The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-02-25

. per cent Of The net premiums IN inc IOkl
lowing cases; Policies payable at thI
/ age Of forty, and running from ten 4
} twenty years from their date; payable al
forty I've, and running from ten TO nine
teen years; payable at fifty, and running
from ten to twenty years; payable OF nifty
; I've, and running from ten TO seventeen
; years; at sixty, and from ten to fifteen
, years; at sixty.fiVe, and from ten TO
thirteen years; at seventy, and for ten and
eleven years. Here are ifEy.two premi'
ums, In which less than ten per cent Is
added to the net premium for expenses,
In several cases the additionis less than
five per cent It wonld seem, therefore,
that there was justification for the words
which Professor Wright quotes, and that
they contain nothing Of personal ipjus'
tice" to him.
With Professor Wrighfs confession.
this communication has nothing to do,
He tells his own story, and asis his custom
with great clearness, and withal witty
manner that must take out the sting" in
the telling, and much enlivens the read
ing. =I
II Is not known what particular mean
ing attaches to the word urged" in Pro-
lessor Wrights mind, but It would seem
that 1t was correct to state that the pro.
fessor "hdS Urged" his savings bank plan
upon the companies. he admits this
much, viz ~ haze urged the calling Of
such convention upon several compa-
mics tCitH all my mi9lt.n To be sure that
convention was to consider Professor
Wrights plan, or any other which would
secure the same results, but the Professor
has frankly said in personal letter reier'
ring to the objects sought TO be obtained
by his plan. II have been contessing Tor
two years that have gone back on nfySel,
and been driven TO do It, by arithmetic,
which is stronger than 'or any other
man II you can buy, borrow, or create
any arithmetic which will relievemy dis.
tress, shall be extremely grateful to
you." Now, il the professor has worked
for two years to find solution OF what
he calls dilemma, and has failed to find
any but his savings bank plan, 1t is fair TO
assume that so far as his urging any plan
upon convention, or upon the compa-
MES, goes, he must urge that plan. He
cannot urge another, for he does not
know of any, and surely, believing In
that as he does, he is fully justified in
urging It upon the companies, and would
perhaps be negligent in his duty II he
did not
1t is quite likely that the professor may
not have been told by some Of the comps
MES to whom he has presented his plan,
that they could not use it for the reason
which was stated, !. O., "because It has so
very little margin Tor expense" on large
classes OF policies, but that this Is the main
reason there is no doubt. There are 9TH
ers which might be given, but it is not in
the province OF this letter to discuss them.
This brings to consideration what the
professor calls a 'libellous utterance
against the proposed system Of savings
bank life insurance" Certainly the arti-
Gle TO which Professor Wright objects did
not make any such kind Of "utterance"
against that plan, but 1t only stated what
is elsewhere proved, in regard to It's pre-.
miunaS, and that is the extent Of the libel,
il such 1t is.
Possibly Professor Wright thinks that
in connection with reference to his plan It
should have been stated hoo commissions
were paid upon its premiums. But the
utmost frankness Of statement could not
call for this. Professor Wright had signed
the following statement: 1--WE are un-
hesitatingly OF opinion that the reduction
of premiums, as proposed by the Mutual
Lilo Insurance Company, Is unWise, dsf:
cient in security,
end deserving our unqualified disappro-
val" Now, il Professor Wright could be
shown to have advocated the adoption of
premiums less or not more than those
which the Mutual Life proposed to charge,
Il is clear that the iairest argument would
not call for the setting forth Of any fact
other than that oil the premiums them
selves. 1t is begging the question" To
saw that tho Mutual Life must pay more |
for getting business on It's 0toR plans than
1t would, could or should pay on PROBES
sor Wrights plan. The professor asked
the Mutual Life to adopt his plan. Had
it done SO, it must have paid commissions
in accordance with 1t, and the plan calls |
for radical changes in this respect. If it
must have changed Its commissions, 1t
certainly had the p0Der to do so. II It had |
the p0,oer to accommodate itself TO Pro-
fessor Wright's plan, 1t has the power 10
do so to its own plans. II tts plans called |
for change 1t would have charged accor-
dinghy. To say that the Mutual Lille can
not have commissions and expenses as
sessed equItably" on its own rates, but
that they must have been worked upon
the old plan OF assessing commissions and |
expenses on premiums" is simply to as
sert that thing must be, without the
slightest approach TO proof that the asser-
ton Is correct.
The professor endeavors to destroy the |
force Of the fact that his plan does not
in the estimation Of the companies pro-
vide enough for expenses, by showing |
that on some policies he proposes to
charge more than the present high rates
Of mutual companies. It has been already |
shown that on fifty-tWo premiums he
charges good deal less than tho Mutual
Life proposed to ask under It's reduced |
rates, and It could be shown that only a |
gerry JeW tables under his plan would be
so high as the present rates OF the Mutual
Life. For all that any body can tell, all
the business under his methods might be
done upon the plans which. have added
to the net premiums the slnklleSt percent. |
age for expenses. Indeed rIsfit Which
he claims for his plan, 81 sfact Ihatnpi
derit, more insurance would be efSoted
under endowment policies, which be
loads but slightly in many ScdSes. To
sum up in brief space, either the
premiums under Professor Wdaht3
plan are deficient in security PDf
those which the Mutual Life pro-
posed, were uDjustly condemned by him.
If his are ample and safe, itS proposed
rates were so as well. IfitS reduced rates
are not safe then his are unsafe. Com
missions and expenses can be as well