CONSTITUTION OF THE ACTUARIAL SOCIETY OF AMERICA,
AS AMENDED OCTOBER 23, 1890.

ARTICLE I. This organization shall be called "The Actuarial Society of America." ART. II. Object. The Actuarial Society of America has for its object the promotion of actuarial science by personal intercourse, presentation of appropriate papers, discussion, and such other methods as may be found desirable.

ART. III. Membership. The membership of the Society shall consist of the subscribers and of such other persons, connected with actuarial pursuits, as shall be duly elected.

ART. IV. Officers. The officers shall consist of a president, a first and second vicepresident, a secretary, and a treasurer.

ART. V. Council. The officers and six other members shall constitute the council. At the first election of members of council after the adoption of this article, two members shall be elected to serve for three years, two for two years, and two for one year; and annually thereafter two members shall be elected for three years. No retiring member of the council shall be eligible for re-election at the same meeting.

ART. VI. Duties of Officers and Council. The duties of the officers shall be such as usually appertain to their respective offices. The duties of the council shall be in general to manage the affairs of the society in the intervals between its meetings, to call meetings and to make arrangements for the same, to decide upon papers offered for reading and discussion, and to pass upon candidates to be presented to the society for election.

ART. VII. Election of Officers and Council. The officers shall be elected by ballot at the annual meeting for the term of one year. The presidents and vice-presidents shall not be eligible for the same office for more than two consecutive years.

ART. VIII. Meetings. The annual meetings of the society shall be held on the last Thursday of April of each successive year. Other meetings may be called by the council from time to time, and shall be called by the president at any time upon the written request of ten members; twenty days' notice of such meetings shall be given by the secretary.

ART. IX. Election of Members. All candidates for membership shall be nominated to the council by at least two members. The name of any candidate which shall be voted against by two members of the council, shall be considered as withdrawn. Each member of the council shall be informed by the secretary of the names of candidates at least ten days before action. Candidates recommended by the council shall be balloted for by the members at the next meeting. Any candidate receiving three-fourths of the votes cast

shall be declared elected.

ART. X. Quorum. Four members of the council shall constitute a quorum. members of the society at any duly called meeting shall constitute a quorum.

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ART. XI. No resolution expressive of opinion shall be entertained at any meeting. ART. XII. Amendments. This constitution may be amended by an affirmative vote of two-thirds of the members present at any meeting held at least three months after notice of such proposed amendment shall have been sent to each member by the secretary.

The Society was entertained at the Hartford Club, Second VicePresident St. John presiding and Governor Bulkeley being present. Addresses were made by Messrs. H. W. St. John, Sheppard Homans, Emory McClintock, William McCabe of Toronto, J. M. Craig, Charles N. Jones of Milwaukee, C. T. Lewis, J. A. Fowler, D. P. Fackler, and W. D. Whiting. The Hon. Wm. Fitzgerald, Insurance Commissioner of Canada, was present at Friday's session of the Society. The following minute was adopted:

Resolved, That the facilities obtained for this Society by the personal and official influence of His Excellency, Morgan G. Bulkeley, Governor of Connecticut, and his presence in our social gathering, have materially contributed to the interest and success of the autumnal meeting, and we tender him the thanks of the Society.

[The Society publishes its papers and proceedings in pamphlet form, which can be procured from the Secretary.]

Actuaries, American Faculty of, Philadelphia, Pa. Officers.-L. G. Fouse, president, Geo. D. Eldridge, first vice-president, Robert P. Field, second vice-president, W. S. Campbell, secretary and treasurer. The object and purpose of the Faculty are set forth in its charter, of which the following is a partial copy:

The subscribers, five of whom are citizens of the Commonwealth of Pennsylvania, having agreed to associate themselves together for the purposes set forth in the following

articles, and being desirous of acquiring and enjoying the powers and immunities of a corporation or body politic in law for the furtherance of such purpose, do hereby associate themselves for the object and under the articles, conditions, and name hereinafter set forth. ARTICLE I. The name of the intended corporation is "American Faculty of Actuaries."

ART. II. The corporation is formed for the purposes named under the following heads, to wit:

(a) For the dissemination of light and knowledge on the subject of life, fire, casualty, and all kinds of insurance through publications, lecturing, and teaching.

(b) For the extension of the knowledge and for the consideration of the application of mathematical science, or the doctrine of probabilities, to the affairs of life, or to any natural state or contingency, the occurrence of which is susceptible of calculation by way of average.

(c) For the consideration of all monetary questions involving separately or in combination the mathematical doctrine of probability and the principles of interest.

ART. III. The location and principal office of the said corporation is to be in the city of Philadelphia, with branches in other cities of the United States and Dominion of Canada.

ART. IV. The corporation is to have perpetual succession.

ART. V. The names and residences of the incorporators are as follows: L. G. Fouse, No. 3613 Baring street, Philadelphia, Pa., W. S. Campbell, No. 914 Walnut street, Philadelphia, Pa., Robert P. Field, No. 237 South Forty-second street, Philadelphia, Pa., Wm. M. Barr, No. 3225 Powelton avenue, Philadelphia, Pa., Edward S. Zieber, M.D., No. 3707 Locust street, Philadelphia, Pa., George D. Eldridge, Washington, D. C., Isador Bush, St. Louis, Mo.

ART. VI. The business of the corporation shall be managed by the president, secretary, and treasurer, and an executive council (the president included) of not less than three to be chosen from among the directors, who shall have the power of making, altering, amending, and suspending the by-laws of the corporation. The following are the names of the directors chosen for the first year: L. G. Fouse, Geo. D. Eldridge, Robert P. Field, Wm. M. Barr, Edward S. Zieber, M.D., W. S. Campbell, Isador Bush.

ART. VII. The said corporation shall have no capital stock and no shares of stock. The funds of the corporation are to be supplied by tuition, dues, voluntary contributions, donations, bequests, and to be controlled, regulated, and disposed of as provided for in the by-laws.

ART. VIII. The said corporation shall have all the rights, powers, and privileges conferred upon corporations of the first class by an act of the Assembly of the Commonwealth of Pennsylvania entitled "An Act to Provide for the Incorporation and Regulation of certain Corporations," approved the 29th day of April, A .D. 1874, and the several supplements thereto.

Charter was granted by the Court of Common Pleas No. 2, of the County of Philadelphia, July 12, 1890, and was recorded in the office for recording deeds, etc., of the city and county of Philadelphia, in Charter Book 16, page 237, etc., the 15th day of July, 1890. Through the aid of study sheets, text books, etc., students can pursue the line of study mapped out by the Faculty at their homes on substantially the Chautauqua Circle plan under the direction of an Instructor. The degree of Master of Actuarial Science will be conferred upon a student who has completed the course of study and passed a satisfactory examination by the Board of Examiners, when he will also receive a diploma. The honorary degree of Doctor of Actuarial Science will be conferred upon Fellows of the Faculty who have attained distinction in the practice of their profession.

Adams, John H., appointed assistant secretary of the American Central insurance company of St. Louis, in July.

Adjustment of Losses: At the annual meeting of the National Board of Fire Underwriters in New York, May 8, the committee on adjustment of losses, Charles B. Whiting of the Orient Insurance Company of Hartford, chairman, reported the following:

Resolved, That it is inexpedient, in view of the present condition of the business of

insurance companies, to pay losses otherwise than with the usual deduction for interest when paid in advance of maturity; and, in the absence of any special reason for so doing, companies are recommended not to pay before the end of sixty days from date of adjustment.

This resolution was identical, practically, with one adopted at the first meeting of the National Board, July 18, 1866. December 13 of that year the National Board, through its committee on adjustments, reported against the payment of claims, where the fire originated on the premises, before the end of sixty days from the adjustment of the loss, and the secretary was requested to issue a circular asking the "hearty co-operation of all companies in deferring the payment of such losses till the expiration of sixty days."

Again in February, 1868, the committee on adjustments brought this matter once more to the attention of companies and quoted from the report of a special committee to the British House of Commons in July, 1867, in which the committee charged the increase in the number of fires in the United Kingdom upon the insurance companies, and mentioned among the causes the too hasty facility with which they settle claims."

The adjustment committee reminded the Board of the appended resolution, which had been adopted, and recommended that it be carried into effect.

Resolved, That no adjustment of loss be made without a rigid investigation of all the circumstances attending the case, and that payment be deferred until at least sixty days after date of proofs, unless the adjustment be concurred in by a majority of the companies interested in the loss: and then by deducting interest for the unexpired term.

The committee earnestly advised that action should be taken at once looking toward the early methods, when the sixty-days clause was in the policy of every company.

Alabama: The State Auditor is charged with the duties of insurrance supervision in Alabama. The present incumbent of the office is Cyrus D. Hogue. [See Legislation.]

Alamo Fire Insurance Company of San Antonio: Capital stock increased in July from $125,000 to $200,000 by vote of the stockholders.

Albany Fire Patrol, The, was organized in June, 1872, and has been in working order since September of that year. The original cost of equipment was $5,500, and the annual maintenance involves an expenditure of $7,000. The Albany Board of Underwriters, who control the organization, vote every two years through their agents or representatives, in Albany, concerning its continuance and maintenance, and are then required by law to pay their proportion. The present equipment comprises one station, two wagons, five permanent and five auxiliary men, and one superintendent. The latter official is John F. Foster, who has held the position since the patrol was established in 1872.

Albro, Edmund W., President of the Knickerbocker Fire insurance company of New York, died September 26. The deceased was born at Troy, New York, in 1828, and began his insurance career as a junior clerk in the office of the Knickerbocker; elected secretary in 1855 and president of the company in 1885; his entire connection with it covered a period of nearly forty-five years.

American Boiler Manufacturers' Insurance Company: At the convention of the Boiler Manufacturers' Association in New York city, July 1, it was decided to organize an insurance company with a capital of $250,000, which was subscribed at the time. Subsequently officers were elected: Phillip Rohan, of St. Louis, being chosen president; P. F. Dundon of San Francisco, Edward Kendall of Boston, and C. R. Vaulk of Charleston, vice-presidents; R. Hammond of Buffalo, treasurer; and A. T. Douthitt of Pittsburgh, secretary.

American Casualty Insurance and Security Company, incorporated at Baltimore, January 11; certificate filed with Maryland insurance department, Tuesday, June 10, the officers being W. E. Midgeley, president; John Gill, first vice-president; Robert Sewall of New York, second vice-president; R. K. Sheldon, treasurer; and J. J. Jackson, secretary.

American Life insurance company of Philadelphia suspended business Saturday, May 10, after an examination of the company's condition by the insurance department of Pennsylvania. May 8 information was made to the Attorney-General of the State, alleging that the company was insolvent, fraudulently conducted, and that its assets_were impaired beyond the legal limit. Application was made before Judge Simonton of Harrisburg, Court of Common Pleas of Dauphin County, for receivership. May 13, company appeared in court and admitted insolvency, whereupon Judge Simonton issued decree of dissolution, and appointed the Real Estate Title Insurance and Trust Co. of Philadelphia, receiver. The inquiry, which led to this result, was instituted on account of the financial embarrassment of the company's president, John J. Macfarlane. Directors issued a statement that the accounts of the president, so far as they concerned the company, had been thoroughly examined, and that there was no ground for charges of embezzlement or defalcation. The Bank of America, of Philadelphia, in which President Macfarlane was concerned, closed its doors, and an allied bank, the Gloucester City National, of Gloucester City, New Jersey, also suspended. The report of George Tomkins, expert examiner, appointed by Commissioner Forster, was submitted May 10, causing the company's immediate suspension of business. May 15, policyholders appointed a committee to confer with the receiver concerning the interests involved, Wm. C. Honnis being appointed counsel. President Ritchie of the company, appointed to the receivership, declined the request for a list of the policy holders. The court, May 29, instructed the receiver to permit an examination of the books, and a copy to be made of the list of policy-holders conditionally. President Macfarlane disappeared from the State, eluding the law, which was to be invoked against him. The American Life was incorporated April 9, 1850, and began business October 8 that year. By a supplement to its charter, approved March 26, 1853, the whole capital stock of the company was made inapplicable to its life or annuity business, being allotted as security for the faithful performance of the corporation's duties as executor or administrator (Fowler, p. 703). Under supplement to the charter, approved April 8, 1857, the officers secured unlimited power in the investment of the funds of the corporation, and "the discretion of these officers," says Commissioner Forster, report of 1890, was the only security the stockholders and policy-holders had

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for the proper management of their financial interests." During the first twenty years of its existence the company's progress was rapid and satisfactory. In 1877 an examination was instituted by the insurance department of Pennsylvania concerning the condition of the Philadelphia Life companies, including the American Life. The result was unfavorable to the latter. The company's history during its last years was summarized by Commissioner Forster in the report of 1890, as follows: "This company has not for many years had a first-class standing, on account of the peculiar methods employed in its management, which created alarm and distrust, and designedly so, for the purpose of enabling the purchase of policies at less than their real value. More than ten years ago a contract was made with a New York company, the agents of which visited the policy-holders of the American, and in order to induce them to surrender their policies for less than they were worth, represented that the company was in a failing condition. At this time it was amply able to pay all of its policy obligations at their maturity. After this the American ceased to be an insurance company except in name.' "The apparent aim of the management," says Commissioner Forster, "was to reduce and finally extinguish the policy obligations upon terms most favorable to the corporation, that is, the stockholders, with the ultimate view of enhancing the market value of the stock, or of dividing the surplus, or perhaps of engaging exclusively in the trust business permitted by the charter."

Ames, E. B. Appointed general agent at Minneapolis for the Prudential Fire of Boston, in June.

Anglo-Nevada Assurance Corporation. September 1 the company withdrew from business east of the Rocky Mountains, reinsuring its risks with the Caledonian of Edinburgh. The transfer covered all of the company's business east of the mountains, with the exception of that in Montona, Wyoming, Colorado, and New Mexico. The final settlement was effected by Vice-President William Macdonald of the AngloNevada and H. W. Brown of Philadelphia, representing the Caledonian. In October the Pacific Coast risks were reinsured with the London and Lancashire, Manager Jeffrey Beavan going from New York to San Francisco to consummate the transfer. The company's marine business was reinsured with the Firemen's Fund, Secretary J. B. Levison of the Anglo-Nevada becoming assistant manager of the reinsuring company. Vice-President Macdonald was appointed general manager in the California field for the London and Lancashire. The Anglo-Nevada was organized November 4, 1885, and began business December 1 in that year. The capital stock was fixed at $2,000,000. The directors were Messrs. John W. Mackay, James L. Flood, George L. Brander, W. Greer Harrison, Louis Sloss, James B. King, Edward E. Eyre, John Rosenfeld, W. F. Whittier, Jacob Greenebaum, and Edward L. Griffith. W. Greer Harrison was elected president, J. L. Flood vice-president, C. P. Farnfield secretary, and G. S. Angus assistant manager. November 25, 1885, the company became a member of the Pacific Insurance Union, and the first installment of stock, amounting to $500,000, was paid in November 30. In March, 1886, George L. Brander was elected president, succeeding W. Greer Harrison. President Brander was succeeded by Louis Sloss, Vice-President Flood by William Macdonald, and Secre