The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1864-09-22
Portland Photographic Gallery,
50 MIDDLE ST., PORTLAND. Me-.
A. s. DAVIS, Proprietor,
Portland, May IL. 1864 uayIsdsn


Portland, May IL, lsea uayizosn
Mr.. Sparrow VS.. NY. Life Ins. Co.
My attention has bsen directed to . "Card" in
the Courier the 9Th inst bearing the signature Of
Warren Sparrow; also oae signed John Neal.
Truth and justice require some notice be takel Of
the above Mr. Sparrow did not las NJ. Neal statesl
DC cuniary sacrace' his agency of that company
revoked for what we consider dishonorable trans
action.
He (Sparrow1 says that AFTER more thorough invss-
tlgstion OF later reports ks he wssindueed to ac-
capt the agency of the Mutual Benefit.
Mr. Neal states his discussion with Sparrow con-
WINGED him Of the superior advantages of the Mutu
81 Benefit.
Are either of the above the trse reasons. Has Mr..
Nea giyea the true why he allowed twenty
years busin to be transferred from his hands TO
Mr.. Spanow's'
Neither Of those cover the groand. Mr.. Sparrow
has steadiastly contended for months alter his con-
troversy with Mr.. Neal that 1t q triumph for the
N. Y Life. Why with his professed scruples con-
tinue to impress his fact upon the publcs Why SO
ASH iuously claiming everywhere tho n. \. Life to
be second TO company after being thus convineeds
was he honest then, aud nows Mr.. Meals article /
had no hing to do with 1t this Mr. s. known.
What does he mean BY later reports Of the Mass.
and N Y insurance Commissioner!
Has-he any thing later thai Jan 1854! No !ior none
have been Issued Of later date by those commission
Has he not studied those reports carefully for the
past dive months prior to enterin the employ Of the
nu ual Benedty During that time. not day has
rassed in whic he did not present tbs N r. Life to
to the business of Portland As safe, reliable,
and cheap any company In the country
4. In ha at ron
refers differing in aay degree to the former reports
OF tue same commits ones. TO the preiudiee Of the
n r. life ~ compared with the Mutual BENEFIT, or
any other Cor In iact does not the Mass ms Com
mis- toners report Of 1884 shew the growth VI the
n Y. Ii to have been eater. the past year. than
any co. doing ba siness in that Sta's'
Does not Mr.. Sparrow know that the nett asets.
to value ofthe N T. Lie. has largely increased the
past year until IL exceeds that Of the Mutual Bens-
ut yer three per cent? lie ought to know 1t, and
does He knows fall well il he Is competent for his
business that far from The last report Of
the above commissioners being in any way constru-
ed to the end he impie it l. quite to the contrary
II is little singular, that after -FOUR years Of
examination and labor for fbe n. Y. Lfe-in con-
slant competition with the Mutual Beuent and pub
lie controversy with its agent. called each day to
close cation Of the merits Teach Co-that be
shcnd remain firm aud decided in mis- convietons,
in regard the former. uutil the General Agent Of
the latter approaches with the proposition to trans
Ter twenty business of Mr. Neal to his hands,
If he will advocate the Mutual Bsnent.
Thus in one night. all the Investigations o. yssn
vanish admitting all he has said heretofore tor
years untrue. The Arguments Of Mr.. Neal which the
day before were mere sophistry. became . tower Of
logic. not to be o'erturned.
Twelve months hence, should any other &c. oasr
indueeme may Lac not aud later report which
will require denial Of all he to-day states In re-
gard 10 the Mutual Bsrsat. II four years ofinyest
CATION resulted In completely deceiying him, how
long vii 1t require to properly eniighien him!
Tho whsle matter is transparent to deceive any
sensible rerson. Its question OF dollars and esnts.
admit his right to all himself Of any ssch ad.
vantage but let him be manly, and honorable well
ss truthful.
80 a--,.S 49,. -...o-. -.
assigns. He states the amount received for interest
| by the Mutual Benefit during the year 1863
sl4ss7s.B
Amt reed By n 7. Liz, same tine. is Ssl.75
By enng to the issess rep ris OF the AAss Ins.
Commissioners tiss4l psgs a. We nnd the amount
thus recei ed by the Muinsi Benfht s2os or. or
sis4,49 so less than he states while the N. Y Life
was sIb1s, 10 more than be states. Of only
sl52. III % in item shown by the authority
he inSokes
SO in the matter OF expenses taking author
ity. N. Y. Life for 1853. l7.5Tpr.et.
Mutual Benefit. 1858, sI4 pr. ct.
an excess oil 76sper cent agains. the n r. Life. not
OF 80 per cent ss sho wing again his errors
thus might pass through the items.
word of expanation this excess OF expenses.
Every person at all familiar with Life Insurance,
and Mr. sparrow in particular flor shis point he has
explained thousand time knows that the expense
mai to Ia In Tram fhrs. four tirnes
greater than thstiucured the old or that eYery
new policy issued cost the Co.'S from three to four
times much the 6rst year. In sub. eQuent ysars
Az . result Co that 10 doipg large new business.
must Increase its EXPENSE; tia the n Y. Life has
dons-and is justified in so doing. every policy hold
er bsing benefited by that new busaess (Sse Ins
Com. Remarks upoa that point.J
The profits Of this outlay will be felt the prest and
in future years some Cos reach as high as % per
cent and good Co.'S sven higher; the only question
is has it been judiciously expended. Look at the OF.
fcial report
S Mal b bis l,,a'd in is'' s 81; new policies.
An excess OF 1890 in favor OF the N. r. Lif. Tais
TACT is answer to the query, whether NO this dir
ference has been Judiciousiy expended
On the point Of dividends. have bit little to say
remarking the N Y. Life dec ared IS PER sant. tie
last year, and could have largely increased the same
had they deemed It wise so to do in the present
dit on Ct ;hinzs they thought conservative course
wisest. In this they aud this endorsement Of n. r.
Commissioners Says Mr.. Barnes. Supt sfIns Dep.
OF N. Y in mis- Last report. "Ihs disposition to
clare excessive dividends especially with opr note
COS. is undoubtedly growing evil with Life Ins."
The Mutual Beneat Is note Co. 20 Is tina N. r.
Lie. the for being so. taking note tor 80
per cent, the latter accepting but 20 per cent
The y. 7. Lite has done leading basinees for |
years. and III they have without falling iato
tue evil to which Mr. bsInes refers Of div
idends. Its r.xstees are honest aud capable men,
known to besuen BY ma ny business ofPoriland;
they have never sought to swell their dividends, |
In order to procure business but to give to liz
pc 10y hoiders all that any Co give then, con-
sstent with ample security aad Equity; this ba.
ss they have done this lsaaiDg bus nsss says Mr.. |
sparrow In his sdveTtssnent VI Dec last The new
bssin.s Of the N. \. Life In ,hs year 1861 nearly
quaed the combined business any two Dompap-
les ia the United Statss." We are eoatent thus to |
rsmain.
Mr.. Sparrow stat It will cost s22.l2 Iess on 500
premium in The Mutual Bsnest than In the n r.
Tile lot knowing the plan apoa which hs bases
his nguI cannot examine it's "details TO show its
illusion rs such Il 10.
Does he cain the Losses win sysrsgs with the
n Lifs than the Mutual BENEFIT or any other Cor
ad his public statement short time sinss. "rhs
mortality among Its IN. Y. Lnel members has been
proPort3raify less than that OF any other Life ms
Co. In America"
Does the N. T Life do less new business. Hehas
told you 1t does De they receive less for that
business' He tells US they retain more. Is their
business well managed. He replies yea, so think
the Ins. Commissioners Of n. \. and Mass. why
then is it not as safe reliable snd chsspss the M
tual Benefit or any other Co, Ths truth 10 Mr. spar.
finds it for his advantage, for reasons given.
operate for the Mutual Bsns1t. hoping to retain
both Goa Finding his agency Of the n. r. Life re-
voked he Issues this Gard to create dssatsoton in
the minds its policy holders. trusting to gain some
and procure double commission upon she same par
ties. tins seo kipr to uudo The work thu n Y ia.