1 STO RT 
 
CORNELL 
 
 UNIVERSITY 
 
 LIBRARY 
 
 BUSINESS 
 
Cornell University Library 
 HG8963.N51H88 
 History of the New-York Life Insura^^^^^^ C 
 
 3 1924 019 215 981 
 
 
 DATE DUE 
 
 
 JU:4 1 :.- 
 
 375 BU 
 
 
 
 1 II 1 1 "' "^ 
 
 •^ 
 
 
 
 DEjii 
 
 MP» 
 
 
 
 
 l'^91 9 U 
 
 
 
 f * r^' 
 
 
 
 
 nnr 
 
 1 4 1QQQ 
 
 
 
 APF 
 
 1 ^ lyso 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 CAVl-ORO 
 
 
 
 PRiNTEOINU.S.A. 
 
Cornell University 
 Library 
 
 The original of this book is in 
 the Cornell University Library. 
 
 There are no known copyright restrictions in 
 the United States on the use of the text. 
 
 http://www.archive.org/details/cu31924019215981 
 
p^ 
 
 1[ «l 
 
 
 (ft " , a" 
 
 
 
 L*-' 
 
 
 ;'^i';;:;,L;;;:i.«.tl!il!'»i^ 
 
 J„i 
 
 %--4i 
 
 HOME OFFICE, NEAV-YORK LIFE INSURANCE COMPANY, 
 346 & 348 BROADWAY, NEW YORK. 
 
HISTORY 
 
 OF THE 
 
 NEW-YORK LIFE 
 
 INSURANCE COMPANY 
 
 1895-1905 
 
 INCLUDING A RESUME OF THE HISTORY OF THE PREVIOUS FIFTY YEARS, BY 
 
 JAMES M. HUDNUT, A. M. 
 
 NEW YORK 
 
 PUBLTSHBD BY THE COMPANY 
 
 1906 
 
COPYRIGHT, 1906, 
 
 BY THE 
 
 NEW-YORK LIFE INSURANCE COMPANY. 
 
 
TO THE 
 
 NOBLE ARMY OF THE INSURED 
 
 IN ALL LANDS 
 
 WHO ARE GIVING A PRACTICAL ILLUSTRATION 
 
 OF TWO GREAT PRINCIPLES 
 
 COOPERATION OP THE STRONG 
 
 AND 
 
 CONSIDERATION FOR THE WEAK 
 
 PRINCIPLES THAT WILL YET TRANSFORM 
 
 THE WORLD 
 
PREFACE 
 
 This work, including the Introduction by the late President of the Com- 
 pany, was completed substantially as it now stands immediately after 
 the "Diamond Jubilee" in May, 1905. The Legislative investigation of 
 life insurance companies was begun soon afterward, and publication was 
 delayed in order to record the outcome. So many changes have since 
 taken place, both in the management of the New- York Life and in the 
 conditions under which life companies organized in this State must now 
 work, that it is plain we are entering upon a new era in Life Insurance. 
 The history of these months of transition cannot yet be written with 
 justice either to companies or to individuals. It has therefore been 
 determined to print this volume as originally written, adding only the 
 Annual Report for the year 1905, the revised form of the Company's 
 By-Laws, and the balance sheet prepared by chartered and certified ac- 
 countants as of December 31, 1905, with their certificate. 
 
 J. M. H. 
 
 June, 1906. 
 
CONTENTS. 
 
 CHAPTER I. 
 
 Resume, 1892-1895 
 
 CHAPTER II. 
 
 Agency jNIethods. 
 
 The Branch Office System 8 
 
 Defects of General Agency System 8 
 
 Branch Office System described 9 
 
 Advantages of 10 
 
 Growth of Branch Office System 11 
 
 Branch Offices of Issue 11 
 
 The Nylic Association 12 
 
 Educated sentiment in lite insurance 12 
 
 Necessity of soliciting agents 12 
 
 Sentiment among agents 13 
 
 The "Weekly Bulletin" to agents 13 
 
 "Leaders' Lists" established 14 
 
 The Nylic association formed 14 
 
 Outline of Nylic plan 15 
 
 Extract from first prospectus 15-16 
 
 The plan in operation 18 
 
 Modifications of the plan 18 
 
 Post-mortem benefits paid 19 
 
 Growth in membership 20 
 
 A Nylic "Minute aian" 20 
 
 Insurance Clubs 21 
 
 A $200,000 Club organized 21 
 
 Growth of the $200,000 Clubs 21 
 
 Four $100,000 Clubs organized 22 
 
 Growth of $100,000 Clubs 22 
 
 Club meetings and benefits 23 
 
 CHAPTER III. 
 
 Policy Contracts. 
 
 Sub-Standard Lives 25 
 
 Former treatment of Sub-Standard risks 25 
 
 A three-years' investigation 2C-27 
 
 Issue of the Adjustable Accumulation Policy 27 
 
 The life insurance field broadened 28 
 
 ix 
 
X Contents. 
 
 PAGE. 
 
 The Insurance of Women 29 
 
 Women among the first policy-holders 29 
 
 Experience on female risks prior to 1894 29 
 
 Extra premium discontinued 29 ' 
 
 The new Standard Accumulation Policy 30 
 
 Insurance and Investment features 31 
 
 Advantages of Deferred Dividend system 32 
 
 Low-Priced Policies 33 
 
 The Seven-Year Equalization Policy 34 
 
 The Non-Participating Policy 34 
 
 The Economic Policy 34 
 
 The Spanish War Risk 36 
 
 First loss on the "Maine" 36 
 
 War risks under old and new policies 37 
 
 CHAPTER IV. 
 
 Official Reports, Examinations, etc. 
 
 Changes in form of report 39 
 
 Old and new methods contrasted 40 
 
 New reports full and accurate 41 
 
 Examination by Prussian Government 42 
 
 Readmission of Company to Prussia 42 
 
 Terms of German concession 42-43 
 
 Analysis of Report to German Government 44-45 
 
 Discussion of German requirements 46-47 
 
 Readmission of Company to Austria and Switzerland 47 
 
 Advantages \o Company of strict supervision 48 
 
 The Seven-States' Examination 49 
 
 Examination by New York Insurance Department in 1904 49 
 
 Commendation of the Company's methods 50 
 
 Advantages of full reports 51 
 
 CHAPTER V. 
 
 The Campaign for New Business. . 
 
 The Agency force like a great army 52 
 
 The inspiration from headquarters 53 
 
 Work of the "Weekly Bulletin" to agents 53 
 
 Contests for supremacy among agents 54 
 
 What was doing in January, 1895 55 
 
 Allotment Certificates prove helpful 55 
 
 The extra taken off certain risks 5G 
 
 The challenging fever utilized 57 
 
Contents. xi 
 
 PAGE. 
 
 Help to Hungary helps Texas 58 
 
 The Anti-Rebate compact 58 
 
 Agents' Convention considers "Nylic" 58-59 
 
 Managers' Correspondent appointed 60 
 
 A Golden Roll of Distinction 60 
 
 The quality of business improved 61 
 
 Advantageous purchase of U. S. bonds 62 
 
 The "Detailed Statement" in pamphlet form 62 
 
 A Welcome Home Contest for Mr. Perkins 62 
 
 Great records made 64-65 
 
 Benefits of agency organization 66 
 
 The President's Honor Roll 68 
 
 One Thousand Millions on the books 68 
 
 A Billion-Dollar Competition 68 
 
 Death of Mr. Frank Block 69 
 
 A Twentieth Century policy form 71 
 
 The power of sentiment 72 
 
 Policies paid on the lives of Presidents Harrison and McKinley 72 
 
 A decade of the new regime 73 
 
 Justification of contests 75 
 
 Remarkable individual records 75 
 
 Anti-competitive literature agreement 75 
 
 "Not competition, but noble emulation" 77 
 
 The value of minding one's own business 78 
 
 The Club business for one year 79 
 
 Impressive incidents of 1904 79 
 
 Chicago Office of Issue opened 79 
 
 Long service of the Weil brothers 80 
 
 The greatest year in the sixty 81 
 
 CHAPTER VI. 
 Home Office Methods. 
 
 A Twentieth Century Company 82 
 
 Actuary's Department 82 
 
 Financial Department 87 
 
 Medical Department 92 
 
 Comptroller's Department 98 
 
 Inspection Department 99 
 
 Division of Indexes 100 
 
 Division of Policy Issues 103 
 
 Policy Claims Division 106 
 
 Division of Policy Records 110 
 
 Division of Policy Briefs 113 
 
 Renewing Division 114 
 
 Policy Loan Division 115 
 
 Division cf Supplies 117 
 
xii Contents. 
 
 CHAPTER VII. 
 
 The Diamond Jubilee. 
 
 PAGE. 
 
 Report of the Executive Committee ]19 
 
 A Convention of Representative Agents 122 
 
 Address of Welcome 125 
 
 Management of tlie Company reviewed 12G 
 
 CHAPTER VIII. 
 
 Official Changes— Deaths. 
 
 William A. Booth 130 
 
 John H. Inman 130 
 
 Hon. C. C. Baldwin 131 
 
 Archibald H. Welch 131 
 
 Hon. David A. Wells 132 
 
 William H. Appleton 133 
 
 Hon. Garret A. Hohart 134 
 
 Edward N. Gibbs 134 
 
 Hon. William L. Strong 13G 
 
 Walter H. Lewis 137 
 
 William F. Buckley 137 
 
 Hon. Thomas B. Reed 137 
 
 Charles C. Whitney 13S 
 
 Hon. William R. Grace 139 
 
 Dr. Henry Tuck 140 
 
 Hon. Hugh S. Thompson 141 
 
 Promotions — Officers 142 
 
 Retirements — Officers 145 
 
 Promotions — Agency Force 146 
 
 CHAPTER IX. 
 
 St.vtisticaf; Review. 
 
 Forms of Report, Valuations, etc 150 
 
 Distribution of Insurance in Force 153 
 
 Income Account 154-5 
 
 Disbursement Account 156-9 
 
 Insurance, Assets, Surplus, etc 160-1 
 
 APPENDIX. 
 
 Trustees of the Company, 1845-1905 162 
 
 Brief History of the Company, 1845-1895 166 
 
 Charter of the Company 175 
 
 By-Laws of the Company 180 
 
 Annual Report December 31, 1905 190 
 
 Balance Sheet and Certificate of Chartered Accountants 193-201 
 
LIFE INSURANCE 
 
 Is the doctrine of duty. It is the highest ethical code yet 
 practiced by man. We hold that man is born to responsi- 
 bilities, endowed with certain inalienable duties, amongst 
 which are labor, that he may earn the right to live, and 
 co-operation, that he may give as much as he gets, and be 
 happy because he has, of himself and unaided, made pro- 
 vision to meet every liability. Life Insurance seeks to mahe 
 some part of every effort immortal, by putting a beneficent 
 purpose into it. 
 
 Life I'nsurance builds an empire on a co-operation 
 which includes a study of the past, the duty of the present, 
 and the certainty and the uncertainty of the future; a co- 
 operation of this generation with the previous generation 
 and icith all generations to come; a co-operation that has 
 in it all the business ivisdom of a great corporation, all the 
 sane processes that have taught men to stop fighting each 
 other, and in addition, an element of courtesy and mercy 
 that is closely akin to religion. 
 
 The power of Life Insurance, both morally and 
 physically, is unlike the power of any other institution 
 ever erected by mortal hands. No progressive condition 
 can menace it; no advance in humanity can bring about 
 its destruction. Without destroying any good thing now 
 existing, without halting or impeding the advancement of 
 any new truth, ivithout ivaste, Life Insurance will go on. 
 Only degeneration in the moral fibre of the race can shrink 
 its beneficence or paralyze its aggressive strength. It holds 
 in a vast citadel of conservatism the ambitions and the 
 hopes that run through the notes of every wedding march, 
 that cluster about every cradle; it liglits up the gloom of 
 the grave with the gleam of a deathless love, and wrings 
 from univilling Fate support for a new generation of men 
 and women. 
 
 Life Insurance was born of that love of kind which 
 drew the first portrait and created the beginnings of 
 art; it is the product of an instinct in humanity which 
 has carried man from a cave in the earth, over a dark and 
 bloody path, up to a palace. It is morally 
 
 THE FIRST BUSINESS IN THE WORLD. 
 
INTRODUCTION^ 
 
 BY THE LATE PRESIDENT OF THE COMPANY 
 
 When I was invited to accept the Presidency of the New-York 
 LiFE^ I welcomed it as an opportunity to put into practice certain 
 theories and methods of management that I had long entertained. 
 
 My previous experience with life insurance problems had 
 made me familiar with the foundations of the system and with 
 the methods of the different companies. While an official of the 
 Insurance Department of this State I had examined nearly all of 
 them. My term of service there coincided with a period of 
 financial distress and with the failure of many companies, and I 
 had an opportunity to see life insurance on its worst and on its 
 best side. My position made me the guardian of policy-holders' 
 interests, and inclined me to view matters from their standpoint. 
 While I had sincere respect for the men whose labors had made 
 of life insurance the great business it had already become, I 
 believed it was a growing business and capable of indefinite 
 improvement. I had in mind, if not an ideal life insurance com- 
 pany, at least, certain ideas with respect to management which, 
 it seemed to me, if adopted, would go far toward making an ideal 
 company. 
 
 These ideas covered pretty nearly the whole field— invest- 
 ments, forms of reports, policy contracts, separation by classes 
 of deferred-dividend policy accumulations, and the relations of 
 agents and policy-holders to the company. I had noted a dispo- 
 sition to overvalue investments in the effort to make a good 
 showing; a disposition to use forms of reports which, if not 
 
2 Introduction. 
 
 devised for the same purpose, at least lent themselves to that 
 end; fallacious and unjust combinations of deferred dividend 
 funds into a single item called "surplus"; policy contracts 
 so one-sided that they could be easily contested; and relations 
 between companies and agents that prevented co-operation and 
 bred irresponsibility. I wished to see safety put first and again 
 first ; to see more directness of method, less evasiveness, and more 
 frankness in setting forth the condition of affairs and of Executive 
 administration, and consequently more sympathetic relations 
 between the policy-holders and those who stood in official relations 
 to the Company. 
 
 This volume sets forth the more important measures that 
 have been adopted during the past thirteen years to secure these 
 ends. Of course, much must remain unsaid ; and it would be folly 
 as well as vanity to say that my ideals have been fully realized; 
 yet, such a measure of success has been attained for our policy- 
 holders as satisfies me that we are on the right road. Our invest- 
 ments have been placed upon an ultra-conservative basis; the 
 reserves for our policies have been increased beyond the most 
 exacting requirements of the strictest State laws. Our policy 
 contracts and our office methods have been changed and reformed 
 in the interest of the insured ; the scope of life insurance has been 
 broadened and its field made world-wide ; the agents, who secure 
 the business, have been placed in better relations to their work 
 and to the Company. Fullness of detail and directness of method 
 in report making, and cheerful submission to the requirements 
 of all insurance bureaus, have given the Company the benefit of 
 suggestion and criticism, both by the plain business man and by 
 the experts of the business throughout the world. 
 
 What remains to be done? Much, no doubt. Probably a 
 reduction in expenses of management is most important in the 
 public mind. I have never lost sight of this, and it has been one 
 of the requirements I have laid upon the Agency Department 
 during every year of the past decade. Progress in this direction 
 has been slow, but according to State official methods of computa- 
 
Introduction. 3 
 
 tion, there has been a reduction in each year. I have been of the 
 opinion that reforms, in order to be effective upon the business 
 of life insurance as a whole, must be made by a large and growing 
 company. To this end, as well as for the benefit of a large con- 
 stituency, I have labored for a large volume of business. We 
 have greatly reduced our expense rate since 1892, and we believe 
 that under our present plans a still further reduction is prac- 
 ticable. We must understand, however, that so long as people 
 must be persuaded to insure, and so long as State Legislators 
 regard life insurance taxation as a convenient method of raising 
 revenue, the economies of the companies are not, wholly, where 
 they should be— within the control of the Executive management. 
 But with the benefits of insurance enlarged— as they have been— 
 and assured beyond question — as they should be— and with all 
 expenses legitimately incurred, I believe the public will regard 
 the money expended for life insurance as invested in that which 
 brings the highest returns both in comfort and in cash. 
 
 I cannot close this Introduction without the most sincere and 
 hearty acljnowledgments to all who have labored with me so 
 loyally and effectively during the past thirteen years. To the 
 Trustees, who have been wise counselors; to the members of the 
 Executive staff, who have contributed so much labor and thought; 
 to the Agents in the field, who have carried forward the work 
 there with an enthusiasm and an energy that have been beyond 
 praise; to the Employees at the Home Office, and last, but not 
 least, to the co-operation and commendation of policy-holders, 
 whose interests and welfare have been my constant study— to all 
 these my more than thanks are due. We have been laborers 
 together in a noble cause, and, if success has crowned our efforts 
 "there are honors enough to go round". 
 
PRESIDENT NEW-YORK LIFE INSURANCE COMPANY. FEBRUARY 12. 1893 - 
 RESIGNED DECEMBER 30, 1905 
 
HISTORY 
 
 OF THE 
 
 NEW-YORK LIFE INSURANCE COMPANY. 
 
 1895-1905. 
 
 I. 
 
 RESUME 1892-1894. 
 
 In an earlier volume* the history of the New- York Life 
 Insurance Company is traced from its organization, on April 10, 
 1845, to its fiftieth anniversary; it is now proposed to carry the 
 narrative forward for ten years, to the end of the sixtieth year. 
 In order to understand the circumstances at the beginning of 
 the last decade, a brief review is necessary. The present admin- 
 istration came into office in February, 1892, and mapped out for 
 itself a certain course of action which, with such modifications as 
 experience has suggested, has been followed until the present 
 time. It is desirable, therefore, to note briefly what had been 
 done during the three years prior to 1895. 
 
 In 1892 the Company's business had outgrown the methods 
 employed in transacting it, and one of the first duties of the new 
 administration was to organize the work. With this purpose in 
 view, new and strong men were added both to the Board of 
 Trustees and to the Executive Staff. The Home Office was 
 organized into departments, each with an efficient head, to whom 
 was given authority commensurate with his responsibility. The 
 field force was placed under competent direction from the Home 
 
 *Semi-Centennial History of the New-York Life Insurance Company, 1845- 
 1895; New York, 1895. 
 
 5 
 
6 Resume. 
 
 Office. A weekly "Bulletin" of information, encouragement and 
 suggestion to agents was established; and a beginning was made 
 in tlie change from the General Agency system to the Branch 
 Office system. Rebating was strictly forbidden, and the principle 
 of steady production on the part of agents was emphasized and 
 rewarded. 
 
 A new policy contract, much more liberal than any hitherto 
 issued by any company, was devised, which superseded all other 
 policy forms. Wherever the terms of contracts already in force 
 allowed of the change, they were placed on the same footing as 
 the new contracts, on the principle that, in a mutual company, 
 the same premium for the same risk should purchase the same 
 benefits. New methods of handling business, at the Home Office 
 and at Branch Offices, were introduced, resulting in greater 
 promptness, both in issuing policies and in the payment of bene- 
 fits to policy-holders. Every department was searched for waste; 
 every method was questioned as to its efficiency; one purpose 
 was made to run through the business of the Company from first 
 to last, namely, how to do business most directly, most promptly^ 
 most economically, and with fairness to all concerned. 
 
 The field force and the Home Office force were placed as 
 nearly as possible on a Civil Service basis, promotion being 
 reserved for, and assured to, those who merited it by devotion to 
 the Company's service. "I intend," the President declared, "so 
 long as I am intrusted with direction and power, to make room 
 at the top for those whose zeal and probity are conspicuous. * * * 
 There is no place in all our ranks that is not open to the aspira- 
 tion of the lowliest lad in our employ who serves and learns."* 
 
 While these were years of reorganization and of change in 
 methods, there was no halt in the progress of the Company. The 
 new methods were amply justified by results. Assets, income and 
 new business increased more rapidly than expenses. The Company 
 was on the right track; its plans provided for indefinite expan- 
 
 ♦Address at "Surprise Party", November 7, 1892. 
 
Resume. 7 
 
 sion of its business; the larger business could be kept in hand 
 better than the smaller volume under old methods; prompt and 
 full publicity won public confidence and increased patronage. 
 
 The work of the ten years following January 1, 1895, will 
 be best comprehended by following it along the lines indicated in 
 the foregoing, under the following heads: 
 
 (1) Agency Methods; (2) Policy Contracts; (3) Official Ee- 
 ports, Examinations, etc.; (4) The Campaign for New Business; 
 (5) Home Office Methods; (6) The Diamond Jubilee; (7) Official 
 Changes, 1895-1905; (8) Statistical Review. 
 
II. 
 
 AGENCY METHODS. 
 
 1. THE BRANCH OFFICE SYSTEM. 
 
 Life Insurance consists in the co-operation of a large number 
 of persons, under well-defined contracts, for the purpose of dis- 
 tributing the pecuniary losses caused by premature death. In- 
 cidentally it becomes a plan for the accumulation of money for 
 those who live long; the main fact is the co-operation of the 
 insured. How best to secure this co-operation is one of the chief 
 problems of the life insurance manager. The old method was to 
 appoint General Agents, giving each control of a certain terri- 
 tory, allowing him to appoint as many sub-agents as he pleased, 
 the General Agent being paid a commission and a renewal com- 
 mission for many years by the Company on all business turned 
 in from his territory, and he, in turn, compensating his sub-agents 
 for securing the business. 
 
 Under the old method the territory of this country, and of other 
 countries in which the New- York Life did business, came at 
 length to be divided into thirty-eight departments, each being in 
 charge of a General Agent, or of a firm of General Agents. Only 
 thirty or forty men did business direct with the Home Office. The 
 privilege of securing business for the Company was farmed out 
 to these men. One contract, with three men, gave them exclusive 
 authority to transact business for the Company in the States of 
 Pennsylvania, Ohio and Illinois ; another gave to two men control 
 of all the states and territories of the Union west of the Mis- 
 sissippi Eiver, except the State of California ; while a third farmed 
 out to a firm of General Agents the whole of South America. 
 

 rxQsm^ 
 
 
 I 
 
 JOHN T. BOONE "^ 
 
 IN'.PECTljR 0KAGENCIE5 
 
 •-.' CfOf( Of A^^^ 
 
 

 ^ctor of ^<i^^ 
 
Agency WIethods. 9 
 
 These General Agents were all powerful in their respective 
 fields. If they did not like the contracts they had with the Com- 
 pany, they could shut off business until the Company came to 
 their terms. When the General Agent stopped business, the 
 Company had very little knowledge as to who were the soliciting 
 agents in his territory. The result was the practical cessation of 
 business in that agency, until a new General Agent could be put 
 in and the territory reorganized. Under this system the business 
 always had its ups and downs, according to the moods of the 
 General Agents and their relations with the Home Office. If a 
 certain territory was without a General Agent, it did not produce 
 much business. 
 
 After long experience it was found that some radical change 
 in the method of procuring business must be made, if a perma- 
 nent business in sufficient volume was to be secured at a reason- 
 able cost. Gradually the management began to take up these 
 General Agency contracts, to take back the territory farmed out, 
 and this went on until, in 1903, the last vestige of this old General 
 Agency system was wiped out. 
 
 In all the principal business centers of the world the Com- 
 pany is now represented by its own Branch Offices. The Branch 
 Office is the unit of agency organization. Each office is in 
 charge of an Agency Director and a Cashier, who are appointed 
 by the Company. They are paid a monthly salary, according 
 to the work they do and according to the economy with which 
 they conduct the affairs of their office. The Agency Director is 
 in charge of the territory attached to the office, finds new agents, 
 makes contracts with them, instructs them in their duties, and, 
 when occasion requires, recommends the termination of contracts. 
 All agents' contracts are made direct with the Company and sub- 
 ject to its approval. The Cashier has charge of the inside affairs 
 of the Branch Office— of the books, the correspondence and the 
 clerical force. He makes a daily report of all financial trans- 
 actions, accounting for all moneys received and disbursed, this 
 report being mailed at the close of each day's business. He also 
 
10 Agency Methods. 
 
 makes, on behalf of the Agency Director, a monthly statement, 
 showing in detail the work of each agent reporting to the Branch. 
 
 The records of each office are complete with respect to the 
 business passing through it; they are absolutely the property 
 of the Company, and they are duplicated at the Home Office, so 
 that in case of death, fire, theft, or accident of any kind, no 
 embarrassment will result. Two of the Company's Branch Offices 
 were destroyed in the Baltimore fire of 1904, but the work was 
 not interrupted for a single day. The Company opened tem- 
 porary offices at convenient points, and reconstructed the records 
 from the Home Office. Tn the meantime business went on as 
 usual. As the Agency Director and the Cashier are paid by the 
 month, the fixed charges of a Branch Office can be terminated 
 on thirty days ' notice ; and if a Branch Office is discontinued, there 
 are no renewal commissions to be paid to a General Agent, as 
 under the old General Agency system. 
 
 The Branch Office system accomplishes three desirable ends: 
 (1) It places the field work and agency expenses absolutely under 
 control of the Home Office ; ( 2 ) it brings the men who do the work 
 into close touch with the Home Office; (3) it places all the facili- 
 ties and conveniences of the Home Office within reach both of 
 agents and of the insured. Every agent's contract is with the 
 Company, and not with a General Agent; a careful record of 
 each man's business is kept at the Home Office— not only of how 
 much he places on the books, but how steadily he works. His 
 business is carefully supervised at the Branch Office and all neces- 
 sary correspondence with the Home Office is conducted for him, 
 thus leaving him free to devote all his time to the work of 
 securing new business. To the policy-holders in its territory, the 
 Branch Office is practically the Company. Here they may pay 
 premiums and secure loans, and here are paid to them the various 
 benefits which arise under their policy contracts. 
 
 The number of Branch Offices in the United States and Can- 
 ada on January 1, 1895, was 44; the increase since that time has 
 been as follows: In 1895, 5; in 1896, 4; in 1897, 8; in 1898, 4; 
 
Agency Methods. 11 
 
 in 1899, 20; in 1900, 19; in 1901, 33; in 1902, 34; in 1903, 6; in 
 1904, 23. The last of the General Agency contracts was taken up 
 in 1903; the twenty-three new branches established in 1904 rep- 
 resent growth and readjustment of business. The number of 
 Branch Offices now in existence in the United States and Canada 
 is 208. 
 
 The business in foreign countries has been reorganized on 
 practically the same lines. The New- York Life Insukance Com- 
 pany now owns all the insurance territory of the civilized world, so 
 far as its contracts are concerned. It owns its own plant from the 
 ground up. In the phraseology of the time, its business has been 
 "integrated", and the Company now controls every step in its 
 production and administration. 
 
 In order the better to secure oversight of the field work, the 
 Company groups the territory of its various Branch Offices into 
 Departments, each of which is under the general supervision of 
 an Inspector of Agencies or a Supervisor. At first there were three 
 Departments — the Eastern, Western and Southern, with head- 
 quarters at New York, Chicago and Baltimore, respectively. With 
 the multiplication of Branch Offices, the number of Departments, 
 on this continent has been increased to eleven. 
 
 In 1893 an Office of Issue was opened in Paris, where, until 
 July 1, 1903, all European policies were issued. Owing to the 
 requirements of the G-erman Government, an Office of Issue was, 
 on the above date, opened also in Berlin, where all new policies 
 for Germany are now issued. In June, 1904, an Office of Issue 
 was opened in Chicago, where all policies are now issued for the 
 Central Department, comprising the greater part of nine states, 
 and the Provinces of Manitoba and Northwestern Territory in 
 the Dominion of Canada. In this Department there are thirty- 
 four Branch Offices, with a new paid-for business of about sixty 
 million dollars per year. The business in these Offices of Issue 
 is handled according to rules and methods carefully formulated 
 at the Home Office, after an exhaustive study of the experience of 
 the Company with respect to the longevity of applicants, as indi- 
 
12 Agency Methods. 
 
 cated by occupation, residence, personal and family traits, habits 
 and history. 
 
 2. THE NYLIC ASSOCIATION. 
 
 While Life Insurance is founded upon scientific data, and 
 must be conducted on strictly business principles, there is scarcely 
 any other business that depends so much for its success upon 
 Educated Sentiment. The sentiment that prompts it is the noblest 
 in the world. Love of family is the basis of most of the domestic 
 virtues. Love of country is only love of family extending its 
 boundaries, and claiming room and scope for its free development. 
 Life Insurance offers itself as a medium by which a man may fulfil 
 these purposes respecting his family, which may otherwise be 
 frustrated by his premature death. This sentiment is nobler than 
 that which induces him to provide for them while he lives, by so 
 much as it eliminates the element of personal participation in 
 the benefits provided. Yet to him who is "able to receive it," 
 this sentiment offers the highest enjoyment possible to man, by 
 making the future welfare of loved ones the source of present 
 happiness. 
 
 It would seem as if this sentiment would of itself be sufficient 
 to induce Life Insurance, without the intervention of the soliciting 
 agent. But it is not. The history of the business shows that it 
 made very little progress until the advent of the life insurance 
 agent— nay more, until the establishment of agency systems of 
 some sort, under which men made it their business to persuade 
 other men to insure. The oldest life insurance society in the 
 world*— and one of the best, measured by the returns made to 
 policy-holders— employs no soliciting agents. But after an ex- 
 istence of over one hundred and forty years its assets amount to 
 only about twenty-five million dollars. It has added less than 
 five million dollars during the past thirty-three years, and its 
 new business averages only a few hundred policies per year. Yet 
 
 ♦The Equitable, of London, England. 
 
Agency Methods. 13 
 
 it has its Head Office in the very heart of the world's commerce, 
 and among a people noted for intelligence and commercial thrift. 
 
 This seeming paradox, that men will not do what is for their 
 highest interest without persuasion, has its parallel in the work 
 of the life agent. It would seem almost an axiom that an agent 
 whose compensation depended upon the amount of business he 
 did would need no other incentive to do as much business as 
 possible. But experience shows that this is not true. Just as the 
 prospective insurer needs to have the sentiment that underlies 
 Life Insurance aroused and educated before he will insure, so 
 the solicitor needs to have the appeal made to a variety of sen- 
 timents that underlie his work. He must believe in Life Insurance 
 somewhat as the missionary believes in the Gospel — as something 
 that all men need, • and as something that most of them can be 
 persuaded to accept if it is rightly presented. This sentiment 
 must be continually renewed, and must be buttressed by others— 
 the sentiment of pride in his calling, the feeling that his work 
 is appreciated by others, the sentiment that is stirred by com- 
 petition for precedence and honor among those engaged in the 
 same business. 
 
 The Agency Department of the New-York Life set itself not 
 only the task of securing and caring for business by the most 
 direct methods, but also that of creating in its agency force an 
 aggressive, enthusiastic, and all-conquering spirit, by constant 
 appeals to every proper sentiment by which men are moved to 
 action. 
 
 During the first years of the new administration, the work 
 of educating and training the agency force was carried on largely 
 by means of a weekly "Bulletin", issued from the Home Office, 
 and by conventions of agents to which men were invited as rewards 
 for the best work done in a given period. In every week during 
 the past thirteen years words of encouragement, of suggestion, of 
 explanation, and of information respecting the business of the 
 Company, have gone out from the Home Office to the men in 
 the field. History and experience have been searched for the 
 
14 Agency Methods. 
 
 sentiment and the argument that would move men; and the "Bul- 
 letin" has been filled with helps of the most valuable kind, and 
 with incentives of the highest order. The best thought of every 
 one connected with the Company, from the President down, has 
 not been considered too good to be laid before the whole field 
 force every Monday morning; while members of that force, in 
 their turn, have furnished valuable thoughts for their co-workers 
 and for the Home Office. 
 
 The various contests for supremacy in the agency force; the 
 setting up of standards toward which all should strive; the pub- 
 lication of "Leaders' Lists" every month, giving the names of 
 a certain number* of leaders in number of applications secured, 
 and of the same number in amount of insurance written — soon 
 resulted, not only in raising the standard of achievement and in 
 securing a more steady production of new business, but also in 
 awakening a professional pride, of which the Company determined 
 to take advantage. For this purpose it announced, in November, 
 1895, its plan for a "Nylic" Association. 
 
 The word "Nylic", formed from the initial letters of the 
 name of the Company, had long been in use as the Company's 
 cable word in New York; it was now to denote a composite class 
 of New- York Life agents, each with a definite standing based 
 upon length of service and amount of business done. Good stand- 
 ing in the association was also to carry certain emoluments, which 
 would make it worth while for an agent to continue with the Com- 
 pany for life and to maintain a high standard of production. The 
 plan in outline was as follows: 
 
 Any agent of the Company signing an agreement to devote 
 all his time, talents and energies to the Company's service, was 
 eligible to membership in the Nylic Association; but, in order to 
 retain that membership, he must write at least $25,000 of accept- 
 able business and collect one year's premium thereon during each 
 year for five j-ears. During this time his rank was that of a 
 
 *The "Leaders' Lists" at first contained 50 names, then 60, and finally 100. 
 
Agency Methods. 15 
 
 Freshman Nylic. Upon completing the period of service required 
 of a Freshman Nylic, he became a Nylic of the First Degree. Five 
 years of similar work made him a Nylic of the Second Degree; 
 a third five years, a Nylic of the Third Degree, and a fourth 
 five years made him a Senior Nylic. 
 
 At the beginning of his term as a First Degree Nylic he be- 
 gan to receive extra compensation, based upon the year's work 
 during his service as a Freshman Nylic in which his production 
 was smallest. Similarly, during his term of service in the second 
 and third degrees, his extra compensation was based upon his year 
 of smallest production in the preceding degree. When he became 
 a Senior Nylic, his extra compensation was based upon an average 
 of the several years of lowest production during the preceding 
 four degrees. This extra compensation to Senior Nylics continued 
 for life, without reference to future work, provided they did not 
 enter the service of any other company. 
 
 In case a Nylic of the First, Second or Third Degree became 
 physically incapacitated for work of any kind, the extra compen- 
 sation he was then receiving was continued for five years ; and in 
 case of death, while in good standing, a post-mortem benefit was 
 provided, based upon his entire business while a member of the 
 Association. Previous service with the New-Yoek Life was 
 allowed to count for one-half in determining a man's rank at 
 entrance. 
 
 The expected benefits to the Company and to the agent were 
 thus set forth in the Nylic prospectus: 
 
 "Nylic" will benefit the policy-holders of the New-York Life Insur- 
 ance Company because it will directly, and we believe effectually, stop what 
 may be called "waste" in the creation of our business. How to solve this 
 problem of waste is about the greatest social and economical question of 
 the hour. It is scarcely an exaggeration to say that, if the waste in any 
 given line of human enterprise could be entirely eliminated, the profits of 
 that enterprise would be doubled, or, to put it the other way, the cost of 
 creating the products of the enterprise would be very largely reduced. We 
 call it ' ' waste ' ' because there seems to be no better term to apply to it. The 
 use of the word does not imply that earnest and intelligent efforts have not 
 
16 Agency Methods. 
 
 been made by us and all honest life insurance companies to improve, in 
 every possible way, the methods of getting business, but rather that, while 
 these efforts have been made, no very effective remedy has heretofore been 
 discovered. 
 
 The first problem that faces the management of the agency department 
 in a great, growing and successful company, is how to secure, educate and 
 keep agents of the right character and capacity. It is not an exaggeration 
 to say that too many agents are migratory, shifting and uncertain in their 
 company-connections. Certain uncomfortable and unprofitable conse- 
 quences follow from this. The uncertainty of his relations with any com- 
 pany fosters a spirit of irresponsibility, and, having no fear of punishment 
 or hope of reward to prevent him from changing his allegiance as often as 
 he sees fit, or as often as he thinks he can make a dollar more, the agent 
 frequently does not hesitate at what he says to the public, knowing that 
 next month or next year he may be working not only for another company 
 but in another field. The direct result of this is, that the men whom he 
 insures not only speedily lapse their policies, but are apt to become enemies 
 of life insurance as a whole. The public charges up against the business 
 itself the misdeeds of the men whose evil tendencies the current organiza- 
 tion of most life insurance companies has done little to correct. 
 
 The policy-holders' interest in all this is very easily discovered. Busi- 
 ness that lapses in this way is unprofitable and always must be so, and busi- 
 ness done in this way brings discredit upon the profession, makes it more 
 difficult to secure the services of desirable men, opens the door to the most 
 reprehensible, expensive and dangerous forms of competition, and in the end 
 results not only in the moral loss which we have been outlining, but fre- 
 quently in a financial loss, in which the persistent policy-holders are deeply 
 interested. This waste assumes very serious form to the policy-holder when 
 he considers the amount of energy and time and direct expense which is 
 necessary in order to keep the ranks of an active agency department up to 
 the proper standard. If a company has in its employ several thousand 
 agents, an inspection of its books will show that their average term of service 
 is only a few years. The amount of energy which must be constantly ex- 
 pended to supply new material to take the place of the men who disappear is 
 very great. There is a certain amount of expense connected with every new 
 contract made, and a further expense when that contract is terminated. 
 Any measure, therefore, which has for its object permanency of service on 
 the part of the agent, must tend to reduce expenses, and at the same time 
 elevate the business of life insurance. 
 
 "A rolling stone gathers no moss," and the agent who is perpetually 
 shifting into the business and out of the business, from one company to 
 
Agency Methods. 17 
 
 another, upon the slightest pretext, rarely if ever accumulates either money 
 or position. On the other hand, the agent who persists, working year after 
 year in the interests of one company, soon becomes identified in the public 
 mind with that company. He gives the company character and the com- 
 pany gives him character, and the necessary consequence is that the busi- 
 ness which he does is of a kind that is profitable at once to the policy-holder 
 and to himself. The men who ultimately acquire a competency and an 
 established and desirable position in the community in which they live are 
 the men who persistently and quietly keep at their work in one company. 
 They may not make a great noise about it, and their names may never ap- 
 pear in the daily press, but, after a lapse of time, almost without exception, 
 you will find that these are the men who have really made a success. 
 
 Any plan, therefore, which shows a man who is about to enter upon 
 the business of life insurance that his best interests all lie in persistent and 
 continuous service — any plan which meets the almost dangerous independ- 
 ence which necessarily goes with the solicitor's work, with penalties for 
 irresponsibility and with inducements towards steadiness of application 
 and regularity of effort,— must do an incalculable amount of good to the 
 profession. We believe that in ' 'Nylic" we have discovered the right system. 
 
 In addition, "Nylic" will be at once profitable both to the agent and 
 the policy-holder, in that it must be one of the most powerful agencies in 
 the destruction of the rebate evil. At the present time, and we believe to 
 a very large degree as a direct result of our efforts, nearly all American 
 life insurance companies are pledged in writing to the most radical meas- 
 ures against it. The rule laid down by the Nev^-Yoek Life is, that any 
 agent found indulging in the practice shall be summarily dismissed. Dis- 
 missal will, of necessity, forfeit all rights in "Nylic". Rebating, then, 
 becomes at once an enemy of the agent as well as of the policy-holder. 
 Practicing it in any way will involve danger of such a very serious char- 
 acter that no agent who has the slightest regard for his own interests will 
 indulge in it himself, or will allow any competing agent to do so. 
 
 A careful examination of the records of the Agency Depart- 
 ment showed that there were seventy-three agents who were entitled 
 to rank as Nylics of the First, Second and Third Degrees, while 
 many more were credited with a part of their term of service as 
 Freshmen Nylics. A badge, to be worn in the button-hole or as 
 a watch-charm, was adopted for each degree, and in November, 
 1896, a monthly magazine called the "Nylic Exchange" was estab- 
 lished, as the organ and record of the Association. 
 
18 Agency Methods. 
 
 The plan was entered upon with enthusiasm. The question 
 has long been mooted: Is the life insurance agent's work a pro- 
 fession? Other professions are made up of selected classes of 
 men who have passed certain prescribed examinations; but every 
 profession, at the outset, is composed of men who have achieved 
 certain results. The Nylic Association established a class of life 
 insurance agents, based upon steady production, upon loyalty 
 to their own Company, and upon principles and methods which 
 would bring cumulative benefits to all who followed them. 
 
 The amount of business necessary to qualify for, and con- 
 tinue in, the Association was at first purposely placed at a figure 
 which would not discourage, nor be beyond the reach of, any 
 one who proposed to devote his whole time to the business. It 
 was in keeping with the purpose of the plan that the standard 
 of membership should be raised as soon as it could be done 
 without injury to the movement. It succeeded so well that, after 
 January 1, 1899, new entrants were required to write, and collect 
 one year's premium on, at least $50,000 of insurance per year, in 
 order to obtain and keep membership in the Association. Changes 
 were also made in the extra compensation of new members, the 
 basis of such compensation for Nylics of the First, Second and 
 Third Degrees being, for each year, an average of the amount 
 written five years before and of the amount in force at the begin- 
 ning of the then present year. The amount used to determine 
 the extra compensation of Senior Nylics was made the average 
 of all the averages upon which such compensation had been based 
 in previous years. As a further inducement to agents to reach 
 the new Nylic standard of entrance, a small extra compensation 
 was allowed Freshmen Nylics in each year after the second, based 
 upon the amount of business written two years before and which 
 was still in force. For all who entered the Association after 
 January 1, 1905, the basis of extra compensation in the First, 
 Second and Third Degrees was made the amount of insurance 
 written five years before and remaining in force at the beginning 
 of each Nylic year. 
 
■•^S^^jJ 
 
-J"" GEN.OF AG*:>'^ 
 
 ^^^^^^Wi 
 
 ■ 
 
 
 1 
 
 
 "i 
 
 ^^ ^ 
 
 >^k' 
 
 
 ig 
 
 "^f^^^Bil^H 
 
 ■ 
 
 
 ^i-^^ 
 
 
 SAMUEL O.BUCKNER 
 
 SUPERVISOR OFAOENCI 
 
Agency Methods. 
 
 19 
 
 The Nylic post-mortem benefits emphasized the uncertainty 
 of life and the need of life insurance in a new way, by calling 
 attention to the mortality among agents themselves. In 1896 there 
 were seven deaths among members of the Association, and $295.50 
 was paid in such benefits. The amount of this benefit to old 
 members increased with each year, and during the first nine years 
 of the Association the number of deaths and the amounts paid 
 have been as follows : 
 
 Year Deaths Benefits Paid 
 
 1896 7 $295.50 
 
 1897 8 1,033.73 
 
 1898 10 1,575.43 
 
 1899 10 1,677.86 
 
 1900 7 3,014.90 
 
 1901 9 2,685.99 
 
 1902 8 3,407.53 
 
 1903 7 2,963.75 
 
 1904 10 4,673.97 
 
 Totals 76 $21,328.66 
 
 The steady growth of membership shows how strongly the 
 ideas embodied in the plan have taken hold of the agency force, 
 and the power they have necessarily become in the volume and 
 character of the Company's business. The following figures in- 
 clude the number of Nylics above the degree of Freshman, during 
 the first three years of the plan, and for subsequent years, in 
 addition, Freshmen Nylics of more than one year's standing: 
 
 In 1896 the number was 73 
 
 " 1897 " " " 103 
 
 " 1898 " " " 151 
 
 " 1899 " " " 230 
 
 " 1900 " " " 515 
 
 In 1901 the number was 645 
 
 " 1902 " " " 743 
 
 " 1903 " " " 832 
 
 " 1904 " " " 861 
 
 " 1905 " " is 1,121 
 
 The Nylic membership was, on January 1, 1905, distributed 
 among the various degrees as follows: Freshman Nylics, 670; 
 
20 Agency Methods. 
 
 Nylics of the First Degree, 298 ; Nylics of the Second Degree, 139 ; 
 Nylics of the Third Degree, 11; Senior Nylics, 3. The Senior 
 Nylics are Messrs. W. F. Morrill, of Boston, Mass. ; Geo. I. Richard- 
 son, of Baltimore, Md. ; and W. B. Hamilton, of San Antonio, Texas. 
 Mr. Morrill has been continuously in the Company's service since 
 1864, Mr. Richardson since 1866, and Colonel Hamilton since 1868. 
 Although each has already passed the age of three score and ten, 
 each continues to be a large writer of personal business. They 
 can no more stop work than the man who has devoted his life 
 to the profession of law, of medicine, or of theology. With them, 
 Life Insurance has, beyond question, become "a profession". 
 
 The following Resolution and Pledge sum up the position and 
 duty of a life insurance agent according to the Nylic standard, 
 and this conception is coming to dominate with ever increasing 
 power the agents of the New- York Life : 
 
 A NYLIC "MINUTE MAN." 
 
 Resolved: That beginning with the first day of this year — or any year 
 — and continuing day by day until the last day of December, there shall be 
 no wasted time, no idle moments charged up to my account. I realize that I 
 am my own master. I realize that whether I work or not is for me to say. 
 For that reason I will be infinitely more careful, infinitely more economical 
 of my time. I am not under salary to the New-York Life. I am under 
 salary to Myself. My compensation may be 25 dollars a month or it may be 
 25 dollars a day. It all depends on the way I handle my time ; on whether I 
 do my duty as an insurance man right off the bat, NOW; or whether I 
 half-heartedly, lazily put off my plain duty until to-morrow, to-morrow, 
 to-morrow; when to-morrow may be too everlastingly late or never come 
 at all. 
 
 Knoicing all this, here is my Pledge: That the first day in January, 
 in fact all the days therein, and all the days in this or any year, shall see me 
 up and doing, quick to know and to do my duty, ahead of time, not behind 
 it— in short, a Nylic "Minute Man" when it comes to DOING things. 
 
 3. INSURANCE CLUBS. 
 
 In further pursuance of the idea to organize and maintain 
 an agency force which would make the business of Life Insurance 
 
Agency Methods. 21 
 
 a profession, with certain standards of achievement, and with cer- 
 tain ethical standards governing the conduct of business, the 
 Company issued in January, 1897, a prospectus for a $200,000 
 Club. The objects of the Club were declared to be: "To elevate 
 the standard of the agents of the New-Yoek Life Insueance 
 Company; to develop their productive powers and increase their 
 earnings; and to promote social intercourse among members of 
 the Club." 
 
 The Club rules provided that any agent, within certain geo- 
 graphical limits, who wrote, and paid one full year's premium 
 on, $200,000 or more of insurance, according to Club rules, during 
 the year ending June 30, 1897, would be eligible to membership. 
 Although six months of the Club year had already passed when 
 the project was announced, twenty-sis agents qualified, with a 
 total business of $6,661,000. 
 
 In 1898 similar clubs were organized in three other sections of 
 the country. At the end of the Club year, in 1898, the four Clubs had 
 a membership of 101, with a record of $21,974,000 of paid business. 
 At the annual convention held this year the four Clubs were 
 consolidated, a constitution was adopted, and the Club was incor- 
 porated. At the first annual convention of the new National 
 $200,000 Club, in 1899, there were 118 members, who had written 
 and paid for $28,844,000 of new business during the Club year. 
 The Club held its eighth annual convention at West Baden, Indiana, 
 in August, 1904, with 148 members, whose personal business dur- 
 ing the Club year amounted to $40,386,558. 
 
 Under the perfected organization, the member writing the 
 largest amount of business becomes President of the Club for 
 the ensuing year, but no one is eligible for a second term as 
 President. The eight Club members writing the next largest 
 amounts are elected Vice-Presidents-at-Large. There are, in ad- 
 dition, eleven other Vice-Presidents, one from each of the eleven 
 departments into which the Company's field work in North 
 America is divided. There is a Secretary of the Club, at the 
 Home Office, who keeps the records of the Club and arranges for 
 
22 Agency Methods. 
 
 its annual meetings. Membership carries the privilege of attend- 
 ing these meetings at the expense of the Company, and small 
 cash prizes are awarded to those who win official position by 
 superior work. 
 
 The Club idea was received by agents with such favor, and 
 the impulse given for better work was so great that, in 1898, four 
 $100,000 Clubs were formed on a similar basis. These Clubs 
 proved as successful, in their way, as the $200,000 Clubs, and there 
 was a constant incentive to pass from the lower to the higher ranks. 
 The basis of membership was not so high but that every agent of 
 the Company might aspire to reach it, yet it was much higher 
 than the attainment of the average agent. The membership grew 
 so rapidly that, in 1903, a $100,000 Club was established in each 
 of the eleven departments of the Company's field work in North 
 America, and, in 1904, the requirements for new members was 
 raised to $125,000 of new business, according to Club rules.* At 
 the close of the Club year in 1904, these Clubs had a total member- 
 ship of 582, and their total business for the Club year was 
 $69,910,890. The total new paid business received from members 
 of the $100,000 and $200,000 Clubs during the Club year ending 
 in 1904 was over $105,000,000, which is equal to the business 
 of a large company. 
 
 No one except an officer of the Company, or one familiar 
 with the field work of its agency force under both the old and 
 the new systems, can realize or appreciate the mental impulse and 
 moral tone which the Nylic Association and the $100,000 and 
 $200,000 Clubs have given to the field work of the Company. 
 The bases of a profession have been established, both in standards 
 of achievement and in the ethics which should control men in 
 the conduct of a noble business. The Club rules are framed in 
 a spirit of justice to intending insurers and of loyalty to the 
 Company, and they are enforced by the Club spirit. One of the 
 first acts of the original $100,000 Club was to give to its Executive 
 Committee power to expel any member who should be deemed 
 unfit for membership, for any cause, and the Company, on its part, 
 
 *In January, 1906, the requirement for membership in these Clubs was 
 fixed at $100,000. 
 
THE "OLD GUARD". 
 
 Livingston Mims died March 5, 1906. 
 
Agency Methods. 23 
 
 guaranteed that any member expelled for cause would thence- 
 forth find no place in tlie agency ranks of the New-York Life. 
 
 The annual conventions of these organizations are occasions 
 of great interest. They include business sessions and a certain 
 amount of sight-seeing and of social enjoyment. In the former, 
 Life Insurance is discussed in its various phases, with special 
 emphasis upon the ethics and methods of the agent, and the far- 
 reaching and beneficent character of his work. 
 
 They are always attended by some of the Officers of the 
 Company, and the free interchange of thought and suggestion 
 thus secured between the Home Office and the field force 
 has proved of the greatest practical value to both. Educated 
 sentiment has been found to be a subtle and far-reaching power. 
 It secures more work and better work than the mere love of gain ; 
 while at the same time it enhances the earning power of those 
 who devote their lives in a generous spirit to the profession of 
 Life Insurance.* 
 
 Mr. Harold Peirce, of Philadelphia, enjoys the distinction 
 of having been twice President of the National $200,000 Club, 
 and of winning the place on phenomenal personal records. Per- 
 haps the most significant feature of his work in these two Club j^ears 
 
 *Durlng a convention of Agency Directors held In January, 1905, after the 
 above was written, Its accuracy was confirmed in a striking manner. Mr. F. H. 
 Scofield, Agency Director at La Crosse, Wis., remarked in a private conversation 
 with the writer, that, "Money alone could not hire men to work as Agency Direc- 
 tors work;" and Mr. A. S. Elford, Supervisor at St. Paul, Minn., said in open 
 convention: "You can't insure a man right unless you get hold of his heart, and 
 you can't get the best work out of an agent unless you get hold of his heart." 
 
 While this work was in the printer's hands, the Editor chanced upon the 
 following by Rev. Charles Wagner, author of the "Simple Life"- "Two men 
 at work w-ith the same strength, the same gestures, produce results entirely dif- 
 ferent. Where is the cause of this phenomenon? In the divergence of their in- 
 tentions; one has a mercenary spirit, and the other a simple soul. Both receive 
 their pay, but the work of one is sterile, the other has pvit his soul in his work. 
 The work of the first is like the grain of sand which remains to all eternity a grain 
 of sand out of which nothing can come; while the other is like the living seed 
 thrown into the earth; it germinates and brings harvest. There is no other way 
 to explain why so many persons have not succeeded while employing the same 
 external means as the others." 
 4 
 
24 Agency Methods. 
 
 was the fact that, in the second year every policy written by him in 
 the preceding year except one (for $5,000) renewed. In order 
 to pass the honors around, it was voted in 1902 that no agent 
 should thereafter be President of the Club more than once. 
 
 Mr. Thomas A. Buckner, Mr. E. E. Perkins and Mr. John 
 C. McCall served as Secretaries of the Clubs until 1903, at which 
 time Mr. Robert E. Dedell, who had been for several years con- 
 nected with the Home Office Agency Department, was appointed 
 Secretary. 
 
in. 
 
 POLICY CONTRACTS. 
 
 1. SUB-STANDARD LIVES. 
 
 Among the important questions that always engage the attention 
 of life insurance managers are these! Whom shall we insure? 
 and, On what terms'? Every application secured by the agency 
 force raises these questions at the Home Office: How shall the 
 risk of death be offset by an adequate and equitable premium 
 rate? A dwelling-house, a department store, a furniture factory, 
 and an office building, are all conceded to be proper subjects for 
 insurance against loss by fire. That they cannot all be insured 
 under the same form of policy and at the same rate, is not con- 
 sidered a reason why they should not be insured at all. Risk 
 makes the rate— or should make it— and if a rate can be made on 
 one class of risks, why not on another? 
 
 Every one assents to this reasoning with respect to fire insur- 
 ance, but life insurance managers have been very slow to apply 
 it in their field. During the past fifty years sub-standard risks 
 have been occasionally accepted in England and in Australia, under 
 regular policy forms with extra premiums, and the New Zealand 
 Government Insurance Department has been experimenting in the 
 same field; but the general attitude of the companies and the 
 premium rates, even of companies that accepted impaired risks, 
 have been such as to discourage applicants. To most life com- 
 panies there were only two classes of people in the world: one 
 was entitled to all the privileges and benefits of life insurance; 
 the other was entitled to nothing. Yet medical directors did not 
 themselves agree as to what constituted a first-class risk, and the 
 absurdity of the situation was frequently demonstrated by one 
 
 25 
 
26 Policy Contracts. 
 
 company insuring a man whom another company had rejected. 
 Doubtful cases were sometimes disposed of in this way: if a man 
 was a little off color— it was not admitted that he was not a first- 
 class risk— he would be given a ten-payment life policy, or a 
 short term endowment. 
 
 When the present administration entered on the management 
 of the New-York Life, it determined to investigate this whole sub- 
 ject anew, and in the year 1893 it took up the question of 
 sub-standard risks. It found the data available for the classifi- 
 cation of such risks entirely inadequate to place the subject on 
 a proper basis; it therefore determined to collect original data. 
 Upon the suggestion of Medical Director Dr. 0. H. Rogers, an 
 investigation was made of the mortality among the lives declined 
 by the Company during a period of twenty years. Inquiries were 
 addressed (1) to the applicant himself, (2) to the doctor who 
 made the examination, and (3) to the agent who secured the 
 application; and, when all these failed to bring the desired infor- 
 mation, recourse was had to the friends whom the applicant had 
 named as references in his application. 
 
 By these means the Company secured voluminous data with 
 respect to lives which had become impaired through a great variety 
 of causes. From this information the Actuarial Department was 
 able to construct mortality tables applicable to all forms of im- 
 pairment, and to determine the best method of treatment; this 
 work was done chiefly by Mr. F. W. Frankland, then the Associate 
 Actuary of the Company. First, it was determined to make the 
 contract attractive instead of repellent. To this end the ])remium 
 rate per $1,000, on what may be termed the ultimate risk, was 
 made the same as for first-class lives, while the modification for 
 impairment was made in the amount payable in case of death 
 within a stipulated period, or in the surplus allotted at the end 
 of certain periods. Applicants suffering from what the Com- 
 pany's experience showed to be minor impairments were placed 
 in a class by themselves, and insured for the full face of their 
 policies, dividends being finally allotted, at the expiration of 15 or 
 
Policy Contracts. 27 
 
 20 years, according to the mortality of the class. Applicants with 
 more serious ailments were charged with a lien against the face 
 of the policy, ranging from $200 to $900 per thousand; but these 
 liens were reducible by the whole amount of annual premiums 
 paid. In most cases, men had the chance of canceling the lien 
 entirely by living out the first dividend period of their policies— 
 or even a less number of years. Profits were also accumulated 
 under this class of policies during 15 and 20-year periods, and 
 apportioned according to the actual mortality of the class. 
 
 About three years were occupied in collecting and studying 
 these data, and in 1896 the Company announced that it would 
 insure sub-standard risks upon the plan set forth above. It reached 
 a conclusion on risks engaging in certain hazardous and semi- 
 hazardous occupations two years earlier, and began, in 1894, the 
 insurance of men in a series of groups according to occupation. 
 These groups, or classes, covered army and navy officers, city fire- 
 men, liquor dealers, electrical workers, policemen and others. 
 Upon these policies there was no lien, but profits were apportioned, 
 after 15 or 20 years, in accordance with the mortality experienced. 
 
 In 1903, a complete examination was made of the mortality 
 experience of the sub-standard and classified groups, and this was 
 compared with the mortality originally derived from declined 
 lives. The results were satisfactory, and showed that a simplifi- 
 cation of plans was possible. Beginning with 1904, the Company 
 announced three general classes of policy contracts — the Standard 
 Accumulation, the Intermediate Accumulation, and the Adjustable. 
 The Standard Class includes only first-class lives ; the Intermediate 
 includes most of those whose impairments or the extra hazard of 
 their occupations are adjusted in the distribution of profits alone; 
 the Adjustable Accumulation Class includes the least favoTable 
 grades of risks upon which the impairments are adjusted in the 
 distribution of profits alone, and all policies upon which liens 
 are placed. 
 
 Preparatory to this final classification, the Company made 
 a special investigation of the mortality of its insured members 
 
28 Policy Contracts. 
 
 according to occupation, personal and family history, physical 
 characteristics, habits, etc. This investigation also covered the 
 business of the Company for a period of twenty years, and was 
 undertaken for the purpose of enabling it to give to each new 
 applicant a rating that would be fair to him and safe for the 
 Company. It is a matter of common knowledge that the risk of 
 death is affected by a great variety of causes; the task of the 
 Company was to ascertain the measure of these causes, and to 
 classify them into a workable system. When all the data had 
 been collected and arranged it was found possible, not only to 
 measure the various elements of vitality, but also to formulate 
 comparatively simple rules for determining an equitable rating 
 for each applicant. 
 
 The insurance of impaired lives by other companies has 
 usually been in the nature of an exception, or experiment; the 
 business has not been accepted save under plans that made 
 the insured dissatisfied with the treatment accorded him. It had 
 come to be considered a mark of superiority in a company to 
 advertise— "None but first-class lives accepted." Progressive life 
 insurance managers have always had to meet the criticism which 
 proceeds on the assumption that nothing is safe except what has 
 been already proved so by actual experience. Yet, the whole 
 history of Life Insurance has proved that the data underlying 
 human longevity are eminently trustworthy, provided they be 
 ample and intelligently used. As the New-York Life has usually 
 announced conclusions rather than methods, it has sometimes been 
 charged with rashness ; but its progressive, yet conservative, policy 
 plans have been based upon more lives and a larger experience 
 than those upon which the standard tables of mortality were 
 originally founded. If Life Insurance is the noble system it is 
 declared to be for the class of men who were formerly able to 
 obtain it— and there is no doubt about it— then every extension of 
 it, which is based upon data equally trustworthy with those upon 
 which the system was originally founded, is not only safe, but is 
 doubly valuable to the less fortunate classes and to society at large. 
 
Policy Contracts. 29 
 
 2. THE INSURANCE OP WOMEN. 
 
 Among the first thousand policies issued by the Company, in 
 1845, fifteen were upon the lives of women, and the Company 
 has always had a small female clientage ; but, until 1894, it treated 
 women applicants very much as all companies treated sub-standard 
 lives — it did not seek them, and when it accepted them it charged 
 an extra premium. There was, for a time, good reason for the 
 latter usage, because prior to the great extension of women 's sphere 
 of work which has taken place in recent years, women did not 
 seek insurance, except under circumstances that constituted an 
 extra hazard. 
 
 While the natural relations of men and women in the family 
 usually make men the breadwinners, yet under modern conditions 
 of life and work there are three classes of women who need the 
 protection of life insurance : (1) Those who earn their own living 
 and have some one dependent upon them; (2) Those who earn 
 their own living and who are so situated that they should make 
 provision for their own old age; (3) Those who wish to make 
 provision for children or other dependents in case of their own 
 premature death. 
 
 The experience of the New-York Life under policies on the 
 lives of women, prior to 1894, led the Company in that year to 
 discontinue the extra premium previously charged, and to put 
 such policies in a special class, in which dividends were to be 
 deferred, and surplus finally allotted in accordance with the mor- 
 tality actually experienced. During the ensuing six years nearly 
 seventeen thousand female risks were accepted by the Company; 
 and in the year 1900 a special investigation was made of the 
 mortality experienced in the female class. This investigation 
 showed that, when proper care is taken with respect to insurable 
 interest, women are safely insurable upon the same terms as 
 men, and this is now the practice of the Company. 
 
30 Policy Contracts. 
 
 3. THE NEW STANDARD ACCUMULATION POLICY. 
 
 The Company's Accumulation Policy, first issued in June, 
 1892, was a long step in advance of any life insurance contract 
 then before the public. Its chief point of superiority consisted 
 in its entire freedom from the vexatious restrictions usually im- 
 posed upon the insured with respect to residence, occupation, 
 travel, habits of life and manner of death. This did not mean 
 that the Company took no account of an applicant's residence, 
 occupation and habits, but that, these things being satisfactory 
 to the Company when the application was made, no restrictions 
 were imposed with respect to change. They were simply not 
 referred to in the policy. Other features, while not new in prin- 
 ciple, were embodied in the policy in more definite terms and in 
 more favorable forms than usual. 
 
 In 1896 the Company issued a new form of this policy, under 
 which loans were guaranteed during the month following the an- 
 niversary of the policy in any year after the third (instead of at 
 the end of any five-year period, as formerly), and a change of 
 beneficiary was allowed during the lifetime of the insured, pro- 
 vided the policy had not been assigned. 
 
 On March 1, 1899, the Company announced a new form of 
 the standard Accumulation Policy to supersede both the foregoing. 
 This policy was non-forfeitable from the inception of the contract, 
 instead of after three years; incontestable from the inception of 
 the contract, instead of after one year; and it allowed loans at 
 any time after three years' premiums had been paid, provided 
 the premium was paid to the end of the insurance year in which 
 the loan was obtained. Reinstatement was allowed upon the usual 
 terms, at any time within five years after a failure to pay pre- 
 miums when due, instead of within six months, as under the old 
 form. This privilege has since been extended throughout the 
 x^ccumulation Period, except during the last two years, in cases 
 where the extended insurance feature has been availed of for a 
 period of over three years. On the question of freedom from 
 restrictions, no backward steps were taken; on the contrary, it 
 
Policy Contracts. 31 
 
 was expressly stated in the policy that the contract was free 
 from such restrictions, and that no extra premium would be re- 
 quired for military or naval service either in peace or war. 
 
 This policy was given the specific name "Insurance and In- 
 vestment Policy", because it has so many of the characteristics of 
 an investment. First, there is an entire absence of those clauses 
 which formerly made it possible for a life company to contest a 
 claim upon technicalities. There is no reference to statements 
 made in the application, which under old forms were made war- 
 ranties. The policy is declared to be incontestable. 
 
 There is just one condition to the "Insurance and Investment 
 Policy" which the policy-holder must fulfil in order to make it 
 binding on the Company in its fullest form— he must pay the 
 premiums as agreed. Even when he fails to do this, he does not 
 lose his equit}^ in the policy— the automatic non-forfeiture con- 
 ditions keep it in force for its full amount during a period named 
 in the policy, without any action on his part ; or, he has the option, 
 during a stated period, of having the policy endorsed for a limited 
 amount of jsaid-up insurance. The most liberal conditions of 
 reinstatement are fully set forth in the contract. 
 
 The policy is under the complete control of the insured with 
 respect to the beneficiary, unless he chooses to designate a bene- 
 ficiary irrevocably. At any time within five years from the begin- 
 ning of the insurance, the insured may change the method of 
 payment of the policy as a death-claim, from a lump sum to either 
 a selected number of annual instalments, or to an annual payment 
 during the lifetime of the beneficiary, at least twenty-five such 
 payments to be made, either to the beneficiary or her heirs. If 
 the change from a lump sum to annual instalments is made, the 
 insured has the option of further changes to any one of the three 
 methods of jDayment. All these privileges are clearly set forth in 
 the text and in tables printed in the policy, thus making a definite 
 contract, the exact value of which may be known to any one 
 who can read. 
 
32 Policy Contracts. 
 
 The policy is issued on the accumulation plan, dividends being 
 deferred during selected periods— usually fifteen or twenty years. 
 This also tends to make the policy an investment contract. This 
 method of distributing surplus has been persistently and unfairly 
 assailed, but it has continued to grow in favor, and probably 
 four-fifths of all the business of American companies is now done 
 on this plan. The New -York Life's method of making yearly 
 allotments of surplus to policies by classes, and holding it as a 
 liability until distributed, meets the only really valid objection to 
 the deferred dividend plan. 
 
 All the elements which determine the proper amount of sur- 
 plus to be divided among the policy-holders of a mutual life 
 insurance company require time to demonstrate their financial 
 value. The death rate, the interest rate, the expense rate and the 
 profit and loss on investments are not uniform from year to year. 
 Insurance of all kinds is based upon averages; and if the fluctua- 
 tions in the factors of Life Insurance are less in extent and 
 violence than the fluctuations of the factors of other forms of in- 
 surance, the life contract, on the other hand, extends over a much 
 longer period of time, and cannot be canceled or changed at the 
 will of the Company. 
 
 Under any form of insurance the insured must pay for his 
 privileges. He may insure under a short term policy at a very 
 low annual rate. If he dies while the policy is in force, his insur- 
 ance has cost very little. If he desires the privilege of insurance 
 during a longer period, he must pay a higher annual rate ; and as 
 he ■n'ill die at the same time, no matter what his form of policy, 
 his insurance will cost more under the second form than under 
 the first. But the cost was legitimate— he has simply paid for his 
 privilege. In a similar manner he will pay increasing amounts 
 under the Ordinary Life Policy and the Endowment Policy. Thus 
 insurance, pure and simple, and limited in duration, may cost at 
 age 25 as low as $12 per $1,000 annually— or, it may cost, with the 
 additional privileges and benefits of the higher premium policies, 
 above $100 per $1,000 annually. Each form of policy is equally 
 
Policy Contracts. 33 
 
 legitimate; and to the man who can afford all the insurance he 
 needs under some of the higher-priced policies, they will usually 
 prove the more satisfactory. The Deferred Dividend system 
 simply adds another privilege to those already enumerated— the 
 insured agrees to forego anj^ reduction of the annual cost during 
 the dividend period, in order to secure a greater proportional 
 reduction if he survives the period and keeps his policy in force. 
 It adds to the value of the policy as an investment, the reserve 
 value of the policy being payable in cash, if desired, with the 
 surplus, at the end of the first dividend period. 
 
 4. LOW-PRICED POLICIES. 
 
 Under its Standard, Intermediate and Adjustable Accumu- 
 lation Policies, the New-Yoek Life has endeavored to provide 
 for every variety of insurable risk so far as vitality is con- 
 cerned; but the problem of broadening the field of insurance was 
 not fully solved even then. People have preferences — prejudices 
 perhaps — and even these must be consulted by those who would 
 meet the demands of all insurable men. The producer in other 
 lines seeks to produce not only goods that he can warrant, but 
 also goods that the public will buy. There has sprung up in this 
 country during the past twenty-five years a demand for low- 
 priced life insurance. It has been catered to by systems which dis- 
 regard both mathematics and natural tendencies, and which have 
 already been discredited, with respect to uniformity of cost and 
 stability of protection. But their failures furnish no reason why 
 strong life companies, operating on a scientific basis, should not 
 seek to provide what many men wish, namely, life insurance with 
 the investment eliminated, so far as is consistent with the safety 
 of the contract and the stability of the business. This demand 
 the Company has endeavored to meet by three different forms of 
 contract, known respectively as (1) the Seven-Year Equalization 
 Policy, (2) the Non-Participating Policj^, and (3) the Economic 
 Policy. 
 
34 Policy Contracts. 
 
 The Seven- Year Equalization Policy, devised in 1901, is issued 
 in the usual life and endowment forms, with the first year's pre- 
 mium the same as for the Standard Accumulation Policy. After 
 the first year the rate is about twenty per cent, lower. Both rates 
 are written in the policy. These policies participate in surplus 
 according to their contributions to it, and surplus earnings are 
 apportioned every seven years. A cash value is guaranteed at 
 the end of the twenty-first year, or at the end of any seventh 
 j^ear thereafter. This gives a low-priced policy, participating 
 in the surplus earnings of the Company, covering the whole 
 period of life, if desired, and with many of the features of the 
 Standard Accumulation Policy. 
 
 The Non-Participating Policy is issued in the regular life and 
 endowment forms, at a somewhat lower rate than the Seven- 
 Year Equalization Policy, but without participation in surplus. 
 This is the lowest-priced policy issued by the Company which 
 insures for the whole of life, and the rate compares favorably 
 with non-participating policies issued on the stock plan. The 
 policy has a guaranteed cash value at the end of 20, 25, or 30 
 years. 
 
 If insurance for the whole of life is required, the ISTon- 
 Participating Policy is the lowest-priced policy under which it 
 can be safely guaranteed; but some men do not wish insurance 
 for the whole of life— or think they do not— yet they do need, 
 and are willing to pay for, insurance during the productive 
 period of life. While it is very desirable that a man should 
 leave an estate whenever he dies, it is usually most important 
 that he should do so if he dies d^^ring the period of life when 
 he is likely to leave dependent children. His earning power may 
 be considered as beginning to wane at about age 60. For the 
 benefit of such as wish insurance up to this time at a low rate, 
 and a small income from their payments thereafter, the Com- 
 pany devised, in 1904, the "Economic Policy". 
 
 A man taking this policy at age 25 is insured by it to age 
 60 at an annual rate of $15.40 per $1,000. At age 60 the insur- 
 
Policy Contracts. 35 
 
 ance and the cost begin to decrease at the rate of ten per cent, 
 each year. At age 69 the rate and the insurance are each only 
 one-tenth of the original amount. The next year both the cost 
 and the insurance cease altogether, and the policy-holder becomes 
 entitled to an annuity during the remainder of life. The 
 amount of this annuity is not guaranteed, but Tvill be such an 
 amount as the Company may declare from the surplus earned by 
 this class of policies. It will be the same for all policies under 
 which insurance shall cease in that year by reason of age, without 
 regard to the age at which such policies were taken. On the basis 
 of the present rates of mortality, expense, interest and miscel- 
 laneous profits, such annuity should be not less than $30 per 
 $1,000 of insurance. 
 
 These policies are issued only on first-class lives, and when 
 the applicant is not engaged in any occupation which involves 
 an increase of the risk. They may be exchanged for Standard 
 Accumulation Policies, on either the Life or the Endowment plan, 
 at any time within five years after issue, provided the insured 
 is not then over 50 years of age, upon payment of the difference 
 of back premiums with interest at six per cent. 
 
 In making these changes in old policy forms and in devising 
 new methods of insurance, two things have been kept steadily 
 in view: (1) a more accurate rating of lives according to their 
 probable longevity; and (2) a broadening of the field of insur- 
 ance. We look upon the ages in which Life Insurance was un- 
 known, as lacking in one of the greatest of moral and economic 
 forces; we regard the ages in which the system was known but 
 was practiced only to a very limited extent, as lacking in apprecia- 
 tion; how then would posterity judge our own age, should we 
 be content to accept the system as it came to us, and hand it on 
 to the future without making any improvements or new adap- 
 tations! With little experience the system grew a little and did 
 a little good; with much experience, there should be a corre- 
 sponding increase in its scope and benefits. A large business and 
 a-half century of work gave the Company data for ascertaining 
 
36 Policy Contracts. 
 
 the value of certain elements in the life risk which had never 
 before been thoroughly investigated, and the results of these inves- 
 tigations formed a solid groundwork upon which to base new 
 plans of insurance. In the sense that every new method is an 
 experiment until it is worked out as proposed — these new plans 
 were experimental; but they contained so many elements of 
 proved stability and strength that no serious harm could come to 
 the Company by the experiment. The results have been closely 
 watched, and have justified the reasoning upon which the plans 
 were based. 
 
 5. THE SPANISH "WAR RISK. 
 
 On February 15, 1898, the country was startled by the news 
 of the blowing up of the United States battleship "Maine" in 
 Havana harbor. Negotiations failing to bring about a settlement 
 of the differences between Spain and the United States, war began 
 on April twenty-first. 
 
 On the twenty-third President McKinley called for 175,000 
 volunteers, and on May twenty-fifth a further call was made 
 for 75,000. One of the two officers who were lost on the "Maine" 
 —Lieutenant Darwin K. Merritt— and the first officer killed after 
 the declaration of war— Ensign Worth Bagley— were insured in 
 the New -York Life. Thus the question of war risks was brought 
 to the Company's doors. 
 
 The Company was not taken unawares. It had already con- 
 sidered the subject in the light of its experience during the Civil 
 War, and in view of its Accumulation Policy, which had been 
 issued without any restrictions whatever since June 11, 1892. 
 On March twelfth it announced that all of its policies then out- 
 standing would be considered as without conditions with respect 
 to military or naval service, and that it would continue to issue 
 policies without any restrictions until war was actually declared — 
 if that should be the outcome. On April twenty-seventh the Com- 
 pany announced that it would continue to issue its conditionless 
 policy to any one who was not a member of a military organiza- 
 
Policy Contracts. 37 
 
 tion and who had no intention of joining one. Any one who was 
 a member of such organization would be accepted for insurance 
 if otherwise a satisfactory risk, without extra premium, provided 
 he did not enter the navy nor do military duty outside of the 
 United States. For such service one extra premium of $50 per 
 $1,000 would be charged. If this were not paid, and death by 
 reason of such service occurred, one-tenth of the face of the policy 
 would be paid. After the expiration of one year the policy would 
 insure for its face value, whether the extra had been paid or not. 
 
 The fact of war, and that the nation had felt compelled to 
 engage in it without adequate preparation, brought home to many 
 persons anew the value of life insurance, and especially of life 
 insurance under a conditionless policy. Because we were sep- 
 arated from other great nations by geographical position; be- 
 cause we had no controversies between dynasty and people; 
 because we had no grudges to satisfy and no dreams of conquest, 
 therefore, we had thought ourselves safe from war's alarms. But 
 now — like a bolt from the blue— war was upon us, and the 
 nation was working night and day and spending millions waste- 
 fully to repair the delay. The demand for trained soldiers ready 
 to enter at once upon active service took a large number of the 
 militia into the field, and many of these were insured under 
 policies which forbade active military service. Under most life 
 policies these men were obliged to pay an extra or forfeit their 
 insurance; and the situation was further complicated by the 
 decision of some of the companies that the amount of the extra 
 would not be fixed until the close of the war. Meantime a maxi- 
 mum extra of $100 per $1,000 would be deducted from policies 
 maturing by death. The situation of the individual was reflected 
 in the situation of the nation. "Love of country was seen to 
 be love of family written large, and war to be life flashed upon 
 a great screen and before the faces of all men."* 
 
 "The measure of merit in Life Insurance is two-fold. 
 
 ♦Vice-President Kingsley, in weekly "Bulletin" to agents. 
 
38 Policy Contracts. 
 
 First, that it shall make absolute the security of the assured 
 widows and orphans; and, second, that it shall extend its pro- 
 tection to the greatest possible number of those who may become 
 widows and orphans in the future."* 
 
 This chapter has been devoted to showing in what ways the 
 New- York Life has filled the last-named measure of merit; in 
 the chapter that follows it will be shown that its efforts to fill 
 the first measure have been no less comprehensive and vigorous. 
 
 *Rufus W. Weeks: "Relation of the State to Life Insurance." 
 
IV. 
 
 OFFICIAL EEPORTS, EXAMINATIONS, ETC. 
 
 Upon his election as President of the New-York Life, in Feb- 
 ruary, 1892, Mr. McCall pledged himself to the principle of 
 "a frequent and full accounting" of the Company "to its con- 
 stituent members." This pledge was followed by sweeping 
 changes in the time and method of making the annual statement. 
 All these changes save one have already been commented on,* 
 and this one only awaited the approval of the Superintendent 
 of Insurance, which was given in time to be adopted in making 
 the annual report for 1895. This was with respect to the manner 
 of reporting the new business of the Company. The former 
 method had been to report all policies written at the Home Office 
 as "new insurance issued," regardless of the fact that many 
 policies were not taken and paid for by the applicants. The 
 account was balanced by an entry of "not taken" policies in the 
 "Terminations." For the year 1894 the not taken policies of all 
 companies reporting to the New York Insurance Department were 
 over twenty-three per cent, of the total amount reported as "new 
 insurance issued." In the New- York Life's report for 1895, and 
 in that of each subsequent year, its exhibit of policies has been 
 made upon the basis of paid-for business only.t 
 
 As this completed the changes in form which were contem- 
 plated from the first, it may be well to recapitulate those changes 
 here, and call attention anew to their significance. Un:der the 
 old methods — which are still in use by some companies— when a 
 
 *See "Semi-Centennial History," pages 297, 312-14. 
 
 tThe Insurance Department has since adopted a blank with, alternative 
 forms, companies being allowed to report either business written or business 
 paid-for. 
 
 5 39 
 
40 Official Reports, Examinations, Etc. 
 
 dividend was declared it was immediately entered in the journal 
 as paid to policy-holders, and received back again as a single 
 premium in payment of reversionary additions (paid-up insur- 
 ance) to the policies. If all policy-holders used their dividends 
 in this manner, these entries would represent the actual facts, but 
 as policy-holders usually have the option to receive their divi- 
 dends in cash, whenever a dividend was so paid another journal 
 entry must be made to the effect that the paid-up insurance 
 purchased by the dividend when declared had been sold to the 
 company for cash and the cash paid for surrendered insurance. 
 To the extent in which dividends were taken in cash they ap- 
 peared twice in disbursements— once as paid in dividends and once 
 as paid for surrendered insurance; and in receipts they appeared 
 as a first premium. By the new method the report showed the 
 final result without any circumlocution or fictitious increase of 
 income or disbursements. Dividends are entered in receipts and 
 disbursements exactly as used, and no part of them is included 
 in first premiums. 
 
 Under the old method, when a running policy was exchanged 
 for a paid-up policy, journal entries showed the original policy 
 sold for its reserve value, this amount paid to the policy-holder, 
 and again received from him as a first premium on the paid-up 
 policy. Here again both receipts and disbursements were in- 
 creased without a dollar changing hands. The policy account 
 was also swelled by like entries, the old policy being placed in 
 "terminations" as "insurance surrendered", and the paid-up 
 policy counted as "new insurance issued". Under the new method 
 the only entry necessary is ' ' old policies decreased ' ' by the amount 
 of the difference between the old policy and the new. There is 
 just enough basis of fact in the old method to save it from being 
 false, but not enough to prevent it from making a deceptive 
 showing. The object of classifying premiums is because new 
 premiums on new risks require a much larger expenditure in 
 commissions, while dividends and the reserve values of policies 
 exchanged for paid-up insurance cause no expenditure to agents 
 
Official Reports, Examinations, Etc. 41 
 
 whatever. The old method, therefore, by an apparent increase 
 in new premiums, payments to policy-holders, and new insurance, 
 provides the basis for deceptive ratios of expenses to both income 
 and insurance. 
 
 Once more, under the old method, policies issued during the 
 last sixty days of the year, and not returned when the report was 
 made, were reported in force. The due and unpaid premiums 
 were reported in assets as uncollected premiums, and the reserve 
 was charged in liabilities. The chief items of the report— assets, 
 liabilities, surplus, new insurance, insurance in force, income and 
 disbursements were thus all corrupted at their source. 
 
 Under the new method the New-Yoek Life reports completed 
 business only, and the items represent actual transactions. Re- 
 ports in the new form have not only the merit of being true, but 
 they are made with a promptness and a fullness never dreamed 
 of before. Formerly reports were made some time in February, 
 and showed receipts and disbursements, assets, liabilities and 
 surplus, insurance written and in force. Now they include not 
 only these items in greater detail, but also a detailed statement 
 of the Company's investments, which are so described that policy- 
 holders and the public can form an independent judgment as to 
 the value of each security held. This detailed statement is 
 published during the first few days of January, and is distributed 
 in pamphlet form by the hundred thousand. 
 
 The Company's reports to the various Insurance Bureaus 
 in the United States are made according to the form adopted 
 by the Convention of Insurance Officials. Reports to Foreign 
 Insurance Bureaus are made according to the form prescribed 
 by each. Some of these forms are very elaborate. In 1895 the 
 Prussian authorities changed the form of report required. The 
 changes were so radical as to require a readjustment of some of 
 the Company's records before it could comply, and while the 
 questions raised were pending, the Company's concession was 
 canceled. The Company was willing to change the form of its 
 reports, but the Prussian Grovernment wished assurance upon other 
 
42 Official Reports, Examinations, Etc. 
 
 points before renewing the concession. In 1898 the Company- 
 invited the Prussian Government to send a Commission to 
 examine into its condition and methods. The invitation was 
 accepted, the examination was made, and the Commission made 
 its report in July, 1899. In October following the Prussian Gov- 
 ernment renewed the Company's concession. 
 
 In an address before the Insurance Class at Yale College, 
 delivered on May 31, 1904, President McCall thus described the 
 terms of the new concession, and the form of report now made 
 to the German Government, which, under the imperial law of 1901, 
 assumed the control of all life insurance companies doing 
 business in the German Empire. 
 
 The concession under which the New- York Life Insurance Company 
 does business in Prussia, granted in 1899, contains the following conditions : 
 
 First. — A deposit equal to one-half of the annual premiums with 
 interest. 
 
 (Secowd.— Every change of by-laws of the Company to be submitted 
 to the Government before being put into effect. 
 
 Third.— AW the Dividend policies in the Company to be grouped in 
 a sub-division and a special Profit and Loss Account to be kept with this 
 sub-division every year and reported to the Prussian Government. The 
 participation to be in the proportion of a certain fixed rule, by which poli- 
 cies that have been in force one year to participate at the ratio of the annual 
 premium ; those that have been in force two years at the ratio of the annual 
 premium increased 1/6, etc. 
 
 -FoMrWt.— Cash Surrender Values to be guaranteed in the policies after 
 three years in force, in no case less than 65 per cent, of the Reserve, increas- 
 ing 2% per cent, each year, until 100 per cent, is payable. Any change in 
 the premium rates, or Reserve basis or insurance conditions, affecting the 
 Prussian business, to be submitted to the Government for approval. 
 
 Fifth.— War risk to be assumed for all civilians insured in Prussia 
 without extra premium ; a War Risk Reserve to be created, beginning with 
 half a million dollars. 
 
 Sixth.— A Security Fluctuation Fund to be created, beginning with 
 one million dollars. 
 
 Seventh.— The Prussian securities held by the Company to be valued 
 in the Annual Report in conformity with the Prussian Law. 
 
 Eighth. — No money to be loaned on imimproved real estate, or on 
 
Official Reports, Examinations, Etc. 43 
 
 farms, hotels, theatres, churches, breweries, factories, or mining or other 
 industrial enterprises. 
 
 JVm«/i,.— The Company's present holdings of stocks to be all sold by 
 the year 1901, and thereafter no stocks to be held by the Company, and no 
 loans to be made on stocks. 
 
 Tenth.— The Company not to acquire real estate, except for office 
 purposes or in order to secure debts owing to the Company. 
 
 Eleventh.— The Prussian Government to be authorized to send dele- 
 gates to the Home Office at any time to examine the Company, and the 
 Company to instruct all of its employes to give to such delegates any in- 
 formation desired by them. 
 
 Twelfth.— The commissions on new business in Prussia not to exceed 
 two per cent, of the amount insured. 
 
 Thirteenth.— The fund representing accumulations out of which divi- 
 dends are to be paid in accordance with the policy contracts to be sub- 
 divided according to the periods named in the policies and the year of issue, 
 and reported as a liability. 
 
 These conditions are now in force with respect to our business in all 
 Germany. 
 
 The report required by the German Government is a very elaborate 
 document ; but the form of it is thoroughly scientific, and an analysis of 
 the Company's business, according to the form prescribed, gives a thorough 
 knowledge of its condition. It turns a search-light on the Company, and 
 if there is weakness or waste anywhere, we know exactly where it is. A 
 brief description of the report will make this clear. 
 
 The Income and Disbursement Account is called Profit and Loss 
 Account, because everything is brought to a completed condition — a con- 
 dition which shows the profit or loss on the year's business. The amount 
 brought forward each year is entered in the new report in detail, as it 
 appeared in the previous year's report after all adjustments had been 
 made, — as premium reserves, reserves for pending insurance claims, profit 
 reserve of the insured and increase of same from surplus of previous year. 
 The premium income includes all premiums belonging to the year, whether 
 received during the year or not, premiums deferred from the previous year 
 and premiums paid in advance being excluded. Income from securities is 
 treated in the same manner, interest earned during the year being taken, 
 no matter when received, and rents from real estate being net, after pay- 
 ment of taxes and expenses. 
 
 In Disbursements, payments on claims of the preceding year are care- 
 fully distinguished from payments on claims incurred during the year, and 
 the amount remaining unpaid in each class is carried into the total. The 
 
44 Official Reports, Examinations, Etc. 
 
 same method is pursued with respect to dividends and endowments. 
 Amount paid for re-insurances are treated as disbursements. Re-insurance 
 is treated as any other business operation, the Company being credited with 
 all it receives and charged with all it expends in the process. 
 
 In "Expenses of Administration," first year's commissions include 
 all moneys paid and indebtedness incurred to individuals for procuring 
 new business. Renewal commissions include amounts paid for renewals 
 and in commutation of renewals, and any increase in the indebtedness of 
 agents. "Other Expenses of Administration," are analyzed in a supple- 
 ment under thirty-two headings. The strictly Profit and Loss items on 
 both sides of the account, are derived from a schedule called "Movement 
 of Securities." In this schedule each security appears by number, and 
 everything that happened in connection with it during the year, with cost, 
 par, and market values in dollars and marks, is set forth in thirty columns, 
 twelve of which are filled in every case. 
 
 Having thus included in Disbursements everything which made for 
 loss during the year, the exhibit continues with a statement of premium 
 reserves, profit reserves, and other reserves for special purposes. When this 
 is done and a balance struck, we have the net profits of the year, the disposal 
 of which is noted under appropriate heads. 
 
 The balance sheet is very much like our own except that it is more 
 fully itemized. 
 
 If this comprised the whole report, it would not be a very formidable 
 affair, but this is really only the beginning of it. The items which have 
 appeared in gross are now taken up and traced back to their source, and 
 compared with other items to which they are most closely related. In two 
 schedules, called "Distribution of Premium Income and Payment of 
 Losses," the premiums received on participating and non-participating 
 policies, respectively, are reported under eleven different classes of poli- 
 cies, together with the amount of claims and surrender values paid, the 
 amount reserved for claims unpaid in each class, and the amount added 
 to reserve fund. Considerations received for annuities are treated in the 
 same manner, so far as the method is applicable. 
 
 The death-claims, having been twice reported incidentally, are now 
 taken up in earnest and made to give account of themselves. Five schedules 
 show the actual mortality as compared with the expected: (1) on the en- 
 tire business, (2) in the general class, (3) in the sub-standard class, (4) 
 in the tropical class, (5) in the semi-tropical class. Six additional schedules 
 show the mortality of insured and annuitants by persons and amounts, 
 according to year of birth of the insured or the annuitant, the actual mor- 
 tality being compared with the expected, at each age. This makes in the 
 
Official Reports, Examinations, Etc. 45 
 
 case of insured persons, seventy-eight classes, and in the case of annuitants 
 ninety-four classes, in each of the six schedules, with all the details neces- 
 sary to deduce the actual and the expected mortality for each. 
 
 The amount paid in Dividends, and the amount set apart as Profit 
 Reserves for the payment of dividends at the end of specified periods, are 
 made the subjects of searching analysis. A schedule called "Distribution 
 of Profits and Movement of Profit Eeserves" shows the amounts insured 
 under each of seven classes of participating policies, divided according to 
 dividend periods. The amount paid in each class is shown, and in classes 
 with dividend periods longer than one year, the amounts of profit reserve 
 from the previous year, with additions for surplus, are also shown. 
 
 In order to arrive at the figures shown in this schedule, the policies of 
 each class, with dividend period of more than one year, are shown sepa- 
 rately for each year of issue, in eighty-five different groups, with the 
 amounts insured and the movement of the profit reserve during the year. 
 These exhibits of policy groups will in time show the history of each class 
 of deferred dividend policies from the year of issue until the year of 
 maturity. The particulars required in the case of maturing groups are: 
 
 1. Amount insured at time of distribution, with reserve on same. 
 
 2. Total income from premiums to time of distribution. 
 
 3. Total income from interest to time of distribution. 
 
 4. Total disbursements for losses. 
 
 5. Total disbursements for commissions and expenses of administration. 
 
 6. Total disbursements for surrender values. 
 
 7. Profit fund on hand for distribution. 
 
 8. Total amount of premiums on which this fund is to be apportioned. 
 
 The policy schedules are four in number, two for participating and 
 two for non-participating insurance. The two which describe the "Move- 
 ment of Outstanding Insurance" are similar to our own; while two others 
 show the amounts insured, the net annual premiums, and the premium 
 reserves for the year, under each of eleven different forms of policy. 
 
 This exhibit of the business as a whole is supplemented by an exhibit 
 of the German business sufficiently elaborate to show its magnitude, cost, 
 amounts paid and general condition. 
 
 After the examination had been made, and pending the 
 decision of the German authorities, President McCall reviewed 
 in "Harper's Weekly" the three special requirements— (1) that 
 the Company should not hold stock in a private corporation; (2) 
 that it should limit its expenses in procuring new business; and 
 
46 Official Reports, Examinations, Etc. 
 
 (3) that it should make annual allotments of surplus to deferred 
 dividend policies by classes and hold such surplus as a liability 
 until paid; and showed that there is a wholesome principle 
 behind each rule. He said in part: 
 
 In the case of stocks, the principle is security. While some stocks may 
 be better than some bonds, yet bonds are a first lien, and stocks a second 
 lien; the income on bonds is fixed, while that on stocks varies with the 
 prosperity of the issuing company. Bonds, as a class, furnish better se- 
 curity and a more uniform rate of income than stocks. This principle is 
 recognized in the law which forbids our savings banks to invest in stocks. 
 Moreover, the holders of stocks are the managers of the corporations issuing 
 them, and in some instances they carry a double liability, as, for example, 
 in the ease of the stock of a National bank. 
 
 The question of expenses is one that has been often discussed by life 
 underwriters. The question is one, too, on which there is current a great 
 deal of misinformation. Whether or not the expenses of any life company 
 are too high is not absolutely proved by its expense ratio. If the company 
 has ability and vigor in its management, and does a very large new biisiness, 
 the expense ratio will be high. It is to be borne in mind— though it is not 
 creditable to human nature— that a demand for life insurance does not 
 exist among the public-at-large to any considerable extent until it is aroused 
 by energetic solicitation on the part of an army of canvassers organized by 
 life insurance companies. These canvassers can command high pay for the 
 ability and energy which are needed in order to persuade men to take out 
 life insurance, and the pay is naturally dependent in the main on the pay- 
 ment of the first premium. There are other expenses, such as the cost of 
 medical examination and personal inspection of risk, connected with the 
 beginning of a policy that do not occur in its subsequent history. 
 
 Hence a large new business means a high expense ratio, even though 
 the new business is secured on a basis which will make it ultimately very 
 profitable to the company. On the other hand, the expense ratio in a com- 
 pany may really be very large when it seems very small, simply because such 
 a company does a small business but at an extravagant cost. Under which 
 of these two classes any given company comes might, perhaps, be a matter 
 on which opinions would differ, and a regulation, particularly by a foreign 
 government, which provides that the expense ratio must not represent a total 
 expenditure in excess of the loading provided in the premium income (for 
 expenses and contingencies) is certainly not an unwise or an unreasonable 
 requirement.* It is not unreasonable, because it practically does not in- 
 
 *This was finally changed as per terms of the concession already quoted. 
 
Oficial Reports, Examinations, Etc. 47 
 
 terfere with the energetic transaction of business, and it is wise because it 
 is safe. 
 
 A regulation which requires that accumulated surplus (so-called) shall 
 be carried as a liability is intended to secure a fair and equitable distribu- 
 tion of it among policy-holders, from whose contributions it is derived. 
 When surplus has been once ascertained and assigned, beyond question it 
 should become a liability to be paid at the maturity of policies, and it should 
 not remain an undefined sum which may be drawn upon for other purposes. 
 This regulation certainly is in the interest of individual rights and equities, 
 and precludes the misapplication of surplus funds. 
 
 I believe, therefore, that the requirements of Prussia, without refer- 
 ence to whether any of our companies are readmitted to that country or 
 not, will in the near future be recognized as wise and as most beneficial to 
 life insurance everywhere. It is to be hoped, also, that the precedent es- 
 tablished in this action by the Prussian Government will show the way to 
 a better method of settling other commercial differences. 
 
 The Company ceased to do new business in Austria and 
 Switzerland at about the same time as in Prussia, and for similar 
 reasons. It was readmitted to Austria in 1897 and to Switzer- 
 land in 1898. With the settlement of all differences between it 
 and Germany in 1899, the Company could say that its reports 
 were accepted by every Insurance Bureau in the world, and that 
 there was no law or requirement for the protection of policy- 
 holders that it was not complying with. The "Insurance News", 
 of London, commenting on the New-York Life's readmission to 
 Germany, said: "The office passes muster in so many countries, 
 each with its own standard of solvency, that its position in this 
 respect, must, we imagine, be simply unique. ' ' 
 
 An analysis of the report required by the German Govern- 
 ment has been given, because it is the most comprehensive of 
 any required by any Insurance Bureau. If there is anything 
 that Prussians have been noted for, since the time of Frederick 
 the Great, it is thoroughness. State supervision of anything in 
 Prussia means the most comprehensive methods, the most careful 
 examination of details, and the most rigorous enforcement of 
 regulations. The Government is confessedly paternal. It sees 
 to it— first, that the State has its dues ; second, that the people have 
 
48 Official Reports, Examinations, Etc. 
 
 their dues, as against corporations and foreigners. Its super- 
 vision of insurance is of a piece with the rest, and goes to the 
 bottom of the whole subject. It prescribes what it considers as 
 the safest methods of business, and the safest securities for 
 investment, and insists that life companies shall conform to the 
 highest standards. 
 
 It is worth something to any life insurance company to do 
 business in a state in which such supervision is maintained. It 
 is always worth something to a man to know what others think 
 who are studying the same problems, but from another standpoint. 
 Now, the standpoint of the Prussian insurance official is— what is 
 safe? He has nothing to do with problems of growth. He simply 
 insists upon safe limits of action, and leaves the companies free 
 to work within those limits. He will run no risks and take no 
 chances. He is there to protect the public, and he has a stiff- 
 backed Government behind him. It is worth something to a com- 
 pany to "be examined by such officials and to know what they think, 
 independently of the question of doing business under their 
 supervision. It is in effect an independent audit of the company's 
 books by disinterested experts who are, from the very nature of 
 their calling, on the lookout for flaws and imperfections. 
 
 A life company cannot fail unless for one or more of the 
 following reasons: (1) insufficient premium rates, (2) insufficient 
 interest rates, (3) excessive expense rates, (4) excessive death- 
 rate, (5) loss on investments. 
 
 The German report so analyzed the Company's business that 
 any of these faults— if it existed— would not only be detected 
 as a fact, but the exact point of failure would be indicated. The 
 fault— if fault there were— would be indicated and the proper 
 corrective applied before any serious injury had been done the 
 Company. This is supervision that protects the policy-holder, 
 rather than the kind we have seen so much of, that pounces upon 
 a company after it has become insolvent and consumes a large 
 part of what remains in winding up the business. 
 
 The New-Yoek Life was examined by the New York Insur- 
 
Official Reports, Examinations, Etc. 49 
 
 ance Department during the last six months of 1891, just prior to 
 Mr. McCall's election to the Presidency. In the latter half of 
 1894, it was examined at the request of President McCall by rep- 
 resentatives of the Insurance Departments of Massachusetts, 
 Kansas, Ohio, Illinois, Kentucky, Missouri and Texas. It was 
 examined by the Royal Prussian Commission in 1899, with the 
 result just mentioned. In December, 1903, the New York Depart- 
 ment was requested to extend its annual checking of policy 
 registers to an examination of the security, and other accounts 
 contained in the annual report for the year ending December 
 31, 1903. This request was complied with. The examination was 
 begun on January 11, 1904, and the result was made known by the 
 Department under date of August 28. This result might be 
 summed up by saying that the Department found each item correct. 
 
 The details of such a report necessarily consist in an enumera- 
 tion of the items examined and of the methods used in verifica- 
 tion. This report, therefore, resembles the story of the ants, 
 which, one after another, came and took away a grain of wheat 
 each. So here, the items of one account after another were 
 examined with the same result— correct. The reports of the ap- 
 praisers of real estate owned "show that the figures representing 
 the total value of these holdings warrant the Company in car- 
 rying the properties at the book value for which credit was given 
 in this report"; "all mortgage loans are within the excess mar- 
 ginal value required by law ' ' ; the titles are valid and the fire 
 insurance as stated; the market values placed upon bonds are 
 ' ' conservative and safe " ; no interest on bonds was in default ; their 
 purchase at the prices indicated was verified; the loans on col- 
 lateral were as stated; policy loans "were within the cash sur- 
 render values of the policies assigned"; the cash in banks and 
 trust companies was verified by deposit books and check books 
 and certificates of deposit in foreign banks. And so on through 
 the report. 
 
 The examiners called attention to the Company's method of 
 ascertaining the amount of its uncollected renewal premiums on 
 
50 Official Reports, Examinations, Etc. 
 
 December 31, which, they say, is "at once unique and effective". 
 People have sometimes expressed surprise that a Company 
 doing so large a business over so large a territory should be 
 able to get out its annual report so promptly. Well, here is its 
 method of dealing with one item. Quoting the Examiner's 
 Eeport— 
 
 "Apart from saving considerable clerical labor at the Home 
 Office, it is comprehensive in rounding up at once all uncollected 
 premiums at outlying collection points. The method safely 
 assumes that renewal receipts for premiums which should have 
 been paid at the end of the calendar year— said receipts being 
 still in the possession of cashiers or collecting offices at the close 
 of business December 31— represent uncollected renewal pre- 
 miums. Those having the collection of these premiums in charge 
 are instructed, in advance, to advise the Home Office, by letter 
 or telegraph, depending upon the proximity or remoteness of 
 the collection point, of the amount of premiums represented by 
 the renewal receipts referred to. The total is uncollected pre- 
 miums other than those payable at the Home Office, these latter 
 being readily ascertained." 
 
 The Examiners made what they call "a general review in 
 the nature of an examination involving an audit at random of the 
 receipts and disbursements of the Company since its last examina- 
 tion by the Insurance Department." The Chief Examiner says: 
 "The result of this work, I believe, amply justifies the conclu- 
 sion that all disbursements found to have been made incidental 
 to the expense of conducting business were, in no instance, 
 excessive, unreasonable or not warrranted." The total income 
 of the five years was $349,466,265.67, and the total disbursements 
 $208,665,666.52. 
 
 It is instructive to note that the charters of all life insurance 
 companies require reports for the information of the insured, 
 and that the first attempts at supervision by the state included 
 a provision for reports to a public official. Thus early was the 
 aid of publicity invoked, both on behalf of those who had already 
 
Official Reports, Examinations, Etc. 51 
 
 intrusted their money to the corporation, and for the guidance 
 of others who might be solicited to do so. But the significance 
 and value of a report will depend entirely upon the fullness 
 with which a company's condition is reported, and upon the 
 methods by which the showing is made. The New-York Life 
 spares no effort to place a true state of its affairs before the 
 public, and in addition to this it invites those who are most 
 skilled in the theory and practice of insurance, and who have 
 authority to probe every account to the bottom, to say if its 
 showing is true and if its methods are correct. 
 
 The proper care of the hundreds of millions of dollars 
 which make up the assets of the Company, and the faithful per- 
 formance of its contracts, involving the payment of thousands 
 of millions, place a responsibility upon its Trustees and Execu- 
 tive Officers, which, as men of honor and of conscience, they could 
 not bear were they to neglect any method by which such far- 
 reaching interests may be conserved. If there is anything wrong 
 with the Company they wish to know it, and the man who points 
 it out deserves their gratitude. They have for this reason 
 adopted open methods, and have willingly lived in a glass house. 
 They have placed the conduct of the Company under the strictest 
 official supervision in the world. It is their desire and their pur- 
 pose to establish methods of such recognized value that no future 
 management will ever depart from them, except it be to improve 
 them. 
 
V. 
 
 THE CAMPAIGN FOR NEW BUSINESS. 
 
 In preceding chapters it has been shown how conditions favor- 
 able to procuring business were created — agents placed in right 
 relations to the Company and to Life Insurance as a life work; 
 policy contracts liberalized and made adjustable to insurer's 
 needs; and the Company placed in right relations both to the 
 insuring public and to the State as the supervising authority. 
 We are now ready to observe the practical working of the system. 
 
 A great life insurance company may be likened to a great 
 army prosecuting an offensive campaign. The Home Office is 
 its base and its headquarters; the agency force is the mobile 
 army, with which victories are to be won. After an army has 
 been properly organized and equipped, and after by skilful general- 
 ship it has been placed in an advantageous position before the 
 enemy,— it is still a question how well it will fight. An army may 
 be well organized, well drilled, armed with the best weapons, 
 and maneuvered with consummate skill, yet if, when it faces the 
 enemy, it fails to shoot, to shoot straight, and to keep on shoot- 
 ing,— it will only march to its own destruction. An army will be 
 most efficient when every man knows his duty and does it— when 
 every man in the ranks uses the weapons put into his hands, 
 and the vantage ground which skilful leadership has given him, 
 with personal skill, energy and enthusiasm. 
 
 In life insurance work the men who secure applications, 
 deliver policies and collect premiums, correspond to the soldiers 
 who are on the fighting line; and the final task which the 
 Agency Department of the Company set itself was to help these 
 men to do their work intelligently, systematically, and in the right 
 spirit. 
 
 52 
 
The Campaign for New Business. 53 
 
 Probably the greatest service one man can do another is to 
 arouse in him a proper sense of responsibility and inspire him 
 with new motives for action. This work has been done for the 
 fieldmen of the New-Yoek Life by the organizations already 
 referred to, by the weekly "Bulletin" to agents, and by means 
 of contests for the best work within a given time. The manage- 
 ment has proceeded upon the theory that the work of soliciting 
 life insurance can be learned; that no one man knows it all; that 
 an interchange of ideas and experiences is helpful; and that if 
 right methods and right motives are continually pressed upon the 
 attention of agents, increased efficiency is sure to follow. There 
 are many reasons for insuring life; there are in current events 
 many illustrations of the benefits of life insurance; and there are 
 many special advantages under New-Yoek Life policies. The 
 work of the "Bulletin" has been to emphasize and illustrate 
 these incentives to insure in the New-Yoek Life by such 
 fresh, vigorous, and repeated presentations of them, that they 
 should always be present in the minds of agents as an inspiring 
 force, and as an armory of weapons with which to overcome 
 ignorance, prejudice and the easy indifference in which so many 
 wrap themselves. 
 
 The agency force of the Company has always contained some 
 of the brightest minds and most successful solicitors in life insur- 
 ance ; four of the present Executive Officers of the Company have 
 been successful fieldmen; the "Bulletin" has been the medium 
 through which the experiences and the best thoughts of these 
 men have been made the common property of the whole agency 
 force. The inexperienced have been shown the ways of the suc- 
 cessful ; the unambitious have been stirred by the records of those 
 who have excelled; the half-hearted have gathered courage and 
 zeal from the elbow touch of the enthusiastic. 
 
 In addition to the help given to agents by way of instruction 
 and suggestion, much has been given indirectly by means of con- 
 tests. Contests of one kind and another are as old as the race, 
 and seem to find their reason of being in human nature itself. 
 
54 The Campaign for New Business. 
 
 Most of the games and pastimes which lend such a charm to 
 childhood and youth, and in which mature men and women find 
 relaxation from the sterner duties of life, derive their peculiar 
 zest from the element of competition. We can scarcely conceive 
 of games which do not involve the measurement of one person's 
 skill or strength against another's; and the interest in every such 
 contest is heightened by increasing either the number of persons 
 who participate in it, or the number whom the contestants 
 represent. 
 
 The contests organized from time to time by the Agency 
 Department have furnished additional incentives to action; have 
 given men a specific reason for doing their best; have awakened 
 self-respect and a sense of duty; have stimulated the pride of 
 achievement; and have shown the supreme value of time and of 
 present action. The effort has constantly been made to find and 
 stimulate the individual man, by setting him to compete with men 
 of his own class in previous achievements, or with his own past 
 record. It has been urged upon him that he should strive to be 
 a first-class man, lest he automatically become a second-class 
 man; and that, if a man does less than his best, he is a second- 
 class man. He has been made to feel that he has a definite 
 relation to a great business ; that he is an important factor in 
 an organization which represents that business at its best; that he 
 is not only working for his daily bread, but for human better- 
 ment and happiness; and that the future welfare of individual 
 families and the success of his own Branch Office or Department 
 depend upon his personal work. 
 
 It is not intended to give here even a resume of the contents 
 of "Bulletins," or to enumerate the many contests that have been 
 waged within the ranks of the agency force during the past ten 
 years; but this review would be inadequate without some descrip- 
 tion of specific features. Let us turn, therefore, to the "Bul- 
 letin" of ten years ago and see what was doing. 
 
 The issue of January 2, 1895, contained a notice of a new 
 and handsome edition of the Accumulation Policy, in which all 
 
The Campaign for New Business. 55 
 
 its benefits were set forth in a more definite and striking form. 
 On January twelfth it was announced that the President would 
 meet the Manhattan and Seaboard Departments early in Feb- 
 ruary; and immediately a contest was on as to which department 
 should report the more business between January ninth and Feb- 
 ruary tenth. The same issue contained a letter from one of the 
 oldest and most successful agents in the service of the Company- 
 Colonel William B. Hamilton, of Texas— giving his reasons for 
 declining a very flattering offer from another company. An 
 announcement of agency changes in Pennsylvania concluded as 
 follows: "Each of the Company's representatives may rest 
 assured that our one object will be to better his condition, to put 
 him in closer relationship with the Home Office, and in every 
 way to facilitate his opportunities to secure business." 
 
 The issue of January nineteenth contained the Company's re- 
 port for 1894, with the certificate of the Superintendent of Insur- 
 ance attached, and the strong points of the report pointed out. 
 The issue of February second contained the names of 287 men 
 who were prize winners in a contest for business written in Sep- 
 tember and October of the previous year, and paid for by 
 December 1. For the purposes of this contest the whole agency 
 force was divided into seven classes, according to previous 
 records, Class A consisting of men who, up to July 1, 1894, had 
 done no business in 1894. In this class there were 21 prizes; in 
 Class G, composed of men having the highest records, there were 
 11 prizes; in each of the other classes there were 51 prizes; the 
 odd number in each class representing a capital prize to the 
 leader of the class. 
 
 On February twenty-fifth a plan was announced for business 
 during the months of March, April and May. Allotment Certifi- 
 cates were issued to each man, showing the amount of business 
 expected from him in each month. These allotments were based 
 upon past records and had the approval of the managers of 
 departments. If a man secured his allotment in two of the three 
 months, he was promised a small bonus on the business of those 
 
 6 
 
56 The Campaign for New Business. 
 
 months. If he filled his allotment in each month, he was promised 
 a larger bonus. Each man had, therefore, a definite task and 
 was pitted against himself. He faced the question whether or not 
 he should be satisfied with past achievements. The allotment 
 scheme succeeded so well that, by general request, it was repeated 
 in July and August, and the names of agents who filled their 
 allotments were duly published in the "Bulletin". 
 
 On April sixth it was announced that the "extra" had been 
 taken off female risks, railway passenger conductors and United 
 States Army and Naval Officers, on certain policies; and in June, 
 persons of other occupations, previously classed as hazardous, 
 were provided for in a way to make their insurance more 
 attractive. 
 
 Late in April the Texas Department challenged the Man- 
 hattan Department, of New York, to a contest on May business— 
 the winner to receive a banner previously won by the latter. 
 Late in May, the manager of the Cleveland Branch Office chal- 
 lenged the field (United States and Canada) for volume of 
 business in June; and Mr. F. A. Nimocks, of Iowa, challenged 
 the field for number of applications in the same month. The 
 Cleveland manager agreed to pay the man who beat him— if 
 any — one dollar per thousand of business written by the winner, 
 and Mr. Nimocks agreed to pay— if beaten— one dollar for each 
 application written by both himself and the winner. The Agency 
 Department announced that, in June, 1845, 112 applications were 
 received by the Company, and asked the field force to commemorate 
 June, 1895, by writing fifty times as many, or, in round numbers, 
 6,000 applications. 
 
 These contests awakened wide-spread interest, which found 
 expression in witty letters and amusing cartoons, and in a great 
 deal of downright hard work. Thirty-eight agents accepted the 
 Cleveland manager's challenge, and twenty-five took up the 
 gauntlet of Mr. Nimocks. The outcome was that the Manhattan 
 Department kept its banner; Mr. McKinnon, of the Arkansas 
 Branch, won over the Cleveland manager; Mr. Nimocks made good 
 
The Campaign for Neiv Business. 57 
 
 ■with 52 applications ; and the total number of applications received 
 in June was 5,794. In addition to the enthusiasm and better work, 
 there were valuable lessons in the results, which the "Bulletin" 
 did not fail to impress. Manhattan was only $22,500 ahead of 
 Texas on totals of over $550,000 each; and while the total June 
 business was over fifty times that of June, 1845, it would have 
 reached the 6,000 mark had the 500 agents who did no business 
 turned in one application each. 
 
 Soon other departments and individuals began to send in chal- 
 lenges, and while the fever was on the Agency Department arranged 
 a general contest for September and October. Thirty departments 
 and branch offices were arranged in ten groups of three each, 
 according to previous records. In the ten winning departments 
 each man was to receive a bonus in proportion to his work, the total 
 amount being in proportion to the total business of the three de- 
 partments. In each of the twenty losing departments six prizes 
 were offered, three on volume of business and three on number of 
 applications. Under this scheme each man could help his depart- 
 ment win, and if his department lost he had the opportunity to win 
 on his own personal business. In order to bring each man under the 
 lime-light of publicity, the ' ' Bulletin ' ' circulated in each department 
 carried the name of every man in the department who held a con- 
 tract as agent, and after the first week stars opposite his name 
 told the tale of his activity— if there was anything to tell. For 
 two months the slogan was— "Read the answer in the stars!" 
 
 The results of this contest, which were announced early in 
 1896, showed that many men can be stirred by sentiment where 
 other inducements fail. As department lines have been greatly 
 modified since 1895, it would be unjust to record here the names 
 of winning departments; a better evidence of the enthusiasm in- 
 voked is found in the fact that 466 men in New York State wrote 
 and paid for business during this contest, of which number 280 
 had not written an application during the previous six months. 
 
 On August tenth the President announced that he had been 
 addressed by the Hungarian Minister of Trade, asking the co- 
 
58 The Campaign for New Business. 
 
 operation of tlie Company in distributing literature throughout the 
 world, concerning the Exhibition to be held in Hungary in the 
 following year, in commemoration of the One Thousandth year of 
 Hungarian occupation of their country. Agents were requested 
 to further in every way the success of this Exhibition. This may 
 seem a far cry for life insurance agents, but life insurance is so 
 thoroughly human that one may say of it as the Latin poet said of 
 his relations to mankind : "I am a man, and whatever pertains to 
 mankind is not foreign to me." The practical bearing of it was 
 seen some months later when Mr. S. W. Boone reported that, as 
 a result of it, he had written twenty-two applications for insurance 
 among the Hungarians of Bell County, Texas. 
 
 On October nineteenth it was announced that nineteen of the 
 most prominent life companies had entered into an anti-rebate 
 compact, and had adopted the rule promulgated by the New-Yoek 
 Life in July, 1893, that any agent found guilty of rebating should 
 be dismissed. A referee was appointed to decide alleged cases of 
 rebating, and the associated companies agreed not to employ agents 
 dismissed by other companies for rebating, during the six months 
 following such dismissal. 
 
 Late in October a Convention of Managers and Agents was 
 held at the Home Office to consider the subject of the Nylic Asso- 
 ciation. The following extracts from an address delivered before 
 the Convention by President McCall will show the attitude of the 
 management on various subjects : 
 
 What I have already said easily leads up to the subject matter of your 
 gathering, namely, your identification with the Company for all time to 
 come. I sincerely believe that of all the companies our own is generally 
 regarded to-day as possessing more agents beyond temptation of leaving 
 than any other. I can understand how, at times, the offers of other insti- 
 tutions are hard to resist, and that your remuneration by us is not by any 
 means the largest that prevails. Will you also allow me to add that our 
 day for ' ' fireworks ' ' has passed. I believe you are all imbued with the idea 
 that economy and conservatism are to-day of more importance to the Com- 
 pany's future than aught else. It is for you to aid in carrying out the 
 
The Campaign for New Business. 59 
 
 platform. The organization of your Nylic Association must be productive 
 of great good. Every tie that binds the agent to the Company in good 
 fellowship and for their common welfare makes rebating and eighty per 
 cent, brokerage impossible. We have led lately in the reforms that are so 
 well and universally approved. We have not come in with the mourners 
 as a death-bed penitent. 
 
 There is still work to do, and when I review the efforts of the past 
 four years, I say frankly that the announcement I made formally at the 
 beginning of this year, that hereafter only paid-for business would be 
 published in our advertisements and Department Reports, gives me more 
 comfort than any other of our proclamations. Its effect on your work has 
 been extremely good, as our books show, while the impression on others of 
 our sincerity in the maintenance of needed reforms has added to our 
 already enviable reputation on this and the other side of the Atlantic. In 
 my conferences with the several Executive Officers we have considered the 
 effect of this change. It will appear at the end of the year as though our 
 business had fallen off, because our statement for 1894 showed in force all 
 policies issued during the year, less cancelations, whether said policies were 
 paid or not. About forty millions in insurance was thus carried over. The 
 1895 statement will not contain a policy, or a figure in assets, income, or 
 outstanding insurance that does not represent contracts on which the Com- 
 pany itself has received the cash. All policies not paid for to the Company 
 will be regarded as not issued, and will not be claimed, advertised or found 
 in the Company's report. 
 
 That you may understand this fully, I wish to impress on you that 
 a policy not paid for to the Company will not even be published as an issued 
 policy. The only business that we shall advertise as written in 1895 will 
 be that for which we have the cash in our Home Office. I am thus emphatic, 
 as you may be called on to explain our position. You will not have to de- 
 fend it, it is self -defending when explained, and mark me, other companies 
 will be compelled by public opinion to do in this case what they have done 
 so often of late — follow our example. 
 
 The action taken lately by the Massachusetts Insurance Commis- 
 sioner is so recently in your minds that I need not go into details. The 
 combined work of our Third Vice-President and of the Third Vice-President 
 of the Equitable, in bringing about the agreement so generally signed, is 
 deserving of great praise. Our position in the premises was neither new 
 nor uncertain, and in answering promptly and energetically the call of 
 Major Merrill, the Company 's previous utterances and action were forcibly 
 ratified. 
 
60 The Campaign for New Business. 
 
 A resolution was adopted by this Convention requesting the 
 President of the Company to appoint from the field force a cor- 
 respondent for the General Agents and Managers, whose head- 
 quarters should be at the Home Office, where he could take up 
 and present to the proper department any case calling for special 
 consideration. The request was acceded to, and in November Dr. 
 William Stoddart, previously Manager at Columbus, 0., was 
 appointed. Dr. Stoddart was also placed in charge of the records 
 and correspondence of the Nylic Association during its formative 
 period. 
 
 The "Bulletin" for October thirtieth carried the prelimi- 
 nary announcement of the Nylic Association to the field force, and 
 made the writing of $5,000 insurance during the months of Novem- 
 ber and December a prerequisite for membership in 1896. It 
 also announced that a Golden Roll of Distinction would be pub- 
 lished early in 1896, containing the names (1) of the 100 men 
 who should write the largest volume of business in November 
 and December, and (2) of the 100 men who should write the 
 largest number of applications. This Roll of Distinction was an 
 enlargement of the idea of the monthly Leaders ' List of the 50 men 
 writing the largest volume of business, which had been regularly 
 published for some time. This list was extended in January, 1898, 
 to include 60 writers on volume and 60 on number of applications, 
 and on July 1, 1899, the number was increased to 100 of each 
 class. This has been continued to the present time, special 
 honors being accorded to those whose names appear among the 
 first ten, four or more times in any half year. 
 
 While contests were planned in order to increase business, 
 they were also planned to improve the quality of business, and 
 especially to increase each man's capacity to write business. 
 Hence, in most cases, only paid business was allowed to count in 
 contests, and in January, 1896, a contest was set on foot, to run 
 for six months, based upon applications upon each of which $5 
 had been collected when the application was signed. This was 
 designed to prevent the waste of time and money, on the part of 
 
The Campaign for New Business. 61 
 
 the agent, the medical examiner and the Home Office, caused by 
 men who made application for insurance and then failed to accept 
 and pay for the policy. A coupon was attached to each applica- 
 tion, to be used as a receipt for the money, and when the coupon 
 was detached the money must accompany the application. This 
 proved so successful that the coupon attachment has been con- 
 tinued until the present time. Nearly 1,000 men qualified in this 
 contest, with two applications in January, with the advance pay- 
 ment, and 281 remained in the contest, on the same basis, for five 
 of the six months following. 
 
 The same principle was extended to renewals, by contests 
 between the Cashiers of Branch Offices— first, second and third 
 prizes being awarded to Cashiers having the lowest ratios of 
 lapses on old business. A careful account of each agent's business 
 is kept at the Home Office, and an unusual lapse ratio is regarded 
 as of sufficient importance to cause an examination of such 
 agent's methods. 
 
 This review of a single year will give only a faint idea of 
 the energy, the alertness and the fertility of resource shown by 
 the Agency Department, in touching the fieldmen upon every side 
 of their nature, in securing from them steady work, and in 
 increasing their capacity to work. Without attempting a review 
 of subsequent years, it will yet be instructive to note a few of the 
 events seized upon to awaken enthusiasm among agents and to 
 enable them to press home upon their clients the claims of Life In- 
 surance. 
 
 In February, 1896, the gold reserve of the United States Gov- 
 ernment touched the lowest point in its history since the resump- 
 tion of specie payments, on January 1, 1879. President Cleve- 
 land's Secretary of the Treasury, using the authority given him 
 under the law of 1875, providing for resumption, invited bids for 
 $100,000,000 of five per cent, bonds to replenish the reserve, the 
 bonds to be paid for in gold. The New-Yoek Life, by reason 
 of its foreign business, was able to import gold in the regular 
 course of its business, and it put in two bids for $5,000,000, each, 
 
62 The Campaign for New Business. 
 
 one at 1101/2 and one at 111. There were enougli bids at the 
 lower figure to take up the whole loan, but the Company received 
 the full amount of its bid at the higher price. Before the end of 
 the month the bonds were selling on the Stock Exchange at 117, 
 and those bought by the Company were subsequently sold at a 
 profit of more than $800,000. 
 
 In January, 1897, the Company issued its first Detailed State- 
 ment in pamphlet form, a document which has since been a 
 regular feature of its scheme of publicity, and which is unique in 
 the annals of Life Insurance. 
 
 In March of that year the "Bulletin" asked the fieldmen to 
 state frankly their difficulties— if they had difficulties— and their 
 methods— if they were successful— in keeping a list of prospective 
 clients. The result was a mass of information, which was sifted, 
 arranged and printed in a pamphlet, entitled, "How to Keep in 
 Prospects ' '. 
 
 In May, 1897, Mr. George W. Perkins, then Third Vice- 
 President of the Company, visited Europe to assist in building 
 up the agency organization there. On July first the "Bulletin" 
 announced a "Welcome Home Contest", in which 100 men would 
 win invitations to a "Perkins' Convention" to be held in New 
 York and Old Point Comfort, on his return in October. The 
 contest was on business written between July first and August 
 fourteenth, and paid for on or before October second. Agents 
 were divided into ten classes, according to their monthly pro- 
 duction of business during the first five months of the year, the 
 lowest class being made up of men who had written an average 
 of less than $1,000 per month. The ten men in each class 
 writing and paying for the largest amounts of business, under 
 Company rules, were to be delegates to the Convention. Mr. 
 Perkins had been in charge of the Agency Department since Feb- 
 ruary, 1892, and, under his leadership, the better relations of 
 agents to the Home Ofiice had been established. During each 
 week of these five years, he had sent to the field force through 
 the "Bulletin" a message of encouragement and advice, the value 
 
The Campaign for New Business. 63 
 
 of which had been often acknowledged. The "Bulletin" which 
 announced the terms of the contest contained these stirring words 
 from Mr. D. P. Kingsley, then Superintendent of Agencies : 
 
 June was a great month* and it will serve with peculiar force as an 
 introduction to the next chapter in the history of our great Department. 
 June touched your pride, your self-respect, and your sense of duty. Such 
 experiences benefit us all. Prom July first to August fourteenth, inclusive, 
 you will again work in obedience to these sentiments. The contest for 
 membership in the "Perkins Convention of 100" will especially appeal to 
 the men who made such a rally in June. It will not appeal to men who 
 are incapable of being unselfish, who sneer at mere loyalty as distinguished 
 from mere dollars and cents. 
 
 The key-note of this contest will be loyalty to, and pride in, the New- 
 York Life. If you are incapable of feeling this, you cannot permanently 
 succeed ; but on the other hand, if you are a man of the right quality, you are 
 aglow with its generous suggestion each time you hear the Company's name, 
 the name of its President, and especially when you hear the name of your 
 great, young leader, Mr. George W. Perkins. As a New-York Life man 
 you are continually conscious of being a part of something that touches the 
 whole civilized world. If you are the best kind of a New- York Life man, 
 you feel much as the old Roman felt when his loyalty and his pride of 
 nationality had taught the world that in some sense every Roman was a 
 king. You have the intense pride in your Company that every Englishman 
 has in his Good Queen, and you felt a responsive thrill of sympathy when 
 recently you heard the deep tones of his patriotism, which told of his in- 
 stinct of nationality and his fierce devotion, f These are the powers, after 
 all, that move the world. Poor, indeed, is the man who does not respond to 
 their appeal. I do not believe we have such men in the Agency Department. 
 
 My appeal for this contest is to your pride in the New- York Life, 
 to your devotion to its agency chief. How much he has done for you I do 
 not need here to recite. He has put money in your pocket, he has put 
 courage in your heart, he has put power in your arm, by the high character 
 he has helped to give the institution you represent. It is your turn now. 
 Join, therefore, with all your brothers, in a hearty, generous efi'ort to give 
 him a welcome home which shall in some sense represent the pride you feel 
 in your Company, the gratitude you feel to him, and the respect you feel 
 for yourself. 
 
 *Referring to a contest between Branch Offices in June, in whicti each office 
 that filled its allotment received a handsome souvenir. 
 
 tOn the occasion of the Queen's "Diamond Jubilee". 
 
64 The Campaign for New Business. 
 
 This contest, it will be noted, took place in the hottest part 
 of the year, when many people take their annual vacation, yet 
 the result of the six weeks' work was between twenty-six and 
 twenty-seven million dollars of insurance written, examined and 
 recommended. Eventually 110 men were invited to the Conven- 
 tion, and this part of the result is worth telling, if only to note 
 the ingenuity with which the Agency Department utilized the 
 enthusiasm awakened by the contest. As only business paid for 
 by October second was to count, the winners could not be known 
 until that time; but on August fourteenth it was announced that 
 one man additional would be invited from each class, and that 
 the selection of the eleventh man would be on volume of business 
 written, and recommended by the local examiner between August 
 fourteenth and October second, and settled for by October fourth. 
 There were also 185 cash prizes offered and awarded in the ten 
 different classes, to those who stood highest after the winners 
 of membership in the Convention. 
 
 The business for August proved the largest in the history of 
 the Company up to that time. The total business written and 
 paid for by the 110 members of the Convention between July 
 first and August fourteenth was $4,157,838. The highest record 
 was made by Mr. John T. Boone, then of Kansas, now Inspector 
 of Agencies at Large, with $113,750, and Mr. Emanuel Heyman, of 
 Chicago, was a close second with $113,000. The effect upon the 
 individual agent was well expressed by Mr. C. H. Howard, of 
 Northampton, Mass., who wrote, before he knew that he had won 
 a place in the Convention: "I have worked more hours, trav- 
 eled more miles, talked with more men, written more insurance, 
 written the largest policy, written the largest premium, settled 
 more business, and made more money,— than in any other month 
 of my life; and if I fail I am satisfied with my effort and will 
 only wish I could have done more to honor the Third Vice- 
 President." 
 
 In addition to the test which this contest afforded of the 
 personnel and spirit of the agency force, it was also a demon- 
 
The Campaign for New Business. 65 
 
 stration of the efficiency of the Agency Department as an organi- 
 zation. This fact was appropriately voiced by Mr. Kingsley in 
 a "Welcome Home Bulletin" to Mr. Perkins: 
 
 You have been gone over five months, and we have worked for four 
 entire months as nearly without relations with you as possible. In that four 
 months we have completed and forwarded to the Home Office applications 
 for $66,000,000. We are proud of that record, and we know that no man 
 understands better than you what such work means. Under your leadership 
 we have done many things notable in the world of Life Insurance during the 
 past five years. There has been for some time no question about what we 
 could do under your personal supervision. This summer, however, brought 
 to your work the supreme test, and we are able now to say, without fear of 
 contradiction, that what you have builded will stand, what you have created 
 is sound. That your personality is not absolutely necessary, that our or- 
 ganization is so strong that it will sweep right on in any event, is the highest 
 tribute we can offer to your genius as an organizer. 
 
 The agency organization was in 1897 a mixture of the old 
 and the new systems, the last of the General Agencies not being 
 abolished until 1903, but the new spirit pervaded all. In reading 
 over the agency literature of these years one feels that every 
 insurable man must be well insured very soon, and that the pace 
 cannot be kept very long; yet each succeeding year has seen an 
 increase in the amount of new business done, and in the total 
 amount on the books of the Company. These increases have 
 been so steady and so large, and the work they represent has been 
 so well done, that the Company is now writing three hundred 
 and forty millions a year with less strain and pressure than it 
 took to write one hundred and thirty millions in 1895. Right 
 organization, the right spirit among agents, and the right men 
 to direct and inspire, have made an agency record without 
 parallel in the annals of Life Insurance. 
 
 This contest has been dwelt upon at some length, because 
 it is typical of many that have been waged during the ten years. 
 Every such contest awakened additional men to the possibilities 
 that were in them, and they never went to sleep again. The system 
 of the Company is such that there is a definite niche of honorable 
 
66 The Campaign for New Business. 
 
 fame for every degree of achievement, and men acquire the 
 habit of looking forward to higher honors and greater emolu- 
 ments. The following steps in the ladder are ever before 
 agents of the New-Yobk Life: 
 
 1. To qualify for the Nylic Association, by writing $50,000 
 per year, or to retain membership therein by writing $25,000 
 or $50,000, according to the time of entrance. 
 
 2. To qualify for membership in the $100,000 Club, or to 
 retain membership therein by writing $100,000, or $125,000 per 
 year, according to time of entrance. 
 
 3. To qualify for membership in the $200,000 Club, or to 
 retain membership therein by writing $200,000 per year. 
 
 4. To win official position in one of the Clubs by standing 
 at or near the head. 
 
 5. To win (a) a place on the monthly Leaders' Lists; (&) to 
 be one of the first ten; (c) to be one of the first ten four or more 
 times in any half year. 
 
 6. To help his own Branch Office to fill its allotment for the 
 year, and to share in the bonus offered in case the allotment is 
 exceeded. 
 
 7. To win personal. Branch Office and departmental honors 
 in the various contests waged, together with the additional com- 
 pensation and privileges (such as participation in conventions) that 
 fall to the lot of winners. 
 
 All these incentives, except the last, are a part of the regular 
 system, and the last is the quick, sharp call to battle that awakens 
 the last and laziest, as well as the noblest, drop of blood in a 
 man's veins. 
 
 Tf the question be raised as to the expense of these contests, 
 it need only be said that this is taken into account in fixing the 
 compensation of agents. The regular commission is fixed with 
 these extras in view. The man who devotes all his time to the 
 service of the Company should be better paid than the man who 
 works irregularly and spasmodically. His work is worth more to 
 the Company. The man who works loyally and enthusiastically, 
 
The Campaign for New Business. 67 
 
 and is responsive to the plans and suggestions of the Home Office, 
 deserves better pay than the man who works half-heartedly and 
 loses business which a better man in his place would secure. His 
 work is worth more to the Company. It is less expense to super- 
 vise the work of a good agent than of a poor agent, and the 
 work of a good agent stays on the books better. The initial cost 
 of business is always the greatest cost, and the better this work is 
 done the more profitable the business is to the Company. The 
 ultimate aim and purpose of the New -York Life is to make good 
 agents of those who have the right spirit, and to eliminate those 
 who are irreclaimably lazy or incurably dull. 
 
 A few other contests should be mentioned because of the 
 occasions that suggested them, the unique honors which they 
 offered, and the enthusiasm which they evoked. 
 
 On February twenty-fifth, 1899, the present form of the Accu- 
 mulation Policy was announced, and, as on other occasions when 
 a new policy was introduced, special efforts were made to get it 
 definitely before as many people as possible while it was new. 
 The Company ordered made in Paris 110 souvenir pins, which it 
 offered as prizes to the 110 men who should write and have 
 examined the largest number of applications between March first 
 and April fifteenth, the same to be paid for by May thirty-first. 
 At the same time agents were asked to make for themselves an 
 allotment, and say how many applications for the new policy 
 they would write in March. The names of the first 300 who 
 redeemed their pledges were to be published in a "President's 
 Honor Roll". Over one thousand applications were received 
 during the first forty-eight hours of March, and the business of 
 the month surpassed that of any previous month in the history 
 of the Company. Thirty-five hundred and twenty-four men 
 pledged a certain number of applications in March, and the three 
 hundredth man made good on March twenty-second at 5 :28 P. M. 
 Tn fact, twelve men made good at the same time, and the "Honor 
 Roll", as published, contained 311 names. The highest record 
 
68 The Campaign for New Business. 
 
 was made by Mr. E. E. Shepard, of the Utica Branch, who was 
 credited with 431/2 applications.* 
 
 On the afternoon of May 23, 1899, the Company announced 
 that it had on its books paid insurance to the amount of One 
 Thousand Million DoUars.f As the New-Yoek Life was the first 
 Company in the world to reach this amount, it was an event to 
 attract world-wide attention, and to be fittingly commemorated. 
 Congratulations poured in from the agency force in every quarter 
 of the civilized world, and on May twenty-seventh the Company 
 announced an "International Billion Dollar Decoration Compe- 
 tition." One thousand decorations were offered, eight hundred 
 on number of applications and two himdred on volume of business 
 written between May twenty-ninth and July first, and paid for 
 on or before August fifteenth. If, as has been said, "The most 
 vital element of education is inspiration ",t here was a contest 
 with educational value; for any man who did not feel his heart 
 beat a little more quickly, and feel his cheeks flush at the thought 
 of representing a Company that had achieved such distinction, 
 was clearly not fitted to represent the New- York Life. The com- 
 petition gave rise to many challenges between individuals and 
 departments, both on amounts written and on percentage of 
 written business paid for; the European agencies were stirred 
 as never before, and carried off nearly three hundred of the one 
 thousand decorations, and it took some time and very close appli- 
 cation of the rules governing the contest to decide who had won 
 the last twenty places. § 
 
 Although the year 1899 closed with an honorary contest, the 
 Company's business for January, 1900, was eight millions more 
 than that of January, 1899, showing that there was no exhaustion 
 either of the field or the workers. A good illustration of it was 
 found in the work of a single Branch Office || during a six weeks' 
 
 *An application secured by the joint work of two men counts one-half to each. 
 tThe actual amount was $1,001,025,053. 
 t Paul A. Chadbourne, President of Williams College. 
 §The decoration itself was a handsome gold watch-charm. 
 1 1 The Royal Insurance Branch, of Chicago. Eleven men wrote one application 
 each week, four wrote two each week, and two wrote three each week. 
 
The Campaign for New Business, 69 
 
 contest early in the year, when twenty men qualified and seventeen 
 continued in the contest during the six weeks. 
 
 In March, 1900, the Agency Committee sent out a letter signed 
 by each member of the Committee to men whose names had been 
 twice among the first ten on the monthly Leaders' Lists during 
 the last half of the year. In this letter it was said: "Such 
 records as you constantly make are an ever-present object-lesson, 
 an always-powerful moral force, an unceasing inspiration to your 
 CO -laborers. 
 
 On May 5, 1900, a special "Bulletin" announced the death of 
 Mr. Frank Block, of St. Louis. Because Mr. Block was a typical 
 New-York Life man, and because the Company's treatment of 
 him was typical, the "Bulletin" is reproduced here in full: 
 
 PRANK BLOCK. 
 
 To the Agency Corps of the New-York Life Insurance Company: 
 
 Gentlemen : We regret to announce the death of Mr. Frank Block, of 
 St. Louis, who died on April 26. Mr. Block entered the service of the New- 
 YoEK Life on May 28, 1877, and had, therefore, been in the Company's 
 service continuously for nearly 23 years. His first contract was signed 
 by Mr. Morris Franklin, at that time President of the Company, and by 
 Mr. Wm. H. Beers, at that time the Company's Actuary. Mr. Beers after- 
 wards became President and was succeeded in office by Mr. McCall. Mr. 
 Block, therefore, had served as a life insurance solicitor for this Company 
 under three Presidents. He never was engaged in any other business. 
 
 At the time of his death he was a Nylic of the Second Degree, and 
 would have become a Third Degree Nylic on January 1, next. For 23 years 
 he carried a rate book and solicited life insurance for this Company in the 
 city of St. Louis, refusing many tempting offers of other companies, and 
 overtures from our Company to represent it in other capacities than that 
 of a solicitor. 
 
 By a constant, tireless industry in the profession of soliciting for ap- 
 plications, Mr. Block built up an independent fortune. The Company has 
 never had a more loyal representative, and insurance was never solicited 
 from a higher plane. Prom the thousands of men insured in St. Louis by 
 Mr. Block the Company has never had one complaint, and, as policies writ- 
 ten by him years ago have matured to the holders of them, applications for 
 new policies have almost always been secured by Mr. Block. 
 
70 The Campaign for New Business. 
 
 He was a director of two St. Louis banks, a trustee of several prorai- 
 nent institutions, and largely interested in philanthropic work in connection 
 with Hebrew institutions in St. Louis, Cincinnati and Cleveland. He 
 probably had as wide an acquaintance in St. Louis as any gentleman resi- 
 dent in that city, and was highly esteemed and respected by all who knew 
 him. There could be no more striking example of what an individual can do 
 in the profession of life insurance soliciting if he will give his time, talents 
 and energies in a dignified, conscientious manner to the pursuit of his work. 
 
 The first ten years of Mr. Block's work as a life insurance solicitor 
 were turbulent ones in the life insurance business. Hundreds of men be- 
 came discouraged and left the calling, but Mr. Block stood firm. In nearly 
 every talk I had with him in recent years he urged upon me the importance 
 of pointing out to the New- York Life men of these days the vastly superior 
 opportunities individual solicitors have now over those enjoyed by him in 
 the first years of his work. 
 
 Frank Block's name is, and always will be, a household word in the 
 New- York Life. He has not only left a fortune in money to his family and 
 the charitable institutions in which he was interested, but his example is a 
 fortune to all the rest of us who are to carry on the work which he so dearly 
 loved. 
 
 The sympathy of the Executive Officers of this Company has already 
 been expressed to Mr. Block's family, and in this letter, speaking for the 
 entire agency staff throughout the United States, we extend our deepest 
 sympathy to his family, and assure them that we deeply mourn his loss. 
 
 When men are thoroughly awake and are doing their best, the 
 wise manager will not press for more. The new business of 
 1899 exceeded that of the previous year by over fifty million 
 dollars, and after the six weeks' competition in January and Feb- 
 ruary, for which men qualified in December, 1899, there were no 
 special contests in 1900. But there was a continuous pressing 
 home of the arguments for Life Insurance, and of the special 
 benefits offered under New-Yoek Life policies, so that the agents 
 should be thoroughly furnished for their work; and it was noted 
 that on June twenty-first, the longest day of the year, there were 
 received at the Home Office the largest number of applications 
 and the largest volume of business ever received on the longest 
 day of any year up to that time. The year ended with an increase 
 of thirty millions in new business over that of 1899. 
 
The Campaign for New Business. 71 
 
 The incoming of the Twentieth Century was commemorated 
 by an issue of a Twentieth Century Edition of the Accumulation 
 Policy.* The terms of the contract remained the same as before, 
 but the edition was distinguislied by a handsomely engraved 
 border, representing the flags of all nations, as a symbol of the 
 international character of the Company's business. Four editions 
 of thirty thousand each were issued, and allotments were made 
 to each agent. Certificates of appreciation, signed by the Execu- 
 tive Officers of the Company, were issued to those who filled their 
 allotments of the first edition; an "Honor EoU" was published 
 of those who placed three times the number allotted to them 
 under the first and second editions; a "Nylic Legion of Honor 
 Badge" was given to three or more agents in each Branch Office 
 who exceeded their allotments by the largest amounts of the third 
 edition; and the same honor was awarded to every one who filled 
 his allotment of the fourth edition. 
 
 People who are unmoved by sentiment — if there are such — 
 will not understand why two agents f sat up with friends on the 
 night of December 31, 1900, until the new century came in, in 
 order to write their applications during the first moments of it; 
 but they may get an inkling of how others are moved by senti- 
 mental considerations from the results of these contests. The 
 first edition of the Twentieth Century Policy was sold by April 
 fourteenth, and in the first 120 days of the year applications 
 were received for $124,000,000 of insurance. During the issue 
 of the first two editions, 455 men wrote three times the amount 
 of their allotments and gained a place on the ' ' Honor Roll ' ' ; and 
 nearly 500 won the Legion of Honor decoration, during the issue 
 of the third and fourth editions. The year ended with another 
 increase of thirty millions of paid business. 
 
 To many people the idea of a "Legion of Honor" among 
 life insurance men will doubtless seem a cheapening of sentiment; 
 
 *Suggested by Mr. E. G. Garrison, Agency Director, New Jersey Branch. 
 tMr. T. C. Bell, of the Houston Branch (Texas), and Mrs. E. C. Dorr, of the 
 Erie Branch (Pa.). 
 
 7 
 
72 The Campaign for Neiv Business. 
 
 but that only shows how far we are under the influence of per- 
 verted ideals. The soldier deserves honor because he does his 
 duty with great effort and in the face of danger; but do not 
 other men deserve honor who also do their duty with great effort 
 when there is no danger to face? Thackeray says, with biting 
 sarcasm : 
 
 "And ever since historian writ, 
 
 And ever since a bard could sing, 
 Doth each exalt with all his wit 
 
 The noble art of murdering." 
 
 The soldier who is honored usually deserves all he gets; 
 nevertheless the glamour which has been thrown about the pro- 
 fession of arms often hides from us "the march of men". It is 
 a sign of the times that we are beginning to talk of Captains 
 of Industry, as well as of Captains of War, and mankind will 
 never come to its own until the forces that build up are held in 
 greater honor than the forces that destroy. War, at best, only 
 creates— at great cost of money and of life— conditions under 
 which men may freely exercise their powers; Life Insurance 
 creates— at small cost and without bloodshed— favorable condi- 
 tions under which those bereft of their natural protectors may 
 come into possession of their highest powers, and do their work 
 with the greatest elBciency. 
 
 "Were half the power, that fills the world with terror, 
 Were half the wealth, bestowed on camps and courts, — 
 Given to redeem the human mind from error. 
 There were no need of arsenals or forts. ' ' 
 
 During this year the Company paid $20,503 on the life of Ex- 
 President Harrison, and $50,000 on the life of President McKinley. 
 President McKinley had previously held two other policies in the 
 Company which had matured and been surrendered for cash. The 
 last policy was taken in 1896, just prior to his first election to the 
 Presidency. 
 
The Campaign for New Business. 73 
 
 The year 1902 marked the tenth anniversary of the election 
 of President McCall, and of the new order of things at the Home 
 Office and in the field. There were many things to celebrate, and 
 the Agency Department made the most of its opportunities. First, 
 there was a contest in honor of the President, covering a period 
 of forty-two days— from January first to February twelfth— the 
 anniversary of his election. In making allotments for this contest, 
 a new sentiment was invoked. Allotments were made, not only to 
 each man, and to each Branch Office, but also to each of the 
 $100,000 Clubs, to the $200,000 Club, to the Nylic agents as a body, 
 and to all other agents according to the class in which they be- 
 longed. Every man worked, not only for individual honors and 
 rewards, but also for the honor of the one or more classes which 
 he represented. 
 
 This contest was followed by a similar one, covering sixty-two 
 days, in honor of second Vice-President Geo. W. Perkins, and this 
 by a third, covering sixty days, in commemoration of the first issue 
 of the Accumulation Policy— in June, 1892. During the first con- 
 test applications were received for over $53,000,000 of insurance, 
 and during the second the applications exceeded $58,000,000. 
 During the third, 355 men wrote ten or more applications, and of 
 this number 106 wrote twenty or more. Special honors were 
 accorded to those who were winners both in 1892— when the Accu- 
 mulation Policy was first issued — and in 1902. 
 
 On November eleventh the Agency Department announced 
 that as much business had already been written since January 
 first as was written during the entire previous year, and that 
 fifty days remained in which to surpass the former record. The 
 record was duly surpassed by over forty million dollars. On 
 February 12, 1902, in acknowledging the good work done in his 
 honor during the preceding 42 days. President McCall had ex- 
 pressed his belief that the Company could and should secure 
 $300,000,000 of new paid business during the year, and the sequel 
 showed how accurately he had gauged the capacity of the Agency 
 
74 The Campaign for New Business. 
 
 force.* In a congratulatory "Bulletin", dated January 1, 1903, 
 the President voiced his satisfaction with both the amount and 
 quality of the agents ' work in 1902 : 
 
 I wish to notice just here the incidental test that was applied, during- 
 the year 1902, to the work you did in 1901. Nineteen hundred and one 
 was a great year ; its total of $262,000,000 paid-for business has never been 
 equaled by any life insurance company ; it is, perhaps, doubtful whether any 
 other company ever will equal it. That it was business well and honestly 
 done I believed at the time, and now I know it. That the colossal sum of 
 $302,000,000 new business secured during the past year was as well and as 
 honestly done, I believe, and I expect that the year on which we are now 
 entering will show it as conclusively as the year just closed has shown it for 
 the previous year. 
 
 The business of 1901 must have been written in strict conformity to 
 the Company's rule of one hundred cents on the dollar. The business of 
 1902 has unquestionably been secured in the same way. This rule and 
 others, inculcating sound methods in our business, are after all the funda- 
 mental things. I speak of this because I want all our representatives to 
 understand that, while we think it our duty to accomplish great results and 
 to secure enormous volumes of new insurance, we have certain well-defined, 
 underlying principles which must not be departed from. The rule, estab- 
 lished in 1893, that a rebate, or the offer of a rebate, proved against an 
 agent, would lead to his immediate dismissal, is still in force, and is still 
 enforced, as the last meeting of the $200,000 Club, at Hot Springs, Virginia, 
 pointedly demonstrated. 
 
 The year 1903 brought a large crop of contests and some 
 remarkable records. It must not be supposed that these contests 
 were gotten up at random, or just to see how much could be done 
 in a given time. The wise man who has a great work to do will 
 apportion it to the time in which he determines to do it. The 
 Company, having established a large number of Branch Offices 
 and having a large number of agents under contract, knows in 
 advance approximately how much business it ought to get in a 
 year in order to get it at a minimum cost. It does not, therefore, 
 go about its task in a hap-hazard way, but aims to get at least 
 
 *The actual amount was $302,798,229. 
 
Th^ Campaign for Netv Business. 75 
 
 one-sixth of the year's business in the first two months of the 
 year, and at least one-half of it by July first. 
 
 In January and February the contest was between the dif- 
 ferent departments, with the usual ingenious allotment of honors, 
 so that there was a variety of incentives to good work, and a 
 chance for the best workers to win as individuals. Over 34,000 
 applications were received, and first honors were carried off by 
 the Greater New York Department, which won by a few thousands, 
 on settlements. Ten Honor Men wrote $1,678,000, and the 210 
 prize winners wrote $6,429,830, an average per man of over 
 $64,000, or at a yearly rate of over $385,000. This contest was 
 repeated in March and April, when first honors went to the North- 
 western Department. In this department 261 agents wrote and 
 paid for $5,074,550 of insurance, exceeding their allotment by 
 over $741,000. It was often found that a contest repeated brought 
 better results than the original effort, because some of the losers 
 had just got fairly waked up, and many saw that with a little more 
 effort they might have won. The lesson of every defeat was 
 that, no amount of regret could have any effect on the past, but 
 even a little effort might have a great effect on the future. 
 
 During these contests attention was called to the work of 
 two agents as models of steadiness and persistence. Mr. A. P. 
 Childs, of Vermont, who had been with the Company since 1880, 
 had in twenty-three years' time written and paid for $7,975,840 
 of new insurance. His smallest year's production had been 
 $138,500, and in only four years had it been less than $200,000. 
 Mr. Aaron Stern, of the Broadway Branch, New York City, had 
 been with the Company since 1895. In eight years his average 
 business had been over $100,000 per year, and his clients had 
 kept up their policies with remarkable persistency. In 1903, every 
 dollar of $144,000 insurance written in 1898 was still in force. 
 
 In April, 1903, the New-York Life, the Mutual Life and the 
 Equitable Life joined in an agreement not to print, circulate or use 
 comparative or competitive literature of any kind, except standard 
 publications giving information concerning all companies, or 
 
76 The Campaign for New Business. 
 
 figures from the sworn reports of at least ten companies. They 
 also forbade their agents and employees to do the same, or to aid, 
 encourage or abet, directly or indirectly, any hostile criticism or 
 attack through the press upon any life insurance company, on 
 pain of dismissal. 
 
 With the growth of every great business the ethics under- 
 lying its conduct become more settled and clear, and methods 
 that were at one time regarded as entirely proper fall under the 
 ban imposed by good morals and good manners. All life insur- 
 ance companies are corporations created by law, and are subject 
 to very strict supervision by the various states in which they 
 do business. A definite standard of solvency is required, and 
 annual reports are made and published. State officers may refuse a 
 license to do business, if a company's condition is not satisfactory. 
 These measures protect the public against fraud in the most 
 effectual way known, and open the way to that honorable com- 
 petition that may properly exist in every business. It places the 
 business upon a higher plane when offensive criticism and odious 
 comparisons between companies are mutually prohibited. All are 
 assumed to be solvent and sound, and all are engaged in a benefi- 
 cent work ; it would be a great pity if criticism of one by another 
 should influence a single person to neglect the duty he owes to 
 his family, to insure his life for their protection. 
 
 In agency work the passing of competitive literature was a 
 distinct gain. When an agent met in his work a circular assuming 
 that some other company was better than his own, he wished an 
 answer to it at once. Usually he could have it. The net result was 
 —a hole had been dug and filled up again. It had cost con- 
 siderable money, and the grass would not grow there again for 
 some time. So long as comparative literature was freely circu- 
 lated, an agent felt obliged to be posted on the weak points of 
 all other companies than his own, and thought he must be able 
 to show, by some sort of comparison, that his own company was 
 far and away the best. In many cases no question would be raised 
 as to a best company except for the comparative circular; but 
 
The Campaign for New Business. 77 
 
 when once raised it became very absorbing, absorbing the time 
 of the agent and of the man whom he would insure. The subject 
 involved the problem of waste, which men are trying to solve 
 in every business, and the solution arrived at by the three great 
 companies gives hope that in the life insurance business the 
 watchword of the twentieth century may be, "Not competition, 
 but noble emulation".* 
 
 In May there was no contest— every man was to be his own 
 Agency Director, and was to press for business as much or as 
 little as he pleased; he was to inspect himself, and find fault with 
 himself, or commend himself, as he found the case required. 
 Getting one kind of competition out of the way gave opportunity 
 to suggest that the hardest competition was against the indiffer- 
 ence of the uninsured, the assumption that some future time would 
 do just as well as now, and the paralyzing spring lassitude, that so 
 often lies in wait for the agent. 
 
 The eleventh anniversary of the issue of the Accumulation 
 Policy was not allowed to pass without a month's contest in its 
 honor. With only three days' notice, the agency force in the 
 United States turned in 1,423 applications on June 11, 1903, as 
 compared with 1,260 applications during the whole week follow- 
 ing June eleventh in 1892. Mr. W. J. Suplee, of the Indepen- 
 dence Branch, Philadelphia, gave the results of the self inspection 
 recommended in May. He determined to secure sixty applications 
 during the month of June. He made a list of persons to see each 
 day, and, with the exception of one day, completed the task set 
 for himself. He interviewed 187 persons, all but 16 of whom were 
 strangers, secured applications from 69, and had 61 examined. He 
 may have had competitive literature in mind when he said : ' ' What 
 another agent was doing or what he wasn't doing never bothered 
 
 *Rufus W. Weeks, Second Vice-President and Chief Actuary, New-York Life 
 Insurance Company. Address before the $200,000 Club Convention. It is proper 
 to say in this connection that, since the present administration came into office, the 
 New- York Life has not published comparative literature for general circulation. 
 Such comparisons as have been made have been published in connection with the 
 weekly "Bulletin" to agents for their information. 
 
78 The Campaign for New Business. 
 
 me in the least. I have learned to mind my own business, and 
 I find it pays well. It was not necessary for me to get a man 
 all tangled up with a lot of figures and arguments against other 
 life insurance companies. In a plain, straightforward manner, 
 I told a man exactly what I had to sell and why he should buy 
 it. And I sold it to Mm."* 
 
 The thirty days brought in applications for $48,000,000. Who 
 can estimate the power of sentiment when rightly directed? In 
 acknowledging this great result the President said : 
 
 Here and there, during the eleven years which intervene between 
 February 12, 1892, and July 11, 1903, are events which stand out distinctly 
 in the history of the development of our Agency organization. At these 
 points the power of the agency force, unknown even to itself, has been 
 called out, and the whole level of achievement has been lifted to a higher 
 plane. Men have discovered that they possessed a strength of which they 
 did not previously dream, and the accomplishments of the agency force 
 have never gone back to the earlier level. 
 
 I send greeting especially to the good men who worked so hard and 
 who didn't win a place among the fifty. t As a matter of fact you are all 
 winners. No man can go into a contest of this sort, led by the motives that 
 inspired you, and not come out of it a better man. You are stronger, keener, 
 more ambitious, more conscious of your personal power, more loyal to your 
 Company — in short, you have grown. This is, after all, the chief reward, 
 and it is yours just as much as it is the portion of the fortunate fifty. 
 
 The annual meetings of the $200,000 Club and of several of 
 the $100,000 Clubs, during the latter half of 1903, gave occasion 
 for publishing many helpful and inspiring utterances from those 
 who had won high and definite positions in the agency force; 
 while the fact that over seventy men went from the lower club 
 to the higher showed that they were realizing that greatest benefit 
 of contests pointed out by the President. 
 
 The total business of the 640 club members was over one 
 hundred million dollars in new insurance, and the year closed with 
 
 *Bven this record was surpassed by that of Mr. B. J. Deibel, of the Cleveland 
 Branch, who turned in 96 applications in the month, June 11 — July 11. 
 
 tThe fifty men doing the best work, in their several classes, were invited 
 to New York as the guests of the President. 
 
The Campaign for Neir Business. 79 
 
 an increase of nearly twenty-four millions over the figures of 
 1902. The annual report went to the Insurance Department at 
 Albany on the first day of the new year, and the Superintendent's 
 certificate of its acceptance bore date January 2, 1904. 
 
 The year 1904 had its full quota of contests, on lines already 
 familiar and that offer no special occasion for comment. The 
 agency organization was in perfect working order; the men in 
 the field were tried veterans, who knew just what to do to get 
 business ; they were directed by officers who had worked their way 
 up from the ranks, who knew the fieldman's difficulties and how 
 to overcome them. Improved methods at the Home Office enabled 
 the Company to pass upon applications quickly and to deliver 
 policies promptly. Public events of a startling character — the 
 Iroquois Theater fire in Chicago, the Russo-Japanese War, the 
 "Slocum" disaster, the death of prominent men, the explosion on 
 the battleship "Missouri", the building of the New York Subway, 
 the disastrous fires in Baltimore and Rochester, the Presidential 
 campaign, and the death of three Executive Officers of the Com- 
 pany — all gave opportunity to catch public attention and bring 
 men to consider the claims of Life Insurance. 
 
 On June first a Chicago Office of Issue was opened, at which 
 policies are now issued, policy loans granted^ and policy claims 
 paid, and renewal premiums collected, for the States of Indiana, 
 Illinois, Iowa, Minnesota, Nebraska, North Dakota, South Dakota, 
 Wisconsin, two-thirds of the State of Michigan and the Province 
 of Manitoba, and Northwest Territories in Canada. In this terri- 
 tory the Company has nearly three hundred million dollars of 
 insurance in force, under about 150,000 policies, and its new busi- 
 ness here, in 1903, was over $66,000,000. Twenty-eight Branch 
 Offices and 1,338 agents report to the new office. The occasion was 
 celebrated by a convention of Chicago agents, and with addresses 
 by officials from the Home Office and from the field henceforth 
 tributary to the office. But no New-York Life celebration is 
 complete without a large amount of business done, and during the 
 eleven days preceding the convention Chicago agents had their 
 
80 The Campaign for New Business. 
 
 coats off in honor of their native city. The score was 998 appli- 
 cations, for $2,147,000 of insurance ; Mr. J. Heywood, of the Fisher 
 Branch, heading the list with $125,000, and Mr. John Mayer, of 
 the Tribune Branch, leading on number of applications, with 
 twenty. Among the forty-four agents making highest records 
 were four women.* Women have not only vindicated their right 
 to be insured on the same terms as men, but also to work side by 
 side with them in the difficult field of writing Life Insurance. 
 
 The Chicago Office of Issue, like the Paris Office, and the 
 Branch Offices all over the world, serves as an illustration of 
 the experience, strength and skill in management of a great life 
 insurance company, brought to the doors of the insuring public, 
 and made to serve the purpose of a local company in convenience 
 for the transaction of business. No local company, no company 
 with ordinary experience and resources, can offer such a variety 
 of insurance contracts, with such assurance that all their guar- 
 antees will be met, as are offered by the New-York Life Insxjeance 
 Company in every large city in the civilized world. 
 
 The Office was at first under the general supervision of 
 Mr. H. T. Holtz, Inspector of Agencies for the Northwestern 
 Department. On March 17, 1905, Mr. H. P. Stamford was placed 
 in charge as Resident Secretary. Mr. Stamford entered the ser- 
 vice of the Company as clerk, January 1, 1870; was promoted to 
 Accountant, February 29, 1888 ; to Supervisory Accountant, Janu- 
 ary 1, 1893 ; and to Eesident Secretary, as above, March 17, 1905. 
 
 The first application to pass through the Chicago Office was 
 secured by Mr. Morris Weil, upon the life of Vice-President 
 George W. Perkins. The Weil Brothers— Messrs. Morris and 
 Theodore Weil— have been associated with the Company for over 
 twenty-five years. They began work in Milwaukee, in the same 
 office with Vice-President Buckner, in April, 1885. Mr. Buckner 
 has passed through the intermediate grades to Vice-President, and 
 
 *Miss Niccols and Mrs. P. B. Arnold, Tribune Branch; Miss S. McSweeney, 
 Champlain Branch; Miss Anna Hunter, Title and Trust Branch. 
 
The Campaign for New Business. 81 
 
 the Messrs. "Weil have reached the highest honors as solicitors. 
 During the year 1904, their combined business amounted to 
 $1,300,000, and during the Diamond Jubilee Contest, January first 
 to March fifteenth, 1905, to which reference is made farther on, 
 it was $490,000. These gentlemen have so won the confidence of 
 their clients by strict integrity in their dealings, that they are now 
 insuring the sons and daughters of men whom they insured twenty- 
 five years ago. In a business of over $1,680,000, written during 
 1901, 1902 and 1903, there had been in April, 1905, lapses to the 
 amount of only $37,000. 
 
 The results of the year 1904 show the working of the Agency 
 Department at its best. Without special excitement or unusual 
 pressing for business; with the steady operation of the incentives 
 for good work which its several features supply— the field force 
 moved on, without halting and without haste, to the greatest 
 achievement of all the sixty years of the Company's history. Over 
 one million one hundred and twenty-two thousand dollars of paid 
 insurance were written for every working day in the year, the 
 grand total replacing terminations from all causes and leaving a 
 net gain of over one hundred and eighty-three millions of insur- 
 ance on the books of the Company at the close of the year. 
 
VI. 
 
 HOME OFFICE METHODS. 
 
 Oedinaeily there would be little to say in the history of a life 
 insurance company respecting Home Office methods; it would 
 be assumed that each department did its appropriate work in a 
 proper way; but when an institution becomes as large as the 
 New-Yoek Life, the work must be systematized to an unusual 
 degree if it is to be done economically and promptly. On De- 
 cember 31, 1894, the New-Yoek • Life had on its books 277,600 
 policies; during the year its income was over $36,000,000 and its 
 disbursements over $24,000,000, and over 64,000 new policies had 
 been placed on the books. The problem before the management 
 was to care for this business in a proper manner and, ultimately, 
 to provide for a business three times as great. This has been 
 done (1) by more thorough organization, and (2) by new and 
 improved methods in keeping accounts and handling business. 
 
 The following notices of the work of different departments 
 refer for the most part to new methods and their results. They 
 show that the Company has been made over, that it is a new 
 Company in its methods of handling business, as well as in its 
 forms of contract and its agency methods. Applied to a business 
 as large as that of the New-York Life, old methods were wasteful 
 and cumbersome. The present New-Yoek Life is a Twentieth 
 Century Company, using all the labor-saving devices which a 
 great business necessitates and allows. 
 
 ACTUARY'S DEPARTMENT. 
 
 RuFUS W. Weeks, 2d Vice-President and Chief Actuary ; Arthur R. Grow, Arthur Hunter, 
 Adolph Davidson, Actuaries ; Wilbur H. Pierson, Superintendent. 
 
 The work of this department covers a very wide field, and is 
 interwoven with the work of every other branch of the Company 's 
 
 82 
 
Home Office Methods. 83 
 
 business. Many changes have been made in the methods of the 
 department, in order to handle more expeditiously the increasing 
 business of the Company. 
 
 The Accumulation Policy, which was introduced in 1892, was 
 the first policy form written by the Company containing a full 
 table of loan and non-forfeiture guarantees. The calculation of 
 the guarantees for each policy— which were furnished the Division 
 of Policy' Issues — required the work of several clerks, as well as 
 accurate supervision. 
 
 With the introduction of the Accumulation Policy with an- 
 nual loans in 1896, printed tables were prepared of policy guar- 
 antees for the principal amounts, namely, $1,000, $2,000, $3,000, 
 $5,000 and $10,000. Having printed tables of guarantees, it only 
 remained for the clerk to select the proper slip for the Policy 
 Department's use in writing the policy. 
 
 In March, 1899, another step was taken, tending towards sim- 
 plicity and accuracy, namely, the use of a table of guarantees 
 for one thousand dollars, and a pro rata reference clause, all 
 of which were printed in the policy. 
 
 At the beginning of his administration, President McCall 
 announced his intention of publishing early each year a full and 
 complete report covering every detail of the Company's business. 
 This made it necessary for the Actuary to complete the annual 
 valuation at an earlier date. 
 
 To accomplish this required many changes in the detail work 
 of the Department. In fact, it may be said that the work in con- 
 nection with the valuation of the Company's liabilities now 
 extends over the entire year. The preparatory work having been 
 done, a preliminary valuation is made early in December, and 
 all transactions after that time, consisting of new policies written, 
 policies terminated and changed, are valued as supplementary 
 transactions, and added to, or deducted from, the preliminary sum- 
 mation of reserve. This method makes it possible to include in 
 the report of reserve at the end of the year every transaction 
 during the entire calendar year. 
 
84 Home Office Methods. 
 
 Prior to 1904, the Reserve Liability of the Company was 
 determined by a seriatim valuation— each policy being valued 
 separately. Beginning with 1904, the group system of valuation 
 was adopted. This change has materially lessened the detail work. 
 For example— there were in force on December 31, 1904, 1,619 
 policies, issued in 1904, on the Ordinary Life plan, at age 30, each 
 calling for the same reserve. The Reserve Liability under these 
 1,619 policies was obtained by one multiplication. Under the old 
 seriatim valuation system each one of these 1,619 policies would 
 have been valued separately, and a summation made of the reserve 
 for the entire group. This change in system has not only reduced 
 the labor to a minimum, but also materially adds to the accuracy 
 of the valuation. 
 
 These changes make it possible, within three days after closing 
 the books, to receive the official certificate from the Superintendent 
 of Insurance of the State of New York, certifying to the Reserve 
 Liability of the Company as of the preceding 31st day of December. 
 
 In order to make the special reports required by the various 
 domestic and foreign insurance departments, it is necessary to 
 tabulate the business of the Company by geographical divisions, 
 in order that proper classification may be made at the end of the 
 year of the outstanding business, the new business, and business 
 terminated, in each state and country. Account is also kept of 
 new business, arranged according to Branch Office lines. This 
 account is sent to the Agency Department daily. 
 
 The Mortality Investigation Division of the Actuary's De- 
 partment keeps track of the mortality in semi-hazardous and 
 hazardous occupations, on under-average lives, and in tropical 
 countries. When policies are paid for, a card is written for each 
 life, which is then kept under observation until the policy is 
 terminated by the insured's death, or by the surrender of the 
 contract. In this way the Department determines whether the 
 premiums charged in tropical countries are sufficient, and whether 
 the treatment of sub-standard lives and hazardous occupations 
 is sufficiently conservative. The statistics gathered by this division 
 
Home Office Methods. 85 
 
 form the basis whereby the Medical Department determines the 
 insurance value of each risk, which has made possible the insurance 
 of sub-standard lives, and the present classification of policy 
 forms. 
 
 The Actuary's Department prepares each year, in addition 
 to the Company's regular report, which is filed with the govern- 
 ment of each state of the United States and many foreign countries, 
 special reports for Germany, Switzerland, Austria, Great Britain, 
 Australasian Colonies, Brazil, Mexico, Argentine Eepublic and 
 Chile. In these reports the business of the Company is subjected 
 to a very close analysis from a variety of viewpoints, the mortality 
 alone being calculated in hundreds of different groups. This 
 necessitates keeping the records of the Company in such form that 
 the data for a great variety of calculations shall be at once avail- 
 able in the form required. 
 
 Beginning with the year 1898, and ever since, the Company 
 has held a policy reserve on a higher basis than that required by 
 the New York law. The New York law requires that on all 
 insurances issued before the year 1901 the Company shall hold a 
 4% reserve, and on all insurances issued in 1901 and since, either 
 a 31/2% or a 3% reserve, as the Company may have notified the 
 Department. The Company chose the more severe of these two 
 standards, and notified the Department that its basis upon insur- 
 ances issued in 1901 and subsequently would be 3%. This is, 
 however, only one of several items representing the reserve held 
 by the Company over and above what the law requires. 
 
 Beginning with the year 1898, the Company resolved to set 
 aside a reserve on a 3% basis on all its insurances issued in that 
 year and thereafter, and has done so ever since, so that the 3% 
 rule has been extended back three years from the date fixed by 
 the law. The amount of extra reserve held December 31, 1904, on 
 these three years' issues, 1898, 1899 and 1900, is $2,911,064. 
 
 Beginning with the same year, 1898, the Company raised the 
 standard of its reserve upon all participating policies issued in 
 
86 Home Office Methods. 
 
 the years 1895, 1896 and 1897, to a 31/2% basis. The amount of 
 extra reserve held December 31, 1904, on these three years' issues, 
 1895, 1896 and 1897, is $1,576,217. 
 
 Beginning with the same year, 1898, the Company raised the 
 standard of its reserve upon all its Annual Dividend policies issued 
 from the beginning of the Company, to a 314 % basis. The amount 
 of extra reserve held December 31, 1904, on these Annual Dividend 
 policies is $1,016,475. 
 
 Beginning with the year 1900, the Company increased the 
 reserve of its Annuity policies issued since the year 1897 to a 3/p 
 basis, with the American Table of Mortality. At the end of 
 1904 the Company again increased these reserves by putting all 
 the reserves on annuities on a special annuity table calling for 
 a high reserve. The amount of extra reserve held December 31, 
 1904. on annuities, is $987,080. 
 
 Beginning with the year 1901, the Company set aside an 
 extra reserve to meet excessive mortality upon its insurances issued 
 in tropical countries, where a higher premium is charged than 
 in the temperate regions. The basis of this reserve has been made 
 more severe each successive year. The amount of extra reserve 
 held December 31, 1904, on tropical policies, is $816,977. 
 
 Beginning with the year 1899 the Company carried an extra 
 reserve on all Sub-standard policies on which an extra premium 
 had been charged. The amount of this extra reserve on Decem- 
 ber 31, 1904, was $58,970. 
 
 Policy Reserve held voluntarily by the Company in excess of the require- 
 ments of the New York Law. 
 
 December 31, 1898 $2,838,626 
 
 " 1899 3,507,699 
 
 " 1900 4,283,077 
 
 " 1901 5,153,396 
 
 " 1902 5,397,325 
 
 " 1903 6,859,193 
 
 " 1904 6,830,023 
 

Home Ofpce Methods. 87 
 
 FINANCIAL DEPARTMENT. 
 Edmund D. Randolph, Treasurer ; Fkbdebick H. Shipman, Assistant Treasurer. 
 
 Prior to 1892 the financial records and the securities of the 
 Company were in charge of different persons and Departments. 
 In the general reorganization then made a Financial Department 
 was provided for, and Mr. Edward N. Gibbs, a' Trustee and a 
 member of the Finance Committee, was elected Treasurer. Mr. 
 Gibbs died in October, 1900, and Mr. Edmund D. Randolph, the 
 present Treasurer, was elected in his stead. 
 
 The work of the Financial Department is intimately asso- 
 ciated with that of the Finance Committee, which body has per- 
 sonal supervision of the funds of the Company, and directs the 
 making and calling in of investments. A great volume of invest- 
 ments is offered to the Committee, and to facilitate its work in 
 selecting the best, the Department has accumulated very complete 
 records of such corporations as are likely to offer desirable bonds 
 for sale. Each corporation has a separate file, to which are added, 
 from time to time, reports, letters, copies of its mortgages, and other 
 items of information pertaining to its condition and security 
 issues. A similar method is followed with respect to State, County 
 and Municipal bonds. These records include the opinion of the 
 Company's counsel as to the legality of the issues of securities. A 
 sub-committee meets daily to sift out the more desirable offerings, 
 and then information respecting them is collated for the full Com- 
 mittee, which meets twice a week. No purchase, sale or loan is 
 made without the approval of each member of the Committee. 
 
 In 1895 the Finance Committee considered $134,000,000 in 
 securities, and out of the offerings selected and purchased 
 $11,000,000; in 1900, they considered $141,000,000, and purchased 
 $25,000,000 ; in 1903, they considered $394,000,000, and purchased 
 $47,000,000 ; in 1904, they considered $426,000,000, and purchased 
 $88,000,000. In eleven years, they have considered $2,000,000,000, 
 and have purchased $391,000,000. The transactions of the Com- 
 mittee in 1894 amounted in round numbers to $31,000,000 ; in 1904 
 to $140,000,000. 
 
 8 
 
88 Home Office Methods. 
 
 The Company's annual report for December 31, 1894, showed 
 the following investments, exclusive of policy loans and cash: 
 
 Real Estate $14,675,478.98 
 
 Loans on Mortgages 26,349,724.84 
 
 Loans on Collateral 579,922.00 
 
 Stocks and Bonds 99,029,047.78 
 
 Total $140,634,173.60 
 
 The Company's report for December 31, 1904, shows the 
 following : 
 
 Real Estate $13,257,500.00 
 
 Loans on Mortgages 23,595,105.00 
 
 Loans on Collateral 550,000.00 
 
 Bonds (book value) 287,062.384.31 
 
 $324,464,989.31 
 
 Real estate, loans on mortgage and loans on collateral have 
 all slightly decreased, stocks have disappeared altogether, while 
 bonds have increased by nearly two hundred million dollars in 
 ten years. Old investments have been so carefully weeded and 
 new investments so carefully made that no bond was in default 
 of interest on December 31, 1904. 
 
 Of the bonds owned by the Company on the first of January, 
 1905, $209,000 (book value) have been owned since before 1879; 
 $8,700,000 were bought between 1879 and 1884; $16,000,000 between 
 1884 and 1889; $21,000,000 between 1889 and 1894; $57,000,000 
 between 1894 and 1899, and $185,000,000 since 1899. 
 
 As to maturity, $21,000,000 of these bonds never mature 
 (British Consols) ; the periods of maturity of $1,000,000 more run 
 from one hundred to five hundred years ; the maturity of $51,000,000 
 comes at points from fifty to one hundred years hence; of 
 $74,000,000 between forty and fifty years hence; of $34,000,000 
 between thirty and forty years hence; of $35,000,000 between 
 twenty and thirty years hence; of $37,000,000 between ten and 
 twenty years hence; and $36,000,000 mature within the next ten 
 years. 
 
 As the Company's bonds are entered in its annual report at 
 
Home Office Methods. 89 
 
 their "book values", it may not be amiss to explain what is meant 
 by the phrase, and how bonds purchased above or below par are 
 kept at "book value". It is evident that a bond purchased above 
 par and held till maturity, does not yield the investor the rate of 
 interest expressed in the bond. It is equally evident that a bond 
 purchased below par and held until maturity yields the investor 
 a higher rate of interest than that expressed in the bond. It 
 is easy to ascertain, from tables prepared for that purpose, what 
 rate of interest a bond will yield, whatever the purchase price, if 
 it is held until maturity. If, therefore, a 5% bond, having no 
 matter how many years to run, is bought at a price which yields 
 4% on the investment, the book-keeping problem is to keep the 
 "book value" at such a figure each year as will represent a 4% 
 investment. In the case of a bond bought above par, a part of the 
 interest goes to cancel the premium paid, and in the case of a bond 
 bought below par the increased "book value" provides for the 
 difference between the rate expressed in the bond and the rate 
 actually realized. The book value of a bond bought at par always 
 remains the same; the book value of a bond bought either above 
 or below par must be changed after every interest payment. This 
 involves a great deal of labor, but any other method gives a wrong 
 rate of interest received and a wrong value to the security. 
 
 When securities are purchased, they are received by experts 
 in the Treasurer's office who inspect them carefully to make sure 
 of a "good delivery". They are counted by two responsible 
 persons, and put away in the vault until the next meeting of the 
 Finance Committee at which the contents of the vault are to be 
 verified. These, and all other parcels on which the seal has been 
 broken since the last verification, are then brought into the room 
 where the Committee works. Each parcel is counted in detail 
 and verified by the members present. As soon as a parcel is 
 counted, it is strongly wrapped, bound with tape and sealed, and, 
 on a blank provided, a member certifies to the date, amount, and 
 his counting. This is again signed by the Secretary of the Com- 
 mittee certifying that he saw the parcel counted and sealed. The 
 
90 Home Offtce Methods. 
 
 securities are now placed in a steel compartment, or cage, in the 
 vault, usually under the supervision of the Treasurer, in the 
 presence of another member of the Committee, who checks them 
 with the record made for the Company's books. The inner steel 
 cages are then locked. They can only be unlocked by two 
 separate keys, which are always in the possession of different 
 persons. After the cages are locked, a piece of tape is run 
 through two steel eyelets, one on the door the other on the 
 side of the vault. The ends of this tape are tied and sealed 
 with the Committee's seal, and the date placed on the seal. 
 The compartments of the vault are shut in by two massive 
 doors of chilled steel, both of which are equipped with 
 time locks. The lock on the outside door is set to permit its 
 opening a little earlier than the one on the inside door. The 
 officers having the combination of the outer door do not know 
 the combination of the inner door, nor do those having the com- 
 bination of the inner door know the combination of the outer 
 door. Over these steel doors are drawn thin wooden shutters, 
 lined with thousands of electric wires, which connect with a central 
 detective station outside the Home Office. When the doors have 
 been closed and the shutters drawn, it is impossible to open or 
 disturb them without giving instant alarm. 
 
 During the year 1904, the Company received in interest on 
 bonds the sum of $10,634,986.99. Interest is usually due half 
 yearly, the heaviest months being January and July, in each of 
 which about $1,700,000 comes in. The next heaviest months are 
 April and October, which yield about $1,000,000 each. The 
 smallest months bring in several hundred thousand dollars each, 
 over $500,000 being collected in February, 1905. In the case of 
 registered bonds, interest is received in checks, but the larger 
 part of the Company's holdings is in coupon bonds, from which 
 interest coupons must be cut and deposited in bank for collection. 
 About 500,000 coupons are detached annually. In order that the 
 coupons may be deposited promptly, the work of cutting and 
 counting is done well in advance of the maturity of the coupons. 
 
"ii '] CLARENCE M.MACKAV 
 
 ■C, Jv \ TRUS TEE 
 
Home Office Methods. 91 
 
 In the disposal of securities within the vaults, those with 
 coupons maturing in the same month are put together; hence, 
 when coupons are cut it is only necessary to have one cage open 
 at a time. A package of securities is taken out, usually by the 
 Assistant Treasurer and the Cashier, counted and compared with 
 the memorandum attached, before the work is begun. The coupons 
 are cut by four clerks and counted by two others. They are then 
 placed in packages, sealed and checked by an Officer of the Com- 
 pany, and placed in the vault in the presence of witnesses. The 
 securities are again counted and returned to the cage. At the next 
 counting meeting of the Finance Committee, the contents of the 
 cage that has been opened are carefully inspected by the Committee, 
 the securities being counted and sealed in packages, and the cage 
 again sealed and dated, with the same care as before. In no 
 handling of securities or coupons is the count or check of one 
 person accepted; the presence, count, check and certificate of at 
 least two are always required. Since the organization of the 
 Department no security or coupon has ever been misplaced or lost. 
 
 The premiums paid at Branch Offices are deposited in local 
 banks to the credit of the Company. These accounts, with banks 
 and bankers throughout the world, are in charge of this Depart- 
 ment, and the daily balances to the credit of the Company are 
 made to bring income, either by substantial payment of interest, 
 or, by an equivalent value in collection facilities, the Company 
 being under no obligation to show favors to any institution. All 
 the cash taken in at the Home Office is turned over to the Cashier 
 each day for deposit in the bank, and the accounts of the Branch 
 Offices at banks and bankers throughout the United States and 
 Canada, are drawn upon weekly for the balance to the Company's 
 credit; thus all moneys are centralized at the Home Office for 
 immediate investment. The foreign accounts are also subject to 
 direct draft of the Home Office, and the money brought home from 
 time to time, when exchange is favorable. 
 
 This Department also has charge of the payment of all 
 salaries and expenses at the Home Office, and of all benefits to 
 
92 Home Office Methods. 
 
 policy-holders. From 350 to 400 checks are drawn daily to meet 
 disbursements for policy claims and loans. These checks are 
 drawn upon warrants duly signed by officials of the department 
 from which they come, and countersigned by the Auditor. All 
 such checks are signed by two Officers of the Company. 
 
 MEDICAL DEPARTMENT. 
 
 S. O. VanderPoel, M. D., Oscar H. Rogers, M. D., Morris L. Kino, M. D., 
 Ernest H. Lines, M. D., Fbank de la Vergne, M. D., Medical Directors. 
 
 T. W. Bickerton, M. D., H. P. Woley, M. D., Assistant Medical Directors. 
 
 During the ten years, 1895-1905, there were among the Com- 
 pany's insured policy-holders 35,230 deaths. These were distrib- 
 uted, as to cause of death, as follows: 
 
 Respiratory System— tuberculosis (4,427), pneumonia, etc. (3,835). 8,262 
 
 Circulatory System — diseases of heart and blood-vessels 4,148 
 
 Nervous System— apoplexy, brain diseases, paralysis 4,385 
 
 Infectious Diseases — diphtheria, grippe, malaria, intermittent fevers, 
 
 etc 3,151 
 
 Cancers and Tumors 1,778 
 
 Accident 2,697 
 
 Urinary System 3,630 
 
 Digestive System — gastritis, intestinal catarrh, liver diseases 2,936 
 
 Diseases of Bones and Joints 34 
 
 Suicide 1,214 
 
 All other causes 2,995 
 
 Total 35,230 
 
 The deaths from Accidental Causes were distributed, by oc- 
 cupation, as follows: 
 
 Merchants (419) and merchants' employees 848 
 
 Manufacturers (180) and manufacturers' employees 650 
 
 Farmers (333) and farmers' employees 352 
 
 Transportation pursuits 218 
 
 Officials and professional men 268 
 
 All other occupations 298 
 
 Women 63 
 
 Total 2,697 
 
Home Office Methods. 93 
 
 The deaths from Suicide were distributed, by occupation, as 
 follows : 
 
 Merchants and employees 651 
 
 Manufacturers and employees 179 
 
 Officials and professional men 118 
 
 Farmers and employees 87 
 
 Transportation pursuits 31 
 
 All other occupations 127 
 
 Women (9 self-supporting, 12 wives) 21 
 
 Total 1,214 
 
 Of the 4,148 persons dying by reason of diseases of the circu- 
 latory system 1,835 were merchants or employees of merchants, 
 and 610 were officials or professional men. The accidental deaths 
 were distributed by years of insurance as follows : first year, 673 ; 
 second year, 378 ; third year, 312 ; all other years, 1,334. 
 
 Of the 1,214 deaths by suicide, the larger number were cases 
 in which the insurance had been in force from five to ten years. 
 The largest number of such deaths occurred in the cases of men 
 engaged in the mercantile pursuits, either as merchants or em- 
 ployees of merchants. In this group there were 651 suicides, or 
 53% of the entire number of losses by suicide. As to age,— the 
 largest number of suicides occurred between the ages of 36 and 
 40; and in the entire group of 1,214 cases there were but 21 
 women— 9 self-supporting and 12 wives. The deaths occurring 
 between ages 30 and 45 amounted to 12,832; over age 45 they 
 amounted to 22,398. 
 
 In addition to what may be termed routine work, done in the 
 ordinary way, the Medical Department has found it necessary, 
 from time to time, during the past ten years, to take up new work, 
 modify its methods, and to adopt new methods in order to insure 
 rapidity in handling the business, and at the same time to secure, 
 as far as possible, uniformity of action. Among the more im- 
 portant changes are the following : 
 
 The Acceptance of Sub-Standard Eisks. 
 
 The Valuation of Lives bv means of Standard Tables. 
 
94 Home Offlce Methods. 
 
 The Examination of Urine at the Home Office. 
 
 The Graded Fee Schedule. 
 
 The Territorial Supervision of the Business from the Home 
 Office. 
 
 The Appointment of Chief Medical Officers for Foreign 
 Countries. 
 
 The Index of Executive and Medical Eulings. 
 
 The Improved System of Correspondence by means of Stock 
 Letters and Scrap-book of Medical Notes. 
 
 The System of Supervising and Recording the Character of 
 the Examiner's Work. 
 
 The Acceptance of Sub-Standard Eisfcs.— Perhaps the greatest 
 advance the Company has made in its Medical Department dur- 
 ing the last decade has been the proper classification and acceptance 
 of Sub-Standard risks. Prior to 1896, cases which did not measure 
 up to the Company's standard of vitality were declined outright. 
 Thus many applicants who were desirous of obtaining insurance 
 were denied its benefits, and the Company spent large sums of 
 money and a vast amount of time in considering and finally reject- 
 ing risks of this class,— the records showing that 15% of the 
 total number of applications previously submitted to the Company 
 fell below its then standard. By means of an extensive study, how- 
 ever, the insurance value of each impairment met with was estab- 
 lished, and, as a result of this investigation, the Company is now 
 able to offer some form of insurance on practically all applications 
 presented except in cases of acute illness at time of examina- 
 tion, gross immorality, or gross intemperance. The Company's 
 records indicate that, since the introduction of the system, offers of 
 insurance in some form have been made on 97 % of the applications 
 written— from which it will be seen that there has been an enormous 
 salvage of what was formerly waste, both for the Company and 
 its agents. 
 
 The Valuation of Lives by Means of Standard Tables.— This 
 system involves the grading of risks according to their insurance 
 value, and then, by the employment of the Standard Tables, the 
 
< . WOODBURY LANSDON 
 
Home Office Methods. 95 
 
 placing of such risks in the classes to which they belong. In each 
 risk the factors— Build, Family History, Residence, Occupation, 
 Habits, Physical Condition, Personal History and Race are con- 
 sidered, the proper valuation placed opposite each factor, and the 
 sum of these various factors is then considered to be a fair valua- 
 tion of the life. 
 
 For example, an applicant's build and family history, accord- 
 ing to the Company's tables may be normal, calling for a rating 
 of 100; his residence may be salubrious and therefore not taken 
 into account; his occupation, on the other hand, may be of a haz- 
 ardous nature, and he would, on this account be penalized, accord- 
 ing to the degree of hazard connected with such occupation. The 
 physical condition is then considered, and if, for example, he is 
 found to be suffering from heart disease, he will receive an excess 
 rating of so many points. 
 
 By means of this system a uniform action on the Company's 
 business is secured, and while it is found necessary from time 
 to time to change valuations assigned to various impairments, yet 
 the general result remains practically the same. In many in- 
 stances it has been found possible to liberalize along certain lines ; 
 but on the other hand, experience has shown the necessity of 
 increasing the ratings on several important factors. 
 
 This matter of the classification of risks is now becoming so 
 well established that it is possible to employ lay clerks to review 
 applications on normal lives. 
 
 The Examination of Urine at the Home Office.— The accept- 
 ance of sub-standard risks has rendered necessary a finer and 
 more minute examination of the urine in cases of impaired lives, 
 and the system of Home Ofiice analysis has been adopted. By the 
 employment of preservatives, and at but a slight additional cost, 
 the Company secures through the mails, in receptacles specially 
 designed, specimens of urine for Home Office analysis, in all cases 
 where the conditions warrant such further examination. 
 
 The Graded Fee Schedide.—FrioT to October, 1895, the Com- 
 pany paid a flat fee of $5 for each medical examination. After 
 
 9 
 
96 Home Office Methods. 
 
 that date it adopted what is known as the ' ' Graded Fee Schedule ' ' 
 which provides for a sliding scale of compensation. In addition 
 to this, there has also been introduced recently the Salaried 
 Examiner System, as well as the Special Fee System, for Chief 
 Medical Examiners in cities of the first, second and third classes, 
 and, as a result of these' methods, the average fee now paid for 
 medical examinations is about $3.10. When it is considered that 
 during the year, 1904, 237,772 cases were examined, it will be 
 seen that these methods have been productive of great economy. 
 
 Territorial Supervision of Business by Medical Board at 
 Home O^ce.— With a view to keeping the Home Office in .closer 
 touch with the Medical Examiners throughout the country, it was 
 deemed wise to make a territorial division of the United States^ 
 Canada and Mexico, and to place each division under the imme- 
 diate supervision of a member of the Medical Board. By this 
 arrangement the physician in charge of a given territory becomes 
 familiar with the work of the various examiners, with the character 
 of the business produced by the agents in that district, as well as 
 with the work done by the inspectors in that region. It also en- 
 ables him to make a special study of the diseases prevalent in 
 the section of the country allotted to him, and to attach the proper 
 significance to such impairments as present themselves in con- 
 sidering the value of risks. 
 
 In order that tlie physicians in charge of the territories may 
 become thoroughly conversant with the above points, periodical 
 tours of investigation have been instituted, during which members 
 of the Medical Board visit all the Branch Offices in their terri- 
 tories. They meet and talk with members of the agency force, 
 and discuss the needs and quality of the medical service ; they also 
 select the physicians best qualified to act for the Company, and 
 instruct such physicians as to their duties. These visits are made 
 about once a year, and have proved to be of great value to the 
 field force as well as to the Medical Department. 
 
 Chief Medical Exam,iners in Foreign Countries. — Within 
 recent years the Company's business abroad has developed so 
 
Home Office Methods. 97 
 
 materially that it has been deemed expedient to send to Paris, 
 Berlin, Sydney, Yokohama, Shanghai and Buenos Aires, physicians 
 who have been educated at the Home Office in the Company's 
 technique, and who are familiar with the conditions existing in 
 the countries to which they are assigned. These medical repre- 
 sentatives have introduced into our foreign offices our latest 
 methods; they authorize the issue of Definitive and Temporary 
 Policies, and conduct the Company's affairs in exact accord with 
 the methods in vogue at the Home Office. 
 
 Index of Executive and Medical Rulings. — The establishment 
 of four Offices of Issue, for Temporary Policies, made it nec- 
 essary for the Company to compile an Index of the Company's 
 Executive and Medical Rulings for the use of the medical gen- 
 tlemen in charge of these offices, in order to secure uniform 
 and harmonious action. These indexes cover all the procedures 
 at present in operation, and are kept up to date by the addition 
 of the new rulings made by the Office and Sub-Office Committees. 
 Medical Representatives at the various offices have found the 
 index of the greatest value in acting on business which passes 
 through their hands. 
 
 The Improved System of Correspondence hy Means of Stock 
 Letters and the "Scrap-book of Medical Notes."— The considera- 
 tion of sub-standard risks necessitates a relative increase in the 
 correspondence of the Department with its Medical Examiners, 
 because of the necessity of obtaining additional information con- 
 cerning impairments in such cases. In order to avoid the necessity 
 of dictating this large correspondence four Stock Letters have been 
 prepared, by means of which every case can be covered. The 
 queries are typed on the second, or reply, sheet of the Stock Letter ; 
 the Examiner indicates on this sheet appropriate replies to 
 questions from the Home Office, and the Reply Sheet is then 
 returned to this office. 
 
 It has been found that considerable time may be saved by 
 initiating a portion of this correspondence at the Branch Offices. 
 Accordingly there is placed in the hands of each Cashier in the 
 
98 Home Office Methods. 
 
 United States, Canada and Mexico, a copy of the "Scrap-book 
 of Medical Notes", which contains full directions for the sending 
 out of Stock Letters when necessary, before the papers are for- 
 warded to the Home Office. The replies from the examiners thus 
 reach the Home Office at about the same time, or within a very short 
 period after, the cases are received, and the result is that much 
 delay is avoided. The Cashier's work in this respect is very care- 
 fully scrutinized, and when a case reaches the Home Office in 
 which the Cashier has neglected to send out the proper letter 
 calling for necessary information, a "Charge Letter" is written 
 and a carbon copy of such letter is filed as an error against the 
 Cashier. At the end of a certain period of time these carbons are 
 "rounded up", and the Cashier is commended for his work, or 
 requested to be more careful in future, as the case may be. 
 
 Supervising and Recording the Character of the Examiners' 
 Work.— The work of the Company's examiners is carefully scru- 
 tinized, and an accurate individual record is kept, by means of a 
 card index, (1) of the number of deaths occurring in the first 
 and second policy years, (2) of the number and character of 
 faulty diagnoses made, and (3) of the number of cases in which 
 correspondence has been necessitated by reason of careless or 
 incomplete reports. 
 
 COMPTROLLER'S DEPARTMENT. 
 
 Peter Duncanson, Edward A. Anderson, Isaac E. Gillies, 
 Frederick A. Jackson, Comptrollers. 
 
 A By-Law adopted by the Company in 1892 required the Comp- 
 troller to check the receipts and disbursements of the Company. 
 In order to comply with this By-Law, the Department of Accounts, 
 the Renewal Department, the Checking Department and the Book- 
 keeper's Department were consolidated under the title of the 
 "Comptroller's Department". 
 
 At the time mentioned, the General Agency system was in 
 operation, and each General Agent rendered his account to the 
 
rrrr 
 
 
Home Office Methods. 99 
 
 Home Office monthly, covering the receipts and disbursements of 
 his agency for the month. 
 
 When the Branch Office system was established, the Monthly 
 Account was discontinued and the present system of Daily Cash 
 Reports introduced. This enabled the premiums to be marked up 
 from day to day, and the disbursements to be audited currently. 
 
 During the years 1894-6 the Department was reorganized, and 
 a premium record card devised, combining several records which 
 had been kept separately. All the work of the Department was 
 specialized and systematized, with a view to doing it more economi- 
 cally, promptly and efficiently, and with a view to establishing it 
 on such a basis as to make it capable of indefinite expansion, so 
 as to accommodate the growth of the Company. 
 
 The Department now receives Daily Premium and Cash Ee- 
 ports from all Branch Offices in the United States, Canada and 
 Mexico. The same system of Daily Reports is in use in the foreign 
 offices, and the reports are received here by each mail steamer. 
 
 By means of the Daily Report system and the improved 
 method of recording premiums and auditing reports, the Depart- 
 ment is enabled to carry into the Company's boote all reports 
 received up to 4 o'clock P. M. on December thirty-first, and to 
 complete the trial balance for the Annual Statement within twenty- 
 four hours from that time. 
 
 INSPECTION DEPARTMENT. 
 J. A. DoLAN, Superintendent. 
 
 The inspection of risks is designed to supplement the medical 
 examination with information respecting an applicant's social, 
 moral and financial standing. It is easy to see that a man's business 
 relations, and his mode of life may greatly affect his desirability 
 as a life insurance risk. There is no prying into men's private 
 affairs by detective methods, but only such inquiries as one might 
 reasonably make concerning one whom it is proposed to take into 
 partnership in the business of life insurance. 
 
 Inspection of risks was practiced by the Company prior to 
 
100 Home Office Methods. 
 
 1892 in special cases, but with the issue of the Accumulation 
 Policy, without restrictions upon the insured, it became necessary 
 to exercise great care in the selection of all risks. The Inspection 
 Department was therefore organized, and the inspection of risks 
 was reduced to a system. The Company now requires a report 
 upon each risk from a layman's point of view— independent of 
 both the Agency and the Medical Departments— before a policy 
 is issued. 
 
 "It is better to be sure than to be sorry"; and it is better for 
 both the insured and the Company that there should be a fair 
 understanding before the contract than a misunderstanding after 
 it. The Company issues a policy which allows perfect freedom 
 of action on the part of the insured, and which contains but the 
 one condition, namely, that premiums be duly paid; it accepts an 
 applicant, if at all, "for better or worse", and with no divorce 
 court in view, hence a little preliminary courting is safe and sane. 
 
 Most of the work of inspection is necessarily done on the field, 
 and there are in the territory supervised from the Home Office 
 about 16,000 persons upon whom the Department can call for 
 inspection reports. The larger number of these are only called 
 upon for occasional reports, but in the larger cities regular 
 inspectors are employed, who give their whole time to the work. 
 The same methods are employed at the Offices of Issue in Chicago 
 and in Europe. The Chief Inspector at Chicago is Mr. William 
 Krumsick. 
 
 The work of the Inspection Department has already demon- 
 strated its value in keeping undesirable risks off the Company's 
 books, and in the actual saving of large sums of money that would 
 otherwise have been paid in death-claims. 
 
 DIVISION OP INDEXES. 
 E. B. Van Buskirk, Superintendent. 
 
 The Division of Indexes is a combination of several indexes, 
 and is a branch of Secretary McCall 's Department. It has a force 
 of twenty clerks with a superintendent. 
 
Home Oifice Methods. 101 
 
 The office opens half an hour before the other departments, so 
 as to prepare business for them. It maintains a Card Index of all 
 the policy-holders of the Company, all annuitants, and all appli- 
 cations which have been acted upon unfavorably. The Index con- 
 tains over two milUion cards, and it is being added to at the rate 
 of about 1,500 per day. 
 
 It is the duty of the Division to file and maintain the cards in 
 their proper order, and to check each new document received by 
 the Company, so that it may be brought in connection with the 
 other documents bearing on the same case. 
 
 Prior to the organization of this Division in 1897, by the 
 consolidation of the several component indexes, it was necessary 
 to make six distinct searches, in as many different places, before 
 it could be ascertained whether or not there was a record on a given 
 name. Now, it is only necessary to make one search. 
 
 Under the old method, the Medical Department received from 
 60 to 70 applications by 10 o'clock, whereas, the Index now de- 
 livers to that Department more than double this number by 9 
 o'clock, and the handling of other documents has been facilitated 
 in the same proportion. 
 
 The "component indexes" referred to above, were, first, a. 
 printed index covering all applications for insurance from the 
 beginning of the Company up to April 1, 1888; second, a printed 
 index of all applications from April 1, 1888, to January, 1890; 
 third, a card index of all applications from January, 1890, to 1897,. 
 the time of the consolidation; a "suspended" index, and two 
 "declined" indexes. As these indexes were not all in one place, 
 much time was consumed in passing the papers from one to 
 the other. The index cards are arranged alphabetically, and when 
 there are more than one bearing the same name, they are placed 
 chronologically as to date of birth.* 
 
 The Company has a special Post Office box for the reception 
 of applicationsf, and these are brought to the Index direct from 
 
 *Por example, the index contains cards relating to 154 John Smiths, 
 t Applications are mailed from Branch Offices in special envelopes, distin- 
 guished by a large "A" in one corner. 
 
102 Home Office Methods. 
 
 the Post Office and opened in this Division. At about 8.10 A. M. 
 the Superintendent and two or three clerks are in attendance to 
 begin the work. After the envelopes are opened, the Division 
 stamp is placed upon the Home Office Memorandum, which accom- 
 panies the applications, and the applications are checked from the 
 invoices. From these invoices a daily business sheet is made for 
 the Agency Department, showing the business done by each Branch 
 Office. 
 
 The data at the head of the Home Office Memorandum, i. e., 
 the name, date of birth, amount of insurance. Branch Office name, 
 and Inspection Report Memorandum, are then examined and the 
 family name underscored. They are then ready to be checked 
 through the Index. The duty of the checker is to transfer to the 
 Home Office Memorandum whatever may be found in the Index. 
 If policy numbers are found, the application is sent to the Division 
 of Policy Briefs for a full insurance statement; if a suspended 
 number is found, the suspended case is gotten up and attached to 
 the new papers. In case a declination is found, the papers are 
 sent direct to the Medical Department. Should no record whatever 
 be found, the application is also sent to the Medical Department. 
 If the Inspection Eeport has not been sent out from the Branch 
 Office, or if it is attached to the papers, the application is sent 
 to the Inspection Department. 
 
 At about 9.15 from 10 to 15 confidential letters are received, 
 and from these stop cards are made and are placed in the Index, 
 and also upon special bulletin boards, so that they may be readily 
 caught should an application come in on the life referred to. 
 The territory from which this letter has been sent is looked up, 
 that the memorandum may be filed with the application invoices, 
 so as to see whether the application has already been received, 
 and also to catch it in case it should be missed by the application 
 checker. 
 
 After the checking of applications, the next to receive atten- 
 tion are inspection reports, health certificates, death-claims and 
 letters. 
 
C^6>=f«\AnrY^'Tr>ji7;^"X7/0 
 
 '-O'^tPTROLUe**- 
 
 //:T'V;^'i/ 
 
 
 EDWARD A. ANDERSON C 
 COMPTROLLER 
 
 "^O/^rv A. HO^t^^ 
 
 -AUDITOR 
 
Home Office Methods. 103 
 
 The cards are placed in the Index by five different clerks, the 
 work of each being distinguished by a special color. Before a 
 batch of cards is given out to be placed in the Index, the cards are 
 slightly separated, in order to be counted, and while thus separated 
 are marked with the color of the filer. In this way all errors are 
 easily traced to the person who makes them. No card is ever 
 dropped in its final place without its position being verified by a 
 more experienced clerk than the one who has placed it. 
 
 An individual account is kept of all the work done, and from 
 this a monthly bulletin is made, showing the number of applica- 
 tions and other items checked by each clerk, and also the number 
 of errors made in checking applications. During the month of 
 January, 1905, 12,782 applications were checked and, counting 
 cards, 77,057 other searches were made, a total of 89,839. Out of 
 12,782 applications checked, there were 9 errors made, an average 
 of 7 for every 10,000 applications. There were thirteen checkers 
 during the month, eight of whom had a clean record for the entire 
 month. 
 
 All the new Index Cards are made in the Division of Policy 
 Records, but where there is a former record, the applications are 
 sent to the Index, where the new record is placed on the old card. 
 On receiving cards from the Division of Policy Records, they are 
 arranged numerically, then checked off a number book (to make 
 sure there is a card for each number issued) and finally alpha- 
 betized and filed. 
 
 All requests for additional insurance come to the Index. After 
 being invoiced, the proper notation is made on the Home Ofiice 
 Memorandum, and they are then forwarded to the proper de- 
 partment. 
 
 DIVISION OP POLICY ISSUES. 
 Benjamin T. Wilcox, Manager. 
 
 When, in June, 1892, the Accumulation Policy was first intro- 
 duced, the figures for the second page of the policy (guarantee 
 table) were furnished by the Actuary's Department, on a sheet 
 
 10 
 
104 Home Ofjfice Methods. 
 
 written by hand, the figures then being copied on the second page 
 of the policy in the Policy Department. This method was cum- 
 bersome, and often delayed the work to such an extent that from 
 50 to 150 policies were frequently held over night in a half -finished 
 condition, awaiting the necessary second page slips. 
 
 An improvement was made in 1896, when the Annual Loan 
 policies came into use; the figures for the second page of the 
 policies, for those amounts most frequently used ($1,000, $2,000, 
 $3,000, $5,000 and $10,000) were printed on slips of paper, and 
 such slips sent to the Policy Department, for the respective policies 
 to be issued, saving the Actuary's Department the labor of fur- 
 nishing the written second page figures, and thereby greatly facili- 
 tating the issue of the policies. This arrangement, however, had 
 its drawbacks, and as the business continued to increase, it became 
 a question of either greatly increasing the clerical force or of 
 finding some way of reducing the labor of writing the policies. 
 
 A partial solution of the problem was found in March, 1899, 
 when the guarantee figures, formerly written by hand on the second 
 page of the policy, were printed for amounts of $1,000, $2,000, 
 $2,500 and $5,000 for ages between 21 and 50. But this necessi- 
 tated a large number of printed forms. This was further improved 
 upon in September of the same year, by the use of policy forms with 
 the guarantees printed on the basis of $1,000, with a pro rata refer- 
 ence clause. By this means the number of policy forms with 
 printed guarantees was reduced to one-fourth the number in use 
 in March of the same year. As the business kept on increasing 
 very rapidly the same method was extended to plans upon which 
 five or more policies were issued per day; but the year 190.3 still 
 found the Department with over 1,500 individual policy forms. 
 
 In 1904 a radical change was made in the policy form, by the 
 introduction of the Classified Policies, the second page containing 
 figures either for ages 21 to 33, 34 to 46, or 47 to 60, for Endowment 
 plans, and from 21 to 40, or 41 to 60 for Life plans. This method 
 effected a very great reduction in the number of printed forms. 
 
 Another innovation that proved an important aid in the dis- 
 
Home Ofice Methods. 105 
 
 patch of business, was the introduction of the combination figuring 
 slip, which contains printed rates for different ages, plans and 
 amounts, together with guaranteed cash values at the end of the 15 
 and 20-year periods. These slips, whenever used, do away with 
 the necessity of consulting the rate-book, as it is only necessary 
 for the checker to check those items corresponding with the plan, 
 beneficiary, etc., have the application numbered, and the papers are 
 then ready for the writing of the policy. Another help, is the 
 ruling of policies by means of the typewriter, instead of using 
 red ink as formerly. An overhead trolley, running from the sev- 
 eral divisions and converging upon a central point, where the 
 work is distributed, enables the clerk in the distributing bureau to 
 send the work to the different division heads, who, after checking 
 the rates, etc., return the work to the distributing desk, where the 
 policy forms are placed with the applications ready for the writing 
 of policies. This trolley saves valuable time and a certain amount 
 of confusion which would otherwise result from distributing work 
 by hand. 
 
 The saving of time in the writing of policies at the present 
 time as compared with former years, is very marked. As a rule, 
 an application received in the Division of Policy Issues will be 
 figured, checked and the policy written and in the mail room within 
 half an hour. 
 
 Experience proves that the ideal working force is not an over- 
 plus of clerks, but a small, industrious body of workers, who will 
 find it necessary to devote cA'^ery moment of their time to business, 
 in order to clean up the day's work. As the pay is in proportion to 
 the work done, a larger day's work than usual brings no com- 
 plaints. Under the present system over 1,800 policies have been 
 written in a single day. 
 
 From April 1 to September 30, 1900, there were in the 
 Division of Policy Issues, 105 employees. Of these, 37 were policy 
 writers, working for a stipulated salary. The number of policies 
 written by hand during this period was 61,939, an average of 436 
 
106 Home Q-ffice Methods. 
 
 per day; the cost was $8,700; average cost per policy fourteen 
 and one-fifth cents. 
 
 From April 1, 1904, to September 30 of the same year, there 
 were in the Division of Policy Issues, 82 employees. Of these 
 22 were policy writers, writing policies with typewriting machines 
 on a piece-work basis. During this period 123,414 policies were 
 written, an average of 869 per day, at a cost of $6,423, or an aver- 
 age cost per policy of five and one-fifth cents. 
 
 During the month of January, 1905, there were 72 employees 
 in the Division of Policy Issues, of whom 13 were policy writers, 
 working on a piece-work basis, and during the month 14,506 poli- 
 cies were written, an average of 621 per day, the cost being 
 $584.39, an average cost of four cents per policy. 
 
 Notwithstanding the lower price which is now paid for the 
 writing of policies, compared with former figures, the policy- 
 writers on a piece-work basis earn more per month than under 
 the old system. 
 
 The chief factors in bringing about these satisfactory results 
 are (1) the placing of the policy writers on a piece-work basis, 
 practically putting them in business for themselves; (2) the intro- 
 duction of the typewriter for the writing of policies; (3) simpli- 
 fication of the policy form. 
 
 DIVISION OP POLICY-CLAIMS. 
 Norman R. Haskell, Superintendent. 
 
 In this Division the Company brought together, in 1892, the 
 various groups of clerks in charge of the settlement of benefits of 
 every kind, arising under the Company's policies. These benefits 
 included death-claims, matured endowments and Accumulation 
 policies, dividends, annuities, surrender values, trust funds, and 
 loans on policies. The Division was organized by Mr. Dwight 
 Burdge, formerly in charge of the Division of Death-Claims, who 
 had been in the service of the Company over a quarter of a century 
 
^i^TH, Lines- . 
 
 ■^^SSSI^ 
 
Home Office Methods. 107 
 
 in positions whicli made him familiar with the Company 's contracts 
 and with the laws governing inheritance. 
 
 The original organization included the Superintendent and 
 his assistant, eight clerks connected with the settlement of death- 
 claims, four with the settlement of surrender values, dividends, an- 
 nuities, etc., and three in charge of policy loans. The then existing 
 By-laws of the Company required the examination and approval 
 of all death-claims hy a Medical Director, before the file received 
 final executive approval for payment; and in connection with this 
 examination and approval the services of a Medical Director, three 
 clerks and a stenographer were required, making the total number 
 of persons connected with the examination of death-losses at that 
 time, in and outside of the Policy Claims Division, thirteen, 
 or twenty-two persons actively engaged in the handling of the 
 business of policy-claims. The present membership of the Policy- 
 Claims Division is twenty-six, an increase of four persons in thir- 
 teen years, during which time payments under policies have in- 
 creased from less than fourteen million dollars in 1892 to over 
 forty millions in 1904. 
 
 In addition to the duties originally assigned to it, the work 
 performed by the Medical Director and his four assistants, above 
 referred to, was transferred to the Policy Claims Division in 1895 ; 
 and since May, 1899, this Division has made all territorial group- 
 ings and statistical accountings formerly prepared by the Actuary's 
 Department, for the use of domestic and foreign governments with 
 which the Company files special reports. 
 
 In May, 1900, policy loan transactions had grown to such pro- 
 portions that a Policy Loan Division was established, separate from 
 the Policy Claims Division, and Mr. George C. Newton, who had 
 been connected with the Loan Division as its Chief Clerk, was made 
 Superintendent of the new Policy Loan Division, and both the 
 Policy Loan and Policy Claims Divisions were made a part of the 
 Secretary's Department. Mr. Burdge remained in charge of the 
 Policy Claims Division as Superintendent until 1903, when, owing 
 to the almost total loss of his eyesight, he was compelled to retire 
 
108 Home Offlce Methods. 
 
 from active business, and was succeeded in the office of Super- 
 intendent by Mr. Norman E. Haskell, his former assistant.* 
 
 In 1892 the Policy Claims Division began a radical revision of 
 the forms and methods employed in the payment of claims and 
 benefits to policy-holders. Prior to the organization of this Divi- 
 sion, death-claim blanks were sent from the Home Office only upon 
 the receipt of a written report of death, and were forwarded with 
 explicit instructions in regard to filing proof of claim. This 
 method caused delay and inconvenience to those who lived in re- 
 mote parts of the country, who were compelled to wait until their 
 letter could reach New York and instructions with blanks be re- 
 turned from there, before beginning the preparation of the proofs 
 of death. This system was therefore abolished and death-loss 
 blanks were placed in the hands of all bonded Cashiers at Branch 
 Offices, with instructions to deliver them at once, upon receipt of 
 a written notice of death, provided the records of their office 
 showed the policy to be in force, and there were no complications 
 requiring special instructions from the Home Office. This inno- 
 vation saved beneficiaries living at a distance from two to -fourteen 
 days, that had been previously wasted in obtaining death-loss 
 blanks. 
 
 In the settlement of maturing policies and surrender values, 
 checks were formerly issued from the Home Office only after re- 
 ceipt of the policies at the Office with surrender receipts duly 
 signed by the beneficiaries. This system caused a great deal of 
 complaint on the part of policy-holders, who objected to signing 
 receipts for money weeks in advance of receipt of the cash, and 
 as the receipts could only be properly signed on or after the date of 
 maturity, there was the same element of delay in the final payment 
 to the policy-holder that previously occurred in delivering death- 
 loss blanks. To obviate this delay, drafts are now prepared and 
 forwarded, well in advance of the date of maturity, to the bonded 
 Cashier in charge of the Branch Office nearest the residence of the 
 
 *Mr. Burdge died April 17, 1905. 
 
Home Offlce Methods. 109 
 
 policy-holder, with instructions to arrange for the settlement of the 
 policy promptly, on, or immediately after, the date that the benefit 
 becomes payable. 
 
 The former requirement of the Company, that holders of paid- 
 up policies should sign receipts for their dividends and forward 
 them to New York before checks were issued, was also abolished, 
 and a system was adopted under the operation of which a check, 
 so worded that it becomes a receipt for the payment of dividend, 
 is mailed direct to the policy-holder on the day the dividend is 
 payable, and no other form of receipt is required. 
 
 The New-Yoek Life Insurance Company does a large annuity 
 business, and as the instalments are depended upon in most cases 
 for the current expenses and maintenance of annuitants, delay 
 in placing the funds in their hands resulted in embarrassment to 
 them and was a cause of frequent complaint. Under the old 
 system annuitants were required to obtain an affidavit of their 
 survival, and to sign a receipt for the amount of the annuity instal- 
 ment, on or after the date the same was payable, and the checks 
 in payment of annuity instalments were only issued from the Home 
 Office upon the arrival of this receipt and affidavit duly signed 
 and executed. To annuitants residing in the City of New York, 
 or its immediate vicinity, the old system was entirely satisfactory, 
 but it involved a serious delay in placing the funds in the hands of 
 those annuitants who resided, or happened to be temporarily lo- 
 cated, in remote parts of the country. After careful consideration 
 the Treasurer and the Legal Adviser of the Company approved the 
 adoption of a check, so worded that it became a receipt for the 
 payment of the annuity instalment, and so restricted as to endorse- 
 ments that it could not be cashed except upon the personal endorse- 
 ment of the annuitant. This check effectually and safely took the 
 place of the old affidavit and receipt, the bank becoming responsible 
 for the endorsement, and the check being so worded that it could 
 not be used after the death of the payee. These checks are now 
 mailed direct from the Home Office to the annuitants, sufficiently 
 in advance of the date upon which the instalments are payable to 
 
110 Home Office Methods. 
 
 insure their arrival either on that date or immediately thereafter. 
 This change has been the subject of many letters of commendation 
 from annuitants. 
 
 DIVISION OP POLICY RECORDS. 
 
 G. C. Smith, Superintendent. 
 
 In 1887 the records of Issued Policies were made in the follow- 
 ing manner : The applications approved by the Medical Board the 
 day previous, were sent to the Policy Department before nine 
 o'clock. After the premium and other data had been figured, and 
 the application numbered, a record was made of all the facts in a 
 large book or register, with spaces for 1,600 entries. The policy 
 was then written and revised. The next day (or the third day after 
 the application was received at the Home Office) the Eegister entry 
 was compared with the policy, and the policy sent to the proper 
 Executive Officer for signature, after which it was sent to the gen- 
 eral agent for delivery. 
 
 An Index was made, somewhat like a New York City 
 Directory, giving name and date of birth of applicant, also an 
 "Issued", "Suspended" or "Declined" number. This Index was 
 made after office hours from the Register previously written. 
 
 These Indexes soon became too cumbersome for quick refer- 
 ence, and they were printed in a more compact form. In a short 
 time the printed books, too, had outlived their usefulness and cards 
 were substituted; the first cards being written on a typewriting 
 machine December 9, 1892. 
 
 Formerly the Accounting Department (now Comptroller's 
 Department) and the Actuary's Department would take the last 
 Eegister, as it could be spared from day to day, to make whatever 
 record was necessary for the work of their respective departments. 
 As the business increased, these large Registers were reduced in 
 size from 1,600 numbers in each book, first to 800, then to 400, and 
 finally to 200 numbers, to enable the different departments to use 
 the books oftener and thus facilitate their work. This arrangement 
 worked well for a time, but still there were exasperating delays, 
 
> JOHN J. HOPPER JR. 
 ,)_ ASST. CASHIER 
 
 
 ^ 7f^ 
 
 '*i .-^': 
 
 
 
Rome Office Methods. Ill 
 
 and the Annual Eeport could not be made ready until about the 
 middle of February. 
 
 To obviate this difficulty, the present Division of Policy Rec- 
 ords was created, and made a part of the Secretary's Department. 
 The work of this Division includes the writing of the Policy Reg- 
 isters, the New York and Massachusetts Insurance Department 
 Sheets, and all cards that may be required in any of the depart- 
 ments or divisions of the Home Office. The clerks employed in 
 making records in the different departments were transferred to 
 this Division. The card system was adopted for all records, and 
 the cards are distributed to the different departments at least 
 once each day, and in the case of the Index Cards, every half 
 hour. 
 
 Since May, 1902, all cards, whether large or small, thick or 
 thin, have been written on typewriting machines, specially pre- 
 pared for this work, and the result is a larger volume and more 
 accurate work. The Superintendent of the Statistical Division 
 says the speed in distribution of the cards, in his Division, by 
 Branch Offices, States, and Counties is increased by about 25%, due 
 to increased legibility and accuracy. Under this system the neces- 
 sary records are furnished to the different departments so 
 promptly that they are able to furnish complete data for the 
 Annual Report by January second. 
 
 The course of an application while in the Division of Policy 
 Records is as follows: As soon as the policy is written by the 
 Division of Policy Issues, the application is sent to this Division 
 by an overhead parcel carrier, after the manner of a department 
 store. 
 
 The first record made is the Index Card, which is sent to the 
 Division of Indexes promptly and placed in its proper position. 
 By obtaining the number from the Division of Indexes, an applica- 
 tion may be located while the other records are being made, and 
 before it is ready for final filing. These records include a Register 
 Card, to be used for all general purposes, and a Record Card for 
 
 the Actuary's Department. The application is then sent to the 
 11 
 
112 Home Office Methods. 
 
 Filing Division. While this Record Card is being written from the 
 application, the Premium Card for the Comptroller's Department 
 and a Statistical Card for the Statistical Department are made 
 from the Register Card just previously written. 
 
 The New York and Massachusetts Insurance Department 
 Sheets are then written from the Register Cards. These Sheets 
 are written before they are bound, the numbers being printed 
 in advance, so that widely separated pages can be written at 
 the same time, if necessary, and the policy numbers in the book 
 will come into the right position after they are put together and 
 bound. 
 
 When all these records have been made, instead of comparing 
 each one separately with the application, the Register Cards, 
 Record Cards, New York and Massachusetts Insurance Department 
 Sheets are all compared at the same time by one reading. 
 
 About four or five months after the policy is issued, a card is 
 made for the Mortality Investigating Committee. 
 
 Practically all of the above work is placed on a piece-work 
 basis, so that each operator gets pay for the work actually done. 
 This plan works well for the Company and also for the clerk— as 
 the Company gets more and better work, and the clerk more pay 
 than she* would at the regular stipulated salary. 
 
 On Tuesday, March 11, 1904, the Division was called upon to 
 make Indexes for three new Offices of Issue to be established. 
 Seventy typewriting machines were rented, and seventy operators 
 for day work and seventy for night work were employed. The 
 cards to be written had to be selected from the Index, as only a 
 portion of the complete Index was wanted. The work was begun 
 Monday morning, March 15, and completed April 23, one million, 
 two hundred and eighty-eight thousand, one hundred and two 
 (1,288,102) cards being written in thirty-nine days. This was 
 accomplished without interfering in any way with the work of any 
 department. 
 
 *A11 the card writers in this Division are women. 
 
Home Office Methods. 113 
 
 During 1904 there were written, in this Division, 1,392,453 
 Cards, 507,198 Records in Insurance Department Sheets, and 
 234,896 Letters to Policy-holders and Agents. The largest month 
 was March, with 24,165 Applications, and the largest day was 
 August 12, with 1,760 Applications. 
 
 To go back to the old system of books, pens, etc., would require 
 a force more than double that now employed, and the work could 
 not be done with any degree of satisfaction even then. The work 
 already done could not have been accomplished without a great 
 deal of friction and delay in every department. 
 
 DIVISION OF POLICY BRIEFS. 
 
 Jesse Moobe, Superintendent. 
 
 This Division was organized in November, 1899, to take charge 
 of the Policy Eegisters, as soon as completed by the Division of 
 Policy Records, and to furnish other departments with such infor- 
 mation as they might need from time to time from the Registers. 
 These Registers contained a complete history of each policy, except 
 the date to which premiums were paid. Previous to this time, 
 when information was wanted respecting a policy by any depart- 
 ment, a clerk from that department came to the Register Room and 
 obtained it; changes in the record of policies were likewise made 
 by clerks from other departments. 
 
 Under this system there was serious liability to error, and 
 entries in the Registers were made in a great variety of ways. The 
 new Division undertook the making of all entries and the furnish- 
 ing of all information, according to a uniform system. 
 
 The early Registers contained 1,600 names each, but to facili- 
 tate their examination, their size was reduced, first to 800, then to 
 400, and finally to 200 ; but the system itself was faulty and in May, 
 1902, it was abolished and the card system adopted. All live cases 
 were transferred from the Registers to cards, and new cards writ- 
 ten for all new policies. Previous to this time, if any information 
 
114 Home Office Methods. 
 
 was wanted concerning the record of a policy, a brief, or copy, was 
 made of the Register entry; but during this year a Blue Print 
 Eoom was established, and now, when a Policy Brief is wanted, the 
 Register Card is shot through a tube to the Blue Print Room, where 
 a photographic copy of the card is made. The average number of 
 Policy Briefs furnished per day is from 1,200 to 1,400 ; the largest 
 number furnished in one day is 2,035. 
 
 To do the work of this Division in the old way would require 
 from fifteen to eighteen additional clerks, and the liability to error 
 would be much greater. 
 
 THE RENEWING DIVISION. 
 F. M. Fbobisher, Superintendent. 
 
 When the present administration came into office, in 1892, it 
 determined to do all in its power to take away the reproach which 
 the system of life insurance had incurred, that policies were al- 
 lowed to lapse and valuable equities to be lost to policy-holders, 
 through lack of effort at the Home Office to induce the insured to 
 keep their policies in force. It began, in June, 1892, the issue of 
 policies that were automatically non-forfeiting ; it announced that 
 a month's grace would be allowed in payment of premiums on old 
 policies; and in 1896 it established a division at the Home Office, 
 the duty of which was to take up cases of lapsed policies and en- 
 deavor to secure their reinstatement. It was often found that a 
 policy had been allowed to lapse because of some oversight or 
 misunderstanding, some false report with respect to the Company 
 or the policy, or a temporary lack of funds. By placing itself 
 freely at the service of the insured, in furnishing information and 
 in allowing a loan where it could be done legally and safely, many 
 policies are saved annually. 
 
 The following detailed report of the Division for the year 1904, 
 and a summary of preceding reports will show the working of the 
 system : 
 
Home Office Methods. 
 
 115 
 
 REPORT FOR YEAR ENDING DECEMBER 31, 1904. 
 
 No. of 
 Cases 
 Lapsed Policies reported by Branch 
 
 Offices 36,051.. 
 
 Reinstated 8,920. . 
 
 Surrender Value applied for 7,555. . 
 
 Saved from Surrender 2,080. 
 
 Total Saved Insurance 11,000 . , 
 
 Home Office Cases Saved 555. . 
 
 Representing 
 Insurance for 
 
 $71,479,915.. 
 17,510,430.. 
 16,242,150. . 
 
 4,606,000.. 
 22,116,430.. 
 
 1,293,250.. 
 
 Premiums 
 (pro rata) 
 
 .$2,250,660.63 
 . 561,491.41 
 596,289.07 
 . 172,451.95 
 . 733,943.36 
 35,439.23 
 
 INSURANCE SAVED SINCE ORGANIZATION OF RENEWING DEPARTMENT: 
 
 No. of Cases 
 
 1896 3,681.... 
 
 1897 
 
 1898 
 
 1899 
 
 1900 
 
 1901 
 
 1902 
 
 1903 
 
 1904 
 
 Representing Premiums 
 
 Insurance for (pro rata) 
 
 $10,754,050 $349,433.18 
 
 5,162 13,693,324 452,825.37 
 
 . 6,184 15,344,896 484,435.72 
 
 . 7,151 16,545,252 513,359.05 
 
 . 9,199 20,891,940 652,263.11 
 
 . 9,868 20,970,300 672,308.26 
 
 . 8,737 18,136,775 606,242.57 
 
 .10,078 21,041,150 706,033.48 
 
 .11,000 22,316,430 733,943.36 
 
 DIVISION OP POLICY LOANS. 
 G. C. Newton, Superintendent. 
 
 From the time the Company began to make Policy Loans, 
 in the year 1892, up to the year 1900, the Policy Loan Division 
 "was a part of the Policy Claims Division. In 1900 the Policy 
 Loan transactions had reached such proportions that an inde- 
 pendent Division was constituted for that work. This Division 
 acts on all loans with the exception of those in Europe and Africa, 
 which are made by the Company's European Department at 
 Paris. 
 
 Applications for loans are, as a rule, presented through the 
 nearest Branch Office of the Company, accompanied by the policy 
 
116 Eome Ofice Methods. 
 
 and properly executed Loan Agreements. A thorough examina- 
 tion of the case is made at the Home Office to ascertain that the 
 title to the policy is clear, and that all necessary requirements 
 have been complied with, and a check is issued to the borrowers 
 for the proceeds of the loan. 
 
 Since the establishment of the Company's Office of Issue at 
 Chicago, loans have been made direct to policy-holders residing 
 in the territory under the jurisdiction of that office. The Branch 
 Offices in the Western part of the United States are also permitted 
 to make loans to policy-holders for limited amounts without refer- 
 ring the case to the Home Office for approval, thereby saving the 
 time that would be involved if approval at the Home Office was 
 first required. 
 
 In South America, Asia and Australia, where there are local 
 Boards of Management, the application is presented to such Board 
 for approval and payment, and the papers in the case submitted 
 to the Home Office for audit and final approval. 
 
 The Policy Loan Division also has under its charge the fore- 
 closure of loans where a policy on which a loan has been granted 
 is not continued in force. 
 
 After a loan is made the Company must know three things: 
 
 (1.) That the policy is in its possession. 
 (2.) That the interest is paid and reported. 
 (3.) That these amounts of principal and interest agree with 
 the amounts reported on the Company's books. 
 
 To cover these points, it is made the duty of a sub-committee 
 of the Office Committee to examine, once a year or oftener, the 
 contents of the envelopes containing loan papers, to check the 
 amount of the loan with the register cards, and the amount of the 
 interest paid with the Comptroller's card. This sub-committee 
 is composed of persons who have nothing whatever to do with 
 making the loan, or of making entries on the cards. The Com- 
 mittee's records include special cards containing the information 
 it needs, which are compared with the other cards mentioned. 
 
Home Office Methods. 117 
 
 DIVISION OF SUPPLIES. 
 William E. H. Dusenburt, Superintendent. 
 
 In the earlier years of the Company's experience, it was the 
 practice to supply its agents with liberal quantities of literature 
 to assist them in their work. This was considered necessary, as 
 the public had to be made acquainted with the great benefits and 
 need of Life Insurance, and its confidence had to be won. With 
 the incoming of the present administration, certain forms of lit- 
 erature were discarded, and attention was directed to raising the 
 standard of what was retained and to the better instruction of 
 the agency force. In this way a great reduction was made in the 
 supplies furnished for general distribution, and the truth was 
 brought home to agents that the only way to do a steady business 
 is by steady and personal solicitation. 
 
 The number of business forms necessary for agents' use is 
 always large, and frequent shipments by express are expensive. 
 The Company, therefore, adopted, in 1903, the plan of making 
 monthly shipments as freight. Each Branch Office has a shipping 
 day, and is expected to order in advance supplies sufficient to last 
 one month. The requisition blank contains not only a list of all 
 supplies, but opposite each is noted the cost to the Company. The 
 cost of supplies ordered is charged against each Branch Office as a 
 part of the expense of the office. The requisition is filled out in 
 duplicate, one copy being retained as a record, and the other sent 
 to the Branch Office as a record for that office. 
 
 As the expenses of a Branch Office are taken into account in 
 fixing the compensation of Agency Directors and Cashiers, this 
 method puts Branch Offices in business for themselves, on the 
 question of supplies. When shipments were made irregularly 
 and by express, the cost of carriage was more than twice as large 
 a percentage of the cost of supplies as under the present system. 
 The total expense of agents' supplies under the new system was 
 actually less in 1903 than in 1893, although the business of the 
 Company was more than twice as large. 
 
118 Home Offlce Methods. 
 
 This Division has charge of the telephone business of the 
 Company in New York City. Prior to May 1, 1903, each of the 
 Branch Offices had independent telephone service. It was found 
 that much of the business of Branch Offices was between them- 
 selves and the Home Office. An arrangement was therefore made 
 with the telephone company, whereby the service of these offices 
 was consolidated with that of the Home Office. The service has 
 thus been simplified and a large saving effected. 
 
 The activity of the Company's business in New York City 
 may be judged by the use it makes of the telephone. During the 
 year ending May 1, 1905, 153,000 calls were sent to parties out- 
 side of the Company; 142,000 were received from such parties; 
 and 167,000 calls were sent between the Home Office and Branch 
 Offices. This total of over 462,000 calls was handled by the Home 
 Office system, with less complaint, and with much greater satisfac- 
 tion than had been formerly experienced. 
 
VII. 
 
 THE DIAMOND JUBILEE. 
 
 The Company was organized by the election of the first Board 
 of Trustees on April 10, 1845, and the first meeting of the 
 Board occurred two days later. April 12, 1905, was Board meeting 
 day, and the Executive Committee presented the following minute 
 which was approved by the Board and entered upon its records : 
 
 REPORT OP THE EXECUTIVE COMMITTEE. 
 
 In commemoration of the anniversary which this meeting marks, your 
 committee respectfully submits the following reflections : 
 
 Exactly sixty years ago to-day, namely, on April 12, 1845, the Board 
 of Trustees of the Nautilus Insurance Company (which became the New- 
 ToEK Life Insurance Company by virtue of an Act of the Legislature in 
 1849) met for the first time. 
 
 The fiftieth anniversary of that meeting was appropriately observed, 
 and a proper record made in the minutes of the Board. 
 
 The Officers of the Company are now preparing a celebration of the 
 sixtieth anniversary of that first meeting, by a convention which will in- 
 clude, in a programme covering several days, appropriate action by this 
 Board, by the various departments of the Home Office and by representa- 
 tives of the Company's field force from all over the world. 
 
 Your Committee deem it proper, notwithstanding the entirely adequate 
 and appropriate celebration which is to come, to call attention briefly here 
 and now to the work accomplished by the New- York Life Insurance Com- 
 pany during the past ten years. 
 
 The first half century of the Company's existence closed a period of re- 
 markable success. Beginning substantially without resources, when life in- 
 surance in this country was in the experimental stage, the Company steadily 
 grew, through financial panics and the throes of civil war, until, at the end of 
 fifty years, it was one of the leading life insurance companies of the world. 
 On its fiftieth anniversary it recorded with satisfaction and pride that its 
 total net income was over $36,000,000 per annum, its accumulated funds 
 
 119 
 
120 The Diamond Jubilee. 
 
 $150,000,000, and its insurance in force over $800,000,000. The present 
 administration had then been in office three years. It is not necessary here 
 to review the circumstances which preceded and accompanied the election 
 of John Augustine McCall to the Presidency of this Company. It is suf- 
 ficient to notice that, notwithstanding the Company's brilliant success up 
 to that date, notwithstanding its abundant solvency and strength — in that 
 part of its organization which touches the public (whence come substantially 
 all the elements of growth in life insurance) the Company was deficient. 
 The task which confronted President McCall was akin to that of re-enlisting 
 an army, organizing it upon a new basis, suppljdng it with new and modem 
 weapons, changing its tactics and drill, and, at the same time, pursuing a 
 victorious march through an enemy's country. Ten years ago, when the 
 half century was reached, the Company was in the midst of this struggle 
 and of these changes. 
 
 Within the intervening time the Company has not only been made over 
 in its methods of work, but it has achieved a success which, both in extent 
 and in character, has probably never been surpassed in the history of busi- 
 ness. In methods of securing business, in the relations between the Com- 
 pany and the field force, in the internal machinery of an office equipped to 
 carry easily an almost unlimited burden, in the attitude of the corporation 
 itself toward its constituent members, and to a large degree in its theories 
 of investment of the policy-holders' money, the past ten years have placed 
 the Nbw-Yoek Life Insurance Company in a class by itself. As shown 
 by a table which we append, the results of the labor of the past ten years 
 have exceeded those of the previous fifty years as follows : 
 
 In income, $160,530,109 ; 
 
 In amounts paid to policy-holders, $55,000,000; 
 
 In assets accumulated, $66,636,718 ; 
 
 In gain in insurance in force, $302,000,000; 
 and the income of the sixtieth year alone exceeded that of the fiftieth by 
 $60,000,000. 
 
 TABLE. 
 
 Excess of 10 Years 
 First 50 Years. Past lU Years. over 50 years. 
 
 Income $447,733,000.00 $608,263,109.00 $160,530,109.00 
 
 Paid Policy-holders 199,987,073.32 255,028,380.16 55,041,316.84 
 
 Gain in gross assets 162,011,771.00 228,648,489.00 66,636,718.00 
 
 Gain in insurance in force *813,294,160.00 1,115,315,148.00 302,020,988.00 
 
 Income last year of period 36,483,313.53 96,891,272.32 60,407,958.79 
 
 *Includes outstanding unpaid business. 
 
The Diamond Jubilee. 121 
 
 We, therefore, congratulate the Officers of the Company at this time 
 that they have so faithfully and brilliantly executed the mandate received 
 from the Board to go forward in their work ; and we congratulate the Board 
 on the farsighted wisdom which secured such an administration and then 
 so generously and unhesitatingly supported its plans. 
 
 It is a matter of record that the standing committees have given un- 
 grudgingly and without stint of their time to the consideration of the im- 
 portant questions incident to the development of the Company. To these 
 questions they have brought large experience and ripe judgment. That 
 decisions have been wise and mistakes few is due, in large measure, to the 
 sifting of opinions and the sharpening of minds brought about by full and 
 considerate discussion in the committee room. 
 
 In the latter part of 1895 the Company published a history showing 
 in outline the labors and the results of the first fifty years. We are glad 
 to observe that the Officers have arranged for a similar publication, covering 
 the period from 1895 to 1905, inclusive. In this way, the Company gathers 
 up and preserves the record of the rapidly passing years, and makes per- 
 manent the story of the labors of the Board of Trustees and of the Execu- 
 tive Staff. 
 
 A glance at the rapidity with which the membership of this Board 
 changes will show the propriety and impressiveness of this record. Of the 
 twenty-one Trustees composing the Board at the end of the preceding 
 administration, only three are living. Of the twenty-five Trustees who made 
 up the Board ten years ago, only twelve are living to-day. Of the eight 
 elective or Executive Officers ten years ago, only three survive. The history 
 of this Board and of the Executive Staff, as well as the history of the Com- 
 pany's constituent members, is at once a demonstration of the value and of 
 the uncertainty of life, which are prime factors in the life insurance 
 problem. 
 
 We desire also to record our increasing sense of responsibility in the 
 administration of a business which comprehends the whole civilized world 
 in its activities, and includes the investment and preservation of sums of 
 money which promise soon to outrun in their totals anything hitherto in- 
 trusted by the people to any body of men. 
 
 in our programme of government, and in the modern programme of 
 business, the most genuinely useful institutions are those which best serve 
 the people. The gravest problem facing this and all similar corporations 
 is how to conduct its affairs so that the people who own it shall believe in 
 it, and not fear it because it is a corporation and of great size. In the so- 
 lution of that problem lies the highest future usefulness of this Company. 
 Therefore, we commend the policy of an open ledger ; we believe in the value 
 
122 The Diamond Jubilee. 
 
 of international supervision ; we commend a rule under which information, 
 when sought, is sent promptly to policy-holders; and we especially com- 
 mend a form of annual statement which is a real exhibit of the Company's 
 ^financial standing. 
 
 We recognize a long advance already toward the ideal set up by Presi- 
 dent McCall at the beginning of his administration: "A Company of the 
 policy-holders, by the policy-holders, and for the policy-holders. ' ' 
 
 We believe that everything pertaining to our Company to-day promises 
 a nearer approach to that ideal, and, therefore, to the best and widest 
 usefulness. 
 
 A CONVENTION OF AGENTS. 
 
 One liTindred and eighty representatives of the agency force 
 of the New -York Life were invited to a Convention held in New 
 York late in May, to celebrate the Company's sixtieth anniversary. 
 They were selected by one of those ingenious plans which the 
 Agency Department knows so well how to devise, in order to in- 
 duce every man in the agency force to work harder than usual 
 during a certain period of time. As a part of the Company's 
 expenses go on whether the new business is little or much, it 
 follows that every increase, within certain limits, reduces the 
 average cost. 
 
 To have invited the men who did the most business within 
 a limited time would have ruled out of the contest about nine- 
 tenths of all. Observe, then, how the plan adopted appealed to 
 every man, by giving each a fair chance to win an invitation: 
 
 1. An allotment, of a certain amount of business, was made 
 to each Branch Office and to each agent, these allotments being 
 based upon previous records of business done. To each agent was 
 also allotted a certain number of policies. 
 
 2. Sixty Agency Directors (in charge of Branch Offices) were 
 invited, sixty agents on volume of business secured, and sixty 
 agents on number of applications secured. Applications were 
 secured and the applicants examined between January first and 
 March thirty-first, and the policies paid for on or before April 
 thirtieth. 
 
 3. Of each of these classes of sixty, forty-three were from 
 
The Diamond Jubilee. 123 
 
 North America, and seventeen were from other parts of the world. 
 Further explanations relate to North American delegates only. 
 
 4. Of the forty-three Agency Directors, twenty-three were 
 those whose Branch Offices exceeded their allotments by the largest 
 amounts, and twenty were those whose Branch Offices secured the 
 largest amount of business in proportion to their allotments. 
 
 5. Of the forty-three agents invited on volume of business, 
 twenty-three were those who exceeded their allotments by the 
 largest amounts, and twenty were those who secured the largest 
 amount of business in proportion to their allotments. 
 
 6. Of the forty-three agents invited on number of applica- 
 tions secured, twenty-three were those who secured the largest 
 number of applications in excess of the number allotted, and twenty 
 were those who secured the largest number of applications in pro- 
 portion to the number allotted. 
 
 7. Winners on volume were first selected, and in ease of 
 a tie the agent having the largest number of policies was given 
 the preference. In making up the list on number of policies, 
 if a tie occurred, preference was given to the man having the 
 largest volume of business. 
 
 In this contest every man was pitted primarily against him- 
 self, and the test was by how much he could surpass his previous 
 achievements. Every Agency Director was interested in the busi- 
 ness done by every man attached to his office, and every agent was 
 interested for his own sake and for the honor of his Branch Office. 
 
 It would be difficult to imagine a program which would appeal 
 more strongly to the ambition, the pride, and the self-respect of 
 every man in the agency force. That it did so appeal the record 
 abundantly shows. Notwithstanding the winners were absent from 
 their fields from one to six weeks each, to attend the Jubilee Con- 
 vention, the total business of the Company, from January first to 
 May thirty-first, exceeded that of the same period in 1904 by over 
 six million dollars. 
 
 The Convention as finally made up consisted of 179 repre- 
 sentatives who won invitations by superior work, nine Inspectors 
 
124 The Diamond Jubilee. 
 
 of Agencies, seven Supervisors, two Senior Ny lies— William F. 
 Morrill, of Boston, and George I. Richardson, of Baltimore— and 
 Colonel A. G. Hawes, of San Francisco. From North. America 
 there were 44 Agency Directors, two tying for last place. There 
 were also 44 representatives on excess of applications over allot- 
 ment, two tying for last place. Seventy-seven Branch Offices were 
 represented by other than Agency Directors; ten had more than 
 one representative, the Cuyahoga (Ohio) Branch leading with 
 five. Outside North America there were six representatives from 
 England, six from France, three from Spain and Italy, three from 
 Austria-Hungary and Servia, three from Petersburg and Eastern 
 Eussia, three from Warsaw, Kieff and Odessa, three from Belgium 
 and Holland, two from Bulgaria and Turkey, three from East 
 Germany, three from West Germany, three from India, three from 
 Australia, two from South Africa, three from South America, and 
 two Inspectors of Agencies. 
 
 The delegates were quartered at the Plaza, the Savoy and the 
 Netherland Hotels. A welcome meeting was held in the Myrtle 
 Room of the Waldorf-Astoria at noon on May twenty-third, fol- 
 lowed by luncheon. At four o'clock a reception was tendered the 
 delegates by President McCall at the Home Office. On the twenty- 
 fourth the delegates were taken through Riverside Park to Grant 's 
 Tomb, and by boat around Manhattan Island. On the twenty-fifth 
 the Convention visited the financial district, the Stock Exchange 
 and Coney Island and attended a reception given by the Board of 
 Trustees at the Home Office. On the twenty-sixth a farewell meet- 
 ing was held at the Home Office in the morning, and in the evening 
 there was a banquet at Delmonico's. 
 
 These meetings offered many occasions for the interchange 
 of opinions and suggestions as to the conduct of the business of 
 the Company, and for the cultivation of that esprit de corps which 
 has been such a factor in the New-Yoek Life's success. The va- 
 rious addresses emphasized the oneness of the work of Trustees, 
 Officers and Agents, and showed how, by following high ideals 
 and by incessant work the New-Yobk Life had reached its present 
 commanding position in the life insurance world. 
 
The Diamond Jubilee. 125 
 
 From the Address of Welcome by Mr. D. P. Kingsley, Vice-President. 
 
 We meet to celebrate, amongst other things, the labors and successes 
 of a long line of distinctively life insurance men. The period of our cele- 
 bration is nominally sixty years, but the period of real activity is only forty 
 years, and the period of astonishing achievement is less than fifteen years. 
 The work of this Company during a half generation surpasses literally any 
 fiction fashioned to entrance the imagination of childhood. And amongst 
 those achievements perhaps the greatest is the new lesson we are beginning 
 to teach the world. This lesson— and we are met to celebrate the triumph 
 which this lesson shadows forth— is emphasized by the very hour of our 
 meeting. As we meet, the whole world stands with bated breath listening 
 for that awful crash of forces in the far *East,— a crash which will prob- 
 ably record in a day losses in men and property, losses in ruined prestige, 
 losses through the creation of bitter hatreds and plans for vengeance,- 
 which will reach a total in excess of what this Company will accumulate 
 in the next ten years. While stupendous deeds of destruction, awful waste 
 of life and treasure do not yet much amaze the world, it is disposed to be 
 amazed, and after a fashion alarmed, when for the first time it begins, as 
 it now does, to realize that beneficence can be as splendid as war, that con- 
 servatism can be as mighty as ordnance. This new wonder we celebrate, 
 and who may celebrate this lesson more appropriately? We celebrate the 
 labors of men, of a corporation, and of an idea which move directly against 
 the old order and which, therefore, are perpetually encountering new styles 
 of opposition and new elements of danger. We teach the world to transmit 
 something besides bloody debts to coming generations, something better 
 than legacies of hate growing out of the bitterness of war. 
 
 We welcome you to the official home of a Company which represents 
 life insurance militant and triumphant. We show you a splendid empire 
 built up within sixty years, indeed made mighty within fifteen years. It 
 was built in such fashion as no other kingdom ever knew. Its conquests 
 have been distinct and unmistakable, its dominion is clear and unques- 
 tioned, but in its conquests there has been no destruction and no waste, 
 there has been no bitterness and there are few regrets. There is in its 
 government no question of the laws of neutrality or of the balance of power. 
 In some fashion it resembles the kingdom of the church, which is definite 
 and comprehensive, and only occasionally in history has conflicted with 
 civil power. 
 
 ♦Battle of Tsu-Shlma Straits. 
 
126 The Diamond Jubilee. 
 
 We have a right to rejoice in the erection of this empire; we have a 
 right to be proud of its extent, its superb organization, its efficiency, and 
 its integrity. All these things we meet to celebrate. We celebrate also that 
 higher and finer thing of which we are not always conscious, but which m 
 inevitable to the logical working out of every purpose of co-operation: the 
 gradual extinction of race hatred and national prejudice, the gradual elimi- 
 nation of the elements that make for war, the gradual spread of that fine 
 intelligence which finally comprehends the brotherhood of man, and aims, 
 instead of creating fortresses and battleships and army corps, to gather the 
 products of human labor into great treasure houses which shall be the for- 
 tresses, not of human ambition, but of human hope. 
 
 We celebrate a period ; we honor men ; we pay our tribute to an idea \ 
 we re-enforce the enthusiasm of our daily toil by clasping hands across the 
 seas ; we look men of strange blood and beliefs in the eye and recognize our 
 brothers. 
 
 Gentlemen, you are welcome, all welcome! 
 
 Prom the Address of Vice-President George W. Perkins, on the 
 Management of the Company. 
 
 To attempt a review of the work of the New- York Life Insurance 
 Company would be to attempt a review of the progress of the world during- 
 the last half century; for one is safely within bounds in saying that our 
 great Company has, in several notable respects, been a leader in the most 
 potent influences that have been working for the betterment of humanity. 
 
 In Society our Company has worked for better homes, better and 
 higher ideals in those homes, better and higher civilization generally. 
 
 In Business it has stood for broad, honest, straightforward methods; 
 for thorough and systematic organization of the largest possible number 
 of individuals, working through one central organization, avoiding friction, 
 eliminating waste, and combining in the most efi'ective manner the efforts- 
 of all for the good end desired by all. 
 
 In Statesmanship we stand as a link between the nations, gathering- 
 together into one great co-operative society the best, the healthiest, the most- 
 unselfish men of all nations. We stand for peace and good will among men, 
 not of one country, but of all countries. Our course has been so fair and 
 open that, as the years have rolled by and as all great nations have come 
 to understand our aims and methods, they have vied with one another in 
 helping us to build our Company stronger, better, greater, until none of 
 them are our enemies, all of them are our friends, and there is no govern- 
 
The Diamond Jubilee. 127 
 
 ment to which our representatives are not accredited and that, too, on the 
 most friendly possible terms. *****#** 
 
 We have tried to go about all this in a systematic, businesslike and 
 statesmanlike way. We have deliberately created, fostered and maintained 
 a System. We believe that this System of ours is the System ; we are 
 proud of it and we glory in it. We believe that this System should embrace 
 the world; we have tried each year,— yes, each minute, to make this System 
 larger, stronger, better. 
 
 We believe that we have license to organize, centralize, systematize a 
 Great World-wide Business ; for in so doing, are we not following the 
 example of the great Creator in His organization and management of the 
 world? * * * * ^vVho shall say that man, made in the image of God, 
 must be tied down to that competition which is the mode of life of the brute 
 creation, and can never rise to the modeling of his actions upon the divine 
 law of unity and co-operation? 
 
 For centuries the church has organized, governments have organized, 
 society has organized, and of late years the advent of steam and electricity, 
 which have drawn the commercial world so closely together, have made it 
 possible for business to begin to organize, — all as the result of perfectly 
 natural causes, instinctively arising from the natural conditions governing 
 the world in which we live. 
 
 We of the New-Yokk Life have believed that competition is no 
 longer the life of trade, but that with the dawn of the Twentieth Century 
 Co-operation is the life of trade. 
 
 It is said that "beauty is its own excuse for being," but the same 
 cannot be said of bigness, for mere size is, in itself, no justification for 
 existence. The larger the life insurance company, the better and stronger 
 it ought to be. Unless with its growth and development it can provide 
 better and cheaper insurance, it has not met the duty that goes with growth. 
 
 Those to whom great opportunities come, bringing great power, should 
 bring forth great benefits, not alone for themselves, but as well for the 
 entire business fabric of the world. In society the laws of honor and of 
 the State give individuals great freedom of action, but at the same time 
 compel them to respect one another 's rights ; and so must it be in business. 
 The greater the wealth and power of an individual, the more he should 
 respect the property and rights of others; and the same duty lies upon 
 powerful organizations. 
 
 The responsibilities devolving upon the Officers of our Company, 
 
 especially in late years, have been very great and practically three- fold: 
 12 
 
128 The Diamond Jubilee. 
 
 To the policy-holders, to the agents, and to the public generally. Hundreds 
 of thousands of men,— the yearly number constantly increasing— are pay- 
 ing their savings into the treasury of the New- York Life Insurance Com- 
 pany. To-day approximately three-quarters of a million people are trusting 
 us with their savings, — savings that are ultimately to benefit at least five 
 million people; and the funds so rapidly accumulating for this purpose 
 are of the Most Sacred Possible Character, as in most cases they are only 
 to be used after death, while money accumulated in a savings bank can be 
 and usually is drawn and used by the depositor. 
 
 The Essence of Life Insurance is the Forecasting of the Future. 
 
 Perhaps no quality is more necessary in the executive staff of a great 
 life insurance company than the ability and willingness to look ahead, to 
 analyze public thought and its movement, to anticipate changing conditions 
 and to have the courage (for it takes courage) to act in the present for what 
 one believes to be the best interests of the future. 
 
 Men in positions of trust and responsibility are too often prone to let 
 well-enough alone ; to think that they are responsible only for the current 
 acts of their administration and that they may leave the future to those 
 who succeed them. Such a course of action in the management of a great 
 life insurance company is little short of criminal. No Board of Trustees 
 or set of executive officers has a right to bring hundreds of thousands of 
 policy-holders into a given company without a clear and well-defined policy 
 as to what condition that company is going to be in, not to-day nor to-mor- 
 row, but ten, twenty, thirty years hence ; for life insurance contracts are not 
 made payable thirty days after date, but more nearly thirty years after 
 date ; and while no one can set himself up as an oracle of the future, and 
 human brains and efforts cannot build against unforeseen catastrophes, yet 
 very much can be done by right-minded, far-sighted management to secure 
 the future. 
 
 Among the striking instances of this prevision in the manage- 
 ment of the New-Yoek Life, Mr. Perkins instanced (1) the 
 unrestricted Accumulation Policy, first issued in 1892; (2) the 
 stand taken against rebates in 1893, and since consistently main- 
 tained; (3) the scheme of Publicity adopted in 1893, by reason of 
 which a layman may now examine the Company; (4) the plan 
 of placing the investments of the Company on a bond basis, adopted 
 
The Diamond Jubilee. 129 
 
 in 1899 and completed in 1900; (5) the change from the General 
 Agency system to the Branch Office system, begun in 1892 and 
 completed in 1903, under which the second billion dollars of 
 insurance in force was placed on the books of the Company at an 
 expenditure of Twenty Million Dollars less than it cost to secure 
 the first billion. 
 
 During the meeting of the Convention President McCall an- 
 nounced that in future the Officers of the Company would, under no 
 circumstances, receive the proxies of policy-holders for voting at 
 the annual meeting. At his suggestion the Board of Trustees 
 would amend the By-Laws so that any person of legal age, except 
 an Officer, employee or agent of the Company, might act as proxy 
 for any member or members of the Company. For the convenience 
 of members residing at a distance, the Board would elect, from the 
 policy-holders, a committee of three who would, on request, act as 
 proxies for members. This action was subsequently taken, and the 
 new provisions will be found in the By-Laws as printed in the 
 Appendix. 
 
VIII. 
 OFFICIAL CHANGES-DEATHS. 
 
 TRUSTEES AND OFFICERS. 
 
 1895-1905. 
 
 WILLIAM A. BOOTH— Died December 28, 1895. 
 
 Minute adopted by the Board of Trustees : 
 
 On November thirteenth last, this Board adopted a minute expressive 
 of the love and esteem of its members for their aged associate, William A. 
 Booth, who on November sixth attained his ninetieth year. A few days 
 later Mr. Booth asked for a copy of the minute, and when a handsomely 
 engraved and framed copy was sent to him he had it hung in his private 
 room, and by frequent references to it showed how highly he prized this 
 expression of his associates. When this action was taken, Mr. Booth was 
 present with us, and the burden of ninety years seemed to rest so lightly 
 upon him that none of us supposed the end was so near. But it was his last 
 meeting with us, and on Saturday, December twenty-eighth, after a brief ill- 
 ness, he passed away. There is but little to add to the minute already made, 
 except to express our sense of loss in his death, and to extend to his family 
 the assurance of our sympathy in their bereavement. Mr. Booth's business 
 life in this city covered a period of seventy years, during thirty-two of 
 which he was a member of this Board. The careful attention he gave to 
 the business of the Company was an index to those qualities of mind and 
 heart which made him the valued Officer or Trustee of so many financial, 
 educational and charitable institutions, to which in his later years he de- 
 voted the most of his time and strength. In other corporate bodies, as well 
 as in this Board, his wise counsels will be missed, and there, as here, the 
 memory of his life will be an incentive to faithful and honorable service 
 in every worthy cause. 
 
 JOHN H. INMAN-Died November 5, 1896. 
 
 Minute presented to the Board of Trustees by the Executive Com- 
 mittee : 
 
 Mr. Inman was elected a Trustee of the New- York Life Insurance 
 Company at the annual election for Trustees in April last, and in June he 
 
 130 
 
Official Changes— Deaths. 131 
 
 was appointed a member of the Executive Committee. Although he was a 
 member of the Board for too short a time to be of great service to the Com- 
 pany, those of us who knew him best felt sure that he had all the qualifica- 
 tions which fit men for great responsibilities and trusts. Although he was 
 yet a young man, he had already acquired a competence in business, and was 
 held in universal esteem by his associates for his abilities, his sterling in- 
 tegrity and his generous nature. The Committee feels that it voices the 
 sentiment of every member of this Board in saying that we join with the 
 members of the Cotton Exchange, and with the directors of the Fourth 
 National Bank, in mourning the death of a faithful co-worker, a wise coun- 
 selor and a loving friend, and in extending to his bereaved family the 
 assurance of our deep sympathy in their bereavement. 
 
 Hon. C. C. BALDWIN-Died May 12, 1897. 
 
 Minutes presented to the Board of Trustees by the Executive Com- 
 mittee : 
 
 Mr. Baldwin was elected a member of the Board of Trustees of this 
 Company in 1884, and since 1892 has been a member of the Finance Com- 
 mittee. He was also the Chairman of the Building Committee in charge of 
 the construction, of ; the new Home OflSce of the Company. His wide ex- 
 perience as a merchant, railroad manager, and in official positions under 
 both State and National Governments, had given him a rare knowledge of 
 men, of business methods, and of material values. He was thorough in his 
 investigation of questions submitted for his consideration, conscientious 
 in his decisions, and courageous in the expression of his opinions. He was 
 withal an agreeable and genial personality, a man who won the affection 
 and the confidence of his associates, and who will be mourned both as a co- 
 laborer and as a friend. 
 
 ARCHIBALD H. WELCH- Died April 6, 1898. 
 
 Minute presented to the Board of Trustees by the Executive Com- 
 mittee : 
 
 Died on April 6, 1898, at his home in Morristown, N. J., Mr. Archibald 
 Hyde Welch, the Second Vice-President of this Company, a member of 
 this Board, and of its Finance Committee. 
 
 His work is done, and we make this record to attest at once our respect 
 for his memory and our sorrow for our great loss. 
 
 We respect him for his integrity, for his judgment, for his fidelity 
 to himself and to this Company ; we sorrow for him as a friend. He was a 
 singularly sweet, gentle, lovable and manly man. He brought sunshine 
 
132 Official Changes— Deaths. 
 
 and hope and good cheer into the sterner phases of life. He was faithful 
 as an officer, wise as a counselor, and loyal as a friend. We profoundly 
 mourn his loss. 
 
 Announcement by the President to representatives of the Company 
 throughout the world: 
 
 It is with a sorrowful heart that I announce the death this day of 
 Archibald Hyde Welch, Second Vice-President, at Morristown, New Jersey. 
 The summons eternal of the Master reached him when he had nearly com- 
 pleted the three-score years and ten allotted to man. Since the beginning 
 of the year he was absent from his desk contending, sometimes hopefully, 
 but always cheerfully, against the illness that proved to be fatal. In every 
 relationship that one man can bear to another in friendliness, he was a sym- 
 pathetic adviser in grief, and a loyal adherent in struggle. The greeting 
 of his coming, the sunshine of his presence and the shadow of his depar- 
 ture, made friendship lasting and association helpful. Possessed of a high 
 sense of honor, the integrity of his purpose was most manifest in every 
 official action. The pages of our records on which his demise shall be in- 
 scribed will attest that he was forceful in character and faithful in dutj' ; 
 that he was beloved in life and lamented in death ; and that, while the grave 
 might conceal him from our sight, yet he would live in our memories. 
 
 Hon. DAVID A. WBLLS-Died November 5, 1898. 
 
 Minute presented to the Board of Trustees by the Executive Com- 
 mittee : 
 
 The Executive Committee annoimce with deep sorrow and sense of 
 loss the death of our associate, Hon. David A. Wells, which occurred at his 
 home in Norwich, Conn., on Saturday, November fifth. Although the con- 
 dition of Mr. Wells' health had prevented him from taking that active part 
 in the deliberations of this Board which we all desired, yet he was deeply 
 interested in the methods and progress of the Company and frequently com- 
 municated his views on questions connected with its management by letter. 
 Mr. Wells was probably the best equipped man of his time for the discus- 
 sion of economic questions, and it was a consideration of this fact that led 
 the Committee in 1894 to invite him to become a member of this Board. 
 The publication of an essay upon the National Debt, in 1864, brought him 
 to the notice of President Lincoln, who immediately sought his advice on 
 behalf of the Treasury Department, and Mr. Wells' services during the 
 next five years as Chairman of the Revenue Commission, and as Special 
 Commissioner of Internal Revenues, were of the utmost value to the Nation. 
 He was afterward Chairman of the Commission on Local Taxation in New 
 
Official Changes— Deaths. 133 
 
 York State, and of the Commission on Canal Tolls, and became an acknow- 
 ledged authority upon all questions relating to taxation. He was at one 
 time lecturer on Political Science at Yale College, and his abilities were 
 recognized in Europe by membership in several economic societies, includ- 
 ing the Cobden Club, the French Academy of Political Science, in which 
 he succeeded to the chair made vacant by the death of John Stuart Mill, 
 and the Regia Academia dei Lincei, of Italy, frorii which he received the 
 medal of honor in 1893. He received the degrees of M. D., and of LL. D. 
 from American Colleges, and that of D. C. L. from Oxford. He was Presi- 
 dent of the American Social Science Association for four years and was 
 connected with other economic and historical societies. The Bureau of 
 Statistics, created by Mr. Wells, is now an important branch of the United 
 States Treasury Department, and his published works are among the most 
 valuable contributions to the literature of economic science. Mr. Wells 
 cordially approved the financial methods and policy of the New- York Life 
 Insurance Company, and regretted that he was not able to take a more 
 active part in the deliberations of the Board. His advice was, however, 
 frequently sought, promptly given and always highly appreciated. We 
 mourn his loss as an associate, as a man of broad culture, large attainments 
 and wide experience, who had the faculty of bringing all his great resources 
 to bear upon the practical solution of the most complicated questions of 
 taxation and finance. 
 
 WILLIAM H. APPLETON-Died October 19, 1899. 
 
 Minute presented to the Board of Trustees by the Executive Com- 
 mittee : 
 
 The death of the oldest member of the Board of Trustees, after a con- 
 tinuous service of over forty-seven years, calls for an acknowledgment of 
 the invaluable services rendered by him to this Company, as well as of his 
 achievements in the world of business and of letters, during a period of 
 over sixty years. 
 
 Born in Haverhill, Mass., in 1814, and beginning business as a clerk 
 at sixteen years of age, Mr. Appleton lived to be over fifty years the head 
 of the publishing firm founded by his father, and to see it become one of 
 the representative houses of the world. 
 
 He was first elected a Trustee of the New- York Life in July, 1852, 
 and soon became an influential member of the Board. He served for many 
 years as a member of the Finance Committee, and his counsel and personal 
 friendship were alike coveted and valued by all. 
 
 Our deceased associate was a man of broad views and of strong con- 
 
134 Official Changes— Deaths. 
 
 vietions, a man given to kindly deeds and to unostentatious charity. Upon 
 the occasion of the fortieth anniversary of his first election as Trustee, the 
 Board adopted a minute declaring its grateful appreciation of his many 
 years' service to the Company and expressing the hope that his life might 
 long be spared to adorn the position of honor and trust to which he had 
 been called. That hope has been measurably fulfilled, and our long-time 
 associate and friend, filled with years and with honors, has fallen asleep. 
 
 Hon. garret A. HOBART-Died November 21, 1899. 
 
 Minute presented to the Board of Trustees by the Executive Com- 
 mittee : 
 
 With deepest sorrow and keen sense of personal loss, we record the 
 death of our friend and associate Trustee, the Honorable Garret A. Hobart, 
 Vice-President of the United States. 
 
 By his early ambition for education, his thorough mastery of his pro- 
 fession and his large and influential part in affairs of business and of 
 finance, he advanced himself to the front rank among men, while his in- 
 tegrity and high-mindedness in politics have endeared him to his country- 
 men, who recognized in him an American of the highest type. His genial 
 manners, charming personality and active interest in the work and prog- 
 ress of the Company will garland his memory and will monument the loss 
 which we as individuals and the Company as a fiduciary institution, as well 
 as the country at large, have sustained. By diligence, by industry, by fair 
 dealing and by devotion to high ideals, he won his way to the second place 
 of honor in the republic, and leaves a name and an example that enrich 
 the annals of his country and of mankind. 
 
 EDWARD N. GIBBS— Died October 20, 1900. 
 
 Announcement by the President to representatives of the Company 
 throughout the world: 
 
 With profound sorrow I announce the death, on the 20th instant, of 
 the Treasurer of the New- York Life Insurance Company, Mr. Edward N. 
 Gibbs. The tribute which is due to a faithful Officer, a resourceful and 
 dominant man of affairs, is well expressed in the following Minute adopted 
 by his Associates in the Finance Committee of this Company, at a meeting 
 held shortly after his decease: 
 
 "Edward N. Gibbs, a Trustee of this Company since 1889, and its 
 Treasurer since 1892, departed this life on the morning of October 20, 
 1900. As from time to time we are called upon to record the death of our 
 fellow-members, we are impressed alike with the greatness of human char- 
 
Official Changes— Deaths. 135 
 
 aeter and with the inadequacy of language to set it forth. Mr. Gibbs was 
 one in whom a richly-endowed and highly-cultivated mind was united with 
 a most genial and companionable nature. These characteristics won for 
 him in an unusual degree both the respect and love of his associates. Be- 
 ginning business life as a clerk in the bank of which he subsequently be- 
 came President, he brought to the discharge of his duties as Treasurer and 
 Trustee of this Company a trained mind familiar with all the details of 
 banking and a superior judgment of values, which lent inestimable service 
 to the financial management of the Company and which distinguished him 
 in the community as one whose co-operation and counsel were widely sought 
 in the world of finance and in the furtherance of great enterprises. In the 
 many Boards of Directors with which he was connected, his wide informa- 
 tion, clearness of thought, and perfect integrity made him an invaluable 
 adviser in all the deliberations and decisions of these institutions. Faithful 
 Officer and loyal Friend, his incessant labors and masterful methods placed 
 him in the front rank of financiers. The earnestness of his life-work, the 
 devotion to his family, the heroism and strength of his character, the pa- 
 tient suffering in his illness, the reverent humility and confidence in his 
 Maker, are all engraven deep in our hearts and will have an abiding-place 
 in our memories." 
 
 Mr. Gibbs' work in this Company was of such character that many 
 knew him only as a financier,— as the immediate Trustee of the vast accu- 
 mulations of the policy-holders of the New- York Life Insurance Com- 
 pany. Few knew the real man. We, who were privileged to meet him 
 daily, not only admired the qualities with which j'^ou were acquainted, but 
 we found other traits in his character which commanded both our admira- 
 tion and our affection. 
 
 A man's home is always a silent witness of his true character; in its 
 atmosphere is constantly expressed the story of what he does and wherein 
 he fails. Judged by this standard Mr. Gibbs was a man of broad sym- 
 pathies, refined judgments and deep affections. His hospitality was of that 
 rare sort which awakens all the tenderest and purest impulses of the soul. 
 He took those who were so fortunate as to be his guests into a world which 
 was a reflex of himself ; where affection was supreme, where rare courtesy, 
 sound art, good literature and unostentatious generosity were happily 
 united. This was the true man. 
 
 We mourn the Officer whose judgments were sound and just; we 
 mourn the Friend whose qualities won our affections ; but we take comfort 
 from the inspiration of a life that was full of achievement,— from the ex- 
 ample of one who endured indescribable suffering with heroism, and who 
 met death without a fear. 
 
136 Oificial Changes— Deaths. 
 
 Hon. WILLIAM L. STRONG— Died November 2, 1900. 
 
 Minute presented to the Board of Trustees by the Executive Com- 
 mittee : 
 
 With profound sorrow we record the death of our late associate, the 
 Honorable William L. Strong, which occurred at his home in this city, on 
 Friday, November 2, 1900. For over sixteen years he had been a Trustee 
 of the New- York Life Insurance Company. First elected in 1884, he 
 served the Company in that capacity continuously up to the time of his- 
 death. His labors as a Trustee were comprehensive in their character and 
 included a wide range of service. He was a member of the Company's. 
 Death-Loss Committee from 1884 to 1887, a member of the Finance Com- 
 mittee from 1888 to 1896, retiring then only on accoimt of his election to 
 the Mayoralty of the City of New York. He was a member of the Buildiag^ 
 Committee of the Company in 1893 ; of the Executive Committee from 1892 
 to 1894, and from 1898 to the time of his death. 
 
 We deeply mourn his loss, not only to the Company and to us, his^ 
 associates, but also to the city and the community in whose service and 
 advancement, as well as in charitable and benevolent works, he had labored 
 so zealously. 
 
 WALTER H. LEWIS-Died February 18, 1901. 
 
 Minute presented to the Board of Trustees by the Executive Com- 
 mittee : 
 
 For the third time within four months we are called upon to part 
 with one of our associates who has "gone on the imreturning way". Walter 
 Herron Lewis, a member of the Board of Trustees of the New-York Life 
 Insurance Company since March 10, 1885, and Chairman of the Auditing^ 
 Committee since 1892, passed away on Monday, February 18, 1901. 
 
 Mr. Lewis was bom in Roxbury, Mass., November 5, 1829, and came 
 to New York in 1865, as a partner in the wholesale dry-goods firm of Lewis. 
 Brothers & Co., which, in 1891, became H. & W. H. Lewis. He was asso- 
 ciated with this firm until his death, and was a director in several institu- 
 tions, including the New- York Life and the Home Insurance Company. 
 Mr. Lewis was one of the most faithful attendants at our Boa,rd. He pre- 
 sented the report of his committee at the December meeting, and signed the 
 report presented at the January meeting, although unable to be present. 
 He was forceful but unassuming, beloved and trusted by his associates, a 
 man of irreproachable character and integrity, and one whose departure we 
 sincerely mourn. 
 
Official Changes— Deaths. 137 
 
 WILLIAM F. BUCKLEY-Died November 29, 1902. 
 
 Minute presented to the Board of Trustees by the Executive Com- 
 mittee : 
 
 With deepest sorrow we are called upon to record the death of 
 Mr. William F. Buckley, one of the senior members of the Board of Trus- 
 tees of this Company, and for a long time our associate upon the Executive 
 Committee. 
 
 Until interrupted by impaired health, his attendance at meetings and 
 attention to the duties devolved upon him had been diligent and unremit- 
 ting. His active part and interest in the work and growth of the Company 
 will be greatly missed, and his genial personality will leave a lasting mem- 
 ory with his associates in the Company as well as in the business community 
 at large, in which for so many years he had held a prominent place. 
 
 Bom at Marlborough, N. Y., in 1821, he came to this city in 1839, and 
 embarked in the importing business, but, attracted to California by the gold 
 developments of 1849, he engaged there in banking and shipping interests 
 until 1854, when he returned to New York and continued in the shipping- 
 business here and also in New Orleans. He was also connected with various 
 leading railway and other corporations, as officer and director. 
 
 His loss will be mourned not only in this Company, but also by the- 
 many others whose interests he has served and advanced. 
 
 Hon. THOMAS BRACKETT REED— Died December 7, 1902. 
 
 Minute presented to the Board of Trustees by the Executive Com- 
 mittee : 
 
 We record with profound sorrow the death, on the morning of De- 
 cember 7, of our associate, the Honorable Thomas Brackett Reed, aged 6J 
 years. 
 
 Mr. Reed was one of the striking figures of his time. In the public- 
 eye almost constantly for a quarter century, he leaves a name which will, 
 for all time, be an inspiration to righteousness, courage and real leadership. 
 
 We record our admiration for what he did, what he said and what he 
 was. 
 
 He gave, substantially, all his life to the service of the Republic, and 
 in the crisis which most distinguished his career, he distinctly and perma- 
 nently advanced the efficiency of popular government. This was a rare 
 service, calling at the time for high courage and qualities of leadership of 
 the first order. 
 
 Whenever he spoke the people listened. The power of conviction ran 
 through all his public utterances, and he influenced men not alone by his- 
 
138 Official Changes— Deaths, 
 
 eloquence, but by assuming always that his audience was patriotic and 
 honest and without passion, seeking light. 
 
 He wrote the English language with a simplicity and purity that rival 
 Bunyan's, and with a logic that was as merciless as Jonathan Edwards'. 
 
 He was cast in a giant mold. His majestic figure suggested power, 
 conviction, dignity, yet a ripple of genuine laughter followed him every- 
 where. 
 
 He had a high and saving sense of humor, to which was added a kindly 
 cynicism, which made him the delight of his friends and a terror to all 
 pretenders. He hated sham, and he did not like error even when it was 
 honest. In the fulness of his mental powers death has stricken him down. 
 
 In spite of all the consolation that comes to us from the inspiration 
 of such a personality and such a life, we mourn profoundly, as we realize 
 that we shall not again greet him within this circle ; but what he did, and 
 what he said, and what he was, remain. 
 
 Here, as in the hearts of his countrymen, without distinction of politi- 
 cal or religious creed, his memory will abide; that memory will teach us, 
 and all men, the value of simplicity and courage and directness and civic 
 righteousness; it will be eloquent, too, of the salvation that flows from a 
 sense of humor ; it will perpetually testify that men can be great and gentle, 
 that they can be strong and yet love their friends. 
 
 While he has gone from us, he is yet here, and he will remain. 
 
 CHARLES C. WHITNEY— Died March 4, 1904. 
 
 Announcement by the President to representatives of the Company 
 throughout the world: 
 
 The sudden death of Secretary Charles C. Whitney, while on his way 
 home from the office on March 4, is a loss which will be keenly felt by his 
 brother officers, and has made a vacancy in the official staff of the Company 
 which it will be difficult to fill. 
 
 Mr. Whitney's connection with the New- York Life, from 1876 to the 
 present time, first as Private Secretary to the late President, Mr. Beers, and 
 since 1892 as Secretary of the Company, brought him into close contact with 
 its Executive Officers, and made him familiar with the details of its man- 
 agement in an unusual degree. 
 
 Although he was in his seventy-second year at the time of his death, 
 he appeared the vigorous man of sixty, and showed no abatement of in- 
 terest or of attention in his work. 
 
 Mr. Whitney's career previous to his coming to the New- York Life 
 specially fitted him for the responsible and multifarious duties of his po- 
 
Official Changes— Deaths. 139 
 
 sition. Educated at Williams College, from which he was graduated in 
 1853, he soon after engaged in the telegraphic business, and during the Civil 
 War was General Manager of the Western Union Office at Indianapolis. In 
 1874 he was Secretary of the Franklin Life Insurance Company, and later 
 was employed in the Treasury Department at Washington. Entering the 
 service of the New-Yoek Life in October, 1876, he gave to this Company 
 during a period of over twenty-seven years the best fruits of a life of broad 
 culture and of a wide and varied business experience. While a mere lad 
 he suffered the loss of one of his feet, and was thus prevented from under- 
 taking the more vigorous physical activities of life, but his native force 
 and strength of character found expression in the steady and unremitting 
 performance of the duties of his position. He had an unusual capacity for 
 work, and he did not spare himself; he was at his desk more hours than 
 the ordinary clerk, and the voluminous correspondence of the Company 
 passed swiftly under his hand. He was methodical, painstaking, accurate, 
 even tempered, and had the judicial cast of mind which would have given 
 him high position had he devoted himself to the law. Outside of his busi- 
 ness, he was devoted to his family and to the pursuits of a cultured life. 
 He was a diligent reader of the best literature, a lover and patron of art, 
 a friend who did not easily give his confidence, but who, once having given 
 it, was as steadfast as his own integrity. He impressed me as a man who 
 always did his best, who considered no effort too great to get at the truth, 
 and who had full and absolute confidence in a conclusion reached upon a 
 full showing of the facts. 
 
 The death of a faithful man, while it always brings a sense of per- 
 sonal loss and sorrow to his friends, has yet this stimulating and wholesome 
 effect, — it causes every true man who knew the dead to gird up his loins 
 anew, to take a firmer grip upon duty, and to labor more diligently, with 
 full confidence that life is worth living well. That is the impression made 
 by the death of Secretary Whitney at the Home Office of the New-Yoek 
 Life, and I feel sure it will be, in some degree, wherever the representatives 
 of the Company are found. 
 
 Hon. WILLIAM R. GRACE -Died March 21, 1904. 
 
 Minute presented to the Board of Trustees by the Finance Committee : 
 The President and the members of the Finance Committee record this 
 expression of their sorrow in the death of Hon. William R. Grace, with a 
 deep sense of the loss they have sustained. Mr. Grace has been a Trustee 
 of the New-Yoek Life Insueance Company since 1892, and a member of 
 its Finance Committee since 1897. In public and private life a foremost 
 
140 Official Changes— Deaths. 
 
 ■citizen, and in the financial world a leading force, he will be missed for 
 qualities of heart and mind which made his counsel and advice most valu- 
 able in the administration of the Company. Without ostentation in his 
 great charitable and benevolent works, he was deeply solicitous for the 
 advancement and welfare of his fellow-men. In the several organizations 
 ■and institutions for the improvement and help of young and old with 
 which he was identified, he was practical and forceful in the methods he 
 ■advocated, and foremost in sustaining and carrying out their benefactions. 
 As friend and associate we shall miss him, and we enter upon our 
 minutes this testimony to his integrity of purpose and character with sor- 
 rowing hearts. 
 
 Dr. henry TUCK-Died September 2, 1904. 
 
 Minute presented to the Board of Trustees by the Executive Com- 
 mittee : 
 
 Dr. Henry Tuck, Vice-President of the Company, and the oldest Trus- 
 tee in point of service, died at Seabright, N. J., on September 2, 1904, after 
 a long illness, in which he was a great sufferer. 
 
 Dr. Tuck spent nearly his whole professional life in the service of 
 Life Insurance, and his judgment in all matters to which he gave special 
 attention was implicitly relied upon and seldom at fault. 
 
 Born in Barnstable, Mass., in 1842, he received a classical education 
 at the Boston Latin School and at Harvard University, graduating in the 
 •class of 1863. After studying medicine for two years, he was appointed 
 Acting Assistant-Surgeon in the Army, and as such saw service during the 
 closing months of the Civil War. He completed the regular course of 
 medical studies in the College of Physicians and Surgeons of this city, and 
 after spending a year in a General Hospital in Vienna, Austria, he began 
 practice in Boston in 1867. 
 
 After ten years' general practice, during which time he became a 
 member of the principal medical societies of Boston, one of the physicians 
 of the Massachusetts General Hospital, and served as Medical Examiner 
 and Medical Referee for three life insurance companies, he was elected 
 Medical Director of the New-York Life Insurance Company. He became 
 a Trustee of the Company in 1878, Senior Medical Director in 1883, Second 
 Vice-President in the same year, and Senior Vice-President on the election 
 of Mr. Beers to the Presidency in 1885. For twenty-seven years Dr. Tuck 
 has been a directing force at the Home Office, and both in the Board of 
 Trustees and as an Executive Officer, he has given to the Company the best 
 service of a trained mind, a large experience and a whole-hearted devotion 
 to its highest interests. 
 
Official Changes— Deaths. 141 
 
 Personally Dr. Tuck endeared himself to his associates by his frank- 
 ness of manner, sincerity of speech, and his friendliness to every one who 
 served the Company. Looking back upon such a life, upon its labors and 
 its successes, we bid our friend and associate farewell with the feeling that 
 lie fully merits the encomium— "Well done, good and faithful servant." 
 
 Minute presented to the Board of Trustees by the Loss Committee: 
 
 Whereas, The Loss Committee of the New-Yokk Life Insurance 
 Company has learned with great sorrow of the death of Dr. Henry Tuck, 
 Vice-President of the Company and Chairman of this Committee, it is 
 Resolved: That the Committee has lost the services and advice of an 
 efficient member and Chairman, whose knowledge of the various phases of 
 life insurance, acquired by long and continued active experience, made him 
 especially valuable to this Committee, whose functions comprise the very 
 object of life insurance, the payment of policies matured by death. 
 
 Resolved, That this Committee feels doubly the death of Dr. Tuck, 
 not only on account of the severance of our official relations, but also for 
 the reason that it and its members have lost a sincere friend, whose kindly 
 and generous spirit, combined with pronounced intellectual attainments, 
 endeared him to the members of this Committee. 
 
 Resolved, That a copy of these resolutions be handed the Board of 
 Trustees, and to the family of the deceased. 
 
 Hon. HUGH S. THOMPSON-Died November 20, 1904. 
 
 Minute presented to the Board of Trustees by the Executive Com- 
 mittee : 
 
 For the third time within twelve months the New-Tork Life Insur- 
 ance Company mourns the loss by death of an Executive Officer. 
 
 The Honorable Hugh S. Thompson, Comptroller of the Company since 
 1892, passed away November 20, 1904. Governor Thompson was, in the 
 best sense of the words, a Southern gentleman of the old school, well born 
 and well educated, thoroughly versed in affairs of State, a student of edu- 
 cational and civic problems, and always genial, courteous and companion- 
 able. 
 
 Born in Charleston, S. C, in 1836, educated in the South Carolina 
 Military Academy where he afterwards served as instructor; an officer of 
 South Carolina troops during the Civil War ; State Superintendent of Edu- 
 cation for three terms, and Governor of the State two terms ; Assistant Sec- 
 retary of the United States Treasury and also Civil Service Commissioner 
 under President Cleveland, and reappointed to the latter position by Presi- 
 dent Harrison;— he brought to the service of the New- York Life a wide 
 
142 Official Changes — Promotions. 
 
 experience as an organizer and an executive officer, and a rare judgment 
 in the details of office management. 
 
 While we mourn his loss as a faithful and capable officer, we testify 
 in parting with him that the man was greater than the official, that the 
 spirit he brought to life's problems and duties ennobled all his work. 
 
 "Zealous yet modest, patient of toil, inflexible in faith"— thus he still 
 lives in our hearts. 
 
 PROMOTIONS-OFFICERS. 
 
 George W. Peekins.— Second Vice-President, April 13, 1898; Vice- 
 President May 13, 1903. 
 
 Previous service with the Company: Office-boy and clerk in Com- 
 pany's Chicago Office, 1877; Assistant Bookkeeper, Cleveland Office, 1879; 
 Cashier of Office, 1883; Agent, 1886; Agency Director at Denver, 1888; 
 Inspector of Agencies, Western Department, 1889; Third Vice-President, 
 Februarv 12, 1892. 
 
 Darwin P. Kingsley.— Third Vice-President, April 13, 1898; Vice- 
 President, May 13, 1903. 
 
 Previous service with the Company : Agent, 1889 ; Inspector of Agen- 
 cies, New England Branch, 1890 ; Assistant Manager of Agencies at Home 
 Office, 1892 ; Superintendent of Agencies, 1893. 
 
 Thomas A. Buckner.— Superintendent of Agencies, April 13, 1898; 
 Fourth Vice-President, December 15, 1900; Vice-President, May 13, 1903. 
 
 Previous service with the Company: Office-boy in Milwaukee Office, 
 1880; Agent, 1885; Cashier Company's Office in Wichita, Kansas, 1889; 
 Agency Director, Kansas City Branch Office, 1891 ; Inspector of Agencies, 
 Chicago, 1892. 
 
 RuFus W. Weeks.— Second Vice-President and Chief Actuary, May 
 13, 1903. 
 
 Previous service with the Company : Clerk, Home Office, March, 1867 ; 
 Mathematician, July, 1883 ; Actuary, December, 1885 ; Trustee, April 13, 
 1891, to February 12, 1892 ; Secretary of the Board of Trustees, February 
 12, 1892, to July, 1903. 
 
 Edward R. Perkins.— Superintendent of Agencies, December 15, 
 1900; Second Vice-President, May 13, 1903. 
 
 Previous service with the Company: Clerk, Cleveland Office, July, 
 1882; Cashier, Denver Office, 1887; Agency Director, Denver, 1892; In- 
 spector of Agencies, 1893. 
 
Official Changes— Promotions. 143 
 
 William E. Ingersoll.— Second Vice-President, May 13, 1903. 
 
 Previous service with the Company: Bookkeeper in London Office, 
 May, 1874; Cashier, Paris Office, 1874, and later, Sub-Manager; Manager 
 for Europe, 1889 ; Resident Executive, 1892 ; Trustee, 1899. 
 
 John C. McCall.— Assistant Secretary, December 15, 1900; Secre- 
 tary, May 13, 1903. 
 
 Previous service with the Company : Secretary of Club organizations, 
 1899. 
 
 Seymour M. Ballard.— Assistant Comptroller, May 1898; Comp- 
 troller, May 15, 1903 ; Secretary, March 9, 1904. 
 
 Previous service with the Company : Supervising Cashier, April, 1894. 
 Mr. Ballard had been connected with the Insurance Department at Albany 
 for twenty years, holding for many years the position of Examiner, prior 
 to coming to the New-York Life, his service there covering the entire 
 period of President McCall 's term as Superintendent. 
 
 Edmund D. Randolph.— Treasurer, December 15, 1900. 
 Previous service with the Company: Trustee and member Finance 
 Committee, 1892; Chairman Executive Committee, 1898. 
 
 Peter Dun canson.— Comptroller for Europe, March 21, 1899; Comp- 
 troller, May, 1903. 
 
 Previous service with the Company: Bookkeeper in Comptroller's 
 Department, December 9, 1880; Cashier, Paris Office, 1886; Chief Ac- 
 countant, 1892. 
 
 Edward A. Anderson.— Comptroller, May 13, 1903. 
 
 Previous service with the Company: Clerk in Accountant's Depart- 
 ment, February 1, 1890; Chief Clerk Department of Accounts, 1892; As- 
 sistant Superintendent Department of Accounts, January 1, 1893. 
 
 Isaac E. Gillies.— Comptroller, March 16, 1904. 
 
 Previous service with the Company: Clerk in Accountant's Depart- 
 ment, November 1, 1884; Assistant Accountant, 1892; Superintendent De- 
 partment of Agents' Accounts, January 1, 1893; Superintendent Comp- 
 troller's Department, April 29, 1903. 
 
 Frederick A. Jackson.— Comptroller, Chicago Office of Issue, March 
 16, 1904. 
 
 Previous service with the Company: Soliciting Agent, Boston Office, 
 June, 1891; in Omaha 1891 to 1894; in Chicago Clearing House Branch, 
 February 1, 1899. 
 
 13 
 
144 Official Changes— Promotions. 
 
 Abthue R. Grow.— Assistant Actuary, January 1, 1902; Actuary, 
 May 13, 1903. 
 
 Previous service with the Company: In Actuary's Department since 
 June, 1883. 
 
 Arthur Hunter.— Assistant Actuary, January 1, 1902 ; Actuary, May 
 13, 1903. 
 
 Previous service with the Company: In Actuary's Department since 
 June, 1898. 
 
 Adolph Davidson.— Assistant Actuary, January 1, 1902; Actuary, 
 May 13, 1903. 
 
 Previous service with the Company: Clerk in Actuary's Department, 
 September, 1887; in charge Actuarial Department, Paris Office, January 
 5, 1893. 
 
 Walker Buckner.— Supervisor, January 1, 1902; Inspector of Agen- 
 cies, Central Department, January 1, 1903; Superintendent of Agencies, 
 European Department, January 1, 1904. 
 
 Previous service with the Company: OfBce-boy and clerk, Milwaukee 
 Branch, 1885; Cashier Milwaukee Branch, 1891; Agency Director, North- 
 western Branch, St. Paul, Minn., 1893 ; Agency Director, Missouri Clearing- 
 House Branch, St. Louis, 1897. 
 
 Dr. S. Oakley VanderPoel.— Medical Director, April 13, 1898. 
 
 Previous service with the Company: Medical Examiner, July 18, 
 1883 ; Chairman of Committee of Review to determine value of Sub-stand- 
 ard risks, 1893 ; Consultant Assistant Medical Director, December 18, 1894. 
 
 Dr. Abel Huntington.— Medical Director Emeritus, April 13, 1898. 
 Previous service with the Company • Medical Examiner, 1883 ; Medi- 
 cal Director, 1884; Chief Medical Director, 1886. 
 
 Dr. Morris L. King.— Medical Director, May 13, 1903. 
 Previous service with the Company: Medical Examiner, July 30, 
 1884 ; Foreign Assistant Medical Director, May 18, 1894. 
 
 Dr. Oscar H. Rogers.- Medical Director, May 13, 1903. 
 Previous service with the Company: Medical Examiner, April 5, 
 1887; Assistant Medical Director, May 18, 1894. 
 
 Dr. Frank de la Vergne.— Medical Director, May 13, 1903. 
 Previous service with the Company : Medical Examiner, April, 1895 ; 
 Assistant Medical Director for Europe, November 21, 1900. 
 
Official Changes— Retirements. 145 
 
 De. Ernest H. Lines.— Medical Director, May 13, 1903. 
 Previous service with the Company: Medical Examiner, October, 
 1888 ; Associate Medical Director for Europe, November 21, 1900. 
 
 Dr. Thomas W. Bickerton.— Assistant Medical Director, January 1, 
 1899. 
 
 Previous service with the Company: Medical Examiner, January 9, 
 1889 ; Chief Medical Examiner for New York City, April 1, 1895. 
 
 Dr. Harry P. Wolbt.— Assistant Medical Director, April, 1904. 
 Previous service with the Company: Medical Examiner, August 1, 
 1895; Chief Medical Examiner for the City of Chicago, August 1, 1896. 
 
 James H. McIntosh.— General Solicitor, May 13, 1903. 
 Previoiis service with the Company: Counsel for Company in the 
 West. 
 
 John A. Hokan.— Auditor, April 8, 1903. 
 
 Previous service with the Company: In Auditor's Department from 
 December, 1900. 
 
 John J. Hopper, Jr. — Assistant Cashier, December, 1904. 
 Previous service with the Company : Messenger and Office-boy, Febru- 
 ary 1, 1877 ; Clerk in Cashier's Department, 1880 ; Paying Teller, May, 1896. 
 
 H. P. Stamford.— Resident Secretary, Chicago Office of Issue, March 
 17, 1905. 
 
 Previous service with the Company : Clerk, January 1, 1870 ; Account- 
 ant, February 29, 1888 ; Supervisory Accountant, January 1, 1893. 
 
 EETIREMENTS— OFFICERS. 
 
 Joseph J. Hearns, Superintendent of Agencies since 1900; resigned 
 May, 1903. 
 
 Charles N. Jones.— Assistant Actuary from July, 1892; resigned 
 January, 1895. 
 
 F. W. Feankland.— Assistant Actuary from June, 1893; resigned 
 February, 1900. 
 
 John B. Lunger.— Managing Actuary from February, 1897; resigned 
 February, 1902. 
 
 Harry H. Bottome.— General Solicitor since May 13, 1903; resigned 
 January, 1905. 
 
146 Official Changes— Promotions— Agency Force. 
 
 PROMOTIONS-AGENCY FORCE. 
 
 ABOVE THE EANK OP AGENCY DIRECTOR. 
 
 John T. Boone.— Inspector of Ageneies-at-large, January 1, 1904. 
 
 Previous service with the Company: Soliciting Agent in California, 
 1872 ; in Missouri, Kansas, Indiana and Oklahoma Territories, 1877 ; Gen- 
 eral Agent Missouri and Texas, 1887 ; Agency Director, Kansas City, 1896. 
 Mr. Boone has been a member of the $200,000 Club from its organization. 
 In 1902 the Club made him a life member, but he has continued his mem- 
 bership on personal business. 
 
 Gilbert A. Smith.— Inspector of Agencies, Chicago Department, 
 October, 1900; Inspector of Ageneies-at-large, January 1, 1904. 
 
 Previous service with the Company : Soliciting Agent in Iowa, Febru- 
 ary, 1880 ; General Agent for Iowa, Northern Nebraska and South Dakota, 
 1884 ; General Manager in Chicago, 1894. 
 
 Alex. S. Browne.— Inspector of Agencies, Northeastern Department, 
 January 1, 1901. 
 
 Previous service with the Company: Cashier at Boston Office, 1890; 
 field work, 1891 ; Manager Boston Term Department, March 1, 1892 ; Man- 
 ager New England Branch, January 1, 1893. 
 
 R. L. Cooney.— Inspector of Agencies, Southern Department, January 
 1, 1901. 
 
 Previous service with the Company : Soliciting Agent at New Orleans, 
 January 8, 1880; Cashier, Atlanta Office, 1885; Agency Director, Atlanta 
 Branch Office, March 1, 1895. 
 
 John R. Christie.— Foreign Inspector Caribbean and Gulf Depart- 
 ment, March 1, 1901; Inspector of Agencies, January 1, 1903. 
 
 Previous service with the Company: Office-boy and clerk in Home 
 Office, January 1, 1883; Clerk in Spanish- American Department; Acting 
 Manager Spanish-American Department, January 1, 1895; Assistant Man- 
 ager Broadway Branch, New York City, January 1, 1897. 
 
 Hamilton Cooke.— Supervisor, Southwestern Department, 1897; In- 
 spector of Agencies, Southwestern Department, January 1, 1903. 
 
 Previous service with the Company : Soliciting Agent, Texas, January 
 1, 1890; State Agent, Arkansas, 1894; General Agent, January 1, 
 1895. 
 
Official Changes— Promotions— Agency Force. 147 
 
 Lee B. Duestine.— Supervisor Park Row Branch, July, 1899; In- 
 spector of Agencies, Empire Department, January 1, 1903. 
 
 Previous service with the Company: Soliciting Agent in Iowa, Oc- 
 tober 1, 1893 ; General Agent, Des Moines, Iowa, January 1, 1894 ; Agency 
 Director, Columbus Branch (0), October, 1895. 
 
 William M. Harris.— Supervisor Western Department, February 1, 
 1902 ; Inspector of Agencies, Western Department, January 1, 1903. 
 
 Previous service with the Company: OfBce-boy and clerk, Company's 
 Office, Wichita, Kans., November 1, 1889 ; Cashier Chicago Clearing House 
 Branch, 1893 ; Manager Northern Illinois Branch, Elgin, February 1, 1899. 
 
 H. T. HoLTz.— Supervisor Junior Branch, Central Department, 1898; 
 Supervisor, January 1, 1902; Inspector of Agencies, Central Depart- 
 ment, January 1, 1903. 
 
 Previous service with the Company: Clerk in Comptroller's Depart- 
 ment, Home OfSce, June 1, 1892 ; Assistant Comptroller, 1895. 
 
 George W. Millen.— Supervisor, January 1, 1901; Inspector of Agen- 
 cies, Great Middle Department, January 1, 1903. 
 
 Previous service with the Company : Soliciting Agent, Detroit, 1892 ; 
 Agency Director, Detroit Branch, 1893. 
 
 Albert McClave.— Inspector of Agencies, Knickerbocker Depart- 
 ment, April 24, 1903. 
 
 Previous service with the Company : Soliciting Agent, April 12, 1895 ; 
 Assistant Manager, Broadway Branch, New York City; Manager of same, 
 January 1, 1899. 
 
 G. C. Babcock.— Inspector of Agencies, Soath Africa, headquarters at 
 Cape Town, December 1, 1903. 
 
 Previous service with the Company: Soliciting Agent, Park Row 
 Branch, New York, July 8, 1901 ; Agency Director Baltimore Branch, April 
 15, 1903. 
 
 George W. Long.— Supervisor Atlantic Department, February 1, 
 1904; Inspector of Agencies, June 1, 1905. 
 
 Previous service with the Company: Clerk in Philadelphia Office, 
 January 15, 1883 ; Cashier Pennsylvania Branch, 1892 ; Agency Director 
 Independence Branch, Philadelphia, January 1, 1902. 
 
148 Offlcial Changes— Promotions — Agency Force. 
 
 Daniel Boone.— Inspector of Agencies, September 1, 1905. 
 
 Previous service with the Company: Agent, Brooklyn, N. Y., 1879; 
 subsequently in Missouri and Texas ; Manager Texas Department, January, 
 1895 ; Agency Director, St. Louis, 1896, Kansas City, 1899. 
 
 J. E. Beiggs.— Supervisor Baltimore Branch, August 1, 1900; In- 
 spector of Agencies, Atlantic Department, January 1, 1903; Director- 
 General of Agencies, London Office, 1904. 
 
 Previous service with the Company: Soliciting Agent, Milwaukee, 
 Wis., January 2, 1893; General Agent, 1894; Assistant Agency Director, 
 1898; Manager Boston Branch, March 1, 1899; Manager of Atlantic 
 Branch, 1900 ; Manager of Baltimore Branch, February 15, 1900. 
 
 Dr. Spencee Feanklin.— Director-General for Mexico, January 1, 
 1905. 
 
 Previous service with the Company : In Medical Department at Home 
 Office, May 23, 1901; subsequently Medical Inspector in the field; Chief 
 Agency Representative in Mexico, June 1, 1904. 
 
 Samuel O. Bucknee.— Supervisor Central Department, January 1, 
 1904. 
 
 Previous service with the Company: Cashier Wisconsin Branch, Mil- 
 waukee, 1886 ; Soliciting Agent, January 1, 1891 ; Agency Director Wiscon- 
 sin Branch, January 1, 1898. 
 
 A. S. Elfoed. — Supervisor Central Department, January 1, 1904. 
 
 Previous service with the Company: Soliciting Agent, Minnesota, 
 June 15, 1890 ; General Agent, Grand Forks, N. D., 1893 ; Agency Director 
 Grand Forks Branch, February 1, 1901 ; Agency Director Grand Forks and 
 Fargo Branches, November 1, 1902. 
 
 G. F. Johnston.— Supervisor Northeastern Department (Canadian 
 Offices), February 1, 1904. 
 
 Previous service with the Company: Agency Director Montreal 
 Branch, January 1, 1902. 
 
 Stephen Pibkey.— Supervisor Great Middle Department, February 
 1, 1904. 
 
 Previous service with the Company: Soliciting Agent, Sedalia, Mo., 
 June 8, 1897; Agency Director, St. Joseph, Mo., April 1, 1901; Agency 
 Director Market Street Branch, New Orleans, January 1, 1904. 
 
Official Changes— Promotions— Agency Force. 149 
 
 H. J. Saunders.— Supervisor Southern Department, February 1, 1904. 
 
 Previous service with the Company: Soliciting Agent, Baton Rouge, 
 La., November 27, 1897; Instructor at New Orleans, November 2, 1899; 
 Agency Director Louisiana Branch, New Orleans, January 1, 1902. 
 
 E. J. Claek.— Supervisor Atlanta Branch, March 1, 1904. 
 
 Previous service with the Company: Soliciting Agent, North Dakota, 
 June 1, 1887; Special Agent, New Orleans, February, 1893; Agency Di- 
 rector Louisiana Branch, January 1, 1902. 
 
 G. H. Lucas.— Supervisor, St. Louis, Mo., January 1, 1904— at 
 Vienna, Austria, 1905. 
 
 Previous service with the Company: Clerk St. Louis Office, October 
 28, 1879; Cashier, St. Louis, 1880; Soliciting Agent, January 18, 1894; 
 Cashier Indianapolis Office, March 8, 1894; General Agent, St. Louis, No^ 
 vember 15, 1894. 
 
 Robert E. Whitney.— Inspector of Agencies, China and Japan, 
 October, 1900 ; Agency Director Colorado Branch, 1903 ; Supervisor, June 
 1, 1905. 
 
 Previous service with the Company : Clerk in Department of Accounts, 
 Home Office, 1883 ; Cashier Seaboard Department 1890 ; Manager Seaboard 
 Department, 1892. 
 
IX. 
 STATISTICAL EEVIEW. 
 
 FORMS OF REPORT, VALUATIONS ETC. 
 
 When the New- York Life began business, there were no insurance de- 
 partments and no fixed methods of making reports. The Company was 
 required by its charter to publish annual reports showing its income, losses, 
 expenses, balance on hand and how the balance was invested. By the 
 law of April 8, 1851, it was required to report to the Comptroller of the 
 State, and the form of the report was fixed by blanks prepared by this 
 officer. The Insurance Department was established by the Act of April 
 15, 1859, and 1;he form of the report to the Department has since been 
 fixed by the Superintendent. Until 1892 the Company published its 
 report according to its own form, in addition to the report made to the 
 Insurance Department. The Company's form gave the premiums and 
 interest belonging to the year, whether received during the year or after- 
 ward; the Department form calls for what is actually received between 
 January 1 and December 31, no matter what year it belongs to, and credit 
 is given in assets for deferred premiums and accrued and unpaid interest. 
 The Company's form also included in disbursements the amounts paid to 
 other companies for reinsurance; but the Department form required these 
 amounts and the amounts received from reinsuring companies on policies 
 maturing by death, to be deducted from premium income and to be omitted 
 from disbursements, in order to avoid reporting the same amounts twice 
 in the totals of all companies. 
 
 The tables which follow have been made in accordance with the 
 present methods of the Company and of the Department, except that 
 reinsurance has not been deducted prior to the establishment of the 
 Insurance Department. A careful examination of the early reports has 
 been made, and a few items have been transferred from one account to 
 another, in accordance with present methods; the items in disbursements 
 will be found, therefore, to differ slightly from those previously published. 
 The first payments on annuity account were rather in the nature of trust 
 fund payments, but were called annuities and are allowed so to stand. 
 The items of "Profit and Loss" have been separated from other items of 
 
 150 
 
Statistical Review. 151 
 
 income and disbursements, in order to show just how the Company's 
 investment account stands at the present time, and to show the actual 
 interest on investments. All the items on the credit side of this account 
 are profits actually realized on completed transactions; they amount to 
 $6,802,316.71.* The items on the debit side belong partly to completed 
 transactions— that is to say, to property bought and sold— and partly to real 
 estate still owned by the Company, the valuation of which has reduced. 
 
 The first valuation of the Company's policies, according to modem 
 methods, was made in 1852, when the surplus was found to be $25,313.90, 
 after providing for all liabilities, including $283,539 in dividends out- 
 standing. Prior to that time the method of declaring dividends had been 
 as follows : The premiums earned during the year were calculated accord- 
 ing to the time the policies had been in force, and to this amount was 
 added the interest actually received ; from this sum was deducted the losses 
 and expenses; the balance was considered net profit for the year, and a 
 large part of it was allotted as dividends and interest on dividends formerly 
 declared. A "contingent" fund had been gradually accumulated, however, 
 and on December 31, 1852, it amounted to $62,445.54. This was exclusive 
 of premiums received but not earned, accrued interest and excess of 
 market values over cost, which swelled the fund to $204,761.23. The trans- 
 ition from the old method to the new was, therefore, comparatively easy. 
 
 The Company's valuations antedated any valuations by authority of 
 the State ; and after a standard of valuation was adopted by the State, the 
 Company continued to use its own until 1887, although the State standard 
 adopted in 1868 gave it a much larger surplus than its own. This action 
 made the higher reserve standard of the State easy to conform to in 1887. 
 From 1852 to 1859 the Company's valuations were made by the Carlisle 
 Table of Mortality with six per cent, interest; from 1860 to 1886 they 
 were made by the same table, with four per cent, interest for 
 participating policies and five per cent, for non-participating policies; 
 from 1887 the standard has been that of the State, viz., the Actuaries', 
 or Combined Experience Table, with four per cent, interest, on 
 policies issued prior to December 31, 1900, and the American Table of 
 Mortality with three per cent, interest on policies issued since December 
 31, 1900. The Company has, however, set aside as special reserves various 
 amounts, as shown on pages 85 and 86. It also carries on its books, as a 
 special liability, all the surplus allotted to Deferred Dividend Policies by 
 classes. The following extract from the 60th Annual Report for December 
 
 ♦The amounts given on both sides of the accounts are "balances" of gains 
 or losses for the year. 
 
152 Statistical Review. 
 
 31, 1904, shows the apportionment of the balance of assets over the net 
 reserve on insurances and annuities and all policy and other claims, as 
 calculated by the Insurance Department : 
 
 AdditionaLReserve on policies which the Company volun- 
 tarily sets aside in excess of the State's requirements. . $6,830,023.00* 
 Reserve to provide Dividends payable to policy-holders 
 in 1905, and thereafter, as the periods mature: . . 
 
 To holders of 20-Year Period Policies and longer 24,982,787.06 
 
 To holders of 15-Year Period Policies 5,736,259.46 
 
 To holders of 10-Year Period Policies 344,600.56 
 
 To holders of 5-Year Period Policies 303,837.47 
 
 To holders of Annual Dividend Policies 868,953.00 
 
 Reserves to provide for all other contingencies 8,461,678.98 
 
 tTotal Additional Reserves $47,528,139.53 
 
 *Por details of this fund see pages 85 and 86. 
 
 fDoes not include $7,247,377.91 excess of Market Value of Bonds owned 
 over cost. 
 
 For figures of December 31, 1905, see full Annual Report, pages 197-203. 
 
Statistical Review. 
 
 153 
 
 DISTRIBUTION OF INSURANCE IN FORCE DECEMBER 31, 1904. 
 
 State or 
 Territory 
 
 Policies 
 
 Amount 
 
 State or 
 Territory 
 
 Policies 
 
 Amount 
 
 Alabama 7,864 $15,382,783 
 
 Alaska 495 1,224,126 
 
 Arizona 2,524 6,056,978 
 
 Arkansas 5,429 10,618,727 
 
 California 19,971 44,848,178 
 
 Colorado 7,691 17,471.748 
 
 Connecticut . . . 8,751 14,501,576 
 
 Delaware 787 1,540,257 
 
 Dist. of Columbia 3,218 7,572,161 
 
 Florida 6,532 13,437,036 
 
 Georgia 11,324 21,945,945 
 
 Idaho 3,711 7,990,729 
 
 Illinois 76,091 144,078,310 
 
 Indiana 16,669 30,288,689 
 
 Indian T'y 2,662 5,942,113 
 
 Iowa 20,632 32,583,653 
 
 Kansas 10,191 18,310,136 
 
 Kentucky 16,402 29,906,932 
 
 Louisiana 13,692 33,133,891 
 
 Maine 5,374 7,815,339 
 
 Maryland 6,851 16,657,985 
 
 Massachusetts 31,135 63,848,553 
 
 Michigan 18,681 30,506,588 
 
 Minnesota 12,880 23,103,270 
 
 Mississippi 12,607 24,318,435 
 
 Missouri 28,914 60,919,607 
 
 Montana 3,887 10,173,756 
 
 Nebraska 7,461 
 
 Nevada 1,173 
 
 New Hampshire 3,ia9 
 
 New Jersey . . . 15,802 
 
 New Mexico . . . 1,711 
 
 New York 136,500 
 
 North Carolina. 5,571, 
 
 North Dakota . . 4,720 
 
 Ohio 30,411 
 
 Oklahoma 3,172 
 
 Oregon 3,249 
 
 Pennsylvania . . 46,330 
 
 Rhode Island . . 3,515 
 
 South Carolina. 7,345 
 
 South Dakota . . 3,868 
 
 Tennessee .... 7,917 
 
 Texas 28,002 
 
 Utah 5,338 
 
 Vermont 4,612 
 
 Virginia 9,415 
 
 Washington . . . 7,607 
 
 West Virginia.. 5,972 
 
 Wisconsin 18,301 
 
 Wyoming 1,861 
 
 $13,819,633 
 
 3,007,682 
 
 4,590,380 
 
 35,113,647 
 
 4,699,868 
 
 274,659,771 
 
 10,520,965 
 
 9,067,382 
 
 59,534,416 
 
 6,045,927 
 
 6,901,320 
 
 105,529,516 
 
 7,526,776 
 
 13,570,353 
 
 6,622,802 
 
 16,609,654 
 
 60,004,533 
 
 9,999,577 
 
 7,561,404 
 
 17,835,030 
 
 15,880,146 
 
 10,885,190 
 
 31,536,688 
 
 4,513,475 
 
 Total in U. S... 717,957 $1,430,213,636 
 
 RECAPITULATION. „ , 
 Pol. 
 
 United States 717,957 
 
 Canada 25,068 
 
 Australasia g 243 
 
 South America 13 591 
 
 Central America 694 
 
 West Indies 3,927 
 
 Mexico 5^801 
 
 Europe 125,695 
 
 Asia 19,673 
 
 Africa 2,225 
 
 Other Countries 1 gsg 
 
 Total 924,712 
 
 Amount. 
 
 $1,430,213,636 
 
 44,023,079 
 
 15,066,799 
 
 37,795,335 
 
 2,252,849 
 
 10,657,309 
 
 16,655,409 
 
 334,135,112 
 
 24,725,274 
 
 6,911,714 
 
 6,172,792 
 
 $1,928,609,308 
 
154 
 
 Statistical Review, 
 
 m 
 o 
 
 o 
 
 O 
 
 O 
 O 
 
 o 
 
 o 
 
 CD N t- IC OS 
 
 CO CO C- l£3 CD 
 CD tH CO M CD 
 
 in iH t- 
 
 C<1 t-; O 
 
 c<i 00 o 
 
 (MOW 
 
 t- cq m 
 
 (N CO CO 
 
 CO cq 
 c<i ca 
 
 -* C<l^ 
 CDOT 
 CD "«** 
 CO CO 
 
 CD CD CO in tn 
 t> in m t-; in 
 
 t-^ t> CO c<i CD 
 
 tH 00 incD t- 
 
 tH CO^t-^^CO TJH^ 
 
 CO ccT oi^ c<i" o 
 
 t- tH CD Ci in 
 CO '^ Tt< '^ tn 
 
 CD CvO 
 O CO 
 CD CO 
 OlOO 
 O5C0 
 
 in in 
 
 J in tH 
 
 ai CO 
 o oo 
 
 CO o 
 
 oo^ 
 T-iV-i' Nc^co-^ia 
 
 OS O OS 
 
 "* t- o 
 cq 00 CD 
 
 oooos 
 CD CO in 
 
 ■^ iH OO c 
 ■* 00O0< 
 tH 00 CD c 
 00 O CDc 
 iH Oi ■* c 
 
 C3 C<1 00 
 00 CO o 
 
 t> m Oi 
 ^ CO m 
 
 cq CD 
 TjH^in 
 
 CD ©Q 
 
 in 00 
 
 <NI 05 -«*< 
 
 CD in 00 
 CO in CO 
 
 ■* oq t- 
 
 <3i t- in 
 
 COt-t-l>00 l>t-I> 
 
 s in iH 
 
 " CD CD 
 OO C<] 
 OO tH 
 
 '>!t< 00 
 
 CD OO 
 
 b- C<I t> 
 
 C^ O "* 
 
 Tt< Oi m 
 
 .00 C<J u-i tH Tt< t- Tt< 
 
 OO 00 c> <M C^ 00 ^ 
 
 . o o ^ in t> OT 00 
 
 • t- <M CO "* ■^ "^ T-^ 
 
 • o 
 
 • o 
 
 • o 
 o 
 
 • "i 
 . cq 
 
 
 o 
 
 CO 
 
 in 
 
 co^ 
 
 00 
 
 
 
 
 COiD<Z>^O0 iHinOOOOCO b-COrHiHO C5CO-<**TtHin COCOCOtXTi 
 
 cooomi-it- -^ooicqiH t-ooco050i cflffqcoTt^iH cqt-cot-b- 
 
 *9-COOS00T-i CDOOCOCICD OOCDCOOSiH inoacOCDC^(>C-^b^COCD 
 iHCO t-^ CQCDCDrH 00 ininoOOO iHOS 00 iHiH ai<Sci<S-^ 
 
 T-iiHcq-^co ininoot-05 caosiHT^t- eqMcoTPt- 
 
 rH rHiHiHCqeO-^inCD 
 
 cq o -^ in »n 
 
 CD t- t> iH CO 
 
 CO 05 -^ th^ in 
 
 00l> O -* CO 
 
 OS CO o in CO 
 
 t' iH M OOCD 
 
 iH coo in ffq 
 t- th in in 00 
 
 rt5 (?q O '^' CD 
 OO (M IM CO 00 
 
 c<i m 1-1 1« 00 
 coco ffcTooi-T 
 iH CD m in ffq 
 t> ooooos^o^ 
 
 iH iH r-T iH OQ 
 
 ■*t-ino inait-cqco OTt<rHcqc<i •**<cqcqcDin 
 ff^^00TJ^o t-oqo-^oo ooiHOmcD oooooth 
 
 .cqOeQC>^ OOOiHCOiH incOiHOO t^COCDOO 
 
 • Tt^'cq'iHOO eocococDiH odooincot^ ooocdco'* 
 
 iH -^CO'^t-t- OOOKMOOa 
 Cq cq W Tt< CD 
 
 
 
 
 'Tt* c:i 05 00 in 
 
 OO CO t- 00 o 
 
 in Tt« OO t- iH 
 
 OOiH O 05 iH 
 
 CO incs c<i CO 
 
 i-( '^ OS CO -^ 
 
 
 
 t- Tt< OO 00 CO 
 
 ^ CO CD t- O 
 
 Oi CD Tt* OO O 
 
 O iH t-COCi 
 
 '^ Oi CD t- t- 
 
 t- 00 00 tH CO 
 
 tH '<*< CO COOi 
 
 o 
 
 CG 
 
 Cq CO CO O iH 
 
 c<i o in TjH OS 
 
 <jioo cq inco 
 
 CD in 00 o in 
 
 os o in 'ct' (M 
 
 rt* t- cq CO in 
 
 00 "«** iH in CO 
 
 n 
 
 S 
 
 3 
 
 
 
 CO CO C<1 Oi CO 
 
 t- 00 cq 00 o 
 
 o o tH in CO 
 
 OO t-co incD 
 
 -* CO CD '5j< cq 
 
 
 CD t- -* ■* -<;t^ 
 
 OO in CO -^ CD 
 
 oq C^ rt< cq iH 
 
 O OO OOOi CO 
 
 CD iH m m 05 
 
 CD CJi CD Oi Ci 
 
 CD c*co mcq 
 
 
 
 
 
 
 
 
 
 cq th a> Tt* o 
 
 COiH 00'«*< O 
 
 t- inoi CO o 
 
 OO '<** cc* in 
 
 CD to ■* OO iH 
 
 OS cq CD OOiH 
 
 Tt^ in in cDiH 
 
 
 a 
 
 CD 
 
 C^ ■<:** CO Th (N 
 
 in o cq cq iH 
 
 tH m 00 tH CD 
 
 C- CO CD CO •* 
 
 CO '<*^ l> T-t l> 
 
 o OOM* cq t- 
 
 in t-oi 00 1- 
 
 3 
 
 ©9- tHtH 
 
 C<l CO CO CO CO 
 
 CO coco -«* -^ 
 
 •^s* Tt* in iH CO 
 
 OS in OS CD oa 
 
 CO tH CO O'^t^ 
 
 OO in-<*<<?qiH 
 
 a 
 
 
 
 
 
 
 
 
 £ 
 
 
 
 
 iHiH 
 
 tH (M cq CO •* 
 
 in to CO CO CO 
 
 m in in in m 
 
 incDt-oooi Or-(cqcoTf< incot-ooos owcqeo'^ mcot-ooos Oi-icqeoTh incot-ooos 
 
 Tf-^-^TpTt* inmininm ininininin cdcdcdcocd cococococd t-t-c-t-c- t-t-c-t-t- 
 
 OOOOOOOOOO 0000000000 0000000000 0000000000 0000000000 0000000000 oooooooooo 
 
 ■i-(tHi-(iHi-I ■HiHi-IiHiH ■HiHi-HrHiH iHtHtHiHtH rHiHiHiHiH tHiHtHiHtH rHi-(THrHiH 
 
Statistical Review. 
 
 155 
 
 iH lo CO : 
 
 t- -^ Tt< c 
 
 M eo Oi 
 
 00 CO ■* 
 
 oco 
 
 CO CO 
 
 •r-\ Ir-^ 00 tH i-H 
 
 " ITi tHOt " 
 
 o CO oa t 
 
 Oi 00 UD C 
 
 iH '^ 
 
 ■ CO TtT 
 
 00 W3 
 ■<*^ 00 
 
 O CD CO 
 lO CO CO 
 CO CO CO 
 CO CO 00 
 Oi 00 Tf 
 
 ^ Oa (N IM CO CO c 
 
 m GO ■• 
 
 CD lO C 
 C<1 ID C 
 
 S CO i-H iH 
 D OS CO tr- 
 ■< O Tt< CO 
 
 00 C5 
 tH id 
 ID ID 
 
 r-l O 
 05 OO 
 
 iH tH M 
 C3 CO t- 
 
 o CD oa 
 
 iH C<1 00 
 
 CD 
 
 Oi 
 
 
 t-; 
 
 t- 
 
 
 M 
 
 O 
 
 
 CD 
 
 Tt^ 
 
 
 (TO 
 
 C? 
 
 
 
 
 
 -rjT 
 
 ■^" 
 
 
 i-\ 
 
 OS 
 
 
 CD 
 
 CD 
 
 
 
 
 
 O 
 
 CD 
 
 
 1—1 
 
 '^ 
 
 
 CD 
 
 o • ' 
 
 e^ 
 
 TH 
 
 
 €©■ 
 
 
 CO C^ CO «« 
 CD ID C<1 05 
 ■^ tr-^ OS o 
 '^ N CDcO 
 ID 00 rH ^ 
 
 C^flD CO as" 
 
 o '"*< cq ^ 
 
 e^T 
 
 I c^ 
 
 CO 00 ID C- 
 
 ID CD Tf< t- 
 ■^ 00 OS C^ 
 t- Oi CD CO 
 00 Oi OO t> 
 
 "^oTc-^ co" 
 
 CO ID CO t> 
 CO CO 
 
 ID OS 
 CO CO 
 
 CD cq" 
 
 O CO 
 
 c<r c<f cq c^" oq 
 
 CO O Oi 
 O CO 00 
 tH ■* CO 
 
 t> c-Tco 
 
 CO ID t- 
 ID CO 00 
 
 > CO i-( >D 
 i CO CO O 
 J O 00 CO 
 
 O CO 
 
 co'co" 
 
 CO CD t- 
 
 (?q CO 00 
 
 t- M lO 
 
 CD 00 
 00 ID 
 
 . O OO 
 CO tH 
 
 3 Oo 
 ?Oqoo 
 
 cq CO 
 
 O ^o 
 OOOcq 
 
 - CO CO tH 
 i to "^ f£> 
 ^iH CO O 
 " Oo" r-T t-^ 
 CD "^ CO 
 00 C^ O 
 
 O O CO OO 
 
 o o cq <35 o 
 
 O O CO o t- 
 
 r-T 00 cTco" co- 
 co tH iH tH 
 
 t- cq ID 
 
 ID ID 00 
 OS LD 00 
 
 COTp-rh -^IDIDCDC* 
 
 CO Oi 
 ID cq 
 
 ID Oi 
 
 CO ID 
 ID Oi 
 
 CO t- O 
 iH CO CD 
 CO C<J^O 
 
 CI cocas' 
 00 oa iH 
 
 t- C- M 
 
 •^ c:> ■^ cq ID 
 tH CO as CD ■<*< 
 
 00 -^ OO 00 Oi 
 
 00 co' oa CD OO 
 
 ■^ Oi ID CS CO 
 
 1-1 ''^^ cq ID 
 
 1— ! CO CO t- 
 b- t- ID 00 
 
 CO^rH -^CD 
 ID cT-^'os' 
 
 t> -^ t- as 
 
 ococq ■* 
 
 LD 00 cq O CD 
 cq OS ID iH iH 
 
 1-1 o -^_^ co^ o 
 
 t> iH id" iH iH 
 
 o ca -^ o OS 
 
 iH iH oi CO cq 
 
 t- 
 
 co 
 
 
 iH 
 
 OS 
 
 
 Q 
 
 1-J 
 
 
 
 tH 
 
 
 CO 
 
 o 
 
 
 
 
 
 l>^ 
 
 rt< 
 
 
 iH 
 
 1-1 
 
 
 CD 
 
 l> 
 
 
 
 •s 1 
 
 i-T 
 
 tH 
 
 «9- 
 
 «e- 
 
 1 
 
 •00050 Oi-tCq-^iD 
 
 CD t-^ 
 
 1-1 t- 
 
 CO CO 
 
 cq*'t> 
 <o -^ 
 OO cq 
 
 CO o 
 
 1-1 1- 
 
 ID ID 
 
 i-Tas" 
 
 O CD 
 O T^ 
 
 OO'cq" 
 OO ^ 
 iH 
 69- 
 
 OOlOOCqO IDCDOCOO OOCSiHCDiH 
 
 ■^cqoo>iH asoooo"*oo ocqoocqcQ 
 iDosocq^as cocoascoco ooi-HiDc^t- 
 
 •^"co o oToo CO o''cq oa o o -^i-Tcd iH 
 
 tr-OCDOSlD i-lOOlDOt- t-OOOlDt- 
 
 ot--*t-o asiHcqiocD oocooocdoo 
 
 c*5 c*i as t> cq 
 
 iH ID CD CO ID 
 Oi rJH^ 00 t-^ -^^^ 
 O O O iH O 
 t- CO t- CO o 
 "SH^ rH Oq^ t> en 
 ID CD l> odOi 
 
 cq cq 
 
 ID OO 
 
 ID en 
 
 rH CO 
 
 1-1 ID CD 
 1-1 CD CO 
 
 os_^oa iH 
 co'o d" 
 
 t- LD t- 
 
 ID O ID 
 
 T-i Tf 
 
 00 ID 
 "^iH 
 
 CD cq" 
 
 iH ID 
 
 iH o oa 
 •^ oa o 
 cq o ID 
 
 CO CO CO 
 UIBTfH^CO 
 
 oo" cq" oa" 
 
 ID CO CO 
 iH 00 ID 
 
 ■^ -^ CO cq OO 
 
 CO cq "* 1-1 cq 
 oa CO CD CO as 
 oTcoocq't-^ 
 CD CO -^ cq th 
 o cq cq CO ID 
 
 ? CO ID CO 
 S tH CO t- 
 • CO CO >D 
 
 CO ID -^ O O 
 OS O CO OS iH 
 
 o OO cq o as 
 
 1-h" CO t> CO o 
 CO t- t- CO tH 
 
 tH oa 00 t- CD 
 
 o cq cq -ri* th 
 o as CO cq 00 
 
 ID CO CD rt^ cq 
 OO iH T-( iH iH 
 ■^ 00 CO 00 C- 
 
 oa 
 
 »D 
 
 
 Tj^ 
 
 "* 
 
 
 o' 
 
 cq 
 
 
 iH 
 
 CD 
 
 
 CO 
 
 CO 
 
 
 
 
 
 CO 
 
 CO 
 
 
 t' 
 
 o 
 
 
 t> 
 
 cq 
 
 
 
 
 
 ■*■ 
 
 CD 
 
 
 1—1 
 
 CO 
 49- 
 
 
 OO'* 
 
 cq 00 
 
 t- CO CD 
 CO CO Tti 
 
 t> ID 
 
 cq CO 
 
 CD -^ 
 
 ■^ ID 
 
 CD CO O 
 t> CO ID 
 
 tH cooa 
 
 TjH ID 
 
 t^ CD 
 ID t- 
 
 CO oa 
 
 00 T^^ 
 
 oa cq 
 
 CO CO 
 
 oa oo_ 
 
 CO^CD 
 
 iH nj 
 
 00 
 «9- 
 
 Oi-icqco-^ iDcot-oooa OT-icqco'«# 
 oooooooooo ooQOOooooo osasoaoaas 
 oooooooooo oooooooooo oooooooooo 
 
 oio 
 
 00 
 
 IDCOt-OOOS OiHCqCO'^ 
 
 osaaoaasas ooooo 
 OOOOOOOOOO asoaoaoaca 
 
 
 <2§ 
 
 3^ 
 
 CJrH 
 
 OLD 
 
 oS 
 
 CO 
 
 1-4 
 
 ^ 
 & 
 
 a o 
 
 S S4 
 
 CO 
 
 . 
 
 >> 
 o 
 
 f-l . 
 
 M 
 
 
 <s> a 
 
 
 o 
 
 Is 
 
 o; 
 
 a 
 
 J= 
 
 ^ 
 
 S <fi 
 
 s 
 
 Q c 
 
 
 n 
 
 d 
 
 IS 
 
 «; 
 
 >» 
 
 S 
 
 11 
 
 <D d 
 
 
 tl 
 
 £s 
 
 O 
 
 O 
 
 '0=2 
 
 u 
 
 ID 
 
 £ ' 
 
 t:-^ 
 
 T'-i 
 
 O 
 
 
 t-CO 
 
 
 
 <a "^ 
 
 O <D 
 
 1*' 
 
 il 
 
 O 
 
 DO 
 
 1 
 
 S ® 
 
 
 a 
 
 a> 'p, 
 
 
 
 r— 1 C? 
 
 t^ 
 
 
 oS 
 
 
 
 g 
 
 §^ 
 
 i 
 
 t>«^>,. 
 
 <M a 
 
 o 
 
 dO 
 
 O c5 
 
 ffl 
 
 *„' 
 
 -*j a 
 
 
 
 a« 
 
 a 3 
 
 I 
 
 
 §■« 
 
 «< 
 
 y-p 
 
 
 QJ CO 
 
 ^^TS (D 
 
 '^ 5:^'^ 
 
 
 43 QJ 
 
 t- 
 
 
 es a o 
 
 s 
 
 -^ 
 
 HA 0.°« 
 
156 
 
 Statistical Review. 
 
 P 
 o 
 
 a 
 
 m 
 Pi 
 P 
 w 
 
 ffi CD 
 
 ■a 
 
 3 
 
 a 
 
 o 
 
 -a 
 a 
 
 6 
 
 at 
 P 
 
 ci3 
 
 • "* O CO CO O lO CO 
 
 • OS O -^ t- CO O 00 
 
 ■ th CV5 c<i CD ira OS oT 
 
 CO LO "^ t- iH CO OO 
 
 , OS i-( cq CO tH cq t- 
 
 O CO CO to CO 
 
 OS t- t> tH OS 
 Co' OS la iH OS 
 t> to tH CO o 
 CO CO tH 00 tH 
 
 CO t- ira t- CD 
 
 iH t- T-I tH b- 
 
 tH OS cq o O 
 
 O 05 t- (TCj^ 00 
 CO Cvfos" CO tH 
 ■^ ■^ OS CO ^ 
 
 CO -^ 
 o ia 
 
 CD 00 
 
 OS 00 -^ 
 00 CO t- 
 t> CO OS 
 
 tH OO OS 
 
 _ OO O CO 
 
 iH cq Ifl iH Tt* lO m 
 
 oq cq iH OS o 
 
 ■* t> iH OS 00 
 b- CO OS OS C<1 
 iH t-^ O cq CD 
 iH O OOCO iH 
 iH tH OS t- W 
 
 . O OO 
 
 . o oq 
 
 . TjH cq 
 
 t- t-t-miOCO COt-OffqcCI ThiHiHlCCO Uat-COrHOS 
 
 O OOlClOiO OSOOt-CDOO ooooocoos cD^coosua 
 
 ■i-l rH rH OS eqo Q0_ CD tH CO O rHOTHWt- t^NCD^iHt-^ 
 
 iHcS iH rH ■*" Cq Co" TtT iH t> CO Cq -^ON OOTt^" 
 
 iHiHcqco t-oscqioos 
 
 ■Tt^OO(^q -^OC^J-^IM 
 '>*<OOt-; C<JIOTHl>Cg 
 
 iiHOOWS OSOOtHCD 
 
 t-ocqco irtoscDwaio 
 irjot-co oocqiHO^c^i 
 > *^ tH ^ o oT 00 lo co" in 
 
 W CO •<*< 00 OO t- tH 
 iHCOO 
 
 • cooooso cqcDoocqiH 
 
 •THOqLOO CD-rHCOOOS 
 
 "■^Tl^OSO lii-^cooco 
 
 OSTjH-^tiTH OOmOCOt- 
 
 . Oi_ l>^ OS__ t- tH O tH OS CD 
 
 ■ CD iH Os" eO CD t-^ CD iH CO 
 
 •W-rHCOlO t- U3 O CO t- 
 
 CD 00 CO 00 U3 
 
 cq to o tH -^ 
 t- io Tt< (rq o 
 
 t- OS 
 
 O CD 
 
 O CO 
 
 t-oo 
 
 OS U3 O 
 eg 00 M 
 
 OS iLft »a 
 
 COOStH 
 
 iHtHtHtH iHrHiHtHCq CqiHrHCqCO 
 
 <M b- tH CO TiH 
 
 (?q OS cq Tt* o 
 
 in tH 0S_^O iH 
 O O iH iH 00 
 OS 00 CO -^ ITS 
 '"^ ■* to t- t- 
 
 CO 00 
 CD IC 
 00 OS 
 00 00 
 
 t-TH 
 
 cq CO 
 
 00 o o 
 
 OS CO CO 
 T-H eg 00 
 lO iH CD 
 00"CD Os" 
 
 O -Tt* CD 
 
 CO eg 
 
 00 '^ 
 '*' 00 
 iH -^ 
 OO CO 
 
 lA m 
 
 00 irti -tH 
 cq t- lo 
 
 iH CDOO 
 
 00 t>^os 
 
 CO 00 CD 
 CD CD in 
 
 tH 1-1 tH rH iH iH T 
 
 lOCDt-ooos OiHcqcoTH mcot-QOOs OiHcqco^H locot-ooos OTHcqcoTtH incot-ooos 
 
 ■^■^tH-^^j^th lomininin mioioioio ^cocdcdco cdcdcdcdcd t-t-ir-t-t- t-t-t-c-t- 
 
 0000000000 OOOOOOOOOO OOOOOOOOOO OOOOOOOOOO OOOOOOOOOO 0000000000 oooooooooo 
 
 iHtHtHtHiH WtHtHtHtH iHiHTHrHiH r-ii-liHrHiH tHtHtHtHtH tHi-ItHtHiH iHiHi-Hi-liH 
 
Statistical Review. 
 
 157 
 
 CO CO C- O tH 
 CO CO tH -^ t- 
 MO 00^00 CO 
 
 t> iri" rH as" T-T 
 
 t- I> OO CO CD 
 
 CO CO 00 CX) Oi 
 
 tH iH rH CO O 
 (N (Ji Cq O t>; 
 
 OS t- h- CO (M 
 OS O iH '-' Cf> 
 
 O l> -* OS ■<*^ 
 CD tH O CD TtH 
 '^i^ rH t-^ W OS 
 
 CO d ^' C<i rH 
 CD O t- CD O 
 lO rH t- O rt^^ 
 
 O Ifi" tH O O 
 
 lO iH 00 00 '<** 
 CO CO 00 tH M 
 
 Co" Oq" cq" OS '^i^" 
 CO QO o "3 CO 
 CO 00 (M COOS 
 
 r-T i-T r-T M IM" 
 
 cq"c<fcq(M"(N 
 
 OS tH Ua rH iH 
 
 tr- Irt rH 
 t- OS o 
 00 OS OS 
 
 lO CD 
 lO OS 
 
 CO CO 
 
 oq cq w CO CO 
 
 CO CO 
 
 OS U3 00 
 
 cq CO lo 
 
 00 C^J^O 
 CO cq d 
 tH iH OS 
 
 ^'^'^ 
 
 TjTcD t-^ 
 
 o o o o 
 o o o-^ 
 
 O O cq 00 
 
 co'co-^irs 
 
 thcdco-^-* oocoiiacooo 
 
 ■^t-lOTjfTH OSlOTt^OSCD 
 
 OrH-^rHTji dcdoOCDOO 
 
 co-^cqooos t-t-t-CDir- 
 
 coTt<oc^(rq oscocit—cq 
 
 CO eqdriJ'os ©"co t^inui" 
 
 «S-tH CQ iH iH C^ CM CO CD OS 
 
 t- O CO tH 00 
 C<1 CD U3 rH rH 
 t^ CO^ O (?q o 
 cq 00 OS rH cq 
 t> O O O U3 
 
 (M ■* im t- 00 
 
 O OCl CD CD C<1 
 
 t- CD tH OO VO 
 Cq t> OS CO »:, 
 OS rH t>^ rC d 
 OS Cq CD ITS CD 
 00 OS OS o 1-1 
 
 OS T:t< O CO '^ 
 OS CO CO U3 rH 
 "*^ CD rH C^ CO 
 Tti"rH dt-^CO 
 tr- t- t- O 03 
 (-CJ CO CO -^ CO 
 
 CD t- OS cq cq 
 
 '^ CO CO CD CO^ 
 T^ [> co" ■^'' ■^'' 
 in rH CD OS rH 
 CO -^ '^ -^ W 
 
 rH O UrS 
 
 U3 oq o 
 
 Tt^_OS_^CD 
 00 C^TcD 
 U3 CD Ol 
 LA US CO 
 
 CD CO 
 
 oo cq 
 
 CD C- 
 
 H rH rH rH rH 
 
 OS Th 
 U3 OS^ 
 ■*"■*" 
 CD CD 
 
 00 OS oo 
 lo cq o 
 (?q cq 00 
 
 t> C<f CO 
 
 cq ira t- 
 
 ■^ Tt< 00 
 
 "<:H in OS t- OS 
 CD t- CO t- C<1 
 t- O^ CO O0_^ (XI 
 ■r^ Os" "^*" CO OS 
 -St* Irt rj< rH rH 
 t- lO -rji O cq 
 
 Irt U3 rH lO Cq 
 
 cq OS o Tf Qo 
 l> t> co__ ■^^^ o^ 
 
 CO co" tJh" CO 00 
 OS CD rH 00 rH 
 O O rH O -* 
 
 eq o 
 
 t- CO 
 
 o ■* 
 
 oo O rH 
 iH in t- 
 CD^IO CD 
 
 rH CO O 
 OS_^CD_^rH 
 
 cq''co"co 
 
 ■^ CD cq 
 t- -^ o 
 
 W '*_rH 
 OS CO li^" 
 "* CD "* 
 Oi OS-O 
 
 i CO OO 
 rA oo' 
 ■^ C<J 
 OS CD 
 
 O lO 
 CO O 
 
 r-T cq" 
 
 3 C<] cq to 
 3 OS OS t- 
 1 <^^ O T-H 
 
 "in co^t- 
 
 lO CD U3 
 
 OS cq eq 
 
 rH Cq"c<r 
 
 ■^t-^rt^CD'^ rHOOSCDrH 
 
 CDOiOqCD"* rHt-C<lTt*ir3 
 
 osiiicDos'cD oddoscood 
 
 ocoos"*co ooqoooso 
 
 rHCSCJSO"^ COCDIOOCD 
 
 OS t-^ CD cq cq" dt^cDOOo 
 
 a:) ia f-\ T-i CO oiooos-^cq 
 
 OS t^os-<!ho o o^ 00 -^_^ cq_^ 
 
 cq cq" CO tjh" ITS cd cd" t> oo" oo" 
 
 CO CD 
 CO o 
 
 o in 
 
 CD O rH 
 OS O t- 
 
 lO oo_c- 
 f oT os" co" 
 
 > CD Ij3 O 
 
 H CD cq -^ 
 
 CO CD 
 
 OS oo 
 OS cq 
 
 irj oo_ 
 
 Ca"TtH" 
 
 t- rH "Tt* 
 
 o oo ■* 
 lo o cq 
 cq"d"Tj*" 
 
 CO CD CO 
 
 OS oo t- 
 
 OrHCqCO"^ lOCDOOOOS OrHCqcOrM 
 OOOOOOOOOO OOOOOOOOOO ososososos 
 OOOOOOOOOO OOOOOOOOOO OOOOOOOOOO 
 
 C3tH 
 o ^ 
 Hoo 
 
 lOCDIr-OOOS OrHCqcOTt^ 
 
 ososososos ooooo 
 
 OOOOOOOOOO ososososos 
 
 rHrHrHrHrH rHrHtHrHrH 
 
 r OS 
 
 E-i OO 
 
 Eh 00 
 
 OS CO 
 CO lO 
 
 a 
 
 tH 
 
 bo 
 
 
 as 
 
 <D 
 
 P. 
 
 bo 
 
 
 cS 
 
 ^ 
 
 O. 
 
 -a 
 
 13 
 
 J 
 
 OS 
 
 ■73 
 
 .^ 
 
 g 
 
 c 
 
 CS 
 
 o 
 
 -^ 
 
 en 
 
 p 
 
 CL, 
 
 t^ H 
 
 CS 
 
 0) 
 
 
 l> 
 
 d 
 
 -M 
 
 
 "3 
 
 <R 
 
 ti 
 
 > 
 
 O 
 
 a 
 
 a 
 
 Hh 
 
 _o 
 
 
 
 +-» 
 
 a 
 
 o; 
 
 .S 
 
 o 
 
 o 
 
 
 
 
 
 
 '■*-> 
 
 ca 
 
 ^ 
 
 E3 
 
 "rt 
 
 s 
 
 a 
 
 0) 
 
 m 
 
 <! 
 
 Pi 
 
 
158 
 
 Statistical Review. 
 
 
 O 
 
 o 
 
 02 
 
 
 m 
 
 CO 
 
 a 
 
 t3 
 
 
 O ^3 
 
 o 
 
 
 
 o ift o (M as 
 ■* cq "^ Oi CD 
 
 iH Tti OO CD iH 
 
 Oi CM M 
 
 CD ITS (M 
 05 <M CO 
 
 " oT 00 eq 
 
 (N tH t- 
 iH ITQ iH 
 
 as U3 
 
 o t- 
 
 CNl N 
 
 U3 CD O U3 IM 
 
 lo 00 t- cq IC 
 
 iH CD t> 00 tH 
 tH ufocTcQ CO 
 
 eq t* CO o OS 
 
 (M eg ca CO CO 
 
 lo o th as CO 
 T-H -^ o as aa 
 
 tH CD 00 OO lO 
 
 rH O ^ ^ ^ 
 
 t- t- m 05 e<i 
 
 CO -^ Tt< O b- 
 
 W M (M CO tH 
 
 W U3 as t-; CD 
 
 iH t^ r-i tH T-H 
 
 as o 00 CO r^ 
 
 "^_^OS 00 w i>^ 
 
 os" oq" "**" oT (n" 
 
 T-i "* "^ CO CD 
 
 tH eq U3 00 lo 
 
 tH rH t-Tn 00 
 
 (OCOCDb-CO OSinutiTHfM 
 CDt-^U300O CCjTHeqOCD 
 asOOCDldrH OCOrHCDlO 
 
 t-c-oooas coococDift 
 tH TtH_ 00^ os_^ oq "^^ "^ "^^ <^ °°. 
 cs'o't-^oo"c^ o'odcooaT 
 
 l-iTtHaSTtHO CDOSt-Tft- 
 
 OStHIOCDCO OOrHOOOOas 
 
 CDOtr-OOt> tHNNtHOS OOtJIOCOC- O 
 
 t>COOCDTH t>;OOiHCO OOaSMCDOS OO 
 
 OrHo6ioi> toodococo cooqasi-HOs lo 
 
 ■^M-'^OOCNI -^-^Cq-^OS Ot-i-(OSCD CO 
 
 tH TtH_O_C0 CD O t^O-^^lO *^^ "^^^ ^ 
 
 loo'iooic cq t-^oscvTcD cdtsT-^w i> w 
 
 6©-T-iiHC0CQ iraLOLOUt.-^ TPlOCDt-OO OS 
 
 OS lO •■ 
 b- t- c 
 
 00 t- t 
 
 O O OS c 
 
 00 O O I 
 CD 00 iH C 
 
 ■ CO "rh"t-^ 
 
 CO CO OS 
 CO -^ "<:M 
 
 CD -* 
 
 CO eq 
 
 OS -^ 
 t- CO 
 
 CO CO 
 
 O 00 
 
 CO cq o 
 as cq c- 
 
 t> to OO 
 
 i> cT csf 
 
 o cq Tt< 
 
 OS 00 t> 
 
 CO CD 
 
 Dq OS 
 
 CD CO 
 
 as" as" 
 (rq T*! 
 
 CO C<I OO 
 OS t- C<] 
 iH 00 00 
 U3 CD OS 
 LD O CO^ 
 
 cq*"cD cq" 
 CO CO cq 
 
 o as o 
 
 00 O OS LO 
 
 as o as ^ 
 
 o r-i CO cq 
 
 CO Tt* CO OS 
 
 ■^ o o c^ 
 
 coco thcd" 
 
 as cq CO CD 
 
 CO -^ O CO 
 
 . la iH cq os^ 
 
 • LO CO"l> IC 
 
 • O b- OS CO 
 . cq -rH r-f 
 
 . '<*< cq t- iH 
 
 OS OS o ^ 
 
 . OS t- CO in> 
 
 • CD rH O"""^" 
 
 • «©-iH Tt^ in 
 
 cq "rt< cq OS tH 
 
 cq O O iH CD 
 
 as in CO in CD 
 t^o CO -^cq* 
 
 t- CD iH in CO 
 
 T-t iH th cq 
 
 H CO T 
 
 I CO T 
 
 in T-i in o TtH 
 
 tH t- 00 O '^JH^ 
 
 in o c-"odcq" 
 t- cq OS cq o 
 
 tH cq T-( cq CO 
 
 in t- 
 
 m CO 
 
 ■Tt^"oo 
 
 t- CO 
 
 cq CO 
 
 CD -^ cq 
 cq CO cq 
 o iH as^ 
 o as"cq 
 cq CD tr- 
 CO 00 ■* 
 
 o tr- 
 
 ■tH o 
 00 tH 
 
 in 00 
 
 00 o 
 t- 00 
 
 CO 1 
 
 I 00 
 
 tr- b- OS 
 C> t> CO 
 
 t^cq-QO 
 
 '^ O CO 
 
 o tH in 
 iH cq*cq 
 
 O CO 
 
 O Tfl 
 
 in th 
 
 CO CD 
 CO 00 
 
 OO cq 
 
 tH cq CD 
 
 ■<i^ t-; OO 
 
 CO CO o 
 
 OS 00 cq 
 
 O CO tH 
 
 o oo"as 
 OS cq in 
 
 CO 00 m 
 
 OS CD CD 
 CO t> OS 
 
 CO CD CD 
 tH 00 I> 
 
 th cq"i> 
 
 CO-<ti CO 
 
 th cq OO 
 
 CO o 
 
 as as 
 in-^ 
 
 t-"i-r 
 
 o cq 
 
 00 00 
 
 CqCOCOCO-*^ ■^■^Tt^rt*'* 
 
 ««« ««-x-*« -x-^*** 
 
 oot-iH tr-oint-co cqoocqinoo 
 
 ■^inco coinoscqo oot-fo-^as 
 
 as-cooo i>-"^THcqco THc-com-^ 
 
 rHcot>cqco oodco^oTcq 
 
 r-i-r-i cq tH <>a CO CO 
 
 in -^ OS CO 00 
 OS 00 t- as CO 
 
 "*iH t-COiH 
 
 iH cq 00 cq th 
 
 iH CO O CO CO 
 '.^t* -^J< CO rh iH 
 
 in T!j4 lo in ■* 
 
 OS O t- CD OO 
 
 in ooo t- in 
 CD CO ic t- ira 
 
 CO CO CO T-H in 
 
 ■* Tt< 00 m OS 
 00 cq m CD as 
 CO cq OS OO CO 
 
 as 00 CO CO o 
 cq c- oeo CO 
 
 OS CD CO CD CO 
 
 ■^ OS m -"^ OS 
 in o CO t- CO 
 
 OS CO OS CD CO 
 
 OO ■* as" t- CO 
 00 cq OS OS OS 
 
 o" cq iH in in 
 in oooo cq CO 
 cq cq CO cq in 
 
 00 OS iH in CO 
 in -rjH ooco 00 
 
 O 00 t- OO -^ 
 
 OS oT o" in in" 
 CD o -^ in CO 
 CO Tji -^^t* iH) in 
 
 
 i-t-H 
 
 iH iH 
 
 tH tHt-TtH r-T 
 
 locot-ooas oi-(<Mco-«!t< incooooas Oi-iNcoTt< incDoooos OrH'Nco'<*< incot>.ooo» 
 
 TtH"^TiHTt<"^ minininm mininmin cocdcdcdcd cdcocdcdcd t-i>>t-t-t- t-t-t-t>t- 
 
 OOOOOOOOOO OOOOOOOOOO OOOOOOOOOO 0000000000 oooooooooo oooooooooo oooooooooo 
 
 iHi-HrHiHrH iHiHtHwH iHiHiHTHrH iHrHrHiHiH iHiHiHrHiH t-IiHiHtHtH tHiHtHtHi-* 
 
Statistical Review. 
 
 159 
 
 i-i CD 
 
 Ir- CD OS 
 
 o:) t- iH 
 
 tH CO CD 
 CD ■tH'cO 
 05 CO d 
 OS Ob t- 
 
 lO CD t- 00 OS 
 
 O t> t*l 
 (MOM 
 
 w cq U3 
 
 (W 00 00 
 
 0"0 CO 
 
 O OS 
 1-1 ■<*^ 
 CO OS 
 
 osirs 
 
 00 t- 
 
 CO 00 
 
 00 t- 
 
 00 OS 
 
 O CO 
 CO o 
 
 la 00 
 
 O U3 OS 
 
 OS <M cq 
 
 M t- -^^ 
 
 ^ ^ OS 
 lA (M CO 
 
 tH eoTt*" 
 
 (M (M M 
 
 oo iH 00 T-I OS '^ 00 
 
 00 C^ !>; 
 
 ira ij^ CD 
 
 CO N o 
 
 CD O iH 
 CO C<1 00 
 
 O tH OS ^ 
 
 CO OS 
 
 in CD 
 
 os__co^ 
 
 ooia 
 
 OS -TtH 
 OS t- 
 
 M CO 
 
 CD 00 
 CO 00 
 CDtNl" 
 
 cq 00 
 
 rH OS 
 
 t- ICi c- 
 
 ■*. "^ *^ 
 
 1-i OS 00 
 OS ITS <M 
 
 in TP (> 
 
 in CO rH 
 C^ 00 CO 
 OS 00 00 
 
 cDOOcocoin t-c<ioooqoo ooeqcoTt^o 
 
 cciocqcoca cocoo-^cQ TtHo-^osm 
 
 OinOOCDCq CDI>-T*HO06 ososqo-^cd 
 
 00OSC<I00tH Tt*t-rH'^Cq iHOSt-t-Oq 
 
 oscDOOoscD cDOscomoo comcsic<i^Tj^ 
 
 t-" in in rH C^*" OS Cq o"cD"^ ffq CD Os" CD rt^" 
 
 thd-oococq coooosiHin ooooinooc- 
 
 CMT(H_t-(Mm COrHCqTjH^t- COt-^CDCO'^ 
 
 th rHT-Tc^Tcq cSco^^ia co cd i>oo od 
 
 1-4 cq 
 
 iHO 
 
 in 00 
 
 CI o 
 
 in in 
 00 in 
 
 CD -S^ 
 
 in CO 
 
 • iH Cq '^J* iH T 
 H iH m t- C<1 c 
 
 CO "^ iH 
 C-1 CO OS 
 
 in CO -^ 
 oTin iH 
 
 CD 1-1 O 
 00 OS "^ 
 
 b- cq 
 
 00 OS 
 
 O CO 
 
 os"oo 
 
 t- CO 
 
 OS in 
 
 CD ■* 
 CO OS 
 
 m "* 
 o co" 
 
 O CO 
 
 00 ca t- 
 
 CD OS CD 
 "^_^0 00 
 CO iH t> 
 
 m o-^ 
 (M cq -^ 
 
 C-t-OOOOO rHCOCOOOOS 
 
 ■ •* o 
 
 • OS CO 
 ' ^ CO 
 
 00 m 
 (?q CO 
 
 -* cq iH 
 cq cq t> 
 
 iH O OS 
 OS 04 O 
 00 00 CO 
 
 OS iH O 
 OS OS iH 
 
 -# o cq^ 
 -d^'in CD 
 
 o ■<*< 
 
 T)H 1-j 
 
 o in 
 
 OS in 
 co^os 
 os"^ 
 
 OS CO 
 CD CD 
 
 CO O 
 t- CO 
 
 00 oq 
 
 ■i-H l> 
 00 <M 
 CO CO 
 
 oo iH 
 
 iH t- cq 
 cq o th 
 
 in CO tH 
 
 CO t- C<1 
 
 in OS iH 
 
 OS o^cq 
 
 (M 00 
 O 00 
 ■^ O 
 tH OS 
 
 in '^ 
 
 cq o CO 
 
 T-i in o 
 
 O TP o 
 
 h" in 00 in 
 
 - OS CO CD 
 3_OS O CD 
 
 f CO in in 
 
 in CD 
 
 CD t- 
 
 00 OS 
 
 iH o in 
 CO cq m 
 
 in CD__rt^^ 
 
 co" co" os" c 
 
 OS 00 O T 
 
 l> '^ ■* I 
 cd" 00 os" i-T cq" 
 tH th th ffq (M 
 
 CD OS 
 
 cq oo 
 
 00 CO 
 
 in oT 
 in o 
 
 CO CD 
 
 00 CO tH 
 CO iH CD 
 00 O 00 
 
 m CO CO 
 o -^o" 
 
 CO CO "^ 
 
 00 00 
 
 OS CD 
 
 Tt^cq^ 
 coo 
 in CO 
 in i> 
 
 t-co ,H 
 
 00 tH 00 
 
 00 oo 
 
 CD CO O 
 CO iH OS 
 
 '^^'^ t> 
 
 OO OO 
 
 CD CO 
 
 c^a c<i^ 
 
 i-Trf" 
 OS t- 
 
 CDO 
 
 <^3 t- 00 
 
 <?q CO c^ 
 
 cq_-«*H CO 
 -■i^" os" c-" 
 cq o CO 
 
 CO 00 -^ 
 
 cq cq"cq 
 
 t-O OS tH -=f 
 Tt< -* tH OS U3 
 Tt* CO M CO i> 
 
 00 o oo" ■-*" i-T 
 
 "^ CD O "^ 00 
 iH cq -^ t- CD 
 
 t- iH c 
 
 CO OO iH tH 00 CO tH 
 
 CO CD 00 " ~" 
 
 CO ca OS 
 
 S ■<*< OS 00 
 
 J CO m CO 
 
 H -* t- t- 
 
 in cq 
 
 iH OS^ 
 
 00 c<r 
 
 cq "**^ 
 00 '•i^ 
 
 ■^ cq rH 
 tH OS CJS 
 
 in ca -^^ 
 c^os os" 
 
 "* CO 00 
 
 cq CO OS 
 
 Othcicoth mcot-ooos <z> y-i e^co -^ 
 
 0000000000 oooooooooo ososososos ro 
 
 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 if 
 
 iHiHiHiHiH ^T-irHiHiH rHiHiHrHi-l O 
 
 
 rt* 
 
 m OS 
 
 n^ oo 
 
 B^ 
 
 o in 
 
 ^00 
 
 iH 
 
 THcqcqcqcq cqcoTt<inm 
 
 incDt-ooos OrHcqcortt 
 ososososos ooooo 
 oooooooooo ososososos 
 
 ^ 
 
 TJ< 
 
 m o 
 
 r2 OS 
 
 ■St^ 
 
 O in 
 
 Hg 
 
 tH 
 
 •a 
 to .S 
 CO O 
 o> p. 
 
 CD o 
 
 Hoc 
 
 14 
 
 t- 00 
 O 00 
 
 ■<*< Tj^ 
 
 o 00_^ 
 
 OS CO 
 CD CO 
 CD to 
 ■* CD 
 O CD 
 
 a 
 
 
 
 a 
 
 a 
 
 aS § ° 
 
 ^S "I 
 
 ,-. » » 
 
 cS cd ^ 
 
 o o -^ 
 
160 
 
 Statistical Review. 
 
 o 
 
 
 PL, 
 
 P 
 
 m 
 
 m 
 < 
 
 o 
 
 P5 
 
 »s«. 
 
 ■OojS'O 
 
 fl >^ 0) 
 
 *S.S^ 
 
 plus 
 Res 
 of L 
 omp 
 
 
 ^ ee « 
 
 to-SiSS 
 
 
 n« 
 
 (/!^ 
 
 
 !z; 
 
 o 
 
 V u 
 "A ^ 
 
 
 fl 
 
 in 
 
 
 
 ■■U 
 
 T-i 
 
 
 
 3 
 
 -(-> 
 
 frt 
 
 
 !> 
 
 O 
 
 
 
 
 
 ^ 
 
 P^ 
 
 OOOt- 00 in O tH CD Tj* W CO CO CD 
 
 OSOIO (MOOSTlHOO t-JtHOCD«D 
 
 rH 00 00 tH O OS t- OS 00 00 00 DO M 
 
 eOOOO t-t-OOt-00 CJSOSOOiHCO 
 
 loot-^ ooioot-^co tHihoToocd 
 
 <M (M iH tP CO 05 Cq Oi i-l 00 O lO ffQ 
 
 i£D CO ci t- cq 
 OS -* to tH tr- 
 
 ■<*< CO iM W W 
 OTt< OS ""^ o 
 
 ie CDoa N o 
 th t- cq 00 lo 
 
 CO O '^ <M t> 
 
 00 tm TjJ -** 5; 
 oco eci lo e^ 
 
 -;t^ T-1 Tt< LO t- 
 
 oo eq OS o 
 
 03 t-Tt<00 t- 
 lOO«DCOCD 
 
 cg oo oJcq ;* 
 
 lOoo-^TPoq 
 T-i '^ <:d t- -r-i 
 
 iHtHtHi-I rHriiHiHN 
 
 -.OOCO'^Cq COTt^COlOlO COCOOOeqcO t-OOOO^TH OSICI>OSCO iHC0OI>00 
 s.C<l OOOO -^tHOOOOCD OStHCO'^IO CDOUDOOS OStHC^tHCO r-JT-tCOr-HlO 
 
 iHcococo '^"^'■^la-^ louicdidic cDioiocDiri wcdcd^co cot-Icoto^ 
 
 lO C<1 CO OS C<1 
 
 »0 CO ■<** U3 to 
 
 Th O <M iH 1-1 
 
 cq r-( OS (M cq 
 
 00 iH oo Tt* lO 
 t- O 00 t- t- 
 
 ©q Tjf th CD t- 
 
 CDiH tH OS CD 
 
 CO ^^ '^ CO CO 
 
 Tt* 00 CO CO t- 
 
 O rH OS O « 
 
 lO t^O '«*' -^ 
 
 lO Cvq OS iH C^ 
 OS O CO o o 
 
 ■^trq c- CO oo 
 
 t^ eq CD TjJ' tH 
 
 iH-^OOCDiH 
 6©- iH Cq 
 
 lO iH 00 OOO 
 to lO t- ,H t- 
 l>;t-^CD OSOO 
 
 tjh" CO CO lo no 
 
 LO LO CO OS CO 
 
 CO -^ CD l> 00 
 
 o <rq -* iH LO 
 
 T^-^oq CDOO 
 00 LO LO OCO 
 
 iH LO CO LOO 
 O rH CO lO t> 
 
 COO 00 00 '^ 
 t-t-rH OOO 
 
 00 lO O OS O 
 
 CO O 00-^t< rH 
 
 OS o oq Tt* CO 
 
 C-rH OOCO t- 
 O rH OOO >0 
 O OS OS t- 00 
 OS Tt^" CD O 00 
 t- ■<* CD rH OS 
 CO OOS LO t- 
 
 o Tt5 r> US 00 
 
 CO ■* CO 00 W3 
 
 ^ Oi t> cq_^ LO 
 tP c>q OS t^ l> 
 
 LO C- CD t- W3 
 CO LO LO CO eg 
 
 
 
 tH tHiH tH i-l 
 
 rH COCq Cqco 
 
 ■* cot- OS rH 
 
 ■^"i>o"coco 
 
 iH rH eg cq eg 
 
 ooooo oooocg 
 
 O O CD O C> O O O O CO 
 
 0_^ 0_^ O O O O O O O CD 
 
 OS cd" rH eg" cq CO W lO o O 
 
 OS -^ CO cq LO iH OS eg rH OS 
 
 t- 00 oo It- LO oo -^ CO LO eg 
 
 •^rHfrq-^io i>os'"ooo 
 
 OS CO rH -^ tP rH O 00 00 O 
 
 LO OS t- t- CO t- O 00 CO CO 
 
 COt-cq^T^OO COOrHOO-*^ 
 
 rH cq eg CO ■^'" -^ CO co" 
 
 t- LO 
 t- 00 
 
 cq CO 
 
 00 00 00 
 CO t> rH 
 OS ^ C- 
 00 00""*" 
 t- t- 00 
 
 t> LO <M 
 
 cg''co LO 
 
 OS OS Tt* coo 
 o 10 CD cq o 
 
 iH eg 00 ■* CO 
 
 00 rH CO "*" rH 
 00 rH OS OS 10 
 CO Tj< cq rH CD 
 
 CD OS 00 LO CO 
 cq Tj* C- c- rH 
 
 ir-^i> '■^LO 10 
 10 CO CD CO eg" 
 
 00 CO O CO CO 
 
 '^t* -^ '<^ tr- rH 
 
 00 OS LO CO CO 
 
 LO o o 00 cq 
 
 CO 00 CO CO rH 
 
 LO -^"cq eg >o" 
 LO 10 eg t- CO 
 
 CO rH CO CD 00^ 
 
 rH co" 00 CO cq" 
 
 rH rH rH eg cq 
 
 CO LO OS CD t- 
 
 cq OS LO cq th 
 -* !>• eg CO ^ 
 CO CO ^" -^ tH 
 
 ("6381 0% joijd p^:^'Bml:^sa) 
 
 CD LO CO OS o t- t- cq o LO CO 00 th o 00 
 
 10 eg CO tp eg o -^ o Tt< tj< co qo co co os 
 
 00 rH r> os_^os^ *^°*i'^'^'~t '^^'^„*^^^"^ 
 
 •^Loi>oscg cDOco"ooco r>oorHcoco" 
 
 T-i rH eg c<i cq CO co co -^^ ■^ ■* 
 
 00 00 00 10 o 
 
 CO cq o t- o 
 
 0^00_TiH^O_^0 
 Os"co"cD O tM 
 
 eg -^ -^ CD CO 
 
 OS CO TjH CO t- 
 *^rH rH"eg"rH 
 
 O O O rH rH 
 O O O t- CO 
 
 ■^^ OS 10 o 01 
 CO o -^ cq" os" 
 CO eg rH -^ eg 
 LO cq LO OS Th 
 
 o o cq o 10 
 
 O rH O LO eg 
 
 OS_^ 0_^ rH 00 10 
 
 t-^ tjh" LO cq eg" 
 
 CD ■* t- 00 OS 
 
 •^ CO CD CO O 
 
 CO CO eg rH rH rH Cq Cg Cq CO 
 
 10 o 10 -^ 00 
 
 t- ^ -^ CO lO 
 cq y-l CO_^ cq_ 10 
 CO "<*' "^" OS ir-T 
 eg CD CO CO -^ 
 
 O cq t- CO rH 
 
 CO co" l>^ rH co" 
 
 00 00 t- 00 Tt^ 
 
 00 O rH O 00 
 
 00 CO rH T-i cq 
 ■<*" rh 00 "*" TjT 
 cq CO t- t- o 
 
 CO t- CD t* rH 
 
 LO CO CO 
 OS o t- 
 
 os CO cq 
 
 rH CO CD 
 LO O OS 
 O CD O 
 
 O OS 
 
 CD 00 
 
 ■t^ CO 
 
 rHOs" 
 
 cq o 
 
 CD 00 
 
 10 CO b- 00 OS o rH eg CO -^ 10 CD t- 00 OS o iH cq CO '^ 10 CD t- CO OS o rH cq CO Tt< 
 
 ■^■"^■^"^tJI LOIOIOIOLO lOLOlOlOlO CDCOCOCDCD CDCDCOCDCO t— l>t>t-t- 
 
 0000000000 0000000000 0000000000 CO 00 00 00 00 0000000000 0000000000 
 
 rH rH rH rH rH rH rH rH rH rH rH rH rH rH rH rH iH iH rH rH rH rH rH rH rH rH rH rH rH rH 
 
Statistical Review. 
 
 161 
 
 ■^ -^ iH tH 00 
 lOOO tr^ Lfl to 
 
 tH '^ U5 tH O 
 00 <X) OS d CO 
 
 oocoosc- 
 
 05 W O O T-H 
 
 (M i-t O 00 CO 
 
 OS CO iH iH t— 
 
 OS CO O OS t- 
 
 oq os-^ 00-^ 
 
 t- CD CD <M CO 
 
 T-j th 00 CO in 
 
 in O CD CO CO 
 05 (M -^ OJ m 
 Ir- CO Tt^_ 00 00 
 
 Cq O CO CD 1-H 
 CD OO tH T-f tH 
 cq C<|^ cq CO 00 
 
 US cci CO OS CO 
 
 tH ini Oi OS CO 
 
 eg os^ t-^ o c<j^ 
 
 coco 00 O t-^ 
 
 -(^H Cq '■^^ CO o 
 
 O O OS CD CO 
 
 t> CO tH 00 CO 
 t- OS CO t- 00 
 CO OS o_ tH -^^^ 
 
 tH 00 00 CD OS 
 m rH iH '^ CO 
 cq T-H tH o_ iH 
 
 t-T TjT o" ci rH 
 
 O -* U3 Ua OS 
 00 iH ■* OO ■<# 
 
 t-" tH O 00 Tt^" 
 ■^ OO -* CO o 
 O 00 O C<1 o 
 
 00 co" coos"-*" 
 
 OO lf3 Tt^ ■* lO 
 tH Cq 00^ in CD 
 
 Os"rH"'*"in OS 
 CO -^ O M '<*^ 
 O^ tH OO 0_ CQ 
 
 00 i-TcJcD in 
 
 CO 00 t- t- CO 
 0_ CD CO OO •'d^^ 
 
 os" (m" '«i^' in" oo 
 
 00 CO CO o w 
 OS (M O iH in 
 
 cq" CO co" co" tJh*' 
 
 co" co" r> i> t-" 
 
 o oJ'tH co"in 
 
 iH iH iH iH tH 
 
 in lO CO b^ o 
 iH tH rH T-t (M 
 
 ■T*r CO CO t^ rH 
 
 (rq c<i CO CO Tt< 
 
 lo os'o I>-"l> 
 Tji TJH in rJH ■^ii 
 
 CDCDininm inininmtn ininininT*^ 
 
 
 00 OS iH 00 O 
 t- CO 00 OS 00 
 
 O CD 
 
 CO T-\ 
 
 iH CD 
 tH oj 
 
 -* t- 
 CO 00 
 OS tH 
 <N CO 
 
 O- t- OO 
 
 CO in csi 
 
 in in 00 
 co'o t-^ 
 
 t- 00 00 
 
 m CO cq 
 
 00 00 
 
 ea tn 
 
 iH m 
 ■^'os 
 OS »o 
 CO tH 
 
 CO OS tH 
 CD rH in 
 
 in t-^oo 
 
 t>-"co"os" 
 in CO CO 
 co__os__o 
 
 l>"r-rcD 
 
 "^ in in 
 
 C<1 CO 
 
 CO in 
 
 CQ ^ 
 
 CD CD 
 
 CO CO OS 
 "* o t- 
 CO OS o 
 
 cTiHCO 
 iH OS "rJH 
 "tH 00 00 
 
 oq OS 
 
 OS 00 
 CO OS 
 
 oToTc 
 
 OS -^ c 
 
 t- oo T 
 
 OS iH m 
 
 OOi-H OS 
 
 cq cq o 
 
 in 00 
 
 o "* 
 
 CO OS 
 
 ''i* 00 
 rH CD 
 
 in OS CO 
 oo -tjf -^^t^ 
 o o os^ 
 
 co" CO r-T 
 
 CO OS eq 
 
 o^ '* iH 
 
 f o" co" co" 
 
 -OS O iM 
 
 ^ iH cq oq 
 
 OS CO 
 OS CO 
 o t- 
 
 CO Cj3 
 
 c^3 oq 
 
 CD oo iH 
 
 t- "* OS 
 
 in CO tH 
 cq"od 00 
 iH OS in 
 
 OS^iM_^CO 
 00 "^"tH 
 <=l T^ OO 
 CO CO CO 
 
 OS CO t- in oq 
 
 tH t> 00 rt> CO 
 tH -^ oo rH t-^ 
 
 oq 00 th" cq" (> 
 
 CO Tt< O CO rH 
 rH t> OS_Oa^'<iH^ 
 
 CD t> t-" in t> 
 oq oq oq cq o) 
 
 CO o 
 oq CO 
 
 ■* t- CO CD 
 
 1 OS Tf OO 
 
 D^ o o^ in 
 " in co" oq" 
 
 tH tH 00 
 
 "^ tr- CO 
 
 o o 
 
 O Tt< 
 
 in in 
 ■*"co 
 
 CD C0_^ 
 
 in o 
 oq CO 
 
 CO in o 
 
 CO o t- 
 in m OS 
 in cd"i-h 
 
 CO 00 <=) 
 OS QO CD 
 
 odos"in 
 
 in rH OS 
 CO '"^^ -*i^ 
 
 CD CO 
 
 oq iH 
 
 OO'* 
 
 CO oq 
 
 CO 00 
 
 OS 00 o 
 M t>. CD 
 
 CD^ CO^ iH 
 00"cD-^" 
 
 ■«*< m OS 
 
 oq T 
 
 I oq 
 
 ■< OS OS CO 
 H oo t-rH 
 3 CD t-OO 
 
 OS 00 
 
 oq "* 
 CO co^ 
 t> co" 
 oq 1-^ 
 
 O OO 
 
 oTco" 
 OS eq 
 
 t- 00 
 
 in o in 
 oq oq 00 
 
 OS rH OS^ 
 O rH rH 
 
 oq oq tr- 
 
 O O 00 
 l>"^r-r 
 t- ■* CO 
 
 ooos o 
 
 in OS 
 
 CO OS 
 
 cD^oq_ 
 
 cd"os" 
 in CD 
 
 CD OS 00 
 
 oq OS o 
 o^oo co_^ 
 oo" oi" os" 
 oq T " 
 
 rH CO CD oq CD 
 
 oq la 
 
 CD CD 
 
 Oq CO 
 
 CO m 00 
 in ■* oq 
 in t- OS 
 
 P. 
 
 05 
 
 
 rH rH in in in 
 CO oq c o o 
 
 CD"* CD O O 
 
 00 !>• O t- b- 
 
 ■>* oq in oq ■^ 
 in OS rH oq o 
 
 00 OS CO rH rH 
 rH rH oq rH 00 
 "* t- CO OS CO 
 
 CO t> CO os'o 
 00 OS rH oa in 
 
 OS oq QO CD O 
 
 CO m o t- o 
 
 ■* ■* O 00 CD 
 CO CO tH CO t> 
 
 t- OS oq in t- 
 rH rH oq oq oq 
 
 CO in 00 Th CO 
 OS 00 in CO tr- 
 
 CO t- OS OS t- 
 t-" OS of CO t-^ 
 t- OS CO C- CO 
 
 oq cq CO CO -^ 
 
 o 00 b- rH oq 
 
 <=> 1-^ ZO l-{ T-\ 
 
 CO oo_^ in t> i>- 
 r-T os" •^" oq "*" 
 
 rH OS (O rH oq 
 
 in in t- 00 OS 
 
 O rH OS CO CO 
 OS rH CO 00 t- 
 
 '"l ^^ ^^ "^ ^ 
 ■* oq co" oT 00 
 
 CO CO to "* OS 
 OS O rH OS O 
 
 OS rH O ■* O 
 
 t> 00 oq CO in 
 OS cq in m in 
 os" "* in in ■*" 
 OQ t- oq CO 00 
 
 oq CO CO t- ■* 
 
 oq '^ in rH oo 
 in OS OS CO oo 
 ■* oq oq tr- O^ 
 rHOO oToS os" 
 oq tr- ■* rH i-H 
 m rH tr- O rH 
 
 m oq 
 
 CO 00 
 O OS^ 
 CD Th" 
 t- CD 
 
 m CD 
 
 o th oq 
 
 t> rH OS 
 O rH CO 
 
 in t-^in 
 
 <0 rH "* 
 
 CO "* in 
 
 q"co oo CO 
 
 3 1- oq o 
 
 H rH oq oq 
 
 in t- tM OS O 
 
 in 00 OS CD 00 
 in OS t- oD o 
 oq" -* in" CO* os' 
 OS CD in OS o 
 "* in in o CO 
 t-^ rH in oq" oq 
 oq OQ CO in o 
 
 rH rH rH rH oq 
 
 in 00 
 
 in 00 
 oq t- 
 
 oo"co 
 oo ■* 
 CO ■* 
 oq"oq" 
 
 CO CD 
 
 oq oq 
 
 OS CD OS 
 
 oq CO CD 
 c<i^oq__in 
 oo"oo oq" 
 crs in rH 
 t> CD oq 
 CQCD oq 
 o oq ■* 
 
 CO CO CO 
 
 m CO t- ooos 
 t- t- t- t- t- 
 
 00 00 00 00 00 
 
 O rH oq CO -* 
 oo 00 00 00 00 
 oo 00 00 00 00 
 
 in CD t- ooos 
 oo oo 00 00 00 
 oo oo 00 00 00 
 
 O rH 05 CO "* 
 OS OS OS OS OS 
 00 00 00 00 00 
 rH ■rH rH rH rH 
 
 in CO o 00 OS 
 
 OS OS OS OS OS 
 00 00 oo 00 00 
 
 O rH oq CO "* 
 
 o o o o o 
 
 OS OS cTS OS OS 
 
APPENDIX. 
 
 TRUSTEES OF THE NEW-YORK LIFE INSURANCE CO., 
 
 1845-1905. 
 
 Name Entered 
 
 Andrews> Loeing 1845 
 
 Anthony, Charles L 1865 
 
 Appleton, William H 1852 
 
 AsPiNWALL, William H 1845 
 
 Baldwin, C. C 1884 
 
 Barton, William 1849 
 
 Battelle, Lewis F 1868 
 
 Beach, John C 1849 
 
 Beers, William H 1869 
 
 Benedict, Spencer S 1845 
 
 Blair, James A 1901 
 
 Bogert, Cornelius R., M. D. 1870 
 
 BoGERT, Henry K 1845 
 
 BoKEE, David A 1848 
 
 Booth, William A 1863 
 
 Bowers, Henry 1866 
 
 Bristow, Benjamin H 1885 
 
 Brown, James 1845 
 
 Buckley, William F 1887 
 
 Buckner, Thomas A 1901 
 
 BusHNELL, Orsamus 1846 
 
 Bussing, John S 1847 
 
 Carman, Richard F 1 846 
 
 Center, Edward C 1845 
 
 Claflin, Horace B 1868 
 
 Claplin, John 1885 
 
 Cobb, Sanpoed 1865 
 
 Coleman, Robert B 1846 
 
 162 
 
 Ceased 
 
 Remarks 
 
 1848 
 
 Died January 22, 1875. 
 
 1874 
 
 Died May, 1874. 
 
 1899 
 
 Died October 19, 1899. 
 
 1847 
 
 Died January, 1875. 
 
 1897 
 
 Died May 12, 1897. 
 
 1884 
 
 Died September, 1884. 
 
 1870 
 
 Died March 11, 1870. 
 
 1856 
 
 Died July 27, 1856. 
 
 1892 
 
 Died November 16, 1893, 
 
 1851 
 
 Resigned in 1851. 
 
 .... 
 
 Active in 1905. 
 
 1877 
 
 Died November 11, 1877, 
 
 1848 
 
 Died August 30, 1875. 
 
 1859 
 
 Died March, 1859. 
 
 1895 
 
 Died December 28, 1895. 
 
 1891 
 
 Died February 12, 1891. 
 
 1889 
 
 Resigned in 1889. 
 
 1847 
 
 Died November 1, 1877. 
 
 1902 
 
 Died November 29, 1902. 
 
 
 Active in 1905. 
 
 1864 
 
 Died August 11, 1868. 
 
 1864 
 
 Died June 1, 1864. 
 
 1846 
 
 Died July 13, 1867. 
 
 1846 
 
 Died November 6, 1860. 
 
 1885 
 
 Died November 14, 1885. 
 
 
 Active in 1905. 
 
 1876 
 
 Died May 22, 1876. 
 
 1849 
 
 Died October 31, 1882. 
 
Appendix. 
 
 163 
 
 Name Entered 
 
 Collins, Robert B 1860 
 
 CoMSTOCK, David A 1845 
 
 Ceydek, John 1845 
 
 CuETiss, Cyrus 1849 
 
 Dart, Russell 1852 
 
 Dodge, Samuel N 1848 
 
 Dows, David 1856 
 
 DusENBUEY, William C 1849 
 
 Fairchild, Charles S 1892 
 
 Faiechild, Robert G 1850 
 
 FiSHEE, Selig S 1878 
 
 FowLEE, Thomas P 1896 
 
 Franklin, Moeeis 1847 
 
 Feeeman, Alfred, M. D 1847 
 
 Feeeman, Pliny 1848 
 
 FuLLEE, Dudley B 1863 
 
 FuEMAN, John M 1875 
 
 Gibbs, Edward N 1889 
 
 Grace, William R 1892 
 
 Geant, Richaed S 1880 
 
 Geeer, George 1851 
 
 Harper, James 1845 
 
 Herrick, Jacob B 1847 
 
 Hicks, Henry W 1845 
 
 HiGGiNS, Blias S 1885 
 
 HoBART, Garret A 1897 
 
 Hone, Philip 1848 
 
 Hornblower, William B . . . 1890 
 
 Hoyt, Edwin 1867 
 
 Hutchinson, Richard J . . . . 1847 
 
 Ingersoll, William E 1899 
 
 Inman, John H 1896 
 
 Irwin, Richaed 1845 
 
 Kendall, Isaac C 1849 
 
 Kennedy, John S 1903 
 
 King, James G., Je 1865 
 
 KiNGSLEY, Daewin P 1898 
 
 Langdon, Woodbuey 1892 
 
 Lewis, Waltee H 1885 
 
 LiNDSLEY, Caleb F 1846 
 
 Ceased 
 
 Remarks 
 
 1892 
 
 Died January 6, 1894. 
 
 1847 
 
 Died November 26, 1855. 
 
 1847 
 
 Died in 1868. 
 
 1852 
 
 Died June 25, 1879. 
 
 1865 
 
 Died September 13, 1865. 
 
 1849 
 
 Died April, 1865. 
 
 1885 
 
 Died March 30, 1890. 
 
 1867 
 
 Died February, 1867. 
 
 
 Active in 1905. 
 
 1852 
 
 Died February 9, 1877. 
 
 1884 
 
 Died January, 1884. 
 
 
 Active in 1905. 
 
 1885 
 
 Died October 27, 1885. 
 
 1861 
 
 Died February 8, 1861. 
 
 1864 
 
 Died in May, 1879. 
 
 1868 
 
 Died March 18, 1868. 
 
 1884 
 
 Died December 11, 1884. 
 
 1900 
 
 Died October 20, 1900. 
 
 1904 
 
 Died March 21, 1904. 
 
 1887 
 
 Declined re-election. 
 
 1862 
 
 Died July 1, 1870. 
 
 1848 
 
 Died in 1869. 
 
 1851 
 
 Died January 2, 1864. 
 
 1846 
 
 Died September 24, 1867. 
 
 1889 
 
 Died August 18, 1889. 
 
 1899 
 
 Died November 21, 1899. 
 
 1850 
 
 Died in 1851. 
 
 
 Active in 1905. 
 
 1874 
 
 Died May, 1874. 
 
 1849 
 
 Died August 2, 1869. 
 
 
 Active in 1905. 
 
 1896 
 
 Died November 5, 1896. 
 
 1847 
 
 Died June 27, 1888. 
 
 1878 
 
 Died August 18, 1878. 
 
 
 Active in 1905. 
 
 1867 
 
 Died June, 1867. 
 
 
 Active in 1905. 
 
 
 Active in 1905. 
 
 1901 
 
 Died February 18, 1901. 
 
 1849 
 
 Died February 28, 1868. 
 
164 Appendix. 
 
 Name Entered Ceased 
 
 Livingston, Schuyler 1845 1846 
 
 LowRY, Robert J 1896 .... 
 
 Ludlow, Thomas W 1845 1847 
 
 Mackay, Clarence H 1904 .... 
 
 Mairs, John 1852 1885 
 
 Martin, Charles J 1855 1860 
 
 Martin, Edward 1867 1892 
 
 McCall, John A 1892 
 
 Merchant, Aaron M 1846 1848 
 
 Miller, Daniel S 1849 1877 
 
 Morris, Robert H 1846 1847 
 
 Morrison, George A 1894 .... 
 
 Mortimer, Henry C 1889 .... 
 
 MusER, Richard 1885 1893 
 
 Nelson, Henry A 1847 1852 
 
 Nevins, David 1894 1895 
 
 Nixon, John M 1846 1869 
 
 Norrie, Adam 1845 1847 
 
 Ogden, James De Peyster . . 1845 1847 
 
 Orr, Alexander E 1900 .... 
 
 Osgood, George A 1865 1882 
 
 Paine, Augustus G 1892 .... 
 
 Patrick, William 1852 1863 
 
 Paxson, Samuel C 1847 1852 
 
 Perkins, George W 1893 .... 
 
 Plunkett, William B 1900 .... 
 
 Potts, George H 1884 1888 
 
 PuRDY, Richard E 1846 1849 
 
 Randolph, Edmund D 1892 .... 
 
 Reading, Richard A 1846 1848 
 
 Ream, Norman B 1903 .... 
 
 Reed, Almet 1845 1845 
 
 Reed, Thomas B 1899 1902 
 
 Reybuen, James 1845 1846 
 
 Rice, John 1852 1856 
 
 Richards, Thomas B 1845 1846 
 
 Roberts, Marshall 1846 1849 
 
 Rogers, John L 1851 1869 
 
 Sanderson, Edward F 1845 1845 
 
 Seaman, Henry 1 1849 1861 
 
 Remarks 
 Died September, 1863. 
 Active in 1905. 
 Died in 1878. 
 Active in 1905. 
 Died December 7, 1885. 
 Died in 1888. 
 Resigned in 1892. 
 Active in 1905. 
 Died January 8, 1852. 
 Died April 9, 1878. 
 Died October 23, 1855. 
 Active in 1905. 
 Active in 1905. 
 Died August 10, 1893. 
 Died December 13, 1861. 
 Resigned in 1895. 
 Died February 12, 1869. 
 Died June 6, 1882. 
 Died April 7, 1870. 
 Active in 1905. 
 Died November 13, 1882. 
 Active in 1905. 
 Died September 8, 1875. 
 Died July, 1860. 
 Active in 1905. 
 Active in 1905. 
 Died in 1888. 
 Died January 14, 1849. 
 Active in 1905. 
 Died June 7, 1871. 
 Active in 1905. 
 Died March 1, 1880. 
 Died December 7, 1902. 
 Died in 1849. 
 Died September 10, 1856. 
 Died April 1, 1848. 
 Died September 11, 1880. 
 Died December 2, 1869. 
 Died September 26, 1866. 
 Died May, 1861. 
 
Appendix. 
 
 Name Entered Ceased 
 
 Seymour, John F 1870 1879 
 
 Seymour, William N 1847 1851 
 
 Smull, Thomas 1863 1866 
 
 Stearns, John N 1885 1892 
 
 Steele, Hiram R 1892 .... 
 
 Stillman, Jambs 1900 .... 
 
 Straus, Oscar S 1894 
 
 Strong, William L 1884 1900 
 
 Studwell, Alexander 1879 1891 
 
 SuARBZ, Leonardo S 1845 1847 
 
 Suydam, Heney, Jr 1855 1858 
 
 Taylor, Robert L 1845 1846 
 
 Tuck, Henry, M. D 1878 1904 
 
 Valentine, John J 1894 1901 
 
 Vandervoort, Petee H 1851 1854 
 
 Wadsworth, Julius 1852 1855 
 
 Walters, Henry 1904 .... 
 
 Ward WELL, Jeremiah M. . . . 1847 1851 
 
 Weeks, Rufus W 1891 1892 
 
 Welch, Archibald H 1882 1898 
 
 Wells, David A 1894 1898 
 
 Wetmore, Prosper M 1845 1847 
 
 White, Loomis L 1875 1892 
 
 Whitney, Wiluam C 1892 1893 
 
 Whittemore, Edward A. . . . 1877 1881 
 
 Williams, John B 1858 1868 
 
 Woodhull, Albert 1846 1847 
 
 Wright, Charles, M. D 1877 1883 
 
 165 
 
 Remarks 
 
 Died July 3, 1879. 
 Died June 5, 1881. 
 Died December, 1866. 
 Resigned in 1892. 
 Active in 1905. 
 Active in 1905. 
 Active in 1905. 
 Died November 2, 1900. 
 Died October 5, 1891. 
 Died in 1874. 
 Died April 26, 1858. 
 Died February 10, 1878. 
 Died September 2, 1904. 
 Resigned in 1901. 
 Died February 13, 1876. 
 Died May 28, 1887. 
 Active in 1905. 
 Died December 20, 1881. 
 Resigned in 1892. 
 Died April 6, 1892. 
 Died November 6, 1898. 
 Died March 18, 1876. 
 Resigned in 1892. 
 Died February 2, 1904. 
 Died April 15, 1881. 
 Died September, 1877. 
 Died August 31, 1860. 
 Died September 2, 1883. 
 
A BRIEF HISTORY 
 
 OF THE 
 
 NEW-YORK LIFE INSURANCE COMPANY. 
 
 1845-1895. 
 
 The New-Yoek Life Insurance Company is a purely mutual organi- 
 zation, doing business under a perpetual charter adopted July 12, 1893, 
 certified by the Attorney-General and approved by the Superintendent 
 of Insurance July 26, 1893, which charter is a consolidation of the authority 
 granted by the Legislature under the special Acts of May 21, 1841, April 
 18, 1843, April 5, 1849, and the general "Insurance Law" of 1892. The 
 Company was organized April 10, 1845, as the "Nautilus Insurance Com- 
 pany", the present name being authorized by the Act of April 5, 1849, 
 which also gave the Company the authority to "make and execute trusts". 
 The first officers were James De Peyster Ogden, President, Aaron M. 
 Merchant, Vice-President, and Lewis Benton, Secretary. 
 
 The Company began business with applications for $300,000— this being 
 a condition of organization— and the first life policy was issued on April 
 17, 1845. The financial basis of the Company was $50,000 in subscription 
 notes, which were continued until November 30, 1850, when they were given 
 up and canceled. The makers of these notes acquired no special rights, like 
 those enjoyed by the owners of capital stock, and the only compensation for 
 their guarantee was five per cent, per annum, allowed during three of the 
 five years which the notes were held by the Company. 
 
 The first policies issued, following the custom of the time, were abso- 
 lutely forfeitable for any of the following causes: (1) The non-payment 
 of any premium when due ; (2) death by the insured's own hand, upon the 
 high seas, in consequence of a duel, by the hands of Justice, or in known 
 violation of any law of the United States or of any State or Province 
 wherein residence or travel were allowed; (3) residence or travel south 
 of the southern boundaries of Virginia and Kentucky between July 1 and 
 November 1, or at any time beyond the settled limits of the United States, 
 
 166 
 
A Brief History. 167 
 
 Canada, Nova Scotia and New Brunswick; (4) military or naval service, 
 the militia in time of peace excepted; (5) any untrue statement in the 
 application. Liberty of residence and travel in the South were much re- 
 stricted, even to residents, except on the payment of extra charges. 
 
 Among the first 1,000 policies issued, 339 were upon the lives of negro 
 slaves in Maryland and Virginia. The amounts were usually less than $500, 
 the term one year, for which the seven-year rate was charged. The first 
 policy to mature by the death of the insured was a slave policy, and was 
 for $225. The issue of slave policies was discontinued by direction of the 
 Trustees, April 19, 1848. Of the first 1,000 policies, only 342 were whole 
 life policies, the remainder being for shorter periods, 374 being for one 
 year and 224 for seven years. Policy No. 1,000 was issued March 16, 1847. 
 To reach this point had required 23 months. 
 
 In April, 1847, Mr. A. M. Merchant, the former Vice-President, was 
 elected President, and Mr. Robert B. Coleman Vice-President. Mr. Merchant 
 resigned in December, 1848, and was succeeded by Morris Franklin, who 
 held the ofSce until his death in 1885. Two traveling agents were appointed 
 in 1848 and strenuous efforts were put forth to increase the business. 
 Among the new agents appointed were Schuyler Colfax, Thomas A. Hen- 
 dricks, Lew Wallace and Hugh McCulloeh. None of them, however, 
 achieved any great success in the work. A telegram first appears in the 
 Company's records in 1848. It was from Utica, N. Y., and thirteen words 
 cost 37 cents. In 1849 there were 31,506 deaths from cholera in the United 
 States, of which number 5,071 occurred in New York City. Between June 
 13 and August 8, the Company refused to issue term policies in New York 
 and Brooklyn. The deaths from cholera among the Company's policy- 
 holders from 1845 to 1892 were exactly 100, the largest number occurring 
 in any one year being 25 in 1850. Upon the discovery of gold in California 
 the Company wrote California risks on the seven-year table, to run three 
 years only, and added an extra of three per cent, on the amount insured. 
 
 On November 13, 1850, the Company made the first recorded change 
 in its policy forms by eliminating the suicide clause and the clause relating 
 to death upon the high seas, and by inserting a clause making them null 
 and void in case of death from intoxicating drinks or opium. On Septem- 
 ber 19, 1851, $100,000 was deposited with the Comptroller of the State at 
 Albany as required by the new deposit law of April 8, 1851. In June, 1852, 
 the Company made its first report to the Comptroller under the Act of 
 April 8, 1851, and during the following year the policies of the Company 
 were valued upon insurance principles for the first time. Its surplus, after 
 making due allowance for a reinsurance fund, was found to be $25,314. 
 During 1853 yellow fever was epidemic at various southern sea-ports and 
 
168 A Brief History. 
 
 along the Mississippi River. The number of deaths from this cause in New 
 Orleans was 7,970. The deaths from this cause among policy-holders from 
 1853 to 1892 were 138, the largest number occurring in one year being 26, 
 in 1878. The eleventh annual report, presented to the Trustees on January 
 26, 1856, showed the assets of the Company to be $1,059,008.65, and the 
 surplus $148,718.23. The Company had paid policy-holders $1,027,202.64, 
 and its risks in force were $10,277,101. 
 
 In 1855 the first Insurance Department — that of Massachusetts — was 
 created, although certified statements were required in New York, Rhode 
 Island, Ohio, Illinois, Kentucky and Tennessee. State supervision was so 
 crude, however, that it was more difficult to satisfy the officials of these 
 States than it now is to comply with the much more elaborate requirements 
 of the 82 Insurance Departments to which the Company reports. The New 
 York Insurance Department was created in 1859, and the reports of these 
 two departments furnish a fairly complete history of the progress of Life 
 Insurance in the United States. The year 1857 was marked by a severe 
 financial crisis. Among the prominent failures in New York City was the 
 dry goods house of Bowen MeNamee & Co., at 112 and 114 Broadway. The 
 New-Yoek Life purchased the building formerly owned by this firm and, 
 in May, 1858, occupied its own office building for the first time in its his- 
 tory. In 1859 gold was discovered at Pike's Peak and the Company ac- 
 cepted risks upon emigrants to the new gold regions at an extra of one and 
 one-half per cent, on the amount insured. During the same year it abol- 
 ished the extra rate upon California risks and established an agency in 
 San Francisco. 
 
 During the period of fourteen years, 1845-1859, the Company grad- 
 ually extended its operations from the home State to twenty-five others and 
 to the District of Columbia. Thus, in 1845 it did business in one State, in 
 1846 in five States, in 1847 in eighteen States, in 1848 in twenty-two States 
 and the District of Columbia, and between 1848 and 1859 it began business 
 in four additional States. 
 
 In May, 1860, the Life Underwriters' Convention held its second 
 meeting in New York and discussed at considerable length the subject of 
 non-forfeiting policies. Most companies allowed paid-up insurance for 
 some amount upon policies several years in force, but there was no guar- 
 antee of it in the policy. A proposed non-forfeiture law had been under 
 discussion in the Massachusetts Legislature since March, 1859. Hon. Elizur 
 Wright, the Massachusetts Commissioner, who had proposed the law, and 
 Hon. William Barnes, the New York Superintendent, were present at the 
 Convention and urged the justice, either of a law or of a non-forfeiture 
 clause in the policy. A committee headed by Mr. Winston, President of 
 
A Brief History. 169 
 
 the Mutual Life, reported against any law or clause on the subject. On 
 June 13 following, the Officers of the New-Yoek Life submitted to the Trus- 
 tees a proposition to issue lO-payment life policies with a non-forfeiture 
 clause allowing paid-up insurance after two annual premiums had been paid. 
 The proposition was adopted, and on August 13, 1860, the Company issued 
 the first non-forfeiting policy written by any life company doing a general 
 business. The New-Yoek Life thus became the pioneer in a reform that 
 has saved millions of dollars to unfortunate policy-holders. 
 
 Early in 1861 the Company adopted a plan for the redemption of its 
 dividends, which had been issued in scrip and upon which annual interest 
 was paid. The charter permitted their redemption after the amount 
 reached $500,000, and required it after it reached .$1,000,000. The amount 
 outstanding at this time was $735,444. The plan adopted provided for the 
 redemption, in 1861, of all dividends declared prior to 1850, and of twenty 
 per cent, of those declared between 1850 and 1860. During the next four 
 years the remaining 80 per cent, of dividends declared prior to 1861 was 
 redeemed, and in addition those of 1861 and 1862; and by paying two 
 dividends per year in 1868 and 1869, the Company in 1869 cleared ofE all 
 arrearages on its dividend account. 
 
 At the outbreak of the Civil War a meeting of delegates from sixteen 
 companies was held in New York, and it was recommended that the com- 
 panies issue war permits upon the payment of $50 per $1,000 extra, and 
 an additional $50 per $1,000 for service south of 34 degrees north latitude. 
 The New-Yoek Life announced on April 24 that it would accept war risks 
 on these terms. The total number of war permits issued by the Company, 
 1861-1865, was 731, on policies amounting to $1,151,950, and there were 
 73 war losses, amounting to $107,100. The amount received in extra pre- 
 miums was $72,754.86. The losses above the probable were $91,897. Of 
 this amount $52,801.82 was incurred under policies issued prior to Decem- 
 ber 31, 1860. If this loss had been equally distributed upon the insurance 
 in force at that date, it would have cost old policy-holders 81 cents per 
 $1,000 annually. 
 
 The Company had at the outbreak of the war a considerable amount 
 of insurance in force in the seceding States. It received premiums from 
 these policy-holders and paid their claims until communication was for- 
 bidden by the Act of Congress of July 13, 1861. Of course, no war permits 
 were issued to policy-holders in arms against the United States, but the 
 Company agreed that, upon the cessation of hostilities it would either pur- 
 chase lapsed policies at a fair valuation, or reinstate them upon satisfactory 
 medical examination and the payment of back premiums with interest. 
 Some of the Company's southern agents continued to act for it during the 
 
170 A Brief History. 
 
 war and resumed their active relations with it as soon as the war terminated. 
 Lapsed policies to the amount of about $1,000,000 were reinstated in the 
 South during the four years following 1865. All scrip dividends held 
 on lapsed policies were paid in full, whether the policies were revived 
 or not. 
 
 The business of the Company increased rapidly during the war, and 
 in 1862, of the 6,528 new policies issued by the eleven life companies of New 
 York City, the New- York Life issued 3,302, or more than one-half. This 
 was so great an achievement in those days that it was noticed in the annual 
 report of Superintendent Barnes. The premium income of the Company 
 exceeded one million dollars for the first time in 1863. 
 
 With the advent of peace came a period of rapid development of the 
 remote western States and Territories, and an era of railroad building and 
 other industrial enterprises requiring credit, which finally culminated in 
 the financial panic of 1873. Life insurance prospered with other business 
 on an unexampled scale, reaching a point in 1869 which proved high-water 
 mark for nineteen years. The New-Yoek Life re-established its business 
 in the South, and pushed into the West along the line of the Pacific rail- 
 ways where, on May 10, 1869, the driving of the "golden spike", just north 
 of Salt Lake City, celebrated the union by rail of the Atlantic and Pacific 
 coasts. Colonel Alexander Hawes, one of the Company's representatives, 
 wrote the first application in Salt Lake City, and received fifteen thousand 
 dollars in advance premiums before the first policy was ready for delivery. 
 
 In 1870 the Company opened its first European agency, Mr. Harry 
 Homans being appointed, on March 26, "General Agent for the Kingdom 
 of Great Britain and the Continent of Europe". Great Britain was after- 
 ward made a separate department, and Mr. Homans managed the business 
 upon the Continent with great success until his death in 1889. During 1870 
 the Company occupied its new offices at 346 & 348 Broadway. The site had 
 been acquired nearly three years before, while the building that formerly 
 occupied it was burning. The new building was four stories in height and 
 contained the first passenger elevator used in New York. It seemed large 
 enough for the Company's needs for all time. Two stories were added in 
 1880, and the Company managed to get along in the enlarged building until 
 April, 1896, when it occupied the rear half of its present twelve story 
 building, which covers the same site as the building of 1870, and as much 
 more ground directly in rear of it. 
 
 Between 1856 and 1871 the Company established agencies in twenty- 
 four additional States and countries, including nearly all the remaining 
 States and Territories of the United States, the several provinces of Canada, 
 and in England and France as above noted. It thus began its career of 
 
A Brief History. 171 
 
 world-wide influence and benefaction which was destined to make it the 
 great International Life Insurance Company. 
 
 In January, 1871, the Company began the issue of Ten- Year Dividend 
 Policies, upon what was afterwards known as the Tontine plan. This policy 
 proved so popular that new features were added in the following year, and 
 the new form was known as the "Tontine Investment Policy". It has long 
 been fashionable in some quarters to reserve the severest words in the dic- 
 tionary to describe the original Tontines, because they were forfeitable for 
 non-payment of premium. Such writers lack historical perspective. It 
 must be remembered that when Tontines were first introduced, non-forfeit- 
 ing policies were less than twelve years old, and that if Tontines took a step 
 backward with respect to forfeiture, they took one forward with respect 
 to a cash surrender value, equal to the full reserve at the end of a selected 
 period. They established this principle in American Life Insurance, and 
 then they dropped the forfeitable feature. 
 
 In 1873 both cholera and yellow fever were epidemic in the United 
 States. There were about 3,800 deaths by the former and over 3,000 
 by the latter. The Company paid eight cholera losses and nineteen 
 yellow fever losses— thirteen of the latter occurring in a single month. 
 During this year the Company wrote policy No. 100,000. It was issued on 
 August 1 upon the life of Mr. Marcus Claypool, of Muneie, Ind., and was a 
 Tontine Investment Policy for $10,000. 
 
 The six years following the panic of 1873 were hard years in Life 
 Insurance, as well as in general business. The general contraction in values 
 which took place, incident to the resumption of specie payments in 1879, 
 played sad havoc with investments made upon insufficient margins. The 
 brood of new companies that had sprung up during the inflation period, 
 being inefficiently and, in some cases, corruptly managed, nearly all 
 re-insured or failed, and their downfall awakened wide-spread bitterness 
 and distrust. The actual losses from failing companies, from 1871 to 1880 
 — which includes practically all losses of this kind in the United States — 
 were about 35 million dollars. The number of companies doing biisiness 
 in New Tork declined from 50 to 31, the new insurance fell off from 330 
 millions to 150 millions, the insurance in force declined from 1,874 millions 
 to 1,312 millions, and the total income dropped from 107 millions to 69 
 millions. The New- York Life's new business was 22 millions in 1874, and 
 17 millions in 1879; its insurance in force was 123 millions in 1874, and 
 127 in 1879 ; and its income was $8,182,564 in 1874, and $7,887,126 in 1879. 
 The Company was examined by the Insurance Department during this 
 period, and the total depreciation in its assets, including all reductions made 
 by the Department, less the increase in market value of securities and the 
 
172 A Brief History. 
 
 profit realized on securities sold, was only $347,003.06— a trifle over one 
 per cent, upon the average assets held during the period. 
 
 The decade following December 31, 1879, was one of the most pros- 
 perous in the history of the country, and Life Insurance grew as never 
 before except in the five years immediately following the Civil War. The 
 New- York Life, which had felt the hard times less than other companies, 
 responded more fully to the improved conditions of business. The follow- 
 ing comparison between various items in the New- York Life and in those 
 of all other life companies doing business in New York State in the years 
 1880 and 1889, will be instructive: 
 
 Items New-York Life AH other Go's 
 
 1880. New Insurance $22,229,979 $165,274,277 
 
 1889. do 151,119,088 634,977,653 
 
 1880. Insurance in force 135,726,916 1,340,268,256 
 
 1889. do 495,601,970 2,649,075,341 
 
 1880. Income 8,224,172 68,579,273 
 
 1889. do 28,830,123 139,354,576 
 
 1880. Paid Policy-holders 4,499,891 48,053,184 
 
 1889. do 12,121,122 67,152,545 
 
 1880. Assets 43,031,142 374,919,867 
 
 1889. do 104,415,322 592,528,405 
 
 During the period 1871-1889 the New- York Life added largely to its 
 clientage among foreign nations. Thus, in 1870 the Company was doing 
 business in fifty-one States and countries, in 1876 it was doing business in 
 sixty-two States and countries, in 1881 in seventy-three, in 1882 in eighty- 
 five, in 1884 in ninety-six, and in 1889 in one hundred and fourteen. 
 
 During this period the Company 's 10-year and 15- Year Tontines began 
 to mature, with such results as gave a new impetus to its business. The 
 deferred dividend policy, with a guaranteed cash surrender value and other 
 valuable options at the end of selected periods, was seen to be such a com- 
 bination of insurance and investment as meets the requirements of the 
 modern business and professional man ; and the popularity of this form of 
 insurance has revolutionized the business of Life Insurance. Prior to 1880 
 there was not a life company in the country, except the companies issuing 
 Tontines, which guaranteed as a cash surrender value the full reserve under 
 the policy ; now there is scarcely a company that does not guarantee such a 
 surrender value at the end of a definite period. Of course, hide-bound con- 
 servatism did not yield without a struggle, and this struggle was carried 
 
A Brief History. 173 
 
 on against Tontines in the Legislature and in the courts. In this fight for 
 the liberty of contract the New- York Life bore its full share. 
 
 During this period the New-Yoek Life began, and completed with a 
 few exceptions, the eleven office buildings— five in this country and six in 
 Europe— which have enlisted a powerful community sentiment in favor of 
 the Company, besides furnishing local headquarters and an investment for 
 its continually increasing funds. These buildings have given policy-holders 
 in their vicinity a sense of ownership in the Company, and have been a 
 standing advertisement of no small value. 
 
 The first of these buildings was erected in Paris in 1882-84. The pro- 
 ject was under consideration by the Finance Committee for a period of 
 about eighteen months, during which time one of the members personally 
 examined the proposed site, and the opinions of real estate experts were 
 secured. In recommending the purchase, the Committee submitted a report, 
 showing that the income from business on the continent of Europe had 
 increased from $374,300 in 1876 to $1,384,190 in 1882. The Company's 
 buildings in Europe, with valuations December 31, 1904, are as follows : 
 
 Paris, France $1,300,000 
 
 Berlin, Prussia 355,000 
 
 Vienna, Austria 335,000 
 
 Amsterdam, Holland 150,000 
 
 Buda Pest, Hungary 550,000 
 
 Belgrade, Servia 15,000 
 
 The buildings in the United States and Canada, with present valua- 
 tions, are as follows: 
 
 Home Office, New York $5,000,000 
 
 Kansas City, Mo 1,200,000 
 
 Minneapolis, Minn 600,000 
 
 St. Paul, Minn 450,000 
 
 Omaha, Neb 650,000 
 
 Montreal, Can 350,000 
 
 In October, 1885, Morris Franklin died, after a service, as President, 
 of nearly forty years. He was succeeded by William H. Beers, who entered 
 the service of the Company in 1851. He served as Accountant and as 
 Cashier, and became Actuary in 1864, and Vice-President and Actuary in 
 1869. From the latter date he was virtually the manager of the Company. 
 It had at that time less than $12,000,000 in assets and less than $103,000,000 
 
174 A Brief History. 
 
 of insurance; on January 1, 1892, its assets were over $125,000,000, and 
 its insurance verged close upon $600,000,000. 
 
 President Beers resigned on 'February 8, 1892, and four days later 
 John A. McCall was elected President of the Company. Mr. McCall was 
 born in Albany, in 1849, and all his training had tended to fit him for the 
 high position to which he was now called. From the age of seventeen he 
 had been conversant with the business of insurance, first in a general insur- 
 ance agency, and afterward for sixteen years in the Insurance Department, 
 where, by the force of his own ability and industry, he rose from the position 
 of clerk to that of head of the Department. During the six years preceding 
 his election as President of the New-York Life he had been Comptroller 
 of the Equitable Life Assurance Society. 
 
 For a summary of the history of the Company from 1892 to 1895, see 
 the introductory chapter of this work. 
 
CHAETEE AND DECLAEATION 
 
 OF THE 
 
 NEW-YOEK LIFE INSUEANCE COMPANY. 
 
 (Aaopted 12th July, 1893.) 
 This is to Certify that the New- York Life Insurance Company has 
 duly accepted the provisions of the Act of the Legislature of the State 
 of New York, Chapter 690 of the Laws of 1892, known as "The Insur- 
 ance Law", and the amendments thereto, and in conformity with the 
 same has duly adopted the following amended charter: 
 
 Article I. 
 
 The name of the Company shall continue to be "New- York Life 
 Insurance Company". 
 
 Article II. 
 The Company shall be located and its principal place of business 
 shall be in the City of New York. 
 
 Article III. 
 
 The business of the Company shall be insurance on lives and all 
 and every insurance pertaining to life, and receiving and executing trusts, 
 and making endowments, and granting, purchasing and disposing of 
 annuities, such kind of insurance being authorized under subdivision one 
 of Section 70 of "The Insurance Law". 
 
 Article IV. 
 
 Section 1. All the corporate powers of the Company shall be exer- 
 cised by a board of trustees and such officers and agents as the board 
 may appoint. 
 
 Section 2. The Board of Trustees shall consist of twenty-four (24) 
 elected persons, a majority of whom shall be citizens and residents of 
 the State of New York, and the President, who shall be ex-officio a 
 member of the board. 
 
 15 175 
 
176 Charter and Declaration. 
 
 Section 3. The elected trustees shall be divided into four equal classes 
 and as the term of each class shall expire its successors shall be elected 
 for a term of four years, six trustees to be elected each year. Vacancies 
 occasioned by death, resignation or otherwise shall be filled by the Board 
 of Trustees, a majority of the votes of those present constituting a choice. 
 Each class shall hold over until its successors are elected and this article 
 shall not be construed so as to prevent a trustee going out from being 
 eligible as a new trustee. 
 
 Section 4. The Board of Trustees shall have power to make such 
 by-laws, rules and regulations for the transaction of the business of the 
 Company, not inconsistent with this charter or the laws of the State, 
 as may be deemed expedient, and to amend or repeal such by-laws, 
 rules and regulations. 
 
 Article V. 
 
 Section 1. The annual election of members of the Board of Trustees 
 to fill the places of the outgoing class shall be held on the second Wed- 
 nesday of April in each year. Notice of the time and place of such 
 election shall be given in two public newspapers printed in the City of 
 New York and in the State paper daily for one week preceding such 
 election. 
 
 Section 2. At each election three inspectors shall be elected to pre- 
 side at the next annual election of trustees, and at such election each 
 member of the Company shall be entitled to one vote in person or by 
 proxy. 
 
 Section 3. After each annual election the Board of Trustees shall 
 elect a President and such other officers as may be prescribed by the 
 by-laws, who shall hold their office for one year and until others are 
 elected in their stead. 
 
 Section 4. The present members of the Board of Trustees and 
 present officers of the Company shall continue to be such trustees and 
 officers until the expiration of the respective terms for which they have 
 been elected. 
 
 Article VI. 
 
 Section 1. The Company shall have no capital stock, but shall be a 
 mutual Company. 
 
 Section 2. The officers of the Company within sixty days subsequent 
 to the 1st of January in each year shall cause an estimate to be made of 
 the profits and true state of the affairs of the Company, as near as may 
 
Charter and Declaration. 177 
 
 be, for the preceding year, which estimate shall be conclusive upon all 
 persons entitled to share in any distribution of surplus which shall be 
 made in accordance with the general provisions of law either in cash, 
 or in reduction of premium, or in reversionary insurance payable with 
 the policy on the same conditions as therein expressed. 
 
 Article VII. 
 
 The Company shall be authorized to make loans and investments 
 as provided by "The Insurance Law" and by the Statutes of the State 
 of New York now in force or hereafter passed, and may also loan all 
 premiums received and invest the same in bonds and mortgages on unen- 
 cumbered real estate within the State of New York worth fifty per cent, 
 more than the sum charged thereon, and in all stocks created by or 
 under the laws of this State or of the United States. 
 
 Article VIII. 
 
 The Company shall be entitled to all the privileges and provisions of 
 existing laws which might be included in this charter and enjoyed by it 
 if it were originally incorporated under "The Insurance Law" of the 
 State. 
 
 Article IX. 
 
 As provided by preceding laws, and by Chapter 725 of the Laws of 
 1893, the Charter of the Company shall be perpetual. 
 
 In Witness Whereof the Company has caused its corporate seal to 
 be affixed hereto and to be attested by its President and Secre- 
 tary this 24th day of July, 1893. 
 
 John A. McCall, President. 
 [l. s.] Chas. C. Whitney, Secretary. 
 
178 Charter and Declaration. 
 
 State op New York, "> 
 
 > ss 
 City and County of New York, f 
 
 Before me duly appeared this 24th day of July, 1893, John A. 
 MeCall and Charles C. Whitney, personally known to me and they sev- 
 erally acknowledged the execution of the foregoing instrument as the 
 act and deed of the New- York Life Insurance Company, and being 
 by me severally duly sworn each for himself, says : That the said John A. 
 MeCall resides in the City, County and State of New York, and is Presi- 
 dent of the New- York Lipe Insurance Company; that the said Charles 
 C. "Whitney resides in the City of Brooklyn, County of Kings, State of 
 New York, and is the Secretary of the said New-York Life Insurance 
 Company ; that the seal affixed to the foregoing instrument is the corporate 
 seal of said Company, and was duly affixed thereto by the Secretary of 
 said Company in pursuance of authority from the Board of Trustees 
 by a vote of a majority of the said trustees, and that the said President 
 and Secretary have attested the same by their signatures in pursuance 
 of like authority. 
 
 John E. Mooney, 
 
 Notary Public, Kings Co. 
 
 [l. s.] Certificate filed in N. Y. Co. 
 
 State of New York, 
 ATTORNEY GENERAL'S OFFICE. 
 
 Albany, July 26, 1893. 
 To the Superintendent of Insurance: 
 
 I hereby certify that I have examined the annexed declaration and 
 charter of the New- York Life Insurance Company, and that I find the 
 same to be made in conformity with the provisions of Chapter 690, Laws 
 of 1892. and in accordance with the requirements of law. 
 
 S. W. ROSENDALE, 
 
 Attorney General. 
 
Charter and Declaration. 179 
 
 State of New York, 
 INSURANCE DEPARTMENT, 
 
 Albany, July 26, 1893. 
 
 Whereas, the New- York Life Insurance Company, located in the 
 City of New York, a domestic insurance corporation existing and doing busi- 
 ness at the time of the passage of Chapter 690, of the Laws of 1892, having 
 availed itself of the provisions of Section fifty-two of said chapter, as 
 amended by Chapter seven hundred and twenty-five, of the Laws of 1893, as 
 the same may refer to the reincorporation of existing corporations ; and said 
 Company having filed in this Department a Declaration and amended 
 Charter, adopted by a vote of a majority of the Board of Trustees of 
 said Company, as provided for in Section fifty-two, referred to above, 
 and the same having been submitted by me to the Attorney General, 
 and certified by him to be in accordance with the requirements of law: 
 
 Now Therefore, I, James F. Pierce, Superintendent of Insurance 
 of the State of New York, do hereby certify that the consent of said 
 Superintendent of Insurance, as required by the provisions of Section 
 fifty-two, above referred to, is herewith granted and attached to the 
 Declaration and Amended Charter of the New- York Life Insurance 
 Company which has this day been filed in this Department. 
 
 In Witness Whereof, I have hereunto set my hand and affixed 
 my Official Seal, in duplicate, at the City of Albany, this twenty- 
 sixth day of July, 1893. 
 
 James F. Pierce, 
 Superintendent of Insurance. 
 
 [L.S.] 
 
BY LAWS 
 
 OP THE 
 
 NEW-YORK LIFE INSURANCE COMPANY. 
 
 [Adopted May 9, 1906.] 
 
 1. The business of the Company shall be insurance on lives and all 
 and every insurance pertaining to life, and receiving and executing trusts^ 
 and making endowments, and granting, purchasing and disposing of 
 annuities. All contracts shall be issued in consideration of fixed premiums, 
 and shall not be subject to assessments or payments beyond those stated 
 in the contract itself. 
 
 2. At the next stated meeting of the Board of Trustees after the date 
 of the annual election of Trustees in each year, in addition to a President 
 required by the Charter of the Company, three Vice-Presidents, two 
 Second Vice-Presidents, two Secretaries, and a Treasurer shall be elected 
 by ballot, who shall hold their offices for one year and until others are 
 elected in their stead. 
 
 3. There shall be a stated monthly meeting of the Board of Trustees 
 held at the Home Office of the Company on the second Wednesday of each 
 month. Special meetings may be called by the President, or by three 
 Trustees, or in the absence of the President, by any one of the three Vice- 
 Presidents, in the order of their election at the last annual election. All 
 stated or special meetings shall be called by a written or printed notice 
 to each Trustee. A majority of the Trustees shall constitute a quorum 
 for the transaction of business. The President, or in his absence, one 
 of the three Vice-Presidents, in the order of their election at the last 
 annual election, or in their absence, a Trustee elected by a majority of 
 the quorum present, shall preside at every meeting of the Board of 
 Trustees. 
 
 4. The President shall have a general supervision and direction of 
 the business of the Company and shall be ex-officio a member of aU Com- 
 mittees. He shall : 
 
 180 
 
By-Laws. 181 
 
 (a) At the stated annual meeting of the Company in May of each 
 year appoint, subject to the approval of the Board of Trustees, 
 one or more Actuaries, one or more Comptrollers, one or more 
 Auditors, one or more General Solicitors, one or more Superin- 
 tendents of Agencies, one or more Medical Directors, one or more 
 Cashiers, one or more Assistant Cashiers, one or more Assistant 
 Treasurers, who shall hold their offices for one year and until others 
 are appointed in their stead, unless sooner removed by the Presi- 
 dent, with the concurrence of the Board of Trustees. 
 
 (h) At the stated annual meeting in the month of May of each year, 
 nominate, subject to election by the Board of Trustees, the Stand- 
 ing Committees provided for in By-Law 18. 
 
 (c) With the consent of the Finance Committee, transfer securities, 
 satisfy mortgages, make and change investments and loans. 
 
 (d) Execute all deeds and papers requiring the seal of the Company, 
 which shall be under his charge. 
 
 5. The compensation of the officers provided for in By-Law 2 shall 
 be fixed by the Board of Trustees on the recommendation of the Finance 
 Committee. No Trustee shall become a salaried employee of the Company, 
 except by special vote of the Board of Trustees. 
 
 6. The three Vice-Presidents, in the order of their election at the 
 last annual election, during the absence or inability of the President, shall 
 be vested with all the powers which are conferred upon the President by 
 these By-Laws. 
 
 The three Vice-Presidents and the Treasurer shall each of them have 
 the same power as the President, under the direction of the Finance 
 Committee, to transfer securities, satisfy mortgages, make and change in- 
 vestments and loans, execute deeds and other documents, and, whenever 
 necessary for such purposes, to affix the seal of the Company to any proper 
 instrument or instruments. 
 
 7. The Second Vice-Presidents of the Company shall perform such 
 duties as are herein prescribed, and such other duties as may from time 
 to time be assigned to them, by the President or the Board of Trustees. 
 
 8. The Treasurer shall provide all necessary books of account for the 
 financial transactions of the Company, and, subject to the approval of the 
 Office Committee, shall have supervision of such books of account and the 
 clerks in charge thereof, and shall see that just and true cash, check, bank 
 and other proper books are kept, especially including records of all moneys 
 received, deposited, drawn and disbursed, for what and from whom 
 
182 By-Laws. 
 
 received, for what and to whom disbursed, and of all investments and 
 securities, which books and records shall be open at all times to the full 
 examination of the Board of Trustees. 
 
 The Treasurer and such other Officers as the Finance Committee may 
 designate, acting under regulations to be prescribed by the Finance Com- 
 mittee, shall have charge of the bonds and mortgages and all other securities 
 of the Company, and of the real estate of the Company. 
 
 Whenever it becomes necessary under the regulations of any State or 
 country to lodge with any government any portion of the Company's 
 securities, such action shall be taken only on the approval of the Board of 
 Trustees acting on the recommendation of the Finance Committee. The 
 Treasurer shall file with the Board of Trustees at the stated meeting in 
 August of each year, a schedule showing as of July 1st what securities are 
 so lodged and where. 
 
 The Treasurer shall make regulations, to be entered in the minutes 
 of the Finance Committee, concerning the combinations of the vaults of the 
 Company in which the securities are kept, such that no one person shall at 
 any time know the combinations of both the outer and the inner doors. 
 These regulations shall include the names of all persons knowing any com- 
 bination and holding any of the keys of the vaults. 
 
 The Treasurer shall give a bond for the faithful performance of the 
 duties of his office, for such amount and with such sureties as shall be 
 approved by the Executive Committee, and such bond shall be kept in 
 force during his term of office, unless otherwise ordered -by resolution 
 of the Board of Trustees. 
 
 The Cashiers, Assistant Cashiers and Assistant Treasurers shall per- 
 form such duties as may be assigned to them from time to time by the 
 Treasurer or the Finance Committee. 
 
 9. The Vice-Presidents and the Second Vice-Presidents, under the 
 direction of the Agency Committee, shall appoint, supervise, and fix the 
 compensation of the agents, agency directors, inspectors of agencies, and 
 all employees engaged chiefly in the acquisition of new business. 
 
 10. The Secretaries shall, under the direction of the President, 
 receive all communications to the Company, distribute them to the several 
 departments, and conduct the general correspondence. They shall perform 
 such other duties as the President, the Office Committee or the Board of 
 Trustees may direct. 
 
 11. The Actuaries shall, subject to the direction of the President, 
 have charge of the Mathematical Department of the Company and all 
 special work in connection therewith. They shall make all calculations 
 
By-Laivs. 183 
 
 required in the transaction of the business of the Compan}% and perform 
 such other work in connection with the business of the Company as the 
 President, the Office Committee or the Board of Trustees shall direct. 
 
 12. The Comptrollers shall, under the direction of the Auditing Commit- 
 tee, cheek all disbursements of the Company, whether made at the Home 
 Office, Offices of Issue, Branch Offices or Agencies; verify all receipts and 
 cheek the same with the Cash Book, Investment Record and entries in the 
 General Ledger. They shall ascertain if authority exists for disbursements 
 made and whether such authority conforms with these By-Laws. They shall 
 carefully observe the rules and methods which have been approved by the 
 Board, upon the recommendation of the Auditing Committee, for auditing 
 and checking the accounts of the Company. 
 
 13. The Auditors shall perform such duties in connection with 
 auditing the accounts of the Company as may be assigned to them, under 
 the rules and methods which have been approved by the Board upon the 
 recommendation of the Auditing Committee. 
 
 14. The Superintendents of Agencies shall perform such dutias in 
 connection with the work of the Agency Department as the Officers named 
 in By-Law 9 may from time to time prescribe, under the regulations of the 
 Agency Committee. 
 
 15. The Medical Directors, in the fields assigned to them by the 
 President, may, with the approval of the Oifice Committee, appoint or re- 
 move one or more Assistant Medical Directors, and also in the same way 
 name or remove one or more physicians, who shall have authority to advise 
 the acceptance or rejection of risks. These appointees shall perform such 
 other duties as the President, the Office Committee or the Medical Directors 
 may from time to time direct. 
 
 Every application for insurance, under the supervision of the Medical 
 Directors, Assistant Medical Directors or medical appointees provided for 
 in this By-Law, shall be rated in accordance with its longevity value, and, 
 under regulations prescribed by the Office Committee, a corresponding risk 
 may be assumed. No risk shall be otherwise taken on any life except on the 
 advice of the Medical Directors, Assistant Medical Directors or medical 
 appointees, or by special direction of the Board of Trustees. 
 
 16. The Officers of the Company provided in By-Law 2, may, in con- 
 formity with By-Law 1, make contracts for all or any insurance pertaining 
 to life, receive and execute trusts, make endowments, and grant, purchase 
 and dispose of annuities, but no insurance involving a greater risk than 
 $300,000 shall be made on any one life; provided that a larger sum may 
 
184 By-Laws. 
 
 be assumed, if the amount in excess of $300,000 is promptly reinsured 
 in responsible companies, to be designated by the President, and provided 
 that sums in excess of $300,000 may be assumed on one life, without 
 reinsurance, on the approval of the Board of Trustees. 
 
 All contracts pursuant to this By-Law shall be made and executed 
 by two of the following officers: 
 
 The President, a Vice-President, a Second Vice-President, a Secretary 
 and the Treasurer. 
 
 The signatures of the above Officers may be in fac-simile, but the Board 
 of Trustees shall designate, on the recommendation of the Office Committee, 
 the persons authorized to countersign contracts before delivery. 
 
 17. The General Solicitors shall perform such duties as the President 
 or Office Committee may from time to time direct. 
 
 18. The Standing Committees shall be as follows: 
 
 (a) A Finance Committee, to consist of seven Trustees, including one 
 
 or more of the three Vice-Presidents. 
 (h) An Executive Committee, to consist of seven Trustees, including 
 
 one or more of the three Vice-Presidents. 
 
 (c) An Agency Committee, to consist of seven Trustees, including 
 one or more of the three Vice-Presidents. 
 
 (d) A Loss Committee, to consist of four Trustees, one of whom shall 
 be Chairman, a Secretary, a General Solicitor and the person 
 then Superintendent of the Division of Policy Claims by appoint- 
 ment of the Office Committee. 
 
 (e) An Auditing Committee, as follows: A Secretary, a Comptroller, 
 a General Solicitor, an Actuary, an Auditor and two members of 
 the Board of Trustees. On the designation of the President, one 
 of these Trustees shall be Chairman and the other Vice-Chairman. 
 Their compensation shall be fixed by the Board on the recommen- 
 dation of the Office Committee. 
 
 (f) An Office Committee, to consist of the three Vice-Presidents, the 
 two Second Vice-Presidents and the Secretary first elected at 
 the last annual meeting. 
 
 The Finance, Executive, Agency, Office and Loss Committees shall 
 each elect its own Chairman. A majority of any Committee, as above con- 
 stituted, shall be a quorum. 
 
 19. It shall be the duty of the Finance Committee to have supervision 
 of the funds of the Company ; to direct the making and changing of invest- 
 
By-Laws. 185 
 
 ments; provided, however, that no purchase or sale shall be made without 
 the consent of all the members of the Committee present. 
 
 They shall examine all accounts, funds and securities as often as they 
 may deem necessary or as is required by the Board; report to the Board 
 a list of the bonds purchased and sold during the previous calendar month, 
 stating amounts, prices, names of the vendors and vendees, a full descrip- 
 tion of each security, and such other information as the Board may from 
 time to time desire. They shall report in particular to the meeting at which 
 the annual statement of the Company is presented, the condition of the 
 funds, securities and investments, with such suggestions as may, in their 
 opinion, promote the interests of the Company. 
 
 20. It shall be the duty of the Executive Committee to authorize and 
 supervise all expenditures of the Company other than those specifically 
 assigned to some other Committee under these By-Laws. 
 
 To this end, the Committee shall, at the stated meeting in January of 
 each year, report to the Board of Trustees for its approval, the rules and 
 methods under which such expenditures are to be authorized and supervised 
 during the calendar year. 
 
 21. It shall be the duty of the Agency Committee, as provided in 
 By-Law 9, to supervise the appointment of the agents, agency directors, 
 inspectors of agencies, and all employees of the Company engaged chiefly 
 in the acquisition of new business. 
 
 To this end, the Committee shall report to the Board of Trustees, for 
 approval, at the stated meeting in January of each year, the rules and 
 methods under which agents are to be appointed and compensated, and 
 under which all other expenditures in connection with the procurement of 
 business are to be made. 
 
 22. It shall be the duty of the Loss Committee to supervise and 
 govern the payment of death-claims. The Committee shall report to the 
 Board of Trustees, for approval, the rules and methods under which such 
 claims are paid, both in the Home Office and in Offices of Issue, and such 
 other information as the Board of Trustees may desire. 
 
 23. It shall be the duty of the Auditing Committee : 
 
 (a) To exercise general supervision and control of the auditing of all 
 receipts and of all disbursements of the Company, and of checking 
 the same with the cash book, investment record and entries in the 
 general ledger, and of ascertaining if proper authority exists for 
 disbursements made, and whether such authority conforms with 
 the provisions of these By-Laws. 
 
186 By-Laws. 
 
 (h) To employ, ^-ith the approval of the Executive Committee, char- 
 tered accountants, from time to time, to make examination of the 
 Company's books. 
 
 (c) To report to the Board of Trustees, for approval, the rules and 
 methods to be employed by the Committee in supervising and 
 governing the auditing and checking of accounts at the Home 
 Office and the various Offices of Issue. 
 
 (d) To report to the Board of Trustees monthly, in writing, a resume 
 of the work for the previous month, and to the President whenever 
 he shall call upon them to do so, or as often as they deem proper. 
 
 24. It shall be the duty of the Office Committee to authorize and super- 
 vise the appointment and removal of every person employed by the Com- 
 pany, except as otherwise provided in these By-Laws; to fix the compen- 
 sation of every person employed by the Company, except as otherwise pro- 
 vided in these By-Laws; to authorize and supervise the expenditures of 
 Branch Offices and Offices of Issue outside of the expenditures regulated 
 by the Agency Committee; and to this end, the Oifice Committee shall 
 report to the Board for its approval, at the stated meeting in January of 
 each year, the rules and regulations under which persons shall be employed 
 by the Company and under which expenditures in Branch Offices and 
 Oifices of Issue are to be made. 
 
 The Office Committee shall regulate the general conduct of the Com- 
 pany's business not specifically assigned to any other Committee. 
 
 25. It shall be the duty of the Standing Committees to convene on 
 the call of the President, or, in his absence, on the call of one of the 
 three Vice-Presidents, and they shall hold regular meetings at such periods 
 as may be necessary, but not less than once a month, for the transaction 
 of the business incident to the duties herein assigned them. 
 
 Whenever a vacancy occurs in any Standing Committee the Presi- 
 dent shall fill such vacancy by appointment, in accordance with the pro- 
 visions of By-Law 18, and shall report such action to the next stated meet- 
 ing of the Board for approval. 
 
 The Standing Committees shall make a report at each stated meeting 
 of the Board. These reports shall be signed by the members of the Com- 
 mittee who concur therein. Reports shall include a resuine of the work of 
 the previous calendar month, and such other information as the Board may, 
 from time to time, desire. 
 
 No expenditure shall be contracted for or made except by authority 
 of the Finance, the Agency, the Office or the Executive Committee, as pro- 
 vided in these By-Laws. 
 
By-Laws. 187 
 
 Any change desired by any Committee in the program presented at 
 the stated meeting in January of each year, or at any stated meeting, must 
 be submitted to the Board for its approval. 
 
 The minutes of the meetings of all Standing Committees shall be 
 carefully kept and submitted to the Board when called for. 
 
 26. Whenever in the judgment of the officers named in By-Law 2, 
 the interests of the Company 's business require it, offices may be established 
 at convenient points throughout the world, where the contracts provided 
 in B.v-Law 16, shall be made and the business of the Company in the 
 territory under the jurisdiction of each such office shall be carried on, under 
 such regulations as may be established from time to time by the Office 
 Committee. 
 
 27. All investments shall stand in the name of the "New- York Life 
 Insurance Company", and not in the name of any individual as an officer 
 of the Company. 
 
 28. All moneys belonging to the Company shall be deposited to the 
 credit of the "New- York Life Insurance Company" in such depositories 
 as shall be designated from time to time by resolution of the Finance 
 Committee, and shall be drawn only on the joint checks or drafts of two 
 of the following persons : 
 
 The President, any Vice-President, the Treasurer, a Secretary, and 
 such other person or persons, as may, from time to time, be designated 
 by the Board of Trustees; provided that moneys may be drawn from the 
 banks designated by the Finance Committee for the convenience of the 
 Company's Offices of Issue, Branch Offices and Agencies, on the check 
 of persons duly placed in charge of such offices, as herein provided, 
 subject to the rules, restrictions and regulations made by the Company 
 from time to time. All checks shall be payable to the order of the persons 
 entitled to receive the money. 
 
 29. No Trustee or Officer of this Company shall, directly or indirectly, 
 borrow the funds of this Company, or use the same except to pay losses 
 and other obligations and expenses incurred by the Companj'. 
 
 No Trustee or Officer shall receive any money or valuable thing for 
 negotiating, procuring or recommending any loan, or for selling or aiding 
 the sale of any securities. 
 
 30. Whenever a vacancy occurs in the Board of Trustees, it shall be 
 the duty of the Executive Committee to nominate, at a stated meeting 
 of the Board, a candidate to fill such vacancy, such nomination to lie over 
 until the next stated meeting, at which time the election shall be held by 
 
188 By-Laws. 
 
 ballot, and the person receiving a majority of the votes of those present 
 shall fill such vacancy for the remainder of the term. 
 
 Whenever a vacancy occurs in the office of Inspector of Election, it 
 shall be filled by the Executive Committee. 
 
 31. At all stated meetings, the following shall be the order of 
 business : 
 
 1st. Minutes of the last meeting read, corrected and approved. 
 
 2d. Report of the Finance Committee. 
 
 3d. Report of the Executive Committee. 
 
 4th. Report of the Agency Committee. 
 
 5th. Report of the Loss Committee. 
 
 6th. Report of the Auditing Committee. 
 
 7th. Report of the Office Committee. 
 
 8th. Report of Special Committees. 
 
 9th. Miscellaneous business. 
 
 32. The funds of this Company shall be invested and kept invested 
 in the following interest- or income-bearing securities among those per- 
 mitted by the provisions of the insurance laws of the State of New York, 
 viz. : In Bonds of the United States or of the State of New York ; in 
 Bonds of any county or incorporated city in the State of New York; in 
 Bonds and mortgages on improved, unencumbered and income-producing 
 real property in the State of New York, worth fifty per centum more 
 than the amount loaned thereon; in Bonds of any solvent institution 
 incorporated under the laws of the United States or any State thereof; 
 in Bonds issued by any city, county, town, village or school district of the 
 State of New York; in Bonds of any of the States of the United States. 
 
 They may also be invested on the pledge of any of the above securities. 
 
 The Company may furthermore invest the funds required to meet 
 its obligations incurred in other States of the United States or Foreign 
 Countries, and in conformity with the laws thereof, in the same kind of 
 securities in such other States or Foreign Countries as are provided in the 
 laws of the State of New York. The Company may also loan on the 
 pledge of its own policies of insurance a sum not to exceed the reserve 
 which it then holds on any such policy. 
 
 But this Company shall not purchase, hold or grant any mortgage 
 loans on unimproved or non-productive property or on farms, hotels, 
 theatres, churches, breweries, factories, or mining enterprises of any de- 
 scription whatsoever. Neither shall this Company make any loan on or 
 investments in what are commonly known as industrial enterprises, nor 
 shall this Company invest in or loan on stocks. Pursuant to the law of 
 
By-Laws. 189 
 
 the State of New York, the Company shall not acquire by parchase or 
 otherwise, any real estate except for the accommodation of its business 
 or in satisfaction of debts due the Company. 
 
 33. Any alteration or amendment of the By-Laws must be first pro- 
 posed at a stated meeting, and such proposed alteration or amendment 
 may be considered only at a subsequent stated meeting, and may be 
 adopted only by the concurrence of a majority of the whole Board. 
 
 34. All former By-Laws are hereby repealed. 
 
190 
 
 Detailed Statement, 1905. 
 
 i 
 
 c 
 
 bD 
 
 
 B 
 
 
 
 
 
 
 
 
 > 
 
 
 
 
 
 
 
 
 
 -a 
 
 XI 
 
 c 
 
 
 (J 
 rt 
 
 
 
 
 
 
 
 ni 
 
 •s 
 
 
 8 
 
 
 a 
 
 
 
 ^ 
 
 
 <u 
 
 cd 
 
 
 C 
 
 ,. 
 
 ^ 
 
 ts 
 
 
 Si 
 
 T 
 
 
 .s 
 
 
 
 c: 
 
 a 
 
 
 
 a 
 
 h* 
 
 o 
 
 o 
 
 ( 
 
 
 a 
 
 
 
 T 
 
 b 
 
 r 
 
 
 
 C 
 
 ^ 
 
 
 
 1 
 
 _c 
 
 ,2 
 
 
 B 
 
 s 
 
 1 
 
 p. 
 
 
 
 F— I in 
 
 w i 
 
 H 
 
 
 o 
 
 
 %> 
 
 u. 
 
 .Q 
 
 < 
 
 g 
 
 a 
 
 8 
 
 z 
 
 
 <i 
 
 n 
 
 z 
 
 iMI 
 
 o 
 
 ti 
 
 H 
 
 
 
 •n 
 
 Q 
 
 s 
 
 z 
 o 
 
 94 
 
 u 
 
 (« 
 ^ 
 
 u 
 
 >^ 
 
 
 &> 
 
 th 
 
 .CI 
 
 O 
 
 w 
 
 s 
 
 I 
 
 c ^ 
 
 S a 
 o 5 
 
 ^5 
 
 I— I •& 
 
 c 
 
 9 
 
 "S 
 
 ■4 
 
 o 
 
 U 
 
 < 
 
 O 
 00 
 
 Z 
 
 1—4 
 
 o 
 
 H 
 
 !z; 
 w 
 
 Q 
 Z 
 W 
 
 H 
 
 Z 
 
 l-H 
 
 Oi 
 
 o 
 
 O 
 
 w 
 
 <: 
 
 H 
 
 i 1 
 
 -I S 
 
 » O 
 
 ^ u 
 
 s 
 
 Oh 
 
 8 
 
 u 
 
 b 
 
 O 
 
 S 
 o 
 
 X 
 
 H 
 
 u 
 
 M 
 o 
 
 O 
 
Detailed Statement, 1905. 
 
 191 
 
 < 
 o 
 
 Q 
 
 H 
 O 
 
 <1 
 Pi 
 
 g 
 fa 
 
 o 
 
 -« to 
 
 I g 
 
 Q 
 
 I 
 
 B 
 
 «" § 
 
 
 S 3 
 
 o 
 
 -H .^ 3 g 
 
 •= s ^ 
 
 P G 
 
 O 
 
 Q 
 O 
 
 p 
 
 K 3 £ 
 
 ^ -a s 
 
 IS a ■" 
 
 5 o ,fe . 
 
 " M I -^ 
 
 
 in 
 00 
 m 
 
 CD 
 X 
 
 d" 
 
 CO 
 
 cf 
 o 
 
 o 
 
 <£ 
 <z> 
 
 m 
 
 o 
 
 05 
 
 a 
 
 o 
 w 
 
 a 
 
 w 
 o 
 
 
 
 2 u u) 
 
 w o 6 
 
 re "^ 
 
 i ° • 
 
 16 
 
192 
 
 Detailed Statement, 1905. 
 
 < 
 
 o 
 o 
 
 o 
 
 < 
 P 
 
 H 
 
 o 
 :2: 
 
 CO 
 
 M 
 V3 
 
 O 
 O 
 
 S 
 
 I. 
 
 oi S 
 
 
 „- d 00 
 
 ° 2 =3 ^ -o Ji rJi 
 
 O O O o C U 
 
 " r? « g. " M o. 
 
 o en 
 « 
 
 o *"_ 
 
 Ml *i c 
 
 
 
 
 ;-! 
 
 
 
 
 
 ;^ 
 
 > 
 
 to' 
 
 
 F 
 
 ^ 
 
 s 
 
 ^ 
 
 =1 
 
 
 
 o 
 o 
 
 
 
 
 c 
 
 £ 
 
 3. 
 
 
 
 CD 
 CO 
 
 s- ft 
 
 >^ o BJ 'O 
 
 ■8 » 
 0) bo 
 
 ft 
 
 o Z 
 
 a s 
 
 
 3rt 
 
 CO 
 
 H 
 
 CO 
 
 a! 
 [I) 
 
 
 
 oT oj us 
 
 W O M ll 
 
 « tj w PL, 
 
 
 X o 
 "E 
 
 
 s s — 
 
 
 
 o 
 
 O 
 
 o 
 
 PS 
 
 n 
 
 
 f* t; " ' 
 
 o m c t~ -* 
 
 OS ^ -H ,-( cc 
 
 t— 00 '-' rH 00 
 
 « 
 
 i^ 
 
 * 
 
 09 
 
 CO 
 
 w 
 
 »-( 
 
 <* 
 
 r- 
 
 CO 
 
 
 
 CD 
 
 01 
 
 0) 
 
 CO 
 
 og 
 
 10 
 
 S c» 
 
 <* 
 
 S^ 
 
 w 
 
 <!|l 
 
 
 <» 
 
 n 
 
 I" 
 
 S %i 
 
 .a 
 
 ' c .5«■ 
 I Q. C en 
 
 S ?^ g I 
 
 J- iJ cc 
 
 ■i; « ^- c 
 
 o y <M _ I 
 
 "1 o "u 5 
 
 
 p. .. 
 
 
 
 <l S M B< 
 
 < h-1 Ps. 
 
 
 ^ eg be a; 4 
 
 — c c c.ti U 3 
 3 a S* " 
 
 
 
 
 
 .2 oe^w. 
 
 I cm ^ 
 
 '.Sos' 
 
 iTg 
 
 m:3E^ o X ! 
 
 o^ 
 
 
 u --g^ 5.S 
 o=:C; o o o 
 
 C en ^ k. r- " ^ 
 
 
 rt «=' o t « "5 ^~ Q 
 Ooo°fecMajooH 
 
 
 iJ < ■ 
 
 
 
 !>«^ 
 
 2 « 
 § "3 
 
 S n 
 
 o-^ ^SS- 
 
 3«^ 
 
 ^00 U 
 
 " S « 5 " >• " ■ 
 
Detailed Statement, 1905. 
 
 193 
 
 ^: 
 <! 
 
 Ph 
 
 o 
 o 
 
 H 
 
 o 
 
 2 
 
 s 
 
 o 
 
 o 
 
 o 
 
 o 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 'H 
 
 
 
 ^ 
 
 
 •T-l Q. ^ 
 
 go - 
 
 ° 6 
 
 T3 p. ^ g^ O ^ ' 
 
 H >^ - 
 
 « fc; &. 
 
 2 I i 
 
 < -a ^ 
 
 ' u rt J! ( 
 
 
 
 E 
 
 -13 - 
 
 C 13 
 2 J3 
 
 S >2 
 
 ul O 
 
 O O 
 
 ►J S. 
 
 a o. 
 
 
 I I 
 
 
 o 
 
 rrt 
 
 .1 
 
 ^ 
 
 
 
 
 
 § 
 
 E 
 o 
 U 
 
 U 
 
 
 
 
 3 
 
 
 
 
 
 
 
 
 C 
 
 O 
 
 .-] 
 
 
 
 c 
 
 
 J3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Q 
 
 
 S, 
 
 a 
 
 
 
 
 
 
 
 
 
 
 
 
 
 '^ 
 
 P 
 
 T3 
 
 o 
 
 S 
 '5 
 
 
 c4 
 
 3 
 
 tii 
 
 O 
 
 
 Q 
 
 
 Pi 
 o 
 
 H 
 
 O 
 
 Q 
 
 <! 
 O 
 
 p:) 
 
 Q 
 «1 
 
 e 
 6 
 
 ^ 
 
 a 
 
 o O. 
 
 * 6 
 
 
 •3 ii 
 
 » >2 
 
 i .2 
 
 S. o 
 
 o 
 
 o 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 ■v 
 
 to 
 
 
 
 
 
 1^ 
 
 E 2 
 
 SO 
 
 o 
 
 
 
 
 s 
 
 s 
 
 
 -1" 
 
 
 
 
 
 
 
 
 
 S -a 
 
 ■2 IS ^ «■•« 
 
 Q 
 
 Q 
 
 < 
 
 CO 
 
 < 
 
 a 
 
 V -a 
 
 •S ^ i 
 
 a a 
 
 ** « a 
 
 lis 
 
 ^ « * 
 
 a *• 2 
 
 « § S 
 
 a '^ b 
 
 5 ^ 
 
 s s 
 
 
 <U 4-> 
 
 & c 
 
 03 
 
194 
 
 Detailed Statement, 1905. 
 
 IS 
 
 < 
 
 o 
 u 
 
 H 
 U 
 
 iz; 
 
 <! 
 
 T-i o 
 
 J 
 
 2: - 
 
 
 = S 
 
 O 
 
 H= D. -, 
 
 is ' 
 
 :3 
 
 o 
 
 til 
 Pi 
 o 
 
 o = = a 
 
 00 ^ — I 
 
 o' -*" ^ 2^ t-' (£f 
 
 00 CO C^ 2J " ^ 
 
 — < ^ 03 " -* 00 
 
 CO 
 03 
 03 
 lO 
 
 o" 
 
 CO 
 
 O 
 
 p 
 < 
 
 1 § 
 6 I 
 
 n 
 '^ ."S r^ 
 
 I a" 
 
 5 4-. ^^ 
 
 I/-, o 
 
 ri ■ o 
 
 .2 c ° Z 
 ■ S 3 g S 
 
 .5 o-S e 
 o E .a. 
 
 ■S E -^ C 
 
 
 c .5 P 
 
 <u t: = 
 
 ■s 3 s 
 5 
 
 .a 3 . 
 
 So 8 
 
 ^ S I 2 - I 
 
 : > > 
 
 t- lO < ■> 
 
 <— u- ■— ° 
 
 o O O p, 
 
 u IS 2 3 2 2 
 c j= j= j: x: x: 
 
 O 
 
Detailed Statement, 1905. 
 
 195 
 
 =■§ 2 ° 
 " S H " 
 
 ■a -a^S'E- 
 rt^ (fl c ^ ^ 
 
 = i ^ c"" 
 
 u S 
 
 . Co rt p, 
 
 ^ S ? s yi '^■ 
 
 ot2 
 
 u o ' 
 
 . U HJ t 
 
 o « "^ ■ 
 S oO g 
 a 
 
 U5 .- . 
 3^ ; 
 
 
 ^ c ;: u; ^ 
 
 ■5 5? 
 
 •^ 
 
 ■2 a -a 
 
 R £1 
 
 
 
 V > 
 
 E.S 
 .2-fi 
 
 .2 ;3 ^ Q a s: 
 
 <o t- cc 
 
 EXHIBIT OK FOLIOIES. 
 
 Including paid-for buBiuesB only. 
 The following is a correct statement of the business of the year on Policy account as it stood at close of business, Dec. 31. 
 
 Classification. 
 
 1. whole Life Policies. 
 
 No. 
 
 Amount. 
 
 2. Endowment Pols. 
 
 No. 
 
 Amount. 
 
 3. Term and Other 
 Policies, includinj^ Re- 
 turn Prem. Additions. 
 
 No. 
 
 Amo 
 
 4. Additions 
 to Pols. Iiy 
 Dividends. 
 
 No. 
 
 Amount. 
 
 1. At end of previous year, 
 
 2. Issued during year. . . . 
 
 3. Revived *' .... 
 
 4. Increased " .... 
 
 583,257 $1,211,506,379 
 
 98,728 • 192,572,770 
 
 1,666 4,015,600 
 
 1,870,6.56 
 
 325,120 $624,136,798 
 
 5S,449 102,136,409 
 
 1,216 2,185,300 
 
 2,808,143 
 
 16,335 $88,736,738 
 
 363 1,523,281 
 
 10 22,000 
 
 7,357,516 
 
 $4,229,393 
 
 408,334 
 
 
 
 924,712 $1,928,609,308 
 
 157,540 296,040,854 
 
 2,892 6,223,500 
 
 12,036,315 
 
 5. Totals before transfers. 
 
 683,651 $1,409,965,405 
 
 384,785 $731,266,710 
 
 16,708 $97,640,135 
 
 6. Transfers, deductions, 
 
 7. Transfers, additions . . . 
 
 6,390 $81,200,800 
 443 758,300 
 
 21,158 $32,607,800 
 235 1,748,500 
 
 852 $1,479,200 
 67,722 112,781,000 
 
 8. Balance of transfers. 
 
 45,947 
 
 1,442,500 
 
 20,923 $30,859,300 
 
 66,870 $111,301,800 
 
 9. Totals after transfers. 
 
 637,704 $1,329,.522,90; 
 
 363,862 $700,407,410 
 
 83,578 $208,941,935 
 
 $4,637,727 
 
 1,085,144 $2,213,609,97: 
 
 Deduct ceased : 
 
 10. By death 
 
 11. By maturity. . . . 
 
 12. By expiry 
 
 13. By surrender . . . 
 
 14. By lapse 
 
 15. By decrease . . . . 
 
 5,491 $14,170,280 
 
 2,476 
 1,828 
 
 $5,502,345 
 4,774,585 
 
 5,346 14,512,900 
 
 316 832,605 
 
 10,347.605 
 
 3,228 
 1,604 
 
 6,918,500 
 3,962,287 
 7,454,690 
 
 63,076 
 141 
 92 
 
 $1,451,521 
 
 15,672 
 
 109,141,000 
 
 193,200 
 
 1,695,721 
 
 392,616 
 
 $167,606 
 
 77,177 
 
 300,955 
 4,847 
 
 8,244 
 1,828 
 63,076 
 8,715 
 2,012 
 
 $21,291,75: 
 4,867,414 
 109,141,000 
 21,925,565 
 6,495,460 
 18,194,910 
 
 16. Total terminated 
 
 17. Crt.) Outstanding end of 
 year 
 
 18. Policies re-insured .... 
 
 11,153 $39,863,390 
 
 9,136 $28,612.38: 
 
 53,586 $112,889,729 
 
 $550,585 
 
 83,875 $181,910,091 
 
 626,551 $1,289,659,515 
 
 354,726 $671,795,023 
 
 19,992 
 
 $4,087,142 
 
 1,001,269 i 
 
 !, 061 ,693, 
 4,596,320 
 
 , above Exhibit of Policies, 
 
 NOTE.— Instalment Policies and others involving supplementary contracts should be entered and deducted i 
 for the commuted value of instalments only. 
 
 (a) Paid-up insurance included in the final total of item 17 (including additions to policies). No. of Policies G7.343, amount. $102,308,742. 
 The annuities in force December 31 last were in number 10.450. representing in annual payments, $2,061,534.19. 
 The Industrial Policies in force were in number None, in amount. None. 
 
196 
 
 Detailed Statement, 1905. 
 
 O 
 
 o 
 
 H 
 
 o 
 
 p 
 
 02 
 
 H 
 
 o 
 
 
 u 1 
 3 -a 
 
 en b 
 
 B 
 
 o 
 
 IE 
 2 O 
 
 ;— U 
 
 C JJ 10 
 OiS rt 
 
 oc •! 
 
 =3 ts ° S. 
 
 W M g 
 
 O iJ 3 
 
 £•0 = 
 -u „» 
 5 3^1 
 
 |0.j 
 
 - O "^ 
 
 o 
 o 
 
 
 o-^ 
 
 i5 c i jg 
 
 (ij fL, b^ C/] 
 
 be u 
 
 moo 
 
 
 c O -^ 
 
 
 J, X 
 
 c ■ 
 
 o c 
 
 o 
 
 
 o o 
 
 
 _. <M X 
 
 •S yi c 
 
 ^^" 
 
 
 S 
 
 CI 
 
 
 10 
 
 % 
 
 
 
 
 J5 
 
 
 f2S 
 
 
 
 H 
 
 
 c 
 '■3 
 
 x.S 
 
 
 
 
 
 
 B 
 
 
 aP 
 
 - 
 
 
 
 
 
 
 C 
 
 
 
 U)0 
 
 < 
 
 
 
 E 
 
 CO 
 
 ;ag 
 
 •1 
 2 
 
 ^1 
 
 5 
 3 
 
 •0 
 
 
 
 
 fri-i 
 
 cS 
 
 r<-> 
 
 U 
 
 
 
 « 
 
 
 
 - u 
 
 
 
 
 
 
 
 2-S 
 
 ° 
 
 m 
 
 •S 
 
 3 
 
 
 <" 
 
 
 
 w 
 
 
 ~> 
 
 
 *^ 
 
 
 Ul 
 
 a: 
 
 JL3 
 
 
 
 
 
 
 
 H 
 
 r-i 
 
 
 
 b 
 
 
 ►J 
 
 
 
 
 
 ii 
 
 o 
 
 |x| 
 
 III 
 o 
 
 M 
 H 
 <! 
 H 
 
 
 
 ■" ^ :i S ;c* -^ ^ 
 
 
 
 '^^' 
 
 s ^ 
 
 
 
 
 
 ■S-S§.>q"^'^||^§|s 
 
 I 9 
 
 G ...~ ?!l: S_s 
 
 00 
 
 
 
 
 
 00 
 
 
 
 
 
 (Ota 
 
 
 
 Oi 
 
 cot- 
 
 a 
 
 10 
 
 i-Ht- 
 
 eo 
 
 CO 
 
 
 
 
 U3M 
 
 ot 
 
 
 
 «Sb- 
 
 00 
 
 C4 
 
 C4»-l 
 
 
 
 00 
 
 
 
 
 »o 
 
 10 
 
 10 
 
 t- 
 
 t* 
 
 00 
 
 co 
 
 eo 
 
 ^ 
 
 e& 
 
 €9 
 
 «0 
 
 ;^ t- 
 
 
 ^^s^iti'l^tp^ 
 
 
 •s e 
 
 a"^ 
 
 ^-3 
 
 ."^ . ■& S J3 
 
 :Si:S« 
 
 1^ 
 
 sft5 
 
 >.— y 
 
 
 3 8^ a-2'5 
 
 oco 
 
 03 CO 
 
 ««" 
 
 aoo 
 
 co 
 
 •3 
 
 
 
 •1^-5 
 
 
 ^ 
 
 S-^^ 
 
 t5 
 
 -y 
 
 .- 
 
 jllcie 
 the 
 
 11 
 
 
 
 
 
 
 
 
 
 M 
 
 1-( 
 
 <a 
 
 « 
 
 i-t 
 
 
 
 
 
 00 
 
 m 
 
 w 
 
 ■* 
 
 
 
 iO 
 
 
 
 <o 
 
 cs 
 
 CO 
 
 
 
 
 
 
 
 
 
 
 CO 
 
 A 
 
 01 
 
 ■a 
 
 CO 
 
 eo 
 
 
 
 
 
 
 eo 
 
 M 
 
 00 
 
 00 
 
 
 
 « 
 
 »o 
 
 10 
 
 eo 
 
 
 ^ 
 
 
 e9 
 
 
 S^ 
 
 :i 
 
 8^S 
 
 1: 
 
 ■\^ 
 
PRESIDENT'S OFFICE. 
 New York, June 1, 1906. 
 
 To the Policy-holders of the 
 
 New-York Life Insurance Company: 
 
 On behalf of the Board of Trustees, I submit a Balance 
 Sheet of this Company, as of December 31, 1905, prepared 
 after a full audit of our books and accounts and certified to 
 by Messrs. Price, Waterhouse & Co., and Haskins & Sells, 
 Chartered and Certified Public Accountants. 
 
 We publish this for your information, and in order that 
 you may know on impartial, critical, and expert authority 
 exactly what the condition of the Company is. 
 
 The Board wishes me especially to call attention to these 
 facts : 
 
 First. That the assets have been verified and are certi- 
 fied to be worth $438,788,015.39. This exceeds 
 the value claimed by the Company in its annual 
 statement, issued as of the same date. 
 
 Second. That the surplus for dividends and contin- 
 gencies exceeds the same item in the Company's 
 annual statement, issued as of the same date. 
 
 Third. That the Company's management is sound and 
 that its books and records are well and accu- 
 rately kept. 
 
 This balance sheet cannot be qualified or modified in any 
 respect. It contains the information you have been waiting 
 for. The Board of Trustees presents it as evidence of the 
 general efficiency and integrity with which your interests have 
 been managed. 
 
 ALEXANDER E. ORR, President. 
 
 198 
 
PRICE, WATBRHOUSB & CO. HASKINS & SELLS 
 
 Chartered Accountants Certified Public Accountants 
 
 (54 William St., New York.) (30 Broad St., New York.) 
 
 OFFICES OF THE PUBLIC ACCOUNTANTS. 
 
 New York, May 15th, 1906. 
 In re New- York Life Insurance Company. 
 
 Thomas P. Fowler, Esq., 
 
 Chairman Special Committee of the Board of Trustees of 
 
 The New-York Life Insurance Company, New York City. 
 
 We have audited the books and accounts of the New-York Life Insur- 
 ance Company, both at its Home Office and its principal Domestic and 
 Foreign Branches, for the year ending December 31st, 1905, and have 
 prepared therefrom the following Balance Sheet and Insurance Account. 
 
 We have verified all the Assets of the Company and, after providing 
 sufficient Reserves for possible losses, find that on December 31st, 1905, 
 the total Assets amounted to $438,788,015.39, and are fully worth that 
 sum. 
 
 We have tested the clerical accuracy of the Insurance Reserve as 
 certified by the Actuary of the Company, which amounts to $379,151,- 
 063.70, and exceeds that required by the Insurance Department of the 
 State of New York by the sum of $7,201,720.00 ; and having made a 
 provision of $5,589,755.00 for all other Liabilities, we find that there 
 was on December 31st, 1905, a balance of $54,047,176.29 available for 
 Dividends on Participating Policies (including Deferred Dividend 
 Policies at the end of their several accumulation periods), and for Con- 
 tingencies. This balance exceeds that claimed by the Company in its 
 Annual Report for 1905. 
 
 The general administration of the Company is well organized, its 
 management is sound, its business methods and system of collecting 
 premiums are effective and economical, and its books and records are 
 well and accurately kept. 
 
 And WE HEREBY CERTIFY that the following Balance Sheet 
 correctly sets forth the true financial condition of the Company at De- 
 cember 31st, 1905, and that the accompanying Insurance Account for 
 the period described therein is correct. 
 
 Price, Waterhouse & Co., Haskins & Sells, 
 
 Chartered Accountants. Certified Public Accountants. 
 
BALANCE SHEET, DECEMBER 31st, 1905. 
 
 ASSETS. 
 
 REAL ESTATE— 
 
 Office Buildings: 
 Home Office and Annex . $6,191,863.00 
 
 Domestic Buildings . . . 3,337,500.00 
 Foreign Buildings .... 2,400,181.00 $11,929,544.00 
 
 Other Real Estate ... ... 1,907.332.00 $13,836,876.00 
 
 SECURED LOANS— 
 
 On Mortgages ... ... $25,736,644.21 
 
 On Company's Policies 45,653,301.89 
 
 On Premium Notes . . . . . . 3,723,872.20 
 
 On Other Collateral . . .... 3,250,000.00 78,363,818.30 
 
 BONDS— 
 
 Government, State, County and Municipal in the 
 
 United States and Canada $34,504,799.99 
 
 Railroad and Other Companies in the United States 
 
 and Canada 237,527,887.00 
 
 Foreign Government Bonds held chiefly to comply 
 
 with Statutory requirements 32,422,935.78 
 
 Foreign Railroad Bonds held chiefly to comply with 
 
 Statutory requirements 8,837,277.52 
 
 Miscellaneous Bonds ... 10,551,250.00 323,844,150,29 
 
 CASH— 
 
 In Banks and Trust Companies: 
 Home Office, subject to check — 
 Domestic .... $9,789,269,44 
 
 Foreign .... 893.430.38 $10,682,699.82 
 
 Branch Office, subject to check — 
 
 Domestic $727,649.79 
 
 Foreign 1,534,925.81 2,262,575.80 
 
 On deposit on special terms- 
 Domestic . . . $3,000.00 
 Foreign 957,049.12 960,049.12 
 
 Obligatory Deposits with Foreign Governments . 188,500.00 
 
 In Transit 726,399.84 
 
 On Hand at Home Office and Branches : 
 Home Office .... $42,847.78 
 
 Domestic . .... 90,900.25 
 
 Foreign 169.727.62 303.475.65 15,123,700.03 
 
 RENEWAL PREMIUMS in course of collec- 
 tion or collected and not reported . . 3,581,237.00 
 
 AGENTS' BALANCES and Miscellaneous 
 Advances : 
 
 Agents' Advances $1,798,652.61 
 
 Less— Reserves . . . 798.652.61 $1,000,000.00 
 
 Sundry Agency Balances . . ... 58,075.62 
 
 Miscellaneous Deposits .... 7,871.57 
 
 Re-Insurance Losses and Claims . . 56,000.00 1,J2I,947.J9 
 
 INTEREST AND RENTALS Due and 
 Accrued and Taxes paid in Advance: 
 
 Interest : 
 On Bonds . . . $2,465,349.35 
 
 On Secured Loans . . 324,701.01 
 
 Miscellaneous .... 34,824.04 $2,824,874.40 
 
 Rentals . 28,322.00 
 
 Taxes paid in advance . . 63.090.18 2,916,286.58 
 
 $438,788,015.39 
 
 200 
 
BALANCE SHEET— Continued. 
 
 LIABILITIES. 
 
 INSURANCE RESERVE— 
 
 Reserve required under the laws of the State of 
 
 New York $371,949,343.70 
 
 Additional Reserve as computed by the Company, 7,201,720.00 
 
 $379,151,063.70 
 
 CURRENT LIABILITIES— 
 
 Under Policies and Policy Contracts ; 
 Death-Claims due and unpaid : 
 
 Contested $130,469.34 
 
 In process of settlement 2,516,429.98 
 
 $2,646,899.32 
 
 Matured Endowments . . 161,933.27 
 
 Annuities due and unpaid . 138,591.92 
 
 Dividends due and unpaid . 172,931.24 
 
 Instalments due on Supple- 
 mentary Contracts . . 744.82 
 
 Surrender Values due and un- 
 paid . . . 6,703.56 $3,127,804.13 
 
 Commissions and Current Expenses : 
 Commissions on Premiums in 
 
 course of collection . . $172,325.55 
 
 Current Expenses . 187,086.52 359,412.07 
 
 Premiums, Interest and Rents Pre- 
 paid and Sundry Deposits : 
 Taxes Accrued . . . $3,645.27 
 
 Interest paid in advance . 1,006,527.74 
 
 Premiums paid in advance . 1,005,999.11 
 
 Miscellaneous Deposits and 
 
 Rents paid in advance . 69,854.82 
 
 Trustees of Nylic Club Funds 16,532.26 2,102,559.20 
 
 5,589,775.40 
 
 RESERVE for distribution to participating policies (including 
 Deferred Dividend Policies at the end of their several accumu- 
 lation periods) and for Contingencies 54,047,176.29 
 
 $438,788,015.39 
 
 201 
 
to 
 
 o 
 
 f<5 
 
 cc 
 w 
 oa 
 
 w 
 U 
 w 
 Q 
 
 O 
 
 Z 
 
 5 
 z 
 
 w 
 O 
 
 tu, 
 H 
 
 z 
 
 D 
 O 
 U 
 
 u 
 < 
 
 w 
 U 
 
 z 
 
 o 
 z 
 
 So 
 
 1 s 
 
 ** ■a 2 
 "' S ^ 
 
 (U X3 t- 
 O C XI 
 
 c 2 E 
 
 03 „ D 
 
 „ « Q 
 
 O 3 
 
 u c ^ 
 e — O 
 5 <3) 
 
 E .2 
 
 u 
 
 J3 S -O 
 
 " .S E 
 
 « , <u 
 
 rt ■— ' o 
 
 ■a "^ Q 
 
 == c S 
 
 [/] 
 
 *- CO u 
 
 ^- Cfl > 
 
 ■-- CU o 
 
 •S.EZ 
 
 « m CO 
 
 c _ o 
 
 fc- ^ (U 
 
 .2 -c 
 
 CO *^ 
 
 '3 ,o' .S 
 
 c - " 
 
 — o 
 
 a 
 
 u 
 o 
 
 w 
 Q 
 
 Z 
 
 I 
 
 M 
 
 <D 
 
 CD 
 
 J3 
 
 
 
 r- CD 
 00 t^ 
 
 r- lO 
 
 00 O) 
 O CO 
 
 m 
 
 <M 
 
 ■*■ 
 
 lO 
 
 IT 
 
 »n 
 
 
 (N 
 
 
 Of) 
 
 
 
 (75 
 
 lO 
 
 (Nl 
 
 Tf 
 
 
 
 
 
 
 Tt* 
 
 b . a 
 
 ^ C S 
 
 o 2 u 
 
 •'J' Tf to — 
 
 CO fc fO M 
 
 OJ fYi Oi fO 
 
 r-- 00 t^ ^ 
 
 ffl 04 "1 N 
 
 N — r^ m 
 
 Oi (M "!f "1 
 
 t^ ^ ^ ro 
 
 oj — -J^ 
 
 
 
 Cfl 
 
 u> 
 
 
 
 
 
 
 
 
 CO 
 
 
 
 M 
 
 m 
 
 
 
 NO 
 
 LO 
 
 
 
 
 
 
 
 -^ 
 
 rJ" 
 
 
 
 
 t^ 
 
 
 
 
 r^ 
 
 
 
 
 
 
 
 oo 
 
 -^ 
 
 
 
 
 ^ 
 
 
 ro N 00 
 
 w 
 
 
 
 w 
 
 -- OJ N 
 
 00 
 
 
 
 00 in »o 
 
 ^ 
 
 
 
 M 
 
 W r- to 
 
 lO 
 
 
 
 00 M 00 
 
 o 
 
 
 
 g 
 
 r- in — 
 
 en 
 
 
 
 O (3) O) 
 
 
 
 
 t/3 
 
 — fo in 
 
 o 
 
 
 
 D 
 
 X 1/) fO 
 
 
 
 
 O 
 g 
 
 u 
 
 B 
 
 o 
 u 
 
 B 
 
 M 
 
 Oh 
 X 
 
 'i &£ 
 e g E 
 
 U < < . 
 
 CO ^ 
 
 2 8 
 
 lO ■!j' o] 
 
 O Oi CO 
 
 ^ to o 
 
 ro CD — 
 
 C» -* 00 
 
 m lo fo 
 
 3 
 
 a 
 Q 
 
 !3 
 
 [1. 
 
 Oh 
 
 Z w S ^ 
 ^ cK >a v£i 
 
 Sis s >. 
 < 
 
 > 
 P 
 
 ° s 
 
 s 
 
 in 
 to 
 
 o 
 
 o 
 
 •« 
 
 ro 
 
 s 
 
 O 
 
 
 
 ^ 
 
 ■«* 
 
 Vi* 
 
 o 
 
 
 ir» 
 
 
 
 , 
 
 •<* 
 
 
 
 a 
 
 </9- 
 
 tS 
 
 o 
 
 PL, 
 
 55 
 
 Pi 
 
 3j 
 
 <J 
 
 Pi 
 
 ^ 
 
 >« 
 
 s 
 
 1. 
 
 h 
 
 a 
 
 Pi 
 o 
 
 6 
 
 [L, 
 
 •S 
 
 W 
 
 
 rj 
 
 T> 
 
 H-1 
 
 a 
 
 fe 
 
 •o 
 
 p 
 
 
 w 
 
 
 to 
 
 0(3 
 
 
 
 CO 
 
 ID 
 O 
 
 I 
 
 E M 
 
 s 
 
 li, 
 
 o. 
 
 
 
 -2 3 
 
 
 
 u 
 
 "S 2 
 
 u 
 
 .2 a 
 
 
 
 "^s 
 
 ai 
 
 ff < 
 
 fH 
 
 S3 'o 
 
 o 
 
 gS 
 
 E 
 
 W 8 
 
 
 w 
 
 Q 
 
 Pi 
 
 in 
 m 
 
 C) 
 ro 
 o 
 
 o 
 m 
 
 202 
 
Z 
 
 o 
 u 
 u 
 < 
 
 > 
 
 w 
 
 W 
 
 Oi 
 
 >^ 
 U 
 
 z 
 
 u 
 
 a 
 
 z 
 
 z 
 
 o 
 u 
 
 a 
 z 
 
 < 
 
 Q 
 
 Z 
 
 u 
 
 Q 
 > 
 
 5 
 
 CO 
 
 (N 
 so 
 
 ro 
 
 so 
 CO 
 
 On 
 
 in 
 
 ro 
 
 NO 
 OO 
 
 r4 
 
 NO 
 
 ro_ 
 so 
 
 CO 
 
 oC 
 in 
 
 » w 
 
 Q 
 
 iK 
 
 
 is 
 
 
 
 
 2: 
 
 Ic 
 
 
 -^ 
 
 « 
 
 ^s 
 
 >- 
 
 
 ;; 2^ 
 
 
 B 
 
 « _^ TJ -^ • 
 
 S O 5 C "^ 
 
 ^ O « I O 
 
 o 03 w o '^ 
 
 3 ^ o H ^- 
 
 S^ 
 
 Q B 
 
 
 O " 
 
 I — s ■ 
 
 1 ro ft 
 
 203 
 
^/y