Saturday, June 16, 2012

Grover Cleveland and the Equitable, The Spectator.

April 16, 1908, page 208, Ex-President Cleveland Warmly Commends the Value of Life Insurance To Our People,
May 7, 1908, page 236, Life Insurance and Its Relationship to Our People,
May 14, 1908, page 246, The Spectator's Quinquennial Issue,
May 28, 1908, page 276, The Spectator's Quinquennial Issue,
June 4, 1908, page 283, Vol. 80, No. 23, The Indifference of Life Insurance Policyholders,
June 4, 1908, page 283, Vol. 80, No. 23, Terminations By Surrender and Lapse,
June 4, 1908, page 293, The Spectator's Quinquennial Issue,
June 4, 1908, page 289, Map of Part of San Francisco California, April 18, 1908, Showing Buildings Constructed and Buildings Under Construction During Two Years After Fire of April 18, 1906.
June 18, 1908, page 314, Why Mr. Ryan Purchased the Equitable Stock,
June 18, 1908, page 317, Grover Cleveland and the Equitable Life,
June 18, 1908, page 314, How Paul Morton Was Chosen,
June 25, 1908, page 322, Grover Cleveland: Death of the Ex-President at Princeton,
July 2, 1908. Vol. 81, No. 1., page 347 [1], Ex-President Cleveland and Life Insurance,
July 2, 1908, page 353, [7] New Equitable Life Building to be 909 Feet High,
July 2, 1908, page 353, [7] Ex President Cleveland,
July 2, 1908, page 353, [7] Cleveland and the Fourth of July,
July 29, 1908, page 55, The Fifty Years' Career Of The Equitable,
October 8, 1908, page 200, Equitable Sells Real Estate in Denver, Des Moines, Memphis, St. Louis, 
December 24, 1908, The Spectator, Vol. 81, No 26, page 331, Ex-President Cleveland's Article in the Spectator
December 31, 1908, page 54, Ex-President Cleveland's Message On Life Insurance Supplement, 
August 5, 1909, Vol. 83, No. 6., page 61, The Equitable Life's Jubilee Semi-Centennial,
December 9, 1909, page 316, Transfer of Stock Control of the Equitable Life Assurance Society. J. P, Morgan Buys Holdings of T. F. Ryan---No Change in Management—Policyholders Protected,
December 9, 1909, page 315, Equitable Annual Directors' Election,
December 9, 1909, page 314, J. P. Morgan Buys T. F. Ryan's Shares in Equitable,
December 10, 1908, page 308, Last Photo of Grover Cleveland,










April 16, 1908, page 208Ex-President Cleveland Warmly Commends the Value of Life Insurance To Our People,

Next week The Spectator will celebrate Its eighth Quinquennial by publishing a handsome special issue commemorating Its fortieth year of continuous publication.

Regarding this special number, S. M. Phelan, president of the American Credit Indemnity Company, writes:

"Tour last Quinquennial Issue was indeed a most handsome magazine, and I have no doubt that the forthcoming issue will be one that will reflect the greatest credit upon The Spectator and The Spectator Company, a company that has for so many years worked unceasingly for the upbuilding of Insurance, and for the promotion of good and honorable work in that field."
Embraced In the contents of this Quinquennial number will be numerous interesting features, including articles contributed by gentlemen well known as specialists in insurance matters, amongst whom several prominent company managers arc numbered, who write upon phases of the insurance business with which they are most familiar.

Valuable articles on the progress of life, fire and casualty Insurance, graphical colored diagrams depicting the evolution of the several branches of the Insurance business, a twelve-page illustrated article on the San Francisco and Kingston earthquakes and conflagrations, will embrace features which will attract and Instruct Insurance men and policyholders alike.

EX-PRESIDENT CLEVELAND WARMLY COMMENDS THE VALUE OF LIFE INSURANCE TO OUR PEOPLE.

The public at large, as well as every life insurance manager, agent and solicitor, will be gratified to read in this handsome Quinquennial number an article by Hon. Grover Cleveland, ex-President of the United States, written expressly for this special Issue of The Spectator, entitled "Life Insurance and Its Relationship to our People."Mr. Cleveland's essay or message is highly commendatory of the value of life Insurance to the classes and masses, and closes by urging "every prudent or sensible man engaged in active work or business, not possessing an assured Income and fortune, to protect himself and those dependent on him by a reasonable amount of life Insurance." He makes many very strong and interesting statements In favor of life insurance in this article, now In type for the Quinquennial issue. This entertaining number of The Spectator will be widely distributed, when published, through the hands of insurance agents and otherwise to the public, containing, as it does, a message from the respected and venerable ex-Prcsldent to the American people on the beneficence of life insurance.

Others who have contributed articles for this Quinquennial number are: Wm. J. Dutton, president Firemans Fund Insurance Company, San Francisco; Wm. Alexander, secretary Equitable Life Assurance Society, New York; Hon. E. E. Rlttenhouse, Commissioner of Insurance of Colorado; A. W. Hart, adjuster. New York; Frank Lock, United States manager Atlas Assurance Company; C. J. Smith, author of "Letters of Amicus"; H. H. Stryker, vice-president American Bonding Company; Dr. R. S. Keelor, vice-president Empire State Surety Company; Robertson Taylor, superintendent burglary Insurance department United States Fidelity and Guaranty Company; E. A. Woods, manager Equitable Life Assurance Society, Pittsburg, Pa. Each is especially well qualified to write upon the topic which he discusses.



May 7, 1908, page 236, Life Insurance and Its Relationship to Our People.

Enclosed with this bulletin is a leaflet from The Spectator Company, New York, being the reprint of an article of Hon. Grover Cleveland, ex-President of the United States, in the Quinquennial number of The Spectator magazine.

Your attention is called to the following paragraph:

It is a regrettable fact that there arc still so many breadwinners in this country who, through carelessness, neglect or procrastination, carry no life insurance for the protection of their families. With the facilities offered by sound and trustworthy American life insurance companies, I can scarcely understand how any prudent or sensible man, engaged in active work or business, and not possessing an assured income and fortune, should fall to protect himself and those dependent on him by a reasonable amount of life insurance. It seems to me that to do this, is but to discharge a duty imperatively suggested by intelligent foresight and wise precaution.

Mr. Cleveland's name is honored among the people of our land. His opinions have great weight. And he himself is well insured. But if it is the layman's duty to insure his life, as every one admit3, there is likewise a strong duty resting on the shoulders of every New York Life man.

People unfortunately don't take insurance of their own volition. Very few walk in an offlce and say, "Insure me." You know that. In only one way can any considerable number of lives be protected—that is by personal solicitation, by everlastingly driving home to individuals the needs and benefits of life insurance. Say what you please about a man's duty to wife and babes, eight times in ten you've got to fairly take him by the nape of the neck and force him to insure. The responsibility, then, is largely on you in the field. If people will not look out for their own welfare it is your duty to make them do so. If you saw people throwing themselves over a cliff would it not be plainly your duty to interfere? We are in large measure our brothers' keepers.—New York Life Agents' Bulletin.

The Spectator's Quinquennial Issue.

The following additional commendations of and compliments on the recent Quinquennial number of The Spectator in celebration of its fortieth anniversary have been selected from a large number of communications from insurance officials and others, and from press notices:

A most creditable special number in commemoration of the fortieth anniversary of its establishment.—The Insurance Vindicator.

This Quinquennial number of The Spectator is of typographical beauty and in its general make-up is a great credit to insurance Journalism.—Views.

The special fortieth anniversary number of The Spectator Is remarkably attractive, and a great credit to its publishers.—Rough Notes, Indianapolis.

Your Quinquennial number is a very handsome edition and I will read It over with much Interest.—T. Howard Lewis, manager Mutual Life of New York, Albany.

Your special number does you great credit and I must congratulate you fraternally on Its make-up and contents.—Cromwell Childc, editorial department The Brooklyn Eagle.

This number contains some interesting illustrations and charts, and timely articles from the pens or leading underwriters In every branch of the insurance business.—Insurance Post.

The Quinquennial number of The Spectator is a beautiful example of the typographer's art, as well as a budget of exceptionally valuable insurance literature.—United States Review.

This special number Is a particularly handsome issue. It is the custom of The Spectator Company to get out a special number every five years, but the latest issue outdoes all predecessors.—The Insurance Herald.

The Quinquennial number of The Spectator, an American weekly review of insurance, is a genuine triumph of the printer's art, and between its beautifully embossed covers Is a great deal of excellent reading matter.—The Buffalo Times.

A handsome special number, in commemoration of the fortieth anniversary of the establishment of that influential and creditably conducted insurance Journal. * • • The latest special Issue outdoes all Its predecessors.—The Journal of Commerce.

Ex-President Cleveland in the handsomely printed Quinquennial number of The Spectator, a very high-class insurance weekly publication, has a special article on life insurance, to the study of which he has devoted his later years.—The Brooklyn Eagle.

The Quinquennial issue of The Spectator has a special interest for me. giving a very good account of the California earthquake, as I was fortunate enough to be in San Francisco shortly after the great disaster.—George K. Johnson, president Penn Mutual Life.

This Quinquennial number is a very handsome production, exterior and interior, display and article matter excelling any similar issue within my observation. Nothing whatever to criticise, and the publishers are entitled to much credit.—Elbridge G. Snow, president Home Insurance Company of New York.

You are to be congratulated upon the Quinquennial issue of The Spectator. So important an article as the one by ex-President Cleveland alone gives it distinction; but the issue as a whole is full of interesting matter. It fittingly represents The Spectator Company, the leading insurance publishers of the country.—Wm. Alexander, secretary The Equitable Life Assurance Society.

The Quinquennial Spectator, in celebration of the fortieth anniversary of your Journal, has never been surpassed In typographical beauty and excellence, and of course in the character of its contents it takes exceeding high rank. * • * It impresses me as a truly great and wise Journal of advice upon general insurance subjects, printed In the best possible form.—Joseph A. DeBoer, president National Life of Vermont.

The Quinquennial number of The Spectator, published in celebration of the fortieth anniversary of your journal, I have perused with much pleasure. The various articles contained therein are certainly most interesting, and reflect great credit upon your paper for the able manner In which they have been compiled. Wishing The Spectator a continuance of its well-merited success.—G. B. Edwards, vice-president Germanla Fire Insurance Company.

Detroit is once more placed on tho map, so to speak, this time by Charles Warren Pickell, the well-known life insurance man. This Detrolter is a contributor of an article in The Spectator, one of the leading Insurance journals of the country, this number celebrating the fortieth year of that publication's life. The Detroit man writes on "Crasis," which he says is synonymous with "temperament," and he applies it to the work and opportunity of the life insurance underwriter.—Detroit News.

We are in receipt of the Quinquennial number of The Spectator, just out. At the head of the procession of contributors stands Grover Cleveland, the great life insurance leader and president of the Presidents' Association, and at the foot comes trailing that old Hayville freak, "Amicus." Nearly every department of insurance is represented in this number of The Spectator, and the entire work is embellished in a way that entitles The Spectator Company to the compliments which it will undoubtedly receive.—The Vigilant.

I beg to offer you our congratulations upon the attainment of the fortieth anniversary of The Spectator. Further, may I compliment you upon the literary and advertising worth of the Quinquennial number, and as well upon its typographical beauty? The occasion of its issuance, and the value of its contributions, both signed and unsigned, should give it a place among products of the press that are preserved for future inspection and authoritative reference.—William H. Sargeant, secretary Massachusetts Mutual Life Insurance Company.

The Spectator, one of the most prominent journals in the country, celebrated this week its fortieth anniversary. The occasion was utilized for a souvenir publication, which accompanies this week's Issue of the paper. This souvenir, in addition to being a rare bit of printer's art, contains numerous articles and features on insurance. The San Francisco Are story is told, together with heretofore untold facts and incidents in connection with that great disaster and the reconstruction now going on. The souvenir is elegantly illustrated.—The Cincinnati Enquirer.

The Spectator has published a Quinquennial number which is a beautiful example of the typographer's art, as well as a budget of exceptionally valuable insurance literature. It marks the fortieth anniversary of the foundation of our contemporary, and is every way worthy of the occasion. There are many fine illustrations, some in colors and others photographic, of the San Francisco and Kingston earthquake and conflagration scenes, and descriptive of special articles. The principal contributor to this number In point of celebrity is Grover Cleveland, who has written specially for it on the subject of "Life Insurance and its Relationship to our People." This paper is embellished by a portrait of himself, recently taken at his home. All varieties of insurance appear to be covered by the contributions. * • • Altogether, this Quinquennial number is a remarkable publication, and one in which underwriters will take a permanent interest.—The Weekly Underwriter.

A special copy of The Spectator, an insurance magazine, has just been issued in commemoration of the fortieth anniversary of that publication. It is an unusually Interesting number, and instructive articles by experts upon various branches of insurance make the edition worthy of preservation. It has been the aim of the paper throughout Its forty years of existence to upbuild and uplift the business of insurance In Its various branches. In a carefully prepared article it says: "The cold facts disclosed by figures tell the story of what life insurance means to the nation at large. Over $300,000,000 was the sum paid out to policyholders in 1007 by the legal reserve life insurance companies alone, and to-day they stand as protectors of millions of Insured persons, holding some 25,000,000 policies—which are solidly backed by assets aggregating over $3,000,000,000. The growth in the assets from $175,000,000 in 1868, to $3,000,000,000, at the present time, indicates the marvelous expansion— though only a part of It—for in these forty years the returns under pollcips, paid to policyholders, have amounted to $4,500,000,000." The magazine is artistically arranged, and contains many articles upon fire and life insurance. Former President Grover Cleveland contributed one of the articles, "Life Insurance and its Relationship to our People." One of the completest records of the San Francisco disaster, prepared by A. W. Hart, adjuster, New York, is also published in the Quinquennial number.—Milwaukee Sentinel.



May 14, 1908, page 246,
The Spectator's Quinquennial Issue.

In The Spectator for April 30 and May 7, we have printed numerous .complimentary things said-about the Quinquennial issue of The SpecTator,in celebration of its fortieth anniversary, by prominent insurance officials and newspapers. The following additional commendations of, and compliments on, our recent special number have been selected from a large number of communications:

All in all, the Quinquennial number is a particularly fine one, and has created a great deal of favorable comment.—The Indicator.

The Quinquennial number of The Spectator has two interesting articles by officials of Maryland companies.—Baltimore Underwriter.

Splendid in appearance, with excellent special articles by experts. It is a fine number, a credit to American insurance journalism.—Texas Insurance.

The Quinquennial number is a magnificent piece of work from every point of view. I have read the various papers with much interest and profit.—Hon. E. E. Rittenhouse, Commissioner of Insurance, Colorado.

We regard your recent Quinquennial number as simply perfection. The writer has examined it with great pleasure, and considers it a work of art and beauty in every sense.—C. M. Atherlon, president and general manager the Western Mutual Life.

Permit me to congratulate you upon the splendid edition, which, in addition to being a credit to the printer's art. is a volume replete with interesting information, and as an evidence of enterprise, indeed ranks high.—Hon. H. R. Cunningham, Auditor of State, Montana.

The Quinquennial number of The Spectator is the best thing of the kind I ever saw. I showed it to the manager of our largest book-binding house in this city, and was pleased to hear him praise it very highly.— John F. Huntsman, life insurance manager, Providence. R. I.

Speaking of the life insurance investigations, in the Quinquennial number of The Spectator, ex-President Cleveland says: "The methods and practices in question have for the most part been eliminated, along with those responsible for their introduction." In other words, it was not life insurance, but those who abused its responsibilities, who got hurt.—St. Louis Globe-Democrat.

The Quinquennial number of The Spectator, received a few days ago. is not only very useful, but ornamental. You have done a good bit of work, which, by the way, is nothing new for The Spectator. You have been doing that sort of work these many years. I congratulate you most heartily on living so long, so well and so successfully.—Major E. V. Preston, general manager of agencies the Travelers Insurance Company.

The fortieth anniversary number of The Spectator is a great credit to both editorial and business departments of that journal. It has eighty pages of reading matter and fifty-five pages of advertising. One of the contributors is no less a personage than former President Grover Cleveland. The contents are varied and from the ablest pens. Illustrations are numerous, and a handsome grade of paper has been used throughout.—Insurance and Commercial Magazine.

On April 23 The Spectatop. of New York issued a handsome special number, in commemoration of the fortieth anniversary of the establishment of our well-known contemporary- H has become customary for The Spectator to celebrate every fifth year of its advancing age by presenting a beautiful, entertaining and instructive extra number to its subscribers, embracing contributions from some of the most prominent American underwriters, in various lines of insurance, as well as from other well-known writers. The latest special issue, however, outdoes all its predecessors.—The Insurance World.

The Spectator's Quinquennial numrcr is the best production ever issued by an insurance journal. The principal contributor to this number if Grover Cleveland, who has written specially for it on the subject of "Life Insurance and its Relationship to Our People." All kinds of insurance are covered in this issue: Dr. Harburgh and David Murray representing accident underwriting; Robertson Taylor, burglary insurance; Frank Lock. H. E. Hess. Sylvanus A. Reed. Holger de Roode, A. W. Hart and H. T. Lamey, fire insurance; Henry Moir, Edward A. Woods, William Alexander and John F. Huntsman, life Insurance; H. H. Stryker, Frank E. Law, surety and liability insurance; Dr. R. S. Keelor, disability insurance; Commissioner Rittenhouse and W. J. Dutton, State supervision, and the aulhor of "Amicus" lakes up the humorous side of the business. This number marks the fortieth anniversary of the paper, and The Spectator Company is to be congratulated on the publication of a number with such valuable literature. Tut:Spectator knows how to do things.—The Insurance News.

The public is in a fair way to realize just what a remarkable institution the life insurance business of this country is. The Insurance Field has, from time to time, taken occasion to point out that no other business on earth could have been subjected to the trial which has been given to life insurance since the Armstrong investigation started and have lived to tell the tale. Those who have been intimately familiar with the characteristics of the business have pointed out the superior stability of legal reserve life insurance as compared with all other business institutions, and now voices from outside the immediate ranks of insurance are pointing out this same conspicuous fact. The latest in this respect is former PresidentGrover Cleveland, who contributes a most striking article to the Quinquennial number of The Spectator of New York on "Life Insurance and its Relationship to our People." After giving figures showing the growth of life insurance in this country, Mr. Cleveland says: » • * These things have been said before, and as strongly said, but It is a most gratifying fact that Mr. Cleveland, in whom the thrifty, soberminded people of this country have such confidence, should express himself as he has done.—The Insurance Field.



May 28, 1908, page 276, The Spectator's Quinquennial Issue.

In The Spectator for April 30, May 7 and 14, we have printed numerous complimentary things said about the Quinquennial issue of TheSpectator, In celebration of its fortieth anniversary, by prominent insurance officials and newspapers. The following additional commendations of, and compliments on. our recent special number have been selected from a large number of communications:

Your Quinquennial number is superb.—Jchn D. Walker & Co., Sparta, Ga.

One of the most attractive numbers ever issued by an insurance journal.—Leslie's Weekly.

The Spectator's Quinquennial number is a handsome specimen of the printer's art, and Is In all respects a creditable special number.— Insurance Register.

Commissioner E. E. Ritlenhouse has been honored by having one of his best insurance articles published in the Quinquennial issue of TheSpectator, a well-known insurance publication.—Denver Republican.

Ex-President Cleveland's article on the subject of insurance in The Spectator voices the general opinion that the insurance companies are more strongly intrenched in public favor than ever before.—The Independent, New York.

That well-known insurance publication, The Spectator, has just issued a handsomely printed and illustrated special number to commemorate forty years of continuous publication. The field It covers Is a most Important one, and The Spectator's success is the best tribute to the ability with which It fills this field.—Providence Journal.

The fortieth anniversary of The Spectator was marked by the publication of a special number, which was a corker. Handsomely printed and full of good reading matter, contributed by the acknowledged experts of the business, this number of The Spectator will prove most Interesting to those who are fortunate enough to secure a copy.—The Insurance Record.

The Spectator's eighth Quinquennial Is a very handsome bit of newspaper work. It contains many valuable articles, set off and adorned with numerous pages cf handsomely-printed and generous-sized advertisements. The paper is well worth while from whatever point of view it is considered. If you have it. read it carefully. If you have not seen it, get a copy.—Philadelphia Intelligencer.

The special number of The Spectator, in celebration of its fortieth anniversary, is "all wool and a yard wide," and a decided credit to the projectors. The San Francisco fire and the men who adjusted the loss, tr gether with numerous well-executed cuts and portraits, occupies several pages, while other illustrated features are numerous and attractive. There are many articles covering all classes of the insurance business by special contributions.—Underwriters Review.

The piece de resistance of the number Is an article from the pen of ex-President Grover Cleveland, under the title of "Life Insurance and its Relationship to our People"; this article Is supplemented by contributions from a score or more of insurance notables, and the Issue Is handsomely illustrated with a series of views of the San Francisco conflagration and a series of colored diagrams tracing the growth of the various branches of insurance in the last twenty-five years. The number Is one of the largest and handsomest souvenir numbers ever issued by the American insurance press.—The American Underwriter.

On April 23, 1908, The Spectator of New York issued a handsome special number in commemoration of the fortieth anniversary of the establishment of that influential and widely-circulated Insurance journal. It has become customary for The Spectator to celebrate every fifth year of Its advancing age by presenting a beautiful and instructive extra number to its subscribers, embracing contributions from some of the most prominent American underwriters in various lines of insurance, as well as from other well-known writers. The latest special Issue, however, outdoes all its predecessors.—The Review, London, May 15, 1908.

To commemorate its fortieth anniversary. The Spectator has Issued a special number replete with articles from the pens of many of the leading experts in insurance, whose topics and treatment should commend them to all Intelligent students of this great business. Among those monographs, one from ex-President Cleveland, on "Life Insurance and its Relationship to our People," will naturally attract special attention, n<"t only because of the national prominence of the writer, but as coming from one who has been directly and actively Interested In life Insurance while In a position to study it from the standpoint of a statesman and an ordinary citizen, rather than that of a professional expert. The views presented by Mr. Clevelanddeserve a wide publication. They deal with the conditions cf the business which are now attracting wide attention.—The Insurance Monitor.

The News acknowledges receipt of a copy of the Quinquennial number of The Spectator, an American weekly magazine devoted to insurance, published by The Spectator Company. 135 William street. New York. The special supplement comment' rating forty years of continuous publication is excellently gotten up. is printed on good quality of glazed paper, in clean-cut type, bound In white card-board, with gilt lettering. It contains interesting and instructive articles by experts upon various branches of insurance. Colored diagrams are presented, portraying the progress made during the last quarter century in the various branches. These exhibits are said to be based upon the latest returns obtainable from all the companies operating in the State of New York at the beginning of the year 1907, the statistics being brought up to January 1. 1908. Those interested In insurance will find this number worthy of perusal and preservation.—Galveston Dally News.

We still have cn hand a limited number of copies of the handsome Quinquennial issue for sale. Order before this number goes out of print.



June 4, 1908, page 283, Vol. 80, No. 23, The Indifference of Life Insurance Policyholders,



IT is a notorious fact that the policyholders in life insurance companies, as a rule, manifest the greatest indifference regarding matters that vitally affect their interests in their policies. This was made especially apparent at last year's hotly contested election of directors in the great mutual companies, when the most strenuous efforts of the companies and of those opposed to them, utterly failed to bring out the vote of even a majority of the policyholders. On other occasions the managers of companies have solicited the co-operation of their policyholders to defeat some hostile legislation in some State, but their entreaties fell upon deaf ears. During the past two years, when vicious measures have been pending in various legislatures, threatening the business of the companies, and increasing the burdens carried by the policyholders, the Association of Life Insurance Presidents has appealed in vain to those whose interests were imperilled for assistance in presenting their side of the question to members of the legislature. The Association of Life Insurance Presidents was organized for the purpose of meeting proposed hostile legislation and instructing legislators regarding the injury to policyholders that was threatened by the pending bills. Ex-President Grover Cleveland was at the head of this association, and he, assisted by ex-Assemblyman Cox of New York, addressed various legislative committees and presented able arguments to show why the policyholders should be protected rather than harassed by increased requirements and burdens, nominally inimical to the companies, but really disastrous to the policyholders. They also issued stirring appeals to policyholders, asking for their influence in reaching the law makers and presenting the subject in its proper light. Ex-President Cleveland is quoted as saying that he never encountered such apathy and indifference among men whose interests were at stake as was displayed by the policyholders of the companies that were the objects of so much hostile legislation. They did nothing to aid those who were seeking to protect them, and by their indifference rather encouraged the opposition. It is difficult to account for such apathy, except upon the theory that men insure their lives at the solicitation of agents and look to the companies to enforce proper measures for their protection.

Occasionally a policyholder is found who takes a lively interest in the affairs of the company in which he is insured, and also in the general welfare of the business as a whole. Such a one is F. H. Davis, vice-president of the First National Bank of Omaha. He recently settled a policy he had long carried in the New York Life, and writes to the company expressing his entire satisfaction with the settlement, although the result is not quite up to the expectations held out to him when he took the policy. Regarding this he writes:

I am satisfied that the principal reason for this depreciation is the natural reduction in interest rates, hence the lessening earning power of the securities in which my money has been invested by the company. This condition was inevitable. Another, and a greater cause, I attribute to the excessive taxation of insurance companies by the various States; and in this particular I wish to state that I am surprised that the officers of the great insurance companies of this country do not thoroughly enlighten their policyholders. If the policyholders knew of the excessive taxes which they are paying, I feel confident that they would use their best efforts with the members of the various legislatures from time to time to bring about a reduction of the same. I am informed that the excessive amount collected from the policyholders of the insurance companies by the various States, over the actual cost of maintaining their several Insurance Departments, aggregates many millions of dollars per annum.

The above facts have been presented to the policyholders repeatedly, but their indifference continues, with the result that they are robbed year after year by the States that should be watchful of their interests. These taxes upon economy and thrift are unreasonable, not to say outrageous, and should be done away with. Could the policyholders in all the companies be aroused to the injustice of discrimination and induced to use
their influence with their legislatures, co-operating with the companies, a remedy would soon be found for the evil.




June 4, 1908, page 283, Vol. 80, No. 23, Terminations By Surrender and Lapse,

THE great falling off in new business written by life insurance companies operating in New York during the past two years showed its effect last year in a striking decrease in the proportion of policies terminated by lapse. Following the disclosures of the Armstrong investigation in the fall of 1905 there was a marked increase in the number of policies lapsed in that and the following year, owing to a loss of confidence on the part of the insuring public. In 1907, however, the effects of the unwarranted agitation had worn off, lapses were considerably reduced, and besides, the surrender value clauses of the policies issued in 1905 became operative. As a result, the lapse ratio dropped to the lowest point recorded in the past twenty years. Policies terminated by surrender, on the other hand, show a slightly higher ratio, partly accounted for by a smaller gain in the mean number of policies in force. Now that high-pressure methods of obtaining business have been eliminated, the lapse ratio may be expected to drop still further; but surrenders will, in all probability, increase. This is attributable to the fact that a large number of deferred dividend policies are due to mature within the next few years, as well as the more liberal scales of surrender values now being offered. In studying the table

Copyright, 1906, by The Spectator Company, New York.

Per Cent To Mean Policies In Force Of Terminations By Surrender For Twenty-nine Like Insurance Companies From 1888 To 1907, Inclusive.


Per Cent To Mean Policies In Force Of Terminations By Lapse For Twenty-nine Life Insurance Companies From 1888 To 1907, Inclusive.



showing the terminations by surrender, it should be borne in mind that the companies vary in their surrender-value conditions. At the present time at least one company offers a surrender value at the end of the first year, many at the end of the second, while others give no value until the end of the third year.

The percentages in the table herewith are based on the terminations by surrender and lapse to the mean number of policies in force year by year for the past twenty years, with averages by five-year periods, and also for the entire twenty years. These tables, when taken in connection with the table showing the terminations by death recently printed in The Spectator, give an approximate idea of the way in which policies go off the books of the life insurance companies each year.

IN the Massachusetts Legislature, Representative Clarey has been displaying more or less animosity towards the fire insurance companies, and has gotten out a circular in relation to fire insurance in the State named. He claims that in the twenty-five years ending with 1906, the stock companies received $200,169,044 of premiums, and paid $105,934,428 for losses, showing "about $1.90 collected for each dollar of loss paid." Assuming that Mr. Clarey's figures are correct, and that the normal business prior to 1882 was such that it did not merit his disapprobation, we should figure the account to be approximately as follows:

Premiums collected, 1882-1906 $200,169,044
Losses paid, 1882-1906 $105,934,428
Increase in liabilities on Massachusetts business 4,000,000
Expense of Massachusetts business 73,061,701
Boston conflagration loss, 1872 56,000,000
Chelsea conflagration loss, 1908 9,000,000 247,996,129
Excess of losses, expenses and liabilities on account Massachusetts business over Massachusetts premiums $47,827,085

It would appear from the foregoing figures that Massachusetts is still much in debt to the fire insurance companies, and that any radical attacks upon those companies which have so efficiently aided the State's greatest city, would come with ill grace from members of the general court.

AT the annual meeting of the South-Eastern Tariff Association (or the South-Eastern Underwriters Association, as it will henceforth be known) the most interesting topic of discussion was the contingent-commission suggestion of the local agents. The latter were represented at the meeting, and their spokesmen were granted a hearing; but the members of the association evidently did not feel warranted in taking any action looking to a change in the plan of remuneration of agents which might, and probably would, work out so as to increase the aggregate expenses of the companies. .

AMBASSADOR REID recently delivered an address before an English Chamber of Commerce, in which he lauded the indomitable spirit of the citizens of San Francisco, in determining to rebuild the city, and in so quickly accomplishing the results in that direction which they have now attained; but, apparently, about the only reference made to insurance matters was one in which he alluded to the "weary months of waiting to realize on securities, to collect insurance," etc. He might truthfully have given a considerable portion of the credit for the rebuilding of San Francisco to the stockholders of the fire insurance companies who so generously, and at great sacrifice, contributed the scores of millions of dollars necessary to enable the companies to pay their San Francisco policyholders.

SCARCELY a day passes without its incendiary fire in New York, or some other large city, which usually occurs in a closely inhabited tenement district, and too frequently involves loss of life, even when the property loss is trifling. Whether due to "Black Hand" blackmailing, a desire to collect fire insurance, or some other motive, the wretches guilty of the crime of arson should be run down and punished to the full extent of the law. No man who would wilfully fire a building containing human beings is entitled to any mercy or consideration; immersion in boiling oil, were such punishment now permissible, would be too lenient treatment for him; and the police should strain every nerve and use their utmost endeavors to apprehend and have punished the malefactors who are guilty of such terrible crimes.



June 4, 1908, page 289, Map of Part of San Francisco California, April 18, 1908, Showing Buildings Constructed and Buildings Under Construction During Two Years After Fire of April 18, 1906.

What Insurance Money Has Done for San Francisco. Aided materially by the scores of millions of dollars paid to propertyowners in San Francisco by the fire insurance companies following the earthquake and conflagration of April 18-21, 1906, the rebuilding of the city has proceeded rapidly. Its progress is indicated by the following summary, prepared by the California promotion committee, and the accompanying map: San Francisco's reconstruction is recognized generally as the modem building marvel, but with all that has been said and written, no adequate conception of what really has been done is had by those who have not been to the City by Golden Gate since the fire. The map shown herewith is the second of its kind that has been issued by the California promotion committee. The first issued on April 18, 1907, one year after the fire, and this one comes out April, 1908, two years after.

An examination of this map shows the enormous building operations have been going on so far as ground space is concerned. It tells nothing of the massive structures which have been springing up all over burned district, and which are represented here simply as black spaces on white ground of the map. Of the burned district shown here, all the black new buildings that have either been completed since the fire, or are in course of construction. It all represents actual work done on a grand total of 14, 270 buildings and an expenditure of $117 514.495.

San Francisco's building ordinances divide buildings into four classes. Class A being of steel and stone, brick or concrete construction, as near fireproof as possible. Class B, being of reinforced concrete, or of brick or stone, with steel floor beams, practically fireproof. Class C, being of brick, stone or with wooden floor beams, and frame. In the showing made in the map these buildings are represented as follows: Class Number Value A 63, B 96, C 1,097, Frame 8,817, Alterations 4,198, Totals 14,270.

Under the head of alterations come numerous new buildings, in addition, the thirty-seven Class A buildings, which were scorched and marred by the fire and which have virtually been rebuilt since that event.

It is not alone in her building operations that San Francisco has made wonderful record since the fire. The clearances of her banks in the past years have been phenomenal amounting to a grand total of $3,977,562,202.29. San Francisco's population which was estimated at a half million by the promotion committee before the fire. has almost reached that point, According to calculations made by the committee on November 1, 1907, population at that time numbered 479,635, and has been increasing steadily since, so that it may be estimated now as being close to the half million again. It is significant in this connection to note that the four Bay Cities---Francisco, Oakland, Berkeley and Alameda, have increased their total nearly 150,000 above the total that obtained before the fire. In the territory within a radius of fifteen miles of the city hall of San Francisco there is to be a population of 850,000. Of $18,200,000 derived from bonds recently issued by the city, the sum $5,200,000 is to be applied to the construction of an auxiliary high pressure system for fire protection.


The 497 blocks within the area bordered by heavy black line were destroyed. Other markings in black show new construction. In the small map at lower left-hand corner, the burned area is shown in black.



June 4, 1908, page 293, The Spectator's Quinquennial Issue.

In The Spectator of recent issues we have printed numerous complimentary things said about the Quinquennial issue of The Spectator, in celebration of its fortieth anniversary, by prominent Insurance officials and newspapers. The following additional commendations have been selected from a large number of notices:

On April 23, 1908, The Spectator of New York issued a handsome special number in commemoration of the fortieth anniversary of the establishment of that Influential and widely circulated insurance Journal. It has become customary for The Spectator to celebrate every fifth year of its advancing age by presenting a beautiful, entertaining and instructive extra number to its subscribers, embracing contributions from some of the most prominent American underwriters, In various lines of Insurance, as well as from other well-known writers. The latest special issue, however, outdoes all Its predecessors.—The Insurance Age.

The Spectator of New York has Just published a Quinquennial number of superior excellency. This edition of the paper is Just about as handsome a piece of work, typographically considered, as could be produced, and Its seventy-five or eighty pages of reading matter contain pithy and pertinent contributions upon Insurance subjects by men in all walks of life. Among The Spectator's contributors, ex-President Grover Cleveland figures, and his talk upon life insurance, thus made public, has been widely copied throughout the United States. Considerable attention Is paid to San Francisco, and The Spectator was fortunate in having a man so capable as Arthur W. Hart to prepare the article on the Frisco earthquake and conflagration, which is yet fresh in the minds of all newspaper readers of the world. We congratulate The Spectator upon its attainment of forty years of age and the handsome manner in which It has celebrated the occurrence.—Western Insurance Review.

The Spectator's recent Quinquennial number in honor of the fortieth anniversary of the foundation of this standard insurance journal, contains a budget of useful as well as interesting Insurance information. Its many illustrations, some in colors and others photographic, of San Francisco and Kingston earthquake and conflagration scenes, are exceptionally artistic. The principal contributor in this Issue in point of celebrity, is ex-PresidentGrover Cleveland, who writes on the subject of "Life Insurance and its Relationship to Our People"; his paper is also embellished by a portrait of himself, recently taken at his home. Many other phases of insurance are covered by Dr. Harbaugh and David Murray, representing accident underwriting: Robertson Taylor, burglary insurance; Frank Lock, H. E. Hess, Sylvanus A. Reed, Holger de Roode, A. W. Hart and H. T. Lamey, fire insurance; Henry Molr, Edward A. Woods, William Alexander and John F. Huntsman, life insurance; H. H. Stryker, Frank E. Law, surety and liability Insurance; Dr. R. S. Keelor, disability Insurance; Commissioner RittenhouBe and W. J. Dutton, State supervision, and the author of "Amicus," the lighter vein in the business. This Quinquennial number of The Spectator Is of typographical beauty and its general make-up is a great credit to insurance Journalism.—Views.

We still have on hand a limited number of copies of the handsome Quinquennial issue for sale, containing entertaining and instructive matter for life, fire and casualty men. Order before this Issue goes out of print.



June 18,  1908, page 314, Why Mr. Ryan Purchased the Equitable Stock.

The Saturday Evening Post of Philadelphia for June 13 contained an interesting character sketch of Thomas F. Ryan, by Isaac F. Marcosson. It gives Mr. Ryan's views on a number of subjects, and is particularly Interesting to Insurance men, for its explanation of the purchase of the stock of the Equitable Life of New York, and the selection of Paul Morton as president of the society. The article says:

The most spectacular of Mr. Ryan's achievements, the one which has brought him most prominently before all the people and at the same time caused more discussion than any other act of his, was his purchase of the control of the Equitable Life Assurance Society. I asked him to tell me frankly of his real relation to the company and the facts which led up to it. He said

"Three years have confirmed what I said when I bought control of the Equitable. The controlling factor in that purchase was the desire to do a public service; to do a constructive service into which the element of money-making did not enter at all. I have kept the faith which that resolution involved, and will continue to do so. The stock which I own is in the hands of trustees who control it absolutely. My only return on it is the annual dividend of seven per cent on its par value, which is fixed by the charter, and that, considering the price I paid for it, could hardly be called a profit.

"In no way have I interfered with the management of the society. I have even "remained silent when, in the few instances during the reconstruction period, my advice was asked for. I have never borrowed a dollar from the Equitable, nor has any company in which I am interested done so through my instrumentality. Not "a single security in which I am interested has been sold to it, or bought from it, by me directly or indirectly or through my influence. There has been vicious and malicious misrepresentation on this point, of course, as on others. It has been repeatedly charged, for instance, that millions of Equitable money has been invested in 'Ryan securities,' whereas the facts arc that these investments were made by the old management long before I had any idea I should ever be connected with the Equitable. Even then I had nothing to do with them. The finance committee which has charge of the society's investments is a model committee. I know two directors who are members of it, but I have never made any suggestions to them regarding investments, nor would I presume to do so. I have never met the other members of the committee, and would not know them if I met them on the street.

"The Morton Trust Company, in which I am largely interested, has not a dollar of Equitable money on deposit with it, though 1 do not believe there could be any just criticism if it did carry such a deposit. In no way have I profited financially to the extent of a dollar from my ownership of Equitable stock.

"The facts which led to the purchase of the stock were these. The situation was more critical than many people imagined. As the only other means oi ending its internal troubles, the Equitable was threatened with receivership. I knew that if this came it would result in a financial disaster that would be national, and probably international, and that the policyholders in the Equitable, as well as other big companies, all of which were perfectly sound, would suffer creat and needless loss.

"I knew that the country would be years in recovering from such a panic as would have ensued, and, taking a purely selfish view, I appreciated that I should sustain heavy losses.

"It seemed to me that a man who could secure control of the society and be instrumental in removing its difficulties and restoring confidence in it would, in addition to protecting his own interests, which was a minor consideration, be doing the whole nation a service. The other men who might have done it were connected in one way or another with the Equitable or insurance interests. 1 was. the only man who could buy who had no such connections. I believed that T was the man to do this thing, and I did it."

HOW PAUL MORTON WAS CHOSEN "Immediately after the_ purchase of this stock I divested myself from it voting power by turning it over to the Honorable Grov-er Cleveland. Honorable Morgan O'Brien and George Westinghouse. As Mr. Cleveland said on his last birthday, he accepted his trusteeship in the conviction that I had no selfish purpose to serve, and would not interfere with him in any way, and the same is true of the other trustees. My deed of trust to them is absolute and as nearly perpetual as can be made under the New York law. They alone can terminate it; I have nothing to say about it. The only stipulation I made in thus transferring the stock was that it should be voted in favor of mutualization. This has since been carried out. and twenty-eight of the directors of the society out of the total fifty-two are elected by the policyholders. The remaining twenty.four are selected by the trustees without dictation or interference from me.

"In this connection, truth compels me to say that I did not select Paul Morton for the presidency of the Equitable, although I should like to claim the credit for it. When the trouble in the Equitable was nearing its climax, ft was suggested by some of the directors that they bring in some strong man from the outside who was not identified with either faction, elect him chairman of the board with plenary powers, and then, if he straightened out things satisfactorily, make him president. David H. Moffat. I believe, was the first to propose Mr. Morton, whom he had long known. His suggestion was approved by several other directors, and they asked Mr. Morton if he would take the place. He told them that he was under verbal contract with me for another work, and that, while he would like to undertake the insurance task on account of its constructive nature, providing he were given a free hand as to men and measures, he could not do so until I released him. Then they called on me. I was considering the purchase of the Hyde stock, but had not thought of Mr. Morton for the presidency until thev suggested it I agreed to release him if the Equitable directors agreed on htm as the man they wanted. He was unanimously elected chairman of the board under the conditions which he had stipulated the day after I bought the Hyde stock, although at the time of his election only two of the directors knew that I had acquired the stock.

"This is how Paul Morton came to be president of the Equitable. That it was a wise selection time has shown."



June 18, 1908, page 317, Grover Cleveland and the Equitable Life.

A contemporary commenting upon Mr. Cleveland's article appearing in the anniversary number of The Spectator, states: "It would be money in policyholders' pockets if Grover were eliminated."

We doubt it. The investigation in 1905 brought the life insurance business before the public as never before. Not in its most favorable light. Never before had the life insurance companies been assailed as they were at that time. Policies were lapsed by the wholesale. It was a problem how the companies should hold the policyholders. What better move could have been made than to secure the services of a man of national reputation andunquestioned integrity? The only living ex-President of the United States, Grover Cleveland is one whose name not only inspires confidence in the present policyholders, but in prospective policyholders.

It is, in our opinion, short-sighted, to say the least, to state that Mr. Cleveland does not earn every cent he receives from the Equitable. Through the advertising department "alone Mr. Cleveland is invaluable. lie never speaks without being quoted in every newspaper in the country, from coast to coast, from Canada to the Gulf. We venture to say that the Equitable could not have obtained for fifty times the amou.it paid Mr. Cleveland the advertising which it obtains through him absolutely free. One million dollars is a conservative estimate of what it would have cost the Equitable had they attempted to purchase the space for reading notices which have appeared in the dailies throughout the country, emanating solely from Mr.Cleveland.—The insurance Monitor.

We beg to remind The Monitor and the paper it refers to that Mr. Cleveland receives no salary or other compensation from the Equitable for his services as trustee or in any other capacity.



June 18, 1908, page 314, How Paul Morton Was Chosen,

HOW PAUL MORTON WAS CHOSEN "Immediately after the_ purchase of this stock I divested myself from it> voting power by turning it over to the Honorable Grov-er Cleveland. Honorable Morgan O'Brien and George Westinghouse. As Mr. Cleveland said on his last birthday, he accepted his trusteeship in the conviction that I had no selfish purpose to serve, and would not interfere with him in any way, and the same is true of the other trustees. My deed of trust to them is absolute and as nearly perpetual as can be made under the New York law. They alone can terminate it; I have nothing to say about it. The only stipulation I made in thus transferring the stock was that it should be voted in favor of mutualization. This has since been carried out. and twenty-eight of the directors of the society out of the total fifty-two are elected by the policyholders. The remaining twenty.four are selected by the trustees without dictation or interference from me.

"In this connection, truth compels me to say that I did not select Paul Morton for the presidency of the Equitable, although I should like to claim the credit for it. When the trouble in the Equitable was nearing its climax, ft was suggested by some of the directors that they bring in some strong man from the outside who was not identified with either faction, elect him chairman of the board with plenary powers, and then, if he straightened out things satisfactorily, make him president. David H. Moffat. I believe, was the first to propose Mr. Morton, whom he had long known. His suggestion was approved by several other directors, and they asked Mr. Morton if he would take the place. He told them that he was under verbal contract with me for another work, and that, while he would like to undertake the insurance task on account of its constructive nature, providing he were given a free hand as to men and measures, he could not do so until I released him. Then they called on me. I was considering the purchase of the Hyde stock, but had not thought of Mr. Morton for the presidency until thev suggested it I agreed to release him if the Equitable directors agreed on htm as the man they wanted. He was unanimously elected chairman of the board under the conditions which he had stipulated the day after I bought the Hyde stock, although at the time of his election only two of the directors knew that I had acquired the stock.
"This is how Paul Morton came to be president of the Equitable. That it was a wise selection time has shown."



June 25, 1908, page 322, Grover Cleveland: Death of the Ex-President at Princeton,

GROVER CLEVELAND.

Death of the Ex-President at Princeton.

He Expired Quietly at 8:30 Wednesday Morning.

AS The Spectator was going to press, announcement was made of the death of Ex-President Grover Cleveland. After a prolonged illness at Lakewood, he was removed to his home at Princeton on June I. The latest bulletins indicated that he was on his way to recovery, and it was expected that he would be able to leave the house in a few days.

Mr. Cleveland was well known among life insurance men as a trustee of the Equitable Life Assurance Society and as president of the Association of Life Insurance Presidents, in which capacity he had written valuable articles in behalf of life insurance. He was especially active in protesting against vicious legislation proposed in various State legislatures, and presented his views to the insurance committees of several law-making bodies. The last article written by him was especially prepared for the Quinquennial issue of The Spectator, which appeared April 23 of this year, which warmly commended life insurance for the people. H

"No claim to attach to this Policy for Insurrection, Riots, Civil Commotion or Military or Usurped Power."



July 2, 1908. Vol. 81, No. 1., page 347 [1], Ex-President Cleveland and Life Insurance,

EX-PRESIDENT CLEVELAND AND LIFE INSURANCE.

THE Spectator of last week contained the announcement of the death of Hon. Grover Cleveland, ex-President of the United States, which occurred at Princeton on the morning of June 24. As our journal was then being printed, it was impossible to pay fitting tribute to the memory of one who held so high a place in the esteem of his fellow countrymen, and since then his obituary has been printed, with the highest encomiums, in all the prominent newspapers in this country and in Europe. Words of ours could add little to these notable tributes to the memory of Mr. Cleveland, either as a public officer or as an individual, but what he did in the interests of life insurance may be briefly pointed out.

With the premise that he had been Mayor of Buffalo, and had acquired a reputation for sterling integrity, intelligent comprehension of the duties of a public officer to the people, he was elected Governor of the State of New York. His broad-mindedness and his familiarity with the affairs of the State and of business in general, were so widely impressed upon the people that he was nominated thrice, and twice elected President of the United States, his administration being characterized by ability and a far-sighted policy from which the country is to-day reaping the benefit. Upon the conclusion of this term of office he returned to private life, but his advice and counsel were continually sought by statesmen, politicians and laymen. At the time of the life insurance investigation the Equitable Life Assurance Society was made a special target for adverse criticism and wholesale abuse. It was then that Thomas F. Ryan purchased from James H. Hyde a controlling interest in the stock of the Equitable, and his first act was to place this stock in the hands of three trustees, to be voted by them as they saw fit, with a view to mutualizing the Society. These trustees were ex-President Grover Cleveland, Judge Morgan J. O'Brien and George Westinghouse, Mr. Cleveland being chosen as chairman of the board. The ex-President at once devoted himself to the duties imposed upon him, his business training and his tactfulness enabling him to speedily grasp the situation. What he sought to accomplish was tersely expressed in v letter written by him at that time to Mr. Ryan. He said:

We can better afford to slacken our pace than to abandon our old, simple American standard of honesty; and we shall be safer if we regain our old habit of looking at the appropriation to personal uses of property and interests held in trust in the same light as other forms of stealing.

The plan evolved for the mutualization of the society provided that the policyholders should choose twenty-eight of the fifty-two directors, and the policyholders were solicited to name the men of their choice. At the next election the gentlemen so selected were duly chosen as directors. Mr.Cleveland worked steadily and persistently with his associates to restore confidence in the system of life insurance, and especially to harmonize the affairs of the Equitable. The present condition of the society and its efficient and successful management is evidence that the labors of the trustees bore good fruit.

The crime of rebating was for many years extensively practiced by life insurance agents, in defiance of law, and Mr. Cleveland was selected by the life insurance companies as a referee to hear and determine all cases of rebate that might be brought to his attention. This was but a short-lived position, and in 1907 the Association of Life Insurance Presidents was formed and Mr. Cleveland chosen as chairman of its executive committee and counsel, at a salary of $25,000 a year. The main purpose of this organization, of which some twenty-five or more life insurance presidents are members, is to combat legislation in the different States that is calculated to work to the detriment of life insurance policyholders. This was immediately following the life insurance investigation, when hostility to life insurance ran rampant in the legislatures of several States. Mr. Clevelandprepared numerous papers that were presented to the committees of the legislatures and widely published, clearly setting forth the relations of life insurance to the public at large, and showing the injustice not only of the proposed legislation, but of some of the existing laws. His views and opinions unquestionably had great weight with those law makers who read them and with the public.

Ex-President Cleveland's last message to the American people was in the nature of an article entitled "Life Insurance and Its Relationship to Our People." This was written at the request of The Spectator for its Quinquennial number in celebration of its fortieth anniversary, issued April 23, 1908. Mr. Cleveland was then ill, and at first declined to contribute to that number, but being urged by prominent life insurance men to do so, he finally consented, and the article was printed in that issue of The Spectator. It attracted general attention, and was copied in whole or in part in more than 100 daily newspapers and other journals in this country and in Europe. It is an earnest presentation of the subject of life insurance, its beneficence and providence, and earnestly recommends life insurance as a wise provision for the future of the insured or those dependent upon him.The Spectator alone circulated nearly 100,000 copies of this article, and it is unquestionable that it has influenced thousands of persons to give serious consideration to the subject of life insurance and act upon his advice.

Early in life, Mr. Cleveland showed his appreciation of the value and importance of life insurance by the fact that he had become not only a believer in life insurance, but a doer. In a recent interview he said:

When I was a young man I took out two policies for my mother. One was for $2500 and the other for $5000. I have held on to them all these years and am still paying premiums on them. I'm going to hold on to them. That is the thing for everybody with somebody dependent on him. Get a policy and then hold on to it. It means selfrespect; it means that nobody will have to put something in a hat for you or your dependent ones if you should be snatched away from them. Nobody who liked you living will be called on to do anything for you or yours with ill grace and a grudging heart.

The two policies referred to were not the only ones carried by Mr. Cleveland, as, according to the information at our command, for a number of years past he has been insured for a larger amount. He believed firmly in the principle that life insurance should be maintained on a scale corresponding closely to earning power, so that when death intervenes there is no necessity for a change in the manner of the family's style of living to a lower scale. The precept urged by this eminent contributor to our columns was sound and good— his example backed that precept admirably.

Less than a year ago Air. Cleveland wrote on "Our People and Their ex-Presidents"; described the necessities of a former President, his obligations and occupations and touched on the provisions the people should make for retired Chief Magistrates, and he said:

If in concluding this discussion a personal word is necessary or permissible in view of the fact that I am the only man now living who could at this time profit by the ideas I have advocated, I hope my sincerity will not be questioned when I say that I have dealt with the subject without the least thought of personal interest or desire for personal advantage. I am not in need of aid from the public treasury. I hope and believe that I have provided for myself and those dependent upon me a comfortable maintenance, within the limits of accustomed prudence and economy, and that those to whom I owe the highest earthly duty will not want when I am gone.

Mr. Cleveland was a man of rare intelligence, broad minded, thoroughly conscientious and unswerving in what he conceived to be his duty. Few men in public life have ever obtained such a hold upon the affections of the people as did Cirover Cleveland, who was conceded to be one of our foremost statesmen and a truly representative American. None among his admirers of late years were more outspoken in their praise of him and their confidence in him than were his political opponents when he was a candidate for the Presidency. His unimpeachable integrity, and his plain, forceful presentation of his ideas, and his ideal domestic life won for him the respect, esteem and confidence of all. The whole nation mourns his loss.


NEW YORK city fire department officials are enthusiastic over the result of the test on Sunday last of the new high-pressure water service, which has been installed to protect that section of Manhattan lying between Chambers and Twenty-third streets. Chief Croker went so far as to say:

This added power precludes the possibility of any large conflagration in this city. With a concentration of pressure such as we had to-day we can control any blaze in a short time.

Deputy Chief Loughman predicted that the test indicated the end of the usefulness of the steam fire engine, and another deputy chief was quoted as follows:

The day of the steam engine will soon be passed. The pumping stations will eventually supplant them, and will lead to the establishment of such stations throughout the city. The disadvantages of the engine are every day becoming more manifest. The delay in the fuel, the time lost in getting up steam, and other delays all were causes of the spread of fires. With the pressure controlled by a turn of the hand, flames will be more quickly extinguished.

Mr. Croker answered an inquiry as to the effect of the new service in event of the occurrence of a fire in a "skyscraper." as follows:

It would hardly have any effect. We could string no hose high enough to cope with a fire in a tall building, but the fire regulations which demand stand pipes with outside Siamese connections would be our hope under those circumstances. Resides, we expect to have 500 pounds pressure in all the high structures.

A pressure of 300 pounds per square inch was applied during the test, and twenty-four streams were used, three men being stationed at each nozzle. Several of the streams reached the roof of a twelve-story building. The chief difficulty likely to be met with in practice, is that of providing for variable pressures, to suit the requirements of the different positions in which streams must be handled. To do this, a valve which will regulate the pressure of each individual feeding-line is necessary. Taken altogether, however, the result of the test was most gratifying, and fire underwriters may rest easier over the Fourth of July because of its additional protection.



July 2, 1908, page 353, [7] New Equitable Life Building to be 909 Feet High,

If the plans for the new Equitable building to be erected upon the site of the old Equitable building on the block bounded by Broadway Nassau Pine and Cedar streets New York are approved by the building department the Equitable Life Assurance Society will on its completion possess the loftiest structure in the world with the single exception of the Eiffel Tower in Paris Even the latter will be overtopped by the Equitable Life's flagpole which will rise to 1059 feet above the sidewalk The main building will be thirty four stories or 489 feet high with a frontage of 167.1 feet on Broadway 152.3 feet on Nassau 3treet and 304.2 feet and 312.3 feet respectively on Pine and Cedar streets Above the main building will be a square tower of twenty eight stories capped with a cupola the tower and cupola being 420 feet high The facades are to be of brick and granite with trimmings of terra cotta The design will be the Renaissance type presenting bays set between pilaster3 of Corinthian and Doric pattern the corners being offset with clustered columns The bays will be elaborately decorated with carved work The roof of the main building will be finished with cupolas several stories high set around the base of the tower The tower structure will be in two sections one section extending from the thirty fourth to the forty ninth story The main cupola will extend above this The building is to be equipped with a group of thirty eight passenger elevators built in two rows in a great elevator corridor finished In ornamental bronze Eight of these elevators will run to the top of the tower extension In addition to these there will be several elevators exclusively for freight The cost of the building will reach $10,000,000 



July 2, 1908, page 353, [7] Ex President Cleveland,

The surviving trustees of the majority stock of the Equitable Life Assurance Society met on Friday and passed these resolutions upon the death of Grover Cleveland, their chairman: 

The trustees of the Equitable Life Assurance Society of the United States have learned with profound sorrow of the death of Mr Cleveland, who since the organization of the board has been its chairman and who in that capacity rendered signal services to the society its stockholders and policyholders by strengthening its board of directors by inspiring the confidence of the public in the society and by placing its management upon a sound and conservative basis The value of these services can be measured only by the exalted character and splendid ability of the man who rendered them and who in addition to his loyalty and devotion to the Equitable Society lent to it the strength of his great name. 

We, who have been personally associated with him in the work, whilst giving him the credit for the success accomplished, desire to place upon record our deep personal feelings of esteem and regard for one whose genial and sympathetic nature, whose kindly and considerate advice, whose rugged and able counsel, made the work a pleasure, and the association with him an honor. Out of respect to his memory, it is ordered that this minute be spread upon our records, that a copy be forwarded to his bereaved family, and that we attend his funeral, if such a privilege be allowed us. 

MORGAN J. O'BRIEN 
GEORGE WESTINGHOUSE 
Trustees 

At a meeting of the finance committee of the Equitable on Friday this resolution was adopted:

The directors and officers of the Equitable Society learn of the death of Grover Cleveland with profound sorrow and regret. To enlarge here upon the public acts and private virtues of this truly great man would be superfluous. Our object is simply to record our sympathy for Mrs Cleveland, and her children, and to bear testimony to the value of the last great work in Mr Cleveland's career, the results accomplished by him in behalf of American life insurance. In consenting to serve as chairman of the board of trustees of the Equitable Society, Mr Cleveland exhibited his confidence, not only in one, but in all the reputable life insurance companies throughout the country, thus removing apprehension from the minds of the people, and saving hundreds of thousands of investments made by them for the protection of widows, orphans and aged persons. If Mr Cleveland's life could have been spared, he would as chairman of the Association of Life Insurance Presidents, have continued to render public service of great value to the cause of sound life insurance. But that having been denied, it is a gratifying reflection that death did not come until he had rounded out the work of revalue to the cause of sound life insurance in general, and in particular had done his influential part in reorganizing and placing the control of the affairs of this society in the hands of its representative policyholders throughout the country. And as a further tribute of respect, it is ordered that the society's offices be closed at noon on the day of the funeral. 

The executive committee of the Association of Life Insurance Presidents, of which Grover Cleveland was chairman and counsel, at a special meeting adopted a resolution reading, in part, as follows: 

Not the least among the valuable services rendered by Grover Cleveland to his fellowmen was his contribution to the preservation and elevation of the business of life insurance. To this field of activity he brought all the experience gained in other and broader fields. To it he gave a guarantee of honesty and efficiency equal to which, in the eyes of the American people, no other man could have given. This he did in the interests of some 20,000,000 or more policyholders. He did it at a sacrifice of quiet and ease to which he aspired after such an exceptionally long and active career, and to which he was entitled at his time of life. 

For this service we are especially indebted to him. In connection with it, we came to know him well, and to love and respect him as his associates could not fail to do. 

We meet in profound sorrow, and desire to express within the limitations imposed by human language our appreciation of the irreparable loss sustained by each of us and by this association. 

Nothing was done toward choosing Mr Cleveland's successor. It was said after the meeting that the vacancy would, in all probability, not be filled until the annual meeting of the association in December. MR 

July 2, 1908, page 353, [7] Cleveland and the Fourth of July,

At the commemoration of Washington's birthday, February 22, 1907, Mr Cleveland delivered an address at the Union League Club of Chicago, on Patriotism and Holiday Observance. His idea was that the commemoration of the birthdays of our great men was an object lesson in patriotism, and should be encouraged. Regarding the Fourth of July, he said, 

"The commemoration of the day on which American independence was born has been allowed to lose much of its significance as a reminder of Providential favor and of the inflexible patriotism of the fathers of the Republic, and has nearly degenerated into a revel of senseless noise and dangerous explosion, leaving in its train far more of mishap and accident, than lessons of good citizenship or pride of country



July 29, 1908, page 55, The Fifty Years' Career Of The Equitable,

Early in the year 1859 Henry Baldwin Hyde, who had been in the service of the Mutual Life Insurance Company of New York, conceived the idea of establishing a life insurance company in New York that should share in the great growth of the country which he was farsighted enough to foresee. Many difficulties were encountered by him, but his indomitable energy overcame them all, and on July 26 of that year the certificate of authority, which had been issued by the State on the previous day, was filed, and two days later—July 28— business commenced by the issuance of the first policy. Up to the end of that year 277 policies had been issued, and of those original policyholders nine still survive to celebrate the fiftieth anniversary. The first board of directors numbered fifty-two men, of whom but one is still living, but his term of service lasted less than one year, as he resigned in consequence of his election to the legislature. The charter provided that the society should be conducted upon the mutual principle, but as the law of New York required a life insurance company to have a capital stock of at least $100,000, a clause was inserted limiting the dividends upon that capital to seven per cent per annum.

The first corps of officers consisted of William C. Alexander, president; Henry B. Hyde, vice-president; George H. Phillips, actuary; Edward P. Williams, secretary; Edward W. Lambert, physician: Willard Parker, consulting physician; Daniel Lord, counsel, and Henry Day, attorney. In the early years these officers gave their time and energy for merely nominal compensation, which speedily resulted in the society becoming firmly and prosperously established. When the society was founded the country had barely recovered from the effects of the disastrous financial panic of 1857, and within two years after its establishment the Civil War broke out. and for four years plunged the country in desolation. In spite of all this, however, the society flourished, and at the end of 1864 had insurance in force of more than $16,500,000 and assets of over a million dollars. In the following years the society grew very rapidly, and before it was ten years old had over one hundred millions of insurance in force. The financial troubles of 1873 caused a temporary setback in its operations, but it was among the first to resume the forward march, and for many years its progress was uninterrupted. Its growth, as shown by the principal items of its annual statements, may well be considered phenomenal:

Growth Of The Equitable, 1859-1908.

Year. Premiums. Totai Income. Paid Policyholders.
1859 $22,707 $25,425
1868 4,479,197 4.840,157 $1,684,110
1878 6,548,751 8,217.943 4.985,171
1888 22,047,813 26,958,977 11,884,457
1S98 39,871,422 50,249,287 24.020,523
1908 52,500,451 73,703.895 47,641,930

Year Insurance in Force. Admitted Assets. Surplus Funds.
1859 $1,144,000 $113,775 $111,275
1888 112,558,213 7,721.07 7 350,928
1878 157,737,356 35.015,676 4,304,114
1888 549.216,126 93.313,329 19.068.402
1898 987,157,134 257,790,512 56,750.223
1908 1,326,478,540 462,839,118 72,909,720

The Equitable Life has throughout its career been a progressive institution, mainly because it has never been afraid to adopt new methods, whether in connection with policy forms or agency work. A number of the best features of the policy contracts of to-day originated in the office of the society, some of which are now crystallized into law. At their inception they were bitterly opposed by a number of companies, but the opposition only served to intensify the force with which they were pushed by the society, and more often than not led to still further innovations. Prompt payment of claims and incontestable contracts are among the leading improvements or reforms in the life insurance business introduced by theEquitable, while its adoption of the deferred dividend plan gave life insurance an impetus in the United States unequaled in the history of the system in any country. The deferred dividend plan is now forbidden in some States, but it cannot be forgotten that it presented life insurance in a form which made it attractive to thousands upon thousands of persons who did not like the "die-to-win" plan.

In connection with the celebration of the fiftieth anniversary the society has published for the information of its policyholders an attractively written book, bearing the title The Equitable Society's First Half Century. It is a history of the company as distinguished from the men who built it. In the first chapter the author, Secretary William Alexander, says:

The society's history may be divided into three periods of unequal length:

1. The first has been called "The Day of Small Things," when the struggle was mainly for existence and recognition. This period was of short duration.

2. The second period, lasting for many years, has only culminated recently—a constructive, aggressive, picturesque period, remarkable for rapid growth.

3. The third period, inaugurated within the last few years, may be expected to extend far into the future, and may be described as a period of conservation of forces—a period during which growth must he deliberate; for the society has reached an age when its old policies will mature in great numbers, and when a large business will be needed simply to fill up the gaps caused by these maturities. Hereafter, as President Morton has wisely said, "The effort must be not to make the society the largest company, but the safest and the best."

The Equitable therefore enters upon its second half century with a high purpose in view. Its prominent position as a large life insurance company, its great financial strength and the high quality of its contracts will naturally attract many insurance applicants to it. while its satisfied policyholders will also be its consistent advocates. It has the opportunity to do vast services for its policyholders, while its managers have the ability to perform those services at low cost.

John A. Morris of Atlanta, inspector of risks of the Southern district for the Equitable Life Assurance Society, died last week at the Waldorf-Astoria. He was attending the convention of Equitable agents in this city.



October 8, 1908, page 200, Equitable Sells Real Estate in Denver, Des Moines, Memphis, St. Louis,

The Equitable Life last week disposed of its Denver building to William Barth for the sum of $1,400,000. It has been carried on the books at a valuation of $1,150,000. The society also disposed of 2,500 shares of stock in the First National Bank of Chicago for the sum of $1,000,000. The society has now disposed of its Des Moines, Memphis, and Denver buildings, has leased on satisfactory terms the St. Louis building for ninety nine years, and is gradually disposing of its stock holdings in various banks, trust companies, and railroads. The announcement in The Spectator last week that the position of chairman to the Association of Life Insurance Presidents, formerly held by Grover Cleveland, had been abolished, disposes of the rumor that John Tatlock, until recently president of the Washington Life, would get the position. Since the Washington Life was purchased by Pittsburg people, many persons have been busy with the future of Mr. Tatlock. At the time that gentleman was made president of the Washington, he was associate actuary of the Mutual Life, and that company then granted him a leave of absence. It is understood that such leave of absence was indefinite, and if so, the Mutual Life would seem to have first claim on his services.

President Kingsley of the New York Life contributed a forceful article to The Philadelphia Ledger of October 8 on life insurance reform He pointed out that the Armstrong legislation violated economic principles and that those principles are now vindicating themselves A strong point is made by him in quoting the definition of the function of the State made by Governor Hughes of New York in his speech at Youngstown Ohio and pointing out that the Armstrong laws are directly in opposition to that definition. In conclusion he says:

We have scarcely yet reached the point where a life insurance manager expert in his business and keenly anxious about the welfare of the people insured in his company, may with safety offer any criticism of the insurance laws of the State of New York. There is a disposition to cry out against such a critic, to force him into the position of being opposed to reform, to make it appear that he is condoning what was confessedly wrong in life insurance, and seeking a return to practices which were reprobated. But the disposition to assume this attitude toward any criticism of the New York State laws is passing, and the time is near when fair minded men will dispassionately consider whether reform, which has at the same time wrought almost irreparable injury, doesn't itself need reforming.

To-morrow has been set for the trial of George R. Scrugham and Charles Stirrup, who were, together with Charles F. Carrington, indicted for forgery in the second and third degrees and conspiracy in connection with the election of trustees and directors of the New York Life. The indicted men were acting in the name of the International Policyholders Committee. Carrington gave evidence against Scrugham and Stirrup after their arrest, and it is supposed that he will appear at their trial as a witness for the State.



December 24, 1908, The Spectator, Vol. 81, No 26, page 331, Ex-President Cleveland's Article in the Spectator,

IN a recent address before the Association of Life Insurance Presidents, Paul Morton, president of the Equitable Life Assurance Society, referred to the article "Life Insurance and Its Relationship to our People," written by the late Ex President of the United States Grover Cleveland, as an important and valuable contribution to the literature of life insurance. Mr Morton spoke of the article as having recently been printed in "an insurance journal." He might have stated the fact that the article was specially written by Mr Cleveland for the Quinquennial issue of The Spectator, which was printed in April last in celebration of its fortieth anniversary. Indeed, Mr Morton aided directly in obtaining for The Spectator this important article from the pen of Grover Cleveland, for it was with a letter from Mr. Morton to Mr Cleveland, saying some nice things about The Spectator, that Mr Cleveland was first approached by one of the editors of The Spectator for the purpose of soliciting him to write an article for this journal on the subject of life insurance. Mr. Cleveland was not in good health; in fact his health was so poor that he at first stated his disinclination to burden himself with preparing an article on the subject suggested. He considered the matter, pro and con, during a lengthy, chatty and delightful conversation, in which the general condition of life insurance was fully discussed. He expressed his opinion freely regarding the several classes of life insurance companies, referring to those which seemed to him conducted in the best interests of policyholders, and especially stated his disappointment at the fact that he had then been connected with life insurance long enough to ascertain that the public did not take a sufficient interest in the conduct of insurance companies and legislation affecting insurance. He strongly urged the importance of company managers and others connected with the business educating policyholders regarding the truths of life insurance and soliciting their aid in preventing pernicious legislation. During the conversation, with regard to preparing the article, Mr Cleveland stated to the writer that he fully realized the importance of Mr. Morton's opinion that "a few words from his (Mr. Cleveland's) pen in behalf of life insurance would carry weight, would be widely read, and would do good," and finally promised that if his health did not get worse he could be counted on to prepare an article on the lines suggested. Later, Mr Cleveland wrote to The Spectator, that not feeling so well, he probably would be compelled to drop the project, but would be governed by the condition of his health during the ensuing weeks.

Other insurance men, including Robert Lynn Cox, in close communication with Mr. and Mrs. Cleveland, then secretary of the Association of Life Insurance Presidents, and since elected as Mr. Cleveland's successor as general counsel and manager, urged the latter to give The Spectator an article containing an expression of what Mr Cleveland believed American life insurance, as at present conducted, represented, explaining its relationship to the investing American public. Notwithstanding his poor health, Mr Cleveland finally yielded to the urging of such insurance friends, who represented to him that "a message" from him "to the people," who so highly respected him, would be most desirable.

Mr. Cleveland's contribution to the Quinquennial issue of The Spectator, was widely circulated, having been copied, in whole or in part, by over 100 daily newspapers, and other journals, and was given a circulation by The Spectator alone of nearly 100,000 copies. The closing sentences of that important contribution to the literature of the business are well remembered:

With the facilities offered by sound and trustworthy American life insurance companies, I can scarcely understand how any prudent or sensible man, engaged in active work or business and not possessing an assured income and fortune, should fail to protect himself and those dependent on him by a reasonable amount of life insurance. It seems to me that to do this is but to discharge a duty imperatively suggested by intelligent foresight and sound precaution.

Within a few weeks after finally revising the proof Mr. Cleveland passed away, and his last literary effort was this article written for The Spectator, devoted to the highest commendation of a system of beneficence in which he expressed such implicit confidence.






December 31, 1908, page 54, Ex-President Cleveland's Message On Life Insurance Supplement,

At the recent meeting of the Life Insurance Presidents Association, Paul Morton, president of the Equitable Life, referred to the last public paper written by ex-President Grover Cleveland, printed in the Quinquennial issue of The Spectator in April last, as being an important and valuable contribution to the literature of life insurance. In that article Mr Cleveland expressed his surprise that so many persons in the country have neglected to make that prudent provision for their families afforded by life insurance. The deliberate words of one so highly respected as was Mr. Cleveland should serve as an inspiration to every person connected with life insurance to see that this great army of the uninsured. is reduced, and should put forth every effort to induce everyone to take out a policy of insurance upon his life. Mr. Cleveland wrote in the article referred to as follows:
It is a regrettable fact that there are still so many bread winners in this country who through carelessness, neglect, or procrastination, carry no life insurance for the protection of their families. With the facilities offered by sound and trustworthy American life insurance companies, I can scarcely understand how any prudent or sensible man engaged in active work or business, and not possessing an assured income and fortune, should fail to protect himself and those dependent on him, by a reasonable amount of life insurance. It seems to me that to do this is but to discharge a duty imperatively suggested by intelligent foresight and wise precaution.
These words probably the last that Mr. Cleveland ever penned for publication should make such an impression upon the active life insurance men in the field as to add largely to the number of those who follow his advice and insure their lives The article written by Mr. Cleveland is entitled "Life Insurance and Its Relationship to Our People," and is copyrighted by The Spectator Company. It is full of excellent advice and a copy placed in the hands of an uninsured person would undoubtedly influence him to apply for a policy. The Spectator Company has reproduced the article in leaflet form, for convenient circulation, and will furnish any number of copies at the following prices: Single copy 10 cents; 100 copies, $4; 500 copies, $15; 1000 copies, $25. 



August 5, 1909, Vol. 83, No. 6., page 61, The Equitable Life's Jubilee Semi-Centennial,

COMMEMORATING its fiftieth anniversary as a life insurance association, the. Equitable last week entertained something over five hundred of its active managers and agents. It was, in fact, an agents' convention, covering a period .of three days, during which time business sessions were held daily, interspersed with various sight-seeing tours and other entertainments. Many of these managers and agents were strangers to New York, and these excursions were planned with an idea of impressing them with the vast extent and importance of this great city, the home of the greatest life insurance companies in the world. The guests enjoyed these excursions very much, as there was a social element connected with them that tended to strengthen the esprit de corps that exists among the representatives of the Equitable. The officers of the association, and many of the home-office employees, participated in the business meetings, and embraced the opportunity to cultivate the acquaintance of the men in charge of the business of the company in the field. Among these were representatives from every State in the Union, some of whom had been in the service of the company almost from its organization by Henry B. Hyde, fifty years ago. The business meetings were addressed by different officers of the society on the various phases of the affairs of the society. These meetings were intended to be of a private nature, to bring the active workers in the field in close connection with the home office officials, and to discuss matters pertaining to the business. It was a highly commendable method of celebrating an anniversary to which all had looked forward with interest; affording them an opportunity of reviewing the work of the past half century, and inspiring them to renewed efforts in the future.

The social feature of three .days' celebration culminated on Wednesd ay evening, when nearly eight hundred guests, including the agents, were entertained at a banquet given by the society at the Waldorf-Astoria. The great special banquet room of the hotel was handsomely decorated for the occasion, each table carried the State emblem of the respective delegations, and the banquet hall overflowed with guests into the corridors, while the balconies were filled with the women relatives and friends of the guests and their entertainers. The menu was an elaborate one, and particularly exquisite music was interspersed during the banquet and the festivities of the evening. Full and satisfying justice was done to the eatables, and it was as noticeable as it was commendable, considering the seriousness and importance of the assemblage paying honor to policyholders as well as agents, that nothing stronger than apollinaris water was served at the tables. Paul Morton, president of the Equitable, acted as toastmaster. His opening address of welcome was cordial, and highly complimentary to the loyalty and ability of the agents, whose work in the field is the foundation upon which the success of the company has been built. He reviewed the history of the company, stating that during the fifty years of its existence it had distributed in benefits to the beneficiaries of its policyholders $650,000,000, and now has on hand assets amounting to nearly $500,000,000 to be distributed in the future.' Every day its benefits are disbursed in large sums, and thousands of families enjoy the results of these benefactions. While referring to the great work thus performed by the society in the interests of the public, Mr. Morton said that it contemplated extending its sphere of usefulness, and said:

There is a much greater sphere of usefulness, in which I hope to see the Equitable do its full share. That sphere is to give protection to the people who cannot afford to carry a big line of life insurance. I refer to the artisan, to the man behind the plow, to those engaged in the humbler walks of life, to clerks who get their pay every month, to men and women who need protection against the contingencies to which they are subject, and by means of which protection they can be guarded against the disastrous results of illness or accident or improvident old age, or death.

It is our intention, if it can be worked out (and we have no doubt that it can be), to so arrange that these men and women of moderate means, with only their daily or monthly wage—which in the majority of cases is so small as to preclude their accumulating a great competence—may, by the means of life insurance as practiced by the Equitable, purchase their own homes, and by a series of small monthly payments provide their own roofs for their families, while at the same time they provide against the loss of their homes in the event of early death.

The agents listened with careful attention to Mr. Morton's remarks, and were especially pleased at the suggestion of the new form of policy to be soon adopted, as referred to above. The opinion was expressed that this foreshadowed the intention of the Equitable to enter the field of industrial insurance, while others guessed that the new form would be a combination of industrial and building association features. But all were left guessing as to the details of the proposed new departure, except that it is understood that premium payments will probably be required monthly, and not weekly.

Superintendent Hotchkiss was one of the speakers, and said that the Insurance Department was established fifty years ago, and he could therefore enter heartily into the spirit of a semi-centennial celebration. He stated that the Department, under the new law, was very strict in the matter of issuing licenses to agents, having prepared a number of questions which every applicant must answer. This action, it is believed, will have a tendency to weed out the agency force of many objectionable persons who secure an occasional application, but use life insurance soliciting as a side line, not being regularly engaged in the business.

Judge W. A. Day, vice-president of the Equitable, dwelt at length upon the injustice of taxing life insurance premiums. He said that in some States the law taxing premiums had been repealed, but the reciprocal tax law was left in force, so that a New York company had to pay the premium tax because New York exacted it from companies of other States. Unequal taxation in the different States must continue until uniform insurance laws can be secured. The burden of taxation in every State falls exceptionally heavy upon insurance companies, and as the policyholders must, in the end, pay the tax, it bears personally upon every one of them, as their dividends are so much less. Now, Congress proposes to add still another tax, which is included in the proposed new tariff, over which Congress has been so long contending. Judge Day was one of a committee of life insurance men who went to Washington on behalf of the Association of Life Insurance Presidents to protest against this tax. On approaching the members of Congress, who "have the tariff bill in hand, they were informed that it was an administration matter, having been suggested by President Taft, and they were referred to him. The President referred them to the Attorney-General, who informed them that he was prepared to hear arguments in favor of taxing insurance companies, but could not listen to objections to it. Nevertheless the committee pointed out to him that during the Civil War, when such a tax was proposed in an emergency bill, it was stricken out. Again, when the income tax was proposed in 1894, the proposed tax on life insurance was stricken out. To enact it now, in a time of peace, when no emergency exists, would be arbitrary and uncalled for. Judge Day assured the Attorney-General that the proposed tax on net income would cost the Equitable Life alone over $1,000,000 annually, which statement seemed to stagger that official. Evidently the tax on corporations of every kind, as suggested by President Taft, has been taken up and advocated without proper consideration and estimation as to the receipts, and with only a vague surmise as to the amount of revenue that it would yield, or the embarrassment it would cause to all business interests. Judge Day urged the agents to use their influence everywhere to secure reduction of the taxation on life insurance companies, and to explain that a million dollars of taxes now paid by the Equitable, not counting the proposed corporation income tax, means one million dollars less dividends to policyholders.

Other speakers were Thomas Spratt, director of the Equitable, who spoke for the board and in the interest of the policy, holders. Edward A. Woods made a practical address on agency work and the life agents of the future. When George T. Wilson, second vice-president, was called on as the last speaker to bring the proceedings to a close, the agents rose to their feet and greeted him with rousing cheers in recognition of his popularity. Mr. Wilson spoke in his usual eloquent, facetious and forceful style and soon aroused the enthusiasm of the assemblage in his praises of the accomplishments of the Equitable.

The Semi-Centennial Jubilee Celebration of the Equitable Life Insurance Society was a great success in every way, and marks an epoch in the history of that company that will be long remembered by all who took part in it. The fact of its bringing such a large number of agents together, so that they could compare notes, and discuss with each other the ever varying phases of the business as it is presented to them, and at the same time receive words of instruction and inspiration from the officers of the company and home office force, cannot but strengthen the bonds of loyalty existing between them and the company, and stimulate them to renewed energy for the future. Moreover, the coming together at the banquet of officers, directors and field men cannot fail to impress all concerned regarding the success of the future business of the society.



December 9, 1909, page 314, J. P. Morgan Buys T. F. Ryan's Shares in Equitable,

THE daily papers have been striving to make a sensation out of the simple fact that J. P. Morgan has acquired the stock of the Equitable Life Assurance Society that has been owned by T. F. Ryan for the past four years. At the time of the serious troubles in that company, Mr. Ryan purchased from James Hazen Hyde the stock owned by him with the view, as he said at the time, of restoring confidence in the company. To this end, he placed the stock in the hands of three trustees---the late Ex-President Grover Cleveland, Morgan J. O'Brien, and George Westinghouse, men well known in the community, and whose integrity was above question. Mr. Ryan, by a trust deed, conferred upon them full power to vote the stock, and devote its influence to the best interests of the policyholders. By this act, Mr. Ryan terminated all dissensions in the management of the company, and restored public confidence in its future. The trust thus created would have expired in June next, and as Mr Ryan is withdrawing from all his business connections, a transfer of his Equitable interests was natural. Mr. Morgan, who purchased the stock, is a financier of international reputation, who occupies a commanding position in financial circles, and is also well known for his philanthropic disbursements. It is stated by those in position to know the facts, that no change in the management or policy of the company is contemplated. Reports of changes, and of various combinations, result from the vivid imaginations of newspaper reporters who seek every opportunity to create a sensational story, whether the facts bear them out or not. As to the possible mutualization of the company by the policyholders acquiring and retiring the stock, that is a matter so far in the future, and so hedged in by legal considerations, that its discussion at present is pure speculation.



December 9, 1909, page 316, Transfer of Stock Control of the Equitable Life Assurance Society. J. P, Morgan Buys Holdings of T. F. Ryan---No Change in Management—Policyholders Protected,



On Thursday, December 2, J. Pierpont Morgan personally acquired by purchase from Thomas F. Ryan the 502 shares of the stock of the Equitable Life Assurance Society. It will be remembered that in 1905 Mr. Ryan acquired these shares from James H. Hyde, at a cost of $2,500,000, and placed them in the hands of the late Hon. Grover Cleveland, Judge Morgan J. O'Brien and George Westinghouse as voting trustees for a period of five years. The trustee agreement was made for five years and expires in June, 1910, and Mr. Morgan's purchase is subject to that agreement. The price paid for the stock has not been disclosed, although it is assumed that it is on the same basis as Mr. Ryan's offer to the society, viz.: what it had cost him—$2,500,000—with interest at four per cent. The two surviving trustees have expressed satisfaction at the purchase by Mr. Morgan, and in the absence of any expression of feeling among the policyholders may allow the voting trust to terminate next June, although the agreement provides for a renewal if demanded for two further five-year periods.

Rumors as to the mutualization of the Equitable Life were revived by this stock purchase, although there is not quite the feeling in its favor that was manifested a few years ago. Nor is It expected that there will be any changes in the management of the society. Paul Morton, president of theEquitable Life, made the following statement:

As stated by Mr. Morgan, he has bought Mr. Ryan's stock, thereby securing a majority of the shares of the Equitable Life Assurance Society. While Mr. Ryan held these shares, his attitude toward the society was In every way commendable, as he did not seek to interfere with the management In the slightest degree.

As nearly as it could be done, he gave to the society mutualization, under which arrangement the policyholders now elect a majority of the directors, their representation on the board being twenty-eight out of a total of fifty-two. He should be given great credit for what he did for the society in the time of its troubles, and is entitled to the thanks of all the policyholders.

Under Mr. Morgan's ownership of the majority stock of the society its affairs will be conducted as heretofore by its board of directors, with an eye single to the interests of its policyholders.

The Insurance Department of New York lost no time in Investigating the report of the stock purchase and on Saturday, Superintendent William H. Hotchkiss made a statement as follows:

Immediately on learning that Mr. Morgan had acquired this stock I called upon him personally, and requested a statement as to his intentions concerning the same. He replied that, in acquiring the stock, he had but a single purpose, namely, to prevent Its being sold to different individuals, and thus make it impossible that, at the expiration of the present voting trusteeship, this great interest could be used to the detriment of the policyholders. He stated further that he desired the cooperation of the Insurance Department in working out a plan whereby the stock—which means the control of the company—would be safeguarded in the interest of the policyholders, and that I could assure Governor Hughes that no steps to that end would be taken by him, save with the concurrence of the Insurance Department.

Later in the day I had a talk with George W. Perkins of J. P. Morgan & Co., who reiterated what Mr. Morgan had said, and stated that the gentleman desired shortly to take up with the Insurance Department that matter of so placing the control of the Equitable stock outside the presence of any further financial situation in New York or in the country as would end for all time the dangers which lurk in an individual holding, such as that held by Mr. Hyde prior to the insurance investigation, or a trustee holding, such as that which has recently been the fact.

In any such plan which I may approve of the policyholders of the Equitable may rest assured that their Interests will be the sole consideration and will be fully protected.



December 9, 1909, page 315, Equitable Annual Directors' Election,

LIFE INSURANCE TOPICS
IN AND ABOUT NEW YORK.

On December 1, the Equitable Life held its annual election of directors. Less than fifty of the 600,000 policyholders took the trouble to vote. The policyholders elected Henry W. De Forest and Robert Goelet to fill the vacancies, and re-elected four old policyholder directors. No ballots were received by mail.

The following committee has been appointed to nominate officers for the ensuing year of the Boston Life Underwriters Association: Chairman, H. N. Hayden, Phoenix Mutual; James H. Lake, Equitable; P. V. Baldwin, Travelers. The annual meeting and election will take place January 11.



December 10, 1908, page 308, Last Photo of Grover Cleveland,

A souvenir of the meeting that will be greatly prized is a picture of the late Hon. Grover Cleveland. It possesses particular historical interest, inasmuch as it is a reproduction of a photograph taken of Mr. Cleveland while at his desk in the offices of the Association of Life Insurance Presidents, and was the last picture taken in his lifetime. It was secured by The New York Herald, through whose courtesy the association has been enabled to reproduce it.



Dec. 30, 1909, page 362, Coming Home to Roost. Obnoxious Texas Laws,

Texas has passed laws so obnoxious to life insurance companies that the principal ones withdrew from the State and ceased doing business therein. Thus, the State deprived itself of considerable revenue, and also of the financial aid those companies were in a position to extend it. But now the county of Dallas, being In financial straits, desires to issue bonds to cover its indebtedness, and request the life insurance companies that it had forced out of the State to become purchasers of a part, at least, of an issue of $875,000 county bonds. Vicious legislation sometimes recoils upon those who perpetrate it, as chickens come home to roost. The following letter from Vice-President Day of the Equitable is in response to a request for that company to purchase such bonds:

The Hon. John L. Young, 
County Judge of Dallas County, 
Dallas, Tex.:

My Dear Sir:—I have the honor to acknowledge receipt of your letter of the 18th inst. in which, on behalf of Dallas county, you offer for sale county bonds.

I have read with great interest what you say respecting the bonds, as well as the financial statement of Dallas county. I have no doubt of the soundness of these securities and their desirability as an investment.

We should be very glad to buy the bonds, but as under the extraordinary laws of Texas, enacted and approved by the present administration of your State, this society, together with nearly all other strong and reputable life insurance companies which had been doing business in Texas, were compelled to retire from the State, we cannot invest in Texas securities, nor can we lean money in that State without Jeopardy. For this reason we cannot become bidders for the attractive bonds you submitted to us. Respectfully yours,

W. A. Day, Vice-President.
















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