The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1864-09-16
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Mr.. Sparrow VS.. NY. Life ms. Co.

the C0uficI OH bearing the signature of
Warren Sparrow; also one signed John Neal
Truth and Justice require some notice be takea Of
the above. Mr.. Sparrow did not las Nc Neal ststes)
surrender the agency of the N. Y. Lilo at q great
pecuniary sacrifices his agency of that company was
revoked for what consider dishonorabie trans.
action.
He Sparrow says that after more thorough nyes.
tigaton OF later reports &e he was Induced to &C.
cspt the agency Of the Mutual Benefit.
Mr. Neal states his discussion with Sparrow con-
WINGED him of the superior advantages of the Mutu
al Benefit.
Are either of the above the true reasons, Has Mr.
Nea, given the true reason why he allowed twenty
years business to be transferred from his hands to
Mr.. Sparrow'ss Ss
Neither of those cover the ground. Mr.. sparrow
has steadfastly commended for months after his con-
troversy with Mr.. Neal that it triumph for the
N. y Life. Why with his protested scruples con-
tinue impress this fact upon the public, Why so
a'situousy claiming everywhere the n. Y. Life to
bssecond to no company after being thus convinced!
was he honest then, and nows Mr.. Meals article
had no hing to do with 1t this Mr.. s. knows.
What does he mean by later reports of the Mass.
and n Y. Insurance Commandment
Has.he snything later tia Ian 1s64y No .for none
have been issued Of later date by those commission.
ers.
Has he not studied those reports carefully for the
past I'VE months prior to enern the employ Of the
Mu ual Benefit During that time not day has
passed in which he did not present ths N r. Life to
to the business men OF Portland a, SAFE reliable
and cheap as any company in the country
Is there anything in the later reports which be
reterr differing in any degree to the former reports
of toe same commissioners. 10 the prejudice of the
N +. Life. as compared with the Mutual Benefit, or
1 90 II u
mis- toner's report of 1854 shew the growth Of the
n Y. Lie to have Teen gseaer, the past year. than
| any Co. doing business in that state.
Does not Mr.. Sparrow know that the nett assets.
to value ofthe n r. Life has largely increased the
past year until it exceeds that Of the Mutual Bene-
at over three per cent? He ought to know IT, and
does Ho knows full vol If he Is competent for his
business that far from the last report of either Of
the above commissioners being in any way constru-
ed to this end he mplie it Is quite to the contrary.
II y not little singular that after icnr years Of
examination and labor for the N. Y. Life-in con-
slant competition with the Mutual Benefit. and pub
lie controversy with Its agent. called each day to
close investigation Of the merits OF each Coihat he
should remain firm and decided In his convictions
in regard to the former unil the General Agent Of
the latter approaches with tie opposition trans
fer twenty years business of Mr. Neal to his hands,
| if how'll advocate the Mutual Benefit.
Thus In night, all the investigation Of years
anish.-admiting all be has said heretofore for
years untrue. lie arguments Of Mr.. Neal which the
| day before mers sophistry, became . tower Of
logic. mot to be o'erturned.
Twelve months hence, should any other Co. offer
Inducements may he not lind someiaisr report which
will require denial Of all he to-day states In re-
gard to the Mutual Benefit! IL four years ofinyest
CATION resulted In completely deeeiving him, how
| long viii il require to properly enlighten him.
The who matter il Transparent to deceive any
sensible Its question Of dollars and csnts
Iadmit bis right to a. all himself Of any such sd-
vantage, but let him be manly, and honorsb a. well
| as Truthful.
His statistics are as faulty as the above reasons he
assigns. He states the amount received for interest
BY The Mutual Benefit during the year 1863
s44o.57o,5s
! Amt reed by n. Y. Life. same time. l3s s5i,76
BY re enng to the iates. reports Of the Mass Ins.
Commissioners 1884 page "a. we find the amount
thus recei. ed by the Mu,uei Benefit s2s5 os7,ss
sli4 so less than he states. while the n y. Life
was s7o7o. 10 than he States an error Of only
sl52. IL % in item. shown by the authority
| he invokes.
| ity. n. Y. Life for 1883. I7,57pr. ct.
Mutual Benefit. 1858 s..4 pr. ct.
excess OF 63per cent sgains, the n Y. Life. not
per cent he states. wing again his
thus might pass through the items
A word Of espianston on this excess Of pensts.
Every person At all familiar with Life Insurance,
and Mr. sparrow in particular. flor this point he has
explained thous and tines knows that the expense
OF new business to Co Is from thres to four times
greater than thatincured the old or. thar every
policy issued, cost the Cos from three to four
times Is muchthe first year. in subsequent years
As results Co that Is doing large new business.
must increase It's expenses this the N. Y. Life has
de"~and rs isssised in go deax. every policy hold.
| err being benefited by that new business isee Ina.
Com. remarks upon that point.l
The profits Of this outlay will be felt the press and
in future years. 5ome Cos reach high 80 par
cent. and good Cos even higher the only question
Is has it been iudciously expended Look st the Of.
| feial report:
n Mai h Life issued in 1885, .esz new policies
An excess Of 1890 in favor Of the N. Y Life Tnis
TACT is answer to the query whether or no this diff.
ference has been judicousy expended.
Ga the point OF dividends. have bat little to say,
remarkipg the N. Y. Life declared IS per cent the
last year aud could have gey increased the same
bad they deemed IL wise to do in the present con.
diton OF things they thought conserv alive course
.
Commissioners. Says Mr.. Barnes. supt ofIns Dep.
OF n Y, in his last report. 'Ihe disposition TO de-
clare excessive dividends. especially with our note
! Cos. is undoubtedly growing evil with Life Ins
This Mutual Benoft is . note Co. So is the N. T.
Life, the former beng moro 30. taking note Tor 80
per cent. the latter accepting but 10 per cent.
The N. Y. Lite has done = leaatng hssiness for
years. and this they have cone without falling into
evil to which Mr. Barnes REFERS of excessive div
idends. Its Tsusiess are honssl and capable men,
known to be saen BY many business men ofPoriland;
/ they have never sought to swell their dividends,
in order to procure business but 70 give to Its
policy boilers all that any Co. give them. con-
sstent with ample security AID equity; this ba-
els they have dons this leading business Says Mr..
Sparrow in bis adver tisement Dec last, aThe new
basin,ss Ct the NJ y. Life in tbs year ls62 nearly
equa.ed the combined business of any two Compan-
les in the United States" We are content thus TO
remain.
Mr. Sparrow states will cost s22l7 less on 500
premium in the Mutual Benefit than in tho N. Y.
Life. Not knowing the plan upon which he bases
hissfguies, csnuot examine its details to show its
illusion as sneh it Is.
Does he cain the losses will average more With tbs
N. Life than the Mutual Benefit any other Cor
X ad his public statement short time since, arhs
mortality among It's IN. Y. L:iel members has been
preporii naiy less than that Of any other Life las
Co. Ia America"
Does the n Life do less new businessy He has
told you IL does more Do they receive less for that
busnesss He tells US ihey retain more. Is their
business well managed. He replies yea. SO think
the Ins. Commissioners Of N. Y. and Mass why
then it not as safe. reliable and cheapas the Mu
tual Bent lit or any other Co. The truth ia Mr. Spar
finds it for his advantage. for reasons given to
operate for the Mutual Benefit. hoping TO retain
both Coz. Finding his agency of the N. r. Life re.
voked. he issues this Card to dissatisfaction In
the minds ofits policy holders. sling to gain some
and procure double commission upon the same par
ties; thus seeking TO undo the work the N. Y. Life
has paid him for This Is his code Of hoI or Ieays
him to his reflections and the Judgment Of hon.