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effect, appealed to the public through the newspapers.
This, however, had unexpected consequences.
Mr. Wright's letters produced the impression, which he did not intend at all, that the insurance companies were unsound, and policy-holders rushed to the offices to make inquiries.
Many surrendered their policies.
In this emergency the officers of the companies went to the editors and explained to them that their business would be ruined if Mr. Wright was permitted to continue his attacks on them.
They then made Mr. Wright what may have been intended for a magnanimous offer, though he did not look on it in that light,namely, an offer of ten thousand dollars a year, if he would retire from the actuary business and not molest them any longer.1
Elizur Wright refused this, as he might have declined the offer of a cigar, and appealed to the Legislature.
The companies then withdrew their business from Mr. Wright and thus reduced his income from twelve thousand dollars a year to about three thousand; but this troubled him no more than it would have Diogenes.
In the summer of 1872 a portly gentleman called at Elizur Wright's office on State Street
1 These events took place thirty years ago and have no relation to the present condition and practice of American insurance companies.
1905. E. P. DUtton and Co. Boston,.
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