The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-11-26
Brief Su,~vey Of tbe Development
of q ne7v Science Of Finance.

Modern life insurance presents an
interesting chapter in the story Of this
oountry's business development. 1t has
become the greatest single factor In
America, its growth having been more
striking and rapid than that OF any
branch of finance The celebration
which was recently held to comment
crate, in the sixtieth anniversary or
The Mutual Life Insurance Company
of New York, the founding of life IN
surance in the United States by Nor
ris Robinson, to whose memory tap-
let was erected in Wall street. 1ndl- |
Gates the recognition that has been
accorded by the business world to the
power and high usefulness OF this SCI
ence, for such it has become. Start
ing with practically no capital except
good Judgment, honesty and conserv-
atism, it has steadily prospered until
II has reached a position OF the frst
Importance. The volume of business or
The Mutual Life, at that time the only
American com pany. was. IN tne ifSt
year, scarcely million and haf DOL !
lars; to-day the 10S standard Ame1-
can companies have nine billions OF in
surance in force and the money now
in their hands from premiums
amounts to two billions.
Beginnings of Life Insurance.
The basic idea Of life insurance was
imported, but the form In when 1t
has become q great modern lnst1tu-
ton was first introduced in the vest
ern hemisphere when The Mutual Life
Insurance Company Of New York
opened its doors on the first day OF
February, 1S43. At the head of this
organization was Morris Robinson,
who, altho a Canadian by birth, had in
the first quarter Of the nineteenth CEN
fury taken position among the fore
most financiers Of the United States.
He was cashier of the New York
branch of the United States bank, UP
to the time that that institution was
discontinued by President Jackson,
and had been abroad as an expert IN
the interest of one Of the largest New
York banks. While on this errand
he became Interested in life insurance
as carried on in England, and when,
ment to establish 1t In this country, it
was confidence In his Judgment that
brought him the support Of the promi-
nent merchants who were then the
great men Of New York.
The volume Of business was small
at first, the amount received from
premiums the first year being only
S37,293.90 from 470 policies issued.
The companys assets amounted to
only sS2,311, its income to but $685.
5O2. Now, as has already been re-
marked, there are more than one
hundred companies chartered In the
United States, with nine billions Of
insurance In force, and assets Of over
two billions. The present assets Of
The Mutual Life Insurance Company
Of New York approach 100000, 900,
and since 1S43 it has paid over $780,
non 0O0 tn nO1jcVhOl6erS or more
than s190,0OO,OOO above any other
company. Its payments last year
amounted to over $29,109,000. 1t is
interesting to observe that the COM
panys income for every eleven min
utes of an average business day is
now greater than for the entire first
month Of it's operations, and that it
pays to Its policyholders every bust
ness day more than 1t paid during
the entire first four years of it's &C
tivity.
Sixty Years OF Progress.
The last sixty years have left far be-
hind them every similar period Of the
past in the Importance Of the changes
they have wrought in society and in
life, changes In many respects greater
than many centuries have witnessed
before and all introduced during the
life of The Mutual.
This company is already older than
the principal forces which now govern
the WOrld OIL pOl1I1CS, OF trade ana or
industry. 1t is older than the Austro-
Hungarian monarchy, the Kingdom Of
Italy, the German empire or the
French republic. During it's active
career, the United Kingdom has un-
dergone peaceful revolution in it's
ruling classes not less complete than
any which has occurred elsewhere.
The company was already among the
leading financial institutions of the
world before slavery ended in Amer
lea or serfdom in Russia. When it's
office was opened there were but 1900
miles of railway in the United. States,
where now there are more than 200,-
600 miles. tncomparably better
equipped and more efficient. At that
time the magnetic telegraph was still
In the realm of dreams, and the tele-
phone not yet conceived even as
miracle; while now, in this country
alone, there are 1,216,ooO miles of
sages and two millions of miles in the
service Of telephone exchanges. 9th
err influences which have contributed
to revolutionize the habits and expert
ences Of common life are the vast de-
velopment Of the printing press and
news from all the world; the spread
of universal education; the growth of
ocean steam navigation, from partial
and almost experimental competition
with sailing packets to q monopoly Of
the passenger traffic and of almost all
trade; the successive prevalence of
coal, gas, petroleum and electricity as
sources Of artificial light and, to an
increasing extent of power; the I'M
precedented concentration of popula-
ton, industry and traffic in large towns,
and, perhaps, most momentous Of all, the
reorganization of industry and capital
suredly the past six decades have been