The New York herald., 1872-12-15
INSURANCE.

The MUTUAL LIFE INSURANCE COMPANY OF J
NEW YORK, LA and LAG Broadway
NEW YORK. Dec H. 1872. }
At a meeting OF the Trustees OF this company,
held on the above date, the President presented
memorial from sundry policy holders, protesting
against the proposed reduction OF premium rates.
together with the following correspondence
NEW YORK. Dec. IL, 1872.
+. s. WINSTON, ESQ.,, President Mutual Life In
DEAR SIR-We have noticed the action OF your
company looking to reduction of its premium
without presuming to advise you as to the man
agement OF your business, you must be aware that
many OF the holders OF policies in your company
also hold policies In companies represented by us,
and that any action Affecting the interests OF life
insurance generally cannot fail to affect all to
certain degree.
Whatever may be your views as to the ability OF
your company to carry out successfully the pro-
posed reduction, we cannot but believe, from the
causes stated above, that great injury to insur-
ance would result from change OF the kind pro-
posed.
Other reasons of weight might in. our opinion,
be advanced to induce you to reconsider your pro-
posed action; but we abstain from entering upon
them, and with the reason given content ourselves
by respectfully requesting yOu in what we consider
the best interests OF insurance, to reconsider your
action. Very respectfully,
(Signed) HENRY ,. HYDE,
VIM. ii. BEERS
N. ID. MORGAN
JOHN e. DE WITT
Executive Committee representing the following
The New York Life Insurance Company.
The United States Life Insurance Company.
The Equitable Life Assurance Society OF the
United States.
The Security Life Insurance and Annuity Com
pany.
The Continental Life Insurance Company.
The Manhattan Life Insurance Company.
The Knckerbocker Life Insurance Company.
The Guardian Life Insurance Company.
The Merchants Life Insurance Company.
The Germania Life Insurance Company.
The Eclectic Life Insurance Company.
The Commonwealth Life Insurance COMPANY.
The World Mutual Life Insurance Company
The Excelsior Life Insurance Company.
The National Life Insurance Company
The Brooklyn Life Insurance Company.
The Mutual Benefit Life Insurance Company.
The John Hancock Mutual Life Insurance Com.
The Massachusetts Mutual Life Insurance Com
The Economical Life Insurance Company
The Government Security Life Insurance Com
The North America Life Insurance Company.
THE MUTUAL LIFE INSURANCE COMPANY OFF
NEW YORK, 144 AND LAG BROADWAY.
NEW YORK, Dec. l3, 1872.
Messrs
H. B. HYDE. Executive Committee Repre-
w. II. BEERS, senting Twenty-Five AssocIat-
JOHN f. DE WITT,
GENTLEMEN
have received your communication OF this late.
While ! have no doubt OF our ability to carry out
our proposed action, with entire safety to the in
terests of the pOlicy-h0lders OF this company,
nevertheless, inasmuch as you aver that this pro-
your opinion, ana without regard to the reserved
reasons which you say exist, but or which am
ignorant, will present your request to the meet
ing of our Board to be held on Saturday next, and
recommend their favorable action upon 1t.
Very respectfully,
F. S. WINSTON, President.
Whereup0n, after discussion, the following
minute and resolution were adopted:-
The Board, after careful consideration OF the
aforesaid memorial and correspondence, do hereby
resolve,
Resolved, That while the past experience Of the
company demonstrates It's ability TO carry out the
plan of reduced premiums according to the method
recently adopted, without injury to any policy
holder In this company, but with benefit to all yet
in compliance with the request OF the memOriaists
above mentioned, and the very respectable body OF
insurance companies above represented, they
direct that the proposed reduction OF rates be not
carried into effect until the further action OF the
Board.
Extract from the minutes.
Attest, RICHARD A. MCCURDY, Vice President
n n py-Of Secretary the Board.