The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1876-09-26
New Practice in Life Insurau Ce.

| Mr.. Lewis Fierce was appointed cnarmau VI
the meeting, and Gen J. Marshall Brown Sec
rotary.
Mr.. G. r. Griffing from the New York office
explained the new plan of his company, which
consists in forming District Societies all over
the country, with boards of trustees, to man
age and represent the interests of life insur-
ance on behalf of the people, and thereby i'm
prove the representation of policy holders in
the management of the company. The Dis
trict Societies are also to bring the working
classes into the business under scale of week.
ly and monthly payments prepared by the
company. The gentlemen present appeared to
have previously considered the plan and COM
mended it highly
The following board of trustees was formed
Messrs. J. Marshall Brown, Il. N. Jose, Geo.
E. B. Jackson, Geo. s. Hunt, VIM. E Gould,
Geo. F. Morse. W. F. Mliken, Lewis PIERCE
Thomas E Twitchell and L. o. Short
Gen. j. Marshall Brown was elected Presi-
dent and Mr.. Geo. E B. Jackson Vice Presi
cent. Mr. M. N. Rich was appointed Secre-
tary and Treasurer.
The board of trustees then elected the Hon.
Bion Bradbury. Hon. J. B. Brown, Hon. R.
NJ. Richardson, Hon. S. E Spring, Hon. VIM.
L. Putnam, Hon. A, E. Stevens, and Capt. j.
B. Coyle advisory trustees.
The offices are 10 be in the new Centen-
NAL Block, Exchange street, and until they are
ready the society will have accommodation in
Messrs. j. B. Brown & Sons bank.
Resolutions were passed strongly approving
the reforms introduced by the New York COM
pany and recommending it to the favorable
consideration of our citizens as an old, wealthy
and fair dealing corporation, after which the
meeting adjourned.
The organization thus effected promises to
mark a new era in life insurance, and the
names of the local trustees and officers are such
as to inspire confidence in the stability and
practical efficiency of the movement.
This district society is established under a
new form of practice introduced by ore of the
Oldest and most substantial com panies, the New
York Life. The objects of the new mothod, as
stated in pamphlet issued by the company,
are to elevate the character of the business and
extend its benefits to the working classes. This
is to be done by forming local "district socie-
ties all over the country, to act on the side Of
the people in everything that pertains to life
insurance. The societies are to be under the
control of Boards of Trustees composed of lead
ing citizens whose local positions entitle them
to the confidence of their neighbors, and whose
knowledge of business affairs will enable them
to protect the interests with which they are en-
trusted. The local trustees appoint their own
officers, through whom all transactions with
the insurance company are carried on. They
receive and make application for policies; col
lect and pay the premiums; obtain paid-up pol.
icies and equitable surrender values for persons
unable to keep up their INSURANCE.; collect the
dividends and distribute them among the in
sured; adjust and collect death-claims and
manage the business generally on behalf the
policy-holders. This alteration in the
present practice is more important and
extensive than appears at first sight
Practically, it forms the insurng pub
lie of each district into local company,
which employs its own agents to manage the
insurance business Of its members, and thus
effects radical change for the better in the
relations between the company and the insured.
Any plan that increases the power of individ
ual policy holders in the mammoth life compa.
MES that have grown up among us, must be of
great benefit and on this ground alone the
present movement will receive generous con-
sideration.
The purpose to extend life insurance to our
working people is thoroughly good. At present
they are practically shut out from its benefits,
and it would be something like a grim joke to
say that no other section of the community
stands so much in need of its protection. The
capital of the working man is in his bone and
sinew, and when these give out, his family,
having nothing to fall back upon, is indeed in
a pitiable condition. The plans of the New
York Life seem well adapted to remedy this
evil. We learn from their new tables that by
weekly payment of A cents to 81. 90, men be-
tween the ages of Is and so may secure their
families $1,000 each at death. What boon for
a working-man's family! There is not me-
mechanic in the country, and hardly day
laborer who cannot afford this small weekly
payment-at age 30 lit is only 81 cents-and now
that he will have his local Society, with well
known citizens as trustees, to whom he can pay
over the money with confidence, we see no rea-
son why he should not protect his wife and
children by insurance like other members of
the community.
The New York Life deserves great credit for
introducing jhls most ben eicent improvement,
but it should be known that, while they have
been fortunate in discovering the plan, another
of our great life companies has been equally
solicitous of arriving at the same end. Several
years ago-in 1872 we believe-the Mutual Life
of New York sought to accomplish the same
thing by a reduction of its rates. Although it's
designs were frustrated its eminent actuary,
Professor Bartlett, put on record in his famous
letter ON the subject the benevolent motive to
which the proposal was due. He says: THE
true mission of life insurance is to give to per-
sons of slender means, and especially the labor
ing classes, the opportunity to provide support
for those whom death may reduce to helpless
dependence" and adds that the Mutual Life
"has had large experience, and the community
may reasonably expect it to use this experience
to advance the interests of life assurance so as
to bring within the range of its business the
poorer classes"
1t is clear from this that due sense of the
obligation under which our great life compa-
mics lie in regard to the working classes, is not
confined to one of them; but as the New York
Life has been the first to bring forward prac-
teal and well-matured scheme, it is entitled to
the chief credit and will, we hope, be amply
rewarded. It's experience of over thirty years,
its assets of over thirty million dollars, and its
strictly honorable record give it every claim to
the confidence of the public.
SCHOOL CoMMITTEE.-The regular monthly
| meeting of the School Committee was held last
| evening d. 81. Dole and assistants of the
intermediate School are assigned as principal
| and assistants in the Centre street Primary and
| Grammar school District No. on Spring
street, is TO include all that portion of the city
enclosed by line running from the corner Of
York street through High street to Cumber
land, through Cumberland to Oak, through
Oak to Congress, down Congress to Centre,
down Centre to Free, up Free including both
sides to South, down South including both side!
to Pleasant, up Pleasant to Maple. down Maple
to York, leaving Maple from York to High in
| Centre street district. Mr.. A. V. Acklye's sal
airy was fixed at $500 for the current year.
| SEVERE ACCIDENT morning q