There has been a slight gain during the year in every item named, and no complaint has been made of any delay in the adjustment or payment of claims.

The aggregate assets of the companies mentioned, twenty-two in all, in round numbers foot up to $979,000,000; the premium reserve to $836,000,000, and the surplus to policy-holders about $125,000,000.

The assets of three of these companies amount to five hundred and forty-seven millions. This is an increase in one year of the assets of these companies alone of over forty-seven millions, and reckoning in the Germania, there has been an increase of assets during 1894 in all the companies of about one hundred millions of dollars.

The accumulations of the life companies which are constantly increasing demand the most rigid care and inspection. In value they exceed, by several hundred millions, the resources of all the banks in the country, and if the gain continues, will, before many years, equal in amount the entire assets of all the railroad corporations in the United States.

Their assets are three times those of the fire insurance companies and there is this difference between them and all of the interests named,—that in the main, the funds of life insurance companies belong to their policy-holders. The larger companies are located respectively in New York, Connecticut, and Massachusetts. In the two former states the policies of the domestic companies are valued annually by the insurance departments of those states, but in Massachusetts the policies of every authorized life company, foreign and domestic, are valued each year by the actuary of that department. The laws of the states mentioned are stringent regarding the investment of the funds of insurance companies, so that it seems, so far as legal safeguards are concerned, that nothing has been left undone to secure them from loss. Statements showing the condition of the companies on the last day of each year are filed with the insurance department of

every state in which they are authorized to do business. In order to separate and place under their proper heads all items of income and disbursements, a new blank for the annual statement was prepared by a committee appointed at the Convention of Insurance Commissioners. The blank was adopted and issued by this department this year for the first time. The race for new business between some of the companies was partially the occasion for the change, for in their desire to reduce the percentage of the expense of management, and to make a good showing generally, there was occasionally a mixing of several items on the old form which had the effect of misleading the reader, although not affecting the footing of the gross assets. A marked improvement has been made in this respect during the past three years, and, while it still continues, there is room for more. In the absence of an actuary in this department, the commissioner has not presumed to criticise the methods in use by any of the companies and is not disposed to offer any advice or make any suggestions that are not based upon the knowledge acquired from practical experience. It ought to be the aim of the manager of a company in making out a statement of its condition, to have it so plain in construction that it will not require the services of an expert to separate the items which should have been placed under their proper heads.

The new blank is an aid in this direction, and if filled out properly there will be no difficulty in finding the exact amount derived from each source of revenue, or of determining every item of expenditure. When the war is over and peace once declared, remarks of this kind will be in better taste.

The industrial branch of life insurance has been put through a severe test during the past year, especially the feature devoted to the insurance of children. Some three years ago an attack was made upon it by a local paper, and the statements made at the time were of such a character that an investigation of the methods of the company transacting the business in this state was deemed necessary. The opinions of gentlemen who were not interested in the business, but whose professions gave them opportunities to study its effect, were sought for, and in every instance their reply was that while there were evils connected with it, as there are in

every kind of insurance, on the whole it was a great blessing, for in many instances it was the only kind of protection working people could afford to carry. To be sure, it is more expensive, but that is not the fault of the company, the methods of collecting the premiums, weekly or monthly, explaining the difference

in the cost.

The amount of insurance carried varies from fifty dollars upwards, and the rates of premiums charged on the same, from five cents per week to such a proportional increase as the amount of the risks would demand.

The premiums are collected in person by agents appointed for that purpose. Many people, let them be ever so industrious, are naturally improvident, and for this class, industrial insurance furnishes one of the greatest benefits that can be received in return for the amount paid, for very often, in case of death, the insurance is all there is left, either to bury the dead or to provide for the living. In the infancy of the business there was very often grave cause for complaint, owing largely to collusion between the agents and the friends of the insured in writing insurance on impaired lives. Both parties have, however, been taught by experience that life companies are under no more obligation to pay, in such instances, than fire insurance companies would be, were a policy placed on a building while the property was exposed to the flames. The Metropolitan Life of New York is the only authorized company of this kind in the state. The annual statement filed for the year ending December 31, 1894, gives the number of policyholders in the state on that date as 19,876; the amount of insurance carried on the same was $23,650,096. The amount of premiums collected during the year was $98,093.07; the number of claims paid for the same period was 397, and the amount of the same was $47,404.99.

The average of the claims paid was a fraction over one hundred and nine dollars. The company paid the state $980, the amount of the tax of one per cent. on the gross premiums received. A careful consideration of the subject, as well as of the figures given, and the circumstances from which industrial insurance originated, must convince all fair-minded men that the business is not only legitimate and honorable, but just as essential to those

among whom it is operated as the other kind is among those more favored with the good things of this world.

CASUALTY AND SURETY INSURANCE.

Twelve companies of this class were authorized to do business in New Hampshire on December 31, 1893. The condition of one of them was such that it was not deemed prudent to renew its license in April following, making the number remaining, as per report of 1894, eleven. Since the publication of that report, three have been admitted whose statements are embodied in this report, viz. The City Trust, Safe Deposit & Surety Company, the Guarantors' Liability Indemnity Company of Philadelphia, and the Lawyers' Surety Company of New York. Since the beginning of the year three more have been licensed, viz.: The Fidelity & Deposit Company of Baltimore, Md., Union Safe Deposit & Trust Company, and the United States Casualty Company, the two latter being admitted in May, 1895. This makes the entire number of authorized companies of this class seventeen, being an increase of five over the previous year.

The company whose license was not renewed was the American Employers' Liability of New Jersey. When the statement was filed in February, 1894, several items in the assets and liabilities were of such a character that an explanation from the company was deemed necessary.

This was given when required, but not being considered satisfactory the attention of the insurance commissioner of New Jersey was called to the items in question and a request made to investigate the same.

To this call a courteous reply was received. The result of the examination disclosed an impairment of the capital. The company was required to make it good, but there being no improvement in its condition on April 1, 1894, the license was not, as stated, renewed, and the agents of the company in the state were notified of the situation and that the company could not legally continue the transaction of business in New Hampshire. Νο further publicity was given at the time, for the company was making an honest effort to make good the impairment, and it

would be unjust to say anything that might have the effect to injure it in the estimation of the insuring public. After a long struggle, however, to recover its lost ground ($100,000 in the meantime being paid in,) it was found to be impossible, and in the fall of the same year, the company was placed in the hands of a receiver. This mention is made of the affair in justice to the insurance department which, at the time, made no noise about it, but did not, nevertheless, neglect the interest of the policyholders.

The aggregate capital of the seventeen companies mentioned was $7,350,000, and the surplus as to policy-holders was $10,617,461.

CASUALTY AND SURETY BUSINESS WITHIN THE STATE.

The entire business of the companies within the state for the year ending December 31, 1894, was

Under the head of casualty insurance come accident, steamboiler, plate-glass, etc., and under that of fidelity and surety, the furnishing of bonds for public and private officials required to give such security. Companies of this class are governed by the same requirements so far as the amount of capital and assets and the computation of their liabilities are concerned, as are fire and life insurance companies organized under the laws of other states. "Fifty per cent. of the amount received on all outstanding contracts shall be treated as a liability by the insurance commissioner in determining the solvency of the company." Chapter 172, section 3, Public Statutes reads, "The judge, head of department, or other officer authorized to approve the