The daily phoenix. (Columbia, S.C.) 1865-1878, February 15, 1868, Image 3
" Callie Deapatcne?.
.PARIS, February 14.-Ministerial
changes, conciliatory'of the liberal
party, aro currently ru mored.
FLORENCE, February 14.-Answer?
ing Q Parliamentary question. Afona
brea stated that the Goverumeut had
despatched seven ships to tho river
LaPlatte, but gave no particulars.
IVuW* Items.
WILMINGTON, February 13.-A dis?
astrous fire is raging in this city. It
originated at half-past S o'clock this
morning, in Market street, in thc
store occupied by Charles Guthman.
Thus far tho following establish?
ments have been destroyed: Charles
Guthman, clothing; li. T. Waldron,
dry goods; Dr. T. Bi Carr, dentist ;
Drs. Avrington it Everett, dentists;
lt. II. Munson, dry goods; A. W.
Ronski, clothing; C. M. Vauersdell,
photographer; the Wihuiugtou Poa/,
newspaper; Allen ?fc Evans, grocers.
One section of tho block is destroyed.
It is thought that the fire is the work
of an incendiary. At tho present
moment it is impossible to estimate
tho damage which has been done.
The telegraph offico will probably be
lost.
GALVESTON, TEXAS, February 13.
The Stormy Tartar, from Browns?
ville, brings Mexicau news to the 8th.
A revolution is forming in Puebla, ia
the interest of Ortega. Daylight
robberies and kidnapping for rausom
are frequent. Gen. Diaz has re?
signed. Tho telegraph lino between
San Luis and Mutauioras has been
commenced. Corona was sent from
Guadalaxahara, on tho 22d, to pul
down the revolution iu Siualon, Do
mingo. Rubi Bendecard has beet
proclaimed Governor of Mexico in
stead of Escobedo.
HAVANA, February 14.-Capo Hay
tieu dates of the Kith state thai
Cocas was within twenty miles o
Capo naytien, and had captur?e
thirty of Salnave's followers, iuclud
ing a general-several of whom wert
shot. Salnave's fall is regarded cer
taiu. A British man-of-war has gout
to tho Bay of Sanauia, to watel
Federal proceedings there.
CHARLESTON, February 14.-Ar
rived-Steamers Key West and Vir
ginin, Now York. Sailed-Stearne
E. B. Sonder, New York.
ROME, GA., February 14.-Ex
Comptroller-General Burns was av
rested to-day by order of Gen. Mead
and is now confined in barracks, fo
refusing to deliver up tho records o
his office.
The IlccoiiMtructlou Convciitlous.
CHARLESTON, February 14.-In th
Convention, the day waa spent in fin
ther discussion of the new Constitn
tiou. Nothing of special interest.
RICHMOND, February 14.-Th
Convention proceedings were unitr
portant.
Gen. Schofield has issued an ordc
vacating all tobacco inspector office
on the first of March, where tho occn
pants cannot take the oath of office
RALEIGH, February 14.-Convei
tion engaged in discussion on bill c
rights. Nothing done.
TALLAHASSEE, February 14.-Th
excitement .among the delegates ht
beou intenso during tho past foti
hours; there aro serious apprehei
sions of a collision between tho Bi
lings faction and the majority of tl
p Convention. The civil authoritit
and tho military aro protecting tl
capitol from tho possibility of violet
demonstration. The Bill of High
was adopted, declaring tho equ
rights of all mon, incorporatiii
provisions of the Vermont and Mi
souri Constitutions. Legislative, ji
dicial and administrativo articles we
adopted. The Bill of Bights deelar
that tho State shall ever remain
member of tho Union and tho poop
a part of tho American nation. A
ordinauco was passed to repeal ui
equal taxation respecting the scho
tax on freedmen.
NEW ORLEANS, February 14.-Tl
was the sixty-fourth day of tho sc
siou. Tho Constitution will bo reat
for action on Monday, together wi
suggestions of tho Committeo t
Amendmeuts proposed. Adjourn
till Monday.
A despatch from Galveston sa
tho Convention hos undoubtedly be
carried.
ATLANTA, February 14.-Tho IC
Section of tho report of tho Fri
chise Committee was stricken oui
wi wither negroes shall bo eligible
oflico or not-and it is left to thc I
gislature.
< 'oui; i CM io nu I.
WASHINGTON, February l-l.-In I
House, Gen. Grant was directed
furnish th? House his correspondci
with Hancock. ? A resolution was
offered, taxing Federal bonds 2 per
cent.
In tbe Senate, tho President was
asked whether ho had created a now
military department here, nnd under
what law. Tho bill regarding filling
vnnpn/?!n<j passed; lt prOTidca timi
offices vacant by sickness or otber
W?SB moy bo filled by the President
for ten days; provided, that the ap?
pointee's salary shall not bo in?
creased.
The Government is pushing its
chums against Confederate agents
abroad. Some $7,000,000 property
has been attached in France. Tho
claims nguinst Mr. McRea approxi?
mate $12,000,000; he also soTfi twen?
ty-six ships to various parties, pro?
ceedings against whom aro about
being instituted.
The whiskey tax from 1803 to 1807
has averaged $27,000,000 per annum.
An official proclamation was issued
to-day, creating the new military
division ot' the Atlantic, comprising
the department of tho lakes East and
Washington, commanded by General
Sherman, with headquarters at Wash?
ington. Thc President orders Grant
to make no permanent assignment
I for tho division of Missouri. Grant
assigns Sheridan to temporary com
maud of tho division of Missouri.
Internal revenue receipts, to-day,
$213,000.
FINANCIAL. AND COMBIBUCIAli.
NEW YORK, February l-l-Noon.
Corn !*?@lc. lower. Pork heavy, nt
23. Lard heavy, at 14@14%. Cot?
ton a shade lower, at 20','. Freights
quiet. Gold 40'.,. Sterling 9%
7 P. M.-Cotton '.?..c. lower;
sales 2,000 bales, at 20J?@20??.
Flour less active and prices un?
changed. Corn closed heavy-mixed
Western 1.2C@1.28; Southern white
1.21(7?. 1.28. Oats HI "... Mess pork
new 23;'?; old 22 '.. ' "Lard 14@142?.
Freights dull-cotton sail %\ steam
Gold excited during tho
afternoon and reached ll1;), but
closed ut 40,'oO'10
BALTIMORE, February 14.-Cotton
dull and nominal, at 20'... Floor
active-low grades city mills shipping
extra 10.75@11. Corn lirni-prime
white and yellow 1.20. Oats active,
nt 78@80.
CINCINNATI, February 14.-Flour
steady. Coru 83(ff}85. Mesa pork
22',.* Shoulders 10',; clear sides
13'4.
CHARLESTON. February l i.-Cotton
declined ViC^'-'? sales 000 bales
middling 19??@20; receipts 1,020.
SAVANNAH, February 14.-Cotton
dull and nominal; sales 1,509; re?
ceipts 3,271-middling 19>4(ijU9*?.
AUGUSTA, February 14.-Cotton
market activo but easier; sales 1,140;
receipts 700-middling 18J^@18%.
NEW ORLEANS, February 13.-Cot?
ton irregular-middlings 20'.?; sales
4,000 bales; receipts 3,400. " Sugar
and molasses receipts very light
prices firm and unchanged. Flour
easier-superfiuo 10.50; treble extra
12.25; choice 14. Pork market near?
ly bare-25.25. Bacon firm-shoul?
ders ll,'J; clear 14'.j. Gold 40.
NEW ORLEANS, February 14.-Cot?
ton easier, at 19%-sales 2,700 bales;
receipts G,487; sales of week 34,50.);
receipts 33,181; stock 121,814. Gold
39|.i@40. Bacon scarce-shoulders
ll'.,'; clear 14'..'. Mess pork 25'.{(Vf>
2SM. .
MOWLE, February 14.-Sales of
cotton 200 bnles-closed flat and no?
minal, at 18)?@19; sales week 11,900;
receipts 12,400; receipts to date
279,764; stock 70,830.
LIVERPOOL, February 13-Even?
ing.-Cotton advanced
LIVERPOOL, February 14-3 P. M.
Cotton quiet; sales of the week 114,
000 bales; for speculation 19,000; ex?
ports 25,000; stock 288,000. The
amount of stock for Liverpool is
240,000, including 140.000 American.
LONDON, February 14-Evening.
Consols 93'?. Bonds 72',,'.
LIVERPOOL, February 14-Evening.
Cotton closed firmer-uplands 8'..(?
8%; Orleans 8??@8%; sales 10,000
bales. Manchester advices unfavor?
able.
Ininranrc.
Thu /Etna Lifo Insuranco Com?
pany is, we believe, regarded ono of
tho most reliablo in tho country.
Tho following article with reference
to it, is copied from tho American
Exchange and Review :
Tho .?Etna Life Insurance Com?
pany, at tho oloso of tho year 1807,
bad increased its assets to nearly
$8,000,000, being about double the
amount at tho close of IKttf. Dunn g
tho year, between 15,000 and 10.0(H)
policies were issued, and thc annual
incomeadvanced to $5,000,000 against
$8,500,000 for the pre vi o ns year. In
view of the unparalleled competition
encountered by the .?Etna during tho
year, and the strenuous and per?
sistent antagonism by which it was
assailed,; tho past year's operations
cannot be ranked among tho least of
the company's annual triumphs!
Tho great eminence attained by tho
/Etua Life, and which it bids fair to
hold, marks it out for special obser?
vation, nud gives great importanco to
every fact in relation to it. Its re
I cord comprehends uo inconsiderable
! portion of our entiro American lifo
insurance, and it illustrates in n strik?
ing degreo all the salient points of
tho system itself.
Tho title "iEtna" seems destined
to no second placo iu tho depart
I ments of underwriting practised in
the United States. Such title, asap
I plied to tho company under consid?
eration, was not the result simply of
choice, as it is an outgrowth of the
/Etna Fire Insurance Company, or,
rather, has its corporate tit lo from
the same parentage. In 1819, the
Act incorporating the /Etna Insur?
ance Company was passed by the Le?
gislature of Connecticut, and ap?
proved by Gov. Oliver Wolcott. The
year following, a supplementary act
was passed, authorizing the /Etna
Insurance Company to transact lifo
insurance and auuuity business upon
the basis of what was called an an?
nuity fuud of $150,000. This fund
was to be paid in and iuvested in the
same way as tho stock capital, but
was to be exclusively held as a se?
curity for the liabilities of the annuity
fund department. There was yet,
however, scarcely a field for the ope?
ration of a life department. The low
average wealth of the community as
compared with tho present standard
was perhaps its practice, and t hen
were other obstacles not necessary tn
mention here. Tho life branch wai
accordingly kept in abeyance, ami
the history of tho lifo business show
that the directors were wise in hiding
their time. They devoted their euer
gies and abilities to the lire branch
and tho great result is to-day o
world-wide renown.
The lifo department Was organized
in 1850. This brauch of insulano
had at the time about emerged finn
its experimental stage in the Unitci
States, and the basis was well laid to
tho security and extension of tb
.system, as it had become generali;
understood that tho rules and thea
ries pertaining to marine and fir
insurance aro in no wise applicable ti
whole life risks-that is, that th
conditions of tho lifo contract relat
to mathematical facts, and not t
contingent disasters. Whatever dt
grce of uncertainty might as yet
however, attend lifo insurance open
tious, were well considered by th
managers of the /Etna. The severos
actuarial critic iu the country at th
time, who had investigated the prat
tico of lifo insurance both in Oreii
Britain and tho United States, thu
defined the business of the office i
its first year:
"Low premiums and payment r
policies guaranteed by a largo paie
up capital and secured to the insurer
The policy of this office is to requii
a detiuite premium, subject to n
futuro contingencies, and to pay 1
tho assured such fixed and ccrlai
amount as the circumstances of tl
party in his own judgment require.
The phrase "low premiums" bei
simply indicates that the yEtua uuitc
in tho re-action against tho extrav
gant rates originally charged. Whi
Stato Legislatures were passing cha
ters uniting the fire and lifo busine
in ouo company, tho managers of tl
/Etna concluded that tho risks on li
should bo subjected to a separa
supervision and control from tl
risks on property, ns well as from ai
conjoint hazard of tho funds. ?
Act was, therefore, secured, changii
tho naruo from /Etna lusuranco A
unity Fund to the /Etna Life Inst
ance Company, and providing for
separato bonni of directors. The t\
departinouts so becamo two distill
corporations, but the directories
each bave always been partly co:
posed of tho same gentlemen.
Tho cash tables at reduced ra;
adopted by tho /Etna Lifo at t
start aro the non-participating tab!
of the company, now in use. Coi
punitively higher rates, with di
(lends, (according to tho expertes
of this office,) seem to be prefer?
by the general public ?to lower rat'
without dividends-people genera
having an intuitive perception tl
there is essentially a profit in t
business, ami in this profit they wi
to shara,
lu September, 1861, tho compu
adopted its tables of rates, givi
dividends to its policy-holders, and
introduced other improvements. This
was the initiative of a remarkable pro?
gress. Comparatively limited as were
the operations of the /Etna Life in its
earlier years, they were yet signifi?
cant of tho fnt.nro It v:zc thc fr.
vorito life office in more than ono
locality. It won confidence by its
dealings, and tho position it once
at tai ned it never lost. In the year
1861, 589 policies were issued, and
tho annual receipts were S78.533.67.
Passing over the figures showing the
wonderfnl growth of the company
year by year, it is a sufficient illustra?
tion of tho chango in position
wrought by six years to state, that
during the past year there were short
periods of less than two weeks in
which tho business was as great as it
was in thc entire year of 1861. When
it is considered that now the JEtuu
concentrates in a single week tho
cumulative results of a year not long
since, tho present position of tho
company would seem to have in it
elements whoso financial value may
bo pronounced incalculable.
lt is, however, moro by tho charac?
ter than by the extent of business,
that the actual financial condition of
a life company is to be determined,
though it is a recognized axiom in
insurance, that tho larger the busi?
ness, the safer, other circumstances
being equal; und it is worthy of no?
tice, in the caso of this company,
that it is to the "other circum?
stances" that it takes especial pains
to call the atteution of the public.
Most prominent among its printed
documents for general circulation are
tho official figures, showing the rela?
tive position of the various life com?
panies in respect to the points re?
garded by thc best authorities as
settling the real financial structure.
In the present eager and frequently
censurable rivalry for business, pro?
voking unseemly contests, the ma?
nagers of the iEtua evidently regard
such tabulated comparisons as their
best and most sure weapon, and thc
very preference for such, evidences
great confidence on the part of the
management in the soundness of thc
institution, and a belief in its supe
riority in many respects.
These figures show that its vast
new business has been worked up al
a less per contage of cost than tin
new business of any other company
and at about two-thirds of tho ave
rage or general cost of such business
and Hint its risks havo been selected
with care, is shown by the fact that i
has a low ratio of claims to policies
Its proportion of expenditure is si
well kept down that it shows an ad
vaneing ratio of assets to liabilities
which bas already resulted in a ne
surplus of about $1,500,000. Then
is one noticeable circumstance
which, though perhaps trilling ii
itself, is not without moaning, in con
nection with the monetary regula
tion of tho office. At this early date
we have not, of course, tho full sta
tistics for 1807 at hand; but in turn
iug to tho figures for previous years
we observo the following growth, ii
ratio of assets to liabilities, in tw<
years, viz: December 31, 1805, ratii
118.00 per cent.; October 31, 18GG
120.97 per cent. ; December 81, 18GC
183.25 per cent. Such was ono c
the conditions of an advance wilie1
placed the company first of all doiu
business in New York, in regard t
the matter of proportionate inereas
of resources.
The presidents and cashiers of th
banking institutions of Hartford
with tho officers of the iEtna Fir
Insurance Company, in Novembei
1HG7, as in 1803, endorsed this corr
puny as "reliable, responsible an
honorable," and tho term honorabl
applies to its interior arrangement n
well as to its more public conduct
It is homo testimony, borne by thoi
well acquainted with the workings c
tho institution. In its mode of op<
ration, tho /Etna Life has doubtlet
some peculiarities. It hus not carve
out its great career by nubservienc
! to tho practices of other offices. .
is a stock company issuing pelion
upon the participating as well as uoi
participating plan; but it is perlnq
something moro than a stock con
puny in the ordinary souse, and m
degree is a co-operative assooiatioi
lt aims to secure a careful superv
sion of tho business by tho stool
holders, as well us tho director
through their pecuniary interest i
the progress of tho company, apa
from the mero earnings of tho stot
capital. During tho eighteen yea
which havo elapsed since the con
mencement of business, tho stool
holders have received less than 0 pi
! cent, per auuuui on their capitu
j Tho expenses aro equitably borne I
i the participating and non-participa
t
ing policios, tho accumulations Under
ouch plan being kept distinct, and iu
lieu of the stockholders receiving a
per centage ou tho profits, ns is usual
in most companies, they are paid
what really amounts to a less sum.
bciuy per eo->t. upon tho partici?
pating premix.na received. This
amounted in 18G6 to $40,500. This
is considered as charging the partici?
pating business with but its proper
proportion of the cost of manage?
ment; it is a puymeut for service, not
a dividend, tho trustees and directors
receiving no other. compensation.
On tho general question of official
expenses it is, however, suflicieut to
say that the ?Etna does more for
every dollar so expended than any
other life office iu tho country.
Tho far greater part of the. business
of the compauy is, of course, dono
on tho participating plan, and tho
insured is given tho Option of nil
cash or half-note premiums, wheu
over 830. Practically, with the ?Etna,
the policy holder's debits ou his pre?
mium account are balanced by his
credits through dividends-cash divi?
dends, with nil cash premiums. Di?
vidend of 1867, per fifty cent, com?
puted upou tho entire premium.
Tho loan against the policy result?
ing from the credit allowed the iu
sured equals but a small fraction of
tho additional insurance Recured by
it, while nt tho snme time the notes
are continuously available for liqui?
dating the company's obligations. A
fair illustration of tho practical work?
ings of the ?Etna's credit system was
shown last year. Of the total losses
paid, $342,306 30 were in cash, aud
but 8l0,052.b0 in notes; and during
thc same period, notes to the amount
of $170,542.43 were liquidated by
dividends, surrender of policies, See.
Wo nppend to our issue this month
a cut illustrating the new Philadel?
phia ollico of the compauy. lu the
new and handsome quarters, tho
.Etna will have the needed accommo?
dation for its rapidly enlarging opera?
tions in the city of Philadelphia and
vicinity. This branch, under tho
chargo of O. II. Brush, Esq, now
comprehends about one-tenth of tho
company's business. Such is tho
company's position in a city where
life insurance has been longer prac?
ticed than anywhere else on this con?
tinent Among its 5,000 Philadel?
phia policy holders are some of tho
most eminent citizens of the State.
Mr. Brush, who has been eleven
years in tho service of tho company,
took chargo of tho Philadelphia
branch first in 1863. Then tho an?
nual income of this branch was S10,
000; uow it is ?S500.000. Mr. Brush
has proved his qualifications by his
work. Wo shall take occasion to refer
to the very capable management of
other branch otlices.
Wo think no right-minded person
will dispute us when we say that tho
?Etna is one of tho most reliable and
flourishing life insurance companies
in tho world, and richly deserving of
that generous patronago which tho
people of this country everywhere are
now giving it.
Auction Sales
United States Government Sale.
BY D. C. PELX0TT0 & SON.
WE will soil, on TUESDAY MORNING
next, 18th inst., at 10 o'clock, in front of
our Auction Storo,
.1 Government HORSES.
Conditions cash in United States cur?
rency ._Feb 15
Foreclosure Mortgage and Sale Heal Estate.
JACOB LEVIN, Auctioneer.
UNDER power of attorney to mo bv
deed given, by C. P. PELHAM, t?
foreclose mortgage, and after twenty-one
days public notice, to sell and convey cer?
tain premises mortgaged by the said C. P.
Pelham, to securo advances mado to him
during tho year 18G7, and pursuant to tho
t .-rms of said instrument, I will offer at
public gale, at tho Court House, on tho
FIRST MONDAY in March next, at the
usual hours, tho following REAL ESTATE,
in tho city of Columbia, to wit:
POUR ACRES, more or loss, bciug a
square, bounded by Gervais streut, on tho
North; Winn street, on the East; Seuato
street, on the South; barnwell streut, on
tho West; affording eligible building sites.
Terms: Ho much cash as will pay tho
account due for advances, to wit: $1,198.02
and interest on said sum, at 10 per cont,
lier annum, from November 15, 1867; and
ezpenaos of ?ale. Italance on a credit of
two years, with approved sureties.
JOHN AGNEW,
Attorney in fact of c. P. Pelham.
Fobs_ J
FOR SALE.
_ AT Charles Logan's Stables,
\P-? corner of Assembly and Senate
.^JilTx-strects. a line lot of young Kon
ll LES and HORSES, rub 12 f>*
Administrator's Notice.
ALL persons having claims against the
(.-.tate of JOHN PANNING, deceased,
will present them, properly attested; and
all indebted will make immediate payment
and savo costa. RICH I) FLAN IU AN,
Dec H sl3 Administrator.