davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1911-11-29
SPECIAL ANNOUNCEMENTS.

damental bases of which were not yet deh-
nitely settled The companies were making
contracts that might run for half a century
and taking risks which could not be accu-
rately determined. They were cautious,
conservative. promised little, and hedged
their promises about with many provisos.
~ the insured travelled without the con
sent Of the company beyond the settled
limits Of the United States. Canada. Nova
Scotia and New Brunswick: n ne visited
those parts Of tho United States which lie
south of the boundaries of Virginia and
Kentucky between July | and November
/; II nc entered any military or naval SER
vice except the militia; II he died by his
own hand or i'm consequence OF duel, or
by the hands of Justice. or IN the known
violation Of any law of the states, or OF
the United States. or of the British prov
inccs named above, then. and in every such
case. his policy was void and OF no effect.
The same penalty was incurred II any
statement made I'm the application should
he found in any respect untrue, and IL the
premiums should not be paid as agreed
and in case the policy became nun ana
void all payments made were forfeited 10
tbe company. There were no days OF grace
In payment Of premiums, no provisions lot
reinstatement, no policy loans TO cas'
values. no extended or paId-up insurance
I'm case Of the failure TO pay premunis-ho
matter how many had been pad-and tle
Insurance was payable sixty DAYS atter
rroofs of death had been furnished.
New-York tribune., 1911-11-29
Dividend and Note Systems.

Most Of tho early life companies "elo
operated on the mutual plan. but ulNluenuS
were either declared at long interVals-
usually five years-or, If declared anhualiN'
their payment was deferred. Thls' OF
course. grew out of the fact already noted
that there was as vet no reliable American
experience on insured lives. The first dlvi-
dends were declared In this period. In
December. 1874, the Girard Life ana trust
Companv declared dividend in reversion
that Is. in the form Of additions to its
pollcies-and in 1s45 the Pennsylvania Com
pauy for Insurance Upon Lives and Grant
ing Annuites announced that thereafter II
would give pollcyholders one-hah the
profits In scrip. upon which interest at the
rate of c per cent a year would be pald
The New York Life declared It's first divi-
dend I'm scrip In 1896 and the Mutual Lile
declared its first dividend in reversion FOR
the five-year period ended In 1919 Inc
New York Life. paid interest on its out
standing scrip dividends until 1860, when
II began their redemption and the decldra-
ton Of dividends IN cash. but payable sew
oral wears later In 1868 tho last Of the
scrip was paid. and in 1859 tine payment
Many of tho early companies-the New
York Life among the number-accepted
notes IN part payment Of premiums, and
the first report OF the New York Superin-
tendent Of Insurance covering the business
of 1896. showed that Of the assets OF the
COMPANIES doing business in the state near
ly e per cent were premium notes. IN the
New York Lifo the proportion reached
nearly 3s per cent. There were reasons for
the practice at that time which do not exist
now. Policies We're absolutely forteitaole
for non-payment OF premium, but the man
who gave his note Tor 80 or 40 per cent q
each premium and after 2 feU years
ceased 10 pay lost comparatively little, as
he was never called upon 70 pay the notes.
This made the forfeiture Of policies doubly
unjust 20 the man who had paid oil cash,
and this was one OF the reasons urged for
New-York tribune., 1911-11-29
SPECIAL ANNOUNCEMENTS.

In the same year in which The Tribune
was founded. and in the month following
the issue Of its first number, an act was
passed by the New York Legislature
authorizing the establishment. in the City
Of New York. Of an insurance company
..,- marine. inland navigation and trans
portat ton. and fire risks, 10 be called the
Nautilus Insurance Company" Two
wears later this act was so amended as 70
give the company power 10 do life, fire and
marine insurance on the mutual plan, and
under the amended act the Nautilus In
surance Company was organized and began
business IN April 1S45. After issuing two
fire policies the trustees voted 10 confine
the business Of the company TO life IN
surance In 1s49 the name was changed by
act Of the Legislature to New York Life
Insurance Company. The company thus
orcauized had no capital stock. and its
financial resources consisted OF about
$500 IN subscription notes, made by fifty
six persons who had applied for insurance
20 the amount Of over $4,000 The charter
provided that such notes might bo re-
ceived and negotiated for the purpose OF
pavirg claims and expenses, and that 3
ucr cent might be paid the makers for the
use Of their credit The signers of these
notes. however. acquired no rights I'm the
control OF the company, except that, as
prospective pclcyholdcrs. they elected the
first board Of trustees Tho notes were TO
be given UP and cancelled when the accu-
mutations Of the company reached 10000
This was done i'm November. 1880.
Fv the charter under which the company
was organized every person having taken
p policy during the preceding year and
every person holding in nis own name GER
t'hcates OF dividends declared TO the
amount Of 500 was to be deemed a mem
Der OF the company and entitled to vote at
all elections. This feature was reafirmed
'7 the amendatory act OF 1&9, and was
extended 20 cover running policies by the
provision that each insured member for
snv su-r paid I'm or secured as premium
of Insurance during the year preceding an
election should have one vote. Under Sec
sion % Of the present insurance law every
rersoa having a right to vote by virtue ct
any contract made prior 20 it's enactmcn;
retains that right. bot under contracts
since made a policy must have been in
force one year IN order 20 enutle the holder
20 vote for trustees. II q policy has been
absolutely assigned more than six months
prior 10 the date OF an election. tho as
siguee is TO be deemed the policyholder
and entitled 10 vote.
When the Nautilus was INCORPORATED. IN
-l4l. the only other nfe insurance company
IN The state vss the New York Life In
s1rance and Trust Company, Incorporated
'r lssl and still doing business ss p trust
company at 70 % Wall street. BetV con
1880 and 1871 " issued about two thousand
life policies and had on is books at the
latter date about S35oocco Of insurance. It
ceased 70 take new risks many years ago,
md now has less than a dozen policies on
IS books Outside cS New York State
there were eight cornpanies-four in Penn
sylvania TWO IN Nassa chuselts, one IN
Ohio and one IN MARYLAND All we're small.
rcost o. ther, I'D a trust business. and
New-York tribune., 1911-11-29

year the bank opened branches at Mendoza, Co
p!aIo. Ccquirnbo. Ia Serena and Chillsn. IN
1902 X lost b. death us managing director, NJ.
John Dawson, who had been connected Win tne
bank since IT'S inception. RE was gentleman
nate distric,s and accordingly he worked tne
Institution very much upon those lines, but his
successor, Nj. r J. Hose. has developed the
business Of the bank into far wider sphere.
Nor only has he spread the influence OF the bank
over the greater part OF south America, buy ne
Ios linked up rs business with Europe generally
and with the United states. Indeed. hndlag II
New-York tribune., 1911-11-29

the time he Joined the bank that the institution
was q purely local one ne has steaclly SCI ~
tsCe n make n one OF international Importance,
and this aim has IN great measure oeen &C
complished. Following the smalganaton WIN
the Argentine Bank, oranch HsS OyeleGG -
pahia Blanca and one Office in Bolivia, while IN
Furope an Office was created at Hamburg, and
close relations with French financial institutions
1,sra also established In 1907 an agency was
oDened al New York, and few months ago
the bank further extended its operations m At
gentina by establishing branch az San hstaei
'Tbus in about twelve years the bank converted
New-York tribune., 1911-11-29
Growth Of the New York Life.

itself from a merely local institution having
cnlv three ofices 70 one having seventeen OF
4les IN south America Two IN Europe and one
in New york Recognition ot this tect was eN-
pressed IN 1907. when the title OF the bank vas
changed 70 the Anglo-South American Barh.
lid and the capital vas increased 70 t29oo,Vvp
of which II $50 900 WAS paid up According 20
fte balance sheet az June 80. 1910, the bank
ressrve f,nd reached the SUN Of $50 600. and no
doubt IL will be found on the publication n =
few weeks time of its report for the year enc
increased.
New-York tribune., 1911-11-29
State Supervision.

State supervision OF life insurance con-
sisted at first in the requirement Of annual
rcports to the Controller or chief financial
officer OF the state, tut In 1855 Massachu-
setts appointed insurance commissioners
with powers of supervision, and in 1853
New York established an Insurance De
partment. Through the influence OF the
Massachusetts, commissioner the net sys-
tenn Of valuation OF policy liabilities was
established and the actuaries' or com
bined experience table Of mortality was
made a standard in this country New
York state used the English Life Table
No. for Males" until 1858, the American
table 1s69-l6s5, the Actuaries' lssp-lsC", and
since 1850 both the Actuaries' and the
American, the latter applying to policies
issued since January /, 1901. The first
report Of Superintendent Barnes OF New
York showed the following condition Of
life companies doing business in the state
on December 81, 1870.
New-York tribune., 1911-11-29
JULIAN \. rAlRCHlLD,

As president Of tho Kings County Trust
Company Julian 2 Fairchnd has occupied
IN important position IN the financial world
New-York tribune., 1911-11-29

Later he was prevailed upon 10 serve as
one Of the commissioners from Brooklyn
o' the now East River Bridge
New-York tribune., 1911-11-29
SPECIAL ANNOUNCEMENTS.

a non-forfeIture law in 1861 By the Hon.
Elizur Wright Insurance Commissioner ol
Massachusetts. II was expected that the
premium notes would be cancelled by divi-
dends. but. as we have seen, dividends were
not paid annually. nor in cash at nrst'
while the notes bore interest which must
be paid each year. Moreover dlVidehus
had a provoking way OF failing to equai
the notes, notwithstanding the fact that
they were large. During the first twenty
two years Of the New York Life 1t de-
clsred It's dividends on the percentage plan
that is. a certain percentage of the pre-
mium-and they averaged Ss.S per cent
The First Great Reform.
While all policies continued to be non
forfeitable by their terms until 1863. usage
soon bettered the contract, end policies
that had been I'm force five years or more
were by most companies allowed either a
cash value or paid-up insurance value If
surrendered while still I'm force. But the
companies were loath to grant IL as right,
because as We have seen, they felt they
were not yet on safe ground with respect
10 future mortality under their contracts.
But the subject OF non-forfelture would
not down. Mr.. Wright urged II In his an
nual reports of 1853 and 1859. and in March,
1859 he submitted tho draft Of non
forfeiture law 10 the Insurance Committee
Of the Massachusetts Legislature. Massa-
chusetts enacted the first law on the SUBJ
ject in April. 1851. but meantime other In
huences had produced non-forfelting
policy. The subject was fully discussed in
the Life Underwriters Convention in May,
1850. but the committee having the subject
I'm charge reported adversely. The officers
OF the New York Life seem TO have taken
no part in the discussion, but on Juno lS
following Trey recommended TO the trus-
tees the issue Of a ten-payment life policy
which should be non-forfeitable for as
many tenths OF tho original amount as
there had been annual premiums paid
after two such premiums had been paid.
This was the beginning OF non-forfeitable
policies among life companies doing a gen.
eral business. Tho Presbyterian Minister'S
Fund had adopted a non-forfeiture clause
eight years earlier
New-York tribune., 1911-11-29
SPECIAL ANNOUNCEMENTS.
THE NEW YORK LIFE A LEADER.

this proved high-water mark for twelve
years The next seven years saw heavy
mortality among companies and heavy
losses TO the policyholders OF falling COM
panes. The number doing business in the
state in 1873 was fifty-siX In 1850 1t was
thirty-one New business fell off over bo
per cent, business in force over 80 per cent
The old and we'll established companies
among them the New York Hfe-had about
held their own as TO insurance, while their
accumulated funds had considerably In
creased.
New-York tribune., 1911-11-29
In Civil War Times.

naDN. III mas SlIlft Utf1 dbpbNNN ~ ~
American life companies.
In Civil War Times.
This decade. 1s6O-'7o, included the period
of the Civil War and involved some diff
fcult problems. Four days after the Presi-
dents proclamation calling for seventy
five thousand men meeting or delegates
from sixteen companies was held In New
York, and il was recommended that the
companies give their consent to the III
slred entering the military or naval SER
vice: that the insured have the option OF
naving A war extra OF per cent per
annrm on the amount insured and per
cent additional as a climate risk Tor SER
vice south of "a degrees north latitude or
TO have their policies renewed atter the
war upon satisfactory evidence or good
health, the cash surrender value to be paid
in case Of death.
The greater difficulty arose with respect
To policyholders residing in the southern
states. II was difficult at first and later on
impossible, for such policyholders to pay
premiums, the non-payment of which VOID
ed the policies Military service had the
same effect, and nearly every ablebodleu
man belonged to military organization or
some kind. Two methods were finally set
tied upon-hrst, TO lapse all such policies
and credit the insured with the cash value
second as an alternative TO cash value, al
low reinstatement Of the policy after the
war upon the payment OF back premiums
with interest, and a satisfactory medical ex-
animation. But the war continued so long
that IL was found more advantageous 10
most of those who could pass medical
examination TO take the cash value or OLD
policies and reinsure under new ones. The
New York Life received premiums forward
ed under flag of truce and by Letter EX-
press' until communication with the states
in insurrection was forbidden by Act OF
Congress, which was in force from August
26 1861.
The New York Life issued In all ,3l war
rermits. on policies amounting 10 s1l5l,e5o
and paid 73 war losses amounting to
yt07.1OO. At the close Of tie war 1t wa.
found that an extra premium OF 81 cents
per $1,000 upon all insurance in force at
its beginning would have paid for the eX-
ira losses incurred under policies then IN
force. The war extra charged, however,
did not quite cover the extra mortality.
After the first shock Of war had passed,
the business Of the life companies took on
new life, and the new business Of 1860
Vas nearly seven times that Of 1850 The
number Of companies operating in the
state had increased 70 thirty-stT. The
business had been stimulated-as all
business was--by the imitation Of the cur
rencv. and IN time II suffered-as all bust
ness did-by the measures taken to return
10 a specie basis
After the Panic of 1873,
At the end Of 1873 the business reached
New-York tribune., 1911-11-29
A General Wow.

The following table gives in bref the
business Of all the life companies IN the
United states for the year ending Decem-'
Der 81. 1910:
New-York tribune., 1911-11-29
The Tontine System.

accumulated funds had considerably IN
creased.
The Tontine System.
The decade 1S7O-1ssO saw the very gen.
eral adoption OF the Tontine system. Nom
forfeiting policies were only ten years old
in 1S7O-the penalty of forfeiture for dis
continuance OF premium payments did not
seem so harsh then as now-and the new
privileges-a months grace in the pay
ment OF premiums, the privilege of rein
statement during second month, guar
anteed cash value of the full reserve on
the policy, and an increased share OF sur
plus at the end of the first dividend period
seemed TO many a fair equivalent. And
so the companies writing Tontine policies
among them the New York Life-pros-
pered Actual dividends fell short or esti-
mates, just as they did under the pre-
MUM note system. but both stimulated
business and both hastened the adoption
OF new and valuable features; the first,
az we have seen. helping in the adoption
of -forfeiting policies. the second be-
ing q factor I'm securing guaranteed cash
values. The non-Tontine companies be-
at the end OF fixed periods. soon after the
maturing OF the first Tontines. The full
Tontiues were followed by semi-Tontines or
deferred dividend policies in the early sos
and these remained popular until sud
denly, in 1906, the food came and took
them all away.
During the decade Of 1Ss0-1s90 the busi-
ness not only recovered all the ground 1t
had lost, but forged ahead to new high rec
ords The insurance in force on December
81, 1889, was over S3,144,000,0O0, the ac-
cumulated funds were nearly s700,ooO,0Oc,
and the new insurance issued in 1883 was
over 500, 900, 900. The New York Life's
share in these immense totals was over i
per cent. Its new business was nearly 90
per cent of all. In this decade also began
the remarkable series OF changes in tho
policy contract which reached its climax
when the New York Life issued its ac-
cumulation policy Of 1892, upon the single
condition that the premiums be paid as
agreed, and with new advantages AS TO
loans and paid-up insurance
The Greatest Decade in life Insurance.
During the decade 1s95-1so5 there was
NN|+ti~~-
than in all the years that preceded. This
may seem an eyaggeration, but here are
the figures that go far 10 prove II. Up 10
December 81, 1885, the life companies then
doing business IN the state had received
I'm premiums total OF s2,Ss5,ooo,oOo: during
the ten years following the companies
doing business in the state received S3i52,-
100000 in premiums. The figures of the
companies not represented IN the list Of
1895 would be but the dust OF the balance
IN comparison with these totals The hg-
ures Of the New York Life are still more
confrmatory; during the first fifty years
of IT'S history. 1855, the companys pre-
MUM income was s253,ooo, ,o00;, during the
ten years, 1sa5-1so5. IT'S premium income was
1896 10000
Insurance written, insurance in force and
New-York tribune., 1911-11-29

The end Of this decade saw life insur-
ance we'll established and enjoying fair
degree OF popularity. II was finding solid
ground in American experience OF insured
lives, in net valuations, In non-forfeiting
policies; and, during the next decade was
to adopt the all cash premium system, an
nual dividends paid I'm cash and computed
according to a formula devised by Ameri-
can actuaries This method Of apporttoning
surplus-known az the contribution method
was devised in 1868 by Messrs Sheppard
Homans and David p. Fackler, then act
uaries OF the Mutual Life Insurance Com
many. II has since been adopted by all
American life companies
New-York tribune., 1911-11-29
SPECIAL ANNOUNCEMENTS.


accumulated funds Of all companies doine
business in New York increased by leaps
and bounds. The new insurance In 1895
was s7s6.OooOoo; that OF 1905 was near
Iy H.6OocoUo. Insurance IN force at the
end of 1895 was 1900, 10000; at the end OF
1906 II was ss15O,cOo,Oo0 Accumulated funds
I'm 1895 we're s639, go; in 1906 they were
81 $50 10000 Tho New York LIES new
Insurance In 1895 was s12i 10000, in 1905 IL
was s2gs.OO0OOO: in 1896 its insurance In
force was 100000. IN 1906 It was s2osi.-
OOO.OOO:' in 1895 its accumulated funds were
si74, 10000, in 1905 they were s435,ooocpp.
The Top OF the Curve.
Again the business made new high
record and then receded. The investigation
OF 1905 and the drastic legislation OF 1906
limited the new business OF the larger
companies TO about one-half their former
figures. Some Of the harsher features OF
tho Armstrong laws have been modified;
the limit OF new business IS now an elastic
one and depends upon tho economy with
which the total business of company Is
conducted.
The New York Life was the only COM
pany which was hampered by the old
Limitation OF new business. Having moro
insurance IN force than any other com
pany, a hard and fast limit upon It's ac-
tivities was a peculiar hardship. With
ratio OF examinations smaller than the
average. II lost little ground every yeay
IN the amount Of insurance in force until
the law gave II larger liberty. The amend
ed law gives room for normal growth. and
the company is living up 10 its opportuni-
ties. Under the economy shown IL was
allowed 10 write about sl20oO,ooo more new
business in 1910 than 1909, and about $1,000
900 more in 1911 than I'm 1910. More than
hall Of the permitted business of 1911 was
written during the first half OF the year.
New-York tribune., 1911-11-29

O, New York City for many years. He has
also been honoraoly prominent IN the &C
tive and useful life OF the city ana repre-
New-York tribune., 1911-11-29

The New York LIES proportion Of the
total business was about 10 per cent
New-York tribune., 1911-11-29
After the Panic of 1913

At the end Of 1873 the business reached
81, ,08e, 900, 900 OF insurance in force, and
New-York tribune., 1911-11-29
SPECIAL ANNOUNCEMENTS,

only two-the Presbyterian Ministers
Fund, Of Pennsylvania. and the New Eng
land Mutual. of Boston-are still doing a
life insurance business.
The times and democrat. [volume] (Orangeburg, S.C.) 1881-current, 1911-11-23

State of South Carolina, County OF
Orangeburg, In Common Pleas.
Alexander R. Tharin, ETC., Plaintiff,
against Augusta Tharin, Defend
ant.
Py virtue of judgment Of the
Court of Common Pleas in the above
entitled action I will sell at Orange
burg Court House on the first Mon
day in December, next, during the le-
gal hours for sale, the following de-
scribed real estate:
All that certain piece, parcel or
tract Of land situate, lying and being
in Zion township, Orangeburg Coun-
ty, in the State of South Carolina,
containing one hundred and eighty
two (1S2) acres, more or less, and
bounded by lands Of ]. D. Whisen-
hunt, Estate of Jacob Lee, N. N. Hay
den, Mrs. III. c. Dibble, Estate Of Ad-
ana Glover Boltin and others, known
Terms Purchasers to pay
ms Popular Springs" Place.
for all taxes payable after day OF
sale; and in case the purchaser shall
tail to comply with the terms OF sale
then the said premises will be resold
On the same Or some subsequent
salesday, on the same terms and al
the risk of the former purchaser
Andrew c. Nbble,
Judge Of Probate, as Special Referee
November 10th, 1911.
The times and democrat. [volume] (Orangeburg, S.C.) 1881-current, 1911-11-23
State of South Carolina. County OF |

State of South Carolina. County OF
Orangeburg, In Common Pleas.
Home Building and Loan Association
Plaintiff, va. James S. Brown, De-
fendant.
BY virtue OF a Judgment OF the
Court Of Common Pleas in the above
entitled action, l will sell at Orange
burg Court House on the first Monday
in December. next, during the legal
hours for sale, the following de-
scribed real estate:
All that certain piece or lot OF
land situate, lying and beins in the
Eastern side OF Treadwell Street in
the City and County of Orangeburg,
State aforesaid, and fronting and
measuring on said street sixty feet.
more or less, and running back and
measuring on the respective side lines
two hundred (200) feet, and meas
uring on the back line sixty (G0)
feet. Bounded by the said Treadwell
Street: by lots Of William Brown,
Joe Glover, Jake He;gler, and the
Estate of ---- Webster And
being same lot devised to defendant
James S. Brown by the late n. A.
Bull deceased.
One (1) share OF Capital Stock OF
Home Building and Loan Association
Of Orangeburg, S. c., Series Number
Five. maturing in June, 1912.
Terms-Cash. Purchasers to pay