May 30, 1873, New York Times,
The Winston-English Libel Suit-The Defendant's Bail Reduced to $2,000.
In the suit for libel brought by Frederick S. Winston, President of the Mutual Benefit Life Insurance Company, against Stephen English, publisher of the Insurance Times and in which defendant was imprisoned in default of $20,000 bail, a motion was made yesterday on behalf of defendant for a reduction of bail. The facts of the case have already appeared in the columns of THE TIMES, not only when it has been before the Court, but also when the subject of investigation before the Legislature at Albany. Defendant, as grounds for the reduction asked for, stated that he had been in close confinement since the 23rd of January last; that he has suffered and is suffering great pecuniary loss and mental and physical hardship by his imprisionment; that his health and standing, his business and property have suffered already great injury, and that they will be ruined by the further continuance of his confinement in jail, and that he is unable to procure bail. It also appeared that he is held to bail on $10,000 in another suit brought by George F. Hope in the Supreme Court.
Judge Curtis, in deciding to grant the motion, said: The law, in requiring bail, seeks only to have security that the defendant's person will be within the jurisdiction of the court, to be amenable to its final judgmnet. There is no element of punishment in its requisition. There is nothing in the papers showing that the defendant will probably seek to escape beyond the jurisdiction of the court. On the contrary, it appears that he voluntarily came within its juruisdiction, and submitted to arrest, The plaintiff's counsel, on the argument stated that they did not desire to be considered as strenuously opposing the defendant's application for a reduction of the amount of bail. The defendant's counsel asked to have it reduced to $2,000. In view of these considerations, and without undertaking to pass in any degree upon the merits of the controversy, I think there should be an order reducing the amount of bail to the sum of $2,000.
Whatever happened to her passionate "our roots are growing together like the roots' of Aspens'" crap?
My handy inflation calculator, westegg.com which I always feared was extravagantly high and off-the-mark, puts Stephen's former bail at $359,617.10, in 2010 dollars--that is if you were buying goods and not freedom---while CPI the Inflation Calculator, which only goes back to 1913, spat out a not-collaborating $457,666.67. So did the search's at bls.gov, and John William's Shadow Government Statistic, give $457,666.67 going back only to 1913, while www.dollartimes.com, came to $438,358, and www.moneychimp even higher at $554,800, both again. extending back only to 1913. So what happened again, so earthshatteringly in 1913? Oh, yeah, I remember...and the great fire of London in 1666 too.
I guess I can take my Free Judy Miller bumper sticker off my truck now. 119 days of real incarceration in the Tombs sounds like it could break a man if not Judy.
If you want some kick-ass good reading, try the collected year for 1869 of Stephen English's The Insurance times: Volume 2. I've kindly made a Google Doc with many tens of thousands of words of perfected article transcripts, and a link-able index in progress. It's just my little contribution to the cause of digitalization. English was good-guy Elizur Wright's close partner and confidant---and boy, we can sure tell each other apart now, though I'm sure it was just as clear back then. I believe I read somewhere that Winston et al. finally broke English, but then gave him a $35,000 stipend in the slap-cuddle-hug-slap...which, let's see...that would come out to....
Monday, October 3, 2011
THE SAD FATE OF HOMEOPATHY APPLIED TO INSURANCE.
April 22, 1887, New York Times,
DESERTED BY ITS FRIENDS. THE SAD FATE OF HOMEOPATHY APPLIED TO INSURANCE.
Upon the suit of Josephine H. and William T. Black, the Sheriff on Wednesday evening levied a writ of attachment upon the office furniture and fixtures of the Homeopathic Mutual Life Insurance Company at 117 West Forty-second-street. The suit is for $2,329.09, the alleged surrender value of a policy for $5,000 issued upon the life of William T. Black on March 22, 1878. The complaint alleges the insolvency of the company as the cause of the proceeding, and the affidacits filed upon the application for the injunction allege that one of the officers of the company said that $41,390 which had been contributed by certain stockholders in January last to keep the company going had since been returned to them, and that he saw no prospect that the requiaition of the Superintendent of the Insurance Department on the stockholders of the company to make good the impairment of its capital within 90 days would be complied with.
The Homeopathic Mutual Life Insurance Company began business in July, 1868, with a paid-up capital of $200,000. That was a few years later reduced to $100,000. It started out by giving low rates of insurance to parties who certified their faith in the homeopathic system of medicin and who employed physicians of that school in case of illness. During 1886 the company's income was $155,658 77 and the disbursements $215,593 24. The reported balance of assets on Jan. 1 was $521,328 38, against $717,999 41 on Jan. 1 1886. Insurance fell off during the year from 47,990 policies for $7,631,968 to 9,406 polices for $2,641,426.
When in the Spring of 1886 the Superintendent of Insurance of Massachusetts discovered that the capital of the company was impaired, he peremptorily ordered it to withdraw from business in that State. The company had been issuing insurance in homeopathic doses. In 1884 it began issuing policies for any amount above $100, and during the next 2 tears issued many thousands of policies at figures between $100 and $1,000. But the expense of doing this business was about as large as it would have been if eacj policy had been issued for thousands instead of hundreds, while the income derived was insufficient to pay expenses. The action of the Massachusetts Superintendent of Insurance led the Directors to curtail expenses and increase premiums. But the income was not yet sufficient to pay expenses, and in January last the company issued its last policy.
In the statement of the company made to the State Insurance Superintendent on Feb. 18 last, but which was dated Dec. 31, 1886, the company scheduled as part of its income for the year 1886: "Amount paid in by stockholders," $41,390. The Superintendent sent on an examiner, who reported that an assessment had been levied, and that by cutting expenses to 25 per cent. of the income the Secretary hoped to spend only $14,000 and to take in $60,000 during the first half of 1887. Upon this report the Superintendent refused to consider the $41,390 as assets, and on March 8 called upon the stockholders to make good within 90 days the impairment of its capital to the amount of $80,232 30. Mr. and Mrs. Black don't believe this will be done.
In regard to the prospect of an application for a Reciever, Stewart L. Woodford said yesterday that the company was in no sense insolvent, and unless forced into the hands of a Reciever it would, in his judgment, meet its obligations to those who have the courage to continue their premiums. It has all the reserve, he says, required by the laws of this State. Robert Sewell, Frank B. Mayhew, William H. Arnoux, Joel W. Stevens, H.R. Hollister, and E,M. Kellogg are some of the stockholders. Mr. Black's attorney says he expects that the Attorney-General will ask for a Receiver.
One potato, two potato, three potato...Hi!...Hi New York Times! How ya doin'? It's like takin' candy from a baby, isn't it!
June 7, 1885, New York Times,New-York Homeopathic Mutual Life Insurance Company.
Among the reliable life insurance companies of the city of New-York the Homeopathic Mutual stands deservedly high. Its general business is like that of the other companies; but it has made of its office a factory of policies in its specialty of $100 policies. In this business the unit or base is simply reduced to $100.
Parties take..one...$100....policy.
..."................two.........".....policies.
..."................five.........".....policies.
..."................six..........".....policies.
..."................ten..........".....policies
Thus the wants of all classes of our citizens in all their various grades of prosperity now or a few years hence are provided for. The company has denominationalized the life insurance policy. These policies are participating, non-forfeitable, secured, available. The Homeopathic has popularized its business by fair methods and vigorous management, and with this peculiarly American plan of the $100 policy is gaining largely in members and strength. It has been swarming, and in its purchase of property on Forty-Second-street near Sixth-avenue, for its future permanent home has made another innovation. It will remove from No. 257 Broadway to Forty-second-street as soon as it can complete its building.
Mammies in the kitchen, makin' shortnin', shortnin', Mammies in the kitchen makin' shortnin' bread!!!!!!!
DESERTED BY ITS FRIENDS. THE SAD FATE OF HOMEOPATHY APPLIED TO INSURANCE.
Upon the suit of Josephine H. and William T. Black, the Sheriff on Wednesday evening levied a writ of attachment upon the office furniture and fixtures of the Homeopathic Mutual Life Insurance Company at 117 West Forty-second-street. The suit is for $2,329.09, the alleged surrender value of a policy for $5,000 issued upon the life of William T. Black on March 22, 1878. The complaint alleges the insolvency of the company as the cause of the proceeding, and the affidacits filed upon the application for the injunction allege that one of the officers of the company said that $41,390 which had been contributed by certain stockholders in January last to keep the company going had since been returned to them, and that he saw no prospect that the requiaition of the Superintendent of the Insurance Department on the stockholders of the company to make good the impairment of its capital within 90 days would be complied with.
The Homeopathic Mutual Life Insurance Company began business in July, 1868, with a paid-up capital of $200,000. That was a few years later reduced to $100,000. It started out by giving low rates of insurance to parties who certified their faith in the homeopathic system of medicin and who employed physicians of that school in case of illness. During 1886 the company's income was $155,658 77 and the disbursements $215,593 24. The reported balance of assets on Jan. 1 was $521,328 38, against $717,999 41 on Jan. 1 1886. Insurance fell off during the year from 47,990 policies for $7,631,968 to 9,406 polices for $2,641,426.
When in the Spring of 1886 the Superintendent of Insurance of Massachusetts discovered that the capital of the company was impaired, he peremptorily ordered it to withdraw from business in that State. The company had been issuing insurance in homeopathic doses. In 1884 it began issuing policies for any amount above $100, and during the next 2 tears issued many thousands of policies at figures between $100 and $1,000. But the expense of doing this business was about as large as it would have been if eacj policy had been issued for thousands instead of hundreds, while the income derived was insufficient to pay expenses. The action of the Massachusetts Superintendent of Insurance led the Directors to curtail expenses and increase premiums. But the income was not yet sufficient to pay expenses, and in January last the company issued its last policy.
In the statement of the company made to the State Insurance Superintendent on Feb. 18 last, but which was dated Dec. 31, 1886, the company scheduled as part of its income for the year 1886: "Amount paid in by stockholders," $41,390. The Superintendent sent on an examiner, who reported that an assessment had been levied, and that by cutting expenses to 25 per cent. of the income the Secretary hoped to spend only $14,000 and to take in $60,000 during the first half of 1887. Upon this report the Superintendent refused to consider the $41,390 as assets, and on March 8 called upon the stockholders to make good within 90 days the impairment of its capital to the amount of $80,232 30. Mr. and Mrs. Black don't believe this will be done.
In regard to the prospect of an application for a Reciever, Stewart L. Woodford said yesterday that the company was in no sense insolvent, and unless forced into the hands of a Reciever it would, in his judgment, meet its obligations to those who have the courage to continue their premiums. It has all the reserve, he says, required by the laws of this State. Robert Sewell, Frank B. Mayhew, William H. Arnoux, Joel W. Stevens, H.R. Hollister, and E,M. Kellogg are some of the stockholders. Mr. Black's attorney says he expects that the Attorney-General will ask for a Receiver.
One potato, two potato, three potato...Hi!...Hi New York Times! How ya doin'? It's like takin' candy from a baby, isn't it!
June 7, 1885, New York Times,New-York Homeopathic Mutual Life Insurance Company.
Among the reliable life insurance companies of the city of New-York the Homeopathic Mutual stands deservedly high. Its general business is like that of the other companies; but it has made of its office a factory of policies in its specialty of $100 policies. In this business the unit or base is simply reduced to $100.
Parties take..one...$100....policy.
..."................two.........".....policies.
..."................five.........".....policies.
..."................six..........".....policies.
..."................ten..........".....policies
Thus the wants of all classes of our citizens in all their various grades of prosperity now or a few years hence are provided for. The company has denominationalized the life insurance policy. These policies are participating, non-forfeitable, secured, available. The Homeopathic has popularized its business by fair methods and vigorous management, and with this peculiarly American plan of the $100 policy is gaining largely in members and strength. It has been swarming, and in its purchase of property on Forty-Second-street near Sixth-avenue, for its future permanent home has made another innovation. It will remove from No. 257 Broadway to Forty-second-street as soon as it can complete its building.
Mammies in the kitchen, makin' shortnin', shortnin', Mammies in the kitchen makin' shortnin' bread!!!!!!!
Thursday, September 29, 2011
Massachusetts Reports on Life Insurance,
SEVENTEENTH ANNUAL REPORT OF THE INSURANCE COMMISSIONER. of the Commonwealth of Massachusetts, Part II. Life And Accident Insurance.
BOSTON: Wright & Potter, State Printers, 1872
Policies Terminated in 1871.
Summary of Insurance Outstanding.
Aggregated summary of new business transacted by all the Life Companies represented in Massachusetts, during the last sexennial period, commencing with the extraordinary development of 1866:
BOSTON: Wright & Potter, State Printers, 1872
Policies Terminated in 1871.
Summary of Insurance Outstanding.
Aggregated summary of new business transacted by all the Life Companies represented in Massachusetts, during the last sexennial period, commencing with the extraordinary development of 1866:
Wednesday, September 28, 2011
Shameless Evidence of Foreknowledge
February 7, 1912, New York Times, TAKES CARNEGIE VAULTS.
Mercantile Safe Deposit Company Receives Transfer from the Original Buyers.
In accordance with the plan announced last month in THE TIMES by which the Carnegie Safe Deposit's Company's vaults at 115 Broadway were bought by a group of bankers identified with the Chase National Bank, the Guaranty Trust Company, and the American Exchange National Bank, who later took over the Mercantile Safe Deposit Company from the Bankers' Trust Company, the Mercantile Safe Deposit Company has increased its stock and purchased the Carnegie vaults from the original buyers.
The Mercantile Safe Deposit Company, which was formerly owned by the Equitable Life along with the Mercantile Trust Company, passed to the Bankers' Trust Company when the Equitable Trust Company absorbed the Mercantile Trust. Since the Equitable fire, which burned out the Mercantile Safe Deposit Company, the boxholders have to a large extent transferred their patronage to the Carnegie vaults. The group of bankers who have turned over the Carnegie Company's old vaults to their recently acquired Mercantile Safe Deposit Company purchased the vaults from the State Banking Department, which is liquidating the bankrupt Carnegie Company, for $375,000. The vaults, which were built of armor plate by the Bethlehem Steel Company, originally cost in the neighborhood of $800,000, but until the Equitable fire were a losing investment. Attempts had been made by the State Superintendent of Banking Van Tuyl to sell them to the Guaranty Trust Company, which is building across the street, but engineers found that they were built so that they could not be taken apart and moved.
In reorginizing the Mercantile Safe Deposit Company under the new control the old President of the company, William Giblin, who narrowly escaped death in the fire, has been re-elected, along with former Vice President John B. Russell. Lawrence A. Ramage was elected Treasurer and will have charge at the new location.
Mercantile Safe Deposit Company Receives Transfer from the Original Buyers.
In accordance with the plan announced last month in THE TIMES by which the Carnegie Safe Deposit's Company's vaults at 115 Broadway were bought by a group of bankers identified with the Chase National Bank, the Guaranty Trust Company, and the American Exchange National Bank, who later took over the Mercantile Safe Deposit Company from the Bankers' Trust Company, the Mercantile Safe Deposit Company has increased its stock and purchased the Carnegie vaults from the original buyers.
The Mercantile Safe Deposit Company, which was formerly owned by the Equitable Life along with the Mercantile Trust Company, passed to the Bankers' Trust Company when the Equitable Trust Company absorbed the Mercantile Trust. Since the Equitable fire, which burned out the Mercantile Safe Deposit Company, the boxholders have to a large extent transferred their patronage to the Carnegie vaults. The group of bankers who have turned over the Carnegie Company's old vaults to their recently acquired Mercantile Safe Deposit Company purchased the vaults from the State Banking Department, which is liquidating the bankrupt Carnegie Company, for $375,000. The vaults, which were built of armor plate by the Bethlehem Steel Company, originally cost in the neighborhood of $800,000, but until the Equitable fire were a losing investment. Attempts had been made by the State Superintendent of Banking Van Tuyl to sell them to the Guaranty Trust Company, which is building across the street, but engineers found that they were built so that they could not be taken apart and moved.
In reorginizing the Mercantile Safe Deposit Company under the new control the old President of the company, William Giblin, who narrowly escaped death in the fire, has been re-elected, along with former Vice President John B. Russell. Lawrence A. Ramage was elected Treasurer and will have charge at the new location.
The Nation - Index of Articles
http://docs.google.com/View?id=dc52kcvf_592f3wvm5g5
Transcipts from: The Nation
April 16, 1868, The Nation, Editorial, Page 306, A National Bureau of Life Insurance.
April 11, 1872, The Nation, Report of the Insurance Commissioner of the Commonwealth of Massacusetts
December 12, 1872, The Nation, No. 389, Page 374, The Week, (Mutual's Proposed Reduction in Premiums)
January 2, 1873, The Nation, Correspondence , What Should We Pay For Life Insurance?
January 9, 1873, The Nation, The Magazines for January, "Savings-Banks Life Insurance," By Elizur Wright.
October 8, 1874, The Nation, No. 484, Page 228, The Week,
June 3, 1875, The Nation, Correspondence, Page 375, LIFE INSURANCE COMMISSIONS.
March 15, 1877, The Nation, Editorial, No. 611, Page 157, THE LIFE-INSURANCE FAILURES.
May 24, 1877, The Nation, The Week, Page 300, "The failure of the Continental Life Insurance Company,"
November 8, 1877, The Nation, Report, Page 292, Number 645,
April 5, 1883, The Nation, No. 927, Page 302, Book Review, Walford's Insurance Cyclopaedia,February 23, 1905, The Nation, Page 146, Vol. 80, No. 2069, Editorial, The Equitable Controversy,
June 15, 1905, The Nation, Page 472, Vol. 80, No. 2085, Editorial, The New Turn In the Equitable.
July 27, 1905, The Nation, Vol. 81, No. 2091, Page 68, The Week,
September 14, 1905, The Nation, Vol. 81, No. 2098, Editorial, Page 212, The Insurance Investigation,
September 21, 1905, The Nation, Vol. 81, No. 2099, Page 232, Editorial, INSURANCE AND POLITICS.
September 28, 1905, The Nation, Vol. 81, No. 2100, Page 252, CORPORATION ABSOLUTISM.
September 28, 1905, The Nation, Should Life Insurance Be Cheaper. Editorial,
November 23, 1905, The Nation, Vol. 81, No. 2108, Page 414, Editorial, A MISUNDERSTOOD STATESMAN.
November 30, 1905, The Nation, Vol. 81, No. 2109, Page 436, A LITTLE INSURANCE HISTORY.
November 30, 1905, The Nation, Vol. 81, No. 2109, Page 436, Editorial, "SOLICITOUS ABOUT NEW YORK."
January 18, 1912, The Nation, “THE EQUITABLE FIRE.”
January 18, 1912, The Nation, Vol. 94, No. 2429, Page 52, Fires and Human Nature.
February 27, 1913, The Nation, Vol. 96, No. 2487, Page 203, Literature. Precursors of Life Assurance. An Introduction to the History of Life Insurance.
May 20, 1939, The Nation, [Page 592] A Case Study in Reform,
Transcipts from: The Nation
April 16, 1868, The Nation, Editorial, Page 306, A National Bureau of Life Insurance.
April 11, 1872, The Nation, Report of the Insurance Commissioner of the Commonwealth of Massacusetts
December 12, 1872, The Nation, No. 389, Page 374, The Week, (Mutual's Proposed Reduction in Premiums)
January 2, 1873, The Nation, Correspondence , What Should We Pay For Life Insurance?
January 9, 1873, The Nation, The Magazines for January, "Savings-Banks Life Insurance," By Elizur Wright.
October 8, 1874, The Nation, No. 484, Page 228, The Week,
June 3, 1875, The Nation, Correspondence, Page 375, LIFE INSURANCE COMMISSIONS.
March 15, 1877, The Nation, Editorial, No. 611, Page 157, THE LIFE-INSURANCE FAILURES.
May 24, 1877, The Nation, The Week, Page 300, "The failure of the Continental Life Insurance Company,"
November 8, 1877, The Nation, Report, Page 292, Number 645,
April 5, 1883, The Nation, No. 927, Page 302, Book Review, Walford's Insurance Cyclopaedia,February 23, 1905, The Nation, Page 146, Vol. 80, No. 2069, Editorial, The Equitable Controversy,
June 15, 1905, The Nation, Page 472, Vol. 80, No. 2085, Editorial, The New Turn In the Equitable.
July 27, 1905, The Nation, Vol. 81, No. 2091, Page 68, The Week,
September 14, 1905, The Nation, Vol. 81, No. 2098, Editorial, Page 212, The Insurance Investigation,
September 21, 1905, The Nation, Vol. 81, No. 2099, Page 232, Editorial, INSURANCE AND POLITICS.
September 28, 1905, The Nation, Vol. 81, No. 2100, Page 252, CORPORATION ABSOLUTISM.
September 28, 1905, The Nation, Should Life Insurance Be Cheaper. Editorial,
November 23, 1905, The Nation, Vol. 81, No. 2108, Page 414, Editorial, A MISUNDERSTOOD STATESMAN.
November 30, 1905, The Nation, Vol. 81, No. 2109, Page 436, A LITTLE INSURANCE HISTORY.
November 30, 1905, The Nation, Vol. 81, No. 2109, Page 436, Editorial, "SOLICITOUS ABOUT NEW YORK."
January 18, 1912, The Nation, “THE EQUITABLE FIRE.”
January 18, 1912, The Nation, Vol. 94, No. 2429, Page 52, Fires and Human Nature.
February 27, 1913, The Nation, Vol. 96, No. 2487, Page 203, Literature. Precursors of Life Assurance. An Introduction to the History of Life Insurance.
May 20, 1939, The Nation, [Page 592] A Case Study in Reform,
Friday, September 23, 2011
January 15, 1912, Best's Insurance News, Volumes 10-12,
"Editorial : Two Lessons of the Equitable Fire," by A.M. Best Company,
TWO LESSONS OF THE EQUITABLE FIRE.
The recent destruction by fire in this city of the home office building of the Equitable Life Assurance Society has many lessons for insurance men. It is noteworthy that the Society carried no insurance on this building, the stated reason for this action being that the directors had two appraisals of their property, one of which showed that without the building it was worth $300,000 more than with the building; in other words, that it would cost $300,000 more than the value of the material in the building to raze it. Without entering into any discussion of the credibility of this statement, we direct attention to the fact that the company in its returns to the various State Departments did not report that there was no insurance on this building, for the excellent reason that the Convention statement form, representing the combined wisdom and experience of the Insurance Commissioners of the various States, does not require insurance companies to report to the Departments whether or not buildings owned by them, and carried in their statements as assets, are insured. This appears to be one of those extraordinary oversights which are only discovered through such an occurrence as the destruction of the Equitable Building. Certainly it would appear that if insurance companies are allowed to take credit in their statements for the value of buildings owned by them, which might at any time be destroyed by fire, they should be required to keep these buildings insured in responsible companies, and to report the facts to the various Insurance Departments concerning this insurance. Where insurance companies loan money on mortgage, they are required to have insurance policies payable to them as collateral security, and to report in their annual statements the amount of insurance carried. This information has not been required, however, where buildings have been owned outright.
The fire was confined to the Equitable Building, and did not spread to any of the structures across the four streets which formed the Equitable block. This was due principally to the facts that the burnable property within the building, though considerable, was small in comparison, for instance, to the stock, fixtures and other inflammable material contained in any large mercantile building; that all the buildings adjacent to that of the Equitable Life were of fireproof construction; and that the officers and men of the fire department gave their best thought and effort to conquering the fire, without hesitation risking even their lives. Chief Walsh, a fearless and experienced fire fighter, was killed "by being caught by falling debris while at work within the building. A strong wind was blowing at the time of the fire, and the temperature was so low that streams of water pumped on the building froze almost as soon as they touched it, in spite of the roaring furnace within. It is not pleasant to contemplate what might have occurred had this fire been on the windward edge of the dry-goods district, in which vast amounts of inflammable material are stored, with very few buildings of modern fireproof construction to act as fire breaks.
In other news:
page 5
Supervision of Companies
In a signed symposium in the Boston Globe last Sunday as to "which is the more desirable, National or State supervision of insurance," President Hall of the Massachusetts Mutual. Secretary W.H. Brown of the Columbian National and Samuel Davis, an agent of the Penn Mutual, argued in favor of State supervision, and George P. Field, president of the Boston Board and a member of the New England Policyholders' Protective Association of Equitable Life Policyholders, took the opposite view.
page 2
Germany Wants to Know.
A Berlin dispatch, dated July 7, says: "The Imperial Supervisory Office for Private Insurance Companies has demanded of the Equitable Life Assurance Society and Mutual Life Insurance Company of New York that they declare by August 1 in what manner they propose seperating their premium reserves on German policies from the general revenues and how they intend to invest them. The amounts affected are $7,500,000 of Equitable and $5,250,000 of Mutual."
TWO LESSONS OF THE EQUITABLE FIRE.
The recent destruction by fire in this city of the home office building of the Equitable Life Assurance Society has many lessons for insurance men. It is noteworthy that the Society carried no insurance on this building, the stated reason for this action being that the directors had two appraisals of their property, one of which showed that without the building it was worth $300,000 more than with the building; in other words, that it would cost $300,000 more than the value of the material in the building to raze it. Without entering into any discussion of the credibility of this statement, we direct attention to the fact that the company in its returns to the various State Departments did not report that there was no insurance on this building, for the excellent reason that the Convention statement form, representing the combined wisdom and experience of the Insurance Commissioners of the various States, does not require insurance companies to report to the Departments whether or not buildings owned by them, and carried in their statements as assets, are insured. This appears to be one of those extraordinary oversights which are only discovered through such an occurrence as the destruction of the Equitable Building. Certainly it would appear that if insurance companies are allowed to take credit in their statements for the value of buildings owned by them, which might at any time be destroyed by fire, they should be required to keep these buildings insured in responsible companies, and to report the facts to the various Insurance Departments concerning this insurance. Where insurance companies loan money on mortgage, they are required to have insurance policies payable to them as collateral security, and to report in their annual statements the amount of insurance carried. This information has not been required, however, where buildings have been owned outright.
The fire was confined to the Equitable Building, and did not spread to any of the structures across the four streets which formed the Equitable block. This was due principally to the facts that the burnable property within the building, though considerable, was small in comparison, for instance, to the stock, fixtures and other inflammable material contained in any large mercantile building; that all the buildings adjacent to that of the Equitable Life were of fireproof construction; and that the officers and men of the fire department gave their best thought and effort to conquering the fire, without hesitation risking even their lives. Chief Walsh, a fearless and experienced fire fighter, was killed "by being caught by falling debris while at work within the building. A strong wind was blowing at the time of the fire, and the temperature was so low that streams of water pumped on the building froze almost as soon as they touched it, in spite of the roaring furnace within. It is not pleasant to contemplate what might have occurred had this fire been on the windward edge of the dry-goods district, in which vast amounts of inflammable material are stored, with very few buildings of modern fireproof construction to act as fire breaks.
In other news:
page 5
Supervision of Companies
In a signed symposium in the Boston Globe last Sunday as to "which is the more desirable, National or State supervision of insurance," President Hall of the Massachusetts Mutual. Secretary W.H. Brown of the Columbian National and Samuel Davis, an agent of the Penn Mutual, argued in favor of State supervision, and George P. Field, president of the Boston Board and a member of the New England Policyholders' Protective Association of Equitable Life Policyholders, took the opposite view.
page 2
Germany Wants to Know.
A Berlin dispatch, dated July 7, says: "The Imperial Supervisory Office for Private Insurance Companies has demanded of the Equitable Life Assurance Society and Mutual Life Insurance Company of New York that they declare by August 1 in what manner they propose seperating their premium reserves on German policies from the general revenues and how they intend to invest them. The amounts affected are $7,500,000 of Equitable and $5,250,000 of Mutual."
Thursday, September 22, 2011
The Troubles in Venezuela.
The Chronicle: a weekly journal, devoted to the interests of Insurance, Vol. XLII,
1888 - The Troubles in Venezuela.
To The Editor Of The Chronicle:
Sir: The following from the editorial columns of the New York Times is full of significance and of much interest at tikis time:
It is quite evident from the present advices that the election of Dr. Kojas Paul as president of Venezuela was not accomplished as harmoniously and quietly as had been at first declared. Armed resistance to it was attempted by General Crespo from the neighboring island of Trinidad as a base, and was responded to by a number of the people on the coast of Venezuela nearest to the island. The possibility of this result was indicated as long ago as last February by our Caracas correspondent, who wrote that a change had been made in the customary methods of election and that five of the candidates for the presidency had agreed to submit their claims to an electoral convention, while two others, one of whom was General Joaquin Crespo, had declined to do so. General Crespo was president of Venezuela in 1884 during one term in an interval between two terms of Guzman Blanco. The island of Trinidad is a favorite rendezvous of malcontents since il is under English sway and yet is but a short distance from the mainland. Official tidings now acknowledge that there was an outbreak, but declare that it has come to nothing and that the insurgent leaders everywhere are surrendering.
The president of Venezuela, it will be remembered, created Henry B. Hyde, the president of the Equitable Life, " Busto del Libertador," an act which many assert has had much to do with the present difficulty. One party thought that this conferring of titles upon Americans would give the United States too commanding a power in the Venezuelan republic. Again, it was argued that the new " Busto del Libertador " had agreed to insure the lives of the insurgents, giving eighty per cent off the first premiums and taking the balance in guano. This offended Crespo, but seemed satisfactory to Blanco, who of course expected assistance from the new" Busto del Libertador." Mr. Hyde"s sudden departure for Europe, as alleged, may have some connection with this difficulty, or it may not. His previous services, which rendered the conferring of the title a possibility, lead one to infer that "Busto del Libertador" is expected to materialize south—as the almanacs say—about this time. Bolivar.
From: The World Order: A Study in the Hegemony of Parasitism, The history and practices of the parasitic financial elite-- by: Eustace Mullins, 1984
1888 - The Troubles in Venezuela.
To The Editor Of The Chronicle:
Sir: The following from the editorial columns of the New York Times is full of significance and of much interest at tikis time:
It is quite evident from the present advices that the election of Dr. Kojas Paul as president of Venezuela was not accomplished as harmoniously and quietly as had been at first declared. Armed resistance to it was attempted by General Crespo from the neighboring island of Trinidad as a base, and was responded to by a number of the people on the coast of Venezuela nearest to the island. The possibility of this result was indicated as long ago as last February by our Caracas correspondent, who wrote that a change had been made in the customary methods of election and that five of the candidates for the presidency had agreed to submit their claims to an electoral convention, while two others, one of whom was General Joaquin Crespo, had declined to do so. General Crespo was president of Venezuela in 1884 during one term in an interval between two terms of Guzman Blanco. The island of Trinidad is a favorite rendezvous of malcontents since il is under English sway and yet is but a short distance from the mainland. Official tidings now acknowledge that there was an outbreak, but declare that it has come to nothing and that the insurgent leaders everywhere are surrendering.
The president of Venezuela, it will be remembered, created Henry B. Hyde, the president of the Equitable Life, " Busto del Libertador," an act which many assert has had much to do with the present difficulty. One party thought that this conferring of titles upon Americans would give the United States too commanding a power in the Venezuelan republic. Again, it was argued that the new " Busto del Libertador " had agreed to insure the lives of the insurgents, giving eighty per cent off the first premiums and taking the balance in guano. This offended Crespo, but seemed satisfactory to Blanco, who of course expected assistance from the new" Busto del Libertador." Mr. Hyde"s sudden departure for Europe, as alleged, may have some connection with this difficulty, or it may not. His previous services, which rendered the conferring of the title a possibility, lead one to infer that "Busto del Libertador" is expected to materialize south—as the almanacs say—about this time. Bolivar.
From: The World Order: A Study in the Hegemony of Parasitism, The history and practices of the parasitic financial elite-- by: Eustace Mullins, 1984
Brown Brothers Harriman
Harriman employed judge Robert Scott Lovett as general counsel for Union Pacific. When Harriman and Otto Kahn were summoned by the ICC in 1897, Lovett advised them to refuse to answer all questions about their stock operations. In 1908, the Supreme Court upheld their refusal to talk. The records of this case, SC No. 133 US v. UP RR, later disappeared from the Library of Congress. In 1911, the Equitable Life Insurance building, which contained all the records of the Union Pacific RR, burned, destroying all UP papers to that date.
Brown Bros. backed the B & O steamship line in 1887, and went into joint venture with J & W Seligman Co. on a number of South American loans. In 1915, Brown Bros. combined with J.P. Morgan to float a series of Latin American loans, which in many instances were followed by revolutions in the respective countries. In the Nation, June 7, 1922, Oswald Garrison Villard noted: "The Republic of Brown Bros with J & W Seligman had reduced Haiti, Santo Domingo, and Nicaragua to the status of colonies with ruinous loans. Most of the loans were repaid in 1924."
Harriman employed judge Robert Scott Lovett as general counsel for Union Pacific. When Harriman and Otto Kahn were summoned by the ICC in 1897, Lovett advised them to refuse to answer all questions about their stock operations. In 1908, the Supreme Court upheld their refusal to talk. The records of this case, SC No. 133 US v. UP RR, later disappeared from the Library of Congress. In 1911, the Equitable Life Insurance building, which contained all the records of the Union Pacific RR, burned, destroying all UP papers to that date.
Brown Bros. backed the B & O steamship line in 1887, and went into joint venture with J & W Seligman Co. on a number of South American loans. In 1915, Brown Bros. combined with J.P. Morgan to float a series of Latin American loans, which in many instances were followed by revolutions in the respective countries. In the Nation, June 7, 1922, Oswald Garrison Villard noted: "The Republic of Brown Bros with J & W Seligman had reduced Haiti, Santo Domingo, and Nicaragua to the status of colonies with ruinous loans. Most of the loans were repaid in 1924."
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