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The Once and Future C&F - Captain Whiley’s Enterprise
underwriting approach — guiding the company through the Civil War, the completion of the Transcontinental Railway and the Great Chicago Fire. However, the issue with striving for underwriting perfection in a competitive environment is that it can stunt a company’s growth prospects. On the passing of Peter Warner in 1896, North River’s board seriously considered putting the company into run-off. Waldo Hutchins, son of one of North River’s founding board members, was the main proponent for keeping the company’s doors open — and the board agreed by a narrow (10-9) margin that North River would continue forward. The Hutchins family would be associated with the company continuously from 1822 to 1969, making pivotal contributions along the way. So it may not be surprising that, a few years later, William E. Hutchins took over as president of North River at the tender age of 27. As the 19th century came to an end, North River had established itself not just as a sound business but also an early adopter of new technology, including electric lights, Burroughs adding machines, telephones and typewriters. Hutchins would take the company into the next century — and the next phase of its evolution. Could Captain Whiley have imagined that we would be talking about his new venture more than 200 years later? Probably not — but here we are. Whiley was a disciplined optimist. He saw an opportunity, developed a successful business plan to take advantage of that opportunity — and executed on the business plan. He surrounded himself with long-term people who would take his legacy far into the future. Captain Whiley’s enterprise survived when many others did not. * * *
William Hutchins.
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