THE PRUDENTIAL INSURANCE CO.

WA

OF AMERICA

AS the pioneer in industrial insurance on this side of the water. That it set in operation forces of no mean power, may be inferred from the fact that within thirteen years of its organization, industrial insurance has attained such proportions that the two leading companies follow immediately after the three largest ordinary life insurance companies, in the United States, in amount of business written. That the system introduced in 1876 met a need of the people is shown from the fact that there are, to-day, nearly 3,000,000 industrial policies in force in this country. Of these, the PRUDENTIAL issued, in 1889, 689,245.

The plan of the PRUDENTIAL is precisely similar to that of ordinary life insurance companies, based upon correct principles. It is founded upon a system which has been demonstrated by science and proved by the experience of nearly two centuries to be the only satisfactory method of furnishing indemnity for death. It differs from ordinary companies only in matters of detail, in its adaptation to the wants of its patrons. Its principal peculiarities are: That, while the ordinary companies do not issue a policy for less than a thousand dollars, except in rare cases, the PRUDENTIAL will issue one for ten dollars. Most companies require the premiums to be paid at infrequent intervals, and in comparatively large sums, while the PRUDENTIAL receives them weekly, each of small amount, thus relieving its policy from becoming a burden. The object of an ordinary policy is to provide an estate, that of the PRUDENTIAL is to provide a burial fund to the family of the laboring man at a time when a little ready money is most needed and most appreciated. Ordinary life insurance discriminates against women-either they do not receive them or charge a higher premium for such insurance. The PRUDENTIAL insures women in its industrial branch upon the same basis as it takes male risks. No ordinary company will insure children. The PRUDENTIAL has over a quarter

of a million policies in force upon children's lives.

The extent to which the PRUDENTIAL has won the confidence of the people is shown from the fact that it has insurance in force aggregating over a hundred millions of dollars, its policies being found in all sections of fifteen different States. Its policyholders, if gathered together into a single community, would form a city larger, as regards population, than any city in the country, excepting New York and Philadelphia, while the male citizens of such a town would exceed in number the muster rolls of the majority of the standing armies of the world. The amount of money for which the PRUDENTIAL is liable, under its existing contracts, is nearly equal to the total value of the gold and silver produced in Idaho and Colorado since the first discovery of the precious metals in those districts. It exceeds the value of the annual export from the United. States of gold and silver bullion, by about twenty-five million dollars, and would suffice to pay the funded debts of the States of Massachusetts, New York, Pennsylvania and Virginia. It would purchase the entire cotton manufacturing interests of Massachusetts and Rhode Island, and the lumber men of Michigan, Pennsylvania and Wisconsin would dispose of the entire product of their industry for that sum.

The death claims paid by the PRUDENTIAL to the present time have included in their benefits not less than 300,000 persons, a number exceeded by the popula tion of but eight or nine of the principal cities of the country; while the sum of four million dollars, the amount of death claims paid, is equal to the sum expended in ten years by any one of those States for the relief of the indigent distributed within their borders.

THE UNITED FIRE RE-INSURANCE CO., LIMITED,

United States Branch: 28 to 40 Nassau Street,

NEW YORK.

WILLIAM WOOD, RESIDENT MANAGER.

THE LARGEST PURELY RE-INSURANCE CO. IN THE WORLD.

NORTH BRITISH AND MERCANTILE

INSURANCE COMPANY

OF LONDON AND EDINBURGH.

United States Branch, 54 William St., New York.

PUBLISHERS' PREFACE.

The Eighteenth Annual Edition of THE INSURANCE YEAR BOOK scarcely needs Preface or Introduction. It is so well known to all persons identified with the business of insurance in all of its numerous forms, that it has become standard authority as a book of reference, necessary alike to the library of the student and for convenient access by the practical worker at the desk or in the field. Within its covers are gathered interesting and valuable data, indispensable to insurance men, that can be found in no other volume extant. Statistics are presented not only relative to the home and foreign companies doing business in this country, but they include also a record of insurance transactions in every civilized country on the globe. It has been the aim of the publishers to present year by year accumulated data upon every topic germane to the business of insurance. Necessarily THE YEAR BOOK has grown as new features have been added, and to guard against too great bulk, we have this year printed the Appendix-Fire Departments and Water Supply-and the List of Prominent Agents in smaller type, entirely new, purchased especially for the purpose.

In the edition for 1889, we gave the Statistics of American Fire Insurance Companies, Stock and Mutual, in comparative form for ten years. In the present edition we have reduced the comparison to five years. We believe this will satisfy those who use the work most frequently, while the student, who may desire to go further back, has but to refer to last year's YEAR BOOK also to obtain eleven year's comparisons. The more prominent features of THE YEAR BOOK may be briefly summarized. 1. STATUTORY REQUIREMENTS.-A careful compilation of State laws showing upon what conditions companies are permitted to do business in the several States. The compilation for each State was submitted to the officer having charge of insurance matters, and by him returned to us with corrections and approval. It can safely be assumed, therefore, that our summary of Statutory Requirements covers the ground and is entirely trustworthy.

2. DIGEST OF INSURANCE DECISIONS.-In this department are presented a number of brief digests of important insurance cases, both life and fire, decided by the higher judicial tribunals. While courting conciseness in their compilation we have sought to give the chief points of each decision and to preserve the reference for further consultation if desired.

3. STATISTICS OF FOREIGN COMPANIES.—In a series of tables the transactions of life and fire companies in various countries are presented. These have been compiled expressly for THE YEAR BOOK from official sources, or from our foreign contemporaries.

4. STATISTICS OF AMERICAN FIRE INSURANCE COMPANIES.-This department presents a five years' record of the transactions of the Stock and Mutual fire insurance companies of the country. The list includes every stock company in the country of which official information can be obtained, and such mutual companies as have $15,000 or more of assets. Mention is also made of companies just organized, whose standing is not yet clearly defined.

5. FIRE INSURANCE BY STATES.—In this series of tables are shown the premiums received and losses paid by the different companies in the several States and Terri

tories. These figures were generally made up from the reports of the companies to the Insurance Departments; in some instances, where the Departments do not require such statements, the figures were supplied by the companies themselves.

6. LIFE INSURANCE STATISTICS.-Under this heading will be found a record of the transactions of all the life insurance companies of the country given in comparative form for ten years. These figures were compiled from official reports, and the other information given was supplied by the companies themselves. From these principal tables certain others have been made up, which will be found to contain much desirable information. "Life Insurance by States," included in this Department, indicates where the bulk of the business is obtained, and where it is desirable to redouble efforts to increase the number of insurants.

7. LIST OF PROMINENT AGENTS.-By reducing the size of the type in this department, we have been enabled to greatly increase the number of names in the list of agents. Many places not heretofore named in this list have been included this year.

8. DEFINITIVE ANALYSIS OF LIFE INSURANCE RETURNS.—This very complete and valuable series of tables, by Benj. F. Brown, has been brought down to include the transactions of 1889. A well-known actuary says of them that "they constitute the most complete and valuable analysis of life insurance reports ever presented." All companies reporting to the Massachusetts department are herein dissected thoroughly and impartially, the same basis of analysis being applied to them all. Some new calculations have been added to them this year.

9. LIFE INSURANCE RATIOS.-This is another very important series of tables, showing the transactions, standing and rank of companies by means of a great variety of ratios. This is the only series of tables extant that includes the business of all the life insurance companies of the country. They have been compiled from official sources, one rule of computation applied to all alike, and they are, therefore, wholly impartial, each company showing at its true valuation according to its own sworn statement. That is to say, the statements of fact are from the sworn reports of the companies; the deductions therefrom are ours.

10. APPENDIX-FIRE DEPARTMENTS AND WATER SUPPLY.-Year by year this department has been extended, but never have so many additions been made to it as for the present edition. No trouble or expense has been spared in gathering this valuable information, and four hundred places reported as having fire departments have been added to the list. While the information has been briefed to the least possible dimensions consistent with the facts, and the matter set in smaller type than heretofore, the number of pages devoted to the department is still in excess of any previous year.

Numerous important tables relating to Life and Fire Insurance will be found in THE YEAR BOOK, to which we have not space here to refer, together with much other information of special interest to underwriters. Statistics and other information regarding Accident, Fidelity, Plate Glass, Cyclone, Live Stock and other classes of insurance, will also be found in the pages of this volume. In every department some improvement has been made, and all tables brought down to include the transactions of 1889. Promising that in the future as in the past, we shall spare no effort to improve THE YEAR BOOK, we commend the Eighteenth Annual Edition to the kind consideration of its many patrons. THE SPECTATOR COMPANY.

NEW YORK, July 1, 1890.

ADDENDA..

STATUTORY REQUIREMENTS.

Washington.-The first session of the first legislature of the State of Washington was held in the spring of 1890. An act relating to insurance, of which the following is a synopsis, was passed in March, approved by the Governor on the 27th of that month, and went into effect June 26, 1890.

GENERAL REQUIREMENTS.

Companies must file with the Secretary of State, who is ex-officio Insurance Commissioner, a copy of its charter and articles of incorporation and a statement of its capital and assets. The certificate of a company organized in another country must contain also the name of its manager for the United States. Company must have paid-up capital of $100,000; foreign company must have $200,000 deposited for the benefit of policyholders in the United States. A resident of the State must be appointed attorney to accept service.

Companies must report to the Commissioner before the 15th day of January each year the amount of business done in the State during the previous year. They must file a complete statement of their entire business before the 1st day of March of each year.

Fees. For filing articles of incorporation, $10; for filing annual statements, $5; for filing other papers, $1; for furnishing copies of papers on file, twenty cents per folio; for certifying copies, $1; for examination of company, $5 per day.

Penalties.-Companies neglecting to obey a subpoena issued by the Commissioner for the examination of persons and papers shall be deemed guilty of a misdemeanor, and on conviction shall be fined not less than $100 or more than $500, or by imprisonment in the county jail for not less than thirty days or more than six months, or they may be punished by both fine and imprisonment.

UNDERWRITERS' ORGANIZATIONS.

NATIONAL ASSOCIATION OF LIFE Underwriters, organized at Boston, June 18, 1890. The following officers were elected: President-George N. Carpenter of Boston. Vice-Presidents-Tilden Blodgett of New York, H. C. Lippincott of Philadelphia, B. H. Lightfoot of Pittsburgh, J. K. Stearns of Chicago, M. Early of Michigan, W. H. Anderson of Maine, C. D. Tucker of Providence, H. P. Goddard of Baltimore, F. A. Kendall of Cleveland, J. J. Dillon of New Hampshire, A. B. Roeder of Nebraska, I. S. Borley of Vermont, J. T. Phelps of Boston. Secretary-E. H. Plummer of Philadelphia. Treasurer-William Radcliffe, Jr., of New York. Executive Committee-Benjamin S. Calef of Boston, Joseph Haskell of New York, Henry C. Ayers of Pittsburgh, C. E. Tillinghast of Cleveland, E. H. Kellogg of Chicago, L. A. Watkins of Michigan, J. F. Huntsman of Providence, L. H. Baldwin of Baltimore, C. E. Staniels of New Hampshire, E. B. Hall of Nebraska, George H. Smalley of Vermont, James Sinkinson of Maine, W. G. Justice of Western New York, and C. H. Ferguson of Chicago. Next meeting to be held at Detroit on the third Wednesday in June, 1891.

THE NEW HAMPSHIRE Life UnderwRITERS' ASSOCIATION. President--C. L. Meloon of Manchester. First Vice-President-J. D. Chandler of Nashua. Second Vice-President, C. Parker of Concord. Secretary-W. M. Morgan of Manchester. Treasurer, A. P. Wilson of Manchester. Executive Committee-C. E. Staniels, Concord; M. A. Taylor, Nashua; A. H. Crowell, Concord, and J. J. Dillon, Manchester.

VERMONT ASSOCIATION OF LIFE UNDERWRITERS, organized June 3, 1890. President-A. P. Childs of Bennington, Vice-Presidents-W. H. S. Whitcomb of Burlington, Joseph G. Brown of Montpelier, L. P. Norton of Bennington, P. D. Blodgett of St. Johnsbury, T. P. W. Rogers of Burlington. Treasurer-Isaac S. Borley of St. Albans. Secretary-J. F. Wellman of Burlington. Executive Committee-G. H. Smalley, C. H. Sawyer, J. B. Fletcher, J. E. Curran, J. H. Drew.

NEW YORK STATE ASSOCIATION OF SUPERVISING AND ADJUSTING AGENTS met at Rochester, July 8, and elected the following officers: President-John Marr, Rochester.