be paid a certain number of dollars. So he goes up against a mammoth slot-machine which absorbs dollars while it rolls out dimes. He knows that the widow so-and-so was paid so much insurance, and takes it for granted that it is a good thing. He sees the little pile of coin poured into her lap, but he does not see the greedy hands of the corporation despoiling a hundred pockets to make up treble the amount. He hears much about what the Flim- Flam Life Insurance Co. has paid on policies, but nothing about what it has collected in premiums. So he makes his old threadbare coat do for another decade, lets his wife go without a new gown, feeds his children on slapjacks and sop and surrenders for life insurance the surplus thus saved. No "cheap insurance" for him!--he wants to get into a "time-tried" financial Gibralter. He is told by the agent of an old liner of its enormous "legal reserve," and innocently supposes this to be a portion of its available assets--the one thing which makes it "solid." He contemplates a long array of figures and assumes that Old Mortality might sweep the land with War or pestilence without affecting the solvency of his patron saint. The agent neglects to inform him that the "legal reserve," which looms up like a seventy four in a fog, cannot be utilized in the discharge of death-claims, that insofar as the average policy holder is concerned it is simply a beautiful legend on an advertising blotter. When I was editor of the San Antonio Express the philanthropic proprietor gave me a block of land in the city of Laredo in lieu of a raise of salary, but neglected to supply me with a deed to same. The land is mine, all right enough, but is no part of my available assets--it's my "legal reserve." Like its insurance namesake, it's a liability to the exact extent that it's an asset. It is an awfully nice thing to have, but adds never a cent to my solvency. My correspondent points out that it costs policy holders in old line companies more to maintain the legal reserve than it does to provide for losses by death, and adds that this is proven by the fact that all such companies doing business in the State of New York must have on hand in cash, or in invested assets approved by the insurance department, the reserve belonging to all the policies which they have in force. This means that they must retain or keep invested a sum equal to about two-thirds of all the premiums paid on all existing policies. The moment they part with any portion of this reserve for any purpose whatsoever, they are declared insolvent and wound up by a receiver. In other words, the corporation is d----d if it does and the policy holder is d----d if it doesn't. That the latter gets the sulphur bath goes without saying. The four largest old system companies doing business in New York had, on Jan. 1, 1893, $48,265,798 more in legal reserve than the total amount which they have paid in death losses and endowments during