LIBRARY University of California. GIFT OK Class V'Mlft' ^-yP cy^ Y or THe ^ \ -'""PiMHMiiiPliipi ^'■ " lF' W!P P'K! " ' . ' im 11! " i ' "J^ ff l ■Spipi SEVENTY-FIVE YEARS OF CORPO- RATE EXISTENCE 1825— 1900 A PAPER READ BE- FORE THE BOARD OF DIRECTORS OF ^^THE PENNSYLVANIA FIRE INSURANCE COM- PANY" OF PHILA- DELPHIA. MARCH FIFTH, igoo < \ B H A K P- OF THE UNIVERSITY iPtintctr itsx l^ribate (ff itculation r^'^% ^^^D.^^ if r cj>' .li Of this Paper but one hundred copies were privately printed and the types dis- tributed. Each copy is numbered and signedy and this bookjs No. 120597 The First Advertisement of the Corporation as it appeared in the Annual Advertiser^ as printed in prefix to l^he Philadelphia Direc- tory and Strangers^ Guide, being the first issue of that publication in April, 1825. Thomas Wilson, Editor. Printed for Thomas Wilson and Wm. D. Vanlaun. John Bioren, Printer. I I J., jvwmmmmm ANNUAL ADVERTISER. 3ST^^4Ji^si[©:^ wmmw^mm m^s sm; THE PENNSYLVANIA FIRE INSURANCE COMPANY, Cai[^ita\ ^ 400, 000, CHARTER PERPETUAL. HAVE OPENED THEIR OFFICE AT NO. 134, WALNUT ST. BETWEEN FIFTH & SIXTH S'^S. Where they will make Insurances on the most moderate terms, on Houses, Manufactories, or other Buildings, and on Goods, Wares and Merchandise therein ; and on Sliips, or Vessels upon the stocks, building or repairing, or at moorings, or laying in port, and on Goods, Wares, Merchandise, and Effects therein, and on Hay, Grain and other Agricultural Products in barns, stacks or otherwise ; and generally upon all kinds of buildings, and upon Goods, Wares and Merchandise, on the land or lying in port. As the charter of of the Company is made perpetual, they will make either i^ermanent or limited Insurances on Houses or Barns and other Buildings of brick, or stone, as may be required. Orders for Insurance from any part of the United States, accom- panied by an accurate description of the property, will be prompt- ly attended to. JONATHAN SMITH, Secretary % officers of the Corporation 1825 PRESIDENT ROBERT A. CALDCLEUGH Jonathan Smith R. A. Caldcleugh William Boyd Thomas Kittera BOARD OF DIRECTORS Named in the Charter Henry Toland David Correy Paul Beck, Jr. John H. Stevenson John R. Neff SECRETARY JONATHAN SMITH SURVEYOR JOHN O'NEILL officers of the Corporation 1900 R. DALE BENSON President, 1890 JOHN L. THOMSON W. GARDNER CROWELL Vice-President, 1890 Secretary, 1890 CHARLES W. MERRILL WM. J. DAWSON Assistant Secretary, 1890 Secretary, 1895 J . Agency Department GEORGE TUCKER BISPHAM Solicitor, 1889 BOARD OF DIRECTORS Edwin N, Benson, 1878 Richard M. Cadwalader, 1890 R. Dale Benson, 1882 Effingham B. Morris, 1890 J. Tatnall Lea, 1888 John L. Thomson, 1890 C. W. Weygandt, 1889 Charles E. Pugh, 1894 Harry F. West, 1896 Seventy-Five Years of Corporate Existence Seventy-five Years of Corporate Existence fire Xnsurance Company ^i^^HE Act of the Legislature of the State of Pennsyl- Cbe £/ vania in General Assembly met, incorporating The P^^nsyivama ^^^ Pennsylvania Fire Insurance Company, was signed by Joel B. Sutherland, Speaker of the House of Representa- tives; William Marks, Speaker of the Senate; and approved by the Governor, J. Andrew Shulze, on the 26th day of Jan- uary, 1825. Therefore, in this year, 1900, the closing of the nineteenth century, the Corporation will round out the seventy- fifth year of its corporate existence. The Capital Stock was $200,000, with the privilege of increasing the same to $400,000. The Charter provides for perpetual succession, with the other usual corporate rights and provisions, except in that real estate was to be owned only to the extent that may be necessary to accommodate its business, or that shall be taken and held in security for the payment of debts due the Corporation. This is further restricted in that the clear yearly income of the said real estate shall not at any time exceed the sum of $10,000. It was provided that the Board of Directors should consist of nine members ; that the first Directors shall be Jonathan Smith, R. A. Caldcleugh, William Boyd, Thomas Kittera, Henry Toland, David Correy, Paul Beck, Jr., John H. Stevenson, and John R. Neff, who were to hold office until the first Monday in September, 1825. The President was to be elected by the Directors, and to be one of their number. The number of votes that a tabulated and specified number of shares of the Capital Stock should vote at an annual election was prescribed by the Charter, and the maximum number of votes cast by any stockholder was limited to twenty-five. Seventy-five Years Che While it was provided that the Corporation may employ pennsylvama ^nd improve the Capital Stock, it may not construe the Act to fire Xtisurancc ^^^ ^j^^ funds of the Institution for banking purposes. The underwriting is restricted to loss or damage upon risks by fire on land or vessels lying in port. It is provided that the President and Directors shall meet on the first Monday of September and March each year to declare and divide so much of the profits as to them shall appear advisable. No dividends shall be declared if an impairment of the capital shall appear to exist, and the President or such of the Directors in their individual capacity as shall consent to a declaration of dividend under such conditions shall be account- able for and pay over to the Corporation "as much money " as they may so divide and pay more than by this Act they " are authorized to do ; and the President and each Director " of said Corporation in office at the time of making such " dividend hereby prohibited to be made, shall be deemed as " consenting to such dividend, unless he or they shall, at the " time of making such dividend, be absent from the Board " of Directors, or, if present, shall immediately enter his pro- " test on the minutes of the Board of Directors, and also " give notice thereof in two or more newspapers published "in Philadelphia." A provision of the original Charter enacted that "no person, directly or indirectly, shall be holder of or owner of more than one hundred shares of the Capital Stock of the Corporation, and further that holders of or owners thereof must be citizens of or residents in the United States, and any transfer made to other than citizens of the United States, such transfer shall be to all intents and purposes null and void." 10 The Pennsylvania Fire Insurance Company Fac- Simile of the Corporate Seal as adopted by the Board of Directors February Fourth 1825 of Corporate Existence A Supplement to the Charter, approved the 14th day of ^^ April, 1859, repealed so much of the Charter restricting the P*""*^^^"^ holding: of the individual owner to one hundred shares of the J^ "»ut^n«< ^ Company Capital Stock. The original capital was subscribed by one hundred sub- scribers taking twenty shares each, and the payment was made by installments. A list of the said subscribers is appended. The office of the Corporation was located at its present site, known then as No. 1 34 Walnut Street, being the dwelling house of Jonathan Smith, one of the incorporators. At the first meeting of the Board of Directors, held February 4, 1825, an annual rent of $500 per annum was authorized to be paid for such part thereof as may be required for office purposes. A Committee was appointed to make such alterations as may be necessary, and to prepare and provide such books and stationery and furniture as may be deemed requisite. The President and Secretary were authorized to procure a Seal for the Corporation, with a suitable device. At this meeting, the first President, R. A. Caldcleugh, was elected ; and Jonathan Smith resigned as Director and was appointed the first Secretary of the Corporation. The records exhibit that while a limited number of policies, under the form of perpetual insurance, were bound or recorded, and a number of engagements for temporary insurance were bound by the records of the Application Book, in each case signed by the insured, the books of record of the Corporation do not seem to have been formally opened until the first day of April, 1825. Perpetual policy No. i was dated March 7, 1825, issued to James Y. Humphreys, and covered on a brick house and II Seventy-five Years Che card manufactory situated at 86 South Front Street, Philadel- penmylvania phia, for $2,ooo, at 2^ per cent., deposit ^50. This policy- was cancelled April 2, 1846, and is framed and hangs upon the fxrt Xnsurance Company walls of the present office building. Temporary policy No. i was dated February 18, 1825, issued to James Wood, and covered "goods usually kept in " Dry Goods Stores, including Household Furniture and Linen, " Cotton in Bales, Coffee, Flour, Indigo, Pot Ash, Raw Sugar, "Teas, Spices, Paints ground in oil, Threshed Grain, Book- " sellers stock, China, Glass and Earthenware, in packages and " unpacked, Spirituous liquors, Jewelry, Watches, Pictures and "Prints, and Salt Petre," contained in a Brick Store "No. 32 " South Front Street, occupied as an Auction Store, the goods " the property of James Wood, on his own account, as well as " on consignment or storage." Amount of policy ^10,000, premium 40 cents per ^100 or $40, charge for policy ^i, making ^41 for the term of one year. The following incidents in the history of the Corporation, are abstracted from the minutes of the Board of Directors, and are noted as matters of interest. The dates given are those upon which the meetings of the Board of Directors were held : February 12, 1825. — John O'Neill was elected the First Surveyor of the Corporation. Secretary presented form of advertisement informing the public the Corporation was ready to make insurance. Account was opened with the Farmers* & Mechanics' Bank. February 17, 1825. — Consideration given to the propriety of fixing the amount of individual expenses to be charged in cases of permanent insurance. Resolution adopted "That the lowest charge in any case shall be three dollars, and the 12 of Corporate Existence highest not more than fifteen dollars, and that the charges Chc between these sums shall be made at the discretion of the Pcntisylvanu President and Secretary." Surveyors to charge $2 for each ^^^ Imurance Company survey. Meetings to be on Thursday each week at 4.00 p.m. March 31, 1825. — Jonathan Smith, as Agent for the Stockholders, allowed ^750 for compensation and expenses in obtaining the charter of incorporation. June 30, 1825. — Secretary reported a demand filed by John Struthers for loss by fire under his policy No. 22, for ^2,000, covering stock of marble, and frame building, on south side of Market, between Tenth and Eleventh Streets. Claim settled for ;5^ 1,000 on marble and $350 on frame shed. March 6, 1826. — Day and hour of meeting changed to the first Monday in each month at 3 p.m. April 3, 1826. — Second installment on capital stock of $20 called, payable May loth. September i, 1826. — Loss reported from Petersburg, Va. September 'i^, 1827. — Finance Committee report Profit and Loss Account, ^6,002.71. March 3, 1828. — First Dividend declared of 5 percent., payable on demand, and installment of ^20 per share called. September 7, 1829. — Hours of meeting changed to 7.00 p.m. February i, 1830. — Total loss of jj^ 10,000 reported on Oil Mill and contents, Greenwich, N. J. 13 Seventy-five Years ^^ May 8, 1834. — Authorized loan of ^20,000, to City and pdimylvania q^^^^ ^f Philadelphia, to build a prison. fxrt Xnsurance Company September 8, 1835. — Jonathan Smith elected President, in place of R. A. Caldcleugh, who declined re-election. Beaton Smith appointed Secretary. February 6, 1837. — Balance of capital, ^50 per share, called to be paid March i, 1837. January 11, 1838. — Property No. 134 Walnut Street, pur- chased at ^22,500. Committee appointed to alter and repair building. At this time the present front of the building was erected, in white marble, of the Egyptian style of architec- ture, probably the only example now existing in the City of Philadelphia. The Committee in charge of the alterations was composed of the following gentlemen : Thomas Kittera, R. A. Caldcleugh, Quintin Campbell, Alexander Benson, and William Montelius. October 21, 1839. — ^Special Meeting called to devise means to raise funds to meet the demands made on the Corporation in consequence of the fires of the 4th and 5th inst. on the wharf. December 10, 1839. — Resolutions adopted on the death of Jonathan Smith, President. Quintin Campbell elected President. April 9, 1842. — Special Meeting convened to consider the subject of an increase in the rates of insurance. " Resolved that 30 cents be hereafter the minimum premium on mer- chandise in Philadelphia." May 2, 1842. — A Committee, consisting of the President and Solicitor, was appointed to confer with other offices on the subject of uniform policies. 14 of Corporate Existence February 2, 1846. — Tariff rates were adopted. A revised Che tariff of minimum rates on merchandise in the City of Phila- P^^^sy^^ni* delphia and adjoining districts, was adopted. "^^'"^ Insurance Company September 7, 1847. — The office hours of the Corporation were fixed at 9 a.m. to 3 p.m. March 6, 1848. — A gratuity of $500 each was directed paid to the President and Secretary as a compliment for their attention to the business of the office. March 5, 1849. — ^ gratuity of $500 each to the President and Secretary, and $250 to the Surveyor. March 7, 1849. — The consideration of the application of the Pennsylvania Railroad Company for a subscription to their stock was postponed until the next meeting. yune 4, 1849. — The President authorized to subscribe for 100 shares Pennsylvania Railroad Company on behalf of this Corporation. President authorized to sell ^11,000 United States loan and to reinvest proceeds in the Western Bank Stock. December 4, 1 850. — An application from the Pennsylvania Railroad for additional subscription was submitted, and on motion it was agreed to subscribe to thirty additional shares. March Of, 1850. — Gratuity awarded to the President and Secretary of $500 each, and $250 to the Surveyor. June 3, 1850. — Application from the Pennsylvania Rail- road for a further subscription was laid on the table. August 5, 1850. — President authorized to confer with the 15 Seventy-five Years Che officers of other Fire Insurance corporations on the subject of pcimsylrania excepting saltpetre in policies of insurance, ^irc Xnsurancc ompany September 3, 1852. — On motion, "Resolved, That a roof of tin be placed on the building occupied by the Corporation." December 6, 1852. — A circular from a Committee of New York underwriters on the subject of a change in the price of fire insurance, was read and laid on the table. June 6, 1853. — Quintin Campbell, President, resigned and Jonathan Smith elected to succeed him. September 3, 1853. — On motion, "Resolved, That the front of the house occupied by this Company be cleaned." June 2, 1854. — " Resolved, That a Finance Committee be appointed ; whereupon Messrs. Benson and Robins, in connec- tion with the President, were appointed upon said Committee." October 2, 1854.— William G. Crowell employed as Clerk at a salary of $800 per annum. December 4, 1854. — A very satisfactory trial of Mr. Crowell's suitableness having been made, his salary was raised to $1,000 per annum from the commencement of his engage- ment. April"], 1856. — "Resolved, That the officers be directed to limit the amount of risks on Cotton and Woolen Factories and Printeries to $5,000." May 5, 1856. — ^The President having stated that by a fire which had occurred on the ist instant the Company had sus- tained considerable loss, the Finance Committee was directed 16 of Corporate Existence to provide the funds necessary for their liquidation when Zht adjusted. Pennsylvania •fire Xnsurance Marck I, 1858.— Applications read from the Philadelphia ^^"'P*">' Hose Company and Hope Hose Company, for aid in pro- curing steam fire apparatus, was read and referred to the Officers with power to act ; subscriptions to such not to exceed $250. September 2, 1859. — The President was authorized to cause certain alterations to be made to the office, according to plans submitted to the Board. May 6, 1861. — Real Estate owned and occupied by the Company reduced to $30,000, and balance, $11,150.96 carried to Profit and Loss Account. November 4, 1861. — Five hundred dollars subscribed May 24, 1 86 1, to the Committee on Public Safety, to be charged to Profit and Loss Account. February 3, 1862. — One hundred dollars appropriated to "Gray Reserves." November 3, 1862. — Two hundred dollars donated to the Cooper Shop Refreshment Saloon. December i, 1862. — United States stamps to be placed on policies without charge to the assured. March 2, 1863. — Committee appointed to take into con- sideration the propriety of increasing the Capital Stock of the Corporation. March 11, 1863. — Capital Stock increased to $400,000; 17 Seventy-five Years Che ^200,000 dividend declared, and the same applied to the pcntisylwma payment of subscriptions. ^irc Itisuratiec ompany July 6, 1 863. — President directed to subscribe to the amount of ^1,000 to different organizations for military purposes. September /^, 1863. — President reported he had donated to Merchants' Regiment ^250, League Regiment $350, Coal Regi- ment 5^200, Commercial Exchange Regiment $200. April, 1864. — John L. Thomson entered the service of the Corporation as clerk. June ^, 1865. — One hundred dollars appropriated to insure $5,000 on Gen. U. S. Grant's house, No. 2009 Chestnut Street. July 16, 1865. — Announcement of the death of President Jonathan Patterson. Daniel Smith, Jr., elected to succeed him. February i, 1867. — Account of Corporation was opened with the Philadelphia 'National Bank, and closed with the Farmers' & Mechanics' National Bank. This account is still in the former bank at this time. August 2,0, 1867. — Officers directed to appoint an Agent in the city of New York for the purpose of effecting insurance in the cities of New York and Brooklyn. September 4, 1867. — J. Montgomery Hare appointed law- ful attorney for service of process in the State of New York. May I, 1 87 1. — One hundred and fifty dollars donated to the Fire Patrol to procure gum coats for the men. October 2, 1871. — It was "Resolved, That the Officers of 18 of Corporate Existence this Company be hereby authorized to form agencies wherever they may, in their judgment, approve." (The Chicago fire occurred on October 7, 1871. The number of buildings estimated as destroyed was 18,000. The number of people rendered homeless 100,000, little less than one-third the population of the city. Value of property de- stroyed estimated at $150,000,000, being over half the assessed value, and three-fourths the actual value of all the property, real and personal, in the city at that time. The loss of life is estimated at several hundred.) November 6, 1871. — Secretary reported to have visited and placed a large number of agencies. pcntisylvama fxrt Xnsurance Company December 4, 1871. — Similar report. January 3, 1872. — Similar report. February 5, 1872. — Authority given by the Board to write on Coal Breakers at 3^ per cent, per annum, and not to exceed $2,500. At the same meeting Foster and Cole were appointed Agents for New England. April I, 1872. — J. F. Downing takes charge for this Com- pany in Ohio, Michigan, Missouri, Kentucky, and Indiana. September 21, 1872. — Agency established in Chicago, 111., and William H. Cunningham appointed Agent. January 15, 1873. — At a special meeting of this Company the President reported an impairment of the Capital Stock by the Boston fire, which proved to be of about 50 per cent. On motion of Mr. J. G. Fell it was " Resolved, That it is expedient that the Capital Stock of this Company shall be made whole." On motion, it was " Resolved, That the Officers of the Com- 19 Zhc Pcnnsytvama ^rc Insurance Company Seventy-five Years pany be authorized and instructed to solicit from the Stock- holders a pro-rata assessment sufficient to make the capital up to the full amount of $400,000." On motion, it was "Resolved, That, in pursuance of the foregoing resolution, an assessment of $50 per share be made on the Capital Stock, payable in notes on demand, with satisfactory security." February 3, 1873. — President Daniel Smith, Jr., resigned. February 10, 1873. — John Devereux elected President. March 3, 1873. — Directors recommend reduction in salary of the Officers and Employes of the Corporation until such time as the Capital is fully reinstated, the obligations of the Stockholders returned, and the resumption of regular dividends by the Corporation. February 8, 1875. — The following preamble and resolu- tion was offered : " Whereas, a Special Meeting of the Direct- ors of this Company was held on the 15th day of January, 1873, and it was resolved tbat an assessment of $50 per share be made on the Capital Stock, payable in the notes of the several Stockholders, on demand, with satisfactory security. Resolved, That the President of this Company be authorized to return to the said Stockholders the notes and securities above received." June 14, 1875. — Two rooms in building No. 508 Walnut Street rented for office purposes. March 8, 1875. — Dividend of 5 per cent, declared, thereby resuming the payment of dividends that were suspended after the great fire in Boston in November, 1872. September 6, 1875. — '^^^ fiscal year of the Corporation had 20 of Corporate Existence CompAiiy always terminated heretofore in the accounting on the 31st of Cbc August, the Annual Meeting of the Corporation being held on Pen^syi^nia the first Monday in September each year. On this date the t^^ Ins"*^"** year was made to terminate, so far as the accounting was con- cerned, on the 31st of July, owing to the difficulty in securing the accountings from the Agency Department in time for the Annual Statement to the Stockholders, and that custom is still being followed out. The Annual Report made to the Stock- holders on this date calls attention to the Fiftieth Anniversary of the Corporation, and in this Report it is stated : In Insur- ance circles the losses by fire during the first six months of 1875 are estimated as having been fully as great as the losses of the whole of the previous year (1874). Notwithstanding the con- tinued stagnant condition of all branches of trade throughout the country, and the numerous and disastrous fires, the Board have reason to congratulate the Stockholders on the result of the eleven months' business. This favorable result induced the Board of Directors to order a return to the Stockholders of the assessment notes given the Company, and also to warrant the payment of a moderate dividend. The condition of the Corporation at that time showed its assets to be, according to the Book Accounts $1,320,069 07 The Assets show a decrease of . . 991 05 as compared with 1874. The Profit and Loss Account, which was a Dr. account, showed a gain of 1 1,244 78 The profit for the year on the Agency business was and on the Home Office business . . Showing a profit of Deduct dividend Showed a profit for eleven months of ii3>285 89,300 24 62 202,585 56 19,045 00 183,540 86 21 Seventy-five Years ^^^ December 13, 1875. — Committee appointed to procure a pcnnsylvama suitable china dinner set for the use of the Corporation, ^irc Xtisurancc Company May 10, 1880. — Thomas Robins appointed President pro tem. during the temporary indisposition of John Devereux, President. yanuary 5, 1881. — William G. Crowell, Secretary, died. yanuary 9, 1882. — "Resolved, That alterations be made to office building at a cost not to exceed ^10,000, and a Com- mittee appointed, with power to act." April 10, 1882. — The Committee on Improvements to the Building submitted plans and specifications, and were authorized to contract for said alterations at a cost not to exceed <^i 8,000, and they are instructed to commence same as soon as possible. October g, 1882. — Committee on Improvements to Company building reported that alterations had been completed at a cost of about «^ 1 5,000. March 15, 1884. — Second Account of the Corporation was opened with the Commercial National Bank. March 7, 1887. — Authority given to provide dinner for the Officers and Clerks in the Company building. November 14, 1888. — Property No. 508 Walnut Street purchased. January 14, 1889. — The Office of General Agent (virtually Assistant to the President) was created, and John H. Davis appointed to the same. George Tucker Bispham was appointed Solicitor of the Corporation. 22 of Corporate Existence April I, 1890. — Account with the Commercial National Che Bank closed and opened with the Western National Bank. pctinsyivanu fire Xnsurancc July 20, 1890. — President John Devereux died. ompany August 19, 1890. — R. Dale Benson elected President. January i, 1895. — The new Western Department opened at Chicago, under the management of Charles H. Barry and John H. Davis. Upon the same date, the title of office of Gen- eral Agent was changed to that of Secretary of the Agency Department, and William J. Dawson was appointed. In reviewing the records of the Corporation in regard to the Agency business, outside of the direct business of the Home Office, it is difficult to determine exactly what tourse was pursued. We find that at the meeting on February 12, 1825, the Secretary was directed to write to Joseph Ogilby, of Lan- caster, Alexander Johnson, Jr., of Pittsburg, John McKnight, of Reading, and Thomas McKeen, of Easton, requesting them to inform him if they were willing to become Agents for the Company at those places, respectively. The records do not show what reply these gentlemen made, nor whether Agents were appointed at this place or others, and we are led to sup- pose that the business was confined to applications for insurance at the Home Office. When the great conflagration at Chicago occurred, October 7, 1871, the Board of Directors seemed to have been agitating the question in regard to the extension of the business by the appointment of Agents in different sections of the country, and we find by the minutes that, at the Stated Meeting, held October 2, 1871, on motion of Mr. Thomas Smith, seconded by Mr. Thomas Robins, it was " Resolved, That the Officers of this Company be hereby authorized to appoint agents wherever, in their judgment, they may approve." 23 Seventy-five Years Che pctinsylrania ^irz Xnsurancc Company The first regularly established agency of the Corporation seems to have been that of Messrs. Frame & Hare, in New York City, by their appointment as representatives of the Cor- poration on September 2, 1867. It may be noted here that Mr. Frame has retained his connection with the Corporation as a representative from that time until March i, 1900, when he resigned his commission as Manager for the Department known as Northern New Jersey (which included portions of the States of New York and New Jersey), for the reason that he was about to retire from active business. The Corporation was not represented in Chicago at the time of the great fire, and therefore escaped experience in that conflagration, though at that time it was understood that the Secretary, Mr. William G. Crowell, was travelling through the country, looking over the field with the view of establishing agencies. At the meeting of the Board of Directors on November 6, 1871, the Secretary reports that he had appointed Agents at the following places: Hartford, Conn.; Springfield, Worcester and Boston, Mass.; Albany, Utica, Rochester and Buffalo, in the State of New York ; Cleveland and Cincinnati, in the State of Ohio ; Detroit, Michigan ; Pittsburg and Harris- burg, Pennsylvania. At a meeting on December 4, 1871, he reported agencies as established in the following places : Louis- ville, Kentucky ; Indianapolis, Indiana ; Toledo, Ohio ; Balti- more, Maryland ; Providence, Rhode Island, and Portland, Maine. At a meeting on January 3, 1872, the Secretary reported the following Agencies established : Evansville, In- diana ; Milwaukee, Wisconsin ; Newburyport and Fitchburg, Massachusetts. It would seem, therefore, that this period marks the entrance of the Corporation into the General Agency business in an organized way, although we find some record where representation had apparently been effected, for in January, 24 of Corporate Existence 1840, Owen Rice seems to have been recognized as an Agent at Bethlehem, Pa., for the balance of his account was authorized by the Board to be charged to Profit and Loss, showing he was delinquent. However, there appears to be no complete or distinct record of Local Agents, and the supposition is it was experimented upon and discontinued, until the appointment referred to, of Messrs. Frame 81 Hare, as regularly constituted Agents for the cities of New York and Brooklyn. Che Pennsylvania fire Insurance Company The advance in rates after the great Chicago fire seemed to have prompted the Board of Directors to extensively branch out into the general agency business ; and while that would seem, in every way, to have been warranted, the establishment of general and local agents was just in time to enable the Cor- poration to participate in the great fire in Boston in 1872, which marks the most serious and probably the only critical period in the history of the Corporation. The fire occurred on Novem- ber 9th and loth of that year. The loss was estimated at ^75,000,000, and the insurance $56,000,000. The amount paid was estimated at $37,000,000. This Corporation had yy losses, and a liability in the fire district of $550,880. The premium received on this liability was $3,600, and the amount paid for losses was $480,783. This impaired the capital of the Corpo- ration about $133,000. The liability was promptly met and largely paid by the succeeding February, with the promptness that has characterized this Corporation during all the period of its existence. The manner in which this liability was met has been given in the abstract from the minutes, and it shows where the stockholders were assessed $50 per share, which was paid by the individual note of the stockholder, and this deposited in the Philadelphia National Bank as collateral, the bank ad- vancing the money necessary, which was finally liquidated, as previously set forth. The Corporation rapidly recuperated its losses from the advance in rates, and at the end of a year from that date actually exhibited a surplus on the basis of the market 25 Seventy-five Years Che value of securities and reinsurance reserve for liability, based pennsylvama on the schedule required by law at that time. f^ire Xnsurance The succeeding year, 1873, another conflagration visited Boston, in which the Corporation suffered a loss of $30,897. There has been paid to the stockholders in dividends in the last three-quarters of a century $3, 1 29,000 ; and during that period the sum paid for fire losses amounts to ^20,131,901.00. The growth of the Corporation in assets and surplus is exhibited in the following condensed statement, taken, for the purpose of brevity, on each decade of its life : 1835 1845 1855 1865 1875 1885 1895 1900 Assets. ^405,457 98 548,705 72 702,918 90 928,729 47 1,579,114 03 2,371,476 23 4,098,774 19 5,171,306 21 Surplus. $ 52,872 50 169,785 76 224,530 28 205,385 92 339,451 28 894,329 86 1,489,252 31 2,181,845 26 During these years the Corporation has had seven Presi- dents. Their names, date of election and date of retirement is shown upon the list appended to this paper. The office of Vice-President was not created until 1881 and there have been but two incumbents, as per list appended. There have been but five Secretaries of the Corporation during this period, as per list appended. 26 of Corporate Existence The office of Assistant Secretary was inaugurated in 1877, Chc -^ and there have been but three incumbents. pctmsyivanU fire Xirauranee The Corporation has enjoyed the services of but two So- ^*'"^P*"^ licitors — Isaac Hazlehurst and George Tucker Bispham. The office of Surveyor, created in 1825, was continued until September i, 1890, when the duties of the office were consoHdated with that of Assistant Secretary, on which date Charles W. Merrill, Surveyor, was appointed Assistant Secre- tary, and has performed the duties of that position until the present time. There were four incumbents in this office, as per list appended. The Corporation has enjoyed the service and counsel of forty-three Directors during these seventy-five years, as per list appended, and from their names we question whether any Corporation has had the benefit of a more prominent or abler body of men. This paper has been prepared hastily, not as a history of the Corporation, but to present to the present Board of Direct- ors some of the most marked and conspicuous episodes and incidents in that history. It will be conceded that these concise statements and figures set forth the honorable record of the Corporation, having withstood the disastrous periods of fire underwriting in this country, and that the growth and stability as exhibited are indicative of the conservatism that seems ever to have prevailed in its management. A critical analysis of the figures will demonstrate that this growth has been accompanied at all times by an adequate increase in its surplus, keeping the Corporation in the front rank among the leading Fire Insur- ance corporations of the United States, at all times retaining its indemnifying ability to the policy holders, and at the same time protecting its stockholders, standing as it does to-day 27 Seventy-five Years ^•^ fifth in the list of American institutions of its class as to the pcnmy vama j^^^j^ value of its shares of stock. The only American corpora- fire Insurance . ...... , . , , . Company ^lo^^s exceedmg it m this respect are the following : Glens Falls, of New York State, est'd book value, $1177 57 Buffalo German, of New York State 833 11 Milwaukee Mechanics, Wisconsin 785 43 German, of Freeport, 111 744 44 Pennsylvania Fire 645 05 The capital invested in the fire insurance business in this country has in latter years proven inadequate to meet the de- mands, owing to the phenomenal growth of the commercial interests of this country ; therefore the field, as well as the demand, has invited a representation of foreign capital of many of the strongest institutions of the class throughout the world. This has engendered sharp and severe competition, and the growth of the Corporation in latter years has been made under this competition and the severe increase in the fire loss ratio, that seems to be unusual as it applies to the United States. While this statement is compiled when the situation in fire underwriting exhibits little indication of a profitable resultant, and the outcome of your business for the last current year was not profitable, yet it is a satisfaction to state, in concluding this paper, during the month of February the market value of your stock at auction reached the highest point in the history of the Corporation, a single share selling for $532.00, and the Stock- holders are enjoying a dividend of 25 per cent, per annum on the par value of their investment ; so it is not straining a point when the Management extends its congratulations to the Board of Directors on this seventy-fifth anniversary of the Corpora- tion's existence. Respectfully yours, R. Dale Benson, Philadelphia, March 5, 1900. President. 28 of Corporate Existence PRESIDENTS. NAME. ELECTED. SERVED TO. Caldcleugh, Rob't. A. . . February 4, 1825 September 7, 1835 R. Smith, Jonathan .... September 8, 1835 December 10, 1839 D. Campbell, Quintin . . . December 10, 1839 June 6, 1853 R. Patterson, Jonathan . . June 6, 1853 July 16, 1865 D. Smith, Jr., Daniel . . . July 16, 1865 February 3, 1873 R. Devereux, John .... February 10, 1873 July 20, 1890 D. Benson, R. Dale .... August 19, 1890 firt Xnsurxnu Company VICE-PRESIDENTS. NAME. ELECTED. SERVED TO. Benson, R, Dale .... Thomson, John L. , . . February 14, 1881 September i, 1890 August 19, 1890 SECRETARIES. NAME. ELECTED. SERVED TO. Smith, Jonathan . . Smith, Beaton , . . Crowell, W. G. . . . Thomson, John L, . Crowell, W. Gardner February 4, 1825 September 7, 1835 June 3, 1861 January 10, 1881 September i, 1890 September 7, 1835 June 3, 1861 D. January 5, 1881 D. September i, 1890 29 Seventy-five Years Che Pennsylvania firt Xnsurance Company ASSISTANT SECRETARIES. NAME. Thomson, John L. . Crowell, W. Gardner Merrill, Charles V^. . ELECTED. June I, 1877 February 14, 1881 September i, 1890 SERVED TO. January 10, 1881 September i, 1890 SECRETARY, AGENCY DEPARTMENT. NAME. Dawson, William J. ELECTED, January i, 1895 SERVED TO. SURVEYORS. NAME. O'Neill, John . O'Neill, Robert Forsyth, Wm. T. Merrill, Chas. W. ELECTED. February^ 12, 1825 April I, 1867 December i, 1876 SERVED TO. D. November 8, 1876 D. September i, 1890 SOLICITORS. NAME. • ELECTED. SERVED TO. Hazlehurst, Isaac* . . . Bispham, George Tucker July I, 1839 January 14, 1889 July 7, 1891 * Solicitor Emeritus from January 14, 1889, to July 7, 1891. 30 of Corporate Existence ORIGINAL SUBSCRIBERS TO THE CAPITAL STOCK OF THE PENNSYLVANIA FIRE INSURANCE COMPANY. Cbc Pennsylvania ■pire Xnsurancc Company Subscribers' Names. Elihu Chauncey . . . Henry Toland .... John Clements Stocker Th. Kittera Quintin Campbell . . . Hyman Kratz .... Robert Toland .... Aaron Denman .... Jas. Kitchen T. & J. Fassitt .... Richard Milne .... James Musgrave . . . Tho. Wilson Jona. Patterson .... Wm. Boyd James Lyle Henry Beckett .... John B. Newman . . . William Lehman , . . Chas. A. Harper . . . John White B. P. Hutchinson . . . John Goddard .... Thos. Stewart .... C. J. Ingersoll .... Wm. Chaloner .... John C. & W. H. Smith Paul Beck, Jr Jas. Le Fevre .... Jno. R. Neff Wm. Stothart . . , . John Hemphill . . . . Robert Ralston . . . . Matthew L. Bevan . . John H. Stevenson . . Number of Shares. Twenty Subscribers' Names. Number of Shares. S. & J. Nevins & Co. . . Twenty John McCauley *' Charles Stewart, U. S. N,, by John McCauley, At- torney Geo. McCallmont . Andrew M. Prevost James Hemphill . William Montelius Matthew C. Jenkins James McClure H. Simpson . Silas E. Weir . S. Moss . . . Mahlon Hutchinson Alexander Henry Thomas Biddle . James Whitehead Chas. Bird , . James Wood . William Brown J. Moss . . . John Wharton Thos. Sparks , Thos. P. Cope Joshua Emlin . James Paul . . Charles Graff . David Correy . Levi Ellmaker Mark Wilson . Peter Hahn . Hale & Davidson Joseph Tagert Henry Kuhl 31 Seventy-five Years Cbc Subscribers' Names. Number of Subscribers' Names. Number of Pennsylvania Shares. Shares. fire Xnsurance Bunker & Starr Twenty Samuel H. Thomas . . Twenty Company James Taylor Henry Myers Jona. Smith Robert Smith Joseph Smith by Jonathan Smith Mark Richards Joseph Trotter Hartt Grandom Samuel Richards .... Hugh Colhoun Jo. Gratz L. Clapier Richard Dale John Sergeant John Porter .... J. A. Monges .... N. Biddle J. Stewart Samuel R. Wood . . Peter Graham . . . E. S. Sergeant . . . John C. Lowber . . John Savage .... Joseph Dugan . . . Wm. Jno. Bell & Co. R. A. Caldcleugh . . John Curry H. Nixon .... Thomas Hulme . . . George Rundle 32 of Corporate Existence DIRECTORS. NAME. Beck, Paul, Jr. . . Boyd, William . . Bunker, Nathan . Bird, Charles . . Benson, Alexander Benson, Edwin N. Benson, R. Dale . Corry, David . . . Caldcleugh, Robert Campbell, Quintin Comly, F. A. . . Cadwalader, Richard Devereux, John Fell, J. G. . . . Fell, John R. . Hemphill, James Hassinger, Jonathan Hazlehurst, Isaac Haddock, D., Jr. Kittera, Thomas Knight, B. A. . Le Fevre, James Lewis, Henry , Lewis, Jos. W. . Lea, J. Tatnall . McCaulay, John Montelius, William M K ELECTED. February February September September December November April February February September May February May April June September September July September February September July April November February February September 4, 1825 12, 1825 4, 1826 2, 1828 8, 1828 II, 1878 18, 1882 4, 1825 4, 1825 4, 1826 24, 1870 10, 1890 1, 1848 4, 1864 11, 1883 4, 1826 2, 1828 1, 1839 2, 1865 4, 1825 7, 1885 I, 1839 6, 1863 8, 1886 13, 1888 24, 1825 3, 1832 SERVED TO. June 2, 1845 D. May I, 1848 D. September 7, 1835 September 5, 1832 May 30, 1870 D. September 4, 1826 June 7, 1858 D. April 6, 1863 D. April 23, 1887 D. July 20, October 26, November 15, (Declined) July July January July April September 4, October 20, August 31, I, 7, 21, I, 4, 1890 D. 1878 D. 1895 D. 1839 1891 D. 1890 D. 1839 D- 1890 D. 1848 1886 D. 1889 R. September 4, 1826 April 4, 1864 D. 33 Che Pennsylvania fire Xnsurance Company Seventy-five Years of Corporate Existence Cbc pentiaylvania ^irc Xnsurance Company DIRECTORS.— {Continued.) NAME. Morris, Effingham B. Neff, John R. . , Patterson, Jonathan Potts, Joseph D. . Pugh, Charles E. , Robins, Thomas . Smith, Jonathan . Stevenson, John H, Smith, Jonathan . Smith, Daniel, Jr. Smith, Thomas . . Toland, Henry . . Thomson, John L. Weygandt, Cornelius N . West, Harry F ELECTED. August February September September May September February February September June August February September August February 19, 1890 12, 1825 4, 1848 5, 1891 14, 1894 7, 1840 4, 1825 4, 1825 7, 1835 2, 1845 2, 1858 4, 1825 I, 1890 31, 1889 10, 1896 SERVED TO. December 8, 1828 July — , 1865 D. December 3, 1893 D. April 18, 1882 D. February 4, 1825 R. September 2, 1828 December 10, 1839 D. December 29, 1884 D. June II, 1883 D. September 2, 1828 (Errata Under List of Officers, 1900 C. W. Weygandt should read C. N. Weygandt P. 16, under date June 6, 1853, Jonathan Smith should read Jonathan Patterson Printed by Edward Stern & Co., Inc. Philadelphia VH 00177 jL