Book .G r ans /oi y 27> r 3 Q U T/t£ :ilS(,E I8b2 GALVESTO.V-PAST AND PRESENT. ^hc ©nijclhartJt -Series : 'American ®i of New York, which has $1,401,000 of assets ; for the Hibernia of New Orleans ; the Western Home of Sioux City, Iowa ; the National Fire Insurance Co. of New York ; the Providence Washington Insur- ance Co. of Providence, R. I. ; the Mann- heim of Germany, and the Sea Insurance Co. of England, the last two marine com- panies, having respectively $3,064,268 of assets and $2,334,716. Mr. Angell is a native of the city, and one of the most active and energetic of the younger generation of business men. He bought the agency of M. Quin, Esq. (for the London & Liverpool & Globe only), from his estate in 1883, and has added the other companies since. He does a very excellent business, and stands high as an underwriter throughout the State. J. M. O. Menard, doing busmess as J. M. O. Menard & Co., imderwriters. Strand, between Twenty-second and Twenty-third streets, has been \n the insurance business here for 20 years, and has been in it on his own account since 187 1. He is one of the oldest, best known and most successful insurance men here. He is the general agent for Texas of the Trans-Atlantic Fire and New York Bowery Companies, is district agent in Southwestern Texas for the East Texas of Tyler, Tex., and Alamo of San Antonio, and is local agent for the German- American of New York, the Phenix of Brooklyn, the Anglo Nevada of San 58 THE CITY OF GALVESTON. Francisco and the Alamo Fire of San Antonio. These companies have assets, aggregating for them all, something like $15,000,000. Mr. Menard is a native of the city, and a relative of Michael B. Menard, the founder of Galveston ; is in fact the only male representative of the family now living here. He has been an Alderman of the city. City Assessor and City Treas- urer, is a property owner, and a gentleman much esteemed for social as well as busi- ness qualities. James Sorley, Stubbs & Co., gen- eral insurance agents, Mechanic street, between Twenty-first and Twenty-second, over Heidenheimer & Co.'s, are the representatives of companies here whose aggregated assets are $34,000,000. One of them, the Scottish Union and National, has $17,^00,000, and another, the Home of N. Y., $9,000,000. Besides these they act for the Trans-Atlantic of Ham- burg, the Connecticut of Hartford, the Sun Mutual of New Orleans, the State Investment of San Francisco, the Bur- lington of Iowa, Greenwich of N. Y. and the Fidelity & Casualty Co., security, accident and steam boiler insurance, of New York. Mr. Sorley of the firm, is also the agent of the Lloyd's of London, the Liver- pool Underwriters' Association and the American & Continental Underwriters. Mr. Sorley has been a resident here since 1851. He has been Collector of the Port and an Alderman of the city and also a cotton and shipping merchant. He has been in the insurance business since 1866. He is a gentleman of the highest reputation in the community, and he has considerable distinction ns a local statistician. Mr. Stubbs, the junior part- ner in the agency, has been in the busi- ness twelve years, and is one of the best qualified of the local underwriters. He is a native of the city, and has been a partner with Mr. Sorley for about a year. C. M. GuiNARD & Co.. insurance agents, Reymershoffer building. 2203 Mechanic street (C. M. Guinard. the Co. being nominal), is the representative here of the following companies : The Con- tinental of New York, which has $5,- 177,000 of assets ; the Fire Association of Philadelphia, $4,250,000; the Norwich Union, $4,000,000 ; the Western of Toronto, $1,975,000; the British America of Canada, $1,800,000; the Marine of St. Louis and Commercial Insurance Co. of California. He is special Texas agent for the Continental and also agent for the Travelers Life & Accident Co. of Hart- ford, having $8,000,000 assets, and the American Surety Co., $1,950,000. The character of the fire companies for whom he acts is best illustrated by the fact that they paid $145,000 in cash, without discount, for the losses they sustained by the great fire here on Nov. 13th. 1885. Mr. Guinard is one of the oldest of the local underwriters, and he has been one of the most successful of them. He has large lines of insurance entrusted him by the business men of the city. He was secretary of the Merchants' Insurance Co. of Galveston while it was in business. He is a director of the Peoples' Loan & Homestead Association and president of the Neptune Ice Company, and is inter- ested also in the Galveston Cotton & Woolen Mills. He has been an officer of the local board of Fire Underwriters for the last eight years, and has been in the insurance business here for twenty-four years. The Equitable Life Assuranxe So- ciETV of the United States, which is rep- resented here by Ladd M. Waters & Bro., its Texas and Arkansas agents, exceeds every other life company of the world in the following particulars : For four years it has had the largest outstanding assur- ance ; for ten years the largest 4 per cent surplus, and for ten years also, has exhib- ited the largest annual new business. 60 THE CITY OF GALVESTON. Its ratio of assets to liabilities is i2Sper cent. Its record, during the thirty years it has been established, discloses a business in excess of that of nearly thirty companies established meanwhile in the United States combined ; in excess of the thirty leading British companies in recent years, and nearly twice as much as the current business of the eighteen leading French companies ; and the like compari- son made with respect to the most promi- nent German companies, is also a revela- tion of the superiority of the Equitable. The Equitable has been foremost also in biinging about reforms in the methods of life insurance. It was the first to intro- duce Tontine assurance, the most popular plan of the day in this country. It origi- nated indisputable insurance in the United States and voluntarily adopted the incon- testable policy clause, evincing in the celebrated Dwight case, contested by nineteen other companies, but promptly settled by it. its adherence to a principle of its own establishment. Credit is due also to the Equitable for the free Tontine policy which gives absolute liberty to its policy holder to pursue any course in life best pleases him in one year, and an un- conditional claim in two years. The Equitable's newest form of policy is a simple promise to pay, like a bank draft, with no conditions whatever on the back of it. It is unrestricted as to travel and occupation after one year, incontestable after two years, non-forfeitable after three years, is payable immediately it matures, draws tontine profits, and gives the pos- sessor of it a choice of six methods of set- tlement at the end of the tontine period. The Equitable is distinguished also among the life companies by the substan- tial character of its assets, and by the enterprise it has exhibited in giving them a permanent value. Its building in New York city is considered the finest exam- ple of a structure devoted to business purposes in the great metropolis ; and it has raised in Vienna. Berlin and Madrid, massive architectural piles that are notable even in those great Old World capitals. The agents here readily obtain business for a company of such resources. Several policies for $50,000 and upwards have been written by them here for leading citizens. Mr. Ladd M. Waters has been in the li:^ insurance business for several years here. He is a native of the city and well known among the business commu- nities, not of Galveston and its vicinity alone, but of all the territoi-y allotted his firm by the company. His brother and partner, Mr. W. M. Waters, is stationed at Dallas, and is in charge of their agency affairs there The Galveston office of this firm is on Strand near Twenty-second street. The Mutual Reserve Fund Life Association of New York is doing a beneficent work in Texas. Having es- tablished agencies throughout the State, with representative men in charge, it deserves mention here. This association has achieved the grandest success ever known in life in- surance business. Although only organ- ized in 18S1, it had, at the close of the year 1889, the amount of over $181,000,- 000 of Insurance in force, had paid death claims amounting to over $7,600,- 000 (of which over $1, 800,000 was paid in 1SS9) and had accumulated a Reserve Fund of over $3,300,000 for the protec- tion of all its policies. In these first nine years of its existence the Association has done the largest business ever done by any Life Insurance Company in the same time ; and compar- ing its business with the three largest companies in the world, it is three times as much as the Equitable, more than seventeen times as much as the Mutual and more than twenty times as much as the New York Life Insurance Co. It has, in fact, effected a revolution in Life Insurance and has proved that it can THE CITY OF GALVESTON. 61 be furnished, when relieved from the heavy investment features of the old system, at a cost which is within the reach of all, thus allowing a workingman to pi'ovide for his family where formerlv he could not do so on account of the high cost. The Natural Premium system, under which the Mutual Reserve is operated, furnishes Life Insurance at the lowest possible cost, with perfect security, and is the result of practical experience, which has been utilized in perfecting the system. This system of Life Insurance is espec- ially a benefit to the citizens of Texas as it calls on them to pay only the net cost, and leaves their capital in their own hands for use in their own business, thus benefiting the entire community, directly and indirectly, instead of drawing large amounts from the State annually, to be invested in other States, as is the case under the old system. The Mutual Reserve is now the peer of any company in the world and as its management has been investigated over a score of times, by the legal authorities of as many States, without once meeting with aught but commendation, it is one of the recognized institutions of the country, and its motto, "not for a day, but for all time," is a most appropriate one. The Mutual Reserve is the only Com- pany which has protected its accumula- tions by placing them in trust and removing them from the absolute control of its officers. This it has done by placing its Reserve Fund under a Deed of Trust, which is the best known protection, and furnishes the best security a policy- holder can have, with the great Central Trust Co. of New York, which has assets of over $25,000,000. The cost of Insurance in the Mutual Reserve, for each $1,000 annually, is at the age of 35, $13.76; age 30, $14.34; age 40, $16.17 ; ^g^ 5°' $21-37, and at the age of 60, $43.70, or about one-half the rates of the old system, and this cost is divided into bi-monthly payments, ranging from $i.So at age 35 to $6.78 at age 60 every two months, thus making the payment so small that every one may participate in its benefits. As Life Insurance is acknowledged to be the best protection a man can give his family, and as the Mutual Reserve fur- nishes it at the lowest possible cost, with security, those desiring to protect their families should consult some representa- tive of the Association and learn the full particulars of its system ; and this step can hardly be taken too soon. The operations of this Association have been rapidly extended, and it is now doing business throughout the United States, Canada, Great Britain, France and Continental Europe. The Association is doing a large busi- ness in Texas, and Mr. E. B, Harper, its energetic president, is to be congratulated on having secured the co-operation of an efficient corps of representatives in the State. Mr. A. C. Bloss, Manager of the Central Department, which includes Texas, has been identified with the Asso- ciation since its first year, and has placed many millions of business on its books ; he is a most indefatigable worker, and keeps his department in the front rank of State agencies. Mr. R. T. Byrne of Galveston is the General Agent of the Association for Galveston, Houston and Southeastern Texas, and has already made a reputation for the Association in his section, wherein he is doing a very large business Messrs. P. S. & J. P. Pfouts (Pfouts & Pfouts) of Dallas, General Agents for Northeastern Texas, are live business men and are meeting with deserved success and securing their full share of business. Messrs. Warner & Raymond, of Austin, are General Agents for Austin and vicin- ity, and their well-known reputation as business men guaranteed their success from the start. Mr. L. B. Morrison, of 62 THE CITY OF GALVESTON. Gatesville. General Agent for several counties in his vicinity, is crowding other companies, and lets no one get ahead of him. Mr. F. B. Bailey of Palestine, has several counties under his charge as Gen- eral Agent, has incited great interest in Life Insurance, and gets plenty of business in his territory. Mr. W. F. Beard of Cleburne, is also an active worker and has secured also a large business. Mr. J. J. McDaniel of Mine- ola, another General Agent, has already made a record and will doubtless keep it up. General John M. Claiborn, now located at Rusk, is one of the latest appointees, and those who know him say, that he will do his full share in introducing the Association in his vi- cinity. These General Agents have many able assistants, and as Texans always show their appreciation of a good thing when they see it. and as the iSIutual Reserve is undoubtedly "'a vei-y good thing indeed," its great success is readily accounted for. MARITIME BUSINESS AND FOREIGN TRADE. j^^gsINCE iSSo, Galveston has isen to the rank of seventh seaport of the country, and has sustained her title to maritime pres- tige over all the cities of the Union except New York, San Francisco, Boston, New Or- leans, Baltimore and Philadelphia, by the number of her home fleet and coast- wise and transient arrivals, and by her customs and wharf collections. The vessels owned and documented in the Galveston customs district number nearly 2 Ladf], W. F. & Co., cotton buyers 76 Lanimers & Flint, cotton and wool factors 76 La-sker Real Estate Association, The 49 Large jobbing concerns of Galve.ston 7, 77 Leith, L. C. & Co., coal dealers 69 Lee Iron Works, The 108 Levy, J. & Bro., stablemen and undertakers 97 Levy, M. M., manufacturers' agent ,S6 Lighterage at Galveston 60 Living at Galveston 29 Loan agencies, Galveston 17 IVI Mallory line of steamers, J. N. Sawyer & Co., agents 70 Marsan, J. B. & Co., oyster packers 109 Marwitz, II., ship chandler and grocer 7.3 McComack, .1. J., plumber 110 Menard, J. M. O. & Co., insurance 57 Mensing Bros. & Co., factors and grocers 7, 80 Moller, J. & Co., ship agents 68 Moody, \V. L. & Co., bankers and cotton factors, 45, 46, 47, 53 Morgan Steamsliip Line and Houston Direct Naviga- tion Co., Capt. Cha.s. Fowler, agent 71 Mutual Reserve Fund Life A.ssociation of X. Y., R. T. Byrne, agent 60 N National Bank ofTcxas, W. L. Moody, pr&sident 42 Neptune Ice Co., The 109 New banking concerns 40 New cotton mills 102 New manufacturing enterprises 99 New rope walk 99 Newspapers of Galveston 27 New York steamship lines 71 Nicolini, Capt. C, ship chandler and grocer 73 O Opportunity for manufactures at Galveston 99, 124 Ott, Chas. S., marble works 110 Pagoda Baths, The 19 Palmer & Rey, type founders of San Francisco, O. Paget, agent 96 ParkctMcRae, coal dealers 94 Perkins, A. J. &. Co., lumber dealers 92 Pollard, W. H. & Co., dealers in bricks, lime and masons' material 92 Port charges, Galveston 66 Progress of Galveston 16 Proposed bridge to the mainland 39 Protection Oil Co., C. B. Pettit & Co., G. R. Christie, agent 93 R Railroads of Galveston 31 Ratto, Lang & Weinberger, wholesale fruits and con- feet ionerj' 87 Real estate agents of Galveston 52 Real estate market, Galveston 50 r.VGE. Redfield. the Redfield Co., building material 94 Resorts of (Julveston 19 Reymershott'er, J. Reymershofifer's Sons, grain com- mission 107 Rice, Boulard '. 7. The City's Progress in Manufactures. 8. The State of Texas. With Illustrations Showing the Architecture and Appearance of Galveston, and the Scenerv of the State. Edited by Andrew Morrison for Geo. W. Engelhardt. Copyrijihted 1890. "^yRiNTi N6 j:oC^^ I F. Ap '09 «>fC 6 »«•