The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-10-01
" Life Insurance is the Grandest Conf
dence Swindle of the Age" said
Leading Banker of this State.

Qence 6Wln0le OF the age, sal0
Leading Banker of this State.
Agents contend that lie insurance Is better in
vestment than eompounlng in a sAviuss bank at pS
AFTER said agents have put ons-fourth
hslf Of the money IN their poke for heir services
Af-l-nd recently vent to leading ONCE In this city TO
90 paid up policy r one he hal carried six years,
en- O. pats TO tie amount. The agent
sid " paid 30 back 20 per ut. divd -nds, ard
IL IS per cent. Il The book, leaving but
IL yer cent. e carry the rick"
Nv frieui rem on strsteI, AMI ssid he would
take any more of the Insurance u they ehirsed him
500 When els would CARR he ri-k.
The Equitable Life Insurance Company, Of
New York. according to their oNn suurn
statement found In the New York Ia
sursnce Commission er's Reports or 1869,
received n previous year for insurance 81 s4o 5 80
Pain death Iosse. 776, lsa So
Ageut, for Soliciting SCI, 1873 81
The expenses for runniag the company we're s44 BIB
An amount sufficient on 'ne cooper alive
or true plan % pay Az io-sts and s1-
P"ns--, leaving IN the pockets Of The in
sured nearly 100000 90
The Connecticut Mutual had u income for
the same year Of -s5,7i7 ST. IS
Add raid ,or death L,.ses but 20t, SOS 80
They p.id their agents 757 $40 C3
81 500,oO would have baen ample % Pag
TIE losses aad all expenses On the Co
operative plan adopted by the Railroad
Conductors. " The Farmers Mechanics
Of NeE York and the " National LIE OF
Chicago" witch is doing large business
In our city, thus saving the Insured yer
$1,000, 900; which, az it nov is. goes into
he Golfers Of an inmens ~ rich con
pAny
The Mutual Life Of New York ived tcr
premiums from policy holders duriag the
SANE year, as FER Insursuce Report, -
above slI 0ST, 625 IS
Paid death To- only 1888, 500 Sc
Paid agents .lr soliciting; 1865 $500
The expenses Tor doing the business Gio.2o2 20
More than enough 70 pay all The expenses
and losses on he co-oPERArgyE or con
iuctor's plan which the insur
papers hired to denounce, thus say
ing, in that year, over s.. ,o0l to the
pockets Of the insured
These the largest companies in the United states,
and regarded as the fsirest and best.
The Ashbury Life, according TO It's sworn state
ment is given In tie Ohio Insurance Commissioners
Report for 1870 paid death $40 $40 So and
NbVHla ioE AoJLt the lOtal expense ocng
sll9,lS0 90, enough to pay losses A
mill costing SlO9 Coo 70 il an grinding out but
So. COO worth Of bread, would not Ne Kept RAINING
long At the same rate.
TIE Charter Oak, ~ the report, pige 404 paid
death losses and claims sal IFS rs agents commissions
1921 500 9s and total expenses $50 lT760 not very
good investment submit. when it takes nearly four
dollars 70 produ &c one, especially when two or three
more dollars have been ieft in the extra
capital. which Il abe forfeit upoa our refusal
10 continue the ruinous Investment during life
time.
The Globe Mutual page ab,ve, paid
claims and Losses So, l6ss3 agents commissions
sl6i 1884, which would be vastly larger II salaries
we're adied, and total expenses. $50, $40 Os.
The Guardian Mutual paid losses aud claims, $40,
C39 Is agents commissions SOS %. So and
penses, $765, l213. over s445O 600 the above vas
used 10 grease the machine this twice ss much
as was ia.d the friends Of the dead.
The Chicago Mutual paid death boz ses, S2l s5l Os
and commissions to agents a. SO 81 s7d total ex-
penses sl42,7E 49, SIX times much to 90 the bust
ness as to pay the losses rather fine q Inves tent
paying s. for en-
The Atlas a. 81. Louis paid A. zoe 80 death losses
and 500 132 20 commissions agents and total s1-
penses S22l, l93 o. the dead getting but one dallar
while the officers and employees pocketed about four
leaving two three in the treasury for future expend
lures. splendid investment
The ST. Louis Mutual aivertses its assets at IS co.,
0Q0, its annual income 49, 500 aud that il has paid
losses since organiza Of company u years sgo Of
81 500 O09 II thus ldverses the world that It re-
ceyes enough in year ray an It's death losses for
twelve years and have 81 800 900 left for pockets
of those running it.
Nineteen OF the companies doing business In New
Yerk according 70 their Statements a. seen
IN the Commissioners report Of lS69, pail to
agents for soliciting tran they paid to the friends Of the
dead, and four q the companies paid or expenses
than they received, thus bringing their future policy
holders ID debt
The Ohio report FIR 1870 makes the number q com
pAnes twenty-Jwo that paid more commission to agents
that to death losses On the cooperative plan Of the
National Of Chicago, nothing would have been psid
after the FIRST yesr except the death losses and less
than dollar per thou'Jnd ali expenses and profits
making the total payments from enc fourth to one
twentieth the cost in Old companies.
Tie Auditors report 4 Illinois fer $50 shows that
80 92I 2426 paid to Insurance companies BY policy
"7iH1'A AMI Nliy ftol --t 7A-hbout one slXtn-paid
back FOR death losses. On the operative plan every
dollar Of losses would have been paid the expenses Of
the companies met and nearly s. 900 coo saved to the
pockets q ire insured equal to about one
fifth Of all the banking capital or the state This fact
aone-the saving Of IS OOo 90 iucrese and eniveu
the business Of the wes-of itself would be sufficient
nducement to cause every busi-ess man to tura hi.
face against system that Is robbng the p.oDle every
year
AS to the safety Of 4 two kinds Of insurance. ".
submit VII Their the money is safer 10 the hands OF the
people, fo they really hold It till loss ecurs on the
plan Of the National, IN the hands Of companies in
distant cities many Of which have soven y enough
to insure their risks seven or the companies &C.
eordng to their own statements are marked AZ
nsolvent in the Ohio Comm ssioners report and nth
ers OF which the New York Commissioner speaks Tins
There are to-day Am er!can companies that have
taken some Of these steps referring to failures of
English companies on the road to financial ruin The
reinsurance reserves are nominsy at least maintain.
co. but the wastefu commission, the heavy expenses
salaries, and extras in divers forms the advances
agents on mere personal security anticipated com
missions, the claiming OF commuted commission. As ae
tua assets In hand the giving Of profits
to officers, the declaration or excessive dividends based
unrelzed to realized assets all eed REFORM or entire
revolution" So the people think
As to failure Of companies, the Tribune. the other
day, was right In saying that about sew enty English
companies hsdfaed in the two year, Il is true
many Of them had amalgamated with the Albert ana
International process which has already commenced
N this oou ntry, even in Chicago. The Provdeqt went
INTO the fagle the Eagle into the Great Western and
me Great Western into the Great Republic.
The Spectator an in'ura nee paper in this city IN the
interests OF the old companies that system frnishe,
the editor bread and butter in its issue u
10Th, speaking Of a table compiled from the sworn
sfsements Of thirtyfour Of the most prominent com
panies say that il conveys a significant but alarm
ing commentary on the tenden cy OF 10
dishonor their engagements with companies Tbis
taoie shows policies in force December 1869 Goa 547
policies terminated b. death 9O5 policies terminal
oy holders "dishonoring their engagements los IA
more than twenty to every death, and more than
one-szth Of all ne policies in showing general
want Of confidence in the safety and fair dealing q,
companies on the old, expe nsfve plan.
Mr. Moore says SIS 600 600 was returned last war 4,