Jasper County Democrat, Volume 11, Number 31, Rensselaer, Jasper County, 15 August 1908 — INSURING AGAINST BUSINESS LOSSES. [ARTICLE]

INSURING AGAINST BUSINESS LOSSES.

It is quite likely that the panic will be well over before Bryan succeeds President Roosevelt next March. Business will resume normal conditions shortly after Bryan's inauguration and another era of prosperity will be ushered in. Some British underwriters are ready to insure business men against losses in case of Bryan’s election. Had they insured against losses under the Roosevelt administration, the Lloyds would most surely have gone to the wall. “It is a pity," says an exchange, that the British underwriters did not begin to insure against losses a year ago, just before the Knickerbocker trust company "busted” with liabilities of over 870,000.000. Just before the Hamilton bank with deposits of more than $7,000,000 went to the wall. Just before the twelfth ward bank with deposits of over $3,000,000 suspended payment. Just before the Empire City bank with deposits of over $4,000,000 put up its shutters. Just before the Borough bank in New York with deposits of $3,000,000 was up against frenzied finance. Just before the Brooklyn bank with deposits of $1,000,000 suspended, uaymeiitt, -

Just before the Harlem savings bank and hundreds of other banks took advantage of the sixty days notice law and refused to pay its depositors. Just before the First National bank of Brooklyn “hit the wall” with deposits of (4,200,000. Just before the four Westinghouse companies of Pittsburg with liabilities of more than (50,000,000 went into the hands of a receiver. Just before the Iron City trust company with liabilities of about (4,000,000 suspended and went into innocuous desuetude. Just before the Southern Steel Co. of Birmingham, Ala., capitllized at $25,000,000 went into the hands of a receiver and was declared bankrupt. Just before the Chicago InterOcean, a republican newspaper, said said: “Union labor officials estimate that one-half of the two hundred thousand union men of the city are out of employment and start move-

ment to relieve the situation.*’ Just before the American Car and Foundry plant employing 160,000 men posted notices that they would close in ten days, owing to a lack of orders. Just before a staff correspondent of the Indianapolis News writing from New York, as late as May 30, 1908, said, “New York state army of unemployed will have to be reckoned with at the election next fall; the size of this army is variously estimated from 500,000 to one million men. Just soup houses were started in Dayton and Chicago and other large cities. s Just before hundreds of thousands of railroad men and factory men were laid off throughout this country. If this concern had commenced business soon enough they would probably have had their hands full by this time paying the losses. Yes, and to bring this a little nearer home, how nice it would have been If The Democrat’s “who had deposits in bank had been “insured” by the Lloyds against loss under this same administration. For example: Just before the McCoy political sheepskin bank of Rensselaer went “busted” and after 4 % years Its creditors have received but 40 cents on the dollar; Just before Fred > Gilman’s bank at Goodland went to the wall; Just before the Baldwin & Dague banks at Goodland, Fowler and Ambia closed up shop; Just before “Bob” Parker’s bank at Remington went all to pieces. How nice it would have been for the creditors of these nearby banks if the Lloyds had only started this insurance scheme before. Perhaps they would have felt safer, too, when practically every bank in the entire country refused to pay depositors’ checks—the first time such a thing ever occurred In the history of this country with a solvent bank. Under no democratic administration this country has ever seen was there a time before when a man having money in bank could not get it on demand z if the bank was a solvent one. “Insured against loss in the event of Bryan’s election" forsooth! We should not think that a republican newspaper in the country would have the eternal “gall” to give space to any such things as this in the light of what has happened under the reign of Teddy I.