lyn, the Penn. Mutual, the Metropolitan and the Universal, we should not hesitate for a moment to choose that of the Mutual. Nay, more, were we required to say which of all those companies have the most honest, or least honest managers, we should feel considerably puzzled. We would readily admit, however, that there are far worse among the lot than either Winston, or McCurdy. Certainly we would rather take the word of either than that of Batterson, Bouck, Freeman, Ripley, or Knapp. Not that we could have much faith in the ipse dixit of the Mutual gentlemen, but very slender as our faith in them is we must confess that our faith in the other parties mentioned is still more slender. Again, were we required to decide between Batterson and Bouck, and between Ripley and Freeman, we think that, upon the whole, we should rather trust Batterson and Freeman, for, if we have but exceedingly little faith in either, we have much faith in the ancient adage, of two evils choose the lesser.

There was a time when it would have been unjust to place the New York Life, the Etna, or even the Globe Mutual in this category; there was a time when the chief managers of these companies seemed to have no intention or wish less honorable or less honest than to deal fairly and even liberally with their policy-holders. And our readers may remember that as long as this semblance appeared to have any real foundation to rest upon not a word was uttered by us against those parties. On the contrary it afforded us pleasure to give the n full credit for what they seemed to be. Now we give them credit on the same principle for what they seem to be. We may be mistaken in regarding them as sadly degenerated; but if we are, so are a large proportion of their policy-holders.

We are fully aware of all the objections that may be made to our comparisons and estimates; but we have never urged our readers to accept either as correct or just any further than they found them to be so on examination. May we not again call attention to the undeniable fact that there has not been one of the many companies that have passed out of existence which has not accused us again and again, through its organs, of having done it gross injustice. Nor does the Anchor Life, the last that has died thus far-except there has been a death within two or three days-form an exception. While the insurance journals lauded both the Anchor and its Fisher, as superior to all other Anchors and Fishers, we felt constrained to denounce both as frauds, but without the least passion, malice, or ill-will. Those who praised the Anchor ad nauseam when so far alive as to be able to pay money, now overwhelm its corpse with abuse. With the dead insurance companies we have nothing to do further than to point out their corpзes as a warning to those who refused to be convinced in time that their death was inevitable. We mention the Anchor now, not because there was anything peculiar in its case, but because, being the

last of the departed, its history is more familiar to our readers than that of the other extinct members of its tribe whose various prognoses we have repeatedly given in these pages, always warning the friends and dependents of the patients that a fatal issue might be expected at any moment; the final symptoms being convulsions, paralysis, cɔma, and certain retrograde movements on the part of insurance editors, reminding the initiated of the rats and the sinking ship.

This reminds us of poor Phipps, compared to whom even Niobe is scarcely an object of pity. True, the offspring of the daughter of Tantalus were different from the progeny of Phipps. Besides, Niobe did not sell her children one by one like Phipps. Still less did that unhappy lady try to cheat those who were generous enough to aid her in supporting her children. But the pitying gods changed Niobe into stone so that she might forget her sorrows. Why do not the pitying gods, or goddesses, change Phipps into some other hard substance-brass, for instance? that is if it be possible, according to modern occult science, to make him any more brazen than he is.

Just as we are about to pass on to notice some curious recent amalgamations a friend asks us how it is that the Park Bank has become at once a nursery, an hospital, and a grave for life insurance companies of the Phipps species. The question rather puzzled us for a moment or two, until we thought of the almost miraculous efficacy ascribed by the soft-headed and long-eared portion of our fellow-citizens to the "Health Lift," an institution which has its head-quarters in that building. Whether it be this, or the white marble, or the fabulous assets of the bank that have made it such a favorite resort for the class of life insurers now under consideration, we had some hope of the Commonwealth Mutual, until it mounted up beside the Health Lift. Sometimes there is a fellow feeling even among quacks. It may be, then, that the Health Lift doctors will do their best to lift the Commonwealth out of the slough into which it fell about two years ago. Nay, it may be that it will be successful, if it make the attempt; but as it is not our habit to deceive our patients by a false prognosis we must confess that in this case we fear the worst. We should have vastly more confidence in the efficacy of the Baxter steam engine as operated by Dr. Wm. D. Russell, of Park-place, in his own quiet, unostentatious way, than in all the doctors and surgeons, male and female, of a score of help lifts. We hear it rumored, though only vaguely, that the company is to be rechristened like others of its class. No doubt some policies might be sold by this means, which otherwise would not find a market; but if there is to be a new name may we not suggest the "Health Lift Cure All Assurance Association;" or, more appropriate still, perhaps, the "Worthless Mutual and Savings Bank Tontine Life Insurance Company."

We find we can give no attention to amalgamations this time, partly

1873.]

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for lack of time and space, and partly because we have not our laboratory at hand to test the various ingredients. For reasons somewhat similar we shall have to postpone our intended dissertation on transmigrations, although some of the more recent cases of the latter are highly interesting. But between the transmigrations of the Hindoos and Greeks, and those of our modern insurers, there is a difference which may well be called "material;" for, whereas among the former it was the soul of one party that passed into the body of another, among the latter it is the carcass of the defunct that so passes, or rather is devoured. Thus, for example, the carcass of the Hope Mutual has passed into that of the New Jersey Mutual. The latter was once a respectable company and seemed capable of living, on the Darwinian theory, without gorging itself with carrion; but now the name alone exists, the rest consisting in little more, so far as we can see, than the ghost of the Hope, or the Hopeless. The benevolent may well exclaim, then, "Alas, poor ghost!"

We have only space now to say a word or two of the revived Chamber of Life Insurance; but we shall not forget its objects, or its prospects. From what we have learned thus far we have much more faith in the new chamber than we had in the old. True, we should have preferred to see one of the officers of the Manhattan, or the Equitable, presiding, rather than one of those of the New York Life, although we have never questioned the honesty of Mr. Franklin. The worst we have thought of him at any time is that he was too easily made a tool of by some of his more wily and less scrupulous colleagues.

The companies of other cities are, it seems, not to be represented in the chamber, at least for the present. Assuming that if they were they would be represented as before, we think it at least as well that they should not; for, if our memory serves us, they were represented in the first chamber only by Batterson of the Travellers', and Bucklin of the Economical Mutual. We can hardly object to an arrangement which allows gentlemen like these to stay at home and mind their own affairs, especially as it is not likely that the better class of underwriters from other cities would come to New York to attend the meetings until they saw that the new organization was much better than the old. Most assuredly men like the principal officers of the New England Mutual, Phoenix Mutual, and Mutual Benefit, would pause and reflect a good deal before they consented to take a part in the proceedings. As the matter stands we suspect they would regard such companies as the Globe Mutual, Metropolitan, and Universal as not exactly the sort of associates it would be desirable to have in a chamber or elsewhere. They would probably also object to the Brooklyn Life, but of the rest they could not justly complain. There are none acquainted with the facts who will not readily admit that it is a vast improvement to have Mr. Frost of the New York Continental in place of Mr. Batterson of the Travellers', and Mr. Gill of the Guardian Mutual

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APPENDIX-INSURANCE.

[June, 1873. instead of Mr. Bucklin of the Economical Mutual. Another fact to be taken into consideration by the companies of other cities is, that Mr. N. D. Morgan of the North America, vice-president of the chamber, has fully vindicated himself and his company since he occupied a similar position in the old chamber. Since there is thus a working majority" of men whom all acknowledge to be irreproachable in character, and of unquestionable intelligence and ability, we see no reason why the new organization may not be expected to produce important results.

66

True, we miss some men in the new chamber who took an active part in the proceedings of the old, and who had always something to say which was at once practical and brilliant. Foremost amongst these was Mr. William A. Jones, who has recently resigned the presidency of the New York National, the duties of which he had discharged so faithfully and efficiently since the organization of that excellent, though modest and unpretending company. Although Mr. Jones has been succeeded by a gentleman in every way qualified for the position-although there need be no fear of the management of the National as long as its vice-presidency is filled by a HALSEY— still all who have known Mr. Jones as an underwriter will feel that his retirement is a positive loss to the insurance guild, both intellectually and morally. We beg leave to insist on having either of the two Halseys in the chamber, if not as officers, at least as speakers or adviAnotherexcellent acquisition to the new chamber would be Mr. Nichols of the Knickerbocker. And what of Mr. De Witt, of the United States Life? We do not see his name among the personnel of the chamber thus far. Will not Mr. Hyde of the Equitable or Mr. Wetmore of the Security see to this, knowing as they do that, although Mr. De Witt is subject to little whims from time to time, he is undoubtedly a man of talent and a shrewd, thoughtful underwriter.

sers.

We still refrain from making criticisms on fire companies, feeling that it would be hardly fair to examine their pretensions too closely so soon after the great fires. We shall be all the more readily excused on this occasion when it is borne in mind that our present article did not contemplate particular estimates of any companies, life or fire, its main object being to show by two or three illustrations that the way of the transgressor is hard, and that those whom the National Quarterly denounces as transgressors, though more in sorrow than in anger, are very apt to prove themselves such, sooner or later, if only on the principle of Heine's diabolical lyric—

Since the above was put in type we have learned that a new corporation, entitled the Ridgewood Fire Insurance Company of Brooklyn, has just commenced business. In general, we do not regard the organization of either a fire or life company as by any means an event at which the public has reason to rejoice, but rather the contrary. In the present instance, however, we feel confident that, at least, the new company will be intelligently and honestly managed. Mr. Lothrop, the president of the Ridgewood, was for many years the secretary of the Washington Fire; Mr. Scott, the secretary of the new company, having been also, for a long period, the assistant-secretary of the Washington. When such men have a cash capital of $200,000 to work upon, and, as we are informed, a strong, libe al board of directors to aid them in a contingency, it will take still more destructive fires than those even of Chicago and Boston, with their dearly-bought but valuable experience in those calamities, to wreck their new, well-built craft.

THE

NATIONAL QUARTERLY REVIEW.

No. LIV.

SEPTEMBER, 1873.

ART. I.-1. Lives and Maxims of the Illustrious Philosophers. (Περὶ βίων καὶ δογμάτων τῶν ἐν φιλοσοφία ευδοκιunбávrov.) By DIOGENES LAERTES.

2. Geschicte der Philosophie (History of Philosophy). RITTER. Berlin.

3. Anaxagoras, ou système qui prouve l'immortalité de l'âme, par la matière du chaos, qui fait le magnetisme de la terre. La Haye.

4. Plutarch in Lives of Pericles and Nicias.

Ir is but seldom that the most intelligent class-even those prone to research and investigation-make due allowance for what the present owes to the past. The tendency of this generation especially, is to regard itself as superior, both intellectually and morally, to all gone before it; and we fear it must be admitted that there are no people among whom this egotism and vanity are more strongly developed than among our own. So nearly universal is the sentiment that we occasionally find it difficult to restrain some of our contributors in its manifestation, for we came to the conclusion years ago. that we could not regard our journal as an exponent of the

VOL. XXVII,-NO. LIV.

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