One-third of the profits payable yearly to the Mass. General Hospital, which amount is modified by the Act of 1846. (App., 988.)

By-Laws, App., 986, 987.

Etna Life Insurance Company. (No. 10.)

The Ætna Insurance Company, of Hartford, was incorporated June 5, 1819; capital not less than one hundred and fifty thousand dollars, and "ot exceeding five hundred thousand dollars, of which e per cent was payable in cash, the balance by ense premissory notes or otherwise. The franchises of saia Co vary were originally confined exclusively to insuring against losses by fire. (§ 9, App., 989.)

In 1820 an amendment was passed allowing the Company to add to their capital the sum of fifty thousand dollars, and not exceeding one hundred and fifty thousand dollars, to be denominated an annuity fund, and to be exclusively pledged as a fund for the payment of annuities and of losses upon life insurances; and the Company was authorized to grant annuities and make life policies. (App., 991.)

On the 28th day of May, 1853, an Act was passed incorporating the shareholders of the said "annuity fund" as a distinct corporation for the purposes of life insurance, under the name of the Etna Life Insurance Company, with not less than seven nor more than ten Directors, to be elected annually from and by the stockholders.

For By-Laws, nine in number only, see App., 993. This Company commenced issuing non-participating policies in 1850; its business was small, however, until 1861, when the principle of participation was adopted. The charter should be so amended as to lessen the enormous profits of the small body of stockholders, and so as to define with more precision the respective rights of the policyholders and stockholders. If the Officers do not see fit to ask for such legislation it should be initiated by the participating members of the corporation.

John Hancock Mutual Life Insurance Company. (No. 11.)

The charter of this Company simply incorporates Nathaniel Harris, James P. Thorndike and Gerry W. Cochrane and their associates as a life insurance company, subject to the duties. liabilities and restrictions imposed

by the fifty-eighth chapter of the general statutes on mutual life insurance companies, and all other Acts which are or may be in force relative to such companies. (App., 995, By-Laws, App., 994-996.)

It is the duty of the Secretary to keep an exact copy of every policy issued, and of every endorsement thereon. (§ 9, By-Laws, App., 995.)

Heavy as this labor would be to many companies, it is the only true system for ensuring a perfect knowledge of the exact nature and extent of a Company's outstanding obligations. Printed forms are changed and revised, clerks and officers are changed and die, incorrect abstracts and other mistakes may be made, and ordinarily there is no duplicate original of the contract entered into by the Company on file in its own office.

An Examining Committee of three stockholders and three policyholders is appointed annually to make a thorough examination of the concerns of the Company. (§ 12, By-Laws, App., 995.)

Policyholders may make deposits with the Company, drawing interest at four per cent, and in case of non-payment of any premium such deposits and interest may be applied thereon. (§ 16, By-Laws, App., 996.)

It would be a wise and beneficent provision for other companies to copy this new method of providing for the payment of premiums in advance of their maturity.

Notes may be taken for premiums when less than the net value of the policy, on pledge of policies for the whole term of life, upon which one-fifth of the expectation of life at their respective dates has expired. (§ 19, By-Laws, App., 996. See also By-Laws, § 20.)

Another very necessary and conservative rule is embodied in the twenty-first by-law as follows: "No insurance shall be made except for a person interested in the life insured; and such interest shall be stated in the policy.

New Jersey Mutual Life Insurance Company. (No. 12.) Marcus L. Ward, William Wright, William M. Simpson and their associates, are the original corporators of this Company, chartered March 19th, 1863.

The Board of Directors consists of not less than sixteen nor more than twenty persons, divided into four classes holding office for four years, and one clase ected annually by the members.

Members may be assessed for losses to the extent of their notes. (§ 3, App., 998.)

The Directors may raise a guarantee capital to be held in such a manner as the Board of Directors may deem expedient. (§ 5, App., 999.)

Investments are limited to bonds and mortgages, United States, State and city stocks. (§ 8, App., 999.)

For the By-laws of the Company see App., 999–1003. Premiums are payable in cash, and, if not paid when due, the policy may be suitably diminished as calculated in the Company's tables for this purpose, and so on with the next unpaid premium. (§ 27, By-Laws, App., 1004.)

Hahnemann Life Insurance Company. (No. 13.)

The first western Company admitted to transact life insurance business in this State; located at Cleveland, Ohio, and organized under the general Act of that State.

Interest dividend on responsible capital, seven and three-tenths per cent per annum; one-tenth of the net profits to be applied, with the interest thereon, to pro viding a fund for the redemption of the capital stock. By-Laws, App., 1005-1008.

Connecticut General Life Insurance Company. (No. 14.)

Capital to be not less than five hundred thousand dollars, which may be increased to one million of dollars, twenty per cent payable in cash thereon; the balance may be secured to be paid by mortgage of real estate or approved endorsed promissory notes.

By-Laws, App., 1012.

At each annual meeting of the stockholders, two auditors shall be chosen.

Economical Mutual Life Insurance Company. (No. 15.)

Simon S. Bucklin, Henry B. Anthony, Samuel G. Arnold and their associates, are the original corporators, subject to all the duties and liabilities set forth in chapters 125 and 129 of the Revised Statutes of Rhode Island.

Capital stock not to exceed three hundred thousand dollars, one hundred thousand dollars to be paid in, in cash. A dividend is allowed to the stockholders of seven per cent per annum; the profits to be applied to such an

extent as may be determined by the Board to the creation of a reserve fund of two hundred thousand dollars, onefifth of the residue to be credited on the notes of stockholders until paid up; thereafter said fifth to be paid to the stockholders in addition to the interest dividend of seven per cent; the remainder, or four-fifths of said balance, to be credited to participating policyholders in proportion as each policy has contributed to the production of surplus, payable in cash to the holders of paid-up policies, and credited to the premium account of other participating policyholders. (§ 7, App., 1014.)

The Board of Directors consists of not more than twenty-one, and not less than nine stockholders, elected annually by the stockholders.

By-Laws, App., 1017-1019.

The only essentials prescribed by tae Act for the provisions of a Life Insurance charter are the following:

1. The name of the Company, and the place where it is to be located.

2. The kind of business to be undertaken, by referring to and repeating the department of the first section of the Act to which it refers.

3. The amount of capital to be employed.

4. The mode and manner in which the corporate powers of the Company are to be exercised.

5. The time and manner of electing the trustees or directors and the manner of filling vacancies.

6. Such other particulars as may be necessary to explain and make manifest the objects and purposes of the Company, and the manner in which it is to be conducted.

Much care and deliberation should be shown in drafting a Life Insurance charter; corporators and lawyers are now furnished, in a compact and accessible form, with all the wisdom embodied in existing charters and by-laws. The fact should not be forgotten which is often found by

experience, that many provisions designed to enlarge corporate powers and privileges, actually operate by way of restriction and necessitate frequent applications to the Legislature for numerous amendments. The charters are all subject to the general Act, for instance in the matter of investments, and unless rules more restrictive than the provisions of the Act are desired, the particular securities in which investments can be made need not be copied into a charter.

LIFE INSURANCE LITERATure.

The Law of Mortality as applied to Human Life is at once so important and so interesting a study to mankind. that its elucidation is constantly attracting to it the leading minds of this and other nations, and the results of their investigations are in turn taken up by the mass of the people. Valuable and comprehensive works on the subject have from time to time been added to our literature, and many of them will be found on examination richly to repay the general reader as well as the careful and scientific student of Life Insurance.

In order to facilitate the labors of many inquiring agents and officers who desire to educate and familiarise themselves with the profession, we have thought proper to publish a List (prepared principally by Mr. JOHN PATERSON) of the elementary scientific and other works on Life Insurance and Annuities.

It is designed hereafter to complete these bibliographical sketches by adding thereto other works on Life Insurance, and also all those relating to Fire and Marine Insurance, published in our own or in any foreign language.

The books marked with an asterisk can be consulted at any time in the Insurance Department Library.