessey, Myles F. Coaster, Francis Coddner, William Codner, Joseph Codwise, Charles Coggeswell, Abraham Colden, Christopher Cclhoune, Archibald Collin, Joseph Collins, James Collins, John Collins, Nathaniel Collins, William Colman, James Colson, John Comegys, Cornelius Commyns, James Commyns, William Conner, Lewis Conyngham, David H. Conyngham, Nesbitt & Co. Cooledge, Joseph Cope, Joseph L. Cordace, William Correy, Mary Correy, Robert Corry, Israel Colrain, James Cotton, James Cowderry, William INSURANCE COMPANY OF NORTH AMERICA. 139 Coyle, John Cox, Paul Craig, John Craigie, Robert Cramond, William Cranmore, Richard Cranestown, Andrew Crawford, James Crawford, Peter Creighton, J. Cummings, Charles Curwen, Joseph Dale, Richard Dallas, Alexander James Dalling, Joseph Dalton, George Damer, Paul Dana, Stephen Danna, Richard Davidson, Jonathan Davidson, Joseph Davidson, Peter Davidson, Philemon Davidson, William Davis, Abner Davis, Charles Davis, J. Davis, Leonard Davis, William Davison, Samuel Dawson, Nicholas Dean, Michael Dearing, William De Hart, Lewis Delaforest, Antoine R. C. M. Deunling, Frances Ch. Dickenson, Philemon Doughty, John Douglas, Joseph Duar, John Dunbar, James Duncan, Isaac Duncan, Matthew Dunlap, Samuel Dunn, Arthur Dunning, Joseph Dunovan, John Durnell, Thomas Dwelling, Joseph Dwight, Peter Eddy, Peter Ely, John Erskine, Jonathan Farmer, Thomas Farrington, William Field, Joseph Fish, George Fisk, R. Fitzjames, James Fitzpatrick, Donell Fleischer, Balties Flint, Jeremiah Forman, Ezekiel Forsythe, David Fox, Edward Francis, Tench Franks, David S. 140 A HISTORY OF THE Frazer, Nicholas Frazer, William Frazier, Nalbro & John Freemen, Jonathan Freemen, Zebulon Frobisher, William Fry, John, Jr. Furber, Thomas Garrets, Peter Gerrets, T. Geyer, George Gilford, Charles Gill, Joseph Hewes Gilman, Peter Glentworth, James Glentworth, Peter Glover, Moses Goodale, Richard (oodnow, Peter Gould, Henry Granger, Jacob Granger, Joseph Green, Ashbel Gregory, John Hale, Thomas ITall, J. Hall, John Hall, John K. Hall, J. L. Hall, Phillips Hall, Thomas Hamilton, George Hamilton, Joseph Hammatt, Benjamin Harnis, James Harrison, George Hart, Ann Hart, Solomon Harthung, Jonathan Harvey, Phillips Hastings, Samuel Hatch, Jabez T. Haven, Nathan A. Hawthorne, David Hawthorne, James Hawthorne, John Haynes, Richard Hays, Moses Hazard, Ebenezer Hemphill, William Henderson, John Henry, Alexander Higgins, Francis Higginson, Nathaniel C. Hill, James Hilton, Moses Hodgson, A. Hoffman, Jacob Hoit, Lewis Hollingsworth, Jehu, & Co. Houston, John Hunt, John Hunt, Zacheies Huntingdon, Jeremiah Huntingdon, John Hurst, Wenworth Ingraham, Francis INSURANCE COMPANY OF NORTH AMERICA. 141 Irwin, George Irwin, John M. Irwin, Matthew Jackson, David Jackson, J. Jacobs, Moses Jacobs, Samuel James, George James, Isaac James, William Jamieson, John Jamieson, William Jenkins, P. Jenkins, Peter Jenkins, Samuel Jenkins, William Pitt Jenks, Theodore Jennys, Samuel Johnsone, John Joice, Andrew Jones, Arthur Jones, Charles Jones, David Jones, Isaac Jones, John RR. Jones, Richard Jones, Samuel Jones 8. I. Jones, Sylvester Jonstone, David Kames, William Kean, Peter Keble, John Kemble, Theophilus Kendall, Thomas Kendrick, James Kenedy, Andrew Kenedy, Samuel Ketland, John Ketland, Thomas, Jr. Kidd, William Kintzing, Abraham, Jr. Kissick, John M. Knogle, Abraham Langdon, William Larnard, Tristram Laughton, James Laughton, Richard Lauman, George Lawes, Robert Lawrence, John Leamy, John Lee, William, Jr. Lendall, Zachariah Lewis, James Carter Lewis, Samuel Liman, Philemon Lisle, John, Jr. Livingtone, William G. Loder, William Lynch, Dominick McAdam, Charles McCall, Archibald, Jr. McClenachan, Blair McClintock, James McClintock, Joseph 142 A HISTORY OF THE McConnell, Matthew McCrea, James McCree, John MecDonnaugh, Michael McHenry, John McHenry, James McHenry, Walter McIntyre, Andrew McKenzie, Colin McLane, William MecMullin, Samuel McNeil, Daniel McNeil, William McQueen, Thomas McRea, James McWilliams, John Mackey, Gershom Macomb, John Macon, Peter Macpherson, William Madison, Charles Malborne, James Mann, Abraham Mansfield, George Mansfield, William Marsden, Moses Marsden, William Marston, David Martin, J. Martin, James Mason, Andrew Mason, James Mason, Joseph Mason, Noah Mason, Paul Mather, James Mather, Timothy Matlock, Joseph Matthews, John Maxwell, Leonard Maynard, James Maynard Robert Maynard, William Meade, Robert Means, John Means, Peter Means, Richard Mecklin, Christopher C. Mecklin, Philip Mecklin, Thomas Mecklinburg, Gerard Medfield, Simon Meeker, Cochran & Co. Melcker, John Melchior, Nehemiah Melcher, Jacob Melmooth, Philip Mendez, Benjamin Mendez, George Mendez, Jonah Merline, John Merryman, William Meserver, Paul Meverick, Samuel Meyer, Conrad Miers, Henry Miers, Moses Miers, Richard Miers, Samuel F. Miers, Samuel J. OR ES SA GH GS BB ._. INSURANCE COMPANY OF NORTH AMERICA. 143 Miller, Magnus Miller, Moses Miller & Murray Miller, William Milligan, Catharine Milligan, James Milligan, Margaret Milligan, Lewis Milligan, Samuel Mills, Sarah Minor, Richard Moore, Patrick Moore, Thomas L. Moreland, Francis Morrill, J. Morrill, Peter Morris, William Morton, Thomas Moses, Solomon Moylan, Jasper Mulenbergen, Peter Mulock, Edward Mumford, James Murray Alexander Nelson, Samuel Nesbitt, John Maxwell Nilson, James Nixon, John Nunez, Benjamin Nunez, Jacob O'Donnell, Patrick Oldden & Comegys Oldden, James Oliver, Peter Otis, Samuel A. Pain, James Pain, George Payson, George Payton, Richard Peirsol, Jeremiah Pendleton, Samuel Penrudoch, George Perkins, Samuel Perrin, William Perry, Samuel Pettit, Charles Phelps, David Phelps, Ebenezer Phelps, James Phelps, Samuel Phillips, Alexander Phlemer, Samuel Pike, William Potter, Richard Prager, Mark, Jr. Prager, Michacl Pragers & Co. Pratt, Henry Preston, Joseph Preston, Philip Preston, William Prime, William Porter, Andrew Porter, Charles Porter, James Porter, Richard Porter, Thomas a 144 A HISTORY OF THE Pulsford, Alexander Ralph, Micah Ralston, Robert Ramsay, John Read, James Read, William Redwood, Charles Redwood, John Reid, James Reinhart, Jacob Rhea, Ebenezer Richards, George Richards, William, Jr. Ritchie, Alexander Rivington, J. Rivington, Nathaniel Roe, David Rogers, Sarah Rogers, William Rogers, William G. Ross, John Ross, Joseph Ross, R. H. Russeller, Sarah Rutgers, John Sayers, James Shaw, Thomas Shoemaker, James Simpson, George Simpson, Sampson Smith, Adam Smith, John Smith, Richard Smith, William, South Carolina Smith, William, 3d Smith, William Moore Smith, Y. Smithson, Thomas Smock, Robert Small, Reuben Snowden, Isaac, Jr. Soams, Samuel Springer, Samuel Sproat, John Stanley, Edward Stamitz, P. K. Stedley, Mary Steel, Edward Steele, Leonard Steinmetz, John Stewart, Archibald Stewart, James Stewart, Walter Stickney, Thomas Stimpson, Charles Stimpson, Frederick Stokes, Joseph Stoodley, James Storey, John, Jr. Stoughton, John Stuart, James, Jr. Stuart, Rebecca R. Summers, J. Swanwick, John Sykes, Peter Taylor, John Taylor, John M. INSURANCE COMPANY OF NORTH AMERICA. 145 Taylor, Paul Templeman, John Thompson, Joseph Thorp, Charles Thorp, William Tisdale, Lemuel Todd, Eliphalet Todd, John Tracey, Richard Treat, Robert Turnbull, Charles Turnbull, Walter Van Dorp, Gerard Vane, William Vanhorn, William Van Wyck, Abraham Van Zandt, Guilian Waite, John Wallingford, Thomas Walters, Timothy Watson, John Weed, Elijah Weed, George Weed, Mercer Weed, William Welch, Francis Welch, Jacob Welch, John Welladvise, Moses Wells, James Wells, Peter Welsh, Henry Wendell, Thomas 10 Wentworth, Thomas West, Francis and John West, Zebulon Wharton, Kearney Wharton, Lloyd Wheatly, Philip Wheatly, Thomas Wheaton, Gerard Whitaker, James Whitaker, Samuel White, Abraham White, Caleb White, David White, Henry White, John White, Jonathan White, Nathaniel White, Philemon White, Philip White, Samuel Whiteford, Sampson Wilkins, James Wilks, Charles Williams, Absolam Williams, George Williams, James Williams, Lawrence Williamson, James Williamson, Jethro Williamson, Nathaniel Willington, James Willington, Thomas Willis, James Willis, Joseph Willis, Samuel 146 Wills, Isaac Wills, Richard Wills, Thomas Wilmot, Simon Wilmot, Christopher Wilson, Charles Wilson, Francis Wilson, George Wilson, James Wilson, John Wilson, T. Wilson, Thomas Wilson, W. Wilson, William Woods, Joseph A HISTORY OF THE Woods, Michael Wordley, James Worthington, Charles Woolf, Lewis Wright, Charles Wright, Christopher Wright, J. Wright, Stephen Wrighton, Charles Young, Charles Young, Joseph Zanting, Adam W. EH Ll a INSURANCE COMPANY OF NORTH AMERICA. 147 CHARTER AND SUPPLEMENTS. AN ACT TO INCORPORATE THE SUBSCRIBERS TO THE INSURANCE COMPANY OF NORTH AMERICA. WHEREAS it is conceived that if a corporation, with a compe- tent capital, and under proper regulations, were established, for the purpose of effecting insurances and transacting business connected therewith, advantages would result therefrom to the community in general, and to the mercantile interest in particular, by retaining in the State, as well the capital necessary for such a purpose, as also large sums of money which would otherwise be drawn from the country, for premiums and commissions to foreign correspondents, for effecting insurances, and also by more effectually securing the assured from the risques and dangers incident to the policies and assurances of private and particular persons: And whereas a number of the citizens of this commonwealth have by their petition to the legislature prayed that they may be incorporated for the purposes aforesaid : SECTION 1. Be it enacted by the Senate and House of Representa- tives of the Commonwealth of Pennsylvania, in General Assembly met, and it is hereby enacted by the authority of the same, That the capital Stock of the : N rN : Insurance Company capital stock of the Insurance Company of North America shall of North America. amount to the sum of six hundred thousand dollars; that the same shall be divided into sixty thousand shares, of ten dollars Number and amount : . . .,+ of shares. each share, and the persons, co-partnerships, or bodies politic, who have thereto subscribed, and have paid four dollars on each respective share, shall pay the residue of the sum and sums of 148 A HISTORY OF THE money due and payable for the share or shares by them respect- Mow dae are to be ively subscribed, in the manner following, that is to say; two : dollars on each share shall be paid on the second Monday of July, in the year one thousand seven hundred and ninety-four; two dollars on the second Monday of January, and two dollars on the second Monday of July, in the year one thousand seven Forfeitures in case of hundred and ninety-five. And any person or persons, co-part- default in paying the . . aye : . instalments. nerships, or bodies politic, neglecting or refusing to pay all or any of the said several sums of money, at the time and times prescribed for payment thereof, shall respectively forfeit to the use of the company, all the monies previously paid on the account of the share and shares respectively, in payment whereof such default shall be made as aforesaid, together with all right, title, interest, emolument, profit, claim and demand, of, in, to and out of the funds of the said company, and the profits arising there- Funds, how to be from, by reason of such forfeited share and shares: And the Vestal. funds of the said company shall, from time to time, be vested in securities for or evidences of debts due by the United States, or in the stock of the Bank of Pennsylvania, or of the Bank of the United States, or of the Bank of North America, or of the Schuylkill and Delaware Canal Company, or of the Schuylkill and Susquehanna Company, or of the Lancaster and Philadel- phia Turnpike Company, or of any other company that now is or hereafter may be incorporated by the State, in such manner, and in such sums, as the President and Directors of the said Deposits of monies, COMPANY shall judge proper. Provided always, That all deposits of Pennsylvania. for the safe keeping of the monies and securities of the said company shall be made respectively, in the Bank of Pennsylvania. Sper 2. And be it further enacted by the authority aforesaid, That the subscribers to the said company and their successors and assigns shall be, and they are hereby erected into a corporation, or body politic in law and in fact, under the name, style and title, Corporate style. of “The President and Directors of the Insurance Company of North America”; and by the said name, style and title, shall have perpetual succession and all the powers, privileges and franchises, incident to a corporation; and shall be capable of taking, holding, and disposing of their said capital stock, and the And powers. increase and profit thereof; and shall have full power and authority to make, have and use a common seal with such device and inscription as they shall deem proper, and the same to break, alter, and renew, at their pleasure; and by the name, style and title aforesaid, shall be able and capable in law to sue and be sued, plead and be impleaded, in any court or courts, before any Judge or Judges, Justice or Justices, in all manner of suits, pleas and demands whatsoever; and they are hereby a, LL INSURANCE COMPANY OF NORTH AMERICA. authorized and empowered to make rules, bye-laws and ordinan- ces, and to do every thing needful for the good government and support of the affairs of the said corporation: Provided always, Bye-1aws not to be re- That the said rules, bye-laws and ordinances, or any of them, shall Dy not be repugnant to the Constitution and laws of the United hited Sistesand thy States, and of this State. Sker. 8. And be it further enacted by the authority aforesaid, That Power to hold real . ii . nile estate. the said Corporation shall have a right and power to purchase, take, and hold real estate, and the same to demise, grant, sell, assign and convey, in fee simple, or otherwise: Provided, That Limitation of the in- 3 . . , come thereof. the clear yearly income of the real estate to be held by the said Jorporation, shall not, at any time exceed ten thousand dollars. SEct. 4. And be it further enacted by the authority aforesaid, That for the well ordering the affairs of the said Corporation, there shall be twenty-five Directors (being Stockholders in the said com- of the election of Di- pany) chosen by ballot on the second Tuesday of January, jn Teor, each and every year, by a plurality of the votes of the Stock- holders present in person, or by proxy; and the Directors so chosen shall serve for one year next ensuing the elections re- Their time of service. spectively, and until others shall be chosen, and no longer; and at their first meeting after each election shall choose one of their of the President. number as President: Provided always nevertheless, That John Maxwell Nesbitt, shall be the present President, and Joseph Ball, Present Directors. John Craig, John Leamy, John Swanwick, Walter Stewart, Samuel Blodget, the younger, Magnus Miller, Thomas Fitzsimons, William M’Murtrie, John Vaughan, Charles Pettit, John Ross, Robert Ralston, Francis West, Standish Ford, Peter Blight, Thomas Lloyd Moore, Robert Smith, John Fry, the younger, Jehu Hol- lingsworth, John Wilcox, Thomas Tingey, Archibald M’'Call, and Philip Nicklin, shall be the present Directors, and shall continue in office until the second Tuesday in January next; Provided also, That in case it shall at any time happen that an election of Election not made on Directors shall not be made upon any day, when, pursuant 10 a ae this act, it ought to have been made the said corporation ght) Foon, not for that cause be deemed to be dissolved, but it shall be Jawful on any other day, within ten days thereafter, to hold and make an election of Directors, in such manner as shall have been regulated by the bye-laws and ordinances of the said Cor- poration; and that in case of the death, resignation, or absence of vacancies in the from the State, of a Director, or in case any Director shall be i chosen a Director of any other Insurance Company, and shall act as such, the place of such Director shall be filled up by a new choice for the remainder of the year, in manner aforesaid, at such time and place as shall be appointed by the Board of EET EERE A HISTORY OF THE Directors, twenty days notice of such election having been given in two of the public newspapers of the City of Philadelphia. SECT. 5. And be it further enacted by the authority aforesaid, That Of the ready money the said Company shall be obliged by force and virtue of this act, stock of the Corpora- 1 time to time, to cause such a stock of ready money to be provided and reserved, as shall be sufficient to answer all just demands upon their policies of insurance, for any losses which of payment of losses. shall happen, and shall ratify, pay and discharge all such de- mands, according to the tenor and effect of such policies of Stock and effects insurance; and in case of refusal or neglect to pay such losses, BR eaniaiguent Stor thirty days notice thereof, the stock and effects of the said Company shall be liable to the party injured, upon judgment and execution obtained. SECT. 6. And be it further enacted by the authority aforesaid, That Of the appointment the Directors for the time being shall have power to appoint A nt the Gor, such officers, clerks and servants, under them, as shall be nec- iii essary for executing the business of the said Corporation, and to allow them such compensation for their services, respectively, as shall be reasonable; and shall be capable of exercising such other powers and authorities, for the well governing and ordering of the affairs of the said Corporation, as shall be described, fixed and determined by the laws, regulations and ordinances of the same. SECT. 7. And be it further enacted by the authority aforesaid, That Fundamental rules. the following rules, restrictions, limitations and provisions, shall form and be fundamental articles of the Constitution of said Corporation, to wit: First, The Stockholders shall be entitled, on all questions of voting by the coming before them, to one vote for each share of the stock by FR Lo es. them respectively held, to the number of fifty shares; and for every ten shares above fifty, one vote; but no Stockholder, either in his own right, or as proxy, shall have more than one hundred votes; nor shall any Stockholder vote at any election for Di- rectors, unless the stock shall have stood in his or her name in the books of the Company, at least three months preceding the time of such election. All Stockholders may vote in elections, or on any question touching the business of the Corporation, by proxy; provided the proxy be derived directly from such Stock- holders, and the vote be given by a citizen of this Commonwealth. of compensation to Second, No Director shall be entitled to any emolument, unless He Digeors: the same shall have been allowed by the Stockholders, at a INSURANCE COMPANY OF NORTH AMERICA. 151 general meeting; but the Stockholders shall make such compen- sation to the President, for his extraordinary attendance on the Ana President. business of the Corporation, as shall appear to them reasonable. Third, The Directors shall divide themselves into committees, each committee to consist of three Directors; and the com- mittees shall attend, in a weekly rotation, at the office of the or the weekly com- . . mittees of Directors. company, and, together with the President, shall have full power and authority, in the name and on behalf of the Corporation, to Their power to insure . v f and lend money, and make such insurances upon vessels and merchandise at sea, or on what objects; going to sea, or upon any goods, wares or merchandise, or other personal property, going or gone by land or water, or in dwelling- houses, ware-houses or stores, or upon buildings, against the risque arising from fire, or upon the life or lives of any person or persons, and to lend money upon bottomry and respondentia, and, generally, to transact and perform all the business relating to the objects aforesaid; but the said committees shall always act in Subject to the regula- . $ of e tions and orders of the conformity to such regulations as the Stockholders shall make, Board of Directors. and subject to the orders and instructions of the Board of Directors. Fourth, There shall be stated meetings of the Board of Directors, of meetings of the i y . . . Board of Directors. at least once a fortnight and occasional meetings at such other times, as the President shall think proper. The President shall preside at all meetings of the Corporation, but he shall have no vote (except in cases of election) unless there is an equality of In what case the : v . } DD Ro President may vote. votes, when he shall decide the question. In case of the sickness or the necessary absence of the President, his place may be How his absence shall . : : be supplied. supplied by any other Director, whom the Board of Directors, © ™ shall for that purpose appoint. Seven of the Directors, (whereof of a quorum of the yout . ' Board. the President shall always be one) shall form a quorum of the Board of Directors; but in the absence of the President, a majority of the whole number of Directors shall be requisite to form a quorum. And all questions before the Board shall be decided by a plurality of votes, but no vote shall be reconsidered of the decision of all . ‘ questions by the by a smaller number of Directors than was present when such Board. vote was passed. ifth, : Stockholders, who, together, shall be of calling a general Fifth, A number of S y , tog , Ral 3 ' meeting of the Stock- proprietors "of not less than six thousand shares, or upwards, holders. shall have power at any time to call a general meeting of the Stockholders, for purposes relative to the institution, giving at least six weeks notice in two public gazettes of the City of Phila- delphia, and specifying in such notice the object or objects of such meeting. kl | 4 1562 A HISTORY OF THE Sixth, The Corporation shall not, directly or indirectly, engage in the business of banking, nor deal nor trade in any thing except Restrictions on the the objects herein before specified, bills of exchange, gold or trading of the Corpor- . . . ation. silver bullion, or in the sale of goods really and truly pledged for premiums due and not paid, or of goods, which shall be the produce of its lands. Of transfers of the Seventh, The stock of the said Corporation shall be assignable S8LOCK. . . . . and transferable, according to such rules as shall be instituted in that behalf by the laws and ordinances of the same. Eighth, The Directors shall, on the second Monday of January, and on the second Monday of July, in each and every year, declare a dividend of so much of the profits of the Corporation Of dividends. as to them shall appear advisable, and the dividend so declared shall be paid to the respective proprietors in ten days after the same shall be made, but the monies received as premiums on risques, which shall be undetermined and outstanding at the time of making such dividend, shall not be considered as a part of the profits of the Corporation; and in case of any loss or losses whereby the capital stock of the Company shall be lessened, no subsequent dividend shall be made until a sum equal to such diminution, and arising from the profits of the Corporation, shall have been added to the capital. Members of the Cor- Ninth, Any member of the Corporation may nevertheless poration may be in- x sured. become assured thereby on any vessel, goods, wares, merchan- dise, or lives, in the same manner, and with the same effect, as if such member had no interest in the Corporation. Of the books to be Tenth, The Directors shall keep fair and regular entries in a kept by the Directors. v v ' book or books (for that purpose to be provided) of their proceed- ings, and submit the same, if required, to the inspection of the Stockholders at every of their stated meetings. Of a book containing Fleventh, A book, containing the names of the Stockholders, the names of the : stockholders. shall be kept, and shall at all reasonable times be open to any Stockholder requiring the same. Penalty, Jn oe of SECT. 8. And be it further enacted by the authority aforesaid, That this act. if the said Corporation, or any person or persons for or to the use of the same, shall engage in the business of banking, or deal or trade in buying or selling any goods, wares, merchandise or com- modities whatsoever, contrary to the provisions of this act, all and every person or persons, who shall have given any order or direction for so engaging, dealing and trading, and all and every a a} INSURANCE COMPANY OF NORTH AMERICA. 153 person and persons, who shall have been concerned, as parties or agents therein, shall forfeit and lose treble the value of the monies discounted, and of the goods, wares, merchandise and commodities traded or dealt in, one-half thereof to the use of the informer, and the other half to the use of the State, to be recovered with costs of suit. SECT. 9. And be it further enacted by the authority aforesaid, That Limitation of the this act shall be and continue in force until the first day of Sanuary 1815, feof January, which will be in the year of our Lord one thousand eight hundred and fifteen: Provided always, That for the liquida- tion and settlement of all the past transactions and accounts of the said company, the corporate powers thereof shall be and continue effectual to all intents and purposes: And provided also, That nothing in this act shall be taken or construed to affect the rights of any person, persons or bodies politic before the passing of this act. GEORGE LATIMER, Speaker Of the House of Representatives. ANTHONY MORRIS, Speaker Of the Senate. Approved, the fourteenth of April, 1794. THOMAS MIFFLIN, Governor Of the Commonwealth of Pennsylvania. A SUPPLEMENT To the Act entitled “An Act to Incorporate the Subscribers to the Insurance Company of North America.” SECTION 1. Be it enacted by the Senate and House of Representa- tives of the Commonwealth of Pennsylvania, in General Assembly met, and. it is hereby enacted by the authority of the same, That from and after the passing of this act, the funds of the said company may from time to time be vested in securities for, or evidence of debts The funds may be . . o vested in evidence due by the United States, or in the stock of any Bank or other or debt of United . . . . . . . 4 » States or bank institution, which is or may be incorporated in the State of stock, &e. Pennsylvania, in their own stock, or in bills of exchange, or may SS et. aa A HISTORY OF THE be loaned to the State of Pennsylvania, or on the security of real estate within the same. SECT. 2. And be it further enacted by the authority aforesaid, That for the well ordering the affairs of the said corporation there Fifteen Directors to shall hereafter be fifteen Directors (stockholders in said com- be chosen. pany) chosen by ballot, on the second Tuesday of January, annually, by a plurality of votes of the stockholders, present or by proxy. And the Directors so chosen shall serve for one year Term of service. next ensuing the elections, respectively and until others shall be chosen, and no longer; and at their first meeting after each election shall choose one of their number President; and in How vacancies to be case of the death, resignation, or absence from the State (six months at one time) of a Director, or in case any Director shall cease to be a stockholder, or be chosen a Director of any other Insurance Company and shall act as such, the place of such Director may be filled by a new choice for the remainder of the year, by a majority of the Board of Directors. SECT. 3. And be it further enacted by the authority aforesaid, That five Directors, whereof the President to be one, shall form a How many Directors quorum of the Board of Directors; but in the absence of the to form a quorum. . oe . . . President, a majority of the whole number of Directors shall be requisite to form a quorum. Sect. 4. And be it further enacted by the authority aforesaid, That Notransfertobe no stockholder indebted to the said company shall be permitted made or dividend . : . $s received by a Stock- to make a transfer of his stock, or receive a dividend thereon holder until his debts . . . . . : are paid or secured. until such debt is discharged, or satisfactory security be given to the Board of Directors for the same. Sect. 5. And be it further enacted by the authority aforesaid, That the charter of the said Insurance Company of North America, as altered and amended by this supplement, be, and the same is Charter extended hereby extended and continued in full force, until the first day until 1835. . . . of January, which will be in the year of our Lord, one thousand eight hundred and thirty-five, with all the powers, provisions and restrictions, contained in the said original charter; excepting only, that so much of the act to which this is a supplement, as is hereby altered and supplied, and no more, be and the same is Proviso for ligiide- hereby repealed: Provided always, That after the said first day of January, one thousand eight hundred and thirty-five, the cor- porate powers of the said company shall remain and continue for the liquidation and settlement of their past transactions and Proviso for aunulling accounts, and for no other purpose whatsoever: And provided also, That if it shall appear that the charter and privileges hereby EE aS INSURANCE COMPANY OF NORTH AMERICA. 1565 renewed and granted are injurious to the citizens of this com- monwealth, the Legislature shall have full power to revoke and cancel them at any time they may think proper. JOHN TOD, Speaker Of the House of Representatives. P. C. LANE, Speaker Of the Senate. Approved the twenty-eighth day of January, one thousand eight hundred and thirteen. SIMON SNYDER. EXTRACT From An Act to incorporate the “Chambersburg Insurance Company,” &c. SEctioN 1. Be it enacted by the Senate and House of Representa- tives of the Commonwealth of Pennsylvania, in General Assembly met, and it is hereby enacted by authority of the same, That an act entitled “ An Act to Incorporate the subscribers to the Insurance Com- Charters extended x : ” a .1 twenty years from pany of North America, passed the fourteenth day of April, first of January, 1835. seventeen hundred and ninety-four, and the supplement thereto, entitled “a supplement to the act entitled an act to incorporate the subscribers to the Insurance Company of North America,” passed the twenty-eighth day of January, one thousand eight hundred and thirteen, be and the same are hereby continued in full force and virtue for the term of twenty years from and after the first day of January, one thousand eight hundred and thirty-five. SECT. 33. And be it further enacted by the authority aforesaid, That the Legislature reserve the right to revoke or alter the charters extended or granted by this act in any way that may be deemed conducive to the interests of the State. SAM'L ANDERSON, Spearer Of the House of Representatives. JESSE R. BURDEN, Speaker Of the Senate. Approved the third day of April, A. D. one thousand eight hundred and thirty-thee. GEORGE WOLF. A HISTORY OF THE EXTRACT From an Act to incorporate the Washington Insurance Company of Philadelphia, and for other purposes. Addie privileges SECT. 20. In addition to the privileges heretofore granted it shall and may be lawful for the Insurance Company of North America to invest their capital stock and other funds in the public stocks or loans of any of the United States or of any city, company, or institution, now or that hereafter may be incorpor- ated by the United States or any individual State, or in ground rents, mortgages, or other good and sufficient securities in this State, and the said investment from time to time to alter, change, and renew, as the interests or circumstances of the Company may render expedient. LEWIS DEW ART, Speaker Of the House cf Representatives. CHARLES B. PENROSE, Speaker Of the Senate. Approved the tenth day of April, one thousand eight hundred and thirty-eight. JOSEPH RITNER. A FURTHER SUPPLEMENT To the Act entitled “An Act to Incorporate the Subscribers to the Insurance Company of North America,” and the Supplements thereto. Section 1. Be it enacted by the Senate and House of Representa- tives of the Commonwealth of Pennsylvania, in General Assembly Charter perpetual. met, and it is hereby enacted by the authority of the sume: That the Charter of the President and Directors of the “Insurance Com- pany of North America’ shall be perpetual ; subject, nevertheless, Legislature may to the right of the Legislature to alter, annul, or repeal the same whenever it may be deemed conducive to the interests of the State. WM. HOPKINS, Speaker Of the House of Representatives. CHARLES B. PENROSE, Speaker Of the Senate. Approved the eleventh day of October, eighteen hundred and thirty-nine. DAVID R. PORTER. EE I ha es INSURANCE COMPANY OF NORTH AMERICA. A FURTHER SUPPLEMENT To the Act entitled “An Act to Incorporate the Subscribers to the Insurance Com- pany of North America.” WHEREAS, The President and Directors of the Insurance Company of North America, have made request that they may be permitted to reduce the amount of their capital: Therefore, SpetioN 1. Be it enacted by the Senate and House of Representa- tives of the Commonwealth of Pennsylvania, in General Assembly met, and it is hereby enacted by the authority of the same, That it shall be lawful for the said Insurance Company, whenever a majority in number and value of the Stockholders shall deem it expedient and express their assent thereto in writing, to reduce the capital Capital North Ameri- stock of the said Company to the sum of three hundred thousand od dollars, and the par value of the shares of the said stock to five dollars each, and if at any time it shall be ascertained that the assets of the Company exceed the said sum of three hundred thousand dollars, such excess shall be divided among the Stock- holders in proper proportion, according to the number of their shares, in such manner and at such times as shall be deemed by the Directors consistent with a proper attention to the judicious collection and conversion of the assets, and the prudent manage- ment of the business of the Company. Sper. 2. That such assent in writing may be signed by the Assent of Stock- Stockholders or their attorneys duly constituted, and may be recorded in the office for recording deeds, in the city and county of Philadelphia, and a certified copy or exemplification of such record shall in all cases be received in evidence, and be as valid and effectual as the original instrument. Sper. 8. That when such assent in writing shall be given and expressed as aforesaid, the capital stock of the Company and the par value of the shares, shall be thenceforth reduced in the manner and to the sums mentioned in the first section of this act, and notice thereof shall be given by advertisements for four public notice to be . . . given of reduction. weeks in two at least of the daily newspapers of the city of Philadelphia: Provided nevertheless, That the whole of the amount of the capital stock of the said Company existing at the date of the said advertisements, shall be liable for contracts of insurance existing with said Company at that time. Sect. 4. That the President of the said Company shall, upon a vote of the Board of Directors to that effect, or on the application of a number of Stockholders, who together shall be proprietors FE 158 5 A HISTORY OF THE Meeting of Stock- of six thousand shares, call a general meeting of the Stock- holders, giving at least two weeks’ notice in two of the daily papers of the City of Philadelphia, and specifying in such notice the object or objects of such meeting. Sect. 5. That deposites, for the safe keeping of the moneys and securities of the said Company, may be made in any of the incorporated banks in the city and county of Philadelphia. SEct. 6. That so much of any act relating to the said Company as is hereby altered or supplied, be, and the same is hereby repealed. Sect. 7. That no person shall be allowed to vote by proxy at any election of said Corporation, and no stock which is hypothe- ated, shall entitle the holder thereof to vote at any such elections. JAMES ROSS SNOWDEN, Speaker Of the House of Representatives. JOHN STROHM, Speaker Of the Senate. Approved the sixth day of April, one thousand eight hundred and forty-two. DAVID R. PORTER. A FURTHER SUPPLEMENT To the Act entitled “An Act to Incorporate the Insurance Company of North America.” SECTION 1. Be it enacted by the Senate and House of Representa- tives of the Commonwealth of Pennsylvania, in General Assembly met, and it is hereby enacted by the authority of the same, That the In- surance Company of North America be, and they are hereby Dissctors increased to authorized to increase the number of Directors of the said Com- pany to twenty. FINDLEY PATTERSON, Speaker Of the House of Representatives. WILLIAM P. WILCOX, Speaker Of the Senate. Approved the eleventh day of February, one thousand eight hundred and forty-five. FRS. R. SHUNK. I ——————— INSURANCE COMPANY OF NORTH AMERICA. 159 A FURTHER SUPPLEMENT To the Act entitled “An Act to Incorporate the Subscribers to the Insurance Com- pany of North America.” WHEREAS the President and Directors of the Insurance Com- pany of North America, are desirous to be permitted to increase their capital stock, and restore the par value of the shares of their stock to the original amount and value. Therefore, SECTION 1. Be it enacted by the Senate and House of Representa- tives of the Commonwealth of Pennsylvania, in General Assembly met, and it is hereby enacted by the authority of the same, That it shall be lawful for the said Insurance Company of North America, whenever a majority of the Stockholders, at any meeting regularly convened, shall deem it expedient, and express their assent thereto, to increase the capital stock of the said Company Increase of capital to the sum of five hundred thousand dollars, and the par value nin, su of the shares of said stock to ten dollars each: Provided, That the amount of the effective funds of the said Company, shall be equal to five hundred thousand dollars beyond reservations and claims for existing business, and be invested and set apart as their capital. Sgr. 2. That so much of any act relating to the said Company as is hereby affected, altered, or supplied, be, and the same is hereby repealed. J. S. McCALMONT, Speaker Of the House of Representatives. V. BEST, Speaker Of the Senate. Approved the eighth day of May, one thousand eight hundred and fifty. WM. F. JOHNSTON. A FURTHER SUPPLEMENT To the Act entitled “An Act to Incorporate the Subscribers to the Insurance Com- pany of North America.” SECTION 1. Be it enacted by the Senate and House of Representa- tives of the Commonwealth of Pennsylvania, in General Assembly met, and it is hereby enacted by the authority of the same, That the Presi- dent and Directors of the Insurance Company of North America be, and they are hereby authorized and empowered to appoint A HISTORY OF THE agents or officers to effect insurances in any of the other States of the Union, or without its limits, and that contracts of insur- ance effected by such agents or officers, shall be as valid and binding as if the same were effected by the President and Directors aforesaid, in the State of Pennsylvania, and the said Insurance Company of North America shall have all the other powers and privileges conferred on or exercised by the Union Mutual and Delaware Mutual Safety Insurance Companies, of Philadelphia. : E. B. CHASE, Speaker Of the House of Representatives. M. McCASLIN, Speaker Of the Senate. Approved the twenty-seventh day of February, one thousand eight hundred and fifty-four. WM. BIGLER. A FURTHER SUPPLEMENT To an Act entitled “An Act to Incorporate the Subscribers to the Insurance Com- pany of North America.” SECTION 1. Be it enacted by the Senate and House of Representa- tives of the Commonwealth of Pennsylvania, in General Assembly met, and it is hereby enacted by the authority of the same, That it shall be lawful for the said Insurance Company of North America, whenever a majority of the Stockholders at any meeting regularly convened shall deem it expedient and express their assent thereto, to increase the capital stock of the said Company to the sum of one million dollars; the par value of the shares of the said stock to twenty (20) dollars: Provided, That the said amount of one million dollars beyond reservations and claims for existing business shall be invested and set apart as the capital of the Company. Seer. 2. That the stated meetings of the Board of Directors shall be held once every month, and occasional meetings at such other times as the President shall think proper. Seer. 3. The officers of the Company, or any of them, when authorized by the Board of Directors, shall have full power and authority in the name and on behalf of the Corporation, to make all kinds of marine insurance, all kinds of insurance by TE lt i a ———————— INSURANCE COMPANY OF NORTH AMERICA. inland transportation, all kinds of insurance against fire, in city, town and country, upon the life or lives of any person or persons, and to lend money upon bottomry and respondentia, and generally to transact and perform all the business relating to the objects aforesaid, but the said officers shall always act in con- formity to such regulations as the Directors may prescribe. SECT. 4. That so much of any Act relating to the said Com- pany as is hereby affected, altered or supplied, be and the same is hereby repealed. : JAMES H. WEBB, Speaker Of the House of Representatives. WILLIAM H. WALLACE, Speaker Of the Senate. Approved the fourteenth day of March, Anno Domini one thousand eight hundred and seventy-one. JNO. W. GEARY. CXTRACT From an Act entitled “A Supplement to an Act entitled ‘An Act to Lstablish an “Insurance Department,’ approved the fourth day of April, one thousand “eight hundred and seventy-three, providing for the incorporation and regu- “lation of Insurance Companies, and relating to Insurance Agents and Brokers “and to Foreign Insurance Companies.” SECTION 27. Any existing. fire or fire and marine insurance company, and any stock company formed under this act, may at any time increase the amount of its capital stock, if authorized so to do by the stockholders holding the larger amount in value of the stock, at a meeting specially called for that purpose, of which at least sixty days’ previous public notice shall have been given. At such meeting of the stockholders and at all other meetings thereof, each stockholder shall be entitled to cast either in person or by proxy, subject to such regulations, as to voting by proxy, as the by-laws of the company may prescribe, one vote for each share of stock that shall have stood in his or her name on the books of the company for at least three months previous thereto, increase of capital stock as aforesaid may be made by 11 161 EE A HISTORY OF THE increasing the number of the shares of stock or by increasing the par value of the same, and such increased shares or increased par value shall be allotted pro rata to the stockholders of said company according to their interest, and may be paid in whole or in part out of the accumulated reserve of the company in case the condition of the company warrants such allotments, or the same may be disposed of as is provided in this act for the organi- zation of stock companies. No portion of the funds of a company shall be regarded as accumulated reserve subject to allotment under this section, except such amounts as may remain after charging the entire amount of premium receipts on undetermined policies in addition to capital stock and all other liabilities, before any such company as aforesaid shall be author- ized to increase its capital stock as herein provided, it shall file with the Insurance Commissioner a certificate setting forth the amount and manner of such desired increase and the proceed- ings of the stockholders authorizing the same, and thereafter such company shall be entitled to have the increased amount of capital fixed by said certificate, and the examination of securities composing the capital stock thus increased shall be made in the same manner as is provided in this act for capital stock originally paid in. Whenever any existing fire or fire and marine insurance company shall, by a resolution of its board of directors, accept of the provisions of this section of this act as a part of the charter of the said company, and a duly certified copy of such resolution shall have been filed in the office of the Insurance Commissioner, the charter of said company shall be deemed and taken to have been amended by the addition thereto of this section, which shall have the same force and effect as if a part of the company’s original charter or constituting a supplement thereto. SAMUEL F. PATTERSON, Speaker Of the House of Representatives. JOHN LATTA, President Of the Senate. Approved the first day of May, Anno Domini one thousand eight hundred and seventy-six. J. F. HARTRANFT. Approved and adopted by the stockholders at a meeting held the tenth day of July, one thousand eight hundred and seventy- six. MATTHIAS MARIS, Secretary. INSURANCE COMPANY OF NORTH AMERICA. 6. MARINE Business BY DECADES. PREMIUMS. 15 December, 1792,) 31 December, 1802, § . 36,037,456 71 1 January, 1803, ! 1.364.637 48 * ) 9 31 December, 1812, January, 1813, December, 1822, 276,764 30 January, 1823, December, 1832, 160,138 January, 1833, December, 1842, 9 1 January, 1843, 0 - December, 1852 2,833,189 93 FE | SE 198 584 , January, 1853, 3.102 December, 1862,§ °° 3,102,440 79 i January, 1863, » : i A 82 31 December, 1872, ) 8,082,490 56 1 January, 1873, 1) 1300 31 December, 1882,y ~~ ~~ °° 16,862,964 $37,170,673 1883 and 1884, . $40,203,634 TLOSSES. $5,500,887 1,583,836 2,153,679 2,866,197 1,582,561 14,281,263 $31,890,267 78 2,012,928 49 $33,903,196 27 163 Fire Business BY DECADES. 15 December, 1794, 31 December, 1802, 1 January, 1803, | 31 December, 1812, | 1 January, 1813, ) 31 December, 1822,f 1 January, 1823, ) 31 December, 1832,§ 1 January, 1833, ) 31 December, 1842,§ 1 January, 1843, } 31 December, 1852,§ 1 January, 1853, 31 December, 1862, ) 1 January, 1863, ) 31 December, 1872,) 1 January, 1873, ) 31 December, 1882,) 1883 and 1884, A HISTORY OF THE PREMIUMS. 98,647 69,224 61,639 554,267 1,138,164 8,687,020 . 15,516,731 $26,321,274 4,482,661 $81,253 76 95 20 33 114,326 : 90 83 29 $30,803,936 12 LLoSSES. $30,116 93,873 1,569 17,973 78,948 382,407 424,448 5,193,242 8,701,920 $14,854,500 2,768,244 $17,622,745 INSURANCE COMPANY OF NORTH AMERICA. List oF EARLY PHILADELPHIA UNDERWRITERS. 8. 165 Names of some of the early Philadelphia Underwriters on Policies issued from the offices of Joseph Saunders, Thomas Wharton, Walter Shee, and Kidd & Bradford. I am indebted to Mr. C. R. Hildeburn for many of these policies. Those of Kidd & Bradford’s clients are derived from their books as enumerated in Mr. Wallace’s Table of Contents of Colonel Bradford’s papers in possession of the Historical Society of Pennsylvania, Philadel- phia, 1878. Aspden, Mathias Bache, Theophylact and Richard Baynton, John Baynton & Wharton Bell, John Benezet, Philip Beveridge, David Bright & Bechin Bringhurst, Bryan, George Caldwell, Andrew Chalmers, James Chevalier, John and Peter Child & Stiles Clark, Daniel Conyngham & Nesbitt Cox, Isaac Coxe, William Davis, William Emlen, George, Jr. Emlen, George & Caleb Emlen & Warder Evans, William Francis, Tench Francis & Relfe Franks, David Harrison, Henry Harvey, William Hicks, Augustus, 1749. Hodge & Bayard Howell, Samuel, & Son Hughes, John 166 A HISTORY OF THE James & Drinker Jones, Aquilla Jones, Charles Judah, Abraham Kelly, William Lightfoot, Thomas & William Levy, Isaac McCall, Archibald, 1749. McCall, Samuel, 1749. McClanachan, Blair McMurtrie, David McMurtrie, William, & Co. Mease, John Mease, Mathew Mease & Caldwell Meredith, Reese | Mifflin, John, 1749. Mifflin & Massey Mifflin, Samuel Moore, Philip Moore, William Morris, Robert Morton, John Nesbitt, John M. Nixon, John Oldman, Samuel Pemberton & Edwards Pringle, John Purviance, Samuel Reed & Pettit Riche, Thomas Robinson & Reynolds Ross, John Rundle, Daniel Scott & McMichael Shee, John Smith, George Stedman, Charles, & Co. Stocker, Anthony Strettell, Amos Warder, Jeremiah White, Townsend Wilcocks, John Willing, Morris & Co. Willing, Thomas, and Company Yorke, Dennis Yorke, Thomas John Alsop and James Jauncey, of New York, also underwrote in Kidd & Bradford’s office. One of Joseph Saunders’ policies of 1749 follows; the written portion is given in SMALL CAPITALS. The endorsement (also written) gives the record in Mr. Saunders’ book, vide p. 17. INSURANCE COMPANY OF NORTH AMERICA. 167 9. A PuiLaperpuia Marine Poricy or 1749. In the name of GOD, Amen, I Joun Kipp of the City of Philadelphia, Merchant Have made Aflurance, and caufe to be aflured (Loft or not Loft) at and from THE Port oF PHiLaDELPHIA TO Lonpon upon all kind of lawful Goods, Casn or Merchandize, laden or to be laden upon the good SHip called the Grirrin of the Burthen of Tons, or thereabouts, whereof is Mafter under GOD, for this prefent voyage Josep ARTHUR or whofoever elfe fhall go for Mafter in the faid Ship, or by whatfoever other Name or Names the fame Ship, or the Mafter thereof, is, or shall be named or called, beginning the Adventure upon the faid lawful Goods or Merchandize, at and from THE PorT oF PHiLaperLpHia aforefaid and fo fhall continue and endure until the faid Goods and Merchandizes fhall be fafely landed at Lonpon aforefaid. And it fhall and may be lawful for the faid Ship, in her Voyage, to proceed and fail to, touch and ftay at any Ports or Places, if thereunto obliged by ftrefs of Weather, or other unavoidable Accident, without Prejudice to this Infurance. Touching the Adventures and Perils, which we the Affurers are contented to bear, and do take upon us in this Voyage, they are, of the Seas, Men of War, Fires, Enemies, Pirates, Rovers, Thieves, TFettefons, Letters of Mart and Counter Mart, Surprifals, Taking at Sea, Arrests, Restraints and Detainments of all Kings, Princes or People of what Nation, Condition or Quality foever, Baratry of the Majler and Mariners, and all other Perils, Loffes, and Misfortunes, that have or fhall come to the Hurt, Detriment or Damage of the faid Goods or Merchandize or to any Part thereof. And in case of any Lofles or Misfortunes, it thall be lawful to and for the Aflured Factors, Servants and Afligns, to fue, labour and travel for, in and about the Defence, Safeguard and Recovery of the faid Goods and Merchandize, or any Part thereof, without Prejudice to this Infurance; to the Charges whereof we the Affurers will contribute each one, according to the Rate and Quantity of his fum herein aflured. And it is agreed by us the Affurers that this Writing or Policy of Aflurance, shall be of as much Force and Effect, as the fureft Writing or Policy of Aflurance heretofore made in Lombard-Street, or elsewhere in LONDON, and fo we the aflurers are contented, and do hereby promife and bind ourfelves 168 A HISTORY OF THE each one for his own Part, our Heirs, Executors and Goods, to the Affured THEIR Executors, Adminiftrators and Afligns, for the true Performance of the Premifles, confefling ourfelves paid the Confideration due unto us for this Affurance, by the faid Affured or nis Afligns, at Four 3 CENT. In Witnefs Whereof, WE the Aflurers have fubfcribed our Names and fums Aflured in Philadelphia, the TwenTy-FiFTH Day of ApriL, one Thoufand Seven Hundred and Forty-NINE. Memorandum. It is agreed by and between the Affured and Affurers, that in Cafe of any Lofs above Five per Cent., there [ball be no Abatement. But that in Cafe of any Average Lofs not exceeding Five Pounds per Cent., the Afjurers, by Agreement, are not to pay or allow any Thing towards fuck Lofs. It is further agreed, That if any Difpute fball arife, relating to a Lofs on this POLICY, it fball be referred to two indifferent Perfons, one to be chofen by the Affured, the other by the Affurer or Affurers, who jball have full Power to adjuft the fame; but in Cafe they cannot agree, then [uch two Perfons Jball chufe a Third, and any two of them agreeing, fball be obligatory to both Parties. It is agreed afso between the Affured and Affurers, That in Cafe of Lofs the Money fball not be paid until the Expiration of three Months after Proof is made of the Jame. £200. Two Hunprep Pounps, . . . . . . . . . . . .Jou~n MIFFLIN. £100. One Hunprep Pounps,. . . . . . . . . .Sam: M’CaLL, Jun". £50. Fiery Pounps, . . . o.oo. ooo . Auct Hicks. £100. One Hunprep Pounps for Arce! M’CaLL—Sam: M’CaLt, Jun". B® Jos Saunders. (ENDORSEMENT. ] Joseph Arthur, M" Jrom Philadelphia John Kidd, £450 Goods or Cash, Rec? above Contents, Jos. Saunders. Reg® in Book B, fol. 83, Ship Griffin, to London. INSURANCE COMPANY OF NORTH AMERICA. ACADEMY of Natural Sciences, Mr. Hazard member of, 106. i Addoms, Jonas, partner of Mr. Hazard, 100 Agency fire business, be zinnings of, 65. Agents’ remuneration, 67. Agreement, articles of, Thomas Willing & Co., 23. of nineteen underwriters, 1766, 25. Algerine Corsairs, insurance against capture by, 72. Allibone, S. Austin, his reference to the Hazards, 99. a director of the Company, 127. “ America,” ship, first policy issued on, 47. Arnaud, Anthony, master of brig ** Margarita,” 47. Arthur, Abigail, marries Mr. Hazard, 99. President, approves French Spoliation bill, 58. Askew, J., of London, secures insurance for Wm. Penn, 14. BACHE, Richard, Postmaster General, succeeded by Mr. Hazard, 98. Badges, fire, of the Contributionship and Green Tree, 33. fire, of the North America, 62, 63. Baker, Captain Thomas, insures against capture by Corsairs, 72. Ball, John, father of Joseph, 114. Joseph, of first Board of Directors, 12. on committee to petition Legislature, 35. to arrange claims against France, 54, to consider Algerine poli- cies, 72. to purchase lot and build- ing, 81. is elected President; resigns, 82. becomes Director in Union Mutual In- surance Company, 44 is elected President of Union Mutual Insurance Company, 87. sketch of his life, 114-116. Bank, of North America, office of, 87. organization of, 95, of Pennsylvania, on site of City Tavern, 35. Mr. Nesbitt, an early direc- tor of, 94. Union, of Boston, 9. of United States is insured on money, 47. in Germantown in 1793, 84. Barclay, John, of first Board of Directors, 12. on committee to wait on House, 36. Batsto Iron Works, Joseph Ball manager of, 114. Bayard, Andrew, son-in-law of Col. Pettit, 113, 114. a Director of the Company, 127, Baynton, John, an early Philadelphia underwriter, 20. Belknap, Dr. Jeremy, his correspondence with Mr, Hazard, 99-103, Beynroth, William, first fire policy issued to, 62. Bible Society of Pennsylvania, Mr. Coffin manager of, 121. Biddle, Marks John, conferred with on Reading agency, 66, 67. Biddle, Nicholas, tenant of the Company, 88. Billings, Samuel, rents Company his house in Ger- mantown, 84, Binney, Horace, member of Hand-in-Hand Fire Company, 30, Centennial address on the Contri- butionship, 31. Blight, Peter, a Director, 127. on committee to view new office, 81. his residence, 78. Blodget, Samuel, Jr., promoter of Universal Ton- tine, 10, of first Board of Directors of insurance company, 12, on committee to petition Delaware Legis- lature, 38. on committee to consider fire insurance, 61. on committee on life insurance policy, 73. presents draft of seal which is adopted, 49. sketch of his life, 107-109. Board of Education, Philadelphia, Mr. Coffin member of, 120, Boggs, Robert, first agent at New Brunswick, 66. Bradford & Inskeep, publishers, 117. Samuel F., son-in-law of J. Inskeep, 117. Col. William, hisinsurance office, 21, 22, 26, William, executor of Gen. Reed’s will, 113, Breck, Samuel, a Director, 127. on committee on life insurance policy, 73. on committee to view new office, 81. Breese, Judge, Mr. Hazard married at house of, 99, Bridge, Schuylkill and Pennsylvania, Mr. Hazard member of, 106. Bridgeton, N. J., first agency at, 66. British Captures, 52, 56, 58. Brokers, meeting of underwriters on their compen- sation, 24. claim commission of Company, 49. Brooks, Samuel, son-in-law of J. Inskeep, 117. Brown, John A., a Director, 128. on Building Committee, 1851, 90. Robert, first agent at Greensburg, Pa., 66, Burlington, N. J., agency at, 66. Bustard, John, Jr., first agent at Louisville, Ky., 66, 170 A HISTORY OF THE CaBor and Chandler, architects of office building, 1880, 91. Caldwell, James M., first agent at Wheeling, W. Va., 66. Callender, William, seeks insurance, 17. Canal Company, Delaware and Schuylkill, Mr. Hazard member of, 106. * Cantico,” Wm. Penn’s dull sailer, 14. Captures at sea, British and French, 52. Carlisle, Pa., first agency at, 66. Carlmalt, Caleb, clerk of the Contributionship, 33, treasurer of the Contributionship, 87. Carpenter’s Wharf, insurance offices on, 17, 19. Chamber of Commerce of New York, A. Van Dam its first secretary, 22. Chambersburg, Pa., first agency at, 66. Charleston, S. C., proposal for agency at, 64. Charter and Amendments, 147-162. Child & Stiles, early Philadelphia underwriters, 24, Chillicothe, O., first agency at, 66. Christ Church burying-ground, Mr. Blodget’s grave, 108. Cincinnati, O., first agency at, 66. City Tavern, the new Board mect here, 35. referred to, 85. City Troop, Philadelphia, Mr. Nesbitt member of, 93. Clapier, Lewis, a Director, 128. becomes director in Union Mutual Insurance Company, 44. Clarkson, Matthew, receives application for Green Tree policies, 32. Mayor of I’hiladelphia, 96. Clermont, the residence of Mr. Conyngham, 78, 102. Cline, John Valentine, first porter, 47. messenger in the yellow fever, 80, 84, 85. Clymer, George, member of the Hand-in-Hand Fire Company, 30. Coates, Samuel, son-in-law of Joseph Saunders, 19. Coffin, Arthur G., sketch of his life, 118-121. Dr. William, father of, 118. Tristram, ancestor of, 118. Coleman, William, secretary of African Insurance Company, 88. Collet, Captain John, insured against capture, 72. Contributionship, Philadelphia. (Sce Insurance Companies.) Conyngham, David II., a Director, 128. a notice of, 93. Hon. John N., 95. & Nesbitt, early Philadelphia under- writers, 24, Nesbitt & Co., first policy issued to, 47. their office, 77. members of the firm, 93. Redmond, founder of the firm, 93. Redmond, Jr., witness to Mr. Nesbitt’s will, 95. Cook, John, appointed clerk, 47. Cooke, John, property adjoins Mr. Hazard’s, 79,101. Cope, Francis R., a Director, 122, 128. Thomas P., a Director, 128, rents the Company an office, 89. Copson, John, first insurance in Philadelphia, 15. Coulthard, William, first clerk appointed, 47. his illness, 79. Cowperthwait, Joseph, President Philadelphia In- * surance Company, 90. Cox, James S., President State of Pennsylvania In- surance Company, 86. Col. John, Assistant Quartermaster General to General Greene, 110. owner of Batsto Iron Works, 114. Coxe, William, an early underwriter, 23. Craig, William, receives subscriptions to the Green Tree, 32. Cramond, William, of first Board of Directors, 12. on committee to wait on Senate, 36. rents an office of the Company, 88. Crawford, Edward, first agent at Chambersburg, Pa., 66. Creigh, John, first agent at Carlisle, Pa., 66. Crookshank , Joseph, son-in-law of Joseph Saunders, 19. DALE, Commodore Richard, a Director, 129. becomes a director in Union Mutual In- surance Company, 44. Dallas, Alexander James, on Tontine Committee, 11. drafts constitution for the Company, 38. Dancing Assembly, proposals to build with the Company, 78. Davis, William S., Second Vice-President, 126. De Beaumez, Bon Albert Briois, applies for life in- surance, 73. Delaware Legislature, charter sought from, 38. De Noailles, General, applies for life insurance, 74. Depeyster, Cornelia, marries Matthew Clarkson, 96. De St. Mery, Moreau, his printing office in Com- pany’s building, 82. Dewhurst, John, agent of the Universal Tontine, 10, Directors of the Company, list of, 127-134. thoseservingovertwenty years, 135. Dispensary, Philadelphia, Mr. Hazard member of, 106. Dividends of the Company, 40, 48, 75. Dobson, Thomas, publishes Mr, Hazard’s ** Collec- tions,’ 103. Donnaldson, John, insurance broker, 27. Draper & Co., bank-note engravers, 89. Dudley, Jeptha, first agent at Frankfort, Ky., 66. ELLIS, Charles, first agent at Burlington, N. J., 66. Ellison, Eugene L., Assistant Secretary, 126. Ewing, James, master of ship ** America,” 47. (2) first agent at Trenton, N. J., 66, 68. Exchange, The Philadelphia, 85, 89. Expiration of policies published in newspapers, 68. FarNHAM Heath, birthplace of Joseph Saunders, 19. Farquhar, Edward Y., owner of Farquhar Build- ing, 90, 91. Finances of the Company, 75, 76. INSURANCE COMPANY OF NORTH AMERICA. 171 Finley, Rev. Samuel, President Princeton College, 97, 99. Fire business of the Company, 61-71. Fire engines in Philadelphia, 1739-1752, 28. Fisher, Miers, his residence, 78. Samuel R., his residence, 78. Samuel W., President Philadelphia Insur- ance Company, 86. Fitzsimons, Thomas, a Director in the Company, 129. on committee to consider Al- gerine policies, 72. becomes director in the State of Pennsylvania, 44. President of the Delaware In- ; surance Company, 86. Forde, Standish, a Director in the Company, 129. on committee to wait on Assembly members, 41. Fox, Edward, on Tontine Committee, 11. a stockholder of Company, 139. first secretary of the American Fire, 87. Frame buildings, insurance upon, 62, 64. Francis, Thomas W., a Director, 129. on committee to view new office, 81. Frankfort, Ky., first agency at, 66. Franklin, Benjamin, his first book alludes to insur- ance, 15. member of Philadelphia Con- tributionship, 29. Postmaster General, 98. William, Governor, Chas. Pettit, aide- de-camp to, 109. his removal to Perth Amboy, 110. Frazier, Nalbro, insurance broker, 26. his residence, 78. N. & J., insurance brokers, 26. French Spoliations, claims thereunder, 52-58. Friendly Sons of St. Patrick, Mr. Nesbitt member of, 93. Fritz, Frederick, first agent at Reading, Pa., 67. Fry, John, Jr., a Director, 129. on committee to wait on Secretary of State, 53. to arrange claims, 54. to consider fire insur- ance, 61. to consider life insur- ance policies, 73. Frye, Senator, introduces French Spoliation bill in Senate, 58. Fryer, Greville E., Assistant Secretary and Secre- tary, 126. GARRIGUES, William, fire surveyor appointed, 62. Garrison, John, purchaser of Company’s property, 89. k Germantown, Company moves to, in yellow fever season, 83, 84. Girard College, Mr. Coffin director in, 120. Graydon, Alexander, son-in-law of Col. Pettit, 114. Greene, General, Charles Pettit Assistant Quarter- master General to, 110. Greensburg, Pa., first agency at, 66. Green Tree Insurance Company. (See Mutual Assurance Company.) Griscom, Mrs., her school at Clermont, 78. Guardians of the Poor, Mr. Hazard member of, 106. HAND-IN-HAND Fire Company, 28, 30. Insurance Company. (See Contri- butionship, Philadelphia.) Harbert, Lawrence, second fire policy issued to, 62. Hardie’s Tavern, Mutual Assurance Company meets there, 87. Harrison, George L., a Director, 122, 130. Henry, an early Philadelphia under- writer, 24. Thomas, seeks insurance in Philadelphia, 19. Hartshorne, William, son-in-law of Joseph Saun- ders, 19. Harvard College, Mr. Coffin at, 118, Havens & Smith, Mr. Coffin bookkeeper to, 118. Hay, Jacob, first agent at Yorktown, Pa., 66. Hazard, Anna, dies of yellow fever, 102. Ebenezer, friend of Mr. Blodget, 10. receives subscriptions to Com- pany at his house, 12. is chosen Secretary, 35. writes the first policy, 47. Col. Pettit an intimate friend of, 112. sketch of his life, 96-107. Erskine, son of Ebenezer, 107. Samuel, father of Ebenezer, 96. Samuel, Jr., son of Ebenezer, 100, 107. Thomas, ancestor of Ebenezer, 96. Willis P., grandson of Ebenezer, 107. Heath, Charles P., fire insurance clerk, 85. Heath’s Mansion House, Mutual Assurance Com- pany meets there, 87. Henry, Alexander, a Director, 130. visits Harrisburg on charter amendments, 45. addresses Board on extension of business, 65. friend of Col. Pettit, 113, T. Charlton, Vice-President of Company, 125, descendant of Col. Pettit, 113. Hewlings, Sarah, marries John Inskeep, 117. Hibernia Fire Company, 21, IS, Hibernia Sociely, successor to the Friendly Sons of St. Patrick, 94. Hicks, Augustus, an early Philadelphia under- writer, 19. ’ Historical Society of Massachusetts, Mr. Hazard member of, 106, New York, Mr. Hazard member of, 106. Pennsylvania, its file of underwriters’ MSS. 26, Hoar, Senator, introduces French Spoliation bill in Senate, 57. Hobart, Robert E., insurance broker, 27. Holker, John, applies for life policy, 73. Hollinshead, Forman P., Assistant Secretary, 126, Holmes, Ephraim, first agent at Bridgeton, N.J., 65. “ Hopewell,” not insured by William Penn, 14. 172 A HISTORY OF THE Hopkinson, Francis, member of Hand-in-Hand Fire Company, 30. House of Refuge, Mr. Coffin manager of, 120. Howard, Thomas, first agent at Richmond, Ind., 66. Hubbell, Capt. Samuel, insures against capture by pirates, 72. Hunt, Jesse, first agent at Cincinnati, 66. INCENDIARISM, Reward offered for apprehension, 64. Independence Hall, meeting of Tontine subscribers at, 11. the Company here organized, 13. Ingersoll, Jared, marine policy submitted to, 49. executor of General Reed’s will, 113. marries daughter of Col. Pettit, 114. Inskeep, Abraham H., son of President Inskeep, 117. John, President, sketch of his life, 116, 117. visits Harrisburg on charter amend- ments, 44. John, of Bradford & Inskeep, 117. INSURANCE COMPANIES: African, organized, 88. American, Boston, 60. American Fire, Philadelphia, incorporated, 87. Associated Underwriters’, New York, 60. Atlantic, 59. Chambersburg, 155. Columbian, New York, 60. Commercial, New York, 60. Contributionship, origin of, 17. organization, 28. first office, 18, 29. second office, 87. Hand-in-Hand its popular name, 31, 33, fire badge of, 33. Delaware, 59, 86, 88. Delaware Mutual, 160. Eagle, New York, 60. Firemen’s, New York, 60. Knickerbocker, New York, 60. Marine, 59. Marine, New York, 60. Marine and Fire, 87. Maryland, conferred with on claims against France, 56. Mutual Assurance Company. origin and organi- zation, 31, 34. David Lewis, treasurer of, 20. its office, 87. Mutual Assurance Company, New York, 60, New York, New York, 60. Ocean, New York, 60. Pelican, of London, 68. Philadelphia, 59, 86. incorporated 1852, 90. Phenix, 59, 65, 85, 86, of London, 67, 68, of New York, 60, Royal, its Philadelphia office, 91. State of Pennsylvania, origin of, 43. incorporation, 44. conferred with on claims against France, 54. INSURANCE COMPANIES: State of Pennsylvania, H. D. Sherrerd, Presi- dent of, 126. refercuces to, 60, 86. Sun Mutual, New York, 60. Union, incorporation, 44, 115. references to, 60, 65, 87, 160. United, New York, 60. United States, 59, 87. ‘Washington, 156. Washington Mutual, New York, 60. JaMEs & Drinker, early Philadelphia under- writers, 24. Jennings, John, first Clerk of the Green Tree, 32, 34. Jones, Aquila, early Philadelphia underwriter, 24. Samuel W., a Director, 130, 135. on building committee, 1851, 90. Capt. William, first President American Fire, 87. Judah, Abraham, early Philadelphia underwriter, 24. KEAN, Mrs. Mary, rents Company an office in yel- low fever season, 83. Keim, George, has the first Reading policies, 67. Keimer, S., publishes Mr. Rawle’s book, 1725, 15. Kidd & Bradford’s insurance office, 21, 22, 26. John, his policy from Joseph Saunders’ office, 19, an early Philadelphia underwriter, 23. Knox, General, appoints Mr. Hazard one of ap- praisers on West Point, 100. LATIMER, George, President of the Union Insur- ance Company, 115. Leamy, John, member of the first Board, 13. on committee to provide offices, 36. on committee to wait on the Senate, 36. the third policy issued to him, 47. President Marine and Fire Insurance Company, 87. Lee, Peter, first agent at Washington, Pa., 66. Lewis, David, President Phenix Insurance Com- pany, 20, 86. his residence, 77. Mordecai, son-in-law of Joseph Saunders, 19. his residence, 78. Lexington, Ky., to extend fire business there, 65. the first agency at, 66. Levy, Moses, sells his residence to American Fire Insurance Company, 87. Lightfoot, Thomas and William, early under- writers, 24, Life business of the Company, 72-74. Lines on marine risks, 52. Livingston, Gov. William, Col. Pettit aide-de-camp to, 109. Logan, James, on William Penn’s insurances, 14. of Stenton, 29. his daughter marries Hon. John Smith, 30, INSURANCE COMPANY OF NORTH AMERICA. 173 London, the great fire of 1748, 31. Coffee House at I’hiladelphia, 21. Loss, first marine, 48. Lottery tickets insured, 18. Louisville, Ky., the first agency at, 66. MACKIE, Thomas, the Company rents its first office of, 36. Magdalen Society, Mr. Coffin manager of, 120. “ Margarita,” brig, third policy issued on, 47, Marine business of the Company, 47-60. policy drafted, 36. Maris, Matthias, Secretary, 126. Masson, A., builder of Company’s building, 1851, 90. McCall, Archibald, a director, 131. an early underwriter, 19. becomes director in the State of Pennsylvania, 44. Samuel, Jr., an early underwriter, 19. Thomas, first agent at Lexington, Ky., 66. McConnell. Matthew, member of the first Board, 12. on Tontine Committee, 11. McCoy, John, first agent at Chillicothe, O., 66. McDowell, John, first agent at Steubenville, O., 66. McKeever, Capt. John, rents his building to Com- pany, 85. McMurtrie, William, a Director, 131. on committee to consider poli- cies against piracy, 72. Meade, George, applies for life insurance, 74. Mease, Dr. James, rents office from Company, 82, Merchants’ Fund, Mr. Coffin manager of, 120. Meredith, Jonathan, an early underwriter, 19. Reese, his wharf, 17. William, the Company buys his property, 86. Mifflin, John, an early underwriter, 19, 24. owner of first office of Company, 36. Samuel, an early underwriter, 24. Miller, Magnus, member of first Board, 12. on committee to prepare table of rates, 36. on committee to wait on the Gover- nor, 36. Montgomery, Thomas H., elected treasurer, 126. Moore, Thomas L., member of first Board, 12. on committee to provide offices. 36. on committee to wait on Senate, 36. William, an early underwriter, 21. Morris, Robert, an early underwriter, 23, organizes Bank of North America, 95. Joseph Ball interested in his finan- cial plans, 115, Thomas, son-in-law of Joseph Saunders, 19. Morse, Samuel, F. B., related to Mr. Hazard, 99. Morton, John, his residence, 78. Moylan, Jasper, member of first Board, 12. agent of the Universal Tontine, 10, on committee to petition Legisla- ture, 35. on committee to wait on Gover- nor, 36. his residence, 77. Murray, James, a clerk, ill, 84. special compensation for faithful services, 85. Mutual Assurance Company. (See Insurance Com- panies.) NASHVILLE, Tenn., first agency at, 66. Neff, John R., a director, 131. on building committee 1851, 90. Nesbitt, Alexander, member of City Troop, 93. James, legatee under Mr. Nesbitt’s will, 95. John M., agent of the Universal Tontine, 10. suggests making the Tontine an insurance company, 11. member of the first Board, 12. elected President, 35. on committee to consider pro- posals of Assembly, 78. on committee to purchase lot and building, 81. his residence, 77. sketch of his life, 93-95. Neutrality proclamation of Washington, April, 1793, 53. New Brunswick, N. J., first agency at, 66. New York insurance companies, 60. Nixon, Col. John, an early underwriter, 24. Noel, Garrett, partner of Mr. Hazard, 97. OFFICES of the Company, 77-91. hours adopted, 51. Oldman, Samuel, an early underwriter, 24. Otis, Samuel A., correspondent of Mr. Harvard, 101, Owen, Robert, second clerk of the Contribution ship, 18. PALMER, John B., treasurer Mutual Assurance Company, 87. Pancoast, Mary, marries John Saunders, 19, Paschall, Benjamin, his Second street building, 86. Peale, Charles, WW. paints Col. Pettit’s portrait, 114. Pemberton, Rev. Ebenezer, married Mr, Hazard’s parents, 96, Israel, his residence, 17. James, 17. Penn, William, insurances on his vessels, 14, Pennell, Joseph, etches first office building, mn. Pennsylvania Company for Insurance on Lives organized, 74. Perpetual policies authorized, 70. Peters, Richard, anecdote of, 94. executor of Mr, Nesbitt's will, 95. Pettit, Andrew, a director, 113, 114, 132. Col. Charles, member of first Board, 12. on committee to prepare table of premiums, 36. on committee to wait on House, 36. on committee to wait on Assembly members, 41. on committee to consider pro- posals of Assembly, 78, on committee to purchase lot or building, 81. sketch of his life, 109-114. John, father of Charles. 109. Pierce, President, vetoes French Spoliation bill, 57. 174 A HISTORY OF THE Philips, John, receives subscriptions to the Green Tree, 32. Phillip’s Academy, Mr. Coffin pupil at, 118. Philosophical Society, American, Mr. Hazard cura- tor of, 106. Platt, Charles, sketch of his life, 121,122, William, & Sons, 121. William A., Second Vice-President, 126. Pleasants, Israel, President United States Insurance Company, 87. Point-no-Point road, Mr. Ball’s residence on, 115. Policy, marine, drafted, 36. first issued, 36. first fire, issued, 62, first life, issued, 72. Polk, President, vetoes French Spoliation bill, 57. Porter, Cyrus, treasurer African Insurance Com- pany, 88. Post office, Mr. Hazard postmaster general, 98, 103. Prager, Michael, member of first Board, 12. Pratt & Dundas, tenants of the Company, 88. Premiums, marine competition affecting, 25. table of marine, to be prepared, 36. time for payment of, 50, by decades, marine and fire, 163, 164. Presbyterian Board of Missions, Mr. Hazard mem- ber of, 106. Presbyterian, Second, Church, of Philadelphia, Mr. Hazard member of, 105. Presbyterian, First, Church, of New York, Mr. Hazard member of, 105, Price’s tables for life insurance employed by Com- pany, 74. Princeton College, Mr, Hazard graduate of, 97. Proposals for fire insurance prepared, 61. distributed through the city, 63. Protection to property at fires, society for, 65. Purviance, Samuel, an early underwriter, 24. RALSTON, Robert, a Director, 132, on committee to memorialise Delaware Legislature, 38. on committee to wait on Assembly members, 41. on committee to wait on Secre- tary of State, 53. on committee to arrange claims, 54. Secretary writes him of removal of office, 83. his residence, 78. his wife a cousin of Mr. Hazard, 104, Randolph, Joseph, first president of African Insur- ance Company, 88. Rawle, Francis, suggests insurance offices, 16. Read, James, a Director, 132. on committee on extension of fire business, 66. Reading, Pa., first agency at, 66, 67. Redwood, William, son-in-law of Joseph Saunders, 19. . Reed, Andrew, daughter marries Col. Pettit, 113. Gen. Joseph, Col. Pettit executor of, 113. & Pettit, early underwriters, 24, 113. Reeve, Hannah, marries Joseph Saunders, 19. Peter, an early underwriter, 24. Reeves, Charles H., Assistant Secretary, 126. Reily, John, insures lottery tickets, 18. Remsen, Henry, otf New York, writes Mr. Hazard on life insurance, 74. Respondentia, loans on, 52. Reward for detection of incendiarism, 64. Richards, Benj. W., Mayor of Philadelphia, 116. Riché€, Thomas, his policy in Wharton’s office, 20. Shee’s office, 21. Richmond, Ind., first agent at, 66. Ritchie & Co , of Canton, Mr. Platt in their house, 121. James S., witness to Mr. Nesbitt’s will, 95, Rockwood, Ebenezer, marries Elizabeth Hazard, 107. Ross, Andrew, first agent at Washington, D. C., 66. John, member of first Board, 12. on committee to prepare table of pre- miums, 36. to provide offices, 36. to wait on House, 36 owner of Custom House building, 77. Rules for conducting marine business adopted, 49. Rush, Benjamin, M. D., member of Hand-in-Hand Fire Company, 30. ST. ANDREW'S CHURCH, Mr. Coffin warden of, 120. St. Patrick, Friendly Sons of, 93. St. Paul’s Church lottery tickets insured, 18. Sansom, William, a Director, 79, purchases the Hazard mansion, 100. Saunders, Joseph, his insurance offices, 17-19. first clerk of the Contribution- ship, 18. sketch of his life, 19. Saving Fund Society of Philadelphia, its building, 91. Schuylkill Navigation Company, Mr. Hazard, author of proposals for, 106. Scott & McMichael, early underwriters, 24. Seal of Company adopted, 49, Seamen’s Friend Society, Mr. Coffin manager of, 121. Sergeant, Jonathan D., classmate of Mr. Ilazard, 97. Sherrerd, Henry D., Secretary of the Company, 126. Shoemaker & Berrett, insurance brokers, 27, Jacob, insurance broker, 27. Shute, Attwood, an early underwriter, 23, Shee, Bertles, associated with his brother, 21, Walter, insurance oftlice, 20. Simpson, Henry, his Lives of Eminent Philadel- phians, 94. Smith, John, his MS. journal, 17. founder of Contributionship, 29-31, John C., sketch of his life, 117-118, Robert, a Director, 133. on committee to wait on Secretary of State, 53. Samuel, historian of New Jersey, 29. Samuel F., President Philadelphia Bank, 118. Widow, Van Dam’s office in her house, 22, William, M. D., father of John C., 117. William, D.D., Provost, father-in-law of Samuel Blodget, 10,108, INSURANCE COMPANY OF NORTH AMERICA. 175 Smith, William, D.D., Provost, member ofthe Hand- in-Hand Fire Company, 30. Spanish captures, 58. Stedman, Alexander, an early underwriter, 23. Charles, an early underwriter, 23, Stephens, Robert L., Secretary, 105. reports to Stockholders, 68, remains in city during yellow fever, 84. additional compensation for faithful services, 85. Steubenville, O., first agency at, 66. Stewart, General Walter, agent of the universal Tontine, 10. member of first Board of Directors, 12. on committee to petition Legislature, 35, 36. on committee to petition Delaware Legisla- ture, 38. on committee to wait on Assembly members, 41. Stockholders, list of original, 137-146. Strettell, Amos, an early underwriter, 24, Stuart, Gilbert, paints Col. Pettit’s portrait, 114. Swanwick, John, member of first Board, 13. on committee to consider fire in- surance, 61. Symonds, M., her store on Chestnut street, 18. TATE, William, first agent at Nashville, 66, Taylor, James, a Director, 133. on committee on extension of busi- ness, 65. John, insurance broker, 27. Robert, son-in-law of Mr. Inskeep, 117. Tennent, Rev. Gilbert, baptizes Mr, Hazard, 96, 97. Term Insurance, fire, rates for, 62. Thomson, Charles, writes about Mr. Hazard, 100. his translation of bible revised by Mr. Hazard, 105. Tilghman, Chief Justice, member of the Hand-in- Hand Fire Company, 30. William, marine policy submitted to, 49. Todd, Alexander, leases office from Company, 81. Tontine, Boston, 9. Universal, 9-11. changed into Insurance Com- pany, 11, Tousard, Colonel, applies for life insurance, 73. Trenton, N. J., agency at, 65. Troop, First City, Mr. Nesbitt member of, 93. UNDERWRITERS, early Philadelphia, their number 39. list of, 165, 166. Underwriting, early fire, in Philadelphia, 28-34. early marine, in Philadelphia, 14-27, referred to in petitions to Assembly, 37, 39, 42. Union Benevolent Association, Mr. Coffin manager of, 120, University of Pennsylvania, Dr. Smith provost of, 108, Mr. Platt alumnus of, 121. VAN Dam, Anthony, of New York, his insurance office, 22, Vaux, Mrs. George, owns the Hazard property, 79, 101. : Vermilye, Thomas, Esq., D.D., son-in-law of Mr. Hazard, 107. WALKER, Alexander M., Assistant Secretary, 126. Washington, General, his letter to Judge Peters, 94. Mr. Hazard’s address to, 103, Mr. Blodget on his staff, 107. D. C., founded by Mr. Blodget, 108. first agent at, 65. Pa., first agency at, 66. Watson, John F., rents office after Company, 86. Wells & Morris, fire policy No. 7 issued to, 63. West, Francis, a Director, 134. his residence, 78. executor to Mr. Nesbitt's will, 95. Westcott, Thompson, account of the Hand-in-Hand- Fire Company, 30. Wharton, Isaac, insurance broker, 20. his office, 77. Robert, receives applications for Green Tree, 87. Samuel Lewis, insurance broker, 20. Thomas, insurance office, 19. and Isaac,dnsurance office, 20. and John, insurance brokers, 20, 88, Wheeler, Gervase, architect of Company's build- ing, 1851, 90. Wheeling, W. Va., first agency at, 66. White, Bishop, member of Hand-in-Hand Fire Company, 30. pays additional premium for plant- ing trees, 33. Col. Thomas, his letter to Thomas Harri- son, 19, Whitefield, Rev. George, organizes Second Presby- terian Church, 98. Whitesides, John, fire policy No. 6 issued to, 62. Wilcocks, John, an early underwriter, 24. Williams, Gen. Jonathan, friend of Col. Pettit, 112, writes his obituary, 113, Willing, Morris & Co., early underwriters, 24. Thomas, an early underwriter, 23, & Co., early underwriters, 23. Wilson, Hon. James, member of Hand-in-Hand Fire Company, 30. Womrath, Mr., purchases the Hazard property, 79, 101, YELLOW fever in Philadelphia, and office arrange- ments, 78-80, 83, 84, 101, Yorktown, Pa., first agency at, 66. Young, Samuel, first Surveyor of Company, 47.