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5423968_4_1595.xml
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5423968_4_1595.xml
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<?oxygen RNGSchema="../schema/flps0.2.rnc" type="compact"?><TEI xmlns="http://www.tei-c.org/ns/1.0">
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<title>
<bibl><title>Narod Polski</title>, Vol. XXIII, No. 9,
<date when="1919-02-26">Feb. 26, 1919</date>.
<title level="a">Splendid Development of Polish Insunance Concern</title><title level="a" type="sub">(Reprint from Dziennik Narodowy, 2-13-19)</title></bibl>
</title>
</titleStmt>
<publicationStmt>
<publisher>The Newberry Library</publisher>
<pubPlace>Chicago, Illinois</pubPlace>
<address>
<addrLine>60 West Walton</addrLine>
<addrLine>Chicago, IL 60610</addrLine>
<addrLine>USA</addrLine>
<addrLine>http://www.newberry.org</addrLine>
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<idno>5423968_4_1595</idno>
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<notesStmt>
<note>Transcribed from digital images contributed to the Internet
Archive by the University of Illinois at Urbana-Champaign.</note>
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<bibl><title>Chicago Foreign Language Press Survey</title>, <date>1936-1941</date>,
<sponsor>Works Projects Administration</sponsor>,
<sponsor>Chicago Public Library Omnibus Project</sponsor></bibl>
<bibl>
<title>Chicago Foreign Language Press Survey [microform]</title>
<sponsor>University of Illinois Urbana-Champaign</sponsor>
<sponsor>Internet Archive</sponsor>
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<div type="group">
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<item>POLISH</item>
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<item>II A 2</item>
<item>II D 2</item>
<item>IV</item>
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<div type="citation">
<bibl><title>Narod Polski</title>, Vol. XXIII, No. 9,
<date when="1919-02-26">Feb. 26, 1919</date>.
<title level="a">SPLENDID DEVELOPMENT OF POLISH INSUNANCE CONCERN</title><title level="a" type="sub">(Reprint from Dziennik Narodowy, 2-13-19)</title></bibl>
</div>
</front>
<body>
<p>The Chicago Evening Post writes: "The Great Lakes new local Fire Insurance Concern makes a good start.."</p>
<p>Further we read in a relative article: "... the new fire insurance company, organized and backed by prominent local men, and making rapid strides for the short time it has been in existence, had the confidence of the public at the start and there is no question but that the company will grow rapidly."</p>
<p>So writes a noted writer on economics who conducts in the Evening Post the commercial and financial department, in his report on insurance concerns.</p>
<p>Of course, he writes considerably more about Great Lakes because he points out a more particular title to the public confidence of the officers of this insurance concern, and particularly its president <pb facs="5423968_4_1596.jpg" n="2"/>N. L. Piotrowski, former city attorney under Mayor Harrison; also president of the Polish Roman-Catholic Union and the Polish National Council and the treasurer of the Polish National Department. He says about him that he has an accomplished professional knowledge and experience, he has splendid qualifications for an officer of such a concern. Speaking about the vice president, Albert Wachowski, he remarks that he became prominent through his energy in the formation of the Alliance of Polish building and loans associations, which in Illinois alone represent $12,000,000 value. About the secretary of the Great Lakes, Julius Smietanka, he tenders that "the vast majority of the American public values him highly." Finally, about the treasurer of the firm, John F. Smulski, he writes about his. character what all prominent Americans always maintained and which was the prop for the development of many Polish matters, as at present it is the support of the affairs of the Fatherland. He mentions also the renunciation of sums received in the office of State Treasurer.</p>
<p>In the report of the Bvening Post the manager of the firm also came out well, a well-known friend of the Poles, one of the best accountants <pb facs="5423968_4_1597.jpg" n="3"/>and experts in book-keeping, Mr. A. C. Mack. We read about him. He distinguished in regard to principles of underwriting in the office of John Haughton and Company Insurance Exchange, in which firm he worked for ten years. Afterwards, he was secretary in the Metropolitan Fire Insurance Company. Finally, he was for four years the right hand in both companies of Harold W. Leton and made for himself the name of an able. energetic and honest manager.</p>
<p>"Such men," writes the financial editor of the Evening Post, "have gained for the great Lakes Insurance Company a host of friends and prepared for it an important success."</p>
<p>In figures the success so presents itself that the firm has in ready money a subscribed capital of $200,000, and in surplus equally $200,000, altogether $400,000</p>
<p>The number of shareholders of the firm exceeds 3,000, scattered throughout the United States.</p>
<pb facs="5423968_4_1598.jpg" n="4"/>
<p>At the January meeting of the shareholders, after the ratification of the books, and an expression of praise for the officers, it was resolved, in view of the rapid growth of the business, to raise the general capital of the company to a million dollars through issuing a third and final series of shares, which will be sold at 30 per share. As the second series at $25 is already sold out, the sale of the series will begin at once.</p>
<p>The Polish Fire Insurance Company, having a capital of one million dollars, will be one of the most powerful companies doing business in the United States.</p>
<p>To date it has completed insurance of buildings a amounting to the sum of over two and one half million dollars and because of such development it needs expansion and an increase in the subscribed capital.</p>
<p>The shares of the firm, undoubtedly in a measure of such further development, will rise, and the one who buys them assures for himself a <pb facs="5423968_4_1599.jpg" n="5"/>considerable profit.</p>
<p>This is guaranteed by the immense thriftiness in the conducting of the business. The above mentioned main officers, President N. L. Piotrowski, Vice President A. Wachowski, Secretary J. Smietanka and Cashier J. F. Smulski do not receive any salary. Likewise, the directors do not receive anything when they meet. As a result of this the cost of administration is about 75$ smaller than in any other insurance company.</p>
<p>The officers mentioned took into themselves the task of first placing the concern on such heights that it would serve as a model for other concerns and prove that the Poles are indeed excellent organizers.</p>
<p>The fact that the heads of this concern are people of such measure, is the best guarantee of the success of this enterprise and also that no shareholder need worry about his money.</p>
<p>The purchasing of Great Lakes shares under these conditions will pay <pb facs="5423968_4_1600.jpg" n="6"/>everybody, and will be an honor to us if in addition to a Polish bank, which has reached resources up to $10,000,000, we will have a great insurance concern, rotating millions, bringing dividends to Polish shareholders and employing in the future hundreds of our fellow countrymen.</p>
<p>Anyone who does not belong to that Polish company and can, we would advise him to, believing that our countrymen never have an opportunity to Place their savings in a business so curtain and paying (so well) as the above mentioned, with such prominent people at its head.</p>
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