The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1868-08-28
GEo. S. DEsrER, Assignee.
superintendent Barnes Report for


Superintendent Barnes Report for
1865, is just issued, and we advise allthat
are interested in insurance to send fifty
cents to G. G. Hine, Monitor office, N. Y,
and prcure copy. The people ought to, be
better acquainted with this subject, especially
Life Insurance; there are so many agents in
the field. the m5jority with new plans and
cheap iusurance-all striving for business
aud making fabulous statements relative,to
dividends to get il, that one needs just such
works as this to protect hiurself from imposi-
ton. We notice by this report, that Com
panies we always supposed to be mutual,
are from oue-eighth to one-fOurth stock,
paying only part of the profits to Policy
holders, while their books and circulars de-
clare them to be mutual. Every man with
family ought 10 have his life insured. and
we advise them 10 look well at Company
before taking a policy. Don't take an
sgent S say 50, make him show official reports
LExtract from supt Barnes Report on Life Ins1
New England Mutual Life Insurance
Company, Of Boston like the Mutual Life
in New York, this company was the pioneer
Of life insurance in New England (which for
many purposes constitutes only one State }
Under the able but extremely conservative
guidance of that accomplished iuIist Judge
Willard Philips (to whom the profession are
so much indebted for his many learned and
Comprehensive works on insursnce,) the
life policy was popularized in the offices,
counting rooms, banks, workshops and fire
sides east of the Hudson; aud no bank-bill
or State bond was ever more sacredly re-
garded Than The policies underwritlPn by
Judge Philips. The idea of fraud, deception
or 0UeTTedehiHg was never associated with
tbe parchment containing his sign-mRnual
Thus the mere number of polices issued by
the New England fails to measure the extent
or usefulness of his early labors in establish
ing this inestimable blessing on a sound
bssis in New England heads and hearts.
This company was originally incorporated
on the first day of April, 1895, thus ante
dating on the statute bnok sll the New York
companies except the New York Life Insur-
snce & Trust Company. The company, how
ever, did not Orgahizo for business until
IS43. The first annual report was made in
I644. "A guaranty capital of one hundred
thousand dollars was required, one-half to
be paid in, in cash.
One half of the directors we're TO be elected
by the stockholders and oue-haf by the as
suned, voting In sepsrRte bodies, each share
of stock being entitled 60 one vote and each
person assured TO one vote.
0ne-fourth of the surplus was TO be SET
apart to provide a fund with which TO re-
deem the capital stock, and at any time after
ten years, when the fund was sufficient, the
assured could vote TO redeem the stock, Re-
deemed many years ago.
Three -fOurths of the surplus TO be reim-
bursed to the assured in proportion to the
amount premiums paid, with notifications
in favor of the old policy -holders who had
contributed toward the redemption of the
capital. One-third of the net profits to he
paid over annually TO the Massachusetts,
Hospital This provision was modified in
1916 by making the payments Of Sl66 66
per Yesr;) which seems 10 be the only
amendment to this well. considered and COM
pact charter. which was passed as early as
the year 1895. Only seven bylaws appear.
This company Is purely Misunderstanding
dividends on the contribution plan, (increas-
ing each year, and The agent viii not mis-
represent them. Policies of all kinds nom
forfeilsble from the first payment, Divi.
deDds are declared and paid at the end Of
the first year, (on payments of secured pre-
minms,) -