ree little volumes into which his _best_ could be
compressed. It takes certainly a great deal of life to make a little
art! In this case, however, we must remember, that little is exquisite.

HENRY JAMES, JR.

REFLECTED LIGHT.

Your eyes say, "Sweet, I love--I love you, sweet."
Where is the blame
If, when their mute significance I meet,
Mine say the same?

Nay, thank me not, nor deem your triumph near.
The message bright
My glance conveys--'tis but--believe, me, dear--
Reflected light!

MARY AINGE DE VERE.

LIFE INSURANCE.--II.

The companies organized under the general law of the State of New York
are the mere creatures of that statute. Their organization, management,
powers for good or evil, opportunities for mismanagement and
corruption, are all to be traced directly to the law to which they owe
their being. It will be necessary, therefore, for an intelligent
understanding of the condition to which the business has come, to
examine the act particularly. It is chapter 463 of the laws of 1853. It
provides that any number of persons not less than thirteen may form a
corporation for the purpose of making insurance on the lives of
individuals, or against accidents, or on the health of persons, or on
live stock. Such corporators are allowed to draw their own charter, and
upon its approval by the Attorney General, that document has all the
force of positive law. It is of course subject to the provisions of the
act itself, but those provisions are so few and meagre that it is
practically left to the promoters of the scheme to draw their own
charter of incorporation. The capital stock is to be not less than
$100,000, and no provision is made for the incorporating of any company
without a capital. The rate of dividends to the stockholders, the
proportion of profits to be paid the policy-holders, and the time of
payment, are not provided for in the law, and are left to be settled by
the associates. The consequence is that no two companies are alike in
this respect. In some of them the stockholder receives an interest of
seven per cent. upon his stock, and is entitled to no more under any
circumstances, the whole surplus or profits being divided among the
policy-holders. In others, in addition to interest, the stock is
entitled to participate with the policies in the surplus. The extent of
this participation varies; in some it is fixed at ten per