﻿218 PICTORIAL MISCELLANY. 



those objectionable features found in lotteries, where honesty, I am 

 afraid, is seldom much cared about. 



There are two plans upon which life as well as fire and marine 

 insurance is made. The first is the joint stock plan, which is 

 managed in this manner. Several persons unite and furnish the 

 necessary capital to commence with, and then, at certain fixed rates, 

 give policies, or agreements. Once in six months or a year, if the 

 company has made anything, the profits are divided among the 

 stockholders in proportion to the amount paid in at the beginning. 

 Sometimes the profits are very large, and twenty, and even thirty 

 per cent., has been divided at one time, that is, for every dollar paid 

 in there was a profit of thirty cents in six months. This high profit 

 is unusual, but it happens occasionally. On the other hand, when 

 the company is unfortunate, and frequent heavy losses occur, no 

 dividend at all is paid to the stockholders for a long time, and it 

 sometimes happens that*the capital stock is not sufficient to pay the 

 losses, and the company fails, the originators losing all they put in. 



The other kind of insurance is on the mutual plan. Every one 

 who gets insured is a member of the company ; and, after paying 

 expenses, if there is anything left, it is given back in exact propor- 

 tion to the amount paid in by each member. The mutual offices 

 are differently managed, but all on this principle, that each insurer 

 shares alike in the profits or losses of the company. This is beyond 

 question the best plan upon which to effect insurance, and the least 

 objectionable, inasmuch as it is only an agreement among a certain 

 number to divide all losses without detriment to any one. 



Mischievous Theodore; 



OR, THE REAL ROGUE UNPUNISHED. 



ONE cold, frosty morning in the gloomy month of November, the 

 boys who composed a village high school had crowded into the 

 school-house before the hour for study, and were gathered in a knot 

 round the blazing fire, listening to a story about some wicked boy 

 who, the night before, had carried off the window-shutters from a 

 poor widow's shop, and hid them in an adjoining field. As the par- 



