McElroy's Philadelphia city directory, 1862, Part 187

Author: A. McElroy & Co; Orrin Rogers (Firm); E.C. & J. Biddle (Firm)
Publication date: 1837
Publisher: Philadelphia : A. McElroy & Co.
Number of Pages: 986

USA > Pennsylvania > Philadelphia County > Philadelphia > McElroy's Philadelphia city directory, 1862 > Part 187
USA > Pennsylvania > Philadelphia County > Philadelphia > McElroy's Philadelphia city directory, 1862 > Part 187

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).

Directors .- Jonathan Patterson, Quintin Camp- bell, Alexander Benson, William Montelius, Isaac Hazlehurst, Thomas Robbins, Daniel Smith, Jr., John Devereux, Thomas Smith.

UNITED FIREMEN'S. Office, 122 N Sixth. Organized 1861. Conrad B. Andress, President. Wm. A. Rolin, Treas. William H. Fagen, Sec. Directors .- Conrad B. Andress, Samuel P. Fearon, Henry W. Benner, Jas. McCalley, John Hirst, Aiken Guy, James Mongan, Thos. Beatty, William Loughlin, A. Z. Dickson, William Glenn, George W. Saylor, James Jenner.

UNITY-OF LONDON. Cash Capital, $500,000. Special Fund, $150,000. William D. Sherrerd, Agent, 222 Walnut.

PHILADELPHIA BOARD OF FIRE UNDER- WRITERS. Office, Penna. Railroad Building. William Martin, President. John Williams, Secretary and Treasurer.

INSURANCE-MARINE. AMERICAN MUTUAL. Organized 1825. Office, 228 Walnut, Farquhar Building. William Craig, Pres. Peter Cullen, Vice-Pres. D. B. Stacy, Secretary. Directors .- William Craig, Henry C. Dallett, Benjamin W. Richards, Gillies Dallett, William M. Baird, William H. Merrick, Henry L. Elder, Peter Cullen, Samuel A. Rulon, John Dallett, Charles Conrad, J. Johnson Brown, William T. Lowber, Mason Hutchins, Pearson Serrill.

PHOENIX MUTUAL. Organized 1804. Office, 224 Walnut. Assets, $230,000. Shares $20. Dividend, January. John R. Wucherer, Pres. Samuel Wilcox, Sec. Directors .- John R. Wucherer, John L. Hodge, Adolphus Peries, Lewis Waln, William McKee, John B. Bernadou, William Platt, John T. Lewis, M. B. Mahony, John R. Wilmer, W. S. Grant, Lawrence Lewis, Robert W. Leaming, D. Clark Wharton, David Lewis.

878

MISCELLANEOUS RECORD.

UNION MUTUAL. Organized, 1804. Office, Third & Walnut sts. Capital $218,000. Dividend, January.

Richard S. Smith, Pres. Jos. Collison, Sec. Directors-Richard S. Smith, Francis Tete, Newberry A. Smith, Jobn H. Irwin, Saturnius Destouet, Adolphus E. Borie, Henry Lewis, Jr., Charles Vezin, William C. Kent, John S. Twells, George Lewis, D. Salomon, H. F. Robinson. Ellis Yarnall, Edward L. Clark, J. P. Steiner, James R. Campbell, Henry Samuel, Gilbert H. Newhall, Thomas Dallett, Samuel C. Cook, G. W. Bernar- don, William S. Baird, Thomas Carstairs.

PHILADELPHIA BOARD OF MARINE UNDERWRITERS. Office, Penna. Railroad Building. John R. Wucherer, President. Timothy Rogers, Secretary and Treasurer.

INSURANCE-FIRE AND MARINE.

ANTIIRACITE. Organized, 1854. Office, 311 Walnut street. Authorized Capital, $400,000. Charter perpetual.

William Esher. Pres. Wm. F. Dean, V. Pres. Wm. M. Smith, Sec.

Directors-William Esher, D. Luther, Lewis Audenried, Peter Sieger, Davis. Pearson, Joseph Maxfield, John R. Blackiston, Wm. F. Dean, J. E. Baum, John Ketcham.

DELAWARE MUTUAL SAFETY. Organized 1835. Office, S W Third & Walnut

William Martin, Pres. Thos. C. Hand, V. Pres. Henry Lylburn, Sec.

Directors-William Martin, Joseph H. Seal, Edmund A. Souder, Jno. C. Davis, Robt. Burton, Jno. R. Penrose, George G. Leiper, Edward Dar- lington, H. Jones Brooke, James C. Hand, Theo- philus Paulding, Dr. R. M. Huston, Hugh Craig, Spencer McIlvaine, Charles Kelley, Samuel E. Stokes, Henry Sloan, James Traquair, William Eyre, Jr., James B. McFarland, William C. Lud- wig, D. T. Morgan, John B. Semple, Thomas C. Hand, J. F. Peniston, Jacob P. Jones, Joshua P. Eyre, A. B. Berger.

GIRARD.

Organized 1853. Office, No. 415 Walnut street. Capital, $200,000.

Thomas Craven, Pres. A. S. Gillet, V. President and Treasurer. James B. Alvord, Secre ary.

Directors-Thomas Craven, William M. Swain, Jerry Walker. Joseph Klapp, M.D., H. N. Bur- roughs, Francis Peters, N. S. Lawrence, Charles I. Dupont, David Boyd, Jr., John W. Claghorn, William C. Rudman, Jobn Thornley, C. F. Heaz- litt, Abraham Hart, Peter S. Hoe, Furman Shep- pard, John Supplee.

NORTH AMERICA. Office 232 Walnut street.

Chartered 1794. Capital $500,000. Shares $10. Dividends, January and July.

Arthur G. Coffin, President. Charles Platt, Secretary.

Directors .- Arthur G. Coffin, Samuel W. Jones, John A. Brown, Samuel F. Smith, Charles Tay- lor, Ambrose White, John R. Neff, Richard D. Wood, William Welsh, William E. Bowen, James N. Dickson, S. Morris Waln, John Mason, George L. Harrison, Francis R. Cope, Edward H. Trotter, Edward S. Clarke.

STATE OF PENNSYLVANIA. Office 4 and 5 Merchants' Exchange. Chartered 1794. Capital $200,000. Shares $200. Dividends February and August. Henry D. Sherrerd, President. William Harper, Secretary.

Directors .- Henry D. Sherrerd, Charles Macal- ester, Wm. S. Smith, John B. Budd, Simeon Toby, Wm. R. White, George H. Stuart, Samuel Grant, Jr., Tobias Wagner, Henry G. Freeman, Thomas B. Wattson, Charles S. Lewis, George C. Carson, Edward C. Knight, John B. Austin.

INSURANCE-FIRE AND LIFE.

CITY. Office 110 South 4th street. Organized 1858. Capital $200,000. Robert Perry, President. George C. Helmbold, Secretary.

Directors .- Robert Perry, J. W. Souder, J. L. Hutchinson, J. W. Stokes, Samuel Betts, John S. Struthers, Charles L. Jordan, Wm. McCand- less, David Armstrong, H. K. Richardson, Thomas Manderfield, James J. Martin, Edward Clegg, B. F. Clark, C. R. Bicking.

METROPOLITAN. Office, 402 Walnut street.

PHILADELPHIA. Office, No. 433 Chestnut street.

Chartered 1848. Charter perpetual. Capital

$300,000.

R. P. King, President. M. W. Baldwin, Vice-President. P. E. Birckhead, Treasurer. Francis Blackburne, Secretary.

Directors .- R. P. King, M. W. Baldwin, S. J. Megargee, E. Wiler, C. P. Hayes, T. K. Collins, John Clayton, P. B. Savery, Jobn Killgore, Henry C. Howell, Joseph M. Cowell, Alexander Murphy.

ROYAL-LIVERPOOL.

Paid-up Capital and Surplus, $4,257,420. Spe- cial Fund held by New York Trustees, $548,302 Surveyor-James Hutchinson Attending Physician-Dr. W. W. Gerhard. Consulting Physician-Dr. Samuel Jackson. George Wood, Agent, 226 Walnut.

A Policy of Life Insurance is the cheapest and safest mode of making a certain provision for one's family .- Benjamin Franklin.

A Policy of Life Assurance is always an evidence of prudent forethought ; no man with a dependent family is free froma reproach if not Assured .- Lord Lyndhurst.

There is nothing in the commercial world which approaches, even remotely, to the security of a well-established and prudently-managed Life Insurance Company .- Professor De Morgan.

NEW ENGLAND Mutual Life Insurance Company,

BOSTON, MASS.

ACCUMULATION, FEB. 1, 1861, $1,750,000, TO MEET LOSSES. SURPLUS $600,000.

ORGANIZED, DECEMBER, 1813.

Company's Building, Boston, Mass.

WILLARD PHILLIPS, PRESIDENT.

DIRECTORS.

CHARLES P. CURTIS,

THOMAS A. DEXTER,

MARSHALL P. WILDER,

A. W. THAXTER,

GEO. H. FOLGER,

JAMES STURGIS,

SEWELL TAPPAN,

CHARLES HUBBARD,

WM. B. REYNOLDS,

FRANCIS C. LOWELL

B. F. STEVENS, SECRETARY,

Branch Office, Metropolitan Bank Building, 110 Broadway, cor. Pine Street, New York City.

JOHN HOPPER, Agent and Attorney for the Company.

AMOUNT AT RISK FEB., 1861, $15,000,000.

BENEFITS OF LIFE INSURANCE.

The principles of Life Insurance are now so well established, that they are no longer matters of experiment, and its allvantages are beyond dispute.

The great and special advantage is the securing of wife and children against want and misery after the death of the husband and futher. Every one acknowledges the wisdom and prudence of providing for a family against the adversities of fortune, or the accidents of life, and it is the moral, social, and religious duty of every one, not to abandon those dependent upon him to the cold charities of the world, and liable to the temptations and sufferings of pov- erty, when deprived of his protection and support. The late Lord Chancellor of England de. clared, that "no man with a dependent family is free from reproach if his life is not insured." The man who negleets to insure his house is condemned for imprudence. How much more im. provident is he who refuses to insure his life ? Every house may not be burned, but every man must die. Bishop Hawkes wisely deelares, that " Life Insurance is not only a humane, but almost a Christian institution," for the Apostle says : " If a man provide not for his own, and especially for those of his own house, he hath denied the faith, and is worse than an infidel "

This important daty of every head of a family may be easily and seeurely performed by obtaining a Policy of Life Insurance. A very small daily saving will accomplish this purpose. l'ive cents a day, commencing at the age of twenty-one, will insure one thousand dollars at death, whether immediate or remote, together with all the profits which may accumulate on the policy ; and six cents a day, at twenty-eight years of age, will accomplish the same object. And by the judicious laws of Massachusetts and New York, policies issued for the benefit of widows and orphans are protected from the husband's creditors.

Can it be that any father, husband, or man, is unwilling to make a little sacrifice of daily comforts, in most cases of what would be unnecessary expenses, to protect those most near and dear to him from suffering and want after his death ?

There are many other advantageous uses of Life Insurance, besides the security of a family against want. Creditors can insure the lives of their debtors as a security for their claims. . 1 man with incumbrances upon his property may insure to the amount of them to seeure their ready payment at his decease. A young man may borrow money to complete his education, or may obtain credit for a stock of goods, or tools, or a farm, by insuring his life and assigning the poliey as contingent security. A parish may relieve their elergyman from anxious care by raising a small sum to fnsure his life and provide for his family. In short, Life Insurance is applicable to all purposes of raising money on loans, where only personal security ean be offered ; and, generally, as affording means of certain indemnity against any pecuniary loss, claim, or inconvenience whatsoever, to which one individual may become subjeet, by reason of the death of another.

The moral and social influence of Life Insurance is no slight benefit both to the individualand. to the community. It develops the amiable and generous traits of character, aecustoms a man to think for others, induces habits of industry, economy and accumulation, and by relieving the mind from anxiety and over-exertion, promotes health and longevity. A systematic adoption of Life Insurance, by the people of any country, would do more to eradicate pauperism and crime than all the combined wisdom of its legislators ; so that a well-founded, well-conducted institu tion of this description is a subject of public interest, as its beneficial effects are at least equal to those of any charitable, philanthropieal public institution ; and these effects are produced without any donation, sacrifice, or aet of beneficence by the public or by individuals, being the natural and easy results of the spontaneous thrift, prudence, and forecast of individuals in con- ducting their own concerns.

SECURITY OF LIFE INSURANCE.

Life Insurance Companies are the most stable and permanent institutions known among men. The experience of the commercial world can point to no such permanency, nor do any class of institutions compare with Life Companies for uniformity, safety, and reliability. The insured eannot invest their funds in a more sure and profitable manner : for Life Insurance is simply setting aside and investing a yearly sum, with the certainty of a safe return with accumulations ; whereas other investments, with a profitable and sure return, are not so easily found, and often end in an entire loss.

An investment in a policy of Life Insurance is far preferable to deposits in a Savings Bank. An Insurance Company accomplishes all that is done by a Savings Bank, and much be- sides, combining all the advantages of the latter with an indemnity against risks. Like the Savings Bank, it takes care of the depositor's money, and it virtually allows him interest upon his deposits : but it does more. What is of higher importance to the depositor, the Company engages, in consideration of a certain sum of money paid to it annually, during the life of the depositor, to pay a much larger sum to his family upon his decease.

There are three reasons why a Life Insurance policy is a wiser investment than a deposit in a Savings Bank : 1. Money in a Savings Bank, being entirely at the will of depositors, is too easily drawn out to gratify some passing desire, and there is no strong motive to compel a regu- lar deposit. How many persons have commenced an account with a Savings Bank, and con- tinned for some time with a laudable perseverance, but at last have been tempted to withdraw, and never had sufficient confidence to commence again ! In Life Institutions, a man, after mature deliberation, binds himself to make a deposit of a specified sum at a specified time ; knowing this, he provides for it, and we can safely say that in a majority of cases the money saved to deposit in a Life Institution, would not be sared at all, had they not insured. 2. Money in a Savings Bank is exposed to the demand of creditors, while an Insurance policy is not liable for a man's debt, being held by a special law of the State, as a fund for the benefit of his family ; and thus, in times of pecuniary disaster, to which every man is more or less liable, it often becomes a means of support when everything else is gone-cheering with ease and competence the de- clining years of those who, without its aid, would have been left to all the miseries of poverty and old age. 3. Life is uncertain, while death is certain : and a Savings Bank makes provi- sion only for life. The average length of human life is only thirty-three years. Of 500 persons, only one lives eighty years, and of 100 only six live sixty-five years. Those who can eheat then-

selves into the belief that they run no risk of dying, will not, of course, insure No one, however, need consult books to learn lessons of mortality. 'Tis the burthen of pulpit eloquence ; the lesson of the graveyard ; and the teaching of every day's experience. The uncertainty of life being admitted, it will follow that accumulation upon the Savings Bank principle, does not meet the requirements of the case.

To illustrate : suppose a husband and father, thirty-three years old, wishes to leave his family the sum of $2,000, and for that purpose deposits annually $50 in some Savings institution. In the course of thirty or forty years lie will thus accumulate the required sum. But what guar- antee has lie that he will live ten years, or even one year ? He has none, and, of course, no se- curity for provision for his family. But, if he pays $50 as an annual premium for a policy of Life Insurance, he will be SURE of leaving $2,000 to his family whenever he dies, in six months or twenty years ! Thus, while all other means are fluctuating and uncertain, and riches often "fly away," a Life Insurance policy (if from a reliable company) is certain, and becomes a patrimony JUST AT THE TIME IT IS MOST NEEDED,

The question is no longer, SHALL I GET MY LIFE INSURED ? but rather, WHERE CAN I INSURE IT TO THE BEST ADVANTAGE ?

In answering this question it will be necessary to explain briefly the

DIFFERENT KINDS OF LIFE INSURANCE COMPANIES.

They are all based upon the same fundamental principles, but are divided into classes, ac- cording to the different plans of their organization and the different methods of conducting their business. They are either Stock, Mixed, or Mutual Companies.

Joint Stock Companies issue at fixed rates, the profits being WHOLLY divided among the proprietors, and the enormous dividends thence divided have, in some cases, raised the value of the stock to seven hundred per cent. upon the amount paid in.

Mixed Companies are also Joint Stock Companies with proprietary bodies, but the assured are allowed to participate to a certain extent with the proprietors in the profits of the business. Mutual Companies are owned and managed exclusively by policy holders, all of whom have their proportionate share in the surplus accruing from the business.

The Mutual Company is clearly the most perfect in principle, and experience has fully tested and placed beyond a doubt the perfect security of the system. No Mutual Company, when once well established, has ever met with disaster on account of the mutual principle; but, on the other hand, they have rapidly accumulated funds, reaching sometimes in amount to millions of dollars. In Mutual Companies, too, the assured have entire control of the funds; there is " universal suffrage," and the form of government is essentially " democratic." A Mutual Com- pany divides the whole surplus among the insured, after deducting only the actual cost to the Company of carrying on the business, which is not the case with the first class mentioned, and only in a degree with the Mixed companies. This plan of operation insures the applicant at the lowest possible premium, for all that is over the sum required to insure him safely, is returned in dividends, which is not the case with the Stock companies, and only partially so with the Mixed companies, the proprietary body in the latter having first to receive its share of the surplus be fore a dividend can be declared to the insured.

The Governor of Massachusetts has recently vetoed a bill to incorporate a Life Insurance Company, because, among other reasons, it was not a Mutual company. Ile says : "Purely Mutual Life Insurance Companies have been proved by experience to be the safest and best for the insured."

A PURELY MUTUAL COMPANY IS, THEN, THE ONE IN WHICH TO INSURE TO THE GREATEST ADVANTAGE.

SUPERIORITY OF THE NEW ENGLAND LIFE INS. CO.

It is a purely Mutual Company, and has made three distributions of surplus funds (IS48, 1853, and 1658,) in cash, amounting to OVER $500,000. It now has an invested fund of $1,750,000, to pay losses, and a surplus of $600,000 ; so that it could reinsure for $1,200,000, and divide $600,000.

The New England Mutual Life Insurance Company do not pay their dividends in scrip, but always in CASH. At the close of every five years the Company, after paying the expenses of the business, reserving a sufficient sum to reinsure all risks, and cover all possible contingencies, divides the surplus proportionately among the assured. By this plan, there is no accumulating scrip, or possible liability to guard against, and the rates of premium are materially lessened by the cash dividends, the insured reaping the immediate rather than the prospective advantages of the mutual plan. Some Companies are compelled by their charters to credit their distributions on the policies in the form of a bonus, payable only when a loss takes place, thus creating an immense and unnecessary capital, and depriving the members, in case of non-payment of pre- mium, of all right to the bonus. In this Company, the distributions are a source of pecuniary relief in paying future premiums, and in times of great financial distress, are sensibly felt. In no event does the bonus (if a member choose so to apply his distribution) become forfeited. The cash distribution in 1858 amounted to $335,000.

Its standing and economy are unequaled. The Insurance Commissioners of Massachusetts, in their last report to the Legislature, compare the standing and the economy of the eighteen Life Insurance Companies which issue policies in that State, comprising the principal compa- nies in the country ; and they place the New England Company FIRST in standing, i. e. in its ratio of valne to liability, and FIRST in economy. This Company's expenses are only 8 per cent. of the receipts, while those of the others average more than 1I per cent. ! This is the oldest Mutual Company in the country, and, for that reason, must be the safest and most economical.

Its directors are well known to community as men of integrity, sagacity, and experience in business ; and every year the affairs of the Company are thoroughly investigated by a body of Commissioners chosen by the State of Massachusetts, for that purpose ; and a full and complete statement of the operations of the Company, with its assets and liabilities, is made to the Legislatures of Massachusetts and New York, and a report is made to the assured, of the con- dition of the Company. Every five years, at the time of declaring the dividends, the business

is, as it were, closed, so that its actual position and solvency are made manifest at that time. This gnards the assured against any possible loss from inefficiency on the part of the Company, and is a sure guarantee as regards the future.

AT The New England Mutual Life Insurance Company has deposited with the Comptroller of the State of New York, $100,000 for the seenrity of its policy-holders in this State.

A company in which so shrewd a financier as the late ABBOTT LAWRENCE, and so profound a lawyer as the late RUFUS CHOATE, insured their lives to the largest possible amount, needs no other voucher for its economy, stability, and perfect security.

TERMS OF PAYMENT.

The terms of payment of the premium in the plan adopted by the New England Life In- surance Company, while ignoring entirely all uncertainty arising from the credit system, are peculiarly advantageous to the assured.

PREMIUM may be paid quarterly, semi-annually, or annually; or one-half of the amount of five premiums may lie over on notes for a term of years, on whole life policies, interest being charged at the rate of six per cent. per annum, on the deferred portions. Premiums for the whole life may also be settled in ten aunnal payments, or in a single payment.

This is notinsuring on credit ; for the Company gets pay, from time to time, previously to running the risk-the interest on the note being taken into the account. The notes, or any part of them, will be demandable after five years from the date of the first one, on notice of ninety days, so that the Company may have command of their funds, should the same be necessary ; butit is not supposed that such notes will ever need to be paid. There can be hardly a doubt that the principal may remain outstanding so long as the assured wishes.

Five annual life premiums being double the amount of the cash premium required for an insurance for the term of five years, it follows that the policy is adequate collateral security for a loan to the amount of one-half of the life premium. The Company, by this rule, never in- sures upon the personal credit of any member, its loans being restricted to those policies only which have a pecuniary value. The Company also aids those members who have paid several life premiums in cash, by affording them a credit in times of pecuniary distress, for subsequent premiums, to an amount equal to what would be paid them on surrender of the policy.

In this Company a person cannot forfeit a policy untilits value is worked out in insurance. For example, if a person pays four life premiums in cash, this will insure him seven or cight years, or about three years after his four have expired, if he is unable, from any cause, to pay the annual premiums.

Insurance may be effected for one year, a term of years, or for life.

Annexed are the tables of premiums for insurance of $1,000 for one year, for seven years, and for life ; also the amount in ten annual premiums, and in one payment.

SURRENDER OF POLICIES.

It sometimes happens that the motive for making insurance, ceases before the policy has expired. Instances will also occasionally occur of persons being disappointed of the means of paying the premium, and so being liable to forfeit their policies. In such case, the Company con- sents to a surrender of the policy upon fair terms, if application is made for that purpose before it is forfeited.

All over and above the actual cost will be returned of the premiums paid.

Now is the time to effeet an insurance! As a man grows older, the rates of premium are higher, and his health is liable to fail. Life is uncertain, and delays are dangerous !

TABLE OF PREMIUMS FOR INSURANCE OF $1,000.

AGE.

Annual Paym't for Life.

In Tell In a Ann'I Paym'ts. Single Paym't.

AGE.

Annual Paym't for Life.

In Ten

In a Ann'lPaym'ts. Single Pay't

$15 CO

$07 34

$305 80

$00 40

$60 50

$483 20

16 00

38 14

312 00

31 50

61 €8

494 10

16 50

38 92

318 30

32 CO

63 63

595 00

16 9)

30 73

325 40

33 90

€4 96

516 00

17 00

40 53

330 60

05 20

66 43

527 20

17 80

41 34

337 00

36 50

68 11

538 80

18:0

42 17

343 50

38 €0

69 40

551 10

18 70

43 C3

350 10

39 60

71 64

563 40

19 20

43 89

$56 80

41 20

73 42

5.8 50

10 80

44 78

163 80

43 10

75 44

5$9 80

20 10

45 68

370 80

45 09

77 77

60; 50

20 90

46 62

378 00

47 00

80 43

617 40

47 57

385 50

49 20

82 53

(31 5)

22 10

48 5)

373 CO

51 50

84 23

645 50

22 70

49 07

400 €0

53 90

86 50

(60 00

23 40

50 44

408 50

56 50

89 17

674 70

24 10

51 49

416 70

59 40

92 21

680 80

24 :0

52 33

425 10

62 40

95 86

705 40

25 60

53 56

434 CO

€5 60

97 86

720 50

26 50

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McElroy's Philadelphia city directory, 1862, Part 187

Author: A. McElroy & Co; Orrin Rogers (Firm); E.C. & J. Biddle (Firm) Publication date: 1837 Publisher: Philadelphia : A. McElroy & Co. Number of Pages: 986

Author: A. McElroy & Co; Orrin Rogers (Firm); E.C. & J. Biddle (Firm)
Publication date: 1837
Publisher: Philadelphia : A. McElroy & Co.
Number of Pages: 986