Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1910-06-28
8 BILLION MIX UP
IN INSURANCE
TO Be FIXED

NGW IUlk IoldUlloIlCo HllOHlol
Financial House Cleaning Re-
cord Roosevelt viii Keep Mum
Until Fall,
Especial Correspondence To Morning Journal
New York, June 2f-New York
has Just established another record
for Insurance house cleaning, and all
though this Is the second in half Il
decade, 1t seems probable that there
will be no necessity of a repetition for
n good many years to ONE. When
Governor Hughes leaped into fame
half a dozen years ago by the man
ner i'm which he Strengthened out
commercial insurance, there seemed
to be little need for further efforts of
the same Kind. However, time has
proven this assumption incorrect, for
If has been discovered that something
like $4,000, 000, 600 of outstanding in
surance-that of the fraternal orders
was without supervision, and that
much of il was not on a solid basis.
Tho need for house cleaning in this
case became particularly evident since
by the nature OF things the bene-
ficiarics would in almost all cases be
widows and children. 1t has not been
necessary to call in Governor Hughes
fl this case, however, since 1t has been
successfully dealt with by the Ma
|tional Association of Insurance com
missioners In q session held here this
week. While the ordinary COM
|mcrcial organizations issuing life in
surancc are now under state regula-
tion IN most parts of the country, this
control has not extended to the fra
.ternal societies and II is said by the
insurance commissioners that many
OF these have been conducted on a
basis of charges which viii mean that
they will ultimately find themselves
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 O = UNIFORM
measure to lie adopted by e leBis-
latures which will provide /. super
vision of these associations alonb lines
similar to those already adopted for
other branches of insurance, and
which viii result in a raising of the
standard Of this class of insurance to
the point of absolute safety, Straight
ening out a 50, 600, 600, 600 mix-up
may seem a large task. but from pres
ent indications it viii be accomplished
effectively and without confusion
through the adoption by the various
state legislatures Of the uniform bill
perfected here this week.
----
That II Is still just as possible to
soil In his city anything at less than
its face value. except United states
ms in the days when the
late y. Y. Barnum offered TO bet that
he could dispose OF worthless stocks
la less time than anyone else could
seii i've dollar gold pieces on the
streets for one dollar each, mas Just
been Illustrated here in a curious
A large number of persons
who seem to believe that certain re-
undated state bonds still have value
beyond their merits as works OF art
turned up at a downtown auction
room his week to bid vigorously
a miscellaneous lot of securities
just the value of the paper on
they were engraved went under
the hammer. Many were the anti
securities offered. all of which
combined would not seem to justify
expense of an auction sale. one
person, when a block Of $4,000 OF
bonds of an issue long since repu'
was offered pushed to the
front and bid $45 for The lot. getting
them without competition, since the
value rs figured by paper experts was
not over ten cents. The bonds were
at six per cent interest to pro-
vide for the construction of a rail-
load and bore interest coupons dating
from 1869 SO that the total amount
due on his account was more than
and one-half times the totai race
value. Another block of $4,000 worth
OF bonds bearing unrcdecmed coupons
dating back to January, 1869, brought
$3.50 n bond, or $3.50. The Same
man bid for them, Also he bid Tor
secured at the same price two
blocks Of bonds issued by another
state a~ggregating $25, 000 in face
and with accumulated interest
amounting to nearly $4,000. Many
lthcr securities equally worthless anu
back from thirty to forty years
INTO the past were offered Tor sale
In each case the bidding was brisk,
many purchasers who would not
.hink of buying a dollar bill were II
filtered to them for ten cents, are
now probably co~ngratulating them
selves on their Investments.
In addition to the affairs which
come over to him for settlement
previous administrations, II
likely that Mayor Gaynor. the
executive Of the city. may yet
have to do with former Mayor Willett,
the first incumbent of the office, thus
ESTABLISHING a new long distance rec
ord, since Mr.. Willett was elected In
June, 1865. or 245 years ago this
The connection however, VIII
have TO do with administrative
matters. but only with the request
Mayor Gaynor take steps To raise
funds for q monument TO be raised
over the neglected grave of his first
predecessor, who died in 1874 and was
IN East Providence. Rhode ISL
ind. The dilapidated gray headstone
which marks his resting place bears
the quaint epitaph, Here lies
re body of We Wor. Thomas Willett'
Tho died August We Attn in We 6ith
ear OF his age ammo" The footstonc
BEARS the words"Who was the first
OF New York, and twice did
We place" After King Charles