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its learned author indicated that it required does not appear. It seemed not to have been present in his mind that the table should be used for the purposes of Life Ins. [LIFE CONTINGENCIES.]

Mr. C. C. Hine, from whose "specimen sheets" we have drawn some of the above

details, says:

Though the Northampton Table is notoriously faulty, the time which its experience covers, and the conditions under which it was formed, naturally suggest it for comparison with that of Massachusetts. A comparison of the two shows that at all ages under 15, the death rate of the two tables is nearly the same; from which we may infer that if the pop. of Northampton was stationary, the mort. among the Massachusetts children of that day was much less than in the English town. Above 15 the death rate of Massachusetts was greatly ahead, until middle life was reached; the result, no doubt, of the harsh New England climate on constitutions which had not sufficient strength to withstand the pulmonary and other disorders incident to a new and sparsely settled country. Above this point the selected lives which remain with constitutions estab. and inured, enjoy a degree of longevity unsurpassed on the whole by any country in Europe. But the most remarkable correspondence is that exhibited between this table of Professor Wigglesworth, and the late results of the census returns, as deduced by Mr. Meech. [See 1860.]

PENNSYLVANIA TABLE (1814).—The Pennsylvania Co. for Assu. upon Lives was founded in 1812, and very soon after its estab. computed, for its own use, Tables of the Expectation of Life, drawn from two sources, viz., (1) the reports of the Philadelphia Board of Health; (2) records of the Episcopal Church. We have not at hand any details of the exact data furnished from these sources, but we have the results, which are sufficient for our present purposes:

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This Table, contrasted with some of the others, indicates the higher death-rate of American cities, as against the rural districts.

GILL'S TABLE (1842).-When the Mutual of N.Y. was in course of formation in 1842, Prof. Gill was called upon to supply a suitable table of mort. on which to base its operations as a mut. office. The way he accomplished his task was this: He took the EQUITABLE EXPERIENCE, the SWEDISH, and such other good Tables as he was familiar with, and obtained an average of their results. From that table he deduced the prems. The table was, we believe, afterwards submitted to various English actuaries, and approved. We need not pursue this table-great as have been the results flowing from its use, combined with proper management. It is our purpose only to deal with tables founded on orig. obs. KENNEDY'S TABLES (1850).-In 1852 Mr. Joseph C. G. Kennedy, who had been superintendent of the U.S. census of 1850, pub. his report on the census, including therein two tables of mort. based upon the returns of that census, for the States of Massachusetts and Maryland. Regarding these it must be noted that the records of mort. only extended over the census year; and though it is considered to have been an average year for deaths, yet the assumption that the pop. affected by so many causes of irregular movement is to be taken as stationary is one that greatly depreciates the value of any tables deduced therefrom. The mort. of Maryland, comprising a pop. of 583,034, and showing a death-rate of 1685 p.c., was considered by Mr. Kennedy to be a fair estimate of the standard of human life in the older settled States. Mr. S. Brown called attention to the fact (Assu. Mag. vol. viii. p. 187), that as to male life this table differed but little from the English Table (No. 1), while for female life it gave an expectation of from 1 to 2 years above the English Table. The other table, from the returns for Massachusetts, was also for males and females separately.

The following abstract of the above Tables, compared with the English Table (No. 1), based on the census of 1841, will be sufficient for all purposes here. The figures show the "expectation of life" at the several ages named :

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There appears to have been a table of mort. deduced from the New York State Census taken in 1855; but we have never seen it, and the references we have met with are too slight o enable us to give any note of results.

The English Reg.-Gen. said in his 5th Rep. (1843) :

The census has been taken with great regularity in the U.S.-it was part of the constitution of the States that it should be so taken for political purposes-and the ages are properly distinguished; but abstracts of the registers of deaths have only been pub. in Philadelphia, New York, Boston, and perhaps a few other of the older cities. No National Life Table can therefore be formed until, in addition to the census, a careful system of registration of deaths is introduced.

ELLIOT'S TABLE (1857).—About 1857 a table of mort. was constructed by Mr. E. B. Elliot, based upon the census returns of 1850 for the State of Massachusetts. This table was pub. in the Proc. of the Amer. Asso. for the Adv. of Science, held at Montreal, in 1857. It was understood to form part of an orig. series which had been prepared for the New England Mut. Ins. Co. of Boston, U.S., from extensive and trustworthy European and American data. The following abstract of this table, comparing its results with those of the Carlisle Table, will be sufficient for our present purposes:

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It appears that from about age 5 to age 15, lower rates of mort. prevailed in Massachusetts than is generally the case in European communities; that from age 15 to various ages between 35 and 50, the Massachusetts rates are much higher than, after which they again fall somewhat below, the European rates. Under the age of 5 years, the mort. in Massachusetts seems more intense than in Europe generally; from 3 to 15 it approaches closely to that of Sweden; from 17 to 45 nearer to Belgium, though higher; and after 45, nearer to, but lower than, the average English rates. As a whole the mort. of Massachusetts is better represented by that of England than of any other European state.

MUTUAL BENEFIT TABLE (1858).—In 1858 the directors of the Mut. Benefit Life Ins. Co. of New Jersey, pub. the mort. experience of the office for the 12 years it had then been in existence. Its members had averaged 4,000, until the later years, when they had been about 5,000. In the observations, lives were carefully distinguished from policies; and pains were also taken to ascertain with accuracy-(1) the number of persons who, at each age of life, took or renewed a pol. by payment of prem. ; (2) how many died within the year the policy had to run. Each age therefore included new or recent selections, as well as those of earlier date, added together in each successive year of the Co's. existence. The experience had been very favourable, much of which was due to the effect of recent selection. The following is an abstract of a mort. table deduced from the experience named, prepared, we believe, by Mr. Sheppard Homans. The number of actual deaths are contrasted with the number of " 'probable deaths" as shown by the Carlisle and the Experience Tables.

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HOMANS' TABLE (No. 1) -In 1859 there was pub. by the Mutual Ins. Co. of N. Y. an elaborate report on the affairs of that Co., which had been prepared by Mr. Sheppard Homans, its actuary. The general features of that report it is not our present purpose here to deal with. They will be discussed, with the details of some previous reports on the affairs of the same Co., by its previous actuary, Professor Gill, under UNITED STATES; where we propose to give a pretty complete outline, not only of the growth and development of ins. in all its branches, but also of MORT. OBS. made in that great country, and of many incidental matters. Forming part of the report under notice was a TABLE of MORT. constructed by Mr. Homans, upon the mort. experience of the Mutual. It is of this table and the facts immediately connected with it that we have now to speak. The table is based upon the experience of the office during a period of 15 years ending 1858, that is, through the entire duration of the office. The number of lives existing at the date of observation was 10,387, of which 9,485 were "whole life,” 572 “seven years" pols.; 174 for other short terms, and 156 were "endow." pols. It will not fail to be noted that the number of lives here under observation was greater than the entire pop. of either Northampton or Carlisle, at the respective dates of the observations which have been named after them. The following explanation given by Mr. Homans must not be overlooked: With the exception of this single assumption, that the office age is the real age, the results which are now presented are deduced from the most rigorous calculation. The number of lives exposed to mort. are carefully separated from the number of policies, and no care or labour has been spared in making the various observations and deductions as complete and accurate as possible.

The amount insured under the above policies was (taking 5 dols. to the £) £6,094,739, while the bonus add. thereon amounted to £656,446, making a total of £6,751,185. We now reach the table, which Mr. Homans calls "an adjusted rate of mort. according to the general experience of the Mut. Life Ins. Co. of N.Y. for the 15 years ending Feb. 1, 1858." We propose here only to give an abstract of the table, because we shall have to give it in detail hereafter, when it shall have passed through all the "adjustments," "graduation," and other crucial tests, which it is the fate of such tables to encounter. The orig. is placed for purposes of comparison alongside the table on which the operations of the Co. were based: that test we have no purpose in here repeating. The quinquennial results were as follows:

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After making various comparisons with other existing tables, Mr. Homans remarks: We here find that our adjusted experience gives a higher expectation of life at all ages than the co's. theoretical table, and also higher than any English table below the age of 70, except the "Friendly Sos.," according to Neison, which is uniformly higher at all ages. At and above the age of 70, the expectation by several English tables is higher than that shown by our own experience.. favourable results in the experience of this co. may be attributed to two principal causes, namely, the influence of selection, by which persons in sound health only are admitted as members of the Co., and the fact that among these members are to be found so many married men as heads of families.

The

MEECH'S TABLE (1860).—Mr. Meech, a well-known American actuary, has deduced a mort. table for white male life, from the results of the U.S. census of 1860, of which the following is an abstract :

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Mr. Hine, contrasting the results of this table and the Pennsylvania Tables of 1814, with that of 1789, says:

It will be noticed from these figures that the most marked improvement has taken place in young life. The lapse of time has acclimated the American nation; has increased the efficiency of medical and sanitary science, and the volume of national wealth has secured greater protection and care to the American youth. From 40 onwards the last century go hand in hand, the sturdy forefathers living out their full term of years, sustained by their hardy constitutions; the descendants of the third and fourth generations preserving through the refinement of the age the longevity of the past.

In May, 1859, a general convention of life underwriters was held in N.Y. for the purpose of exchanging views and devising means for collecting statistical information. The committee on vital statistics, composed of some of the leading actuaries, was appointed, one of its purposes being the preparation of a table of mort. based on the experience of American Life Ins. This committee met just one year afterwards (May, 1860), and reported progress. Has anything since been done?

In 1865 Professor Elizur Wright prepared for the Ins. Commissioners of Massachusetts, of whom he was and had been one of the chief for many years, a table gathered from the experience of all the American offices up to that date. We have not that table at hand, but shall prob. have an opportunity of dealing with it hereafter. The table used for the State valuations in Massachusetts is the EXPERIENCE (Old) with int. at 4 p.c. The following note will furnish an outline of the results of Prof. Wright's table:

The mortuary experience of 14 cos., reported to the Commissioners of the State of Massachusetts, which was equal to about 50,000 years of life, prove that life in the U.S., at ages between 31 and 55, is not subject to as high rate of mortality as similar returns prove it to be in Gt. Brit, and Germany. It was also shown, by facts in possession of the cos., that at middle ages, life is subject to a lower rate of mort. in the States than in Europe; while, at the two extremes, at younger and older ages, it is the

reverse.

In 1866 the experience of the Mutual Benefit of New Jersey was brought down to that date.

AMERICAN EXPERIENCE (1868)-HOMANS' TABLE (No. 2).-Soon after 1864 Mr. Homans again made an investigation into the affairs of the Mutual, which now covered an experience of 20 years. The results of this investigation, we believe, have not been made public in the same manner as the former ones. In the absence of such exact details, we gladly avail ourselves of some observations of Professor C. F. McCay (Spectator, July, 1870):

As this co. was growing rapidly, each new period of five years doubled its experience. The deaths were now more numerous than at Carlisle; they were reported with more accuracy; the numbers of the living and the dying were both more reliable; and the table obtained from the observations was constructed with more ability and skill by Mr. Homans than by Mr. Milne. It thus surpassed the Carlisle in every particular. Compared with Dr. Farr's, it was founded on fewer observations, but these were on ins. lives, and not on the general pop.; which made it more valuable for the uses of a life co. If we compare it with the Actuaries' [OLD EXPERIENCE], it had two advantages. It was founded on American experience, and not on policies, but on lives. The disadvantages were, however, serious; the observations were fewer, and the duration of the ins. shorter; and to weigh these properly, we will consider the two tables carefully, and examine particularly the grounds on which they may claim our confidence.

We shall have occasion to notice some of Mr. McCay's criticisms hereafter.

The table referred to by Professor McCay is the new table of Mr. Homans, first made public in 1868, after it had received all the careful consideration, adjustment, and elaboration, which its talented author had, alike by study and experience, qualified himself to bestow upon it. It will be seen that the expectation shown by this table differs somewhat materially from that shown by the table of 1859. Here is the new table : AMERICAN MORT. TABLE-HOMANS, Numbers Numbers Expectation

1868.

Age.

living.

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Age.

48.72

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746 48.08

29

dying. 718 86,160 719 36.03

Numbers Numbers Expectation living.

of life.

36.73

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85,441 720 35'33

13

97,762

740

46.82

31

84,721

721 34.62

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84,000 723 33.92

15

96,285 735

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83,277 726 33.21

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44.85

34

82,551

729 32.50

35

81,822

732

31.78

18

94,089

727 43953

36

81,090

737 31.07

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725 42.87

37

80,353

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723 42'20

38

79,611

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78,862

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40.85

40

78,106

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We have said the table was made public in 1868. The manner in which that was accomplished was by the legislature of the State of N.Y. making it the standard for their State valuations. To this end the Ins. Law of 1853 and 1866 was amended by the add. of various provisions, of which the following only are material for our present purpose:

SEC. 13. It shall be the duty of the Superintendent of the Ins. Department to arrange the information contained in the statements required in the last section in a tabular form, or in abstracts, and to prepare the same for printing in his annual report to the legislature. It shall also be the duty of the said Superintendent, at least once in every five years, and ann. in his discretion, to make valuations of all the outstanding policies, additions thereto, unpaid dividends, and all other obligations of every American L. Ins. Co. transacting bus, in this State; and for the purposes of such valuations, and for making special examinations under the 17th section of this act, and for valuing registered life and other polícies under chapter 708 of the laws of 1867, the rate of int. assumed shall be four and a half p.c. p.a. and the rate of mort. shall be that established by the American Experience Table, in which table the expectation of life and the numbers of living and dying at each age from ten to ninety-five out of one hundred thousand persons living at age ten, are as stated in the schedule hereto annexed. The Superintendent may, in his discretion, vary the above standards of int. and mort. in cases of cos. from foreign countries, and in particular cases of invalid lives or other extra hazards. The superintendent may also, in his discretion, value policies in groups, use approximate averages for fractions of a year and otherwise, and calculate values by the net, the actual, or the gross premiums or otherwise, deducting in cases of gross valuations, from the gross value of future premiums, one-sixth thereof for future expenses and contingencies.

The act was passed 6th May, 1868, and took effect immediately. The former standard of valuation in that State had been the ENGLISH TABLE, with 5 p.c. int. Since the adoption of the AMERICAN EXPERIENCE TABLE by the State of N. Y., the States of MICHIGAN and MISSOURI had adopted it, each in 1869.

The individual offices were not called upon by this act of the legislature, or any other, to alter their tables of rates, etc. They may still, for their own purposes, retain or adopt any table they please for their internal working; but all their operations will be from time to time measured by the AMERICAN EXPERIENCE TABLE. Some of the offices have already adopted the table. The Ins. Commissioners of Massachusetts have not yet adopted it; but it has been under their consideration. A belief is entertained in many quarters that it will ultimately become the National Standard Table of the U.S. The elaborate tables of the N. Y. Ins. Department [ACTUARIAL TABLES] are all based upon it. On the subject of these tables issued by the department, as also on the adoption of Mr. Homans' table by the State Legislature, the following passage from a circular from the then Superintendent, Hon. Wm. Barnes, should be preserved; the more so as it is the only utterance of his upon the latter question which we can recall :

To persons experienced in the construction of tables of this nature, it is entirely unnecessary to speak of the many elements of error which perpetually gravitate towards the printed page. More than ordinary precautions to insure accuracy have been taken in the preparation, printing and electrotyping of these tables. The herculean nature of the work must be apparent to any one, but more especially so to the mathematician and actuarial expert. The actual results in net values according to the new standard of int. and mort. adopted in this State are especially gratifying; and the "American Experience" at four and a half p.c. int. will commend itself to officers, act., cos., and legislatures, as the most practical and best standard yet compiled for the various purposes of life ins. Whenever American experience shall have been more thoroughly tested by our cos. having reached their maximum and decline, it may be advisable to recollate and tabulate the statistics of all of them; but this period is too remote for present purposes.

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