Jesse Picks a Winner

Jesse Jones's war-damage insurance corporation last week did a land-office business. Early estimates of $25 billion coverage were quickly upped; guesstimators in the insurance field jumped their guess to nearly $75 billion. At that figure Jesse had already landed at least $100 million in premiums during his first week.

Biggest buyers were industrial plants, utilities, large owners of urban properties, big mercantile establishments. Gimbel Bros, and its affiliated stores went in for $64 million coverage; Consolidated Edison for $300 million; A.T. & T., $1.4 billion.

Home owners were less enthusiastic over the policies, particularly in inland sections where bombing seems doubly unlikely; but mortgage holders were getting set to put the heat on them to sign up regardless. Whether lenders had any right to demand such protection was a doubtful legal question. In England the mortgage holder has to share the premium costs on domestic war-damage protection.

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