| Notes |
- Neal Bassett moved to Waco, Texas.
1920 Federal Census of Chicago, Cook County, Illinois (10 Jan 1920)
Neal Bassett - 45 - M - AL-AL-AL - Head - Vice President Fire Insurance
Wells - 44 - M - AL-AL-AL - Brother - Asst. Manager Fire Insurance
Ad(?) - 50- F - AL-AL-AL - Aunt
Evella(?) - 50 - F - MI-EN-CN - SisterL
Maggie(?) - 52 - F - AL-AL-AL - Servant - Cook Private Family
Marquis Who's Who on the Web, 3 Aug 2006
Neal Bassett (deceased)
Occupation: ret. insurance executive
Born: Huntsville, Alabama, Sept. 3, 1871
Former chmn. bd. Girard Fire & Marine Ins. Co., Nat. Ben Franklin Fire Ins. Co., Concordia Fire Inc. Co., Milw. Mechanics Ins. Co., Met Casualty Co., Comml. Casualty Ins. Co., pres. Firemen's Ins. Co., Mechanics Ins. Co., Superior Fire Ins. Co (Newark), retired 1934. Office: 10 Park Place, Newark
Death: Died May 4, 1947.
Newark Sunday Call, Sunday, 5 Jun 1927
Financial Personalties
No. 31. Neal Bassett (Picture included)
President, Firemen's Insurance Company
In all Newark there is probably no man who gives closer application to his job than does Neal Bassett, president of the Firemen's Insurance Company. Out of this has come a legend which Mr. Bassett resents very keenly - that the Firemen's is a one-man company.
"That imputation is unjust to the directors, other officers, and employees of this company," said Mr. Bassett one day last week. "All have worked in advancing the company to its present position. I admit, however, that the Firemen's Insurance Company is my chief interest, and believe that no man can achieve success unless he spends himself in his chosen field of endeavor. It is true that I frequently work long hours, but I enjoy doing it. While I had a vision some years ago of what this company could eventually develop in business, it could not have been brought about without the loyal support of my associates."
When Mr. Bassett joined the Firemen's in 1901 the premium income of the company for the year previous was $350,000, and by January 1, 1916, it reached $2,725,240. Last year with its affiliated companies it was $25,001,307. These figures may explain why Mr. Bassett has become one of the leading fire underwriters of the country.
From the South.
Mr. Bassett inherits a liking for hard work. His father and grandfather were physicians and the latter was a noted practitioner and writer on medical topics of his time. In fact, Dr. William Osler wrote a book about him. The family are descendants of the family of Richard Bassett, of Delaware, one of the framers and signers of the Constitution of the United States. Most of the descendants lived in the South, and it was in Huntsville, Ala., September 3, 1871, that Mr. Bassett was born. He was educated in private schools in the South and went to work at 20 as clerk in a local insurance company in Waco, Tex. Thus he has been engaged in fire insurance all his business career. He spent seven years in Waco and in 1898 became a special agent for several insurance companies, with his office in New Orleans and Waco. Shortly afterwards he moved to Chicago, and it was in 1901 that he was offered a special agency of the Firemen's. The offer came through Daniel H. Dunham, the president, and Charles Colyer, vice president, and Mr. Bassett made his first trip to Newark to see them.
In spite of the fact that the company's premium income for the previous year had been only $120,000 in the seven states of the middle western territory he took over the field. In 1910 he was made manager of the western department at Chicago, and in 1914 he was elected a vice president but continued to make his headquarters in Chicago, with frequent visits to Newark. In 1923 he was made president and moved here.
Business increased.
The remark that "It is Mr. Bassett's Company" may be a true characterization after all, when speaking of the remarkable growth of the company's business, for it was he who conceived the idea of buying well-established smaller companies for consolidation.
In 1916 the Firemen's bought the stock control of The Girard Fire & Marine Insurance Company, of Philadelphia, and The Mechanics Insurance Company, also of Philadelphia. Since then control has been purchased of five other companies - National-Ben Franklin of Pittsburgh, Concordia of Milwaukee, the Capital and Underwriters Fire Insurance Companies of Concord.
Last month the company put out the largest stock issue ever authorized by a local company, increasing the capital from $5,000,000 to $7,500,000 through the issuance of 50,000 shares of a par value at $185 a share. The time was none too propitious for new financing and $9,250,000 is still a considerable sum for Newarkers, even in these prosperous days, but stockholders may be interested to know that only about 150 shares were left unsubscribed. This is considered a remarkable record in view of the fact that stockholders had less than two weeks to act.
It seems only a few years ago - it was in 1909 - that the famous Firemen's building was completed at the corner of Broad and Market streets. Mr. Bassett had not been here long before he saw the need for expansion and he sponsored the plan for selling the "Four Corners" building. The transaction netted the company a sum sufficient to build its present home on Park place and have something left besides. The building has been occupied only two, but work will soon start on a three-story addition by which it will be possible to double the number of employees.
The company has 500 clerks in its main office, 300 in Chicago, 150 in San Francisco and also maintains a large office force in Toronto.
Nothing to Do Except Work
Mr. Bassett never married, which may explain why he can spend so much time at his office. He makes his home with an aunt at 174 South Mountain avenue, Montclair. Although he does not take the time to play golf he is a member of the Montclair Golf Club. His other club affiliations are the Essex and Down Clubs of this city, Downtown Association and Lotous Club of New York and the Chicago Club of Chicago. He is an officer and director of the fire companies affiliated with the Firemen's and a director of the National State Bank, Montclair Trust Company and the National Commercial Mortgage & Title Guaranty Company. He is a trustee of the Newark Museum Association and a director of the Chamber of Commerce.
Mr. Bassett is an unusual executive in that he does the opposite to what efficiency experts advise. He believes that his desk is to put things on and not to store them away. He keeps his spacious desk empty, he says, but he likes to have in sight anything unattended to. When he finally gets through with the data it is filed away, but until then he can't fool himself by pretending the work is finished because it is in a desk drawer, out of sight.
However, what is most striking about this man from Alabama who has had a part in one of the business romances of Newark - it was nearly fifty years old when Mr. Bassett joined it - is his unfailing courtesy. Engaged in one of the most competitive undertakings, calling for many quick decisions every day, Mr. Bassett appears to the visitor as a gentleman in business.
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Bassett Family Association Database
1871 - 1947 (75 years)