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The Once and Future C&F - Captain Whiley’s Enterprise
CHAPTER 1 Captain Whiley’s Enterprise
T he Tontine Coffee House, situated at the corner of Wall Street and Water Street, was the center of trade in New York City. It gave birth to the New York Stock Exchange. It was also a place to exchange ideas — including ideas about insurance. Imagine this (fictional) meeting during which Richard Whiley tries to raise capital from prominent local business executives (and actual North River investors) William Adee and George Bush.
Adee: The club thinks this one is going to be different. Bush: Hmm. Insurance is so boring. Adee: I don’t know about that. Have you ever met Whiley? I doubt anyone ever called him boring. Bush: When would I have met him? Adee: He used to be a big deal in the Army — he built up Governors Island. He’s a bit of a tough guy. I heard he was raised in the wild. Bush: Oh yes, I remember him now. This isn’t going to be like that thing with the pirates, is it? Adee: What is with you and the pirates? Let it go. Bush: Whatever. When did the Tontine get so crowded?
Bush: Have you ever made money investing in an insurance company? Adee: Never. I get three dividends and then the whole city burns down — taking my money with it.
Bush: So why are we meeting with this guy?
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