New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-09-22
INSURANCE MEN TALKING.
THEY ARE GREATLY INTERESTED OVER
THE EQUITABLE LLOYDS AFFAIR.

THE TRIBUNE IN GREAT DEMAND-wiAT SOME
OF THE MEN sAY-THE MOST IMPORTANT
INSURANCE ARTICLE IN YEARS
Great interest was shown among insurance men
Yesterday over the article In The Tribune telling
about the Equitable Loyds (Ralli Samueis at
torneysD stopping business and reinsuring with the
East River Mutual Company. Much surprise WIS
expressed that the paper learned Of the deal so
quickly as 1t only finished on TUESDAY after
noon. and everybody seemed to be discussing the
subject
Frank T. Hail. the general manager OF the East
River Mutual, said:
"Well. that article in The Tribune was the big
gest thing of the kind ever saw. have been III
the insurance business for sixteen years, ana IL
created more excitement than anything l have
known of I'm that time. ] live at the Barrett House,
and it is a great place for insurance men This
morning you could not get a copy OF me Tribune
there for love money. All were soid out anu
boys sent out all around TO get All Inc
Tribunes they could. Every insurance man there
was reading It. and took great interest in the
article
YES 1t has stirred up the Lloyds in great shape.
They have been pounding me on all sides No.
there are no new developments today. Everybody
is talking about the affair and II mas had a DIX
effect already"
WHAT JAMES A. SILNEf SAYS
he n.
OF the German American Company. lie Is DIG
man" in fire insurance circles. lie had seen the
article in The Tribune and was much interested
The article is a most important one 10 IN
surancc men" he said 1T is the most important
which has appeared in years Insurance men re-
gard ii splendid piece OF enterprise e''"'
beat | think you call II.
what effect do you think the action OF the
Equitable will have on the other LloydsE'
II think II will make people much more carefnl
in future They will examine into the Kind OF
IIoyds In which they have their policies
..Do YOU think IT will bring any more OF them
down.?
what DO YOU think Of the Iloyds insurance IN
Vel do not see why there should not be be
good Iloyls / believe there is a good one IN
rnadepnln s ia P" Rntmore @ % The chamber Of Com
last June hnk appS91tc@a S n @ mOkn Sonm,'5ee zee
to examine into the l,loyds, ana IL VIII "'aNe ~
port. believe, in october.
THE COLLAPSE HAD BEEN EXPECTED
4 number Of other Insurance men were seen hut
while they were greatly interested IN the aruc'e
they were "a ther r'aerved about expressing an "ph-
Ion about the I.loyds. They have watched 'he a.
o,,shIng growth Of these concerns. and have been
expecting a collapse. 50 they wcr" not niuch SUI sni
prsed wnen they read in The Tribgne of the a''''"
Tn rssnortc, also eaw the Representatives of sev
erai Of the largest wholesale drygoods houses in th
city which use the Lloyds plan u insurance, Hinons
,hc men seen wAs John CiaHin. of the II. b Cllnin
Comnany When asked about the interest "hich
nhou, phc erec; upon the II 3. Claain Company
u.Ii~i ..~ ~':'re"sio" 81 'h" H'"''""'o ''' " ~
"Tie Equitable Company was small concern, anh
we had any nsuranc' IA ~ tne 1nouht bcS S" ,he big
concerns insure. perfectly sound DO no, oon @
ike fne rquitahIe has been crowded out OF bus-
ness signify that the larger associations
Representativc of other large firms sald about thc
same thns. the general feeling apparently benz INA,
/ f. .f.." "fsl
larger OF the Ioyds concerns ,.....-..oo .,,
Comparatively few persons outside insurance cir
/ clos know much about these concerns. ne BOON
Of .oyds and Reciprocal unierwritcrs glycs some is
interesting nforna'i2n on inr I'm the last two
years ana a half The Iloyds transact a general
r,,rs insure "nly the property of their members
They DO not have comply with IN" insurance
laws IN ms ms 'ins nsuranr 1, Departmcnt as 10 their
financial standing or responsibility
HOW THE LLOYDs BEGAN
The first LIoy,is began in a cofce-hou'e in Lon
don and got It's name from the proprietor. Long
ago some OF the wealthy patrons agreed 10 pay 4
certain amount Of money when something agreed
upon happened-nOt necessarily the hazards Oh s'a
or fire. but almost anything which was not certain
70 take place When one made application Tor
insurance the individual underwriters wishing 10
assume the risk offered signed each for himself
and set opposite hs the amount or htph'y
ne was willing to assume" Some alterations have
been made in the original plan and In LONDON
the Lloyds insure vessels only. In this country
their business is fire ana marine insurance IhOse
here "who wish enter upon individual under"rlt-
ing do SO by appointing attorneys To act ana slSn
for them thus placing their interests IN thr hhhus
of those more experienced In the business fSdch
| underwater makes equal cash deposit hh'i usu
ally becomes liable for additional sum ana each
assumes an equal portion of the total labilty uh-
der Zach policy; but In most Of the l.loyds the AK
gregae liability each subscriber. In case or frcs
ar Ten wears times the amount authorized TO be
written in any policy. after the unsxpen1ed
nremiums are exhausted. Many OF the lloy'" IN
scrt clause In their policies. providing tlat SUI
must be brought against the attorney or one uh,
dnrwrIter and that the decision in such SUIT snail
be binding upon each OF the underwriters. In All
c,ses however the liability assumed by each un-
derwrlter !, several and Individual no underwater
belng liable for the debts OF any other under
writer"