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The Once and Future C&F - Building an Empire
CHAPTER 2 Building an Empire
C aptain Whiley was correct about New York City’s growth potential. By 1896, New York City’s population had grown to over three million and the city was well on its way to staking its claim as a major hub for banking and trade. Captain Whiley’s conservative underwriting guidelines — which were continued under Peter Warner and William Hutchins — kept the company solvent and even profitable. But the modest growth trajectory — at least compared to the growth of the city around them — left at least a few North River employees thinking about their long-term career paths. Imagine North River Insurance Company employees Frederick Crum, John Forster and James Ackerman having lunch — shortly before making the momentous decision to strike out on their own. By this time, Frederick Crum was the gray-haired eminence of the group. At 48 years old, he had already worked at North River for 33 years and had been secretary of the company for 20 years. He had been the right-hand man for Peter Warner and was now doing the same for William Hutchins. John Forster was North River’s City Underwriter; now 30 years old, he had started in the insurance business at age 17. And James Ackerman, who had started with North River as a teenager, was now the company’s Chief Clerk.
Ackerman: The Waldorf. Fancy. Why did we come all the way up here? Forster: I’ve heard good things about their food. They have a salad that is supposed to be memorable. But really, I wanted to get away from the office — because I have something serious to discuss.
Crum: Which is what? Forster: I want more. Crum: Not this again! More what?
Forster: More than this. North River is just plodding along, doing the same thing. Where does that lead us?
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