Omaha daily bee., 1903-02-01
FOUNDER OF LIFE INSURANCE
Tablet to the Memory Of Morris Robinson
Erected in Wall Street
ORIGIN AND EXPANSION OF An IDEA
Development Of n great MOdern In
%stitution and the Triumphs IL
Achieves ~ n Protection
aud an Investment.

The erection Of a tablet tomorrow in New
York's famous Wall street to Norris
Robinson. one Of the city's distinguished
hnanciers Of the early part Of the last CEN
fury, on occasion Of the sixtieth ami
versary OF his instituting what has become
the greatest single factor in American
finance and in several ways one Of its most
important branches-modern life insurance
draws attention to an interesting lchapter
in the story Of our business development.
1t is the story OF a steady growth from
little things to great ones, and 1t speaks
much for the better side OF American
commercialism and tells OF confidence es-
tablished by conservatism, honesty and
good judgment.
The basic idea Of life insurance was an
imported one, and a very ancient one, but
the form in which 1t has become a great
modern institution was first introduced in
the western hemisphere when the Mutual
Life Insurance company Of New York
opened its doors on February /, 1s43. At
the head Of this organization was Morris
Robinson, who. a Canadian by birth, had
in the first quarter Of the nineteenth CEN
fury taken a position among the foremost
fnanciers Of the United States. He was
0AAA VI a Z W. "a MIL u $50
United States bank up to the time that
that institution was discontinued by Presi-
dent 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, after
his return, he started a movement to estab-
lish IL in this country il was confidence
in his judgment that brought him the sup
port OF the prominent merchants who were
then the great men OF New York. So, from
its very beginning. American life insur-
ance has been in the hands of expert lnan-
ciers, backed by the most experienced
business men.
Growth of Life Insurance.
The growth OF modern life insurance has
been more rapid and striking than that OF
any other branch Of finance. In 1S43, the
first year of the Hrst American company. it
issued policies for a total amount OF 81, $40,
rs and had assets Of 1872 81, with a total
income OF S3S,502. Now there are more
than 100 companies chartered in the United
States, with $4,000, 900, 900 Of insurance in
force and assets OF over s., 900, OOO, 900
Starting on lines adapted from and closely
copied after those Of their English prede.
] NeoNA AZ @hAAN NaA NcAhBoAANo low "
day more than twice-indeed, nearly three
times-the amount Of business OF their
British competitors. the reason being thai
American methods. based on scientific &C.
curacy, have been applied with persist
ence. with conservatism and with energy
1t was not until lS49 that the money
assets OF this first company touched the
million-dollar mark, and then 1t had $14,
O44, 213 insurance in force, but The increase
from that time was rapid and in 1888, wheI
It was 40 years old, 1t reached the 800,
0CO, 900 point and had more than 10, 00t
policies on its books, with a surplus tina
reached nearly So 500, 900. Its total income
for that year was something over SIS, 500, 0Ot
and its disbursements more than SIG, 900,
900, OF which $3,13S. 1872 was in the form
Of dividends to its policy holders. TIL
present assets exceed $3.50, 900, 900 and sine,
1s4S 1t has paid over $500, 900. 900 to 1t
policy holders. hat means that this on
company has In land money enough T.
build the Nicaragua canal and seventy
five modern battleships Of the mos
powerful and perfect type to protect it
that 1t could create outright a large
navy than is owned by the United State
today; that 1t could pay the whole bonde
debt Of the city Of New York and hav
ftOtVOOtVuV I SpuIC' nt eSfOOObuJOtuVV U
assets of all the American companies rep
resent simply the amount Of money in
vested by policy A.olders in the form q
premiums and is a larger sum than is in
vested In any other kind of enterprise 1
the world, while it would certainly empt
the treasures OF several Of the riches
; nations to make up another fund eQus
to II.
Insurance as an Investment.
\ In it's early days life insurance was IN
tended for protection rather than as
! form Of investment and the original polio
b, holders considered SIC, 900 as heavy insul
ance, Two men insured in the FIRST wee
that the Mutual did business are still liN
ing-Mr. William E. Shepard. who's
I policy is the oldest, and Mr.. Charles I
Booth. who is probably the oldest ma
d in the world carrying insurance. for tn
. one hundredth anniversary Of his Dirt
n comes next September. Each took OF
3 1000. They we're not then acQuainte
y with each other, Mr.. Shepard having gor
b TO New York from his native town
A Wrentham, Mass, and Mr.. Booth fro
| Straffnrd Conn vharp he was horn hi