The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1898-12-23

teens is distinctly formidable. The
early records are few and not easily ac-
cessable, while life insurance, as we
know it to-day, is so entirely the growth
of the half century now ending that such
a comparison is hardly possible. From
the limited data at hand | comply as
far as possible
There were no official statistics of life
insurance in America in the year lS4S.
The only statement ever rendered before
that time to any State of the Union by a
life insurance company, so far as have
been able to ascertain, was the result of
an order of the Court of Chancery of
New York, requiring the New York
Life Insurance and Trust Company to
report to the Comptroller of the State its
condition and business. This order was
issued November 19, 1881. The COM
pany took its own time to examine its
books and make up its accounts, and
fled its statement in January, 1910,
showing its entire solvency. Life insur-
ance was but an incident Of its varied
transactions, and the statement in ques-
ton seems to have exhausted its energies,
or at least its interest, in this direction,
for it soon ceased to issue new insurance
except presumably for the preservation
of its franchise in that respect, and,
while honorably meeting all It's engage
ments under old policies, declined to
compete with companies organized ex-
clusively for the purpose.
The State of New York was the first to
attempt the systematic collection of
statistics of the business. By the re-
vised statutes, moneyed corporations
were required to report to the Comp
troller. but the law was regarded as APP
plying only to companies organized after
the revision of the statutes and the rec
quirement was not generally enforced
About fifty years ago the Comptroller
undertook to require reports from all
life insurance companies of other States
and countries, and invited them also
from domestic companies. He thus was
able to lay before the Legislature in
1S49 the condition Of few of the COM
panies at the end of 1848, in such form
as the knowledge of the subject then
possessed by the State officers and by the
companies enabled them to present it.
There were then, think, fifteen cor
porations in the United States authorized
to insure lives, three of which. however,
were chartered for other purposes and
soon found it desirable voluntarily to
withdraw from this branch of business.
OF the rest, nine reported to the Comp
troller of New York.
BY far the largest of the fifteen, the
Mutual Life Insurance Company of New
York, being domestic company, did
not report at that time, but two years
later voluntarily presented statement
which deserves notice, since it was con-
sidered SO satisfactory that it long con-
tinued to be the model upon which the
official reports of other companies were
constructed. The president and actuary
unite in describing with much detail the
large assets of the company, amounting
January 81, 1851, to 81 ,29S, 1885,. .46, evi-
IDENTIFY regarding this vast sum as COM
pIete guarantee to the State and its eiti-
zsns of strength and lasting solyency.
But the Liabilities are given, in one lump
sum at the end of the report, as ST.. .600,-
900, with no intimation of the items of
which they consisted. A balance sheet
! SO constructed and exhibiting such a re-