The evening world. [volume] (New York, N.Y.) 1887-1931, 1894-08-02
YOU PAY, NOT THEY.
Ways Of the New York County
Cooperative Fire Insurance Co.
Rent, Salaries and Other Expenses
Paid, but Losses Never.
President kcmpe CheerfulIy Gives
Away q Most Brazen Game.

The explanation of the way In which
the New York County Cooperative Fire
Insurance Company. OF 2sD Broadway, is
conducting its business at present. as
given by President NJ. kempe. is quite
an interesting one TO holders OF the Com
pany's policies. who are likely 10 call the
attention of the State authorities TO the
manner in which it is conducting its
business.
President Kempe last Saturday stated
TO one OF the Company's clients, local
fre loss adiust.r and an Evening
World" reporter that his Company was
practically insolvent: that there was an
indebtednH IS Of $4,000 due by the Com
pany on fire losses. which could not be
met, and that while he admitted the
Company's inability to pay losses II was
still accepting risks and receiving the
cash for premiums.
Stin more interesting was President
kampe's statement that any money paid
in for premiums was used not to pay OF
lack losses, but applied TO pay ONCE
rent and once salaries, his president
Kempe's) among the latter. President
kempe also said that probably the Com
pany would. at the next directors meet
ing, TO be held early n August, decide
10 20 out OF business.
President kempe was not at all reti-
cent in giving the above details. and
looked upon some OF the above condi-
lions as being rather humorous He
also advised the client in question 20 re-
peny, as the policy ne held. and on
which he had paid his premium. was
practically worthless.
President kempe attributed the imam
cal StrtnRerCv of the G'Omnanv TN
many losses and the refusal Of the CO.
operative members OF the Company 10
pay assessments. He said there were
ll01 members on the Company's books,
and out OF aese not over forty could be
depended upon 70 pay their assessments
when fire losses occurred.
brought out by the demand Of Irwin &
Dem Dsnanison; .T maI ~ s., Of white
Brooklyn, for the payment Of a loss of
were damaged to that extent by a fire
July last. June %. 1884. Irwin & Denni-
son took out a fire insurance policy in
Hawkins, the Company's agent. at iss
Montague street Brooklyn, who assured
them the Company was perfectly sound,
receiving the policy In return and re
ceipt for the money Through @. Frank
Orr fire loss adjuster. with Sedden L.
Rice. OF EOS Broadway. the firm made a
President kempe offered to settle the
sc5S loss for $50, which is just 40 more
than the amount OF premium they paid.
namely SIC -. President Kempe's offer
was taken under consideration by the
firm until they hear from the mortEa.
gee. TO whom the loss was assigned.
PTesident kempe did not e., dispute III,
pay. He said that the compsny had
been In existence for three years. and
h..nN - ~ a..
two years. Then the hard times, ma ny
losses and few paying assessment mem
| bers had virtually destroyed the organ.
| liza ton.
In Offering Irwin & Dennisou SO. Pres
| ident Kemps said, In the presence o:
the above named witnesses:
II the firm wishes, however, We will
send out an assessment call on its
loss, but 1t will take sixty days before.
by our regulations, we could make any
statement of what the result WAS
ANYHOW We shall in all pro6a biiity be
get nothing. This $50 Is some OVERCAST
we have in the office, and 1 advise that
II be accepted.
FIRMS policy. because IL would not chang e
the situation. We could not pay the re-
| turn premium. Practically the policy IL
now worthless, We pay $50 once me- !, rent n,
the once during business hours to
strsighten out any complications tina,
may come up My own salary Is only
| 81 a week.
President Kempe was asked several
questions. to which he replied as fol-
| lows:
"As we are not closed up yet We are
still writing risks and receiving pre-.
miums and Issuing policies. We took in
| SO for premiums only day or two ago.
What use would you make OF. soy
| 500 premium paid on q Mondayc'
why that would be At once paid or
1 the rent" he Raid.
III on Tuesday. say. SO was paid In
for a premium. what would be done
oh. I'd use that for once expenses
my salary, for instance. and SO on.
] said President kempe.
Suppose $50 was brought in wednes
day, what them"
''Some OF that might go to pay small
losses But our expenses must be me-
frst. There ia no danger that so many
premiums will be paid In one week" re
piled Mr.. Kempe-
- -
Treated with His EN- ployer's None,
John LAvler. . driver. tventy-siSht yesrs old
Of ~ Rowsry. Was held for trial in EsseE MAJ
tet Court to-day. While In the employ o
Prank sohIsider q furniture dealer. Of IL
FORSYTH street La~lcr collected SIS and. a.
IropTtatec the money 90 hts own utt. LASls