The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-06-18
Life Insurance Wrecks.
IN, Y. Daily Bulletin.l

Since January, 1870, the following named
New York life insurance companies have
ceased doing business, viz: The Ben Frank
lin, Great Western, Farmers and Mechanics
American Tontlne, Standard, Widows and
Orphans Benefit, Amicable, Empire Mutual,
Mutual Protection Tor Reserve. Mutual,
Craftsmen's, Empire State, New York State,
Excelsior, Hope, Mutual, Asbury, Hercules,
Eclectic, Guardian Mutual, Government, Sc
curity, Merchants, North America, Continen-
tai, American Popular, Atlantic Mutual,
Universal, National, Commonwealth, World
Mutual. and Security.
And the following named life companies Of
other States have, In the same period, with
drawn or been excluded from New York, viz /:
The United Security, Of Philadelphia; Hahn
emann, OF Cleveland; Safety Deposit, Of
Chicago; National, Of Chicago; International,
Of Jersey City; Anchor. Of New Jersey; Ma
tlonal Capitol, Of Washington; Economical,
of Providence: st. Louis, Of Missouri: Ameri-
can National, of New Haven; Republic, of
Chicago Teutonia, Of Chicago; Piedmont
and Arlington, of Virginia; Alliance, OF Kan
sas; Missouri Valley, of Kansas; New Jersey
Mutual, of Newark; Toledo OF Ohio; Life
Hartford; Continental Life OF Hartford.
OF all these companies only three, the Con-
tinental of Hartford, Life Association, and
Piedmont and Arlington, are actively In bust
ness at this time, while two others, the Uni;
obviously between life and death, pending
certain contingencies of about equal chances
as to result. Of the entire forty-nine, only
five, then, may be considered as having now
even name to live. This is In one sense
sad exhibit since 1t is, for the most part, O
record of official mismanagement and q mon
umental betrayal OF popular confidence.
But, on the other hand, despite the wreckage
and misery, one cannot help Congratulating
the public on being RID Of such lot Of
worthy of support and life, they would
not have died; and since they were obviously
de trop, it is just as well that they are out OF
the way. Instead of the seventy-one eompa-
niles which protested to sell life insurance to
of them were unable to put in practice-we
now have only tl1irty-four life companies do
ing business in this State; and at least thirty
of these may be safely set down as beyond
question destined to permanent vitality and
usefulness. These thirty-four companies
possess assets amounting to 1896, 420,591, with
liabilities of 1894 BIG, 492-thus showing sur
plus of $61 604 098, equal to $1t8 for every 500
Of policy liability. Assuming that the insur-
ance departing nt is not asleep, we must believe
that the assets Of these companies are clean,
solid well invested values, worth the money
represented, and that the debit side OF the ac-
count has not been understated. The infer
enoe, then, Is that the life insurance business
among us Is In q remarkably healthy condi-
ton as compared with all other branches Of
business. There are companies enough left,
after all the wedding out, to do all the insur
ing of lives demanded by the public; and
(which is better) they are as a rule substantial
enough to relieve life insurance from further
suspicion OF being delusion and snare.
Never more than now was life insurance a
popular necessity, and never before have the
companies hal finer field for dispensing the
benefits which are, eonfessedly, in their keep
ing.
Business disappointments, shattered for
tunes, wrecked hopes, scattered estates and
broken homes have In these past few years
supplied an infinitude Of arguments In favor
Of that provision whereby life insurance be-
comes hedge against disaster and It's en-
tail of poverty. Wisely and energetically
used, these arguments should not only be q
patent leverage for rehabilitating the life
companies In public confidence, but should
secure them degree of popularity such as
they never knew even in their palmieSt days.
II is time, now, when whatever is really
solid and safe is peculiarly welcome; and, in
view OF the good exhibit life insurance is thus
able to make it will be the fault of managers
IL their lack of push and enterprise should
cost them the business prosperity they other
wise might enjoy. Modesty has never, we
believe, been characteristic Of the business
in the past. 1t certainly need not be in the
futI1rn