In 1909 Hartford was the home city of six fire insurance and six life insurance companies, the principal ones being the Aetna (fire), Aetna Life, Phoenix Mutual Life, Phoenix Fire, Travelers (Life and Accident), Hartford Fire, Hartford Life, National Fire, Connecticut Fire, Connecticut General Life and Connecticut Mutual Life.
For many years he was engaged in managing various business enterprises, and became, in 1877, president of the Boston Manufacturers' Mutual Fire Insurance Company, a post which he held till his death.
The income of the state, counties and towns is derived mainly from taxes levied on real estate, on male polls between the ages of twenty-one and seventy, on stock in public funds, on stock in corporations that pay a dividend and are not subject to some special form of tax, on surplus capital in banks, on stock in trade, on live-stock, on railways, on telegraph and telephone lines, on savings banks and on the stock of fire insurance companies.
Except in the case of railways, telegraph and telephone lines, savings banks, building and loan associations and fire insurance companies, the taxes are assessed and collected by town officers, but every fourth year the county commissioners are required to inspect the taxable property in the towns and report any misappraisal to the state board of equalization whose duty it is to equalize the valuation of property in the several towns.
In 1832 the fire insurance companies united to maintain a small fire brigade, and continued to do so until 1866.
In 1909 a law was passed for state regulation of fire insurance rates (except in the case of farmers' mutuals insuring farm property only) and forbidding local discrimination of rates within the state.