FOR EVERY $1,000 OF LIABILITIES
HAS. THE
-
INSTRUCTION IN INSURANCE.
[Continued from rst page.]
in premiums since their organization,
$3,172,981,945, and paid to policy-hold-
ers $2,042,777,962. The sum invested
for the benefit of the insured amounts
to $1,252,144,632, thus accounting for
$3,204,022,504. In other words the com-
panies have accounted for the entire
premium receipts and increased them
by 3.84% after paying all the expenses
of operating the business.
There are now 34 stock companies
having a combined capital of about
$12,000,000. There are now insured
under the industrial plan about 13 per-
sons out of every hundred. This cal-
culation is based on a population of
52,000,000, there being 13,000,000 or
more of the population in States where
industrial insurance is not transacted.
Accurate statistics as to the number
of people employed at the home office
of the companies cannot be obtained.
It is understood that the New York
Life, the, Mutual and the Equitable
employ over 500 each. The number
engaged by the Metropolitan and the
Prudential is about 1500. It would be
within bounds to make an approxima-
tion of between 6,000 and 7,000 as re-
presenting the strength of the clerical
staff.
As illustrating the wide field of in-
vestment covered by life insurance
companies, the following table is of
interest. Life insurance companies in
the United States owned, at the end of
1896, real estate to the value of $135,051,-
096. They had loaned on bond and
mortgage, $442,035,471; they held in
United States bonds $21,487,314. Of
their stocks and bonds, their holdings
were $477,110,630. They made colla-
teral loans amounting to $38,456,686.
The premiums noted and loans on poli-
cies amounted to $44,833,176. The cash
in Offices and banks was $46,075,301.
The net deferred and unpaid premiums
amounted to $24,177,975. All other as-
sets were valued at $14,324,374. The
companies’ liabilities were $1,066,541,-
285, leaving a surplus to policy-holders
of $177,019,826.
| BEFORE 1875.
The history of life insurance in the
United States before 1875 was com-.
prised for the most part in the years
immediately preceding that date. Up
to 1842 the business was carried on in
a desultory sort of way by a few com-
Panies, only one of which is now in
business. This company is the Pres-
byterian Ministers Fund of Philadel-
phia, which was organized about the
middle of the last century, since which
time it has strictly confined its benefits
and privileges to clergymen of Presby-
terian persuasion. Prominent among
the companies incorporated in the early
part of this century were the Massachu-
setts Hospital Life, The Pennsylvania
Company for the Insurance on Life and
Granting of Annuities, The New York
Life Insurance and Trust Company,
and the Girard Life and Trust Com-
pany. These companies are still in
successful existence but now confine
their energies entirely to the carrying
YALE ALUMNI WEEBABLY
IT CAN SHOW $1,260 OF ASSETS.
THE SINE
QUA NON.
You men of Yale, who have been back to your first or second
reunion, know what we mean when we say that an observing
man cannot grow old without a steadily increasing respect
for stability and reliability in men and in institutions.
Perhaps you will ask how this applies to The PRUDENTIAL!
We are not going to answer your question all at once.
For
purposes of brevity, we will, for the present, put our reply
in this single sentence :—
Zz
THE TWENTY-TWO EVENTFUL YEARS
IN WHICH THIS
COMPANY HAS SWUNG INTO THE FRONT RANK OF THE
FINANCIAL INSTITUTIONS OF THE DAY, THE SINE QUA NON
IN THE CONCEPTION AND EXECUTION OF ITS EVERY PLAN
HAS BEEN THE FACTOR OF ABSOLUTE SAFETY FOR ALL
THE THOUSANDS, AND NOW MILLIONS, WHOSE INTERESTS
ARE INVOLVED IN WHAT IT DOES.
MORE OF THIS LATER.
THE PRUDENTIAL INSURANCE CO. OF AMERICA,
JOHN F. DRYDEN, President, NEWARK, N. J.
on of a trust business, although each of
them still has upon its books a good
policy of life insurance. :
In 1842 The Mutual Life Insurance
Company of New York was: organized.
It began business in Februarv 1843, and
that date may be considered-as the real -
commencement of the business of life
insurance in’ the United States. The
Nautilus Insurance Company ex-
changed its name to the New. York
Life Company and began business soon
after. The Mutual Benefit-of New Jer-
sey followed in 1845, and the Connecti-
cut Mutual in 1846. From that time on
business began to be distributed among
many institutions which took their rise
in the fifties and sixties. It is proper
also to state that the New. England
Mutual was chartered in 1845, though
the period of its activity was deferred
for some years. 1865 saw a. marked
development: in the life insurance busi-
ness, as the companies then began to
offer plans and in more varying form
than before. .The later sixties saw also
the formation of many companies which
through ignorance and careless man-
agement terminated their existence
about 1875 or even later.
It does not appear that life insurance
is treated of as a practical study at any
general educational institution in the
United States. As bearing on the ad-
visability of introducing it as a branch
study in schools, colleges and universi-
ties, the following extract from one of
the insurance journals is given:
THE STUDY AT VIENNA.
“A new course of instruction has
been inaugurated this year at the Uni-
versity of Vienna, Austria. It is a
series of lectures on mathematics and
statistics in reference to insurance.
Coupled with this course are lectures
on political economy, the science of
finances, commercial law and foreign
languages. Graduates of this course
will receive preference to appointments
in the government insurance office, and
with insurance companies. It will sup-
ply a long felt necessity, since it was
almost impossible to find young men
sufficiently versed in figuring to take
the important work of an insurance
company’s actuary.”
At the International Congress of
Actuaries, Messieur Vellut of Brussels
advised that the principles of life insur-
ance be taught in all schools and to
both sexes from the elementary school
upward. Considering the universality
of life insurance, it would seem desira-
ble to have a better knowledge prevail-
ing as to the principles upon which the
Science rests. ° Life insurance is trans-
acted by local companies, and statistics
are obtainable as to their business, in
Australasia, Austria, the Balkan States,
Belgium, France, Germany, Great Bri-
tain, Holland, Italy, Russia, Scanda-
navia, Spain, Switzerland, Canada and
the United States. There are companies
operating also in South Africa and
Japan. In the Barbadoes there is a
local company, and if the report has
been correctly made, the risks are en-
tirely on lives of West Indians. In all
the British colonies and dependencies,
life insurance is established. In the
prosecution of the business it calls for:
‘ after receiving the ball.
the aid of professional men, and the law
and medicine are represented among its
officials. It involves the practice of
mathematics and invokes the aid of the
statistician, and the study of mortality
and sociology.
Life insurance has a literature of its
own. Those responsible for the mathe-
matical accuracy of the tables upon
which the system is based, have formed
themselves into actuarial societies and
number among their~ representatives
men of the highest attainments. At the
World’s Fair a congress of life insur-
ance was held, another indication of the
importance of position this line of busi-
ness had attained.
HARVARD'S OPENING GAME,
Williams defeated 20—0—Practice of
the Week.
Cambridge, Oct. 2—The first two
weeks of football training at Harvard
closed this afternoon with a half hour
game with the Williams College eleven.
It was the opening game of the season
and was played on the new gridiron at
Soldiers’ Field. The result, 20 to o in
Harvard’s favor, showed the team to be
in fair condition and rather better than
the average of Harvard’s teams at this
season. :
The practice for the past week has
been full of life, with only one mishap
to retard progress. Knox, who was a
substitute half-back last season and an
average player, turned his ankle in a
scrimmage and will be out of the play
for a fortnight. The coaches have for
the most part confined the practice to
elementary football and rehearsing of
signals and team play. There has been
only one scrub game and then the
intervals of play were short. |
No change has been made in th
make-up of the line. Wheeler has not
been playing all the time at right
tackle, giving way to Swain on some
occasions during the latter part of the
play. Doucette at center has been re-
lieved by Burden frequently, as the
former is not yet seasoned. Donald at
left tackle has been showing up
strongly and Shaw and Bouve have
played the guard positions in a way
that has gratified the coaches. With
Captain Cabot and Moulton on -the
ends of the line, there is danger that
competition for the outside places will
rélax and no good substitute end will
be developed. |
Behind the line, Dibblee has replaced
. Brown at half-back and his work has
been the feature of the week. He is
exceptionally light, but has a good
burst of speed and gets away quickly
What is of
more value, he has that spirit and grit
which marks a_ successful half-back.
Judged by his work in the Williams
game, he looks like a fixture. Sulli-
van, the other half, is not yet in form.
Cozzens has-been played as substitute.
Haughton is showing more aptitude
for the full-back position and, thus far,
gives excellent promise. He is im-
proving in the kicking game, both in
respect to distance and accuracy. :
The game to-day showed weakness
in offensive play behind the line.
There was no one except Dibblee who
could make good gains, although the
heavy line enabled the team to make
its distance on four downs.
The visiting eleven was not strong
enough to test the defensive play to any
considerable extent. Their-nearest ap-
proach to Harvard’s goal was 25 yards.
Harvard.scored three touchdowns in
the first half, the play being too fast
for the Williams defense. Toward the
close of the first half Burden’ replaced
Doucette at center and McGuire went
in at quarter, This .combination did
not prove effective and the play was
slow in consequence. “Only one touch-
down was scored in the ‘second half.
~ The. score against’ the ~ Williams
eleven last Fall was 6—o:. Two years
ago it was 32—o0. The summary:—
HARVARD. ,WiLLIAMS
Cabot ehieicis: Sed. dhe ped Rez Rutter
Wheeler, h tc.-..cozoaniug . brats desc Baton
Swaitei tis J eck Hie vw
Bouve; dl nara. cig aio hyeaes Binck
PIOUCMULG, GC. . eee a ‘c., Beiler
Burden, c. °° Pork:
Shaws. eich? i465 938 242 oF ak tig: Lotz
Donat t. 45, ors inset: Simmons
Moulton, #8. “es 5 l.e., Chadwell
Cochrane, @: bs 734k... q. b.; A. Davis
Maguire, :q. bit PE
Dibbleées 1 hibs c r.h. b. Branch
Sillival, “Tah: ey oA : 1: h. b., Draper
Cozzens, r. h; b. —
Haughton; fb. ;3 4.00.08 bs sDenman
Score, Harvard 20, Williams 0; ‘touch-
downs, Haughton 2, Bouve, Cozzens;
goals from touchdowns, Cochrane,
Haughton; umpire, Fred Draper, Wil-
liams and Allie Gould of Harvard:
liams ’95; referee, B. Mackie, Harvard
794; linesmen, A. R. Marsh of Wil-
timekeeper,. J; G. Graham,:B. A- A;
time, two 15-minute halves.
J. WEsToN’ ALLEN.
The New
Exchangeable Policy
e OF THE .
Phoenix Mutual | be cata
Insurance Co.,
of Hartford, Conn. —
Provides insurance for life at a low
premium, with guaranteed Cash,
Paid-up, Loan and Extended In-
surance Values. And at the same
time the policy can be changed a
few years later to a Limited Pre-
mium Life or Endowment Policy
without losing advantage of the
premiums already paid, or having
to pay a higher premium on
account of advanced years.
For sample policies, terms, etc., address
the Home Office.
