if!
I is the New—York
- _5 policy and non-forfeiture conditions. The twelve
New-Yorkr companies for the last year in which
they reported had total gross assets‘df'$801,-
879.000, and the premiumsreceived for the year
1897 amounted to $148,160,000. Claims were
paid by them to the amount of $57,218,000. The
total numberof policies in force was 1,211,0
Of the twelve. the oldest and one of the largest
Life Insurance Company,
which was organized in 1841. 'All thecompanies
together have in force over three billions of in:
surance. In anaddress recently delivered be-‘
fore a body ,of'insurance' men, John A. McCall,
president of the New-York Life, made the state-
ment which follows: . , ' __ . -
“No one will grudge me a paragraph in praise
of the benefits which life insurance has conferred
during the last twenty-seven years. The com-
panies have'during; that time received from pol-
icy—holders over three thousand million dollars;
they have paid over one” thousand millions in
death claims. and nearly as much more in en-'
dowments. annuities, dividends and surrender
values. _ »
nificance of. these figures if we compare them
with others which more strikingly impress the
’ imagination. A third of a century ago a. terrible
civil war raged in this country for four years.
The number of... deaths in the Federal armies is
officially stated’.‘to have been over three hundred
and 'fifty thousand; the National debt at the
close of the war exceeded twenty-seven hundred
million dollars, and the Government has Since
paid in pensions over twenty-one hundred mill-
ions. The debt was so great that the Nation’s
ability to pay it was openly questioned, and our
pension legislation Has been the most liberal the
world has ever seen; yet since 1871 we have paid
out for life insurance more than the amount of
the National debt when at its highest point,
and the payments of the life companies to their
members, 'have nearly equalled the disburse-
ments of the Government on account of pen--
sions. The Nation poured out blood and treasure
like water, and laid a heavy burden upon pos-
terity, that it might insure its own integrity
and perpetuity; under life insurance indiViduals
have freely paid these vast sums. that. they
might insure the integrity and perpetuity of
their families, and that their posterity might be
free.” - -
.____.__——. ,
FIRE INSURANCE COMPANIES.
THE LARGE , NUMBER OF METROPOLITAN CON~
CERNS ENJOY WIDESPREAD CONFIDENCE
‘ AND _ POPULARITY.
It'seems hardly necessary at this late day to
. point out the importance of fire insurance in a
community where property values are enormous
and of constantly increasing proportions. While
New-York has been singularly free from dis—.
astrous fires during the last few years, the
damages wrought by and the losses incident to
this element of destructiveness have left no
doubt in the minds of the community at large
of the necessity for protection. such as is af-
forded by fire insurance policies placed with
safe and reputable companies.
In fact, it has been demonstrated quite re-'
cently' that the so-called fireproof building is
not in reality fireproof. The burning of the
upper floors of the Home Life Building brought
the public face to face with actual conditions,
which up to that time had been merely surmised.
The first of these, as has been suggested, was
the fact that the so—called fireproof building
was not proof against flames, and the second
fact, which was apparent to all who watched
the progress of that fire, was the inability of
the Fire Department to fight it in the upper
floors of the tall building.
The chief of the New-York Fire Department
has often pointed out the danger of fire in the
sky—scrapers. The fire in the Home Life Build—
ing was the first demonstration of the evils
against which he had protested. It has often
been urged that the height of buildings could be
limited by law, and some such legislation is not
unlikely to be introduced. In the mean time,
however, innumerable buildings in this city rear
their heads aloft, and whatever is done in the
future in this matter will simply be a case of
“locking the stable after the horse is gone.”
The skyscrapers are here and add to the many
problems of fire insurance. Every day, in fact,
brings new problems to these companies.
The law of average that bears upon the rela-
tion of loss to premiums is constantly crossed
by the laws of the land as set forth by the legis-
lators, and changing physical conditions make
the most carefully compiled records of expe-
rience and calculation practically worthless.
In the olden days the manager of a “fire of-
fice’f charged a certain rate of premium because
that had been the rate for many previous years
on similar risks. To-day, one policy covers a
hundred hazards which were then unknOwn, and
the nicest discrimination is required to de-
termine the probable risk and possible loss. In
this’city the methods of research have attained
a remarkable degree of perfection, and the bu-
reau of eXperts here is keenly alive to the im—
portance of the many problems presented. The
most careful study' is made of all new' materials,
processes and conditions which are likely to
affect the fire hazard of any premises; fire-ex-
tinguishing apparatus is tested, and problems
of chemistry, mechanics and architecture are
studied in their relation to the fire risks.
Several distinct changes are noticeable in the
methods of doing business adopted by the fire
insurance companies of late. In the case of the
foreign companies especially there has been a.
marked deviation from their former course. It
was the custom in previous times for such
companies to transact their business through
branches located in this country. Now, how-
ever, they find it to their better interest to or-
ganize distinct American companies. The Liver-
pool and London and Globe was one of the first to
adopt this method, and on May 20, 1891, the
ROyal Exchange entered the United States, ap-
pointing as trustees Rosewell Graves Rolston
and Charles Ferdinand Hoffman, of New-York,
and as manager Robert Dickson, of San Fran-
cisco. In" the same year a deposit of $200,000
Was' made with the Insurance Department of
Massachusetts, in order to comply with the de-
posit laws of the various States. A deposit of
$50,000 was also made with the State Treasurer
of Oregon.
In the organization of these American com—
panies from foreign parentage they have been
capitalized at about $200,000 each.
The American companies organized in New-
It will help us jo appreciate the Sig:
, _, METROPOLITAN
York have restricted their 'operatiOns to the
State, but they are in a position to branch out
and will, eventually accept risks elsewhere.
The fire insurance business in this city is
largely. controlled by brokers, who take the
risks from large concerns and place them* with
55.: such companies as ’offer the‘best inducements
'1n the way of rates. While this‘method’doubt-
less saves property-holders the time and annoy-
ance inCident- " to seeing many agents ‘before‘
placing their risks; it is asserted in many quar-
ters that’it' is largely responsible for the do;
moralized- condition of the 'business. ,_ Others
claim that the. companies themselves are at"
fault. The old ta'ri'ff‘ association? which former-
ly controlled rates, is 'no longer in existence.»
Last year was,. on the whole, a profitable one
to the companies, as premiums were good and
the_ losses comparatively small. From all indi-
cations the present year. with smaller premi-
ums, will show greater losses. .- '
. Thetotal insurance loss in' New—Xark State 0
for 1897 was. $8,477,230. During that year the I
mutual fire inSurance companies of the State
had, fire risks in force amounting to $82,727,-
834, and the joint-stock fire and -fire marine
insurance companies had fire risks amounting
to $5,656,375,234. tThe risfifiiztéin during the
year were, res ec ivel , , , . "
319,233. p ‘ y S and $4421
The number of fire, fire marine and marine
companies authorized to do business, in 0the
State is 181. The ”amount of assets of the fire
and fire marine insurance companies of this
country and the foreign fire insurance com-
panies of other countries doing business in this
gist; 0612131361161)?“ 31, 1897, aggregated $285,-
, ,sown ana eate'nr
$216,11273,7%9 71 overg1896. ggr g 1 c case at
e ne _excess of receipts over disbursements
was $20,142,05712. ’One hundred and fifty-
seven companies received $21,064,88166 more
than they disbursed, and eight companies dis-
~{ictitrsledi_$.:[9;22,824: 54tmoé‘f1th8af'l' éhey received. The
a Is ursemen s, . 7, o, 02 ", 7 -
589 29 less than in 1896 6‘ was $8‘3’
The ratio of fire losses incurred to fire risks
writtendn the State by New-York joint-stock
companiesp was represented in 1896 by the
decimal 2!, and in 1897 by .24. Foreign com-
panies, .31 for 1896 and .24 for 1897.
The fire premiums received were-$23,605,-
457 28; fire losses paid. $9,823,237 62; fire losses
incurred, $9,3i2,_940 02,- and the estimated cost
for ”the transaction of this business, $7,868,-
45813. The excess of- fire premiums received
over fire losses incurred and estknated expenses
in New-York State far 1897 was_$2,305,249 68.
—O——— .
ACCIDENT INSURANCE COMPANIES.' '
FULLY ONE-HALF THE_BUSINESS OF THE ENTIRE
COUNTRY CONTROLLED BY LOCAL OFFICE-S.
The progress- of accident and, casualty insur-
ance has been a feature of the last quarter of
a century. The oldest companies began opera-
tions in the early sixties, and from that time to
the present there have been a large number to
start up, many of which, under wise manage-
ment, have made a success, while many, on the
other hand, have‘gone .10 the wall, involving
large losses. From the original basis of insur-
ing an individual against death by accident or
indemnifying him for time lost as a result of
an accident} which partially disabled him,,the
business has broadened out until it coversa '
wide range of risks. The liability of an em-
ployer for accidents occurring to employes, the
liability of a property-owner for an accident
happening to persons on his premises, in his
elevator or in front of his building; insurance.
of railroads and other transportation companies
against casualties, insurance of boilers and
plateglass windows—all these features, and
many others too numerous to mention, have
been added to the risks assumed by the com-
panies engaged in the casualty business. .
0f the twenty—five companies reporting to the
State Department twelve have their home of-
fices in. New—York, besides the three foreign
companies which have a branch in the United
States.
is $10,935,460, of which $5,070,000 is controlled
Eye thte metlropolitan dcorporations. 0f the ag~
.r ga e ms 5 insure , amounting in 1897 to
$3,104,394,441, the proportion of the local com-
panies was $1,442,904,256. Last year there was
paid into the treasuries of New—York casualty
companies about $9,000,000 in premiums, and
the disbursements almost equalled this amount,
while dividends to the amount of $269,183 were
diVided for the year 1897 among the stockholders
in New-York. -
Many of these companies issue bonds for the
faithful performance of duty, on the part of,
those who hold places of trust, where money
is handled. This has grown to be an important
department of the business, and, in fact, there
are four or five companies which limit them-
selves to this department. The tendency of the
present time is toward_a liberal policy.
___.___
MARINE UNDERWRITING.
STIMULUS OCCASIONED BY THE LATE WAR—AN
ANNUAL BUSINESS or VAST PROPORTIONS.
In view of the great importance of shipping
and commerce, it is not to be wondered at that
New-York holds a foremost‘ place in marine
insurance circles. Not only are the most im-
portant domestice companies, which make a
specialty of this branch of underwriting to'be
found under the management of metropolitan
offices, but the foreign ones as well. The an-
nual business written is of vast proportions,
and it is all under the 'watchful eye .of the
Board of Marine Underwriters, a. mutual or-
ganization of marine insurance companies, with
agents in all the important ports of the world
to-look after its interests. The year just clos—
ing has been an eventful one. In the first place
the Spanish war caused an unusual increase in
business, ship-‘6wners fairly swamping the local
offices with applications for war risks on ship-
ping. A great deal of this kind of insurance
was written before the war actually broke out
and the rates were not high. Later, when the
war was on, rates rose rapidly, and a. big sum
was taken, in in premiums. This has been esti-
mated at from $500,000 to $1,000,000, which, in
View of the fact that no damage to shipping
‘was done by the Spanish privateers, meant .a
Last month the severe gales de- .
clear profit.
stroyed such a large number of vessels that the
losses grew in alarming proportions, and a_meet-
ing of marine officials was called to consider the
subject, it being estimated that the storm .had
cest the companies about $1,500,000, thus wip-
ing out the income from the war risks. —
The last report of the marine “companies,
which was for 1897, showed that the risks writ-
ten during that year were $3,531,769.886, with
The aggregate capital of these concerns.
the premiums Ecliarged meteor amounting to
$15,898,053, or' at ant-atefic'if 45,per cent.~ While
most of the business is written-“by foreign. com:
company, which is- in New-Xork‘, is decidedly
flattering; As compared ‘with all the " foreign
companies, it wrote more in risks than any ‘of
them with one exception. "The Ame‘fican'com-
820,542 in: insurance, for ‘which the. premiums
paid were '_$2,-854~,321. In marine circles the
disturbing factor is - the cotton fires;._which
“lesses' from this cause have been quite, large
and. the cause, has not yet been aséertain’ed. ‘
' iii-MODEL UNDERTAKINQ SHOP. .
THE LARGE AND COMPLETE ESTABLISH-
MENT OF THE STEPHEN MERRITT r; '
BURIAL COMPANY."
There isno man‘in the world better qualified
orfimore widely known in the undertaking, em-
balming and funeral directing business than the
Rev. Stephen Merritt. With a. natural capacity
for this business, he unites the results of many
years of active experience. In the course of
his career as an undertaker Mr. Merritt has
buried more than fifty thousand bodies. He
conducted the famous funeral cortege of Gen-
eral Grant, one of the largest funerals in the
history of this country, with a procession ex-
tending from the City Hall to Riverside Drive.
Some time? ago Mr. Merritt decided to organize
what is known as the Stephen Merritt Burial
Company. It is conducted upon the co—operative
plan, with himself at its head as president. He
has organized and trained an intelligent and
proficient corps of undertakers, embalmers and
funeral directors, and the establishment is
the largest and most complete in all ’ its
details in the world. This corporation 'un-
dertakes the embalming ‘ of bodies to be
forwarded“ to any part of the world. It
makes 3. Superior embalming fluid of its own
panics, the showing of the leading; American
pany for 'the year placed on its-books 39125:.
break outfon vessels loaded with cotton? The“
for this special purpose.~ Theiprincipal builir'
..ing is situated» at Nos. 241 and243HWest Twai-
ty-third-st. As president of. the company, in.
Memtt gives his personal attention to’ much a
the business. He frequently ofliciates as net-g»
i-man, beingran ordained-minister, and isalso
familiar With the various services of ' secret or-
The building in West -Tu'enty4t-hird-st. ll ,
ders.
completely equipped and has every feature new
essary for carrying on its work' in the most
complete and satisfactory manner. The base-4‘
Intent; is constructed With-concrete doom-ands!!!-
fcludes white marble receiving vaults, a. nun-1
ber of congealing chambers for the keeping"!!!
. bodies and also used in connection with.autop-,
' Sies, embalming rooms, etc. - " ” ‘
0n the first floor is a showroom, in whiclEh
exhibitedan unusually large—line. of compound
caskets of all sizes and styles in ‘vafiufwoo'da
andmaterials. Among the large assortment'm
.be found coffins ranging in? price flow to
magnifiCent caskets of the: value of $1
upward. .The company has~a complete. cum; .-
for the several. grades of funerals, viz, the
lowest price, the intermediate amf‘ the best'Fo‘!
each grade it supplies ‘a complete outfit~ fit
wagons. hearse, coaches, harness and livery to
correspond with the coffin or casket and furnish-
ings? On upper floors chapels have been pro-
vided for conducting funeral services.
have a large seating capacity and are furnished
with a fine catafalque, organ and grand piano.
The chapels may be had for services without
additional charge. Another convenience of the
establishment is the sleeping rooms on tin
premises, where frigids or relatives from out of
town may have a home between the interval a!
death and burial. There are also a telephone.
library, reading and correspondence room.
The company supervises all the details for
burial. arranges for clergy, music, mourning
stationery, and, in fact, everything connected
with the burial rites. Its stables on Twentyb
Sixthst. are connected by telephone with the
main office, and contain fine horses, undertakers‘
wagons, carriages and hearses of the newest de-
Signs. Mr. Merritt was the first president of
the New-York City Funeral Directors' Associa-
tion, and to-day stands at the head of a co
pany which has a world-wide reputation for its
efficiency and equitable charges. The company
does a business that, is equal to that of forty
undertakers, and the enterprise is an altogetha
remarkable one. ‘
/
now a trustee of that institution. ,
and was a. member of the Union League.‘
United States courts.
tained a high measure of success.
Armstrong.
Only Manhattan. - ‘
WILLIAM RAYMOND WEEKS. .
William Raymond Weeks was born in Newark, N. J., on August 4, 1848. He attended the
public grammar and high -—schools, and was graduated from Newark Academy in 1865. He it
During the Civil War he served in the New-Jersey militia.
He studied law with his father, and i‘was‘admitteH
to practise law in New-Jersey in 1870 as an attorney; in 1876 he was admitted as a. counseling
and in New-York in 1895 and in West Virginia. in 1897. He is also admitted-to practise in tin
Mr. Weeks’s practice has covered almost the entire range of law, but he has mfiade a. spe-
cialty of corporation, real estate, mining and probate law, in which departments he has at-
He has a handsome suite of offices in the Bowling'Green
offices in this city, and also in the Prudential Building, Newark. He was one of the counsel
fer Joseph A. Blair, who was acquitted in 1879 of the charge of murdering his coach'mari, Join:
Mr. Weeks devotes much of his leisure time to the study and writing of history. He has
been a member of the American Bar Association since 1879.
ciation of the Bar of New-York, Lawyers’ Club, Twilight Club, Dunlap Society, American Air‘-
thors' Guild. American Numismatic and Archaeological Society, American Historical Association,
New—Jersey Historical Society. Sims of theAmerican Revolution, Order of the Founders and
Patriots of America (of which he is attorney-general) and Revolutionary Memorial Society of
New—Jersey. He is historian ”of the Newark Academy Alumni and for several years was the
historiographer of the American Numismaticand Archaeological Society.
works may be mentioned a. “History of the First Endowment of the College of New-Jersey,” a
“Bibliography of New-Jersey,” a monograph on
-various other works relating to the States of New-JerSey and New-York, among the latter I
paper on “The Manhattans.” to controvert the idea. of New-_York Island being the Original and
He is also a member of the Asso-
Among his historical
“The Jerseys in America Before 1700" and
, Mr. Weeks is a trustee and one of the projectors of the Bank of Cuba. He has organized
many business, mining. and manufacturing corporations, and was appointed by the late Edwin
Lister, president of Listers’ Agricultural Chemical 'Works. at Newark, as sole executor and life
trustee of his controlling interest in that corporation, which amounted to nearly $1,000,000.
Mr. Weeks was married on August 4. 1869, to Miss Irene Le Massena, a great-granddaugh‘n
ter of Andre Massena, Prince of Essling. one of Napoleon's marshals. ,, "‘r v -
Norwalk Chronicler