The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-13
INSURING J. P. MORGAN.
Spectators Protect Themselves by
Taking Policies on His Life.
New York Times.

ANCh lOlh IlliCS.
The Westminster Gazette announces that
London spectators in American railroads
have grown nervous of late, and in many
instances have protected their financial
holdings by i~nsuring the life of j. Pierpont
Morgan. a cable dispatch says that the
premium paid is 9 per cent. per annum, but
that some policies have been issued on Mr..
Morgan's life for three months at a
premium of ASS per 910. The Gazette sug-
gests as a possible sequence of cause and
effect that perhaps this fact accounts for
the sensational rumor that Mr.. Morgan is
to be protected on his arrival in New York
from the threats of Anarchists"
But the real significance of the message
is that Mr.. Morgan is probably the first
man outside of the King of England whose
death is considered important enough by
the general public to be insured against.
Not even the Rothschilds have been so
honored. 1t elevates this notable Ameri-
can to a position in the eyes OF the British
more important even than any of their own
public men. Not even the deaths of Earl
Roberts or Lord Kitchener would affect the
welfare of the British public seemingly as
much as would the death OF the great
corporation organizer.
OF course, large policies are carried on
King Edwards life and formerly on the
life of Queen Victoria, but there are GER
tain usages in England that render this
relatively imperative. The great expense
incurred by many persons in preparing for
the coronation led them to insure the
proved the wisdom of the procedure. But
no other man has been so hOnored. An
official of one of the large New York in
surance companies was asked If any
other person had ever been insured by
the public in general. He said:
Il know of no other man except MIR.
Morgan upon whose life a general policy
has been insured. We do not insure pub
lie lives in America-not even that of the
President of the United States. Hereto
fore no one mans life has seemed to be
important enough to insure except in ia
vOr of his immediate relatives.
You will remember when President Nc
Kinley died it really made but little differ
ence TO the financial well-being of the coun-
try. There was a slight fall in prices. but
the rally was immediate. Besides we do not
believe in that kin of insurance, and | be-
lieve it would be hard to introduce it over
here. They do it in England, but only as
the outgrOwth of an old custom.
Dating from feudal times leases to prop
erty were often made for the lifetime of the
lessee or for as long as certain general
conditions prevailed. Sometimes the names
of an outsider would be put in the lease,
merely 10 conform TO the old custom of
naming somebody.
sought to protect himself by having the
person mentioned in the lease insured, and
the names of notable persons were selected
merely because the notables were more cas-
lily traced. Tom, Dick or Harry might emf
CRATE or become lost sight of in other ways,
and his death might thus become a matter
for dispute. But everybody in the realm
would be sure to know when the King or
Queen died, and there could be no dispute.
so the reigning sovereign became a IA
vorite name for lease usage, and Queen
Victoria was a much-inSured person. When
she died policies were issued on the life of
King Edward. But it became common to
issues policies on the Kings life for other
causes than leases. Linen diapers, for in
stance insured fhn kipofc lfa 11aA,-
having a stock of, say, white goods, on
hand, his death would make mourning the
only possible apparel, and the white goods
would become a loss.
1T is only where a mans death could
involve widespread financial loss that a
public policy would be issued on his life.
even in England, and If British companies
have accepted risks of Mr.. Morgan's life
it is a f1attering estimate of the high and
important place he has achieved in the
world of finance"