The Birmingham age-herald., 1914-03-23
OLD BELL TOLLS FOR SHIPS THAT
 60 DOWN AT SEA Some Odd and Interesting Facts About Ancient Insti-
 tuition in London WORLDS CENTER OF
 MARINE INSURANCE Began Over Three Centuries Ago. Name of "LlOyds" Comes From
 Keeper of Coffee

The deep tones of an old bell sound inss through the hum of talk in a great business hall-this typifies London's paradox of ancient surroundings and modern trade for the visitor of Lloyd's in the Royal Exchange. says the New York Evening Post. If he does not know the history of the place ana is curious enough to ask the meaning of the sound, he will find a picturesque explanation of the business of the haI in the reply that the bell is tolled be- e use a ship has been lost I,loyd's is world center of marine insurance As long as three centuries ago the business of assuming risks for cargoes sent by sea began to concentrate there and it has developed into one of the greatest of insurance houses. Early in it's history the old bell was hung in the underwriters room and the custom of tolling 1t whenever a ship was lost was begun. Ever since that time, through various changes of location, the bell has been kept as part of the furnish ings. Despite the swift service of cleo tricity, which brings the news of loss Immediately to each broker the old
 
 is recalled by the solemn notes of the bell whenever there is a disaster at sea. Is Gigantic Business
 Few in England's metropolis realize the gigantic business represented in the name of Lloyd's and fewer still have seen the throng and the serious cease : less activity of the great human bee hive Yet, from the physical giant who In scarlet gown receives you at the gate and in stentorian voice calls the name of the member you seek, to the dig ntfied parsonage in the room" en- throned on an elevated platform, who acts as the crier, Lloyd's is one of the most interesting assemblies in the world Many of the furnishings date hack to the Hgood old days" when tfere were neither steam nor armored ships and no cable or wireless messages announced the departure or arrival of the vessels intrusted to the dangers of an inscrutinable sea
 Were Edward Lloyd. the old coffee tavern keeper of Tower street to re- turn to his haunts in the city of 1900, what astonishment would be his! It was he whose name has been immor- talked In the commercial history of the world. His coffee shop was the meeting place of men interested In commerce by sea, and over steaming 2 cups were discussed the dangers to men and crafts exposed to the power of the mighty monster. Already they we're known by the name of under writer's They agreed to divide the risk attending the shipping of goods among themselves. according to the distances to be covered, the seafearing quality of the wind jammer" the ca : pacity of captain and crew. and, above all, their financial resources in meet
 ing a loss. In 1892. Lloyds coffee tav-
 .1l I .1..... little by little an incorporation took place. the name of "Lloyd's" was as- sumed. and the house started on Its career In 1774, Lloyd's was obliged to seek still larger accommodations, and succeeded in getting possession of the
 upper part of the Royal Exchange, from which place 1t is still carrying on its gigantic work.
 Became Important in 1775
 The real importance of the institution dates from 1775 to 1915. During the in cessant wars which devastated the fairest portions of tue continent. England, by reason of her geographical position, was the only country guaranteeing security against the depredations of Bonaparte. The risks then assumed by the under writers were large and hazardous, sDd resulted in heavy losses. Rumo-s of n'a- mtndous ot legations raised douoss In tEe public mind as to the ability of Lloyd 8 to meet the liabilities. and Parliament was obliged to appoint the customary royal commission. The findings resulted | in glorious victory, and ever since Lloyi's has retained it's world-command- ! ing position.
 l The institutior headed all movements aiming to dirr:nish the dangers of sea and Hand. If exposed and punished with dra- conic severity frauds in sending unsea- worthy ships with worthless cargoea
 acroso the ocean. It's greatest final