Insurance policies on slaves_ new york life’s complicated past – the new york times
Banks absorbed by JPMorgan Chase and Wells Fargo allowed Southerners seeking loans to use their slaves as collateral and took possession of some of them when their owners defaulted.
Like New York Life, Aetna and US Life also sold insurance policies to slave owners, particularly those whose laborers engaged in hazardous work in mines, lumber mills, turpentine factories and steamboats in the industrializing sectors of the South. Legitimate work from home jobs in raleigh nc US Life, a subsidiary of AIG, declined to comment on its slave policy sales.
Work from home jobs for doctors in india Wachovia, one of Wells Fargo’s predecessor companies, has apologized for its historic ties to slavery as have JPMorgan Chase and Aetna.
More than 40 other firms, mostly based in the South, sold such policies, too, though documentation is scarce and most closed their doors generations ago.
New York Life survived. Need a legitimate work from home job Its foray into the slave insurance business did not prove to be lucrative: The company ended up paying out nearly as much in death claims — about $232,000 in today’s dollars — as it received in annual payments. Work from home jobs for mba But in the span of about three years, it sold 508 policies, more than Aetna and US Life combined, according to available records.
Now, the descendants of one of those slaves — who were recently identified by The New York Times — are coming to terms with the realization that one of the nation’s biggest insurance companies sold policies on their ancestors and hundreds of other enslaved laborers. Work from home sites Photo
A ledger entry for policy No. Work from home jobs for moms no fees no scams 1055 taken out in 1847 by Nicholas Mills on the life of “Nathan York, Slave.” Mr. Online work from home in lucknow York had been insured under a previous policy, No. How to work from home south africa 447. Work from home jobs for 15 year olds Credit
Policy No. Work from home data entry without investment in hyderabad 447 covered Nathan York, a slave who toiled in the Virginia coal mines where the earth often collapsed on its subterranean work force. Work from home data entry pune Policy No. Legitimate work from home jobs brisbane 1141 insured a slave known as Warwick, who fed the fiery furnaces on a Kentucky steamboat. Legitimate work from home jobs with google Policy No. Legitimate work from home jobs uae 1150 covered Anthony, who labored amid the whirling blades of a sawmill in North Carolina.
The handwritten record of sales, insurance premiums and expenditures, many described here for the first time, illuminate the inner workings of a company born before the Civil War. How to work from home as a medical transcriptionist That history has stirred anxiety among some New York Life executives, who take pride in their multiracial work force and customer base. Work online from home lebanon They worry that news coverage about the company’s ties to slavery may overshadow their efforts to provide philanthropic support to the black community.
New York Life hired one of the insurance industry’s first black agents in 1957. Work from home jobs for disabled African-Americans currently account for 13 percent of the firm’s employees, including its senior vice president for governmental relations, George Nichols III, who reports directly to the chief executive.
The company donates millions of dollars annually to causes and groups that benefit African-Americans, the executives said, pointing to a $10 million endowment to the Colin Powell Center for Policy Studies at the City College of New York, sponsorship of the National Museum of African American History & Culture and other initiatives. How to work from home as a virtual assistant (The company was known as Nautilus Mutual Life Insurance; the name was changed to New York Life in 1849.)
“We profoundly regret that in the 1840s our predecessor company, Nautilus Insurance Company, insured the lives of slaves for a brief period of time,” Kevin Heine, a spokesman for the company, said in a written statement. Online work from home malaysia “While we cannot change our history, our longstanding recognition of it has helped shape our commitment to the African-American community.”
The company’s connections to slavery drew attention in the early 2000s as California and more than a dozen localities, among them Chicago, Philadelphia and San Francisco, began to require companies to disclose their slavery-era activities. How to work from home online uk The disclosure laws emerged in response to black activists and lawyers who pressed for reparations and a public reckoning with history. Work from home jobs for software engineers (A lawsuit filed against New York Life and other companies tied to slavery was dismissed in 2004 after a judge ruled that the African-American plaintiffs had established no clear link to the businesses they sued and that the statute of limitations had run out more than a century ago.) Continue reading the main story
New York Life executives found the old records in a storage room that served as an informal archive on the 16th floor of their headquarters, a trove of fraying ledgers and yellowing documents. Work from home and earn money They turned over the names of slaves and slaveholders as required by law and donated several of the accounting books to the Schomburg Center for Research in Black Culture, where they are available to the public. How to work from home online jobs The company stored the rest in a private corporate archive.
Company officials allowed The Times to review several ledgers from its archive, but declined to allow a reporter to interview its archivist to determine whether additional records related to the slave policies still exist. Home workout video The executives said that slave policies generated only about 5 percent of total revenues during the three fiscal years in which the policies were sold. Legitimate work from home jobs with no startup fee uk They said the policies proved to be unprofitable and did not drive the company’s growth.
But historians say the slave policies had an impact on the company’s development. Work from home data entry no fees ever The company had two years to invest or spend much of the revenues from the slave policies before death claims exceeded annual premium payments, according to Dan Bouk, a historian at Colgate University who has studied 19th- and 20th-century insurance companies, and reviewed the company’s figures at the request of The Times.
The policies helped New York Life establish an early foothold in the South, which distinguished it from its larger competitors, said Sharon Ann Murphy, a historian at Providence College. How to work from home nz Its agents continued to insure white lives in the region after the slave policies were discontinued.
“Slave policies were an opportunity for them to break into the industry and they actively promoted these policies in the early years,” said Ms. Work from home jobs for mba graduates Murphy, who is the author of a book about the emergence of the insurance industry before the Civil War.
Their slaves dug for black ore in underground shafts that oozed deadly gases and shuddered with explosions. Work from home jobs kochi Dozens of enslaved African-Americans had died in a blast just seven years earlier, mining records show, a catastrophic financial loss for their white owners.
Nicholas Mills, who owned shares in the Midlothian Coal Mining Company, was determined to protect himself from such a calamity. Work from home jobs for moms data entry So he purchased policies on more than 20 of his enslaved laborers, including Mr. Work from home jobs for elderly York, a 40-year-old coal miner and the father of a baby boy.
The premiums Mr. Work from home jobs for 12th pass Mills paid in the spring of 1846 — about $7,000 in today’s dollars — flowed into the New York Life office on Wall Street, where employees began recording the names, ages, policy numbers and occupations of the slaves who were insured.
Slavery was finally abolished in New York in 1827. U haul work from home But the plantations in the South continued to generate business in the city in the decades before the Civil War, according to Eric Foner, a historian at Columbia University.
New York City’s merchants helped to finance the nation’s premier export crop, cotton, and the purchase of the land and slaves needed to grow it. How to work from home malaysia They controlled the boat companies that shipped the cotton to Europe, leading one Southern editor to describe New York City as “almost as dependent upon Southern slavery as Charleston.” And some of these businessmen assumed prominent positions at New York Life.
But the names of the slaves remained inscribed in accounting books that moved from one office to the next as the company grew, handwritten clues that would link the past to the present.
Policy No. Work from home data entry in chennai 447 led to a red brick church in Midlothian, Va., and to Audrey Mozelle Ross, an amateur historian who has spent years researching the origins of the First Baptist Church. Work from home data entry part time Enslaved miners founded the congregation in 1846, gathering to pray amid the dust and dangers of the coal pits.
Ms. Work from home jobs xerox Ross, a retired public health scientist, prayed at First Baptist just as her parents, grandparents and great-grandparents did before her. U haul work from home jobs She knew the names of the founding members by heart.
She never imagined that she was connected to any of them, though, until she received an unexpected email earlier this year. Work from home jobs florida That’s when she learned that The Times, with the help of Crista Cowan, a genealogist at Ancestry, had unearthed a missing piece of her family tree.
Ms. Work from home malaysia data entry 2014 Ross’s great-great-grandfather was Mr. Legit work at home jobs for moms with no fees York, a founding member of her church and one of the hundreds of slaves whose lives were insured by New York Life.
“I can’t believe it,” said Ms. Work from home jobs fort worth tx Ross, who is 66 and had researched the family histories of several church members, but not her own. It jobs work from home “You have just opened my eyes.” Photo