The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1872-12-05
Of The fact Of reduction, but also explain the

of the fact Of reduction. but also explain the
reasons which led to the adoption OF this irn-
portant measure. Respectfully yours,
F. S. WINSTON, President.
THE MUTUAL LIFE INSURANCE Co. OF
NEW YORK, Nov. Il, 1872.
F. r. Winston, Esq, President, Dc, &c.
DEAR SIR: The Mutual Life Insurance
Company has now been in operation well nigh
the period allotted to a hnman generation, and
the exhibit of it's affairs, just published, dem
onstrates, in my opinion, its ability, and urges
upon it the duty, to revise its rates and widen
the range of its usefulness by diminishing the
price of its assurance.
The true mission of life assurance is to give
to persons of slender means, and especially the
laboring classes, the opportunity to provide
support for those whom sudden death may re-
duce to helpless dependence. The special OBJ
jects of its care are INDECENT widows and or
phans. The prices for their protection are Of
ten paid from hardly-earned and scanty means
and should be the lowest, consistent with en-
tire safety / would respectfully ask your early
and serious attention to the subject; and that
you may have the matter fully before you,
submit herewith new scale of reduced rates
and certain suggestions with regard to the flu
ture practice of the Company should they meet
your approval and become the basis OF our fu-
ture business
The old net prices, based on four per cent
for money and the mortu iry rates of the Amer
lean table, are retained and the alterations
arise from change in the percentage addi-
ton for ordinary expenses, which is reduced
from 40 to 10.
The yearly dividends under the new system
will of course, be greatly reduced, and ear
nestly recommend
/. That the reversionary credits for these
dividends be given, as heretofore, but that no
use be made of them till in every instance
their present cash value, on the policy anniver-
sary, shall amount to more than one annual
premium, when the excess above one premium,
may be available to pay, at the express wish OF
the owner, the premium then due.
2. That these credits be held to be accessl-
BILE to meet any deficit that may arise from any
circumstance whatever.
g. That in case of death, the whole of the
reversionary credit be paid to the heirs as at
present.
a. That existing policy holders may have the
option either to leave their policies undisturbed
and pay their old rates, receiving, of course,
their proportional dividends and reversionary
credits or to take out new policies, with their
existing credits added, and pay the new rates
corresponding to their then present age, pro-
vided they subject themselves to new medical
examination, and are pronounced assurable.
The Company will, by this most desirable
plan, have within its control a large fund to
which it may resort in time of trouble, should
trouble come to it, while it will avoid the OBJ
jectionablc measure of keeping on hand large
undivided surplus, in which those who die can
not fail to have an interest whose precise value
it would be difficult to understand.
would merely add that the Company has
pioneered its way to a condition OF unrivalled
prosperity and success. 1t has had large ex-
psrience, and the community may properly ex-
pect it to use this experience to advance the
interests of life assurance, so as to bring within
the range of it's business the poorer classes. Io
compel these to advance money beyond the true
price of assurance only to be returned at the
end of twelve months, is hardship to which,
1 think they ought not to be subjected.
Respectfully submitted,
VIM. H. G. BARTLETT, Actuary.
p & N 1.-THE members of the Port.
land Army & Navy Union are notified to meet
at their hall, in uniform, at p. M, Friday
Dec. 6, for the purpose of attending the funer-
al of their late comrade, G. R. Todd.
Per order,
S. c. GORDON, Prest.
Official,
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