and which the more we learn about it the stronger becomes our faith in its genuine worth :

No corporation stands higher in public estimation than the Manhattan Life, and its glorious record and great popularity are owing simply and wholly to the entire devotion of its management and operation of its plans to the true interests of the insured. The truth of this assertion is attested by great and incontrovertible facts; by its payment of over four million dollars to the widows, orphans, aud families of its deceased policyholders; by its return to the insured in dividends of over three million dollars; by its immense, unprecedented, absolute growth at the rate of nearly eight hundred thousand dollars a year; by its annual income of two and a half million dollars; by its solid assets of eight millions invested in the best securities in the country, yielding interest exceeding the total expenditure by $130,000, or 70 per cent.; by the ratio of its expense to income, about 11 per cent., or twothirds less than that of other companies; by the smallness of its losses through death, showing a still lower proportion; by its adoption of every real improvement in life insurance, and finally, by its clear surplus, above reinsurance and all other liabilities whatever, exceeding one and a half million dollars, and comparatively greater than that of any other company in the State."

This has the recommendation of being strictly true in every esssential particular; and it might have been added, that of all the com panies mentioned in the report before us the surplus of the Manhattan is the largest, in proportion to the number of its policy holders and the amount it insures. But were we actuated by malice, or any such feeling, we should much rather have extracted a passage from one of the articles in the same number (August) of the Insurance Times, relative to the boasted "assets," etc., of the Mutual Life, especially as those articles are more than corroborative of the worst charges we have ever made against that corporation. But we have not the least wish to do the Mutual Life, or any other company, any further injury than may result from putting the public on its guard, in a fair and legitimate manner, against plans and habits which seem to us decidedly illegiti

mate.

While the United States Life was very differently managed from what it is now, we deemed it our duty to make some criticisms upon it. We did so once, after its present manager took charge of it, but it was before we had any adequate idea of the intelligent, energetic, persevering, straightforward character of that gentleman. At all events, since the company began to evince those evidences of renewed vigor and vitality, which are now recognized by the most careless observer, none have been more willing than we to congratulate its able and manly president on his very brilliant success. In illustra tion of this success, we take pleasure in copying the following:

STATEMENT OF BUSINESS of United States Life Insurance Company for the months of July and August, 1872, compared with the corresponding months of 1871 :

This is a record which the new president may well be proud of, even when he bears in mind how much he had accomplished as the general agent of the Phoenix Mutual; and as long as he continues to pursue the same honorable conrse which has distinguished him, thus far, in one position as well as the other, it will be the interest of the public that he continue to exhibit a large increase in the monthly issue of his policies.

Another company which we had occasion to criticise under its for mer management, and which we readily admit deserves praise instead of censure under its new management, is the Guardian Mutual. We may be mistaken, but we think the chief credit for this improvement is due to its intelligent and energetic secretary; although so modest is Mr. McAdams, that he would give it to any of his colleagues rather than take it himself. The Guardian is unpretending; it has no taste to play the braggart; but what it promises it has both the honesty and the ability to perform.

Yet another company, which we have censured in the past, but which is now pursuing a course we regard as praiseworthy, is the North America Life. We confess that when a man of talent and education seems to us to deviate from the path of rectitude we are much more disposed to censure him than we are to censure one whom we regard as equally a transgressor, but destitute of both talent and education. It is true that, as the president of the Manhattan Life, we had every reason to think highly of Mr. Morgan; so that, bearing in mind our experience of his successor in that position, it has often occurred to us since that it seems old Manhattan could have no president who would not be courteous and friendly to us. But lately we have known more about

the vice-president of the North America than about its president; and most cheerfully do we admit that our knowledge of that gentleman has inspired us with more confidence in the integrity and fair dealing of the company than we had for years previonsly-although, like other men whose modesty is equal to their ability and worth, Mr. Merrill gives all the credit to Mr. Morgan. Not doubting that each of the officers may justly claim a share, we are sincerely glad to know that the plan of registering its policies, so that their value may be guaranteed by the State-thus rendering them as good as a bank bill-has contributed largely, by its popularity, to the strength and solidity of the North America.

แ

The National Life of New York never made large or loud pretensions; accordingly, those who do not know the difference between words and deeds in life insurance are apt to judge it unfavorably. For our part, we do not pretend to count the money that any company has, either in bank or office, to meet its liabilities; but there are no two underwriters in whose abilities and integrity we have stronger faith than we have in the president and vice-president of the National; and this faith is the result of ten years' experience and observation. No one understands the philosophy of life insurance more thoroughly than Mr. Edward A. Jones, and there are but few who possess in a higher degree the faculty of elucidating its principles, whether by pen or tongue. Upon the other hand, we know no underwriter who understands the secret of selecting long-lived, reliable holders for his policies better than Mr. J. O. Halsey. Accordingly our faith in the National remains unshaken; so that if any calamity should ever befall it we should feel certain that it was not caused by lack of talent, lack of energy, or lack of integrity, on the part of its officers.

Most assuredly this is more than we could say of the Hope Mutual; for the manager of the former is as different from the manager of the latter as gold is from pot-metal, or as the giant is from the pigmy-so different, indeed, that for some time past we have been of opinion that the Hope Mutual cannot change its name too soon to that of the Hopeless Mutual," or the "Faithless Mutual," whichever it thinks may most truly represent its peculiar plans; that is, if truth be not an element entirely foreign to its programme !

Since our last issue Mr. Erastus Lyman has resigned, on account of prolonged ill health, the presidency of the Knickerbocker Life, a position, the duties of which he had discharged faithfully and efficiently since the organizing of the company in 1853. No company in

the world had the advantage of a presiding officer of more refined manners, or more conciliatory, amiable disposition than Mr. Lyman. Since the retirement of this gentleman we know only two of the officers of the Knickerbocker-Mr. George T. Sniffen, its secretary, *and Mr. John A. Nichols, its general agent for the Southeastern States. For many years we have entertained a high opinion of the abilities and worth of each. Mr. Nichols we have known still longer than we have Mr. Lyman himself, whom he much resembles in the polished suavity and attractiveness of his manners. Further than what may be expected from the influence of two such menespecially from one possessed of so much talent and ability as Mr. Nichols we know nothing now of the prospects of the Knickerbocker, but sincerely hope, from our agreeable reminiscenes of its past history, under the skilful and successful guidance of Mr. Lyman, that they will prove eminently favorable.

As for the Equitable Life and New York Continental Life there is no question among competent, impartial judges, either as to the ability with which they are managed, or the sound, salutary and enduring fruits of their management. In illustration of this we will show how the two companies stand in one of the most important tables in the Massachusetts Report, as compared to one or two of the loudest boasters. Thus, under the head of summary of the insurance outstanding, etc., we find the following results:

We might easily point out differences still more significant; but these will be sufficient for the present. The New York Life is very much misrepresented if it was not "the exciting cause" of certain attacks recently made on the Equitable by one of the most disreputable of the Tammany Ring organs; if not misrepresented, perhaps, it may learn to do better in the future, from the fact that, as may be seen, it was itself, and not the Equitable it injured!

There are many reasons why the New York Continental Life is

popular in New England, especially in Massachusetts. Mr. Lawrence has a wonderful faculty for securing the very best agents-men that are, not only intelligent and energetic, but also of unsullied character, and highly popular among the best classes. This is eminently true, for instance, of Mr. N. Broughton, Jr., of Boston, a gentleman, who, for twenty years, discharged faithfully and efficiently in that city, the responsible and onerous duties of publishing agent for the New England branch of the American Tract Society. For more than seven years of this time, we have known Mr. Broughton intimately, and no where have we known a business man whose character in every respect has impressed us as more exemplary or more worthy of admiration. We note the connection of this gentleman with the Continental as explanatory of one of the secrets of the almost unparallelled success of that company.

But in New York, also, the Continental manages to associate with it our most useful men. We give it credit for this, although we have lost by it ourselves, at least, in one instance. For eight years Mr. Wynkoop printed this journal for us in a manner every way satisfactory, but one day we go down town and learn that he is elected vice-president of the Continental! His well known courtesy and good will toward the customers of his house, induce him to be still disposed to continue to print the National Quarterly, for his first-class establishment remains in the full vigor of operation. But from long habit-a habit which, in the opinion of other printers, spoiled us, by. causing us to expect too much-we could not be satisfied there, without the personal supervision of our work by Wynkoop, and so we have to substitute for the best printer in New York, the one who ranks next to him. Now, if the Continental will be good enough not to deprive us of Mr. M. B. Brown, also, to make him second vice-president, and thereby force us to run the risk, again, of being half devoured by the sharks of such establishments as the "Great American Printing Company," we will forgive it for the past with as good a grace as we can!

We are sorry to see the Mutual Benefit degenerating, for it was once a fine company-so good that we used to compare it, in turn, to the New England Mutual, the Manhattan, and the Phoenix Mutual. Before long, we fear, we shall have to compare it to such companies as the Homoeopathic Mutual, the Metropolitan Mutual, etc. The great difficulty seems to be that the directors and agents, as well as the properly constituted chief officers, are allowed to manage it in turn. Lately it came to the turn of a mem