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The Columbia University Libraries reserve the right to refuse to accept a copying order if, in its judgement, fulfillment of the order would involve violation of the copyright law. Author: Home Life Insurance Company Title: Home Life Insurance Company, a record of Place: [Cambridge, Mass.] Date: [1910] MASTER NEGATIVE # COLUMBIA UNIVERSITY LIBRARIES PRESERVATION DIVISION BIBLIOGRAPHIC MICROFORM TARGET ORIGINAL MATERIAL AS FILMED - EXISTING BIBLIOGRAPHIC RECORD D986' H754 Home life insurance company, New York, Home life insurance company, a record of fifty years, 1860- 1910. [Cambridge, Mass., The Riverside press, 1910?] 2 p. 1., i3]-31, i4j p., 1 1. plates, ports., 2 fold, facsim., tables, diagrs. 21* Library of Congress o 11—27060 HG8963.H52A4 [s20cli RESTRICTIONS ON USE: TECHNICAL MICROFORM DATA FILM SIZE: . 3>^ i/v\ i/v\ REDUCTION RATIO: '. 12 IMAGE PLACEMENT: lA /flA) IB ilB DATE FILMED: ^ /6/ ^^"""^ INITIALS: TRACKING # : ^sa OLsrg^ FILMED BY PRESERVATION RESOURCES, BETHLEHEM, PA. > A^' A^' 'V? ^.-. 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Marshall Vice-President and Actuary Ellis W. Gladwin Vice-President and Secretary George W. Murray Superintendent of Agents Frank W. Chapin, M. D. Medical Director Frederick C. Hilliard Cashier Anton A. Raven Vice-President Henry E. Ide Assistant Secretary Henry Moir Associate Actuary Julius C. Bierwirth, M. D. Associate Medical Director Howard Van Sinderen Counsel DIRECTORS Thomas H. Messenger Merchant* N. Y. J. Warren Greene, . . Lawyer, S Broad St., N. Y. Henry E. Pierrepont, 216 Columbia Heights, Brooklyn, N. Y. Thomas T. Barr, George £. Ide, William A. Nash, John F. Praeger, Ellis W. Gladwin, John E. Borne, William M. St. John, John S. Frothingham, President, Nassau National Bank . President President, Corn Exchange Bank . Merchant, 82-84 Worth St., N. Y. . Vice-Pres. and Secretary . Banker, N. Y. New York City . Merchant, 68 Broad St., N. Y. Martin Joost, . Vice-Pres., Bond & Mortg. Guarantee Co. E. Le Grand Beers, . 131 Remsen St., Brooklyn, N. Y. New York City Pres., Atlantic Mutual Insurance Co. Pres., First National Bank, N. Y. . Vice-Pres., Nassau National Bank . Vice-Pres. and Actuary. Banker, 37 Wall St., N. Y. Courtlandt p. Dixon, Anton A. Raven, Francis L. Hine, Robert B. Woodward, Wiluam a. Marshall, William G. Low, Jr., Home Office Building under Search Light 256 Broadway, New York City 'i:r'n'i'*%n%f^TW':l'\'-'J'nFi-r-~'^i^:.firAtKrf>-ti^v\^ CHRONOLOGICAL TABLE OF IMPORTANT EVENTS I JANUARY SOth. 1860 A number of prominent citizens of Brooklyn met at the office of the Nassau Bank to con- sider the expediency of establishing a Life Insurance Company in that City. At this conference were present : — A. A. Low W. H. Gary I. H. FROTHmGHAM J. S. T. Stranahan John D. Cocks Peter C. Cornell James How Edward A. Lambert A. B. Cap WELL Lewis Roberts Walter S. Griffith John T. Martin At this meeting the following resolution was adopted : — "That we will proceed to organize a Com- pany to be called 'The Home Life Insur- ance Company,' to be located in the City of Brooklyn.". [ 4 ] A Committee was appointed to prepare necessary papers, etc., for the organization. FEBRUARY 1st. 1860 A second meeting was held, at which meet- ing, in addition to the gentlemen already mentioned, were also present : — 1 1 H. E. PlERREPONT John Halsey Thomas H. Messenger John G. Bergen Theodore Polhemus, Jr. J. Milton Smith j. e. southworth Harrold Dollner L. B. Wyman A Charter was submitted, carefully consid- ered and unanimously adopted, the follow- ing gentlemen being the incorporators of the Company : — William H. Gary A. A. Low Isaac H. Frothingham J. S. T. Stranahan Walter S. Griffith J. Milton Smith John Halsey Harrold Dollner Theodore Polhemus, Jr. S. B. Chittenden >«''■; < a < Pi CO z < o o • • o < H H O O • 1 I Thomas H. Messengeb H. E. PlERBEPONT John D. Cocks John T. Martin John G, Bergen Lewis Roberts Samuel E. Howard J. E. Southworth H. B. Claflin George T. Hope Samuel Perry Czar 6 1 Nehemiah Knight Caleb Barstow A. B. Bayliss Peter C. Cornell John Sneden - Edward A. Lambert C. I. Sprague Charles A. Townsend James How Samuel Smith A. B. Capwell Dunning FEBRUARY 23rd, 1860 Another meeting was held, at which it was reported that the Charter had been approved by the Attorney- General and accepted by the Superintendent of Insurance, and the Committee on Subscriptions to the capital stock reported that it had made gratifying progress, more than one-half of the whole capital having already been subscribed. ; [ 6 ] An office was selected at the comer of Court and Joralemon Streets, and arrangements were made for a New York Office at 16 Wall Street. The first President of the Company was Walter S. Griffith, at a salary of $2500 a year, with an additional allowance of $200 per annum for every 1% of dividend on the capital stock of the Company over and above 7%, and up to 12%. The first Executive Committee of the Com- pany was composed of Messrs. Stranahan, Sneden, Cocks, Carleton, Messenger, Rob- erts, and the President. The Finance Committee consisted of Messrs. Frothingham, Low, Cary, and Martin, with the President. The Auditing Committee of Messrs. Town- send, How, and Wyman. At a subsequent meeting, Isaac H. Froth- [ 7 ] - ingham was elected Treasurer; Albert B. Capwell, Attorney ; Dr. C. L. Mitchell, Med- ical Examiner. George C. Ripley was elected the first Sec- retary of the Company. MAY 1st. 1860 The Company commenced business. APRIL 22nd, 1861 The question of war risks first came up for consideration; 5% extra premium charged. The following resolution adopted: RE- SOLVED, That if any clerk should join the army and be ordered away, the situation shall be retained for him, and his salary continued during his absence. DECEMBER 8th, 1862 W. J. Coffin elected Actuary of the Com- pany. MARCH 19th, 1866 Company leased quarters for three years at 'I [ 8 1 $13,000 per year, at 258-260 Broadway. Part of this space was afterwards sub-let by the Company. APRIL 16th. 1866 William A. Marshall entered the service of the Company as Clerk. SEPTEMBER 17th, 1866 RESOLVED, "That the officers be author- ized to issue policies without any limit as to residence or travel at the regular rates of premium." This resolution was made to apply to all policies in force at that time, and the "Home" was the first Company to remove the restrictions as to residence or travel. DECEMBER 17th, 1866 First fees paid to Directors. APRIL 22nd. 1868 Property 253 Broadway was offered to the ^1 • I If.'' r I '?• WILLIAM A. MARSHALL I [ 9 ] Company at $140,000; purchase was au- thorized. OCTOBER 16th, 1871 Resignation of A. B. Capwell as Counsel. NOVEMBER 25th, 1872 Death of Walter S. GriflSth, President. DECEMBER 2nd, 1872 George C. Ripley elected President. William J. CoflSn, Secretary and Actuary. JULY 19th, 1875 I' Life Endowment Plan suggested. (Deferred dividends with annual accounting.) SEPTEMBER 29th, 1875 This plan finally adopted. SEPTJEMBER 8th, 1877 Death of William J. CoflSn, Actuary and Secretary. William A. Marshall appointed Actuary. I M \ [ 10 1 OCTOBER 15th, 1877 Joseph P. Holbrook elected Secretary. Charles A. Townsend elected Vice-President. OCTOBER 18th, 1880 William G. Low elected Director, and ap- pointed Counsel for the Company. MARCH 2nd, 1881 Thomas H. Messenger elected Director. OCTOBER 20th, 1881 Death of Thomas H. Messenger. MAY 5th, 1884 J. Warren Greene elected Director. MARCH 28th, 1888 Death of Henry E. Pierrepont, Sr. Succeeded as Director by Henry E. Pierre- pont, Jr. SEPTEMBER 20th, 1888 Death of Joseph W. Greene. DECEMBER, 1888 Death of Joseph P. Holbrook, Secretary. I > Mi ELLIS W. GLADWIN II ■ ' [ " 1 DECEMBER 7th, 1888 Election of George H. Ripley, Secretary. APRIL 14th, 1889 Death of Simeon B. Chittenden, Director. JANUARY 20th, 1890 Lemuel H. Arnold and George H. Ripley elected Directors. APRIL 1st. 1890 Resignation of George C. Ripley as Presi- dent. APRIL 21st, 1890 Election of Charles A. Townsend, President ; George H. Ripley, Vice-President; George C. Ripley, Advisory Director; George E. Ide, Secretary. OCTOBER 20th, 1890 Thomas T. Barr elected Director. Death of Isaac H. Frothingham, Treasurer. APRIL 20th, 1891 George E. Ide elected Director. -.1 m/BBm I 12 ] JANUARY 18th, 1892 William A. Nash and John F. Praeger elected Directors. FEBRUARY ISth. 1892 First steps taken toward acquisition of addi- tional property on Broadway. MARCH 18th. 1892 Resignation of Charles A. Townsend, Presi- dent. APRIL 18th, 1892 Election of George H. Ripley, President; George E. Ide, Vice-President; Ellis W. Gladwin, Secretary. Frank W. Chapin, M. D., appointed Medi- cal Director. SEPTEMBER, 1892 F. C. Hilliard appointed Cashier. DECEMBER 6th, 1892 Negotiations for purchase of Merchants Ex- change National Bank property on Broad- way. FRANK W. CHAPIN, M. D. [ 13 ] JANUARY 7th, 1895 Death of A. A. Low, Director. JANUARY 16th, 189S Ellis W. Gladwin elected Director. JANUARY 20th, 189S George W. Murray appointed Superintend- ent of Agents. OCTOBER 16th, 1895 John E. Borne elected Director. JANUARY 13th, 1894 Death of John W. Frothingham, Director. APRIL 16th, 1894 Election of George E. Ide, President; William M. St. John, Vice-President. Election of William M. St. John, Martin Joost, and John S. Frothingham, Directors. MAY 1st, 1894 Company moved into its present building — ^56 Broadway. I [ 14 ] JANUARY, 1895 Death of Edwin Beers. JANUARY 30th, 1895 Death of Charles A. Townsend. OCTOBER 24th, 1895 Death of George C. Ripley, Ex-President. JANUARY 20th, 1896 E. Le Grand Beers elected Director. APRIL 20th. 1896 Election of Anton A. Raven and Courtlandt P. Dixon, Directors. FEBRUARY 25th, 1898 James McGovern and Francis L. Hine elected Directors. SEPTEJVIBER 3rd, 1898 Death of J. S. T. Stranahan. DECEMBER 4th, 1898 Fire in Company's building — 256 Broadway. M v-3>* 1? fi In I- ORIGINAL HOME OFFICE BUILDING 256 BROADWAY, NEW YORK CITY n m [ 15 ] JULY 21st, 1902 Robert B. Woodward elected Director. FEBRUARY 24th, 1904 Resignation of William M. St. Jjohn, Vice- President. APRIL 18th, 1904 William G. Low retires as Counsel. L. H. Arnold appointed Counsel. William A. Marshall elected Vice-President. William A. Marshall elected Director. APRIL 17th, 1905 Ellis W. Gladwin elected Vice-President and Secretary. Henry E. Ide elected Assistant Secretary. DECEMBER 8th and 11th, 1905 Appearance of President Ide and Vice-Presi- dent Marshall before the Legislative Com- mittee of New York State, and examination by Mr. Charles E. Hughes. i [ 16 ] OCTOBER 2nd, 1906 William G. Low gives notice of his proposed resignation as Director. NOVEMBER 21st, 1906 By change of Charter the Company's prin- cipal office transferred from Brooklyn to the Borough of Manhattan. MARCH 6th, 1907 William G. Low, Jr., elected Director. APRIL 15th, 1907 ' Anton A. Raven elected Vice-President. DECEMBER 27th, 1907 Death of L. H. Arnold, Counsel. APRIL 20th, 1908 Howard Van Sinderen appointed Counsel. JANUARY 1st, 1909 Henry Moir appointed Associate Actuary. NOVEMBER 6th, 1909 Death of James McGovern. {■' I., ANTON A. RAVEN w n A RECORD OF FIFTY YEARS ■ THE foregoing Chronological Table will be found useful for reference as to important events in the Company's history. After several meetings for purpose of organization, the Com- pany on May 1st, 1860, commenced business with the following oflScers and directors : — Walter S. Griffith, President. George C. Ripley, Secretary. Isaac H. Frothingham, Treasurer. Albert B. Cap well, Attorney. Directors Peter C. Cornell John Sneden E. A. Lambert Thomas H. Messenger James How J. G. Bergen John Halsey T. Polhemus, Jr. A. B. Capwell H. B. Claflin ill [ 18 1 ! J. W. Greene George S. Stephenson J. S. T. Stranahan J. E. South WORTH Samuel Perry Charles A. Townsend C. I. Sprague H. E. PlERREPONT John T. Martin S. E. Howard Luther B. Wyman Walter S. Griffith A. B. Bayliss J. D. Cocks H. Dollner S. B. Chittenden A. A. Low Czar Dunning William H. Cary Samuel Smith Thomas Carlton Moses F. Odell Lewis Roberts Nehemiah Knight George A. Jarvis J. Milton Smith Isaac H. Frothingham During the first year of the Company's history there was issued in new business $1,101,000, and death claims paid of $3,000. The premium income was $33,600. Notwithstanding the fact that dur- ing the early years of the Company's history the national conditions were of such a character as to 11 WILLIAM G. LOW i i .". u I 4 [ 19 ] render it almost impossible to conduct any line of business successfully, the Company had in force at the end of the first five years, $10,212,600 of insurance. This gradually increased until, at the end of 1869, there was in force $23,135,000 of insurance, the number of policies being 11,009. This first decade of the Company's history was really a brilliant one, and too much credit cannot be given to the first President of the Company, who was a man of rare executive ability and of strong mentality. His death in 1872 was a great loss to the institution. The history of the next decade, 1870-1880, was not as brilliant, and this was due to the fact that the general conditions in Life Insurance circles dur- ing the early '70's were deplorable, and the Com- pany failed during that entire decade to follow the aggressive policy which was being adopted by other companies. During this period the insurance in force decreased, until in 1880 the amount of insurance on the books of the Company was $14,348,000. The next ten years to 1890 showed a gradual I 4 [ 20 ] growth, the insurance in force at the end of 1889 being $25,879,000. From 1890 to 1894, the Company's insurance increased to $38,800,000. During this period the issue of new insurance was larger than it had ever been in the history of the Company, but its char- acter, as far as persistency was concerned, was apparently not of the highest, as was shown by subsequent cancellations. From 1894 to 1900, the increase was steady, until the insurance in force at the end of 1899 was $49,258,000. By this time great improvement had been made in the Agency Organization of the Com- pany, and the foundation was laid for the rapid growth which followed. The next decade, 1900-1910, must properly be considered in two parts. From 1900 to 1906, in- clusive, the Company was operating under the old insurance law. Subsequent to January 1st, 1907, it was operating under the amended law. During the first period referred to, the new insurance issued shows a steady increase, and the gain in insurance in force was the largest in any similar period of the HOME LIFE BUILDING AFTER THE FIRE, DECEMBER 4, 1898 m\ '1 M " 1 i 111 II f [ 21 ] Company's history, increasing from $49,258,000 at the end of 1899 to $86,113,000 at the end of 1906. On August 16th, 1905, notice was served upon the Company that a joint Committee of the Senate and Assembly of New York State had been ap- pointed to investigate and examine into the business and affairs of Life Insurance Companies doing business in the State of New York, with reference to the investments of the Companies ; the relations of officers thereof to such investments; the relations of Companies to subsidiary Companies ; the govern- ment and control of the Companies ; the relations of the Companies to their policy-holders ; the cost of life insurance ; the expenses of the Companies, and any other phase of the Life Insurance business deemed by the Committee to be proper, the pur- pose being that this Committee should report back to the Legislature, with the idea of revising the Laws of this State regulating and governing Life In- surance Companies. In October, 1905, this Company issued a leaflet prepared by its President on the subject of De- ferred Dividends, calling particular attention to the ti i [ 22 ] deferred dividend plan of the " Home," which called for an annual accounting and distinct liability as compared with the methods of other Companies, under which the apportionment and payment of the dividend was deferred for a given period. This leaflet caused considerable comment, in view of the agitation then prevailing in Insurance circles on this subject. It was doubtless on account of this leaflet, and in order to make public the facts therein contained, that the oflBcers were subjected to such a searching investigation by the Legisla- tive Committee. President Ide was called upon the stand Decem- ber 8th, 1905, and his testimony was continued on December 11th through the entire day. He was followed by Mr. Marshall, the Actuary of the Com- pany. In his testimony, the President was examined upon the following subjects : the Charter, the By- laws and government of the Company ; the matter of legal expense and campaign contributions; the Company's connection with other corporations; investments; the treatment of dividends, both an- HI ■ HENRY E. IDE HENRY W. MOIR GEORGE W. MURRAY I [ 23 ] nual and deferred; agents' contracts; the proper cost of new business; general expense; limitation of surplus; the question of election of Directors, and the interest taken by policy-holders in such elec- tions ; the question of rate of interest on- policy loans, etc., etc. On all of these subjects the investiga- tion was exhaustive, and the questions were most searching. Comments and extracts from leading papers of New York City at the time are a matter of public record, and show that there was nothing developed by this investigation which reflected discredit upon the Company. In the history of this Company, there is perhaps no one incident which stands out more prominently than this Legislative investiga- tion and its result. It is not out of place to insert in this perma- nent record a few quotations from the press which appeared at that time. New York Tribune The most careful probing of this Company failed to dis- close anything of serious character reflecting on the Com- pany." f [ 24 ] New York World "No Yellow Dog Fund, no Campaign or Legislative pay- ments by the Home Life." New York Herald "Clean *Bill of Health' for Home Life. Home Life Insur- ance Concern said to be without scandal so far as the com- mittee can discover." New York Journal "No * Graft' in the Home Life. Mr. Hughes, after having exhausted every conceivable channel of inquiry by which anything * shady' might have been brought to light, finally asked : — *Is there any oflScer of your Company who has a relative among the Company's general Agents?' *No, sir,' replied Mr. Ide. *It's hopeless,' exclaimed Mr. Hughes, laughing heartily." Brooklyn Eagle "The Home Life Insurance Company was on the stand this morning before the Investigating Committee, and the show- ing was in sharp contrast to that of other Companies. The officers of this Company were dubbed the angels of Life Insurance in the committee-room to-day because it was made clear that, as an experienced observer said, its ad- ministration was *as clean as a hound's tooth.'" THOMAS H. MESSENGER THOMAS T. BARR HENRY E. PIERREPONT J. WARREN GREENE [ 25 ] ii ' New York Globe " Clean record in Insurance. Hughes finds a unique witness in President Ide of the Home Life. Business on sane lines. Company makes annual apportionment of surplus due to its policy-holders. No juggling in syndicate ; no mystery in accounts. Each year the dividend was credited to each policy." New York Sun "The Company has no * yellow dog* fund, it has n't made any political contributions, it has n't spent anything for legislation, its oflScers have not been involved in syndicates, the salaries of the oflScers are moderate compared with most of the other companies." New York World "The old-fashioned theory that insurance funds are trust funds seems still to obtain in this Company." New York Press "Home Life shows clean record. *A11 the abuses of life in- surance have come from the accumulation of large surplus where no annual accounting is required,' said Mr. Ide. * We could draw upon the surplus, but it would be apparent immediately under our system of annual accounting.'" New York News "Hughes finds Home Life world's eighth wonder. One Com- pany which seems conducted strictly for policy-holders* benefit. The Home Life is not interested to any extent in subsidiary concerns." t li «e ] Brooklyn Eagle "The showing of the Company under examination was, to use the language of one of the council uttered privately, of the highest character, careful, safe and conservative.'* New York Telegram "After exhausting every line of inquiry calculated to bring out any possible unfavorable disclosures, without success, Mr. Hughes remarked: *It's hopeless,' as he turned to the members and laughingly prepared to call the next witness.'* is Brooklyn, Eagle From Editorial of December 12, 1905. *'A MODEL AND A MEASURING-ROD." *It sounds like a fairy tale. The president of an insurance company has escaped unscathed. Naturally, he was re- garded as a curiosity. As it seemed too good to be true, the chairman consulted with the examiner in chief, protesting that it would be almost a reflection upon the committee to let the witness go without a sign of distress, but Mr. Hughes threw up the case as 'hopeless.' However, after so many hits, he could afford a miss. Unquestionably, if he was searching for a model or a measuring-rod for other com- panies, he found it in George E. Ide's management of the Home Life.** I FREDERICK C. BILLIARD JULIUS C. BIERWIRTH, M. D. HOWARD VAN SINDEREN ii I [ 27 ] During the year 1906 the Company reaped the benefit of the findings of the Investigating Com- mittee. Its agency contracts were undisturbed, and it was still allowed to use policy forms of its own selection. The result was the largest business in the Company's history, namely, an issue of new business of $14,678,000, and an increase in insur- ance in force of $6,338,000. The Company's in- surance at the end of 1906 was $86,113,000. The early part of the year 1906 was memorable by reason of the agitation which attended the re- vision of the Insurance Law of the State of New York. Conferences between the Executive officers of the Companies were held from time to time ; at the suggestion of our Mr. Marshall the Actuaries met at our office and offered their suggestions to the Legislature; public hearings were held, the most important being the one before the joint Commit- tee of the Senate and Assembly on March 6th, 1906, and private conferences between the Armstrong Committee, Mr. Hughes, its Counsel, and^ Life Insurance officers were of weekly occurrence. The 'm n 'illl! fl ii [ 28 ] result was that many drastic and unwise features of the new law, as originally drafted, were eliminated, but the statute as passed was revolutionary in its character, and necessitated an entire reorganiza- tion of the Company's agency contracts and a com- plete change in its method of work. In its main fea- tures this law became operative January 1st, 1907. The demoralization which followed is best shown by the fact that the Company's issue of new business declined from $14,678,000 in 1906 to $8,183,000 in 1907, and that the gain in insurance in force was only $79,000 in 1907, as compared with $6,338,000 in 1906. This demoralization was not confined to this Company. No other New York State Company doing a business similar to the "Home" was able to show any increase in insur- ance in force during 1907. In 1908 the amount of insurance issued was $9,336,422, and the gain in insurance in force $2,174,947. The conditions in 1909 showed some improve- ment, the issue of new business being $11,284,076, and the gain in insurance in force $4,164,339. I E. LE GRAND BEERS MARTIN JOOST COURTLANDT P. DIXON JOHN S. FROTHINGHAM S'l I I ; J' [ 29 ] Tables and Charts are appended giving in de- tail all the important figures necessary for a minute study of the Company's history since its organiza- tion. The following have been the term§ of office of the various Presidents : — Walter S. Griffith, 1860 to 1872 Twelve years. George C. Ripley, 1872 to 1890 Eighteen years. Charles A. Townsend, 1890 to 1892 Two years. '^ George H. Ripley, 1892 to 1894 Two years. For the last sixteen years the following officers have held office : — George E. Ide, President William A. Marshall, Vice-President and Actuary. Ellis W. Gladwin, Vice-President and Secretary. Frank W. Chapin, M. D., Medical Director. F. C. HiLLiARD, Cashier. George W. Murray, Superintendent of Agents. William M. St. John, who was elected Vice-Presi- dent in 1894, retired from active business in 1904, but still remains as a member of the Executive Committee. I ',' [ 30 ] In 1905 Henry E. Ide was elected Assistant Sec- retary. In 1907 Anton A. Raven was elected Honorary Vice-President. In 1909 Henry Moir was appointed Associate Actuary. During this period, from 1894 to 1910, under one administration the insurance in force has in- creased from $38,807,735 on December 31st, 1894, to $92,532,583 on December 31st, 1909. Entire and absolute harmony and cooperation among the Company's officials, active and aggres- sive interest on the part of the Company's Direc- tors, enthusiastic loyalty and devotion from the Agents, which were particularly conspicuous during the trying years following the enactment of the new law, and faithful and conscientious work by heads of departments and clerks, have made this result possible. With proper appreciation of the seriousness of the trust imposed upon us, it has been and is the aim and intent of the management not only to con- serve the interests of our Company, but to work FRANCIS L. HINE WILLIAM G. LOW, JR. ROBERT B. WOODWARD iJ II [ 31 ] aggressively for its growth and development as far as this can be done with a due regard for the pro- tection of the interests of our policy-holders. The " Home's" record has always been honorable ; there is reason for proper self-congratulation over what has been accomplished, but the most important fact to be noted is that the outlook for the second half-century of the Company's history is full of promise of brilliant achievement. A definite policy of conservative activity, a close and well-developed organization, a contented body of policy-holders, an honorable past — these are the fundamentals of a successful Life Insurance Company, and these the "Home" has as her proud heritage after fifty years of activity. 11 JOHN E. BORNE WILLIAM A. NASH JOHN F. PRAEGER WILLIAM M. ST. JOHN ft FIFTY YEARS' RECORD Year Death Claims Matured Endowments and Annuities Surrender Values and Dividends Total to Policy- Holders 1860 3,000 366 3,366 1861 6,000 3,535 9,535 1862 8,500 13,230 21,730 1863 44,000 22,175 66,175 1864 73,500 412 30,733 106,646 1865 62,000 663 70,571 133,234 1866 133,500 859 123,437 ' 257,796 1867 154,050 1,506 165,153 320,710 1868 145,300 1,643 250,897 397,840 1869 190,000 2,047 277,674 469,721 1870 192,500 2,047 300,638 495,185 1871 135,700 8,347 329,728 473,775 1872 243,500 4,136 287,938 535,574 1873 234,270 6,257 254,163 494,691 1874 215,000 13,307 274,015 502,322 1875 229,845 6,930 274,758 511,533 1876 219,596 43,117 269,215 531,928 1877 227,800 51,617 368,988 648,405 1878 203,390 128,367 264,394 596,151 1879 188,773 157,844 215,366 561,983 1880 203,508 151,195 152,437 507,140 1881 188,739 117,827 140,091 446,657 1882 193,111 88,112 154,573 435,796 1883 205,921 95,333 168,961 470,215 1884 240,051 100,099 177,172 517,321 1885 227,388 110,747 173,903 512,039 1886 336,059 79,513 187,981 603,553 1887 288,447 81,364 189,557 559,369 1888 339,480 66,314 207,365 613,160 1889 336,141 63 580 229,176 628,897 1890 368,188 64,189 225,434 657,810 1891 418,532 91,938 286,149 796,619 1892 586,765 127,712 275,862 990,339 1893 381,304 123,929 328,348 833,580 1894 548,405 100,178 374,959 1,023,542 1895 487,124 107,058 342,600 936,781 1896 651,096 138,152 352,704 1,141,952 1897 569.364 125,820 319,090 1,014,276 1898 630,266 152,046 344,535 1,126,848 1899 603,482 158,110 276,806 1,038,398 1900 517,734 165,193 314,211 997,138 1901 740,965 208,832 333,813 1,283,610 1902 718,136 255,114 364,433 1,337,683 1903 800,787 364,880 382,682 1,548,348 1904 827,436 331,435 443,094 1,601,965 1905 781,375 430,520 513,439 1,725,334 1906 911,253 345,226 611,229 1,867,709 1907 1,089,338 340,208 680,013 2,109,558 1908 1,000,676 389,890 754,371 2,144,937 1909 977,125 404,853 902,267 2,284,245 FIFTY YEARS' RECORD M Year Premiums Interest and Rents Total Income 1860 33,647.46 5,897.82 39,545.28 1861 76,433.21 11,766.48 88,199.69 1862 119,541.45 17,694.73 137,236.18 1863 233,511.30 26,097.35 259,608.65 1864 350,272.71 43,434.79 393,707.50 1865 435,825.23 57,194.91 493,020.14 1866 671,700.28 74,733.81 746,434.09 1867 812,878.53 92,017.08 904,895.61 1868 842,867.76 110,210.53 953,078.29 1869 884,403.16 131,259.74 1,015,602.90 1870 861,596.45 150,245.92 1,011,842.37 1871 838,832.49 163,490.20 1,002,322.69 1872 840,361.55 197,905.51 1,038,267.06 1873 835,684.53 225,437.20 1,061,121.73 1874 781,127.36 249,451.44 1,030,578.80 1875 741,665.88 278,241.06 1,019,906.94 1876 634,002.97 274,760.92 908,763.89 1877 670,201.51 268,960.78 830,162.29 1878 492.354.55 294,513.06 786,867.61 1879 465,105.60 283,811.38 748,916.98 1880 440,041.86 234,738.67 674,780.53 1881 454,727.98 259,803.75 714,531.73 1882 498,834.71 257,2:;8.74 756,073.45 1883 546,475.48 260,505.79 806,981.27 1884 563,352.79 257,454.54 820,807.33 1885 600,238.33 286,018.69 836.257,02 1886 680,840.93 269,401.18 1,065,737.14 1887 756,817.00 296,830.53 1,053,647.53 1888 816,847.03 282,839.10 1,099,186.13 1889 980,301.01 294,615.07 1,224,916.08 1890 1,001,621.11 346,518.54 1,348,139.65 1891 1,206,214.96 423,231.16 1,629.446.12 1892 1,310,105.10 445,099.34 1,755,204.44 1893 1,535,056.36 334,382.30 1,869,438.66 1894 1,501,943.30 386,1:00.29 1,888,843.59 1895 1,617,005.52 382,167.54 1,999,173.06 1896 1,628,661.18 425,879.54 2,054,540.72 1897 1,655,015.65 452,283.11 2,107,298.76 1898 1,731,725.03 480,340.88 2,212,065.91 1899 1,883,670.95 488,459.64 2,372.130.59 1900 2,029,802.18 558,501.74 2,588,303.92 1901 2,311,561.64 738,610.89 3,050,172.53 1902 2,544,625.88 672,741.43 3,217,367.31 1903 2,761,218.03 674,310.83 3,435,528.86 1904 3,038,032.61 684,647.85 3,722.680.46 1905 3,216,142.68 824,260.75 4,040,403.43 1906 3,572,805.59 851,180.66 4,423,986.25 1907 3,383,327.65 970,763.27 4,354,090.92 1908 3,409,626.35 1,026 788.27 4,436,414.62 1909 3,532,203.14 1,148,177.29 4,680,380.43 [J^JJcsimne of Ordjriar^ jssue d by the Compa?iy, 1910) ORDINARY LIFE Sfoii^diiien -^^ i.C^,^ •■;■< l.f.iWCT.i.l '.».- i-iri-t'' / ..•:<.■ ,., M •ms££i^iffm,m±tiimumcs)o^ ^j XIFE INSURANCE COMPANY OF X^K^**^ T^OllK. V^fOI V'l i>i:i >iii >! uQ^OaO. rV tfS^ 3tt ConS(ftlttSttOn of the application for this Policy; copv^of which is endorsed hereon, and of, the „ „ _ ^annual premium o f _ _ -r-~SA^^^\^AAAAju^ /too. Doll ars, and of the payment of a like amount upon day o f „ SfttW4>vou?www? . „ „....^. .hereafter until eaci the. death di the Insured, $t0tnis!t£( to $ap at the Home Office c^ the Company in the City of New York upon receipt at said Home Office oLdue croof cf^the death of herein called ^e Insured, State' ot: aAa rDollars, less any indebtedness hereon to the Company and any unpaid portion of the premium for the then current policy year upon the surrender of this Policy, duly released, to ..^lRMn^X..aiilMjvrlnnnflK£! beneficiarvtzn., with r ight of revocation. G)SittQjt of ^tXitlidWC]^^ — When the right of revocation has been reserved, the Insured* if there be no existing assignment of the Policy filed ^ ath the Company as herein provided, may, while the Policy Is In force, designate a new feeneficiary, with or without reserving right of revocation, by filing written notice thereof at the Hpme Office of the Company, accompanied by the Policy for suitable endorsement tl upon the endorsement of the same on the Policy by t le Company and not before. If any ereon. Such change shall take effect ignatlon, shall die before the Insured, d, unless otherwise herein provided. vided the payment of a premium or beneficiary, under either a revocable or irrevocable des the interest of such beneficiary shall vest in the Insur $aptntnt of $tenttUtn£(* — Except as herein pre instalment thereof shall not maintain the Policy In f( >rce beyond the date when the next premium or instalment thereof Is payable. All premiums are payable in advance at said Home Office or to any agent of the Com- pany upon delivery on or before date due of a receipt slj^ned by an Executive Officer, to wit :— President, Vice-President, or Secretary of the Comp any and countersigned by said agent. ^Vatt ^eriob* — A grace of one month (but not less than thirty days) subject to an interest charge at the rate of five per centum per anrlum, shall be granted for the payment of every premium after the first, during which time the Insurance shall continue In force. If death occur within the period of grace, the unpaid amount payable hereunder. 'ftJ'Cr^ A..." '_■" ,:>:.■■. . i:a*».'i >**■ - .'v- h „-j ■ premium shall be deducted from the t^^. Aziv, Xv; A i AMOUNT OF INSURANCE PAYABLE AT DEATH PREMIUMS PAYABLE XJRINCLIFE ANNUAL DIVIDENDS wm' Dividend Options Automatic Tk p L L II Annual Dividends tain^ldlU^^^X^^^^ *^ """^^ "^ ""^ '^^^^^'^ ^^ *^^^""^ '"^'"^ *^^ »^--" »»-" ^ — At the option of the Insured or the owner of this Policy such dividends shall on theJlusA*^ dav of ScvwuLoAiU/ ^f »,. v. J . ,, Application of Dividends If the dividends be left to accumulate to the credit of the policy as per option (4) above •-- mah««.# tl J t Semi-Annual or Quarterly Premiums A(» »k mi • . . l-oans and Surrender Options «d .hi. intact if «. paid JL^ L\ U'tdS tX i U„ «dlfc inreLTa,^;::?,^ w'SchThrf' '"^'^'" tT'' o( such default, without (uture pXipItion and^W ri^^^h^i^ li k ',"'7" """"ued in force as term insurance from the date »d any outstanding dividend affiCS. «y btS^e^t'^e'S^^ytt" o^ U) ZT^p'^A *?" ''"T fr *"' ^'"''^^ I»a^le at the same time and on the same conilions as this Policy "'^'^ "*""" ' "'• W to purcliase PartiapaUng paid-up life insurance d^ISt ^^d)it .}::^Am^t ^'p:'.;::;rTibroteX ^ f r^ra.1/::;: "fXL t' "^ t -"- '-- ^'^ <^" .-' deduction of a surrender charge whkh in the third year S b^ not ZL k^ J l^/ "^"^ P^' *,"""™' ^"^'J^' *<> t^e a. date of default when applied as a na single S"^S to r^fu^'^tri'slir'' '""'"" "'"^'^^ J'^IlS! M'"i.!J?"J!?Llr?«n and Surrender Values _ Loans Policy Sole Security Surrender Options Cash Value Paid-up; or extended Insurance »..?'&t^*:i2.-^-;t.r:^^^ i7 .C kl Zl • J-kZj '**".«•':?'• 1 '>«»« »alu« wUI be ucieued oo account of uy dividen If lh«e be .ay mdeb»«l«s5 to (he Comp«y the figun. will be modified « k«eiabefore provdS After Policy Km been in force 3 ye«i( 4 " Loan or Ca«h Value 5 6 7 8 q 10 II 12 13 14 IS 16 17 18 19 20 Paid'Up Participating; Life Insurance. $I7>I.QQ $3ife8.fc.o $ $ $ Paid-up Non-partidpaiing Term lotuiance for Year* Montht Values for later years will be $507©. $^ $ $ :1 <\ AO... \% 15 Itf. I? If 1^ Ife ...»„ 8.. ....3.. A .0 J» 11 .4 8 IP ,«., ...1... ..1... ...1..., cot IWO— Ed.-l-'lO npuied upon the above stated basis and will be furnished upon request Unpaid Premiums Advanced 9 Years After Default Free from Conditions AgB Suicide Assignments Fixed Instalments Instalments ao Years Certain Life Thereafter Annuity •upplementary Contract Automatic Extended Insurance On default in the payment of any premium hereon the insurance shall be continued, without action on the part of the insurcSd. as paid-up non-participating Term insurance as provided in option (b) aforesaid if the insured shall not within three months after such defdult surrender this policy to the Company at the Home Office for its Cash Value, or paid-up insurance. Premium Liens In lieu of automatic extended insurance the Company will, on receipt of a satisfactory request from the owner hereof at any tin^ prior to default in payment oi any premium, advance the amount of any unpaid premium as a lien on the policy with interest in advance at 'the rate of six per centum per annum if, after deducting from the cash value all existing indebtedness and interest thereon to the end of the period to which the unpaid premium applies, the balance shall equal or exceed the overdue premium with interest to the same date. Subsequent premiums will in like manner be advanced from time to time as they fall due until the Cash Value as aforesaid is not sufficient to cover the accumulated indebtedness and advance the premium. Any indebtedness thus created shall be a first charge against the policy and all proceeds thereof, ranking in priority to the claim of any beneficiary or assignee. If the Cash Value or balance thereof be not sufficient to pay the entire premium and interest it shall be used to pay a quarterly premium and if insufficient to pay an entire quarterly premium any excess of the Cash value hereon over the indebtedness shall be used to purchase extended term insurance as aforesaid. At any time while the policy be thus continued the insured without medical re-examination may resume payment of premiums. Reinstatement This policy may be reinstated at any time within five years from the date of default in the payment of any premium, upon evidence of insurability satisfactory to the Company and upon the payment of the arrears of premiums and of any cash surrender value allowed to the Insured with interest thereon at the rate of six per centum per annum, and, at the option of the Insured, either (a) upon pajrment in cash to the Company of any indebtedness which existed at said date of default together with interest thereon at the above rate, or (b) upon reinstatement of such indebtedness increased by the amount of interest thereon at the above rate, provided such reinstated increasetf. indebtedness does not exceed the loan value at the date to which reinstatement is made. Special Provisions This Policy and the application herefor constitute the entire contract between the parties hereto, and is free from conditions as to residence, travel, occupation, or military or naval service. All statements made by the Insured shall, in the absence of fraud, be deemed repiesentations and not warranties, and no such statement shall avoid this policy, or be used in defence of a claim hereunder, unless contained in the written application and unless a copy of such application be endorsed upon or attached to the policy when issued. This Policy shall be incontestable, except for non-payment of premiums, after one year from its date of issue. If the age of the Insured has been misstated, the amount payable hereunder shall be such as the premium paid would have purchased at the correct age. This Policy shall become null and void if within one year from its date of issue the Insured shall commit suicide. No assignment of this Policy shall be binding upon the Company unless such assignment or a certified copy thereof be filed with the Company at its said Home Office. The Company assumes no responsibility as to the validity of any assignment. Optional Modes of Settlement The insured or the beneficiary after the insured's death in case the insured shall have made no election, may by written notice to the Company at its Home Office, elect to have the net sum payable upon the death of the insured paid as follows instead of in one sum : — 1. In equal annual instalments for a specified number of years, the first instalment being payable immediately, in accordance with the following Table for each $l,(KX). of said net sum ; or 2. In equal annual instalments payable at the beginning of each year for a fixed period of twenty years and for so many years longer as the payee shall survive, in accordance with the following Table for each $ 1 ,000. of said net sum ; or 3. As an annuity during the life of the payee, in accordance with the following Table for each $1,000. of said net sum, the last annuity payment to be the regular payment immediately preceding the deadi of the payee. When any option calling for annual payments is elected, this policy shall be surrendered upon its maturity and a supplementary non-participating contract shall be issued for the option elected, which shaO specify to whom any unpaid instalments shall be paid in event of the death of the payep. Unless odierwise specified by the owner or by the beneficiary in making such election, the payee under options (1) or (2) may at any time surrender the contract guaranteeing the payment of instalments for the commuted value of the payments yet to be made, computed upon the same basis as option (I) in the following table; provided that no such surrender and commutation will be made under option (2), except after the death of the payee occurring within the aforesaid twenty years. Table of Instalments for each SI, 000 OPTION (!) OPTIONS (2) and (3) Number ol Aonaal lastAlmcnU Amount o( Each liuulmeoi Aoeof Payee when PoUcy becookct payable Amount ol Each Initalmeat Opdoa(2) Annuity OpdoQ (3) Am o( Payee when Policy become* payable Amount o( Each lostalmeot Opbon(2) Annuity Option (3 1 Age of Payee when Policy becomet payable Amount of Each Instalment Option (2) Annuity Optiott(3) Mair Payee Female Payee Male Payee Female Payee Male Payee Female Payee $ $ $ $ $ $ $ $ $ $ 25 55.76 lOaadoMier 39.58 43.02 39.58 10 44.98 50.16 45.46 50 56.60 70.00 62.38 20 65J6 n 39.83 4324 39.83 M 45.39 50.75 45.96 51 57.30 71.71 63.61 19 67.78 12 40.08 43.48 40.06 lil 45.83 5135 46.49 52 57.99 7333 6532 18 7039 13 4a33 43.72 4033 j)3 4627 51.96 47.04 53 58.66 75.47 66.93 17 73.74 14 40.52 43.98 4032 i<« 46.74 52.64 47.61 54 5933 77.53 66.64 16 77J9 15 4a7l 44.25 40.7! t 4723 5334 4822 55 59.97 79.73 70.45 15 8IJ3 16 40.90 4433 40.90 47.73 54.06 46.86 56 60.58 62.07 7239 14 85.95 17 41.09 44.82 41.09 37 4626 54.85 49.53 57 61.17 6436 74.44 13 9129 16 4129 45.13 4129 1 M 46.80 55.67 5024 56 61.72 6726 76.63 76l97 12 9734 19 41.49 45.45 41.49 >9 49.36 5633 5a96 59 62.24 9ai2 II 104.93 20 41.69 45.78 41.69 1 49.95 57.44 51.76 60 62.71 9: 19 81.47 10 113.82 21 41.96 46.13 41.% II 50.55 56.40 52.56 61 63.15 96.47 84.13 9 124.69 22 4224 4630 4224 (2 51.17 59.41 53.45 62 63.54 100.00 86.99 8 I38JI 23 42.53 46.89 42.54 51.81 60.49 54.36 63 63.89 103.78 90.03 7 155^ 24 42.84 4729 42.91 (4 52.46 6Ij62 55.33 64 64.19 107.64 9330 6 17922 25 43.16 47.72 4328 ♦5 53.12 62.62 5634 65 64.45 112.22 96.81 5 211.99 26 43.50 48lI7 43.66 46 53.80 64.09 57.42 66 6430 116.93 10037 4 261.19 27 43.84 46.63 44.10 47 5430 65.44 5635 67 64.50 122.01 104.62 3 34323 28 4421 49.13 4433 46 55.19 66.87 59.76 68 6430 12730 106.97 ' 507.38 29 44.59 49.64 44.99 49 55J9 6A39 61.03 69 70ui»fm 64.50 64.50 133.42 139.84 113.66 118.72 Agents are not aidhorizec 1 tomo t- CO • :isssSl5iisiii?siiliiiiii:iiiiMiiips=i-M^M??^? ^ - - - ^ - - r. — " " CAMBRIDGE . MASSACHUSETTS U . S . A COLUMBIA UNIVERSITY LIBRARIES This book is due on the date indicated below, or at the expiration of a definite period after the date of borrowing, as provided by the library rules or by special arrangement with the Librarian in charge. DATE BORROWED DATE DUE DATE BORROWED DATE DUE COLUMBIA UNIVERSITY LIBRARIES 0044250231 D936 H754 D986 H754 ^ome life insur'ance company. Home life insurance company. ff)^ c6SB^ Ca8(28l)IOOM tiS^l NAHl7 1|9i MAR 9 1954 . o JUN -.> i^^Q END OF TITLE