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 Go,
Rent, Salaries and Other Expenses
Paid, but Losses Never.
President Kempe Cheerfully Gives
Away n Most Brazen Game.

The explanation OF the way In which
the New York County Cooperative Fire
Insurance Company, OF $50 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 to 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 tho Company's clients, a local
fire loss adjust'r and an "Evening
World' reporter that his Company was
practically insolvent: that there was an
indebtedn 'ss OF Sc. 900 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 It was
still accepting risks and receiving the
cash for premiums.
Still more interesting was President
kempe's statement that any money paid
In for premiums was used not to pay of
back losses, but applied to pay Office
rent and office 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 In August, decide
to go out of business.
Pr Presiden, kempe was not At Al reti;
looked upon some of the above condi-
tons as. being rather humorous. He
alEo advised the client In question to re-
pany, as the, policy he held. and on
which he had paid his premium, was
practically worthless.
President Kcmpe attributed the finan-
n a of ri of
many losses and the refusal Of the CO.
operative members Of the Company to
pay assessments. He said there were
loo members on the Company's books,
when fire losses occurred.
The condition of the Company was
Dennison. manufacturers OF white
goods, at 2S6 to 200 Graham street,
Brooklyn, for the payment OF a loss OF
July last. June %, 1894, Irwin Il Denni-
the Company for $500 through e. p;
Montague street, Brooklyn, who assured
and to whom they paid N650 premium,
the he R Sey rh hsS saa
Orr a fire loss adiuster, with Sedden h
Rice, of 2OG Broadway, the Arm made a
af Prssde lf K tns oered to settle the
$3.50 loss for $50, which Is just $3.50 more
than the AMOUNT Of premium they paid.
namely SAG 50, President *, Ke.mpe's offer
firm until they, near from the mortga'
gee. to whom the loss was assigned.
President kemps did not dispute the
justice Of the full claim. but said that
pay, He said that the Company had
been in existence for three. years. and
two years. Then the hard times many
losses and few paying-assessment men,
| beers had virtually destroyed the organ
In Offering Irwin & Dennison $50 Pres
ident Kempe said. In the presence of
the above named witnesses:
III the firm wishes. however, we will
send out an assessment cali on its
by our regulations, We could make any
statement of what the result was
Anyhow we shall in all probability be
get nothing. This $50 is some OVERCAST
we have In the Office and advise that
firms policy, because it would not change
the situation. We could not pay the re-
turn premium. Practically the policy is
now worthless: We pay $500 office rent
the office during business hours to
may come up. My own salary Is only
| $l2 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
SIS for premiums only day or two ago.
What use would you make OF. say,
500 premium paid on Mondayg
why that would be at once paid on
| the rent" he said.
"If on Tuesday, say. STE was paid in
for a premium. what would be done
'oh. I'd use that for once expenses
my salary, for instance. and 30 on
said President Kempe.
| Suppose $50 was brought In Wednes-
day, what them"
Some OF that might 30 to pay small
| losses. But our expenses must be met
first. There is no danger that so many
premiums will be paid In one week." re-
piled Mr.. Kempe.
Treated with HIS Employers Money
| John LAWYER. a driver twenty sight years old
| OF 80 Bowsry, was held for trial in Essex Mar
ket Court to-day. while in the employ o.
| Frank schieider. q furniture dealer. Of II,
I n. oil tad nd