The Emmett index. [volume] (Emmett, Idaho) 1893-1925, 1916-07-27

All were rescued except
eleven killed"
"Lloyd's announces" 1t has
"announced" the sinking of vessels
of practically every neutral nation
atty in Europe to say nothing OF
merchantmen after merchantmen be-
longing to the allied nations.
"Lloyd's announces"
But exactly what and where is
Lloyd's? Most Britishers have a
misty idea that Lloyd's is connected
with shipping and with marine in
surance, but there the knowledge of
the ordinary man-in-the-street ends,
even though he may wend his way
past Lloyd's every day in his life.
Lloyd's is Britain's great market
place for maritime insurance 1t
is a sort of stock exchange for the
underwriters of England, who meet
daily within it's walls and make the
price" in different sorts of risks ex-
actly as the brokers and jobbers
make the prices of shares on the
real stock exchange. 1t forms part
of the royal exchange, close to the
Bank of England Many Americans,
in times of peace, visit the royal ex-
change with the object of seeing the
fine historical paintings there.
Though Lloyds began as a market
for marine insurance only, one can
now insure anything on earth there,
with the exception of human life.
There is no risk of so freak a nature
that the brokers who make up
Lloyd's will not quote you rate for
it. You can insure there against an
earthquake or Zeppelin raid, or
against the chance of your wife's
having twins. The right arms of
Paderewski and Kubelik have been
insured there, and also the front
legs of a famous Australian "boxing
Kangaroo" Lloyd's will have
deal with king or a clown. They
will insure the kings throne and
crown and the succession of his
dynasty, and they will insure the
clown in regard to his punctual ar
rival at town after town, hall after
hall, in time to give his show. They
will insure one against the unsuc-
cessful result of an operation for
action for breach of promise decid-
ed against one.
In dealing with member of
Lloyd's, moreover, you are pretty
certain to be doing business with
man of proved standing, integrity and
financial soundness. Every candi-
date for election has to "show" the
governing committee on these points.
Five thousand dollars is the small
est sum he may deposit as additional
security for possible liabilities. The
total of the amounts so deposited
is over II million dollars. To be al
lowed to pass the portals of Lloyd's
is a privilege none too easily won.
Once inside one has ones finger on
the pulse of the marine world. So
remarkable has become the network
of agencies that Lloyd's has insti-
tuted in every seaport of the globe
that, standing beyound the barrier,
you may know exactly where each
of the hundred thousand ships that
plough the seven seas are at that
moment. The agents number over |
1000, and in the course of single |
year they send 100000 kilograms to
Lloyd's and an even greater number
of letters.
Lloyd's deals in big futures. When
the Oceana, laden with bullion for
India, went down in March, 1912, as
the result of a collision with Ger
man barque off Beachy Head, and
the tugs failed to beach her, the I'M
derwriters went to work, and within
twenty-four hours had handed over
million dollars to the Bank of
England to make good the loss and
enable Theadneedle Street to dis
patch duplicate golden cargo by
the very next boat leaving for Bonn (
bay. The amount of insurance on
the Titanic was more than 10 mil
lion dollars. But though Lloyd's
broker will -underwrite practically
any risk, it is rare thing for one
of them to assume the entire res
possibility therefor. What gener-
ally happens is this: Suppose a
ship of one hundred tons is to be
insured for 100000 The owner
gets broker to draw out his policy
and this is taken to an underwater.
The first underwater may agree to
become responsible for $4,000 of the
100000. The policy is then pass
ed on to other members of Lloyd's {
and--particularly if the first indorse-
ment is a good one-these others will !
take up the remainder of the risk. s
They append their names under the
first signature and thus become, lit t
orally, Underwriters" That is the ,
origin of the phrase. t
Lloyd's started in a little coffee
tavern. After the fire of London