World Mutual Life Insurance Company. (No. 24.) The Board of this Company consists of not less than twenty-four nor more than thirty-six persons, divided into three classes, holding office for three years, one class to be elected annually by the stockholders in person or by proxy and by the policyholders in person only. (App. 904, 905.)

The stockholders receive a semi-annual interest dividend of three and one-half per cent. The net profits or surplus are divided as follows: a certain proportion thereof, to be determined by the Board, to the creation of a reserved Fund of two hundred thousand dollars; oneeighth of the residuum to the stockholders and the balance to the participating policyholders. (§ 1, Art. VI, App., 906.) Among the corporators are A. A Low, S B. Chitten den and George L. Willard.

By-Laws, App., 908-910.

Excelsior Life Insurance Company. (No. 25.)

This Company's Board of Directors consists of not less than twelve nor more than twenty-four persons, either stockholders or policyholders (five constituting a quorum), holding office for three years, one-third elected annually by the stock and policyholders.

The stock receives an interest dividend of seven per cent, payable half-yearly, and a profit dividend of onetenth of the surplus, payable at the same time; or in the discretion of the Board the said one-tenth may be applied to the increase of the capital stock until the same shall amount to five hundred thousand dollars. Nine-tenths of the surplus is to be placed to the credit of the participating policyholders on the Company's books, and when such credits amount to five hundred thousand dollars, or sooner if the Board deem it advisable, such credits shall be paid to the holders in the order of their date. (Art. VI, App., 914.)

Among the corporators are Samuel T. Howard, T. G. Churchill and Elliott F. Shepard.

For By-Laws see Appendix, 915–917.

Directors are entitled to a fee of one dollar for prompt attendance at any meeting of the Board or Committees, and if absent for a certain number of times or if incompetent or derelict in the discharge of any duties, his office may be declared vacant. (By-Laws, Art. I, App., 915.)

Provident Fund and Life Insurance Company.

The special Charter of this Company may be found in the Appendix, 918-920.

The Company has discontinued business and is in process of dissolution.

Standard Life Insurance Company (No. 26.)

The Board of Directors consists of not more than twenty-five nor less than thirteen Trustees, divided into four classes, holding office for four years, one class elected annually by the stockholders.

The stockholders receive an interest dividend only of not exceeding seven per cent per annum, payable semiannually in coin without deduction. The whole of the net profits are to be equitably credited to the policyholders at least as often as triennially, payable in such manner as the Board may direct.

This Charter is very succint and comprehensive, embracing only thirteen sections. The By-Laws are contained in six chapters of twenty-two sections. (App.. 922-924.),

American Tontine Life and Savings Insurance Company. (No. 27.)

The Board consists of not less than eighteen nor more than thirty Directors, divided into three classes, holding office for three years, one class elected annually by the stockholders. (Art. IV, App., 926.)

The stockholders receive a semi-annual net dividend of three and one-half per cent and not to exceed five per cent on their capital and on any surplus standing to their credit. (Art. III, App., 925.)

The business is divided into two branches, the Mutual and the Proprietary. After charging the Mutual department with a fair proportion of the expenses of management all of its profits are to be equitably divided among the mutual policyholders. One-eighth of the surplus of the Proprietary department shall be set aside as a Relief Fund for the benefit of clergymen and their families or for other charitable purposes; the remainder of the profits of this branch shall be credited to a Guarantee Fund for the security of policyholders until the sum, including the original capital, shall amount to one million of dollars;

thereafter seven-eighths of the surplus of the Proprietary branch shall be divided among the stockholders. Among the corporators are J. F. Entz, Gen. William H. Ludlow, John Taylor Johnston and others. By-Laws, Appendix, 929, 930.

Metropolitan Life Insurance Company. (No. 28.)

Originally a Casualty Company, but by special Act of March 24, 1868 (Chap. 49), changed into a pure and simple Life Insurance Company with a Charter analogous to those of other Companies organized under the general Act.

The Board consists of not more than twenty-five nor less than thirteen persons, two-thirds of whom must be stockholders to the amount of one-thousand dollars each, and one-third may be policyholders paying a premium or receiving an annuity of at least one hundred dollars per annum; Directors to be elected annually by the stockholders, policyholders and annuitants. (App., 932.)

Valuations to be made yearly, and seven per cent interest to be paid to the capital semi-annually and also onetenth of the surplus or net profits, the remaining ninetenths, to be credited to the policyholders in proportion to the amounts of their respective premiums, which credit may be represented by scrip.

When the gross assets of the Company shall amount to half a million of dollars in value, one-half, or one hundred thousand dollars, of the capital stock may be retired by paying to the stockholders the par value thereof. (§ 20, App., 934.)

For By-Laws see Appendix, 934-936.

The Board of Directors can displace the President by a two-thirds vote. (§ 5, By-Laws, App., 934.)

In addition to the By-Laws ten concise Rules of Order are appended. (App., 936.)

LIFE INSURANCE COMPANIES OF OTHER STATES.

New England Mutual Life Insurance Company. (No. 1.) Like the Mutual Life in New York, this Company was the pioneer of Life Insurance in New England (which for many purposes constitutes only one State). Under the able but extremely conservative guidance of that accomplished jurist, Judge Willard Phillips (to whom the pro [Assem. No. 50.

8*

fession are so much indebted for his many learned and comprehensive works on Insurance), the Life Policy was popularized in the offices, counting-rooms, banks, workshops and firesides east of the Hudson; and no bank-bill or State bond was ever more sacredly regarded than the Policies underwritten by Judge Phillips. The idea of fraud, deception or overreaching was never associated with the parchment containing his sign-manual. Thus the mere number of policies issued by the New England fails to measure the extent or usefulness of his early labors in establishing this inestimable blessing on a sound basis in New England heads and hearts.

This Company was originally incorporated on the first day of April, 1835, thus ante-dating on the statute book all the New York Companies except the New York Life Insurance and Trust Company. The Company, however, did not organize for business until 1843. Its first annual report was made in 1844. A guaranty capital of one hundred thousand dollars was required, one-half to be paid in, in cash. (§ 2, App., 937.)

One-half of the Directors were to be elected by the stockholders and one-half by the assured, voting in separate bodies, each share of stock being entitled to one vote and each person assured to one vote.

One-fourth of the surplus was to be set apart to provide a fund with which to redeem the capital stock, and at any time after ten years, when the fund was sufficient, the assured could vote to redeem the stock. (8, App., 939.)

Three-fourths of the surplus to be reimbursed to the assured in proportion to the amount of premiums paid, with modifications in favor of the old policyholders who had contributed towards the redemption of the capital. (§ 8, App., 946.) One-third of the net profits to be paid over annually to the Massachusetts Hospital. (App., 939.) This provision was modified in 1846; which seems to be the only amendment to this well-considered and compact charter, which was passed as early as the year 1835. Only seven By-Laws appear. (§9, App., 946.)

Mutual Benefit Life Insurance Company. (No. 2.)

Another one of the pioneer Companies; incorporated January 31st, 1845. Among the original corporators were Lewis C. Grover (the present President), Marcus L. Ward and William M. Simpson.

The Board of Directors consists of twelve persons holding office for four years, one-fourth elected annually by the members. The Company was allowed to insure infirm and invalid as well as sound lives.

Policies for the benefit of a married woman and her children, where the annual premium does not exceed three hundred dollars, are protected from the claims of the husband's representatives or creditors. (§§ 4 and 5, App., 941.) It is lawful for the corporation to take notes for premiums, either in whole or in part. (§ 6, App., 942.)

If the claims for losses should at any time require it, the notes of members may be assessed to make up any deficiency. (§ 9, App., 942.)

No amendment appears to have ever been made to this comprehensive charter, which has regulated and is destined to control many millions of dollars and the worldly happiness of thousands of families.

For the elaborate and carefully-prepared By-Laws, see App., 943-948..

At an election of Directors, policy-holders cast one vote when insured for a sum under two thousand dollars, two votes from two to five thousand dollars, and three votes if insured for over five thousand dollars.

Connecticut Mutual Life Insurance Company. (No. 3.)

In the amount and extent of its business, this Company ranks next to the Mutual Life in this country. Incorporated in 1846; Dr. Guy R. Phelps, Edson Fessenden and E. O. Goodwin were, with others, the original corporators. Dr. Phelps has been the chief executive officer and manager of the affairs of this important corporation from its organization, and is now its President.

The Board consists of twelve Directors annually elected, no Director except the President or Vice-President to hold for over four successive years. This provision was repealed in 1856. (App., 954.)

The corporation may take promissory notes or other obligations of the insured, for premiums, in whole or in part. (§ 9, App., 958.)

Assessments may be laid on such notes when necessary, not exceeding the full amount thereof. (§ 10, App., 958.)

An annual balance shall be struck of the affairs of the Company, and each member charged with a proportional share of losses and expenses, and credited with premiums