Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1909-12-10

in Newark and also a large amount
out on bond and mortgage, and l
know very we'll that If the state
nlents made to me by said agent
were correct that it was up to me
TO get busy and protect my inter-
est as much IS possible. +,
1 made a trip to New York city
II called at various insurance
places there and I found that the
statements made were only too true.
Docs Judge MacLear or the business
people in the state of New Jersey
realize. the fact that the insurance
companies are on the point of with
drawing from the State entirely, the
same as they did a'few years ago in
= Texas and Arkansas, and should the
insurance companies decide on this
drastic measure do the people of the
State of New Jersey realize what
the outcome will be? Is Judge Mac
Lear ready to secure them with the
insurance and make loans on their
property without. insurance policies
as security? New, IL the insurance
companies do retire, and am sorry
to say that they are perfectipg plans
to Go 50, If not allowed 10 make
rates, l want to ask Judge MaeLear
what is the outcome?
The financial institutions leaning
money in tho State Of New Jersey
will commence calling all their loans
for tho reason that they cannot Sc
cure insurance TO protect same.
Business houses throughout h
State will be unable to secure credit
from the wholesale houses, and
hanks will cease leaning money to
merchants, unless Their stock is in
sured.
OF course, you nan claim there
are LEGAL companies in the State
of New Jersey. Yes, al present
there are only twelve doing a gen.
eral insurance business in New Jer-
sey. and does Judge MacLear know
that these twelve companies can
not carry one twenty-tifth part of
the Insurance written in New Jer-
sey? Take. for instance. the insur-
ance that is carried today on prop
erty IN Newark bounded by Frank
lin street 70 High street, thence
to D., L. and W. r. r.. thence to
Passaic river and along its banks to
the Pennsylvania Railroad, then
back to Franklin street. These
twelve State companies, il they so
desired. could not write n one
t~housandth part of the insurance
carried In this district, and what
insurance the said State companies
do rite would be Oh the buildings
and that would bea scattered and the
merchants who need insurance in
order to secure credit will go with
but. Our factories also will be up-
able to secure proper protection n
likely u great many Of them Will
move to other States whereby they
a secure insurance in the So
called combination companies.
Does Judge MacLear realize that
instead of doing Q kindness or a
+ favor to the public, ruination is
staring them in the face? If the
companies should retire and the
financial institutions cannot secure
their policies on property where
they loan money and call the loan,
win the owner of said property be
able TO secure a loan from any other
source. II he cannot produce salts
factory Insurance.. Look at the
number of Sur merchants III the
state OF New Jersey that viii fail
on account Of not being able to bor-
rQW money at the banks or secure
credit from ne Wholesale houses,
stmpty Tor the rcason that they cpp-
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