Cambridge (Mass.) -- Biography; United States -- Biography
Not only did the Massachusetts insurance companies come under Mr.
Wright's surveillance, but the New York Life, the Connecticut Mutual, and
the Mutual Benefit of New Jersey, all large and powerful companies, were
obliged to conform to his regulations, for their Boston offices were too
lucrative to be surrendered. About this time Gladstone caused an
overhauling of the English life-insurance companies, and a number which
proved to be unsound were obliged to surrender their charters. Among
these latter were two companies which held offices in Boston, and whose
character had already been exposed by Elizur Wright.
In 1850, when he became Commissioner, Mr. Wright sent to their agents for
a statement of their financial standing, and not receiving a reply
requested them to leave the State. Finding that the matter could not be
evaded, they at length forwarded two reports signed by two actuaries,
both Fellows of the Royal Society, which were not of a satisfactory
character, so that Mr. Wright insisted on his previous order. The agents
then applied for support to Prof. Benjamin Pierce, the distinguished
mathematician of Harvard University, and one of the most aggressively
pro-slavery men about Boston. He probably looked upon Elizur Wright as a
vulgar fanatic, and supposing that a Fellow of the Royal Society must
necessarily be an honorable man, came forward in support of Messrs.
Neisen and Woolhouse without sufficiently investigating the question at
issue; and the result was a controversy between Elizur Wright and himself
in which he was finally beaten off the field.
The statements of both Neisen and Woolhouse was proved to be fraudulent,
and the two English companies were expelled from the State.
Mr. Wright's insurance reports brought him such celebrity that all the
companies wished to have his name connected with them. His son, Walter C.
Wright, became actuary of the New England Life, and his daughter, Miss
Jane Wright, was made actuary of the Mutual Union Company. Mr. Wright and
his eldest son, John, set up a business for calculating the value of
insurance policies, in which the logarithm machine helped them to obtain
a large income. With his first ten thousand dollars Mr. Wright purchased
a large house and a tract of land in Middlesex Fells, where his family
still resides.
In 1865 the office of Life Insurance Commissioner was filched from him by
a trade politician who knew as much of the subject as fresh college
graduates do of the practical affairs of life. Mr. Wright always
regretted this, for he felt that his work was not yet complete; and it is
a fact that American life insurance, with its good and bad features,
still remains almost exactly as he left it.
It was only after Elizur Wright had ceased to be Commissioner that he
discovered a serious error in the calculation of the companies, which may
be explained in the following manner:
Public-domain text, read in full here on John Shaqi.
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