tablishment), by compulsory insurance (as of all working men), and
by central state administration serving to regularize and unify the
organizations. This important question will be further considered in
connection with "social insurance" as a measure to benefit the working
classes.

[Footnote 1: See Vol. 1, ch. 5, sec. 7.]

[Footnote 2: The Jeffries-Johnson prize-fight was insured, against
rain, for $30,000. Frequently, race-horses, the fingers of pianists,
the lives of ball-players, and the throats of singers, are now
insured. Summer hotels in England regularly insure for large sums
against more than so many days of rain per season.]

[Footnote 3: On the former, see Vol. I, pp. 365 and 374; and on the
latter, below, sec. 14.]

[Footnote 4: See Vol. I, labor-incomes, in Index.]

[Footnote 5: There is an appearance of a slight discrepancy due to
the omission of fractions of cents. If premiums are collected at the
beginning of the year and losses are paid at the end of the year, and
if interest can be earned meantime at the rate of 3-1/2 per cent, the
natural premium for a one year term policy is about $8.64, that being
the present worth of $8.95 due a year hence, interest being 3-1/2 per
cent. In these calculations there is no allowance for expenses, the
necessary "loading," on which see below, sec. 14.]

[Footnote 6: See Vol. I, p. 279.]

[Footnote 7: The following are the chief statistical facts regarding
the life insurance business in the United States, Jan. 1, 1914,
showing separately legal reserve and assessment companies, and the total.
------------------------------------------------------------------
| Number of | Policies | Insurance
| Companies | in force | in force
| | |
Legal reserve ..| 260 | 38,206,000 | $20,256,000,000
Assessment .....| 605 | 8,789,000 | 10,023,000,000
Total ..........| 865 | 46,995,000 | 30,587,000,000
-----------------------------------------------------------------
| Premium | Total | Per cent income
| income | income | from premiums
| | |
Legal reserve ..| $715,000,000 | $946,000,000 | 75.6
Assessment .....| 138,000,000 | 153,000,000 | 90.2
Total ..........| 853,000,000 |1,099,000,000 | 77.