The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-10-15
ADVERTISEMENT
THE INSURANCE QUESTION.

To the Editor Of the Bulletin:
NV attention has been called TO an ADVERTISE
ment in your evening iesue Of yesterday, signed
by one 8. A. Durand, purportlng to be an explan-
alton Of the Bayiy Pond case.
This advertisement is OF the most malicious
character and tissue OF hes.
made out the claim Of Messrs. Bayly Pond
with the assistance OF Z; .: Briggs, Esq. inai
claim is sustained by the books, its form ana
character Endorsed by every leading house IN the
trade and it was made after consulting with eight
of the leading houses asslmilating IN their
business to that of Messrs. Bayly POND.
It is false that three statements of loss were
presented, each one differing from the other.
A great desire was expressed to know the ex'
tent of the loss, and at the time mentioned, June
49, the settlement Of the loss on Isl barrels OF
having refused to abide by the decision of the
gentlemen called by himself and others to make
the appraisement.
A disgraceful dispute over these goods was
continued for over week, and finding 1T useless
to wait longer, handed the claim to Messrs:
Bayly& Pond as it then existed, stating that
there were some matters still undetermined, OF
which the Insurance Committee were fully
aware, and this fact was written on the state
hent and the statement handed, with this UNDER
standing, to the Committee
When the disgraceful dispute over the Isl bar
rels ceased and the goods had been sold at auc-
ton and the result known, the final account
with few items in favor of and against the
presented
The figure Of 10 per cent gross profit is sus-
tanned by the books AID supported by every lead
ing house in the trade, and the insinuatlon that
the stock produced by this figure was slOO, 600
more than the stock of any previous year Is
gross, malicious Misrepresentation of facte.
The stock Of every previous year lnventorled on
the LIST OF July was always the result OF twelve
months business. As the stock in and out OF store
at the time Of the fire, May 20, was, say 1883 900,
the result of not quite eleven months business,
it is evident that the sales average between
s125000 and $50, 900 per month"; that ii the bust
s1OO 900 would have been sold cut OF the s259O00,
and the stock would have been less than for sew
eral years on the 1st OF July.
The lntima ton that the result of the examina-
ton by the Underwriters disproves Messrs. Bay
ly Il Ponds claim is false. 1t is well known that
the experts employed by the Underwriters have
expressly declared that they were not the adj
justers of this claim They merely took the
average cost Of article after mixing all grades
together and then took the average selling
prices found Of the article in imperfect set of
BLorrERs Zone book of $40 pages being destroyed)
as near as they could get, without knowing the
quality in each case of the goods sold, and they
have expressly declared there were other profits,
the extent OF which they were not authorised to
determine.
Every leading house in the trade have declared
that the process adopted by the committee OF
Underwriters to find the stock in wholesale
further evidence of the unreliabiity of such
process, two of our local companies, after a full
examination of the claim, have settled it in full,
while majority Of the others have expressed
willingness to settle upon . basis OF $3.50, 600,
leaving the balance to further adjustment.
10 show the true character of this fellow I
will state that he told me as q secret Ito which
secrecy would not bind myself that Messrs.
having large quantities Of extra hazardous ar
tices IN their store, and that he did not want it
known, and willing to settle upon the basis OF
eight per cent. gross profit, which he positively
stated he knew was very low figure: l am sat-
istied he knew better and therefore lied when he
stated he knew they had these hazardous articles
on hand and made the statement believing |
might think it was true and influence Messrs.
Bayly & Pond to settle at once.
The intimation that Messrs. Bayly Il Ponds
books are not properly kept. that they are guilty
of any illicit traffic or that the trade are engaged
in anything dshonOrable or dishonest SO far as
know is malicious and the extracts from =. NJ.
Ponds testimony is omy knowledge garbled, and
were given at the time to be properly understood.
In conclusion will add that, as Hessrs. Bayly |
& Pond are compounders. and reduce proofs and
put up box liquors, the attempt to make 1t appear
honest practices is contemplate, and as infer
the 'North British" has been tabooed by our
merchants, they have acted wisely in refusing |
policies in company employing any one who
would SO grossly mlsrepresent the legitimate
gains on weights and gallonages realized by the
trade.
Messrs Bayly 4 Ponds stock in the stores
burned amounted in round numbers to $40, 1000,
about 1919 900 being stored elsewhere. The saw
ings reduced the loss to slS1, COS 05.
The honesty of the claim will not be questioned
by any honest person who will investigate the
subject, and after realizing the character OF
IS Durand's" statements and base insinuations,
the public will understand some Of the difficult |
ties Messrs. Bayly & Pond have been obliged to
contend with in settlement Of their claim, not |
their having been sustained in
character and proceedings by the mercantile
community. "
W. VAN BENTHUiSEN.
New Orleans, Oct Is, 1874.
Third Ward-Colored Conservative Meet.
ing.
last evenino meeting of colored COnSerya.