The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1876-05-25
LIFE INSURANCE.

Inc ldlo report VI Jue superintendent
of the Insurance Department of the State
of New York, in relation to the business
done by the life insurance companies in
1875, which has just been made public
is an interesting document. Below will
be found extracts from it:
The experience in the life branch Of
the business for 1875 is not more salts
factory than the fire record for the same
period. The general depression which
operated against the fire has even been
more adverse to the life business. Insur-
anCe of houses, stores and factories is an
absolute business necessity, and cannot,
with financial safety, be dispensed with,
while life insurance is a kind of luxury
which under pressure men will forego
even alta great atsacri6ce ofmoneyofalready
invested. A glance at the number lapsed
polices on the books of our best insur.
ance companies proves this. Life insur-
ance is not only staggering under the
pressure of of "hard times" but other
causes have sapped the foundations of
public confidence. The magnificent prom
ises made by many companies and
agents have not been fnlflled, while
the wrecks of some half dozen compa-
MES are scattered all over the insurance
field. In every neighborhood the insur-
ance solicitor meets with blighted hopes
and ruined fortune caused by dishonest
or incompetent management. The most
of these corporations are now in the
courts, certain parties on one side de
manding that the deposits in this depart
ment be placed in the hands of the Re-
Ceiver for division among all the Credl-
tors; ON the other side the Superintend-
ent strenuously insisting that the depos-
its in his hands, having been placed there
for the protection of fpolicy-holders, must
be used for the purpose originally in
tended, Already two or three suits are
slowly moving up to the Court of APP
peals, whose decision will be final.
The footings indicate that the death
rate during 1875 is considerably greater
than for several years previous. For this
there may be various reasons given. The
winter of 1875 was intensely severe, but
there were causes other than climatic
or natural which undoubtedly tended to
shorten human lie and consequently to
deplete the treasury of the life COM
panies. The great mass of those who in
sure their lives are the active business
men of the nation. To them prosperity
in trade implies physical comfort and
mental serenity, conditions most tconclus-
i've to longevity but the year 1875 was
one in which the average business man
did not enjoy prosperity. From its COM
mencement till its close, financial disas-
ter was the rule, and consequently cor
roding glare and life-sapping anxiety
pervaded business circles, bringing to
the grave many, who, under more favor
able circumstances, might have lived for
years.
The liabilities of New York State COM
panies amount to $174,57S,107 81; assets,
$203, ,132, ,743 60. The income of all com.
panies doing business in the State
amounted to $108, ,645,0S4 40, or S7OS7,-
628 9S less than was received during
1874. The total excess of income over
expenditures was $685. IS. The ex-
penditures were 81, ,249, S66 90 less than
in 1874. There was an increase of 5S7
policies and decrease of $22, ,56S, $3.50 in
the amount insured.
There are six New York State life in
surance companies at present in ReCeiy-
er's hands. These companies have on de-
posit in this department, for the protec-
tion of their policy holders, valid securi-
ties amounting to $500,000.
The Receivers have been using all legal
means, each to get the amount belonging