INSURANCE. 



383 



The Union, however, npon a less extent of 

 business, declared a dividend of 31 per cent, on 

 the net earnings for 1861 ; also a payment of six 

 per cent, interest on old scrip, and after reserv- 

 ing one million dollars, directs a payment of 50 

 per cent, of the scrip of 1854, on 4th February. 



The Pacific pays 6 per cent, interest on out- 

 standing scrip, and declares a no\v scrip divi- 

 dend of 10 per cent, on the business of 1861. 



The Mercantile has improved its business con- 

 siderably, paying 6 per cent, interest on scrip, 

 4 per cent, dividend to stockholders, and de- 

 claring a new scrip dividend of 12 per cent, on 

 the net earnings of 1861. 



The Columbian has suffered the most severe- 

 ly in the year, and is obliged to recall the bal- 

 ance of the scrip issue of 1858. The company 

 shows assets of $918,453 50, and paid 3 per ct. 



The Neptune has also been unfortunate, and 

 has to recall $28,300 of the outstanding scrip. 

 The assets of the company are $454,734 12. 



The "Washington is making a profit of 

 $18,004 75, but is content with paying seven 

 per cent, interest on outstanding scrip, and 

 shows a clear asset of $251,283 59. 



The different companies throughout the 

 country do not make sucli concentrated reports 

 as that they can be annually collected into a 

 general table for annual comparison, by which, 

 if it were possible to reproduce it, to observe 

 the gradual increase of property covered by 

 insurance. The following brings together a 

 few of the aggregates, which carry the gross 

 amount in excess of 2,050 millions. All the 

 risks taken by the companies of the United 

 States, would swell the amount to at least 

 $2,500,000,000. According to the leading re- 

 turns, however, the capital employed and the 

 amount at risk with the fire companies, were in 

 1860 as follows : 



In addition to this are other amounts, proba- 

 bly $50,000,000 of risks taken by English com- 

 panies. This vast amount of property insured 

 against fire, is the growth of the last 50 years, 

 and it may be compared advantageously with 

 the amount of risks abroad : 



Great Britain fire risks $3.905.452,665 



France fire risks 6,500.000,000 



Germany fire risks 4,000,000.000 



United States 2,900,000,000 



Life insurance, which in England has flour- 

 ished about 150 years on a scientific basis, has 

 only of late years made much progress in the 



United States, but seems of late to meet with 

 more encouragement from the public. In New 

 York there are altogether 12 companies doing 

 business, which have a very good standing. In 

 Massachusetts, however, more strict attention 

 is paid to the condition of the institution, and 

 the annual report of the commissioners there is 

 justly regarded with respect, where it confines 

 itself to the legitimate objects for which it is 

 created. Its reputation is, however, at times 

 damaged by the introduction of irrelevant and 

 objectionable matter. The law of Massachu- 

 setts requires that all companies that undertake 

 to do business there, shall furnish such full re- 

 turns as will, upon analysis, justify confidence 

 in the safety of the company. These provisions 

 are so rigid, that while many companies might 

 object, the fact that a company does do busi- 

 ness in Massachusetts acts as an indorsement to 

 its standing. As this return for 1861 embraces 

 the leading companies, it gives an idea of the 

 extent of the operations. (See table A on the 

 following page.) 



The following gives the computed aggregate 

 operations for many years : 



Whole Life Policies of 'Nineteen Life Insurance Companies 

 doing business in Jfatsachusette, outstanding A r oremoer 

 1, 1861, arranged according to the years in which they 

 were issued, each year ending JHovember 1. 



Notwithstanding the 'violent disruption of 

 political and social ties, and the suspension of 

 amicable relations between the two great sec- 

 tions of the country, which characterized the 

 year embraced in this report, the business of 

 life insurance advanced, though not so rapidly 

 as during the previous year. The aggregate 

 amount insured by the nineteen companies doing 

 business in Massachusetts was $152,937,587 on 

 the 1st November, 1861, against $151,321.229 in 

 1860. Thus the new business has on the whole 

 a little more than filled the chasm caused by 

 the war, which at once swept away large num- 



