first perpetual policy was issued March 10 of that year. The original officers of the company were William Jones, president, and Edward Fox, secretary. In 1813 President Jones was made a member of the Madison cabinet, accepting the appointment of secretary of the navy, and was succeeded as president of the company by Guy Bryan. Secretary Fox, whose management was characterized by great personal energy and success, died in 1822, and ex-President Jones resumed connection with the company as his successor. Joseph Reed was president and Job Bacon secretary in 1827, when the stock subscriptions were called. At the beginning the American Fire established agencies in all of the large towns and cities in Pennsylvania and received risks from outside states by means of correspondence. The American Fire was involved in most of the extensive conflagrations that occurred in the country during the first forty years of its history, the principal losses being at Philadelphia, May 22, 1836, $42,021, and October 4, 1839, $72,470; Pittsburgh, April 10, 1845, $38,000, and St. Louis, May 17, 1849, $100,000. In the New York conflagration of July 19, 1845, the company lost $30,000. In all of these instances its losses were promptly paid, ensuring the American Fire a conspicuous and honorable reputation as an insurance organization.

By an act approved February 16, 1847, the capital stock was reduced to $277,500. April 14, 1863, an act was adopted authorizing an increase to $400,000, with power to make the amount $500,000. These figures were reached in 1886. The American Fire was admitted to New York in 1854, reporting under the laws of the state to the insurance department for the first time that year. Prior to that, however, it had regularly transacted business in the state for a considerable period. The officers at the time mentioned were Samuel C. Morton, president, and Joseph G. Mitchell, secretary. In 1855 Thomas R. Maris became sec retary and was made president January 11, 1860, succeeding George Abbott, who was President Morton's successor in 1857. At the time President Maris assumed the management the company's assets amounted to $659,325; when he resigned, April 23, 1882, they were $1,620,307. In April, 1882, Thomas H. Montgomery was elected president of the American Fire and has since held the position. Albert C. L. Crawford was elected secretary in 1860, and retained the place until the time of his death, July 8, 1886. He was succeeded by Richard Maris, the present incumbent of the office. Charles P. Perot is the vice-president of the company. The directors are Messrs. Thomas H. Montgomery, Israel Morris, Pemberton S. Hutchinson, Alexander Biddle, Charles P. Perot, Joseph E. Gillingham, Charles S. Whelen, Edward F. Beale, John S. Gerhard. The total assets of the American Fire, December 31, 1893, amounted to $2,683,115, the net surplus being $76,974. The income during the year was $1,963,093.69, the cash premiums aggregating $1,717,424. The losses amounted to $1,769,295, the total disbursements being $2,474,685. The total premiums received since the organization of the company amounted to $26,753,606.27; total losses paid $15,991,198.99; total cash dividends, $2,646,435.50. The total amount of risks in force December 31, 1893, excluding perpetuals, $203,465,209. The total of perpetuals was $23,066,874.

American Life Insurance Companies, Foreign Business of. [See Foreign Business.]

American Life of Philadelphia, Receivership. The report of Edgar L. King and William K. Myers, the auditors appointed to distribute the funds in the hands of the Real Estate Title Insurance and Trust Company of Philadelphia, receiver of the American Life Insurance Company of Philadelphia, was filed May 4, 1893. The report showed that there were 7,366 claims passed upon. The total amount of the fund for distribution, according to the account of the receiver, was $307,334.05, the cost of the audit and court cost reduced this fund to $295,897.63, which was the amount for distribution. The total valuation of claims allowed the policy-holders and others was $1,293,824.36, and from the fund then distributed there was paid a dividend of 22.89 per cent. It was announced that there would be another distribution arising from the realization of assets since the filing of the first account by the receiver, which would make the total about 30 per cent.

On May 31, 1893, it was announced that ex-President MacFarlane of the wrecked company had returned to Philadelphia, surrendered himself to the authorities, pleaded guilty to the indictments against him, in the court of quarter sessions, and been sentenced to four years imprisonment in the Eastern Penitentiary of Pennsylvania. MacFarlane has been a fugitive from justice three years. In association with George F. Work, Louis E. Pfeiffer, and James S. Dugan he robbed both the insurance company and the Bank of America to put money into speculative schemes. When the crash came he succeeded in getting away but his associates were tried and sent to prison. MacFar lane had been living in Brazil. He claimed that remorse brought him back.

American Insurance Company, Boston, Mass. Organized 1818; capital $300,000. F. Peabody, president, J. W. Field, secretary.

American Insurance Company, Newark, N. J. Organized 1846; capital $600,000. F. H. Harris, president, J. H. Worden, secretary. American Mutual Insurance Company, Providence, R. I. Organized 1877; capital $182,353. J. S. Phetteplace, president, R. B. Chapman, secretary.

American Steam Boiler Insurance Company of New York, in 1891 re-insured its business in the American Casualty Insurance and Security company of Baltimore, and retired from active business. In October, 1893, certain stockholders of the company applied to the attorney-general of New York to begin an action in the court for its dissolution, alleging at the same time that there was an unaccounted deficit or shortage in its assets to the amount of over $458,000. On the application of the attorney-general the New York Supreme Court, on November 25, 1893, granted a decree for the winding up of the corporation, and appointed Thomas F. Powers of New York, receiver. This appointment being unsatisfactory to the complaining stockholders because Mr. Powers was one of the directors of the company, the same court on February 1, 1894, removed him and appointed Henry S. Ward receiver.

American Surety Company of New York. This company was incorporated under the Second Department of the Act of the State of New York, passed June 24, 1853, for the purpose of guaranteeing bonds or undertakings required by law, and is empowered to act as surety generally under the Act passed June 13, 1881, and all Acts amendatory thereof, or supplementary thereto. It was organized April 14, 1884, by Richard A. Elmer of Waverly, N. Y. (deceased October 1, 1888), its first president, with a capital of $500,000, which was increased July 1, 1887, to $1,000,000, and again October 2, 1892, to $2,000,000.

It transacts only surety business throughout the United States and the Dominion of Canada and Mexico. Its present officers are W. L. Trenholm, president, Henry D. Lyman, vice-president, David B. Sickels, second vice-president, S. S. Colville, treasurer, W. E. Keyes, secretary, and G. M. Sweney, assistant secretary.

American Union Life Insurance Company of New York. In September, 1893, Mr. P. B. Armstrong, formerly the president and manager of the Mutual Fire insurance company of New York, and two cognate companies, issued the prospectus of a new life insurance company with the title at the head of this paragraph, organized under the laws of the State of New York. The prospectus stated that the company would be organized and conducted on a new plan. The cash capital would be $500,000 and the motto, "Selection, inspection, protection." There would be five hundred charter members, who would each agree to take insurance in the company to the extent of $50,000 as soon as it is organized. Other charter members for smaller amounts would be admitted, as circumstances might warrant. Each charter member would receive an agent's commission contract. The company would "do away with the objectionable features of assessment insurance." It would not issue tontine policies under any names. It promised low rates of insurance. Finally it would be a company "which would have for an ultimate object, the establishment of a National Board of Health, for the curtailment and eventual extermination of all contagious diseases, and the prolongation of the lives of the people."

The new company secured offices in the new Continental Building on Cedar street, New York, in the spring of 1894, and at the time this volume was ready for the press, it was announced that the arrangements had been completed for the company to begin business in a few weeks.

Annual Statements, Limit for Filing. Annual.]

[See Statements,

Anti-Compact Laws. Legislation forbidding fire insurance companies or agents to combine in compacts or boards of underwriters, for the purpose of fixing, maintaining, and controlling rates of insurance upon property was introduced in the legislatures of Alabama, California, Connecticut, Indiana, Missouri, and New York in 1891, in those of Iowa and Maryland in 1892, in those of Alabama, California, North Carolina, Washington, and Wisconsin in 1893, and in those of Iowa, New York, and Virginia in 1894. In all of these legislatures the bill failed to become a law, either through the adverse action of a

committee or the direct vote of one of the houses. In the Georgia legislature an anti-compact bill, which had laid over from a previous session, was taken up in the adjourned session of 1891 and passed. The text will be found further on in this article. In the adjourned session of the Ohio legislature of 1891, a bill modifying the anti compact act of 1885 was passed. The text of the act, as amended, is printed hereafter. An anti trust law passed by the Texas legislature in 1889, and resisted by the insurance companies, was declared applicable to them by the court of appeals, and was put in force until December, 1893, when the supreme court of the state, which is the court of last resort in Texas, decided that insurance companies were exempt. [See Texas.] A law almost similar to that of New Hampshire was passed by the Maine legislature in 1893. The above summary covers all the anticompact legislation since 1891 to date of publication.

The anti-compact idea appears to have had its birth in the Michigan legislature, in its session of 1883. It was said that certain large furniture manufacturing firms at Grand Rapids were behind the bill to prohibit local boards, instigated by a desire to be revenged on their own local board for advancing rates on a number of special hazards in Grand Rapids. The bill, which was made to apply only to companies of other states and countries, was presented by Mr. Fletcher of that city, passed by the house by a large majority, and was defeated in the senate near the close of the session. It was re-introduced by the same legislator in the session of 1885, but it failed this time in the house. In the third onset, in the session of 1887, under the auspices of Mr. Cole, it passed both houses by a large majority and received the executive approval. In endeavoring to enforce the law the insurance commissioner came in collision with the companies, which protested that it was unconstitutional, and, pending a decision of the supreme court, established an "inspection and rating bureau" under Mr. David Beveridge with headquarters at Detroit. This the state attorney-general declared to be an evasion of the law, and the supreme court soon after pronounced the law constitutional.

But, two years before this struggle for an anti compact law had culminated in Michigan, another state had caught up the idea and embodied it in law. It was Ohio, which, in 1885, injected an anticompact provision into the section of the revised statutes which prohibited the removal of insurance suits from state to federal courts. Ohio thus secured the eminence of being the first state to adopt an anti-compact law. The bill was introduced into many legislatures in 1885, but with success in only one instance: Following Ohio, later in the year, New Hampshire passed the famous valued-policy-anti-compact law, which drove all the agency companies of other states and countries from the state. Though the bill appeared in a number of legislatures in the three following years, it was passed only in Michigan. It was not until 1889 that anti-compact legislation was again successful. In one form and another four states, Kansas, Missouri, Nebraska, aud Texas (in the latter by implication), passed anticompact or anti-trust laws in which fire insurance was covered. The Missouri law was declared unconstitutional, and the Texas law not applicable. An anti-trust law was adopted by Missouri in 1893, and the secretary of state endeavored to enforce it upon insurance companies

until checked by an adverse opinion by the attorney-general. [See Missouri.] The Maine anti-compact law was passed in 1893. There are, therefore, laws now in force in six states (including Georgia) prohibiting fire insurance companies or agents to unite for the purpose of controlling the rates of insurance. The following is the text of these laws:

OHIO (adopted in 1885; Section 3659, Revised Statutes, as amended in 1891):

If any such company, association, or partnership, doing business within this state, make an application for a change of venue or to remove any suit or action wherein such company has been sued by a citizen of this state now pending, or hereafter commenced in any court of this state, to the United States district or circuit court, or to any federal court, or shall enter into any compact or combination with other insurance companies, or shall require their agents to enter into any compact or combination with other insurance agents or companies, for the purpose of governing or controlling the rates charged for fire insurance on any property within the state (provided that nothing herein shall prohibit one or more of such companies from employing a common agent or agents to supervise and advise of defective structures, suggest improvements to lessen the fire hazard, and to advise as to the relative value of risks), the superintendent of insurance shall forthwith revoke and recall the license or authority to it to do or transact business within this state, and no renewal of authority shall be granted to it for three years after such revocation; and it shall thereafter be prohibited from transacting any business in this state until again duly licensed and authorized.

NEW HAMPSHIRE (Laws of 1885, Chapter 39):

SECTION 1. Should any insurance company not organized under the laws but doing an insurance business within this State, make an application to remove any suit or action, to which it is a party, heretofore or hereafter commenced in any court of this state, to the United States district or circuit court, or shall enter into any compact or combination with other insurance companies for the purpose of governing or controlling the rates charged for fire insurance on any property within this state, the insurance commissioner shall forthwith revoke the license or authority of said company to transact business, and no renewal of said license or authority shall be granted for the period of three years from the date of such revocation.

MICHIGAN (Public Acts of 1887, Act No. 285):

SECTION 1. The people of the state of Michigan enact, That no fire, fire and marine, or marine and inland insurance company or association not organized under the laws of this state shall be permitted to do business therein under the provisions of an act entitled "An act relative to the organization and powers of fire and marine insurance companies transacting business in this state," approved April 3, 1869, until in addition to complying with the provisions of said act it has filed with the commissioner of insurance an undertaking duly executed and authenticated by the company, in such form as the commissioner of insurance shall from time to time prescribe, that it will not, directly or indirectly, enter into any compact, agreement, arrangement, or undertaking of any nature or kind whatever with any other company, companies, association, or associations, the object or effect of which is to prevent open and free competition between it and said company, companies, association, or associations, or the agents of their respective companies or associations in the business transacted in this state or in any part thereof.

Section 2 prescribes that no company of the kind above described shall enter into the compact or agreement forbidden. Section 3 makes the prohibition apply to the agents of such companies. Section 4 forbids agents and brokers to solicit for companies violating the law. Section 5 declares that a person violating the law shall be deemed guilty of a misdemeanor, and shall be fined not less than $50, nor more than $100, in default of which he shall be imprisoned in the county jail not less than three months. Section 6 makes it the duty of the insurance commissioner to furnish a blank form to the companies to complete the undertaking required by Section 1, and in case of failure therein by a company for thirty days after the mailing of said blank