Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1910-07-07
GOSSIP OF GAY GOTHAM
Hughes Investigation and Frater-
nal Insurance Regulation.
Queer Bidding for worthless Securities
Present Mayor to Care for City's
First observation-disclosures His
tory of Election of Inter.

New York, .rune 2S-New York has
Just established another record for IN
surance housccleaniug. and although
this IS the second in half decade. IT
seems probable that there Will be no
necessity OF repetition for good
MANY years to come. When Governor
Hughes lcnped into fame hale dozen
years ago by the manner in which he
straightencd out commercial insur-
ance. there seemed to be little need
FOR further efforts of the same KIND.
However. time has proven this assuinp-
ton incorrect. for 1t hos boon dis
covered that something like Sa.oooooo.-
coo Of outstanding insurance-that OF
the fraternal orders--was without
supervision and that much Of II was
not solid basis The need for house
cleaning In this case became particu-
larly evident since by the nature of
things the benefciaiics would In almost
all cases be widows and children. 1t
has not been necessary to call in Gov
ernor Hughes In this case. however.
since II has been successfully dealt
with by the National Association of
Insurance Commissioners in session
held here this week. While the ordin-
ary commercial organizations issuing
life insurance are now under state
regulation in most parts Of the coun-
try, this control has not extended TO
the fraternal societies and 1t is said
by the insurance commissioners that
many Of these have been conducted
or a basis of charges which will mean
that they will ultimately find them
selves unable to meet their obligations
The remedy proposed by the committee
on fraternal insurance OF the Commits
sioners' association, of which commits
sioner Folk of Tennessee Is chairman
is the recommendation of uniform
measure to be adopted by state Legs
latures which will provide for super
vision Of these associations along ines
similar to those already adopted t"r
other branches Of insurance. and whi'n
will result In a raising of the standard
OF this class of Insurance TO the point
Of absolute safety. Strengthening ont
80. 900 5000 miX-up may seem
large task, but from present indica
lions II will be accomplished effectively
md without confusion through the
adoption by the various State Legisla-
lures Of the uniform bill perfected here
this week.
That II Is still Just as possible 70
tell in this city anything at less than
us face value. except United States
rurrencv. as in the days when the late
P T Parnum offered to bet that ne
rould dispose Of worthless stocks IN
ole
five dollar gold pieces on the streets
FOR one dollar each. has just been III
uetrated here in a curious manner. y
large number Of persons VINO seem u
holieye that certain repudiated state
bonds still have value beyond 'heIi
merits as works Of art turned up al
n downtown auction room this week
10 bid vigorously when miscellaneous
lot of securities worth just tn" value
Of the paper on which they were en-
,raved went under the hammer. Man!
we're the antiquated securities oheN-
ed. all of which combined would no'
seem to Justify the expense OF an anc-
ton sale One person. when hlock
OF 10000 Of bonds OF an Issue LONG
since repudiated was offered puShec
to the front and bid $i5 for the lot
getting them without competition since
tho value as figured by paper experts
was not over ten cents. The b"nn'
were issued at six per cent interest ''
provide for the construction or rail-
road and bore interest coupons dhtihe
from 1863 so that the total amount due
on this account was more than two ano
one.half times the total face value
Another block Of $1,000 worth of bonds
hearing unredeemed coupons dating
hack TO January, 1864, brought S2-o'
a bond. or slo.50. The same man DC
Gov then. Also he bid for and secured
at the same price two blocks OF bonds
,seued nv another state agEregatine
soj 600 in face value and with accu
r,uIated interest amounting to nearly
COO. Many other securities equai''
WORTHLESS and dating back from thirt!
TO forty years into the past were OF
fered for sale. In each case the DID
ding was brisk, ana many purchaser
who would not think Of buying oo'
lar bill were 1t offered 10 them for te'
cents are now probably CONGRATULATED
themselves on their Investments
In addition TO the ahairs wh'c'
have come over to MN Tor ScttieiIic"
From previous administrations. 1t seem
Ul.elv that Mayor Gaynor, the lates
,yocutive Of the city. may vet nave u
40 with former Mayor Willett, the mrs
incumbent OF tho office. thus estap
NshinR a new lone distance recoro
since Mr. Willctt was elected In June
1868. or GAS years ago this month IN
connection. however, VIII not nave I
90 with administrative matters, pn
only with the request that Mayor Gay
nor take steps to raise funds TOT
monument TO be raised over the lie
elected grave of his hrst predecessor
who died in 1874 ard was buried !
East Providence, Rhode Island. IN
dilapidated gray headstore which marx
his renting plapa bears simply IN
quaint cpitnph Here lies ye BODY @
We Wor Thomas Willett, who die
August We 4th In ye satin year OF ~
age ammo" The footstone bears IN
words "Who was the first Mayor @
New York, and twice did sustain y
nlncc." After King Cnarless grant q
tho COLONY of New Amsterdam to hi