The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-08-27

contest with the elements; while others,
more fortunate, arrived in a bruised and
battered condition just when the last ray
OF hope was disappearing from the hearts
of those interested in them.
The two steamers which perhaps excited
the greatest interest were the Cunard
steamer Pavonia and the Hamburg liner
Bulgaria Both are magn ficent vessels
and regular Atlantic traders, and both
were seriously overdue. Indeed, as much
as so per cent. was reported as paid on
che Hamburg steamer within an hour of
the news reaching Lloyds that she had
arrived at the Azores; but the rate on the
Cunarder never exceeded % guineas The
splendid record which the Cunard Com
pany has for safety no doubt accounts for
the reluctance which underwriters on their
steamer showed in paying the very high
rates usually asked to relieve them Of
their risks on vessels which are seriously
overdue.
Gales in the Atlantic do not, however.
exhaust themselves there; they create
financial gales at Lloyd's. Not for long
period back has there been such excite
ment in that venerable institution as was
recently seen There is a room In Lloyd )
known to the initiated as the Chamber
of Horrors in which are posted up from
time to time the names of vessels overdue,
missing and wrecked. OF date this list
has been terribly heavy. Underwriters
eagerly scan the lists as they ore posted
up, and then as eagerly consult their risk
books to see whether or not they are In
terested in the casualty announced; and
their faces generally tell the tale whether
they have been fortunate or the reverse.
Owing to the exceptionally large number
of vessels announced as overdue lately,
quite an unusual amount of reinsurance
has been effected in Lloyds. The doc
tors have been kept very busy. The
doctor is the familiar name given 10 a
broker whose special business il is TO in
sure overdue vessels. When an under
writer who has taken a risk on a vessel
in the ordinary course sees her noted as
overdue he has only two courses open
to him. He may either stick to his risk
and trust to the vessel arriving, or he
may get rid of his risk by reinsurance.
In the latter case he calls in the doc
tor" and tells him to reinsure his line at
q certain limit--say 40, 60, 50 or 80 per cent,
according as the vessel is looked on as
only moderately or seriously overdue. I'm
derwriters can usually be found in Lloyd s
who will accept any kind of risk, provided
they are paid what they consider an ade-
quate premium; and SO the doctor" soon
comes back to his principal and tells him
he has been abe to get the risk trans
ferred to another underwater The orig
inal underwater then awaits the issue of
as an Overdue" either is lost or arrives.
In the former case the original under
writer pays the loss 90 his assured, and
then claims the amount from the UNDER
writer with whom he reinsured his risk
Should the vessel arrive, however. he has
lost the amount he paid to rensure which
amount is a clear gain to the underwater
with whom be reinsured.
The arrival of an overdue vessel is noti-
fled at I1oyd's by the ringing of the "blg
bell" This bell has a remarkable history.
1t belonged 10 II. NJ. s. Lutine, which was
wrecked just 100 years ago Qn 1890. She
sailed from Yarmouth with a large amount
OF specie on board, ard was wrecked on
the very night OF her sailing. near the
Zuyder Zee. The specie was insured at
Lloyds 8. and the underwriters paid the
loss, hoping to recoup themselves TO some
extent by the recovery OF the specie from
the wreck. This country was then at war
with Holland. and the Dutch government
claimed the whole as a prize. Subsequent
ly however. the king OF The Netherlands
agreed 10 give up 10 Lloyd's the portion OF
the salvage claimed by him. which was
one~hall.
some Ely yeais ago specie 20 The value
" nfty thousand pounds was recovered
from the Luuue, and further amounts at
later dates. The ships bell was part or
abs ss4taea and naw occupies "a ur0ml-