issued for publication. The secretary also issues certificates of authority to agents as provided by law. The compensation is by fees, there being no salary attached to the office. Elijah Sells is the present supervising officer.

V

Valued Policies: President Heald of the National Board of Fire Underwriters at the annual meeting in New York, May 8, presented in his address a full review of valued-policy legislation. During the year in review the states of New York, Massachusetts, and Iowa, and during the previous year the state of Pennsylvania, rejected such legislation after the fullest and most searching examination. Attention was called to the result of the law in Wisconsin during the twelve years succeeding its enactment as compared with the eight prior to that event. The eight years previous to the law give 55.44 as the ratio of losses to each $100 of premiums, while the twelve years after the law give 62.62. The same periods give the ratio of burning before the law at .7205 on each $100 of risk written, and since the law .8412. The average rate of premium to each $100 of risks written was 1.30 before the law, and 1.34 since the law. The advance of four cents in the premium rate has cost the insured in Wisconsin $876,087 more than under the normal rates before the law. After deducting from the increase in the ratio of burning of .1207, this increase in rates of premiums, there is still an excess of burning of 8.07 cents on each $100 written, which has cost the companies $1,767,506 as their proportion of the injurious results following the passage of this law. Before the law all the states, including Wisconsin, showed an average ratio of loss to each $100 of premiums of 59.93 against 55.44, a very marked difference in favor of Wisconsin as a profitable field for underwriting, with a low average of loss. Since the enforcement of the law the average of the loss to premiums in all the states combined is only 57.86, against Wisconsin's 62.62 under the full influence and temptation of this arson-breeding law. The argument is still stronger when the ratio of burning for the two periods are compared. Before the law the ratio of burning to each $100 of risks written was .7205 in Wisconsin against .5427 in all the states. Under the law it rose to .8412 in Wisconsin against .4893 for all the states combined. "The conclusion is inevitable," argued President Heald, "that to this law is due the enormous increase in the destruction of property by fire in Wisconsin. In Ohio the operation of the law will be found to be of the same evil character as in Wisconsin, varying only in degree, but alike hostile to honest insurers and correct principles of business. Before the law for nine years the ratio of loss to $100 of premiums was 39.98 as compared with 56.47 for all the states. Under the law the ratio of loss for Ohio is 60.44, against 58.54 for all the states combined. The ratio of burning before the law was .4814 in Ohio on each $100 of risks written, against .4888 for all the states. Under the law the ratio is .6675 for Ohio, against .5047 for all the states combined. The honest people of Ohio are paying dearly for such unwise and unsound legislation. It is not so much a question for the underwriter as for the people of Ohio, how long this waste shall go on, this premium on fraud, this temptation to arson and immunity from crime."

Valued-Policy Laws: Valued-policy bills appeared in most of the state and territorial legislatures which held sessions in 1890, but they failed in all but two. The Kentucky legislature passed a bill, which was vetoed by the governor. The first legislature of the new territory of Oklahoma hastily adopted a crude general insurance law, in which were inserted two sections covering in rather contradictory terms the valued-policy idea.

At the close of 1890 there were valued-policy laws in force in eight states and one territory. The first of these laws was enacted in Wisconsin in 1874. Five years later Ohio added a valued-policy section to its revised statutes. In the same year the state of Texas passed a valued-policy law which was a dead letter up to a few years ago, when a decision in the courts gave judgment against the company for the full face value of the policy under the provisions of the law. In August, 1885, the legislature of New Hampshire passed the law, in company with an "anti-compact law," and the agency companies of other states and territories doing business in the state signified their displeasure at the adoption of this kind of hostile legislation by withdrawing from the state. New Hampshire was deprived of the protection which the great fire insurance companies afforded, until 1890, when the Etna led most, but not all, of the companies back. Missouri passed a valuedpolicy law similar to the Wisconsin law, which was in force several years, but in 1889 the general insurance laws of the state were revised, and, while the valued-policy feature was retained, the section embodying it was rewritten.

The following is the full text of all the valued-policy laws now in force in states and territories of the United States:

Arkansas. (Law passed 1889.)

SECTION 1. A fire insurance policy in case of a total loss by fire of property insured shall be held and considered to be a liquidated demand against the company for the full amount of such policy; provided, that the provisions of this article shall not apply to personal property.

Delaware. (Law passed 1889.)

SECTION 1. Whenever any policy of insurance shall be issued to insure any real property in this state against loss by fire, tornado, or lightning, and the property insured shall be wholly destroyed, without criminal fault on the part of the insured or his assigns, the amount of the insurance stated in such policy shall be taken conclusively to be the true value of the property insured and the true amount of loss and measure of damages; and every such policy, when hereafter issued or renewed, shall have endorsed across the face of it the following: "It is agreed between insurer and insured that the value of the insured property is of the sum of and this estimate shall be binding on both parties as to value; and in case any owner shall effect any subsequent insurance upon any larger value than so agreed, all insurance, as well as that then existing and that subsequently obtained, shall become void."

SEC. 2. This act shall apply to all policies of insurance hereafter made or issued upon real property in the state; and also the renewal which shall hereafter be made of all policies heretofore issued in this state; and the contracts made by such policies of insurance shall be construed to be contracts made under the laws of this state.

SEC. 3. The court upon rendering judgment against any insurance company upon any such policies of insurance shall allow the plaintiff a reasonable sum as an attorney's fee to be taxed as part of the costs.

SEC. 4. This act shall not take effect until on and after January 1, 1890.
Missouri. (Revised statutes, passed 1889.)

SECTION 6009. In all suits brought upon policies of insurance against loss or damage by fire hereafter issued or renewed, the defendant shall not be permitted to deny that the property insured thereby was worth at the time of the issuing of the policy the full amount insured therein on said property; and in case of total loss of the property

insured, the measure of damage shall be the amount for which the same was insured, less whatever depreciation in value, below the amount for which the property is insured, the property may have sustained between the time of issuing the policy and the time of the loss, and the burden of proving such depreciation shall be upon the defendant; and in case of partial loss, the measure of damage shall be that portion of the value of the whole property insured, ascertained in the manner hereinafter prescribed, which the part injured or destroyed bears to the whole property insured.

SEC. 6009a. When fire insurance policies shall be hereafter issued or renewed by more than one company upon the same property, and suit shall be brought upon any of said policies, the defendant shall not be permitted to deny that the property insured was worth the aggregate of the several amounts for which it was insured at the time the policy was issued or renewed thereon, unless willful fraud or misrepresentation is shown on the part of the insured in obtaining such additional insurance: and in such suit the measure of damage shall be as provided in the preceding section: Provided, that whatever depreciation in value below the amount for which the property is insured may be shown, as provided in the preceding section, shall be deducted from the amount insured in each policy, in the proportion which the amount in each such policy bears to the aggregate of all the amounts so insured on such property. This and the preceding section shall apply only to real property insured. Any condition in any policy of insurance contrary to the provisions of this act shall be illegal and void.

Nebraska. (Law passed 1889.)

SECTION 1. Whenever any policy of insurance shall be written to insure any real property in this state against loss by fire, tornado, or lightning, and the property insured shall be wholly destroyed without criminal fault on the part of the insured or his assignees, the amount of the insurance written in such policy shall be taken conclusively to be the true value of the property insured and the true amount of loss and measure of damages.

SEC. 2. This act shall apply to all policies of insurance hereafter made and written upon real property in this state and also to the renewal which shall hereafter be made of all policies heretofore written in this state and the contracts made by such policies and renewals shall be construed to be contracts made under the laws of this state.

SEC. 2. The court upon rendering judgment against any insurance company upon any such policy of insurance shall allow the plaintiff a reasonable sum as an attorney's fee, to be taxed as a part of the costs.

New Hampshire. (Law passed in 1885.)

SECTION 15, Chapter 172, General Laws. In any suit that may be brought in this state against an insurance company to recover for a total loss sustained by fire or other casualty to real estate or to buildings on the land of another, the amount of damage shall be the amount expressed in the contract as the sum insured, and no other evidence shall be admitted on trial as to the value of the property insured; provided, whenever there is a partial destruction or damage to the property insured, it shall be the duty of the company to pay the assured a sum of money equal to the damage done to the property; and provided further, that nothing in this section shall be construed to prevent the admission of testimony to prove over-insurance fraudulently obtained.

Ohio. (Law passed in 1879.)

SECTION 3643, Revised Statutes. Any person, company, or association hereafter insuring any building or structure against loss or damage by fire or lightning, by the renewal of a policy heretofore issued, or otherwise, shall cause such building or structure to be examined by an agent of the insurer, and a full description thereof to be made, and the insurable value thereof to be fixed by such agent; in the absence of any change increasing the risk without the consent of the insurer, and also of intentional fraud on the part of the insured, in case of total loss, the whole amount mentioned in the policy or renewal upon which the insurers receive a premium shall be paid; and in case there are two or more policies upon the property, each policy shall contribute to the payment of the whole or the partial loss in proportion to the amount of insurance mentioned in each policy; but in no case shall the insurer be required to pay more than the amount mentioned in its policy.

Oklahoma. (Law passed in 1890.)

All insurance companies issuing policies in this territory shall be required to pay in case of total loss the full amount, and in case of partial loss will be required to pay the amount of loss so sustained, for which the property is insured. Provided, however, that no policy shall be issued which shall contain a greater sum than seventy-five per cent. of the value of the property so insured. Section 32, article 2, chapter XLIV.

If there is no valuation in the policy the measure of indemnity in an insurance against fire is the full amount stated in the policy, but the effect of the valuation in a policy of fire insurance is the same as in a policy of marine insurance. Section 4, article 3, chapter XLIV.

Texas. (Laws of 1879.)

A fire insurance policy, in case of a total loss by fire of property insured, shall be held and considered to be a liquidated demand against the company for the full amount of such policy; provided, that the provisions of this article shall not apply to personal property. Article 2971, civil statutes.

Wisconsin. (Law of 1874.)

SECTION 1943, Revised Statutes. Whenever any policy of insurance shall be written to insure any real property, and the property insured shall be wholly destroyed, without criminal fault on the part of the insured or his assigns, the amount of the insurance written in such policy shall be taken conclusively to be the true value of the property when insured, and the true amount of loss and measure of damages when destroyed.

To the end of April, 1891, no new valued-policy laws had been added to the above, although a number of state legislatures of 1891 had had valued-policy bills before them.

Vermont: In Vermont the secretary of state and the state treasurer are charged with the duties of insurance commissioner. They are elected by the people and hold office for two years, the term beginning the first week in October biennially. The compensation consists of a percentage of the fees of the office. C. W. Brownell, Jr., assumed the duties of secretary of state in October. [See Legislation.]

Vermont Association of Life Underwriters: In response to a call issued by Isaac S. Borley of St. Albans and William H. S. Whitcomb of Burlington, the general life insurance agents of Vermont met at Montpelier June 9 and elected delegates to the National Association of Life Underwriters, which was to meet in Boston June 19 and 20. Permanent organization of the association was effected, June 30, by the adoption of constitution and by-laws and the election of officers, as follows: President, Asaph P. Childs, Bennington; vice-presidents, William H. S. Whitcomb, Burlington, Joseph G. Brown, Montpelier, Luman P. Norton, Bennington, Pearl D. Blodgett, St. Johnsbury, Thomas P. W. Rogers, Burlington; secretary, James A. Wellman, Burlington; treasurer, Isaac S. Borley, St. Albans; executive committee, George H. Smalley, Lyndonville, Charles H. Sawyer, Barre, John B. Fletcher, St. Albans, James E. Curran, Montpelier, John H. Drew, St. Johnsbury.

Virginia: The insurance department of Virginia is under control of the auditor of public accounts, who is elected by the legislature on joint ballot every two years. The salary of the office is $3,000 per annum. The present incumbent of the office is Morton Marye. There is no provision for a deputy, the work of that official being performed by clerks. The state has not hitherto required the publication of an insurance report, but the law now requires the publication of such reports in future. [See Legislation.]

W

Walcott, Benjamin S., president of the Hanover Fire insurance company of New York, died Sunday, February 16; was elected secretary of the company in 1859, and president in 1866; had served as consul at Beyrout, Syria; member of Union League, Century, and Grolier clubs of New York city.

Walkley, James C., president of the Charter Oak Life insurance company from 1855 to 1875, died at Haddam, Connecticut, October 4.

The deceased was a graduate of Yale College and assumed the law as a profession. He became the secretary and treasurer of the Charter Oak Life in 1852, retaining the position until he was advanced to the presi dency of the company in 1855. He was one of the first projectors of the Connecticut Valley railroad, and was president of the company for a number of years. His fortune was wrecked when he retired from the Charter Oak Life in 1875, and from that time until death he lived in seclusion.

Washington: The secretary of state in Washington occupies the position of insurance commissioner er officio. The term is for four years. The commissioner receives no salary apart from his compensation as secretary of state. The deputy, or assistant commissioner, receives $1,800 per annum. The present incumbent of the secretary of state's office and ex officio commissioner is Allen Weir. M. G. Royal is the deputy commissioner. [See Legislation.]

Waugh, Alexander L.: Appointed district manager for the New York Life insurance company at Liverpool in August. Mr. Waugh retired from the resident secretaryship of the Northern Accident insurance company in London to accept the appointment.

Wells, O. S.: Appointed secretary of the Ohio Farmers' insurance company of Leroy, Ohio, in November, succeeding Amos H. Hawley, deceased.

Wells, William H., editor and proprietor of the Philadelphia Insurance News, died in that city February 12; long connected with insurance journalism, and founded the Insurance News in 1883. Publication of the Insurance News continued by Mrs. Wells, widow of deceased, Nathan C. Horton being manager and editor.

West Virginia: The insurance department in West Virginia was organized by the state auditor under act passed March 2, 1864, and has since been under charge of that branch of the state service. The term is for four years. The present incumbent, Patrick F. Duffy, has been the auditor since March 4, 1885. He was re-elected in 1888, and the current term will not expire until March 4, 1893. M. H. Dyer has been the deputy during the whole of Auditor Duffy's term.

Western Union: At the annual meeting held at Niagara Falls, September 3, the indefinite suspension of the North British and Mercantile insurance company was ordered, this course being recommended by a committee of thirty-five. The charge against the company was the adoption and maintenance of the resident secretary system. Samuel P. Blagden of New York is the company's resident manager. Not less than fifty companies were represented at the meeting. The officers elected for the ensuing year were: H. M. Magill of Cincinnati, president; A. F. Harding of Chicago, vice-president; and E. A. Simonds, Chicago, secretary. The semi-annual meeting was assigned for March 11, 1891, Cleveland, Ohio, being the place selected.

Wheeler, E. S., elected secretary of Manhattan Mutual Fire of New York in March, succeeding J. W. Fitzgerald.

Whitehead, James M., special agent of the Imperial Fire of London, died at Chicago, February 25.