Word: funds
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Dates: during 1930-1939
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...that "a man cannot walk home of an evening without his head being round all quarters at once, on the lookout for a slung shot." In 1862 San Francisco acquired its first paid fire department. The next year a retired sea captain named William Holdredge started Fireman's Fund Insurance...
...this and his long patronage of music in San Francisco are matters of diversion. For 60 years Mr. Levison's business has been with disaster by land & sea. Fortnight ago he retired from the presidency to the chairmanship of San Francisco's famed Fireman's Fund Insurance Co. Last week its two main subsidiaries confirmed him in the same change of office. Having thus ended 20 years in active management of the second largest marine underwriter in the U. S. and the largest insurance company on the Pacific Coast, Mr. Levison dived into...
Neither Captain Holdredge nor the storekeepers on his board of directors knew anything about insurance, but they "had one simple, brilliant idea. This was to pay 10% of the net profits to the charitable fund of the San Francisco Fire Department and to mark all buildings insured by the company with a metal "house plate." Since they had a financial interest in the company, firemen were expected to surpass themselves putting out fires in these buildings. Whether aided by this or not, the new company did so well in fiery San Francisco that two years later it decided...
...Chicago and caused the great $200,000,000 fire. In the next few months 68 U. S. insurance companies failed and 81 were forced to suspend business outside their own States. To pay off claims against it of $529,365 required not only every cent of Fireman's Fund capital but an assessment on its stockholders. Chairman Levison likes to boast of this as the first time the company went broke and yet survived. The second time was after the Great San Francisco earthquake and fire in 1906. and this time Mr. Levison played a principal part...
...evening of April 21, 1906, Fireman's Fund, with a capital of $1,000,000 and assets of $7,000,000, owed its policyholders in the smoldering city more than $11,000,000. Then vice president in charge of the marine division, Jacob Levison proposed the formation of a new company to take over the insurance of the old, minus San Francisco losses. Each director was asked to subscribe to stock in the new corporation in a ratio of twice the amount of the par value of his former holdings. All but one agreed. Mr. Levison made their subscription...