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The Chronicle



A JOURNAL DEVOTED TO



THE INTERESTS OF INSURANCE



VOLUME XV.

JANUARY Ist-JUNE 30th, 1876.



NETT YORK:
OHRONICi;.E PUBLISHING COMPANY, 145 BROADWAY.

1875.

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INDEX.



PAOB.

A.

A mystery explained 4

Ahealihycity 18

A bill to be looked after. 65

iEtna, The extingaishedt of Cbioago 83

Amalgamation 130

Allen M. Charter Oak Life Ins. Co 146

A Bcnsible committee 179

Another *• claimant " 181

Agents, Whose, are they ? (JS^

Alabama fire insurance law 211

American National Life and Trust Co 944

An unhappy argument S79

About life insurance ^.9S3

American National Life, Spec.ial report of the

Connecticut commissioner about the 394

Adjuster, The 8J7

B.

Building law proposed in Illinois 19

Business at Albany 50

Babcock engine. The, in New Orleans 67

Buildings, Fire-proof 68

Buffalo fire statistics 99

Business of 1874 181

Blue lead pencils 825

C.

Clarke, The late Julius L. 1^

Cliamber of life insurance and its friends iS^

Chicago building law 85

Capital, Fire insurance 49

Cook county National Bank 67

Church, Mr., of Ohio. 145

Charter Oak Life Ins. Co., Alien vs. 146

Connecticut fire insurance companies, Standhig

of 170

California report 178

Committee, A sensible 179

Census, The English 181

Contracts, Illegal 210

Chamber of life insurance 225

Canada, Insurance business in 238

Correspondence from Chicago 279

Connecticut commissioner's special report 294

Connecticut fire insurance report 829

Connecticut life repor( 889

Connecticut, Life insurance in 891

Comparative longevit? 891

D.

Dynamite 8

Don't allow your policy to lapse 85

Directors, LUbility of 196

Duty of litigation 891

E.

Equitable Life, The, iThd the Stephens' mortgage 84

Bnglish, Stephen, his circular. |5u

England, Supervision In /88



PAGE.

English census, The 181

Exit legislators 209

F.

Fractional currency 4, 5, 6, 8, 9, 10, 28, 24, 25,

26, 85, 36, 37, 88, 40, 54, 55, 56, 57, 70, 71, 72, 74,
81, 85, 86, 87, 88, 89, 101, 102, 108, 104, 118, 119,
120, 122, 186, 138, 149, 150, 151, 152, 158, 165, 166,
167, 168, 170, 188, 184, 185, 186, 198, 199, 200, 202,
215, 216, 217, 218, 229, 230, 282, 247, 248, 249, 250,
288, 281, 285, 286, 297, 206, 299, 800, 817, 818, 831,
832, 884, 845, 846, 347, 348, 349, 850, 360, 861. 862,
86t, 365, 876, 877, 378, 879, 880, 381, 398, 894, 896,
897.

Fire insurance and fraud 18

Fires in the United States and Canada for De-
cember, 1874 41

Fires in the United States and Canada for Jan-
uary, 1875 , 90

Fires in the United SUtes and Canada for Feb-
ruary, 1875 164

Fires in the United States and Canada for March,

1875 284

Fires in the United States and Canada for April,

1875 802

Fires in the United States and Canada for Hay,

1875 382

Fires In the United States and Canada, Recapit-
ulation of 42,250

Fire insurance capital 49

Fraudulent claims 66

Fire-proof buildings 68

Future probabilities. The present value of 115

Fhre insurance companies doing business in

Massachusetts, Standing of 121

Female lives 179

Fire insurance rates 209

Fire insurance law of Alabama 211

Fire iusurance law of Tennessee ..212

Fire underwriting. Profits of 278

Fires in Allegheny county. Pa 279

Fire insurance in Wisconsin 286

Fire insurance hazards 297

Fh-e insurance in Massachusetts 349

Fire insurance in Michigan 864, 865

Fire insurance in Pennsylvania .T 380, 881

Fire insurance in New Hampshire. 881

Hartford, Trouble in 47

Hartford Steam-Boiler Ins. Co., Annual report of 88

Hull insurance 180

Hewitt, E. A., Address of, at Savannah. 310

Homans, Sheppard, on life insurance <^

I.

Insurance taxation 17

Illinois, Proposed building law in 19

Insurance taxation in Maine 84

Insurance taxation in New York 67

Illinois law, The 81

Insurance policies 82



PAOB.

Insuring wives 88

Insurance reports 97

Insurance and the daUy presa 00, lli.

Insurance Investments ClT^

Insurance legislation 180

Illegal contracts. 210

Incompetency 227

Insurance business in Canada 288

Is truth allowable? 294

Illinois report 814

Kansas, Insurance business in 202

Kentucky report 826

1..

Law Rkports:
American National Life Ins. Co., Commission-
er Stedmantv. 244

American Central Ins. Co., Steamer Lake Su-
perior u 297

American Life Ins. Co. v$. Mahonie 892

Borradaile, Schiller & Co. vs. Insurers 163

Burlington Ins. Co., Mickey vs 181

Charter Oak Life Ins. Co., Maria Worthington

V9 181

Confederation Life Ins. Co., Ontario, vs, Ford.228
Connecticut Mutual Life Ins. Co., Lorie, ad-
ministrator, V€ 280

Exemption of carriers from liability for loss by

fire 164

Economical Mutual Life Ins. Co., JeffHes «#. .244

Globe Mutual Life Ins. Co., Inman Vi. 148

Hartford Fire Ins. Co., Hinman v$ 116

Home Ins. Co., United States t^ 348

Lamar Ins. Co., Derrick vs 196

Lycoming Fire Ins. Co. et at., Scott vs 816

Mutual Lif } Ins. Co. vs. James Toung 844

New England Mutual Marine Ins. Co., Heme

vs 69

New York Life Ins. Co., Irwin vs 214

New Hampshire Fire Ins. Co., Chamberlain v«.228
New York supreme court on taxing insurance

stock 206

New York Life vs. Boiteanx. 898

Pennel, William, vs. Geo. Chandler, receiver.. 164

St Louis Life Ins. Co., Meade vs 214

St. Paul F. and M. Ins. Co., Steamer Lake Su-
perior vs 297

Union Central Life Ins. Co., Placke vs 1 17

NoUs on Insurance Cases.

Andes^ns. Co., J. F. Hendy vs 58

iEtna Life Ins. Co., Foumier «» 84

American Life Ins. Co. vs. Mahonie 118

Andes Ins. Co., Walters vs 182

iBtna Life Ins. Co., Martin L. Bnmham vs.... 996

Agricultural Ins. Co., Dinges vs 22

JStna Life Ins. Co., Diball vs 296

American Mutual Life Ins. Co., Boake vs 891

Commerce Ins. Co., of Albany, Sanders «« 54

Cummings et al. vs. Sawyer 84

Connecticut Mutual Life Ins. Co., Burch vs. . . 101
Charter Oak Life Ins. Co., Maus ts ^ ... 1 49

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IV



INDEX.



PAGE.

Continental Life Ins. Co., Hartford, vs. Palmer. 198
Continental Life Ina. Co., N. Y., Carrier v$. ...Wt

Continental Lifejns. Co., N. Y., Baner vs 347

Cincinnati Mat Life Ins. Co., Irvine & Brice

w 898

Delaware Mataal Safety Ins. Co. vs. Qossler et

al 18S

Bqaitable Life Ins. Co. vs. Starens 4

Eareka F. and M. Ins. Co., Little vs 70

Bconomical Mataal Life Ins. Co., JeflHes tv. .394

Farmers' Ins. Co., Edwards vs 188

Farmers' Mataal Ins. Co. vs. sundry policy-
holders 116

Goardlan Mataal Life Ins. Co., Hannah Lee vi.l65

Germania Life Ins. Co., Leberman i» 381

Great Western Ins. Co., Habbell vs 381

Guardian Mutual Life Ins. Co., Morden vs 382

Germania Life Ins. Co., McCormick vs 845

Home Ins. Co., United States vs 183

Home Mutual Life Ins. Co., Gates vs 188

Hope Mutual Life Ins. Co., Lambert vs 346

Home Mutual Life Ins. Co., Gage vs 347

Hibemla Ins. Co., Koehier vs 347

Hope Mutual Life Ins. Co., Marks vs 881

Imperial Ins. Co., Am. Merchants' Union Ex-
press Co.vs 4

Kopitoff p«. Wilson 380

Knickerbocker Life Ins. Co., Peters vs 860

Lancashire Ins. Co.. Bayley & Pond vs 881

Mutual Life Ins. Co., Snyder vs 85

Metropolitan Ins. Co. vs. New York Board. ... 118

Mutual Benefit Life Ins. Co., Charles vs 186

Manhattan Life Ins. Co., Hoelale vs 398

Mutual Benefit Life Ins. Co., Spratley vs 347

Mutual Life Ins. Co., Bipley vs 881

North American Ins. Co. stal.^ Norman vs... 118
North American Ins. Co. st a/., Chapman vs.. 118
Northwestern Mutual Life Ins. Co., Home Sav-
ings Bank t» 940

Northwestern National Ins. Co., Johnson v«.. .347

North American Life Ins. Co., Webb vs 383

New York Life Ins. Ca, Irwin vs 846

Orient Ins. Co. vs. Vaughn &Co 84

Penn Mutual Life Ins. Co., Heiss vs 86

Protection Life Ins. Co., Fraas vs 164

Pacific Mutual Ins. Co., Arnold vs 877

Republic Life Ins. Co., Shipman vs 70

Republic Ins. Co., of Chicago, Cardwell vs. . . .117

Republic Life Ins. Co., Chapman vs 149

Sun Mutual Ins. Co., Nelson iv 84

Sunbury Fire Ins. Co., Greenebaum vs 149

Sherlock et al. vs. Underwriters of steamer Uni-
ted States 166

State National Bank of Keokuk vs. Northwest-
em Union Packet Co 183

State vs. Louis E. French 339

World Mutual Life Ins. Co., Oberman vs 86

World Mutual Life Ins. Co., Voegler vs 64

Widows' & Orphans' Life Ins. Co., Crocker vs. 84

Life insurance legislation 68

Local board, The New York 97

Legislation, More. .j^^-rrrr.rrr-^

Life Ins. Co., The John Hancock. . . mil8^163jJ0&)

Local board. Surrender of the. ./rTTTTrrrTillS

Losses and premiums 180

Liability of directors 196

Life insurance law of Tennessee 196

Legislators, Exit 909

Life insurance, Chamber of 996

Legislative lobbying 977

Life msurance for the poor

life insurance on its merits perse

Losses by fire in the United States 878

Litigation, The duty of. 891

Life insurance in Connecticut 891



PAGE.

Life iusnrance in Pennsylvania 893

Life insurance in Maine 393

Maine, Insurance taxation in 84

Minnesota insurance taxation 34

Mississippi in the field 51

More tinkering 63

More legislation 98

Michigan, Petition for reduction of taxation in. . 116

Missouri report 196

Massachusetts, Fire insurance in 849

Massachosetts fire insurance report 867

Michigan, Fire insurance in. 864,866

Maine, Life insurance in 893

Night, Whatofthe? 1

New York building inspector. Report of. 63

New York, Insurance taxation in 67

New Orleans, Babcock engine in 67

New York local board 97

New York fire insurance report 139

Now York surplus law 161

New York companies' reserve surplus 198

New York life report 396

National board, The 343

National board, Annual meeting of the. . . .367, 366,
359, 360, 361, 363, 365, 366, 367, 368, 369, 370

Northwestern association 380

National board's standing committees 396

National board. The 835

New Hampshire insurance report 874

New Hampshire, Fire insurance in 381

o.

Ohio, Taxation in 66

Oakley testimonial. The 146

Oakley, Henry A 387

Ourselves 898

Our contemporaries 996

P.

Press, The daily, and insurance 50

Policy, The passive 81

Policies, Insurance 83

Press, The daily, and insurance again 114

Probabilities, The present value of future 116

Petition for reduction of taxation in Michigan. . . 116

Premiums and losses 180

Protection Life and J. J. Sellg 310

Profits of fire underwriting

Post ofllce life assurance

Pennsylvania fire insurance report 873

Pennsylvania, Fire insurancfftn 880, 881

Pennsylvania, Life Insurance in 393

Phoenix Mutual Life and its managemtnt. . .396, 890

R.

Rates of fire insurance 309

Recent life insurance decisions. 848

Removals in New York city 980

S.

State supervi^n 98

Springfield ordinance. The 61

Saw mills and lumber 67

Supervision in England 88



PAGE.

State 8uper\ieion again ' 99

Surrender of the local board 113

Schedule ratings, Benefits of 181

Sworn statements. 146

Surplus law, The New York. 161

Surplus, The New York companies' reserve 193

Steam-boiler inspection 315

State supervision put hors de combat 341

Southern underwriters' associatton 809

State supervision, E. A. Hewitt's address apon. .310

Superserviceable legislation 835

State supervision 841

Sunbury Fire Ins. Co. , The 876

T.

Term insurance, Elizur Wright on 3

Taxation, Insurance 17

Trouble in Hartford 17

Taxation, Insurance, In Maine 34

Taxation in Ohio. 66

Taxation, Insurance, in New York 67

Taxation again 98

The John Hancock Life Ins. Co. . . . 100, 118, 169, 309

Testimonial, The Oakley 145

Tennessee, Life insurance law of. 196

Tennessee, Fire Insurance law of 313

Term life Insurance 377

Taxation 378

Taxation, A new subject for 378

The old, old story {^Ztf

U.

Universal Life Ins. Co., The 194

Underwriters' Association of the South .809

United SUtes, Losses by fire in the 313

Unfair journalism 89d\

V.

Vessels missing in 1874 348

W.

What of the night ? 1

Wright, Elizur, on term insurance 3

Wright, Elizur, and the John Hancock 66

Wright, Elizur, once more 163

Whose agents are they? 195

Weather influence on life 310

WTio is to blame? 311

Worth street fire. The 937

What ought to have been done 341

Wisconsin, Fire Insurance in .386



CARTOONS.

The pen, the pencil and the burin awake the

world 7

Actuaries in council 89

Our editor in Florida. 73

Here's the " 21m«"— Nary a parasite 105

Suggestions for the " Oakley testimonial " com-
mittee 137

John Hancock Mutual Life Investigation 169

Applicants for the Ohio insurance commissioner-
ship 901

School 931

National board rating committee at work. 364

The National board's centennial exhibition 301

State supervision hors dt cotnbat 333

Good for the agent. Good for the general agent. .363
The cheerful life agent 895



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The Chronicle.



No. 1. NEW YORK, THURSDAY, JANUARY 7, 1875. Vol. XV.



The OtLronicle,

Ah ImbukAHGB JOUBHAIi,

Chronicle Publishing Co.

JOHN J. W. ODONOGHUX
iV«ifklm< OMi TWof.

Oftoe, Ha 161 Broadway, Hew Tork.



The ■ubecription price of the CHRONicfJt ie $8.00
per amram, payable inyarlably in advance.

AD oommonicationa should be addreesed to the
Sditora.

JOHH J. W. O'DOHOeHUS, liBn^p^-.

Smab a. Hbwitt. JBditobs.

What of the Night?

We must, perforce, add a few more
words to the number which go to swell the
wail of the dying year, and to bid its
youthful successor hail. And they shall
be words of hope. Sorrow endureth for
a night, but joy cometh with the morning,
and this is the morning of the new year.

There are, doubtless, conditions in
which a sick patient requires heroic treat-
ment. The years 1871-2 were, to the
fire underwriting interests, such a period.
Carelessness in Writing and disregard of
adequate rates were slowly undermining
the entire business, and the severe lesson
received at Chicago only partially awoke
companies to their actual condition. A
year later Boston added its lesson, written
in characters of flame, and from that day
to this fire insurance has steadily improv-
ed, thanks to the efforts of that great con-
servator, the National board.

Guided by the wisdom which has thus
far, with occasional exceptions, character-
ized that body, rates have advanced to a
paying standard, improvements have been
made in the defences against fire in our
cities and towns, new building laws have
been enacted, and hazards materially les-
sened.

The business public, also, has, we think,
learned to appreciate at its worth the clam-
or of monopoly raised against the organi-
zation by those underwriters outside, who
have relied upon this clamor to secure a
biuinesB to which neither their age, nor



capital, nor knowledge of the business en-
titled them; and the fact is beginning to
dawn upon our merchants and other in-
surers which is so well understood inside
the profession, that to this organization
and its persistent course is due the fact
that fire insurance has passed safely through
the disastrous losses of 1878 and 1874, in
each of which years we have burned more
property in value than one-half of the in-
surance capital of the country.

With these facts before us, what is the
obvious duty of underwriters, and journal-
ists as well. Clearly, to sustain this orc^a-
nization with a heartiness unabated and
unchanged by the necessity which must
arise for occasionally criticising its action.

The ChbOniclb has had this disagreea-
ble duty to perform more than once, and
has not shrunk from it because its criticism
was likely to be misunderstood, yet we be-
lieve it is recognized by all that the board
has no firmer friend, and none more jeal-
ous for its success than the Chroxiclb.

With the fire underwriters, then, the
night is passed, and the sun of prosperity
gilds their horizon. A glorious day awaits
them if they are but faithful, honest, vigi-
lant in the discharge of their duties. For
the slothful, the inattentive, for those who
are not studious and wakeful, there is not,
and should not be, any enduring success,
except as the humble followers of their
stronger and more alert brethren.

To the life underwriter, also, there are
words of hope, but as yet no pssans of re-
joicing. The year 1874 has been one of
unexampled depression. It has been well
said that there ought to be no failures in
life insurance, and that failure is evidence
of mismanagement and ignorance. This
needs some qualifications to make it true,
and yet on the whole as a general state-
ment it is nearly correct There have been
failures during the past two years, many
of them such as cause the cheek to blush
with shame for the profession.

These companies in their fall fall not
alone, but break the far-spreading tendrils
of confidence upon which the whole busi-
ness feeds, and leave them nurtureless.
Time, which heals all wounds, will heal
those from which life insurance is now
guffsring, and their ugly scars will one day



be covered with the growth of honest dee<f s
and tender confidences and loving minis-
tries given by the survivors, such as the
summer sunshine and the gentle rains
nourish into a growth of flowers and ver-
dure above the graves and battle fields of
earth.

Do we speak too hopefully? We think
not All that is needed on the part of
those who remain is honesty of purpose
and action, and unintermitted study of the
intricacies of the profession. In this the
Chamber of life insurance can, and we
doubt not purposes to, give good and loyal
service. Through many follies and much
misdirected zeal, we think this purpose
shows clear and unmistakable. To re-
forms in taxation, to reforms in manage-
ment, to a discrimination of the evils of
over-legislation, and not least to a careful
study and revision of the mathematical
foundation upon which the entire structure
must stand or fall, it has latterly addressed
itself. In the prosecution of this much
needed work, it will have the support and
confidence of all who wish well to life in-
surance.

Whatever then may be the result of the
past year's labors, whatever may have been
its successes or losses, let us look hopefully
forward to the one upon which we are just
entering, resolved that the failures and
losses and indiscretions of the past shall
only serve as beacons of warning to guide
our course safely and prosperously on the
voyage of 1875.



The Late Julius L. Clarke.

The Boston Commercial BuUetin says:

The basinesa pnbUc will learn with regret that
the Hon. Jolioa L. Clarke has reaigned hife poeiti&n
as intarance commiasioDer of this etate. Mr.
CIarke*s ostensible reasons are ill health, and the
pressure of his dntles as city clerk of Newton.
Those who have read the 1874 life report, and the
comments and criticisms of the insurance presc*,
will be inclined to the opinion that a lobby pressare
was being concentrated upon this gentleman. Mr.
Clarke, who has been In office over seventeen ye^n,
has served the interests of policy-holders in Massa
chasetts with signal ability.

There is so small a grain of truth in this
editorial chaff that we should have no
apology for the spaoe it occupies, were it
not that it shows of what stuff reputations
are made in the daily and weekly press of
the country.

Mr. Clarke's position as insurance com-
missioner has been for some time a sine-
Digitized by VnVJVJVLC



THE CHRONICLE.



cure, and in his oflBcial life there bas been
notbing" which so became him as the leav-
ing it He used his official position for a
trip abroad, and it is more than hinted
paid his expenses with fulsome eulogies of
the English companies, in some instances
as destitute of truth as they were of good
taste. Since his election as city clerk of
Newton, by bis own official admission the
principal duties of the commissioner have
been performed by the deputy, who has
now been placed in his position. His life
report for 1874 was not issued for more
than seven months after the reports were
in, and his official action for the protec-
tion of policy-holders came after compa-
nies had been for weeks and months in
the hands, of a receiver, and the news of
their bankruptcy had penetrated his thick
s'iull, dinned into his ears by common ru-
mor.

The idea of a lobby pressure is not only
absurd, as regards the insurance press, but
insulting to Mr. Clarke's manhood, because
it seeks to rob him of any merit which his
tardy resignation has. The insurance
preflB, at least our portion of it, griei^ for
the loss of Mr. Clarke. His administration
of his trust was so imbecile, his rulings so
absurd and contradictory, and his official
manner and action so offensive, that he
was rapidly undermining the time hallow-
ed sanctuary of supervision in Massachu-
setts, until it seemed likely to tumble about
his ears in the chaos and ruiu from which,
under Mr. Wright, it had emerged. No!
we can say with truth that we would that
all insurance commissioners were almost
and altogether such as Mr. Clarke.

But the absurdity which credits the ex-
commissioner with all the cardinal virtues
is fully equalled by the ignorance which
credits him with the reputation he has de-
stroyed. Mr. Clarke's first report was made
for 1870, and since that time the reputation
of the Massachusetts department, built up
by Messrs. Wright and Sargent and San-
ford, has steadily declined, till now there



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