Evening star., 1914-07-22
Committee Holds
Managerial Reins

every year This
committee now elects its chairman an
nually. The administrative duties of the
organization are directed by its secretary.
members pay an entrance lee y. s1.944
or In certain cases. s972. The members
also pay an annual subscription of SOS.
There are about go underwriting mem
oers OF LioEd's. and. according to LIoyd's
caienoar the sum invested by the COM
mittee for the association totals more
than Sao,ooOOO Each member who
Mlsnes 10 engage in the marine Insurance
business must deposit with the commit
Tee at least about $2J,UW One of the
principal ADVANTAGES Of being a member
OF Lloyd's is that it IS no longer neces
sary to hunt for business as much az the
business OF the world comes seeking there
Anotner advantage is the service of an
unsurpassed news-gathering system.
IL gives its attention to the gathering
OF news which has made possible the
Wonoerful success of the institution
l.ioyd's began as a center for the snread.
ing of information when its mercbau,
gossips first met and traded their news
ana read their letters to one another
From its earliest organization it has been
tne chief point for the dissemination of
shipping news. as 1t has been lon;, the
largest marine insurance business in the
world. - '--.
Few important events occur which are
not Immediately reflected at Lloyd's,
70
foreShadowed there. Not only the sinking
OF some large liner. but any unusual loss
OIL THEFT. or far-reaching political event.
OF social upheavai may be of vital inter-
est 10 Loyds underwriters of TODAY
The loss of a transatlantic Steamship the
inert OF some rare piece of jewelry a
lnine disaster. distant earthauake. the
destruction of a cocoanut or rubber plan
nauon oS typhoon, great industrial
IRE or explosion. the loss of few grains
or radiun. a great Industrial strike a
war. the death of some sovereign and
some unexpected political maneuyer are
among the things which at any time may
cause great loss among the underwriters
al iA.oyds. II Is. therefore, the marvel
Gus network OF lines of communication
which serves this Institution with irnme-
diate information concerning the occur
fenceS and conditions III all areas of the
-arth's surface which is the life current
in Lloyd's insurance.
Besides the information which il is con-
tnuaily receiving from its widely scat
tered agents.
Keep Close Watch Lloyd's own
of Worlds Shipping. tians 'sns' sta Sta,
an eternal watch upon the worlds ship
ping Establishment of these stations
was permitted Lloyd's by an act OF par
Lament i'll 1sss. Further most steam
ship companies contribute to this i'm
rnense system for neWs-gathering And
lastly. the records of I.loyd's are inyalu-
able for the safeguarding of their busi-
ness Lloyd's news service makes that
institution a nerve center of the world 8
business.
Every day in the rooms at the royal
exchange are noted the arrivals and de-
partures Of thousands of vessels. Every
day these reports are entered into large
foiios; are sent TO subscribers; are
printed in Loyd's list at O'Clock
each afternoon and circulated among
the newspapers.
lookout for the passage of ships. tele-
passing their point. Now and then. how
ever. false reports occur. This gives rise
to one of Lloyd's most speculative fea'
lures. With a report Of disaster to a shiI
insured at Lloyd's a class of underwriters
known Tor such occasional ventures as
doctors take flyer on the chance that
the information may be wrong or that
salvage; may be effected cheaply enough
TO warrant their speculation. These mer
relieve fearful associates at heavy rates
OF their responsibility. They give rein
surance. On the occasion OF high. J
colored newspaper report of fire upon
a large French line- some reinsurance
was effected at ~ per cent.
Underwater members of Loyd's I'll
the large assembly room at their head
quarters from o'clock in the morning