cent. The officers are Henry B. Stokes, president J. L. Halsey, vicepresident; H. Y. Wemple, 2d vice-president; W. C. Frazee, secretary; J. H Griffin, Jr., assistant secretary; E. L. Stabler, actuary; M. B Du Bois, M.D., resident physician; and James Otis Hoyt, counsel. The directors are Messrs. Henry B. Stokes, Edward Schell, Abram Du Bois, Henry Van Schaick, John H. Watson, Olin G. Walbridge, D. H. McAlpin, W. J. Valentine, E. A. Walton, Geo. W. Quintard, Hyman Blum, C. Norwood, John W. Hunter, P. Van Zandt Lane, Jacob Naylor, John King, James Stokes, N. F. Palmer, N. K. Masten, Spencer H. Smith, Geo. H. McLean, Philip Bissinger, Artemas H. Holmes, Benj. F. Tracy, Henry B. Peirce, Emil F. Del Bondio, Wm. H. Oakley, Thomas F. Oakes, Robert S. Green, Jacob L. Halsey, Arthur Leary, Cornelius D. Wood, De Witt C. Hays, Benj. Griffen, J. Otis Hoyt, and Walter C. Stokes.

Manufacturers and Builders Fire insurance company of New York was organized November 19, and commenced business November 22, 1870, the original paid-in capital being $200,000. Only fire insurance is authorized by the charter. The present officers, President Ed ward V. Loew and Secretary J. Jay Nestell, were the original managers of the company. The directors are Messrs. E. V. Loew, J. Lorillard, H. Steers, H. Schumacher, A. G. Nason, John Englis, Thos. Goodby, Geo. W. Quintard, F. W. Loew, J. Jay Nestell, Wm. Burns, W. L. Loew, and M. Coleman. The total premiums received since organization amount to $2,865,546; total losses paid, $1,187,034; cash dividends, $335,000.

Manufacturers and Merchants insurance company of Pittsburgh, Pennsylvania, was incorporated February 28, and commenced business May 1, 1865. The present capital is $250,000. The total premiums received since organization amount to $1,854,367; total losses paid, $806,413; cash dividends, $442,500; stock dividends, $125,000. The present officers are C. W. Batchelor, president; John W. Chalfant, vice-president; Wm. T. Adair, secretary; James Little, assistant secretary; and August Ammon, general agent. The directors are Messrs. C. W. Batchelor, John W. Chalfant, A. E. W. Painter, Robert Lea, M. W. Watson, John Wilson, Joseph Walton, Wm. G. Park, A. M. Byers, Jas. J. Donnell, Geo. E. Painter, and John Thompson.

Marine insurance company of St. Louis, Missouri, was chartered January 25, and commenced business in February, 1837, the original paid-in capital being $50,000. The charter authorizes fire and marine insurance. The present capital is $200,000, and the officers are Messrs. James A. Bartlett, president; John T. Davis, vice-president; and Samuel G. Kennedy, secretary. The directors are Messrs. C. S. Greeley, R. P. Hanenkamp, John T. Davis, H. W. Hough, Jas. A. Bartlett, W. H. Chick, Hugh Rogers, Conrad Fath, A. B. Cole, E. C. Meacham, Geo. S. Edgell, Jos. W. Goddard, and S. G. Kennedy.

Maryland Fire insurance company of Baltimore, Maryland, was chartered in January, 1858, and commenced business in July, 1859, the capital being $100,000. The present officers are William R. Barry, president, and John M. Beck, secretary. The directors are Messrs. Richard J. Baker, Solomon King, William H. Millikin, E. W. Robinson, Samuel Snowden, Washington Booth, Henry Wilcox, James E.

Tyson, Pierre C. Dugan, John H. Brinkley, R. Tynes Smith, A. L. Gorter.

Massachusetts Benefit Association of Boston was incorporated February 8, 1878, under the general laws of Massachusetts, and commenced business October 13, 1879. Its business is conducted on the assessment plan. "As compared with the level premium method," writes an insurance manager of prominence in the North American Review for October, 1890, the assessment plan bases its claims upon the following propositions: (a) Equal or greater security, without resort to excessive charges. (b) Pure life insurance without the concomitant of vast accumulation, with the resultant dangers of poor investments and misuse of funds. (c) A limited, as against an unlimited, expense charge. (d) Funds paid for death-claim purposes held inviolate therefor. (e) Equal security for that portion of the resources of the com pany which consists in the obligations of policy-holders to pay on ac count of future death claims. (f) Reserve funds available at all times as a conservator of the insurance-granting power of the company, than as a menace to that function. (g) Equal accountability the State for the proper conduct of affairs, and equal recognition under the law as life insurance."

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The number of policies or certificates of the association in force December 31, 1890, was 23,759, covering insurance to the amount of $72,509,000. The total sum paid by the members during the year was $1,229,793; the membership fees aggregating $27,324; annual dues, $137,215; assessments, $1,061,954; and medical examiners' fees, $3,298. The mortuary assessments amounted to $1,032,903; and expense to $29,052. The total income for the year was $1,255,142. On account of losses and claims there was a disbursement of $877,209 during the year. The total expenditures were $1,073,278. The net or invested assets, December 31, 1890, aggregated $613,386. This included $200,595 in deposits on the emergency or reserve fund account.

The total income of the association, from 1880 to 1890 inclusive, was $5,821,146. The disbursements amounted to $5,236,024. Under the Massachusetts enactment of 1890, the association issues policies from $1,000 to $20,000, with a definite promise to pay in full. The provisions of the law under which these policies are issued reads:

ACTS OF 1890, CHAPTER 421.

"SECTION 14. Such corporations shall provide in their contracts with policy or certificate holders for the accumulation of an emergency fund, which shall be at all times not less than the proceeds of one death or disability assessment on all policy or certificate holders thereof; said fund shall be accumulated within six months from the date of their incorporation, and, together with the income thereon, shall be a trust for the payment of death and disability claims: provided, that whenever said emergency fund is in excess of double the amount of one death or disability assessment upon the entire membership, the corporation may apply such excess, or any portion thereof, in reduction of assessments upon policy or certificate holders, or in such other equitable division or apportionment thereof as its rules or contracts may provide."

In keeping with the spirit of the act the association has deposited with the treasurer of Massachusetts $150,000 of the emergency or surplus fund, which can be drawn only on a requisition of two-thirds of the directors, endorsed by the insurance commissioner, for the payment of death losses.

The features of the new policy, which have been elaborated with reference to the interests of all parties concerned, are: (1) A cash sur

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render value. (2) Continued insurance without further payment at the expiration of the life-expectancy of the insured. (3) Dividends to policy-holders. (4) It contains a non-forfeiture clause under which a failure to pay mortuary calls or premiums will not work an immediate forfeiture of the insurance. (5) It provides for the payment at deathif after fifteen years from the date of the policy of 80 per cent. of the net contributions of the insured to the emergency or surplus fund, in addition to the face of the policy. (6) The policy-holder may draw his dividends in cash, or apply them to the purchase of additional insurance, or to the payment of future mortuary calls or premiums, at his option. (7) In the event of his total and permanent disability, shown to the satisfaction of the medical adviser and the directors of the company, he may collect one-half the face of his policy in cash, thus making his insurance of practical value to him during his lifetime. (8) The policy is absolutely incontestable after three years, except that error in the age of the insured is open to adjustment. In the event that death is the result of a violation of law or of military service in time of actual hostilities, or of a duel, or of engaging in hazardous occupations or employments, which are prohibited in all life insurance policies, the contract becomes inoperative. There is no restriction in the policy concerning residence or travel.

The original officers of the association were: William A. Simmons, president, and George A. Litchfield, secretary. Willard Marcy became president in 1884, and continued in the office until his death, July 5, 1890. Secretary Litchfield was elected his successor, and E. S. Litchfield was appointed secretary of the association. S. P. Howard and John C. Rand are vice-presidents; W. G. Corthell, treasurer; C. H. Bacall, adjuster; and S. T. Elliott, comptroller. The directors are Messrs. George A. Litchfield, S. P. Hibbard, John C. Rand, W. G. "Corthell, Henry B. Pierce, E. S. Litchfield, C. H. Bacall.

Massachusetts Mutual Life insurance company of Springfield was incorporated May 15, 1851, the charter authorizing a guarantee capital of $100,000. One-half of the amount was required to be paid in in money, the remainder being subject to the call of the directors. The annual dividend on the guarantee capital was limited by the charter to 7 per cent. By act approved February 20, 1866, the redemption of the guarantee capital was authorized, the surplus funds to be used for that purpose, and the elimination of the stock was effected October 1, 1867. Since that date the company has been purely mutual. The first meeting of the subscribers to the guarantee stock was held May 27, 1851. The directors originally chosen were Messrs. James M. Thompson, Alexander H. Avery, Harvey Danks, Chester W. Chapin, William B. Calhoun, Samuel S. Day, George Bliss, George Ashmun, Henry Gray, Edmund Freeman, William Rice,_Rufus_Chandler, George Dwight, E. F. Moseley, Caleb Rice, Henry Fuller, Jr., E. D. Beach, John Hamilton, Alfred Lambert, and W. W. Boyington. Directors Bliss and Boyington declining, Waitstill Hastings and Philos B. Tyler were substituted for them. June 20 Caleb Rice was elected president; James M. Thompson, vice-president Samuel S. Day, clerk; Caleb Rice, treasurer Dr. Alfred Lambert, medical examiner; William Rice, Waitstill Hastings, and Samuel S Day, finance committee. Vice-President Thompson resigned July 30, and was succeeded by E. D. Beach July

17, 1851. F. B. Bacon was elected secretary. The company commenced business August 1. The first policy issued bears the date of August 2, 1851, being for $1,000, on the life of Harvey Danks, one of the directors and the general agent of the company. The oldest policy now in force is held by John West of Springfield, the date of its issue being October 24, 1851. The company's first loss was for $1,000 on the life of Charles Desotell, who was insured in January and died March 1, 1852. The first dividend on the guarantee capital was paid in 1856, 3 per cent. being declared. Thereafter the authorized 7 per cent. was paid annually until the extinction of the stock in 1867. The company's assets December 31, 1867, being the last year in which the guarantee capital was in existence, amounted to $1,858,244, and the net surplus was $275,661. The aggregate income received during the year in cash was $618,616, the net cash premiums amounting to $534,533. The total number of policies in force was 9,145, the amount of insurance involved being $21.234,986. The first dividend in favor of the policy-holders was made August 1, 1861, amounting to $53,617. The second dividend was made August 1, 1866, the amount distributed being $258,450. The two dividends aggregated $312,067. The progress of the company during the past twenty-one years will appear from the annual statement for 1890. The total assets at the end of the year amounted to $11,252,640 ; surplus by the Massachusetts standard, $870,582; premium receipts during the year, $2,214,552, the total income being $2,753,689; total payments to policy-holders, $1,222,384, the death losses aggregating $659,105; matured endowments, $101.694, and dividends to policyholders, $243 566. The number of policies issued during the year was 5,232, covering insurance to the amount of $17,369,350. The whole number of policies in force December 31, 1890, was 22,706, the insurance involved being $63,290,789. February 5, 1873, the company's office was destroyed by fire, the actual loss being not less than $75,000. Embracing this loss in the calculation the gain in assets during the twenty-one years in question was $9,394,396. The total premiums received by the company from the time of its organization until January 1, 1891, was $30,108,355. The amount paid to policy-holders during the same period was $19,985,870; invested January 1, 1891, for the benefit of policy-holders, $11,337,461. The amounts paid to policyholders and invested for their benefit exceed the premium receipts by $1,214,976. The Massachusetts Mutual has had three presidents since its organization. The first president, Caleb Rice, remained in office until the time of his death, March 1, 1873. E. W. Bond was elected March 4, 1873, and was succeeded February 2, Too, by the present incumbent of the office, M. V. B. Edgerly. The associate officers and directors are: Henry S. Lee, vice president; John A. Hall, secretary; E. D. Capron, assistant secretary; Oscar B. Ireland, actuary; Gideon Wells, attorney; F. W Chapin, M.D., medical examiner; G. S. Stebbins, M.D., assistant medical examiner; directors, E. W. Bond, Homer Foot, J. H. Appleton, Lewis J. Powers, Henry S. Lee, Gideon Wells, N. C. Newell, Henry S. Hyde, H. M. Phillips, Edwin D. Metcalf, John A. Hall, M. V. B. Edgerly, Springfield, Massachusetts; John R. Redfield, Hartford, Connecticut; Charles S. Mellen, Omaha, Nebraska; P. C. Cheney, George B. Chandler, Manchester, New Hampshire; James B. Warner, Albany, New York; John K. Marshall, Boston, Massachusetts; J. S. Tilney, New York.

Mechanics and Traders insurance company of New Orleans was incorporated October 15, and commenced business November 1, 1869, the original paid-in capital being $50,000. The present amount is $375,000. The company conducts fire, marine, and inland insurance under its charter. The present officers are Messrs. Lloyd R. Coleman president, George H. Frost, secretary. Howe, Post & Co. of New York are managers of the Northern department. The directors are Messrs. Robert Maxwell, George W. Sentell, I. L. Lyons, W. B. Thompson, Frederick Wing, T. L. Macon, N. Landry, Charles Holloway, F. J. Odendahl, W. G. Wheeler, J. M. Frankenbush, Simon E. Marx, P. J. Cockburn, H. T. Cottam, J. A. Braselman, James McConnell, C. M. Soria, Walter C. Flower, A. Xiques, J. M. Walsh, T. S. Waterman, P. Werlein, A. Silbernagel, C. Hernandez, A. M. Delavallade, W. A. Roy, L. A. Pepin, A. G. Lobdell, J. Grossman, Lloyd R. Coleman. The total premiums received since organization amount to $4,507,898; total losses paid, $2,063,924; total cash dividends, $1,047,087.

Mechanics insurance company of Newark, New Jersey, was chartered February 18, and commenced business April 18, 1858, the charter authorizing fire, marine, and boiler insurance. The company has pursued a regular fire business. The original paid-in capital was $145,000. The present officers are Messrs. Henry Powles, president, G. Lee Stout, vice-president, J. R. Mullikin, secretary, W. H. Guèrin, assistant secretary, H. L. Keepers, treasurer. The department managers are: Edward C. North, Boston, Mass., New England; T. C. Parsons, Cleveland, Ohio, Central; Frank D. Rogers, Chicago, Ill., Western; John C. Whelner & Co., Atlanta, Ga., Southern; Trezerant & Cochran, Dallas, Tex., Southwestern; George Easton & Co., San Francisco, Cal., Pacific Slope. The directors are Messrs. Henry Powles, Jerome Taylor, David C. Dodd, Jr., G. Lee Stout, Matthias M. Dodd, Samuel Atwater, Thos. W. Adams, L. Spencer Goble, William H. Baldwin, William H. Curtis, Silas C. Halsey, John D. Harrison, Lewis J. Lyons, Robert Drake, Aaron P. Mitchell. The company has received in premiums since organization $9,980,352; losses paid, $5,168,563; paid in dividends and stock, $1,004,269.

Mechanics insurance company of Philadelphia was incorporated April 19, and commenced business May 4, 1854, the original capital being $100,000. The present amount is $250,000. The total premiums received since organization amount to $1,460,789; total losses paid, $693,659; cash dividends, $360,660. The present officers are Messrs. Charles J. Gallagher, president, and Simon J. Martin, secretary.

Mercantile Fire and Marine insurance company of Boston was organized February 11, and commenced business in May, 1823. The present capital is $400,000. The total premiums received since organization amount to $7,010,277; total losses paid, $5,113,11€; total cash dividends, $2,090,500; total stock dividends, $100,000. The present officers are Messrs. George R. Rogers, president, and James Simpson, secretary.

Mercantile insurance company of Cleveland, Ohio, was incorporated in November and commenced business December 23, 1871. The present capital is $200,000. The original officers were Messrs. William J. Gordon, president, and George A. Tisdale, secretary, both of whom are still in the management of the company.