various times adjusting bureaus and adjusting companies, as well as adjusters for the insured, but as a rule the policy-holder is satisfied with the company's adjuster.

ADJUSTMENT. In fire insurance practice in the United States this word covers the act of the adjuster in settling a loss as well as its apportionment between different insurers. The latter is sometimes difficult and puzzling in the case of non-concurrent policies, and these difficulties have given rise to a number of rules for such apportionment. Among these are the Finn," the "Albany," which is similar; the National Board." Griswold," and Kinne." [See Policies, Non-concurrent.]

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AETNA INDEMNITY COMPANY of Hartford, Conn., was organized in April, 1897, for the business of surety bonding and plate glass insurance, with an authorized capital of $1,000,000, of which $250,000 was paid in before beginning business. Officers were elected as follows: John C. Webster, president; George L. Chase, vice-president; Austin Brainard, secretary. Subsequently, Robert A. Griffing was elected president in place of Mr. Webster, who had occupied the office temporarily only, and Edward S. Pegram was appointed secretary in place of Mr. Brainard. The company entered a number of States for business. The charter of the company allows it to also do business in personal accident, employers' liability, burglar, and elevator insurance.

AETNA INSURANCE COMPANY of Hartford was incorporated in 1819, and began business August 19. Its capital stock was fixed at $150,000, 10 per cent. of which was paid in. The Aetna was one of the pioneers in the agency business, and wrote policies in Chicago as early as 1834. Its present capital is $4,000,000, and its stockholders have at various times paid in in cash $3,695,000 of that amount. Up to the date of the Chicago fire, in 1871, there had been paid in $195,000, and the capital was.$3,000,000. After the fire it was reduced one-half, and immediately restored by the payment of $1,500,000. After the Boston fire, in 1872, it was reduced to $2,000,000, and restored by the payment of $1,000,000. In 1881 the payment of another million increased the capital to $4,000,000. The Aetna's operations now include every section of the country.

The department managers are: Western branch, Cincinnati, Ohio, Keeler & Gallagher, general agents; Northwestern branch Omaha, Neb., Wm. H. Wyman, general agent; W. P. Harford, assistant general agent. Pacific branch, San Francisco, Cal., Boardman & Spencer, general agents.

The company has had six presidents since its organization in 1819. Thomas K. Brace retained the office until 1857, a period of thirty-eight years. Edwin G. Ripley succeeded President Brace, and remained at the head of the company until 1862, when he was succeeded by Thomas A. Alexander. In 1866 Lucius J. Hendee was elected president, and retained the position until his death, September 4, 1888. Jotham Goodnow was elected the successor of President Hendee, being advanced from the secretaryship, which he had held for twenty-two years. He died November 19, 1892, and was

succeeded by William B. Clark, who was elected president on th twenty-fifth anniversary of his connection with the company. President Clark's associate officers are E. O. Weeks, vice-president; William H. King, secretary, and A. C. Adams and Henry E. Rees, assistant secretaries.

The directors are Drayton Hillyer, Francis B. Cooley, Nathaniel Shipman, Austin C. Dunham, Morgan G. Bulkeley, J. Pierpont Morgan, Atwood Collins, William B. Clark, Francis Goodwin, Charles E. Gross, James H. Knight, George H. Day, and E. O. Weeks. The special agents are: F. W. Jenness, C. H. Hollister, W. A. Warburton, J. B. Hughes, O. H. King, H. L. Hiscock, C. J. Irvin, H. O. Kline, H. B. Smith, Alfred Rowell, Alexander Bayne, Prioleau Ellis, A. N. Williams, A. W. Selkirk, J. D. Thomas, and James E. Middleton. The total assets of the company December 31, 1897, aggregated $12,089,089.98. Liabilities exclusive of capital, $3,655,370.62. The net cash premiums received during the year 1897 reached the sum of $3,825,553.44, $195,340.56 being in the inland department. The total cash income for the year was $4,343,619.03; total cash expenditures, $3,900,227.79; the fire and marine losses paid amounted to $1,926,642.12; net amount of risks in force, $499,799,575. Since organization the company has received in premiums $145,499,825.39; losses paid, $81,125,621.50; cash dividends declared, $23.633,365; dividends payable in stock, $2,805,000. [See Cyclopedia for 1892-3, also biographical sketches in present volume.] On March 19, 1897, this company lost by death its vice-president, James F. Dudley. The directors on May 7 elected Egbert O. Weeks, who, since December, 1892, had been assistant secretary, to fill the vacancy. Alexander C. Adams, the company's general agent at Boston, and Henry E. Rees, Southern special agent at Atlanta, were appointed assistant secretaries.

On May 26, 1897, Frederick C. Bennett, for many years the manager of the Western department of the Aetna, with headquarters at Cincinnati, died. N. E. Keeler, assistant manager under Mr. Bennett, and Thomas E. Gallagher, the company's special agent for Western New York, were appointed to succeed him.

AETNA LIFE INSURANCE COMPANY of Hartford. The Connecticut Legislature in 1820 authorized the establishment of an annuity fund by the Aetna Insurance Company of Hartford, which was to be exclusively held and pledged for the payment of annuities granted by the company and "of losses upon insurance for a life or lives.' This was approved May 26, 1820, the amount authorized being $150,000, but this class of business was not begun until 1850. An act was approved May 28, 1853, incorporating the shareholders of the annuity fund as a life insurance company, the name of the corporation being "The Aetna Life Insurance Company.' Hon. E. A. Bulkeley was the first president of the Aetna Life, and held the office until his death in 1872, when he was succeeded by Thomas O. Enders, who was secretary of the company at that time. In 1879 President Enders resigned and was succeeded by Morgan G. Bulkeley, son of the original president of the com

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Dany, who has since retained the office. In 1864 the Aetna Life was admitted to New York. March 3, 1865, the company deposited securities to the amount of $100,000 with the State Treasurer of Connecticut as a prerequisite to the establishment of agencies in New York." The paid-up capital at that date was $60,600. December 31, 1864, the company had 7,216 policies in force, covering $15,608,845 of insurance. The gross assets were $792,210. In 1893 the Connecticut Legislature authorized the capital to be increased to an amount not exceeding $2,000,000. At that time the capital was $750,000. An addition of $250,000 was made at that time, and in 1887 a new increase of $250,000 was ordered under the act of 1883, another of the same amount in 1892, and another in 1895, making the present capital of the company $1,750,000. These increases in stock were all made by stock dividends declared from the profits of the stock business. The total assets December 31, 1897, amounted to $47,584,967.11. The premium income during the year was $5,991,024.54, the total income being $8,497,551.89. The total disbursements were $6,630,108.94, this amount including $3,439,122.99 on account of death losses and matured endowments. The total number of life policies in force was 90,346, covering $150,661,897.94 of insurance. From 1850 until September, 1861, the Aetna Life issued none but stock or non-participating policies. At that time it began issuing participating policies, the two departments being kept entirely distinct.

During the year 1890 the company decided to avail itself of the provisions of Section 2865 of the General Statutes of the State, authorizing any life insurance company chartered by the State and engaged in actual business to issue accident policies, and January 1, 1891, began the issue of policies protecting persons against loss of life or personal injury resulting from accident, and that branch of its business is now in operation. A formal amendment to its charter has been granted by the Legislature, which authorizes accident and employers' liability insurance. During 1897 the company wrote 55,276 accident policies, covering insurance of $228,472,383. The income from accident insurance in 1897 was $604,253.09, and the disbursements $519,352.89. The present officers of the company are President Morgan G. Bulkeley, Vice-President John C. Webster, elected in 1879; Secretary Joel L. English, elected in 1872, succeeding T. O. Enders; Assistant Secretaries Charles E. Gilbert and Walter C. Faxon; Actuary H. W. St. John, Medical Director Gurdon W. Russell, and Medical Examiner James Campbell. The directors of the company are Messrs. M. G. Bulkeley, G. W. Russell, Leverett Brainard, W. H. Bulkeley, A. R. Hillyer, S. G. Dunham, and J. O. Enders.

AETNA LIFE INSURANCE COMPANY OF HARTFORD, CONNECTICUT, SUIT OF INSURANCE COMMISSIONER OF CONNECTICUT AGAINST. The controversy between the Aetna Life Insurance Company and the Insurance Commissioner of Connecticut, which began in 1896, is still in court. The commissioner contends that the company has violated its contracts with mutual policy-holders by the transfer of paid-up

policies to the stock department, and also that some years ago it misappropriated some of the funds belonging to the mutual policyholders. The commissioner directed the company to make certain changes in its business methods, which the officers declined to make, and he therefore brought suit to compel them to do so. To the complaint, which was a long one, the company demurred, and during 1897 the demurrer was argued and overruled by Judge Wheeler. The company then made an answer in the way of a special defense to certain of the allegations, to which the insurance commissioner demurred, and Judge Shumway has, since January 1, 1898, rendered a decision sustaining the demurrer of the commissioner. He says that the commissioner's complaint is a good one in law, and that, if the facts are as stated by him, they constitute a cause of action, and that he is the proper person to bring it, under Section 2822. The closing paragraph of Judge Shumway's decision is as follows:

What is the contract made by the defendant with the mutual policy-holders? Is it the one set out in the complaint, or is it another and a different one? The only contract before the court is the one described in the complaint. It is very likely that the defendant may expect the plaintiff will fail to prove the contract alleged. It is, of course, apparent that the real controversy between the plaintiff and defendant is upon the construction to be given to the policy contract. If the defendant by a wrong construction of the contract has deprived its policy-holders of any rights, it should and probably would be willing to make reparation, as far as possible, and the court will interfere only as it shall ultimately appear that the defendant has violated its contracts.

AFFELD, F. O., resident United States manager of the Hamburg-Bremen Insurance Company, is a native of Prussia, but was brought to this country in childhood. The years of his early manhood, before the civil war, were passed in Chicago, where he was for three years a clerk and student in a law office. Upon the outbreak of hostilities he enlisted and went to the front. On his return from service he accepted the position of solicitor and surveyor for the Mutual Security Insurance Company, and later for the Germania Insurance Company of Chicago. Both of these companies were destroyed by the great fire of 1871. In 1872 Mr. Affeld was appointed Chicago manager for the Hamburg-Bremen, and in 1873 he was invited to New York by Mr. Von Dorrien to assist in establishing and conducting the United States branch. In 1881 he succeeded to the managership, in association with H. C. Buchenberger.

AGENT. TERM DEFINED. The insurance laws of nearly all the States define who are agents, as follows:

ALABAMA. Code 1205.

Any person who solicits insurance on behalf of an insurance company not incorporated by the laws of this State, or who takes or transmits, other than for himself, an application for insurance, a premium of insurance or a policy of insurance, to or from such company, or in any way gives notice that he will receive or transmit the same, or receives or delivers a policy of insurance of such company, or who inspects any risk, or makes or forwards diagram of any building, or does any other thing in the making of a contract of insurance for or with such company other than for himself, or examines into, adjusts, or aids in examining into or adjusting any loss for such company, whether such acts are done at the instance of such company, or of any broker or other person, shall be

held to be the agent of the company for which the act is done, and such company held to be doing business in this State.

ARIZONA. Section 10 Insurance Laws.

260 (Section 10). Any person or firm in this Territory who receives or re ceipts for any money on account of or for any contract of insurance made by him or them, or for any such insurance company or individual aforesaid, or who receives or receipts for money from other persons, to be transmitted to any such company or individual aforesaid, for a policy of insurance or any renewal thereof, although such policy of insurance is not signed by him or them as agent or agents of said company, or who in any wise, directly or indirectly, makes or causes to be made any contract or contracts of insurance, for or on account of such insurance company aforesaid, shall be deemed to all intents and purposes an agent or agents of such company, and shall be subject and liable to all the provisions, regulations, and penalties of this act.

CONNECTICUT.

Section 2923 of the General Statutes.

Section 2923. The term agent or agents used in this title shall include an acknowledged agent or surveyor, and any person or persons who shall in any manner aid in transacting the business of an insurance company.

DELAWABE. Section 5 of Chapter 23, Laws of Delaware.

Section 5. That every person (other than the clerk or assistant of any life insurance agent, company, firm, or corporation, who shall have become qualified to conduct and carry on the business of life insurance agent, as provided for in Section 2 of said Chapter 117, Volume 13, Laws of Delaware, at the one place designated in the license) who shall procure or solicit any citizen or resident of this State or take out a policy on his or her life or lives of any other persons in any company or companies not incorporated by the laws of this State shall be deemed a foreign life insurance agent within the meaning of this act. Every person (other than the clerk or assistant of any fire insurance agent, who shall have become qualified to conduct and carry on the business of fire insurance agents, as provided for in Section 2 of said Chapter 117, Volume 13, Laws of Delaware, at the one place designated by his license) who shall procure or solicit any citizen or resident of this State to take out a policy of insurance in any fire insurance company or companies not incorporated by the laws of this State shall be deemed a foreign fire insurance agent within the meaning of this act.

Also Section 1 of an Act in Relation to the Service of Process on Foreign Insurance Companies (Chapter 179, Volume 15).

Section 1. * * * For the purpose of this act the receiving of a premium of insurance for transmission to such company, or otherwise, constitutes the receiver thereof their agent.

FLORIDA. Section 2224 of the Revised Statutes.

Section 2224. Any person or firm in this State who receives or receipts for any money on account of or for any contract of insurance made by him or them, or for any such insurance company, association, firm, or individual, aforesaid, or who receives or receipts for money from other persons to be transmitted to any such company, association, firm, or individual, aforesaid, for a policy of insurance, or any renewal thereof, although such policy of insurance is not signed by him or them, as agent or representative of such company, association, firm, or individual, or who in any wise, directly or indirectly, makes or causes to be made any contract of insurance for or on account of such insurance company, association, firm, or individual, shall be deemed to all intents and purposes an agent or representative of such company, association, firm, or individual.

GEORGIA. Section 9 of an Act to Regulate the Business of Insurance in this State and for other Purposes.

Section 9. Any person who solicits in behalf of any insurance company, or agent of the same, incorporated by the laws of this or any other State or foreign government, or who takes or transmits, other than for himself, any application for insurance or any policy of insurance to or from such company, or agent of