The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1906-11-07
THE RISE on IsIO I'D S
STORY oETI4E e folJs ENG LIsl1 NJ
sURAncE coNcERN

starfed OrIgInialIJs IN n Lsond0a coGee
House For Marine Insurance., Il WIN
Vow AeeeDt H1aIEs AeaInst AInaost
AnythGats Unaer ne sun.
LIody.s Is a name known IN every
corner Of the globe But there ere.
probably few outside the shipping trade
who &c asked AsVFhat IS LlOyd'szT could
give an Intelligent answer to the ques
ton
Lloyd's was originally coffee louse
ia Tower street, London, kept by a
very enterprislng and wide awake man,
whose establishment was much IRE
quented by merchants engaged In the
shipping and underwriting trade Ma
rine insurance had been first introduc-
ed into England by the Hanse mer-
chants and by the I.ombartIs, who en-
joyed for a considerable time Prae-
teal monopoly thereof: Queen Eliza
beth put "a stop to this, however. At
the time Of her war with Spain she or
dered all foreign Traders TO omit her
dominIons and not long afterward
caused Sir Thomas Gresham to devise
IN act, sanctioned by parliament, es-
tablIshfng Innrfne Insurance on Il legal
basis. this being the first mention there
OF In the statute book OF England The
merchants and brokers engaged In this
branch of commerce used to meet In
the various conee houses OF the city,
and by the end of the seventeenth CEN
fury Edward Lloyd's establishment
had become their fayOrite Tystine
place. In 1858 his name appears IN the
London Gazette in connection with an
advertisement Offering a reward for
oyy ono giving Information to Mr.. Ed
Iva4tI Lloyd ut his coffee house In Tow
or street, as to the whereabouts OF q
man who was wanted on charge OF
theft.
BY 1892 his business had prospered
to such an extent that he moved to
the corner OF Lombard street and Abb
church lane all his customers follow
ing him, while in 1896 he went so far
as to produce news sheet, called
IIoyd's News containing all sorts OF
information, particularly relating to
shipping, calculated TO be of interest
to the people who gathered each day
at noon at his coffee house. UnrOr-
tunateIy the seventy-seventh number
of his paper (which he issued three
fines a week. contained a paragraph
eOudemniuG certain proceedings in the
house of lords relating to shipping, ana
tho result was that he was arrested,
Summoned TO the bar of the house,
fined and compelled to abandon the
,,J,lic;itiou for a time. In 1921. how
ever. it was resumed under the title OF
Iloyd's List aud has appeared uniuter-
ruDtedJy from that time until the pres
eut day. being with the exception OF
the official london Gazette the Oldest
English newspaper in existence.
The next half century saw the grad
nal crystaIIization of the Society OF
underwriters and Merchants. which
had its headquarters in I4loyd's coiIee
horlse. into clearly defined corpora
tion. Lombard street was left Tor
Pope's alley in 1870. whence four years
later I.Ioyd's moved to the Royal Ex-
change. where it has ever since had its
home. This step was Immediately fol
lowed by an immense expansion OF IN
sr1rnnce business. due in measure TO
the succession of wars In which Eng
land WIS ut that time involved. nor
merely ships OF the English mercantile
navy. but also men-of-war and even
merchantmen belonging to the enemy,
we're all insured ait LIoyd's II the
risks were great, the premiums were
high. and the scrupuIOus care with
which LIoyds always punctually fuI-
filed its obligations, its triumphnl IS
sue from the ocIIeals OF several par
Iiamentary inquiries and, above all. the
active role which st assumed in nation
al and patriotic movements, all CON
trfbutelI to establish Its hold upon the
good viii OF the people.
Thus It was Iloyds which drSt init
ated that Iffeboat service which has
been adopted by every civilized coun-
try in the world boTsttnE OF Il sea
hoard. and It was LIoyd's name that
figured for $4,000 at the head OF the
Subscription list for the building OF the
first Iifeboat ever launched. Indeed,
for n quarter at ceutury tue entire
Jffeboat service NJ the United Kingdom
yyTS maintained 10y I.Ioyd's until 1t
WIS taken over by the National Lire
boat institution Again. it was l.l"Nd's
which originated with a subscription
Of 100000 in 1909 that patriotic fund
which is still in existence and Which
has provided for the welfare OF the
widows and orplHns OF those who nave
lost their lives In the naval or milf
tary service of their country. besides
caring for men who have wrecked their
health or who have been crippled While
lighting EnGIand's battles.
In 1871 Queen Victoria affixed her
sign manual to an act OF parliament
providing for the organization OF
L.loyd's IN it's present form. II com
prises about 900 underwriting ana
about 200 nonunderwriting members
besides about 800 annual Subscribers
The underwriters pay an entrance fee
and an annual subscription mud TO
place their credit beyond Il doubt they
are required to deposit as n minimum
S26, 600 security with the committee
membership of Iloyd's is most Jealous
IL guarded. Candidates must come be-
fore the committee with the written
recommendation OF six members and