USA > Connecticut > Connecticut yesterday and today : 1635-1935 : celebrating three hundred years of progress in the Constitution state > Part 7
Note: The text from this book was generated using artificial intelligence so there may be some errors. The full pages can be found on Archive.org (link on the Part 1 page).
Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8 | Part 9 | Part 10 | Part 11 | Part 12 | Part 13 | Part 14 | Part 15 | Part 16 | Part 17 | Part 18 | Part 19 | Part 20 | Part 21 | Part 22 | Part 23 | Part 24 | Part 25 | Part 26 | Part 27 | Part 28 | Part 29 | Part 30 | Part 31 | Part 32 | Part 33 | Part 34
Mr. Bulkeley, founder and first president of the Ætna Life, died in 1872. Thomas O. Enders, secre- tary of the Company, was elected president. He stood at the helm for seven years-the most difficult years in the history of American life in- surance companies. When the crisis had passed, he resigned, broken in health after guiding the Company safely through those dark years.
His successor, Morgan Gardner Bulkeley-son of the Company's founder, was elected to the presidency in 1879. He held that office until his death in 1922. His organizing and administrative genius contributed much to the Company's remarkable development and expansion.
President Bulkeley's program of building up a multiple-line organiza- tion began in 1891, when an Accident Department was installed. Seven years later, health insurance was writ- ten for the first time. In 1902, the Company met the growing need for personal liability insurance. The workmen's compensation laws in- Auenced the writing of compensation insurance in 1911. Group disability (Continued on Page 5%)
FREDIPBALETADAMS BULKELEY
1
Home Office Building of the Ætna Life ar
The Largest Colonial Type Structure in the World
The building is situated on a tract of twenty-three acres, located almost exactly in the geographic center of Hartford.
The Ætna grounds have a frontage of 1021 feet on Farmington Avenue, and extend south along Sigourney Street for a distance of 1070 feet.
Work on the new building started in January, 1929, and was com- pleted in the late fall of 1931.
James Gamble Rogers, noted architect, created the plans for the
Ætna's Home Office building. Tak- ing into consideration the Etna's historic background and the setting in which the building was to be placed, he incorporated in the structure many of the architectural details of the Colonial period.
The building is a thoroughly mod- ern unit type structure of seven office stories, surmounted by a cupola. Its front building line is 230 feet back from Farmington Avenue, and the base dimensions are 650 by 262 feet. It is about 250 feet from the ground
156]-
france Company and Affiliated Companies
to the top of the cupola. The total arca is 769,000 square feet.
From 650 to 900 men were em- ployed in the construction of the build- ing, approximately seventy-six per- cent of whom were Hartford resi- dents.
The ZEtna's massive vault is said to be the largest in New England. It is two stories high, having an interior stairway.
Bulkeley Memorial Hall, the Com- pany's beautiful auditorium, has a
seating capacity of 1,000, and is equipped with stage, motion picture booth and three manual organ.
The building rests on 343 concrete pillars, reaching down to bed rock thirty to seventy feet below the sur- face.
8,370 tons of structural steel were used in its construction.
There are 284 miles of electric wires in the building, and 5,700 general lighting fixtures.
Recreational facilities are provided by bowling alleys, squash boards, tennis courts, basketball floor and mis- cellaneous outdoor games.
Two spacious cafeterias provide adequate luncheon facilities for all the Etna's employees.
There are three spacious club rooms, -one for the officers, one for the men, and one for the girls.
THOMAS O. ENDERS 1872-1879
(Continued from Page 55)
insurance was inaugurated in 1920.
The Ætna Accident and Liability Company, established in 1907, de- veloped rapidly in the automobile in- surance field and was changed in cor- porate name, in 1917, to the Ætna Casualty and Surety Company. A third member -- the Automobile In- surance Company-was added to the Etna group in 1913, furnishing fire insurance for cars and complete auto- mobile coverage, later entering the general fire and marine busine s. The fourth of the zEtna Affiliated Com- panies is the Standard Fire Insurance Company, added in 1924.
Thus, during Mr. Bulkeley's forty- three years as president, d'd the ÆEtna Life extend its activities to include practically every form of insurance coverage. This expansion, keeping pace with the increasingly complex needs of the insuring public, reflected the great vision and the dynamic qualities of Morgan Gardner Bulke- ley.
He died on November 6, 1922, at the age of eighty-five.
Vice President Morgan Bulkeley Brainard was selected to succeed his uncle, Morgan Gardner Bulkeley, as President of the AEtna Companies. Shortly after graduating from Yale in 1900 and completing his studies at the Yale Law School, he entered the service of the AEtna Life. As As- sistant Treasurer, and later as Treas- urer, Mr. Brainard acquired a broad knowledge of the Company's financial interests. A long period of intimate association with Morgan Gardner Bulkeley, and a grasp and appreciation
MORGAN G. BULKELEY 1879-1922
MORGAN B. BRAINARD 1922
of the principles upon which his pre- decessor builded so long and so well, have been largely responsible for the
continued growth of the ÆEtna Life and Affiliated Companies under Mr. Brainard's administration.
Earlier Home Offices
1.oft The first home 1850 to 1856, of the Aetna Life. Located at 55 State Street,
Hartford.
Center From 1856 to 1867 the Company was in the old Hunger ford and Cone Build- ing at Main Street and Central Kow.
Right The Aetna Fire Building on Main Street, home of the Aetna Life from 1867 to 1888.
1
Below The Charter Oak Building at 650 Main Street, pur- chased in 1888, Home Office of the Aetna life for forty-two years.
---
Below The building at 650 Main Street after it had been remodeled and en- larged in 1911.
<15814
The Phoenix Insurance Company
and The Connecticut Fire Insurance Co. of Hartford, Connecticut
TIME TRIED
FIRE TESTED
Home Office: 30 Trinity Street, Hartford, Conn.
RANKLIN PIERCE was president of the United States; Commodore Perry had succeeded in getting Japan to open its ports to American trade; James Whitcomb Riley and John Philip Sousa were infants-in- arms; the safety pin had just been invented; duplex telegraphy, the Bunsen gas burner, and the Bessemer steel process were being acclaimed, when The Phoenix Insurance Com- pany of Hartford, Connecticut, started business.
Conceived in 1853 by Henry Kellogg, a man of great ability and character, The Phoenix was original- ly incorporated by the Connecticut legislature at its May session in 1854, under a perpetual charter authorizing both a fire and a marine business. Sub- scription books were opened on the 2Ist of June, 1854, and the required capital of $100,000 was at once ob- tained.
The stockholders met on the same day and Chester Adams, Erastus Smith, Nathan M. Waterman, John A. Butler, William Faxon, Samuel B. Beresford, Elisha T. Smith, James C. Walkley, Lyman Stockbridge, Edwin T. Pease, Joseph Merriman, Nathaniel H. Morgan and Ralph Cheney were clected directors. Mr. Nathaniel H. Morgan was made the first president of the company and Mr. Henry Kellogg, secretary. Before adjourn- ment of this meeting the stockholders voted to increase the capital to $200,000.
One week later the books were re- opened and the additional shares sub- scribed for. At the time of subscription ten dollars per share was paid in cash. The remaining ninety per cent. was secured by stock notes. The company, now started on a successful career, began to earn its own capital. A divi- dend of $20,000 was endorsed on the stock notes June 15th, 1855, and
six months later a second dividend of equal amount was similarly applied.
Meanwhile, Simeon L. Loomis, an experienced underwriter, resigned the presidency of the Home of New York and on June 27th, 1855, was elected president of The Phoenix, to succeed Mr. Morgan, who had been acting during the formation period of the company. Immediately on taking office President Loomis, in cooperation with Secretary Kellogg, proceeded to expand the company's activities.
The various state legislatures at this time, began to exercise more careful supervision over companies entering their jurisdictions. The stockholders of The Phoenix, in order to comply with all the different conditions of ad- mission, paid in the outstanding seventy per cent. of the capital. The company was thus enabled to plant its agencies in all states.
The increase in business that re- sulted because of this expansion, made
<15912
NATHANIEL H. MORGAN President, 1854-55
SIMEON L. LOOMIS President, 1855-63
EDWARD MILLIGAN Elected President in 1913
it advisable to establish, in 1856, a Western department. Mr. Mathew Magill was placed in charge as general agent. Premium income continued to grow, and in 1859 the capital of the company was again increased, this time to $400,000.
The death of President Loomis in 1863 made it necessary to select a successor. On August 27th, 1863, Mr. Henry Kellogg was elected pres- ident, and Mr. William B. Clark, secretary. About one year later Mr. Asa W. Jillson was made vice-pres- ident. The Phoenix now took the lead in planting agencies up and down the Pacific Coast by opening a distinct de- partment there under the direction of Mr. R. H. Magill, who was trans- ferred from the Western office. All this activity resulted in further busi- ness increases and the enlargement of the capital to $600,000, where it re- mained until 1877.
By 1871, The Phoenix had accum- ulated sufficient assets to enable it to pay in full losses of $937,219 under 280 policies involved in the historic
Chicago fire. To The Phoenix belongs the honor of having been the first company to pay a loss arising from this conflagration. The goodwill en- gendered by this act and other evi- dences of the company's integrity now began to bear fruit.
On January Ist, 1876, the company had gross assets of over $1,900,000 and a net surplus of $385,000. Six months later the capital was raised to $1,000,000, and an extra dividend of fifteen per cent., or $90,000, applied toward payment of the new stock issue. In 1881 the capital was further increased to $2,000,000 by cash sub- scriptions.
Mr. Kellogg retired from active participation in the affairs of The Phoenix in August, 1888, but re- mained honorary president until his death, January 21st, 1891. He was succeeded by Mr. D. W. C. Skilton, a firm believer in the efficacy of organ- ized effort. Mr. Skilton directed the affairs of the company until failing health forced his retirement in 1913.
Throughout its eighty-one years of
providing protection for the insuring public, the presidency of The Phoenix has been in few hands. The list of presidents comprises but five men: Nathaniel H. Morgan, Simeon L. Loomis, Henry Kellogg, D. W. C. Skilton and Edward Milligan. It is under the able guidance of President Milligan that The Phoenix has shown its most remarkable growth and at- tained its present position of outstand- ing financial strength.
The Phoenix was organized in the rear room of the William H. Imlay office on the second floor of "Union Hall" in Hartford, Conn. This space soon proved to be inadequate and in December, 1854, larger quarters were taken at 275 Main Street. Eight years later the office was moved to the Hill's Block, 333 Main Street. The business continued to grow and the company finally decided to build. As a result of this decision The Phoenix in Novem- ber, 1873, moved into its own building at 64 Pearl Street, where it stayed until 1905. In June of that year another move became necessary and the
Eighty-first Annual Statement
THE PHOENIX INSURANCE CO. HARTFORD, CONN.
ASSETS JANUARY 1, 1935
Cash in Offices and Banks $3,935.608.58 Premiums in course of Collection.
(under ninety days) 1.452,956.62
* U. S. Government Bonds
2,743,977.00
Canadian. State, Municipal, Railroad, and other Bonds, and Stocks 28.156,061.00
Real Estate, unincumbered 565.121.04
Mortgage Loans
697,986.50
Accrued Interest and Rents
205,523.09
Reinsurance due on Paid Losses
21,988 27
TOTAL ADMITTED ASSETS
$37.779.222.10
LIABILITIES
Cash Capital
$6,000,000.00
Reserve for Outstanding Losses 1,024.320.25
Reserve for Reinsurance 7,914,189.84
Reserve for all other Claims and Liabilities TOTAL LIABILITIES
1,590.592.83
$16.529,102.92
NET SURPLUS -
$21.250.119.18
* At Market Values of December 31, 1934.
company took over the first floor of the Connecticut Mutual Life Insur- ance Company's building. Eventually, this space too, proved inadequate and in 1917 The Phoenix completed the erection of the present substantial structure at the corner of Trinity and Elm Streets in Hartford, Connecticut, now housing the officers and large staff of the company.
The Phoenix, when it started business, confined it; operations to in- surance against loss or damage by fire. Today, to meet the demands of modern conditions, the company pro- vides fire, lightning, windstorm, hail, explo- sion, riot and civil com- motion, marine (ocean and inland), transpor- tation, automobile, avi- Year ation, mail package, 1864 1854 registered mail, person- 1874 al effects, rents, lease- 1884 hold, sprinkler leakage, 1894 business interruption, 1904 and all other forms of 1914 1924 property damage insur- 1934 ance.
The present officers of the Com- pany are:
President - EDWARD MILLIGAN
Vice-Pres. - GEORGE C. LONG, JR.
Vice-Pres. - HENRY P. WHITMAN
Vice-Pres. - FRANK C. HATFIELD Secretary FRED C. GUSTETTER
Secretary - F. MINOT BLAKE Secretary LEE R. Ross
Secretary - GEORGE W. HOLTON
Secretary - PERRIN C. COTHRAN
Secretary
WILLIAM M. SHAW
Secretary - - ROY E. EBLEN
Treasurer -- SPENCER T. MITCHELL
Board of Directors: EDWARD MILLIGAN
EDWARD M. DAY
FRANCIS PARSONS
JAMES L. LOOMIS
THOMAS C. TEMPLE
GEORGE C. LONG, JR.
ARCHIBALD A. WELCH
HENRY H. CONLAND
LUCIUS F. ROBINSON
HENRY K. W. WELCH
THOMAS W. RUSSELL LOUIS R. CHENEY
The Phoenix, in its lifetime, has run the gauntlet of conflagra- tions. It has met every tax on its resources promptly and fully. It has kept pace with the years, developing in strength and usefulness as it has gone along. It is meeting the de- mands of the present. It is alive to the oppor- tunities of the future. It is a virile, aggressive, Connecticut - American insurance institution.
The history of The Phoenix has been one of steady, conservative progress. Starting with the record of its first year, the capital, assets, and net surplus, by decades, are as follows:
Capital
Assets
Net Stu plus
$ 200,000
$ 212,896
$ 6,331
400,000
925,902
297,187
600,000
1,852,302
280,789
2,000,000
4,349,333
772,687
2,000,000
5,658,808
623,693
2,000,000
7341,889
1,780,591
3,000,000
14.477,208
5,187,003
5,000,000
31,567,014
13,098,907
6,000,000
37,779,222
21,250,119
D. W. C. SKILTON President, 1891-1913
HENRY KELLOGG President, 1863-91
THE CONNECTICUT FIRE INSURANCE CO.
HIS company was or- ganized in June, 1850, with a capital of $200,000 of which ten per cent. was paid in cash and ninety per cent. in stock-notes. On the 29th of June, the stockholders elected as directors Joseph Trum- bull, Benjamin W. Greene, James B. Hosmer, David F. Robinson, Julius Catlin, Harvey Seymour, Edwin D. Morgan, James Dixon, Edmund G. Howe, Tertius Wads- worth, Timothy M. Allen, John L. Bunce, and Edson Fessenden. The same day Benjamin W. Greene was elected president and, on July 4th, John B. Eldredge was appointed secretary.
The management established a policy of accepting only non- hazardous risks, subordinating ambition for large receipts to de- sire for safety. For similar reasons agencies were planted with caution and chiefly in towns with well- equipped fire departments. As a result of this method of operation the company, at the end of ten years, had made enough on a small but carefully conducted bus- iness, to virtually pay ninety per cent in installments on the stock, even though it had but sixty-three agents, a surplus of about $4,000 and a premium income of less than $80,000.
In October, 1865, Benjamin W. Greene resigned and Mr. Eldredge was elected president. Martin Bennett was elected secre- tary.
January 28th, 1873, Mr. Eldredge resigned the presidency and Martin Bennett was elected to fill the vacancy. At the same time Charles R. Burt was made secretary. Practically four years later the capital of the company was increased to $1,000,000.
In 1880 President Bennett retired and John D. Browne, a former secre- tary of the Hartford Fire Insurance Company, was elected to succeed him. The able administration of President Browne covered a period of more than
JANUARY 1, 1935
THE ASSETS OF THE COMPANY ARE AS FOLLOWS:
United States Government Bonds
$2,606,986.00
Other Government and Municipal Bonds
1,795,140.00
Railroad Bonds
2,587,300.00
Public Utility Bonds
4,051,920.00
Miscellaneous Bonds
204,150.00
Railroad Stocks
798,990.00
Public Utility Stocks
880,390.00
Bank Stocks
568,680.00
Miscellaneous Stocks
786,785.00
* TOTAL BONDS AND STOCKS $14,280,341.00
Real Estate
16,526.00
Mortgage Loans
807,340.00
Collateral Loan
14,250.00
Interest Accrued
153,766.65
Cash in Offices and Banks -
3,307,692.18
Premiums in course of collection,
(under ninety days) - -
544,954.14
Reinsurance due on Paid Losses
5,555.85
TOTAL ASSETS
$19,130,425.82
85th ANNUAL STATEMENT
LIABILITIES
Cash Capital
$2,000,000.00
Reserve for Reinsurance
4,775,804.20
Reserve for Outstanding Losses
610,411.36
Reserve for all other Liabilities
730,496.47
TOTAL LIABILITIES
$8,116,712.03
Net Surplus
$11,013,713.79
* At Market Values of December 31, 1934.
thirty years, and during his incumbency the company attained a prominent posi- tion in the underwriting field and acquired a country-wide agency plant of great value.
Officials associated with President Browne during the term of his leader- ship were secretaries Charles R. Burt, W. T. Howe, and John A. Cosmus. The two last named subsequently were advanced to the post of vice president.
At President Browne's death in 1913 a partnership arrangement with The Phoenix of Hartford seemed desirable to the stockholders of The Connecticut and through an exchange of capital. shares the management of the two companies became identical. That the change was of distinct value to assenting stockholders is evidenced by a growth in policyholders' surplus from $2,322,408. in 1913 to $13,- 013,713. at the close of 1934. The company is now one of the strongest organizations writing all lines of prop- erty damage insurance.
The Connecticut, for many years, had its home office in its own building on the corner of Prospect and Grove Streets, within a block of City Hall Square in Hartford, but since its amal- gamation with The Phoenix has been located with that company in the handsome building at 30 Trinity Street.
The present officers of The Con- necticut Fire. Insurance Company are Edward Milligan, president; George C. Long, Jr., Henry P. Whitman, Frank C. Hatfield, vice-presidents; F. M. Blake, L. R. Ross, G. W. Holton, Perrin C. Cothran, Roy E. Eblen, Wm. M. Shaw, secretaries; Spencer T. Mitchell, treasurer. Board of Directors: Lucius F. Robinson, Thomas W. Russell, Edward M. Day, Archibald A. Welch, Edward Milli- gan, Louis R. Cheney, Francis Par- sons, Henry H. Conland, Henry K. WV. Welch, George C. Long, Jr., James Lee Loomis
*[62]>
تست
صم
ـم حسية
٢٦٠
٢
٢ ٢٠٢٢٢
٢
١
0
٢٠٠,٠
THE TRAVELERS INSURANCE COMPANY
Established 1864
EVENTY-ONE years ago, on April 1, 1864, the first accident insur- ance policy in America
was issued by The Travelers Insurance Company, Hartford, Connecticut.
While traveling in England in 1859, James G. Batterson, the founder of The Travelers had conceived the idea of the Com- pany. His home city, Hartford, was already famed as a center of fire and life insurance but in Eng- land he was offered a form of insurance of which he, with all of his insurance associations, had never heard-an accident ticket.
Instantly, he wondered why America shouldn't have a com- pany offering similar insurance. As he rode on the English train and enjoyed the satisfaction of the insurance protection which the ticket provided - a substantial amount that had cost a few pence -he wondered why accident in- surance shouldn't cover all the accidental hazards of life, as well as those of travel, and why pol- icies shouldn't be issued for a year instead of merely for a day or a few days.
Returning to the United States
L. EDMUND ZACHER President
he found the business outlook de- cidedly unpropitious for his new project. He decided to wait.
But in 1863 he wearied of longer postponing his plans. He recognized that uncertainties al- ways existed and determined to go ahead. The Travelers Insur- ance Company was chartered and
issued its first insurance contract April 1, 1864.
To its pioneer line of accident insurance The Travelers soon ad- ded life insurance, later liability. Through the creation of The Travelers Indemnity Company the various casualty insurance lines that cover loss of property were taken up: Burglary, robbery, theft, steam boiler, plate glass, collision and machinery insurance ; and, later, through The Travelers Fire Insurance Company, fire, windstorm and inland marine forms of insurance were added.
Besides being the pioneer in accident insurance, The Travelers Companies have been the first to insure automobiles. The first life insurance policy providing an income to the beneficiary instead of lump sum settlement was a Travelers contract.
After seventy-one years of service to the American people, in good times and bad, The Travelers offers the benefits of wide exper- ience, ample resources, and com- plete insurance service throughout the United States and Canada.
-
474
M H.
*[64]
THE HOMES OF THE TRAVELERS
1864-1912
The Birthplace of The Travelers
In two small rooms on the second floor of the City Bank Building, at the corner of Main and Kingsley Streets, Hartford, Connecticut, The Travelers Insurance Company started in business. Later larger quarters across from the railway station were occupied.
1872
In 1872, the steady growth of the Company necessitated larger quarters, so the Henry Ellsworth home on the corner of Grove and Prospect Streets was bought and occupied. This was the first entire building owned and occupied by The Travelers.
FRTH
1902
Henry Ellsworth would have had difficulty in recognizing his home, could he have seen it thirty years after The Travelers stepped in. Constant growth necessitated additions and enlargements in 1886, 1892, 1894, 1899 and 1902, which completely changed the appearance of the building.
1907
In 1906 ground was broken at the corner of Main and Grove for a ten story office building. This was occupied in May, 1907.
Additions to this building and additional buildings have since made The Travelers home the most conspicuous group of buildings on the Hartford skyline.
FORMS OF INSURANCE WRITTEN BY THE TRAVELERS
PERSONAL
BUSINESS
Life
Automobile
Accident
Workmen's Compensation
Health
Annuity
Employers' Liability Public Liability
Old Age Income
Group Life
Educational Endowment
Personal Effects Floater
Personal Furs
Salary Allotment Life
Trip Transit
Pensions
Silverware
General Property Damage
Personal Jewelry and Furs
Business Life
Fine Arts
Business Accident
Personal Hold-Up
Boiler
Safe Deposit Box Burglary and Robbery
Sports and Personal Activities
AUTOMOBILE
Public Liability
Property Damage
Fire
Theft
Windstorm
Bank Burglary and Robbery
Plate Glass
Plate Glass
Collision
Fire
Windstorm
PRIVATE RESIDENCE
Fire
Windstorm
Earthquake
Burglary, Theft and Larceny
Plate Glass
Riot and Civil Commotion
Heating Boiler
Explosion
Workmen's Compensation
Earthquake
Employers' Liability
Public Liability
Inland Marine
Property Damage
Parcel Post
Rental Value
Transportation
Explosion
Trip Transit
Aircraft Property Damage
Aircraft
Water Damage and Repairs Vehicle Damage
THE TRAVELERS INSURANCE COMPANY
THE TRAVELERS INDEMNITY COMPANY
THE TRAVELERS FIRE INSURANCE COMPANY
<[66]>
Office and Store Robbery
Messenger and Paymaster Robbery
Mercantile Safe Burglary
Mercantile Open Stock Burglary
Safe Deposit Box Burglary and Robbery
Use and Occupancy
Outage
Rent and Rental Value
Leasehold
Profits and Commissions
Machinery
Group Accident and Sickness
onccticu
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
Entrance of Home Office Building
Connecticut General Life Insurance Company of Hartford
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
Main Street, Hartford, Connecticut . 1865
7º Years Ago in Hartford, Conn.
HE Civil War was just over. The country was in a frenzy of excitement over the fortunes being made by the lucky and the intrepid out of coal, oil, minerals and railways. Business took on much the character of a gold rush.
Hartford, however, the heart of "the land of steady habits," was somewhat withdrawn from the speculative vortex and from frontier standards. Here opportunity presented itself in a different guise. In this somewhat cautious community thoughtful men could see that the future security of the country and its citizens called for the conservation of part of the wealth being produced so lavishly.
Hartford soil had already proved congenial to insurance when in June, 1865, a group of leading citizens, qualified by temperament and environment for this work, organized the Connecticut General Life Insurance Company.
The new Company started business with the idea of increasing the availability of life insurance by issuing policies at extra premiums to people whose physical condition made them ineligible for life in- surance at standard rates.
Need help finding more records? Try our genealogical records directory which has more than 1 million sources to help you more easily locate the available records.