Thirty-four officers and members answered to roll call.

On the unanimous recommendation of the council, the society elected Omer Lepreux, director general of the "Caisse Generale d'Epargne et de Retraite," of Belgium, to membership.

Samuel S. Hall, Douglas H. Rose, and Charles H. Angell were reported by the council as having passed the examination for associate membership.

The death of Jacques Martin-Dupray, a member, was announced. The following papers were read: "The Tendency to National Supervision," by E. P. Marshall; Note on a Particular Case of Loans Repayable by Installments," by John Tatlock, Jr.; "The Province of Equity in Life Insurance," by Walter S. Nichols; " Note on Premium Loading," by Walter C. Wright; "Problem of the Value of Money" (Leon Walras), by Rufus W. Weeks; Cost of Insurance," by M. W. Torrey; "Johan De Witt," by Ernst Willem Scott.

After the reading of papers members discussed those offered at the annual meeting, April 29, preceding.

The dinner of the society occurred at the Massasoit House on Thursday evening. President Miller presided, and the after-dinner speakers were:-James M. Lee, Thomas B. Macaulay, R. P. Field, James M. Craig, Walter C. Wright, William Hendry, John M. Holcombe, Archibald A. Welch, Emory McClintock, and Sheppard Homans.

After a session on Friday, the members and ladies accompanying them were guests of the officers of the Massachusetts Mutual Life on a trip to the summit of Mt. Tom.

The following was the official membership roll of the society on March 1, 1898:

Officers and Council: Bloomfield J. Miller, president; George W. Phillips, 1st vice-president; Oscar B. Ireland, 2d vice-president; Israel C. Pierson, secretary; Óscar B. Ireland, treasurer.

Other Members of Council: David Parks Fackler (ex-president), Howell W. St. John (ex-president), Emory McClintock (ex-president).

Term Expires: Walter C. Wright, April, 1898; Jesse J. Barker, April, 1898; William McCabe, April, 1899; William E. Starr, April, 1899; John B. Lunger, April, 1900; Elbert P. Marshall, April, 1900.

MEMBERS.

David Griscom Alsop, Assistant Actuary, Provident Life and Trust Company, Philadelphia, Pa.

*

Jesse John Barker, Actuary, Penn Mutual Life Insurance Company, Philadelphia, Pa. Amedee Begault, Actuary of the Compagnie Belge d'Assurances Generales sur la Vie, Brussels.

Alfred Kimball Blackadar, A. M., F. I. A., Actuary, Canada Insurance Department, Ottawa, Canada.

Samuel Sweet Boyden, Actuary, Union Mutual Life Insurance Company, Portland, Me.

Thomas Bradshaw, F. I. A., Assistant Actuary, North American Life As surance Company, Toronto, Canada.

John Jones Brinkerhoff, A. M., Actuary, Illinois Insurance Department, Springfield, Ill.

David Carment, F. I. A., F. F. A., Assistant Actuary, Australian Mutual Provident Society, Sydney, Australia.

James Chisholm, F. I. A., F. F. A., Actuary, Imperial Life Insurance Com. pany, London, Treasurer of the Institute of Actuaries.

Hubert Cillis, Actuary, Germania Life Insurance Company, New York. James McIntosh Craig, Actuary, Metropolitan Life Insurance Company, New York.

James Camp Crawford, A. M., Assistant Actuary, Northwestern Mutual Life Insurance Company, Milwaukee, Wis.

Emma Warren Cushman, Actuary, Massachusetts Insurance Department, Boston, Mass.

Adolph Davidson, B. S., Cor. Mem. I. A. F., Actuarial Department, New York Life Insurance Company, European Office, Paris, France.

*

Joseph Arend De Boer, A. M., Secretary and Actuary, National Life Insurance Company of Vermont, Montpelier, Vt. William R. Dovey, F. F. A., Actuary, Citizens Life Assurance Company, Sydney, Australia. George Ellis, Actuary, Travelers Insurance Company, Hartford, Conn. * David Parks Fackler, A. M., Cor. Mem. I. A. F., Consulting Actuary, New York. * Robert Patterson Field, A. M., Vice-President, the Security Trust Company, Philadelphia, Pa.

Alexander John Finlaison, C. B., F. I. A., Cor. Mem. I. A. F., ex-President of the Institute of Actuaries.

Morris Fox, A. I. A., Actuary, New Zealand Life Insurance Department, Wellington, New Zealand.

Frederick William Frankland, F. I. A., Associate Actuary, New York Life Insurance Company, New York.

John Kinsey Gore, A. M., Actuary, Prudential Insurance Company, Newark, N. J.

*William Oliver Gould, Actuary, Pacific Mutual Life Insurance Company, San Francisco, Cal.

Paul Guieysse, President of the Institut des Actuaires Francais, former Actuary Compagnie l'Union, Paris.

*Clayton Colman Hall, LL.B., Actuary, Maryland Life Insurance Company, Baltimore, Md.

Robert George Hann, A.I.A., Second Assistant Actuary, Equitable Life Assurance Society, New York.

Augustus Ford Harvey, Actuary, Missouri Insurance Department, St. Louis, Mo.

Francis Henry Hemperly, Actuary, United Security Life Insurance and Trust Company, Philadelphia, Pa.

*William Hendry, Manager, Ontario Mutual Life Assurance Company, Waterloo, Canada.

Charles Hildebrand, Ph.B., Assistant Actuary, Connecticut Mutual Life Insurance Company, Hartford, Conn.

John Marshall Holcombe, A. M., Vice-President, Phoenix Mutual Life Insurance Company, Hartford, Conn.

George William Hubbell, A. B., Assistant Actuary, United States Life In surance Company, New York.

Robert Watkinson Huntington, Jr., A. B., Actuary, Connecticut General Life Insurance Company, Hartford, Conn.

* Oscar Brown Ireland, A. M., Actuary, Massachusetts Mutual Life Insur ance Company, Springfield, Mass.

Charles Nelson Jones, A. B., New York.

George King, F. I. A., F. F. A., Cor. Mem. I. A. F. and A. A. Belg., VicePresident of the Institute of Actuaries, Actuary, London Assurance Corporation, London, England.

George Halsey Kirkpatrick, Assistant Actuary, Prudential Insurance Company, Newark, N. J.

Christopher Kyle, New York Life Insurance Company, New York.

*James Morgan Lee, Actuary, Berkshire Life Insurance Company, Pittsfield, Mass.

Omer Lepreux, Director General of the Caisse Generale d'Epargne et de Retraite, Brussels, Belgium. President of the Permanent Committee of the International Congress of Actuaries.

George Leslie, Assistant Actuary, New Zealand Government Life Insurance Department, Wellington, New Zealand.

Charlton Thomas Lewis, Ph.D., New York.

*Charter members.

* Charles Alvin Loveland, Actuary, Northwestern Mutual Life Insurance Company, Milwaukee, Wis.

pany.

John Bodine Lunger, Managing Actuary, New York Life Insurance Coin.

*William McCabe, LL.B., F.I.A., Cor. Mem. I. A. F., Managing Director, North American Life Insurance Company, Toronto, Canada.

*Emory McClintock, Ph.D., LL.D., F.I.A., Cor. Mem. I. A. F. and A. A. Belg., Actuary, Mutual Life Insurance Company, New York. *Thomas Bassett Macaulay, F. S. S., A. I. A., Cor. Mem. I. A. F., Actuary, Sun Life Assurance Company of Canada, Montreal.

* William Campbell Macdonald, Actuary, Confederation Life Association, Toronto. Henry William Manly, F. I. A., Actuary, Equitable Life Assurance Society, London, Vice-President of the Institute of Actuaries.

Leon Marie, A.B., Secretary of the Institut des Actuaries Francais, Actuary Campagne le Phenix, Paris, France.

* Elbert Pike Marshall, A.B., Secretary and Actuary, Union Central Life Insurance Company, Cincinnati, Ohio.

* William Andrew Marshall, Actuary, Home Life Insurance Company, New York. James Weir Mason, A.M., Professor of Mathematics, College of the City of New York.

James Meikle, F. F. A., F. I. A., Actuary, Scottish Provident Institution, Secretary of the Faculty of Actuaries.

Hiram John Messenger, Jr., Ph.D., Metropolitan Life Insurance Company, New York.

*

Bloomfield Jackson Miller, Actuary, Mutual Benefit Life Insurance Company, Newark, N. J. Walter Smith Nichols, A. M., Editor of the Insurance Monitor, New York. Joseph Howard Nitchie, A. B., Actuary, National Life Insurance Company of United States, Chicago, Ill.

*

Sydney Norris Ogden, Assistant Actuary, Mutual Benefit Life Insurance Company, Newark, N. J.

John Sherman Paterson, Actuary, New York Insurance Department, Albany, N. Y.

William Brockie Paterson, F. F. A., A. I. A., Assistant Actuary, Norwich Union Life Insurance Society, Norwich, England.

Maximilian Heinrich Peiler, Aetna Life Insurance Company, Hartford,

Conn.

George William Phillips, A. M., Actuary, Equitable Life Assurance Society, New York.

* Israel Coriell Pierson, Ph.D., Cor. Mem. I. A. F. and A. A. Belg., Actuary, Washington Life Insurance Company, New York.

Gardner Ladd Plumley, Assistant Actuary, Home Life Insurance Company, New York.

Alexander Gillespie Ramsay, F. S. S., F. I. A., President and Managing Director, Canada Life Assurance Company, New York.

Charles Grant Reiter, Assistant Actuary, Metropolitan Life Insurance Company, New York.

Josephus H. Richardson, F. F. A., A. I. A., Commissioner, New Zealand Life Insurance Department, Wellington.

John George Richter, Actuary, London Life Insurance Company, London, Canada.

Gerald Hemmington Ryan, F. I. A., Editor Journal of the Institute of Actuaries, Actuary and Secretary, British Empire Mutual Life Assurance Company, London, England.

Howell William St. John, Ph. B., Cor. Mem. I. A. F., Actuary, Aetna Life Insurance Company, Hartford, Conn.

George Ferry Salter, M. S., Prudential Insurance Company, Newark, N. J. * George White Sanders, A. B., Actuary, Michigan Mutual Life Insurance Company, Detroit, Mich.

Frank Sanderson, A. M., Assistant Actuary, Canada Life Assurance Company, Hamilton, Canada.

Edward James Sartelle, Assistant Actuary, State Mutual Life Assurance Company, Worcester, Mass.

Ernst Willem Scott, A. I. A., Cor. Mem. I. A. F., Managing Director, *Charter members.

Algemeene Maatschappij van Levensverzekering en Lijfrente, Amsterdam, Holland.

William Simeon Smith, A. M., Actuary, John Hancock Mutual Life Insurance Company, Boston, Mass.

Joseph Hussey Sprague, A. B., Aetna Life Insurance Company, Hartford, Conn.

Thomas Bond Sprague, LL.D., F. F. F., F. I. A., F. R. S. E., Actuary, Scottish Equitable Life Assurance Society, Edinburgh, President of the Faculty of Actuaries.

Edward Lincoln Stabler, Ph.D., Actuary, Manhattan Life Insurance Company, New York.

* William Thomas Standen, Actuary, United States Life Insurance Company, New York.

William Eli Starr, Actuary, State Mutual Life Assurance Company, Worcester, Mass.

John Tatlock, Jr., A. M., F. R. A. S., Assistant Actuary, Mutual Life Insurance Company, New York.

Richard Teece, F. I. A., F. F. A., Actuary, Australian Mutual Provident Society, Sydney, Australia.

Herbert Cecil Thiselton, F. I. A., F. F. A., Actuary, Hand in Hand Insurance Society, London, England.

Morris Whittemore Torrey, Assistant Actuary, Union Central Life Insurance Company, Cincinnati, Ohio.

Joel Garretson Van Cise, Associate Actuary, Equitable Life Assurance Society, New York.

* Rufus Wells Weeks, A. I. A., Cor. Mem. I. A. F., Actuary, New York Life Insurance Company, New York.

George Wegenast, Assistant Actuary, Ontario, Mutual Life Assurance Company, Waterloo, Canada.

Archibald Ashley Welch, A. B., Actuary, Phoenix Mutual Life Insurance Company, Hartford, Conn.

Daniel Halsey Wells, Ph. B., Actuary, Connecticut Mutual Life Insurance Company, Hartford, Conn.

William Dunbar Whiting, M.D., LL.B., A. I. A., Consulting Actuary, New York. *Asa Shove Wing, Vice-President and Actuary, Provident Life and Trust Company, Philadelphia, Pa.

Leonard John Wolterbeek, LL. D., Amsterdam, Holland.

* George Badger Woodward, Secretary, Metropolitan Life Insurance Company, New York.

Peter Troth Wright, A. M., Penn Mutual Life Insurance Company, Philadelphia, Pa.

*Walter Channing Wright, Actuary, New England Mutual Life Insurance Company, Boston, Mass.

Tsuneta Yano, Cor. Mem. I. A. F., Administrator of the Kiosai Life Insurance Company, 9 Kobunacho Sanchome, Tokio, Japan.

Thomas Conley Young, A. B., F. I. A., President of the Institute of Actuaries, Secretary Commercial Union Assurance Company, London, Eng. ASSOCIATES.

Charles Hart Angell, A. B., New York.

Samuel Stickney Hall, A. B., Actuarial Department Mutual Life Insurance Company, New York.

Douglas Hall Rose, Actuarial Department Maryland Life Insurance Company, Baltimore, Md.

ACTUARIES, AMERICAN FACULTY OF, was chartered in Philadelphia, July 12, 1890. (For charter of the association see the Cyclopedia of Insurance for 1890, and for details of method see Cyclopedia of Insurance for 1896.) Matriculation has been suspended temporarily.

ACTUARY. Originally a public officer in the Roman courts of justice, who drew up contracts, etc., in the presence of the magis* Charter members.

trates. Actuaries also kept the military accounts of the Romans. [See Walford.] In the United States the profession of actuary is confined principally to the mathematical questions involved in the practice of life insurance, such as the construction of premiums, distribution of surplus, surrender values, etc. The actuary is usually an officer of his company, but is not, as is frequently the case in England, a manager.

ADAMS, ALEXANDER C., assistant secretary of the Aetna Insurance Company of Hartford, was born in Barnstable, Mass., April 9, 1847. After a country school education he went to Boston to seek his fortune, spent two years in a mercantile house, and then found his true vocation in fire insurance. He was in the service of the Howard of Boston from 1865 to 1872, then assistant secretary of the Globe of Boston until 1877. In that year he received the appointment of New England field representative of the Liverpool and London and Globe. He served in that capacity for fourteen years, and in 1891 transferred his allegiance to the Aetna. He was the first chairman of the executive committee of the New England Insurance Exchange, elected vice-president in 1885, and president in 1891. The latter distinction he was obliged to decline in deference to the wishes of the company which he then represented. On being again elected in 1893 he was at liberty to accept, and occupied the office until the election of his successor in January, 1895. April 7, 1897, Mr. Adams was elected assistant secretary of the Aetna, and moved to Hartford.

ADAMS, MARCUS W., president of the Sun Life Insurance Company of Louisville, Ky., was born at Newark, N. J., February 13, 1839. He was in the jewelry business from youth until 1884, and was a large manufacturer of jewelry at Newark, N. J., many years. That city was the birthplace of American industrial life insurance, and through close acquaintance with its growth Mr. Adams imbibed that interest in the business which led him to abandon his old vocation and join in the establishment of an industrial company in one of the chief cities of the South. He was general manager of the Sun Life from its organization, and was elected president in January, 1894, on the appointment of his predecessor, Mr. Willis, to be the United States Minister to Hawaii.

ADIRONDACK INSURANCE COMPANY, of Glens Falls, N. Y. In December, 1897, it was announced that a joint stock fire insurance company with this name was being organized at Glens Falls, N. Y., by M. B. Little of the Glens Falls Insurance Company and others. The proposed capital is $200,000, with $100,000 surplus.

ADJUSTER. The business of an adjuster as known in American fire insurance is to examine into losses and settle upon the amounts due. He is a regular employe of the company, usually, although there are some independent adjusters who work for any company employing them, temporarily, or on particular losses. In most cases, also, the adjuster acts as appraiser except where an official or technical appraisement is to be had. There have been at