The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-08-31
Secretary COrteIyOu Says Nice
Things to Actua ries.
His Address the Feature of
Their Congress.
WATCH WITH INTEREST
Department of Commerce Inter-
ested in the Work.
Scholarly Review of the Origin
of Insurance.

OF insurance.
New York, Aug. 31.-The fourth inter-
national congress of actuaries met in
this city today. The delegates include
men from several foreign countries. Sec
rerary of Commerce and Labor George
B. Cortelyou, who is an honorary mem
Der WAS delegated by the president TO
open the session and delivered an ad-
dress. The session will continue for the
week.
Mr.. Cortelyou said:
Mr. President and Gentlemen:-I ac-
count it a high honor and privilege To
have part in the exercises of this
great international congress. With ever
increasing interest have learned of the
work you have done and of the work
you expect to do, and it gives me pc
culiar pleasure to address the members
of an organization which is so intimate
" in touch with modern thought and
progress, and which has for its concern
subjects that relate so vitality to our
common welfare. On behalf Of the gov
eminent and people of the United States
and speaking especially for the Actuarial
Society of America. not alone it's MEM
y
branches of the society so worthily rep
resented by our friends and neighbors,
the delegates from the Dominion of
Canada, 1 extend to you a most cordial
greeting. 1t is a happy circumstance
that this fourth international congress of
actuaries should be held on the Ameri-
can continent and it's metropolis.
The great nations here represented
70, n in
vitation most cordially extended. AS
your hosts, we have looked forward TO
this gathering with the hope and the
purpose of making 1t worthy to take
its place with the meetings that have
preceded it, and if you do not find on
every hand the evidences of our deep in
terest, it is because we have fallen short
in our efforts to make this occasion an
expression of our sincere good will and
our friendly hospitality.
In such an assemblage shall hardly
attempt to make more than brief al
fusion to certain historical aspects of
your work, but am sure you will par
don me if 1 touch upon some of the fea-
lures which show its scope and its help
fitness to mankind. And you win re-
member too. that on this occasion am
speaking not only to you but for you.
DISCUSSES INSURANCE.
While insurance nav have been
known to the ancients, its principal
development has been during late years
through the exigencies of modern COM
merce. In the beginnings of mercantile
dealings men were unable financially,
as individuals, to bear great losses.
They learned that in the division of
risks among large numbers personal
losses would be small. From this mu-
tual practice in respect to losses that
would otherwise have fallen heavily
upon each came insurance on CONNER
cial lines. and, as has been well said.
daF1 aercz nv
large business enterprise, dealing either
in building, transportation, or manu-
facture, who does not seek shelter I'M
der a policy of insurance. 1t originated
probably in the insurance of ships; it
has been carried to almost every in
dustry subject to losses through the act
of man or the elements.
Annuities are of great antiquity. Life
insurance SO called, was a mere wager
between one man and another until the
first permanent life company was or
ganized. This I am informed, was the
Amicable society which lasted some
thing over 161 years, after which its
business was taken over by another
office. The oldest life company was es-
tablished in 1856 and still exists in Lon
don.
The first permanent life company in
this country-one of the great institu-
tions whose officials are numbered in
your gathering today-began business
in 1843 followed at comparatively short
intervals by other equally representa-
tive companies, which also through in
dtvidual membership participate in
your deliberations.
ORIGIN OF THE ACTUARY.
We are told in the chronicles that
deal with such matters that in ancient
Rome the name actuary was given tc
the clerks who recorded the acta pub
lea of the senate, and also to the Off
GERS who kept the military accounts and
enforced due fulfillment of contracts
Tor military supplies. The first men
ton of the word in law is said to be in
the Friendly societies act of 1919 where
1t is used in the vague sense sactll-
It has been used with precision since
the establishment of the tInstitute OF
Actuaries of Great Britain and Ire
land, in 1913, and THE Faculty OF
Actuaries in Scotland" founded al
Edinburgh in 1856 and incorporated hx
royal charter in 1858
The institute of French Actuarfes
and similar societies in Germany. Bel
GUM and other nations, have taken
their place In the ranks of this great
body Of scientific workers and have had
! and now have worthy representation in
your meetings.
The Actuarial Society of America
was organized in the spring of 1889
While 1t is young in years you have
undoubtedly found it not only active
and alert, but ready at all times to I'M
hertake and measure up to every re-
nuirement of it's older and more exper-
lenced colleagues.
In modern times" says a recent
writer, the actuary is the mathema-
tician of an insurance company, who
makes the calculations on which its
policy. plans and prices are based. and
applies the doctrine Of probabilities tC
fire. life or accident insurance. Al.