Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1874-05-28

crime can work Is fraught with so lnu n
"retcheiness. AMI among life ins r
ance companies, the St. Louis Nu ual
Life stood So long, and reared i-self to
50 proui a hight, that it's fall would
nave shaken the foundation of every
similar institution in the lanl.
When, therefore, We heard of It's re-
insurance in the Mound City, cur first
impulse was to hail it as salvation;
but remembering what rob5erias rein
suranccs had 81 often prove to be, we
brlbei orr ola Ines AMI held our peace.
From the day of the announcement of
that re insurance, through the succes-
slVe movements which have fnallv re-
suited III the dismissal Of al the til ol.-
ing suits and the establishment of the
st. Louis Life Insurance Company u ,
on It's present basis. We a e been pa
tientIy aud carefully investigating the
purposes, plans and Oh ,racter of the
new company, until we are now prepar-
ed to speak Of taem advise Ky, and to
be hell responsible for what we saw.
and t. DC he'd res Dnsib.e for W AT
we say.
The managers of the st. Louis Life
began we'll. They went to the bottom
OF the St. Louis Mutual, ascertained
It's exact condition, and prepared a
way Of escape sufficient for the difficult
ty. They gave a u rlnty Of the
honesty OF their then asent purpose
and OF their future o ! behavior. in
causing the entire contract Of reinSu-
rance not only to be submitte to the
Missouri insurance department for its
approval, but to be published for the
criticism of the insurance press, their
policy holler>, and the public gener-
ally, As a further guaranty, the CAPT
tai Of the new company was Increased
to Sl,0UU.GO0-every dollar of which
Is fortified by uuexceptioual securi
ties Whatever of the original ca i,
tai Of the Mound City was invested in
securities aboat which there could be
any question, has been Withdrawn and
re-inyeste4 in such as will bear the
keenest scrutiny. 1t was made a con
dltion Of the contract thlt this stock
shall receive no dividend, interest,
bonus, or share whatever in the earn
inrs Of the business. until all liabili-
ties shall be provided for, itself held
clear and free, and surplus beyond
tie legal reserve accumulated
The st. Louis Life is purged even
of the dregs Of the old management
Of the St. Louis Mutual, ana comes
into its renal estate unembarrassed by
any OF the old quarrels. 1t is essen
TALLY a new company, save that it b.
gins with more than score OF thou
sands Of policy holders, more tnan
! 900, 600 oi assets, an machinery
which, if it is not now in the best Of
WorNing or.ler, is OF excellent materi-
al and constrHc ion, and easily repaired
The work Of repair Is nov going Oh
with rare su. cess. Equitaj le adjust
ments with the agents oi' the cOnsoii
dated companies are in process, and
new contracs S, o. safer kind than the
Old, ale being made with such of
them as have proved Their eli cheney in
the field.
Realizing the fact that their SUCCESS
must depend upon strai ghtt0rwar lae<s.
the managers Of the st. Louis life
have given to all their proce lures the
widest possible pt.bicity, and invited
from every quarter intelligent criticism
upon them. Especially have they this
in respect to the term upon which
policies in the former companies are
to be exchanged for policies in the It.
Louis Life Until these were made
clear and satisfactory there was a
stumbling block IN the way Of any
honest Endorsement OF the company
So many ingenious frauds have been
perpetratst upon unsuspecting poi.cy-
holders, in transferring taem iro.n one
company to another, That only the most
transparent honesty Of purpose could
save the st. Louis Life Iron the sus-
picion OF fraud.
We have looked into this matter
closely, and seen the terms upon which
transfers from each one Of the consoli-
dated companies are to be made have
s0unded the intention and teste the
good faith Of the new management,
and can say without reservation of any
kind, that the rights OF every policy
holder will be preserved The utmost
pains are being taken to give to every
policy holder full and Gear anler-
standing Of the present value OF bis
policy AMI the terms and method OF it's
proposed transfer. In every case the
reserve from the date OF the origin 81
pohcy will be maintained AMI credited
upon the new policy; and no policy
will be changed without the inteIli-
gent consent Of It's owner. 1t Is the
purpose Of the officers of the St
Louis Life TO build up a life insurance
company, and not TO make money Tor
set OF stock boilers. 70 this end,
not only will they discourage lapses !;
but such of the policy holders Of the
St. Louis Mutual as have permitted
their poiices to lapse, or account Of
the uncertainty which hangs over its
fate. will be encouraged to revive ali
continue them.
The character of the management of
the st. Louis Life ms Co is without
Llnnnish W. Drn.-.lnn. q L l..