The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1864-09-17
SPECIAL NOTICES.


surrender the agency ofthe N. Y. Lite at great
pecuniary sacrifice; his agency of that company
revoked for what we consider dishonorable trans.
action.
HetSparrowl says that after more thorough inves-
LEGATION of later reports &C. he was induced to ac-
cspt the agency Of the Mutual Benefit
Mr.. Neal states his discussion with Sparrow con-
vinced him Of the superior advantages Of the Mutu
al Benefit.
Are either ofthe above the true reasoass Has Mr..
Nea given the true reason why he allowed twenty
years business to be transferred from his hands to
Nj. sparrow'sy
Neither Of those cover the ground. Mr. Sparrow
has steadfasty contended for months alter his
troversy with Mr.. Neal that 1t triumph for the
N. Y. Life. Why with his professed scruples con-
tinue to impress this fact upon the public! why so
assihuously claiming everywhere the n. Y. Life to
be second to company after beingt thus convinced
was he honest then, and nowy. Mr.. Meals article
had ching to do with it! this Mr.. s. knows.
What does he mean by later reports of the Mass.
and n. Y. Insurance mssioners,
Haslhe snythinglater than Jan. 1854 Motor none
have been issued Of later date by those commission.
Has he not studied those reports carefully for the
past nve months prior to entering the employ Of the
Mutual Benefit! During that time. not day has
passed In whicn he did not present the N Y. Life to
to the business men Of Portland as safe, reliable,
and cheap As any company In the country.
Is there thing in the later reports 70 which he
refers differing in any degree to the former reports
OF tho same commissioners. to the prejudice OF the
N Y. Life. As compared with the Mutual Benefit, or
any other Co. In fact, does the Mass. ms Com
mis- ioners' report Of 1864 shew the growth of the
N. r. Lie to have been eater the past year, than
any Co. doing business in that states
Does not Mr. Sparrow know that the nett assets,
to value ofthe N. Y Life. has largely increased the
past year until 1t exceeds that Of the Mutual Bene.
at over three per cent. He ought to know it, and
does He knows full well If he is competent for his
business, that so far from the last report of either of
the above commissioners being in any way constru-
ed to the end he implies, it Is quite to the contrary.
1t is not little singular. that after four 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 Co-that be
should remain finn aud decided in his convictions,
in regard to the former satii the General Agent Of
the latter approaches with the proposition to trans
Ter twenty years business of Mr. Neal to bis hands,
if he viii advocate the Mutual Benefit.
Thus in one night, all the Investigations Of years
vanish. admitting ell he has said heretofore for
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 Co. offer
inducements may he not find later report which
will require denial Of I'll he to-day states In re-
gard TO the Aut1al Benefty IL four years ofinyest
CATION resulted in SO completely deceviDg him. how
long viii ii require to properly eniishle hims
The whole matter Is too Transparent TO deceive any
sensible lerson. Its question OF dollars and cents
Isdmit his right to a all himself of any such ad.
vantage. bat let him be manly and honorable as well
as truthful.
His statistics are as faulty the shove he
assigns lie states the amount received for interest
BY the Mutual Benefit during the year 1858
ssso,57sTs
Amt reed BY n. Y. Life, same time. l3j. s5l, rs
By re ering to the latest reports Of the Mass ms
Commissioners uss4) page "a. we find the amount
thus reeei ed by the Mutuel Benefit s2ss OTIS or
sls4 49s so less than he states while the ~ r. Life
was s5.67s 10 more than lie states an error Of only
si52 III 50 in item as shown BY the authority
he invokes.
So in the matter Of expenses taking same author
ity. n. Y. Life for 1853, l7.5Ipr.ct.
Mutual Benefit, 1883, s74pr. OF.
an excess OF cont against the n r. Life. not
oisss per cent ss he showing again his errors
thus might pass through the items
word Of PLANTATION on this excess of ex psnsxs
Every person at all familiar with Life Insurance,
and Mr. Sparrow in particular flor this point he has
explained thous and times) knows that the expense
OF new business to CO. is from three TO four times
greater than thstinsared on the old or thar every
new policy issued cost the Co.'S from three to four
times a. much the frst year. In subsequent years
As result. Co that is doing large new business
must Increase its expenses; this the n. r. Life has
done-and is iustided In doing every policy hold.
er being benefited by that new business tSee ms
Com. remarks upon that pont.l
The profits Of this outlay will be felt the present and
In future years. some Goa reach as high as 80 per
cent. and good Cos even higher; the only question
Is has IL been judciously expended Look ut the Of
fetal report:
n Null Il b sas issued in 1855 ss new az policies
An excess of 1890 in favor Of the N. y. Life Tais
TACT is to the query whether or NO this diff
ferenes mas been judieiously expended.
On the point of dividends have but liitls 10 saw
remarkipg the n. Y. Life declared IS per cent the
last year and could have largely increased the same
had they dc IL wise to DO in the present con-
diton Of things they thought q conservative course
wisest In this they find the endorsement of n. Y.
Commissioners Says Mr.. Barnes. Supt. Of Ins Dep
Of n. T.. IN bis last report. The disposition to de-.
clare excessive dividends, especially with our note
Goa is undoubtedly growing evil with Life Ins.r
The Mutual Benefit is a note Co. So is the NY
Life, the former being more SO, taking note Tor so
per cent. The latter accepting but 80 per cent.
The N. Y. Lie hes DONE leaaing business for
years, and III they have cone without falling into
the evil to which Mr. Barnes REFERS of excessive div
idsn4s lts Trustees are homes: and capable men,
known to besqsn ~ IaDy business man ofPorlland;
they have never sought te sxel their dividends.
In order to procure new busines. but TO gigs to s
policy holders all that any Co. give them, con-
sistent with ample security and equity on this ba-
SIS they have done this leaaing business. Says Mr.
Sparrow IN his Advertisement VI Dec last The new
business Of the n Y. Lite IN III, year ls62 nearly
equaied the combined business fanny two compsn-
les in the United States" We are content thus to
remain,
Mr.. Sparrow stats 1t VII cost s22l2 less on sioo
premium In the Mutual Benefit than IN tho ~ Y
Life. Not knowing the plan upon which he bases
hisshgues, cannot examine its details to show its
illnson Is sgeh Il ".
Does he csim the losses wall average more With the
n. Life than the Mutual Benefit or any other Co.
ad his public statement short time since, "rhe
mortality among iis( IN. Y. L:iel members has been
Co. ia america"
Does the N. = Life 50 less new business, He has
told you it does more Do they less for that
businesss He tells US they retain more Is their
business well managed. He replies ytal SO thank |
the ms Commissioners of n. Y. and Mass. why |
then Is il not as safe. reliable and cheap as the M
'uai Beat ~ or any other Co. The truth is Mr.. Spar
row nnds IL fos his advantage, for given, to
operate for the Mutual Benefit, hoping to Ietain
both Cos, Eindiag his agency of the n. Y. Life re-
voked be issues this Card create dissatisfaction in
the minds Gifts policy holders trusting 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 horror. Ileavs
him to his own reflections aud the Judgment of hon
,rable business men.
In this statement no disresI ect tothe Mutual Ben
,ft Life lns Co. is designed or intended The N L.
Life rise without attempting TO drag Others
Town. With this statement OF facts. having lsss
I'm billion to dcure in priut / leave for good the