San Francisco County
The Fireman’s Fund Insurance Company
The Fireman’s Fund Insurance Company has the distinction of being the first company to issue a fire-insurance policy in California.
This company was incorporated in October, 1862, but did not begin business until June, 1863, its first policy having been issued June 18, of that year. The presidents of the company were successively William Holdridge, S. H. Parker and W. B. Bourn, for short terms, until the election, in 1867, of D. J. Staples who had held the office of vice-president and manager for a year previous. He has since held the office of president, with increasing credit to himself and benefit to the company. The history of this company is one of high prosperity mixed with serious adversity, and of final triumph. The original capital was $200,000, raised to $500,000, reduced after the losses at Chicago and Boston to $300,000, and increased by the unanimous vote of the stockholders, in 1880, to $750,000, and in 1886 to $1,000,000, at which it now (1891) stands. January 1, 1891, its total assets were $2,630,389. Prior to 1867 it had taken none except fire risks. In 1867, under charge of William J. Dutton, it opened a marine department. Mr. Dutton was afterward elected secretary and subsequently vice-president.
The company’s loss in the Chicago fire in 1871 was $600,000, being more than the entire capital. The directors levied an assessment of fifty per cent, to be paid at once, and all the policy-holders of the fire-swept city learned in their time of need that its obligations were as good as gold. Its integrity in meeting its obligations at that time acquired for it a reputation worth more than capital; and the same honorable policy was followed at the time of the Boston fire, November, 1872. $200,000 were obtained to meet that emergency, by reducing the capital from $500,000 to $300,000, and every Boston claim was promptly paid. The natural result was a large paying business.
From 1872 till 1880 it was the only California company doing business east of the Rocky mountains. Thomas S. Chard was the general manager, with headquarters at Chicago. The success of the company has attracted the attention of Eastern capitalists, fully one-third of its stock being held throughout the East. About $150,000 of this sum is held in Hartford, the acknowledged center of insurance capital. When its capital was increased in 1880, the privilege of taking the original sum was apportioned among the stockholders, and it is a noted fact that this privilege sold at a premium. In 1886 its capital was increased to $1,000,000, the stockholders being allowed to subscribe for the additional stock at the rate of thirty per cent premium. In July, 1890, William J. Dutton was elected vice-president and manager, and in January, 1891, Bernard Faymonville was elected secretary of the company.
In 1867 the company built its home office building on the corner of California and Sansome streets, San Francisco, having forty feet on California street. In 1884 it purchased twenty-two feet more front on California street, and re-constructed the building to cover the entire area, and which now contains its present office. In 1890 twenty-five feet more on the same street were purchased, now making a frontage of eighty-seven feet on California street, making one of the choicest business corners in San Francisco, and with sufficient area upon which to construct a modern building with rapid elevators when the business outlook warrants it. When such building is constructed it will doubtless be a credit to the city, as the company has the reputation of doing nothing by halves.
The Freman’s [sic] Fund now occupies the proud position of being the largest in assets capital, net surplus and income of all the companies west of the State of New York. They employ a corps of over 2,500 agents, distributed throughout the United States. Thomas S. Chard, who has represented the company as its Eastern manager for nearly twenty years, still manages its central department, with headquarters at Chicago. C. W. Kellog, an underwriter of ripe experience and ability, has for the past six years controlled the company’s Eastern department with headquarters at Boston.
At this writing the officers are, D. J. Staples, president; William J. Dutton, vice-president; B. Faymonville, secretary; and J. B. Levison, marine secretary. The directors are D. J. Staples, John Barton, W. W. Stow, John H. Gardiner, Thomas S. Chard, John T. Wright, William H. Brown, John O. Earl, F. W. Lougee, A. A. Smith and William J. Dutton. Find elsewhere in this work by the index, sketches of several of these gentlemen.
Transcribed
by Joyce and David Rugeroni.
Source: “The Bay of
San Francisco,” Vol. 2, Pages 384-385, Lewis Publishing Co, 1892.
© 2006 Joyce & David
Rugeroni.