New-York tribune., 1878-11-20
INSURANCE MANAGEMENT.


| CONDITION OF THE NEW-YORK MUTUAL LIFE
| A CARD TO THE PoLICY-HoLDERs OF THE COMPANY
REASONS FOR ADOPTING THE REBATE SYSTEM
ON PREMIUMs-THE ABILITY OF THE COMPANY
TO LOWER ITS RATES OF PREMIUMS.
The MUTUAL LIFE INSURANCE COMPANY
OF NEw-YoRK, 144 aud 146 Broadway, Z
NEwYoRK. Nov 49, 1879
To THE POLICY HOLDERS OF THIS COMPANY:
"ShdU corporations shape and manage their
business shall their rrdis dictate and manage
This company commenced business in
1913 as Mutual Company, and with
out capital. The first money it received
was iu payment of premium. $1OS 90
Ten years afterward, February l, 1858,
the amount at risk was.............. 17,91741s 90
And its assets and accumuations. 2O60649 80
In June Of that year the present admins
tration began. Since that time it has is
sued Isl 900 policies. insuring 900 90
1t has paid for death claims. on original
policies. 3O7OOO9Z w
And for death claims additional assur-
ance given for premium payments
the same. called dividends. 5121977 90
Its entire over payments, called divi-
dends, paid out in cash or for insur-
ance amount to.................... to 45,5so,O2S 90
1t now holds assets, consisting OF bonds
and mortgages property in New
York and adjacent States amounting to 570il9i1 S4
1t owns zeal estate consisting OF its three
office buildings in Boston, Philadelphia,
and this city, and such as it has pur-
chased under foreclosure OF its mort
cages, amounting to................." 6933,423 10
1t has stocks -UnitedStates, State, COun-
ty and Cty-paying interest, and worth
par and over amounting to- ........... 1776O,Os1 3s
Its gross assets on the 1st Of October ul-
tmo S6,0lO,363 40
Tne amount insured ,295 90
The increase OF its assets III twenty-five
wears Is .................... sis40,714 Is
1t represents more assets tban any known financial
institution, and tweny-One millions OF dollars more
than the combined capital of all the banks in this city
It's assets are ample for all its purposes, as its Annual
Report Will shortly show
These the principal figures which exhibit the his
and condition OF this company It has always met
every honorable and just financial claim with cheerful
prOmptude No stain 1t is believed, rlghtuIy rests
upon its record
OF all known business that Of life insurance requires
the forecast future contingencies, ana the
closest attention to all the different principles and fea
Of its management upon which It's prosperity de-
pends Abundant and undOubed assets are necessary
TO pay its claims the hand. which must be kcptn
absolute security and readiness for that purpose on the
other IS the equally important duty of maintaining and
keeping intact its vitality at or above the standard NOR
taty tables, which its premiums are based Some
companies believed to be short-sighed as to ne
gec this second great principle OF the business, While
they affect to bestOw uncommon attention th the other
In view Of the possible depreciation below the vital
standard by reason Of the unusual number OF retiring
members during the last three years or rule those
who elect to retire are sounder lives than those who
decide to reman), 1t incumbent upon the manage
mcn TO check this decrease by such means as would he
efficient to the end sought, and the least burdensome to
the existing policy holders OF the company.
After due consideration OF all points involved, en-
bracing equity economy and efficiency, It was proposed
81, A..tt tr~,r ur-Bt amin
should be allowed entering poicy-hoders, whether
o,d members
We should have been wanting in proper forecast and
ability had we not the necessity for this action
and provided for 1t.
A, the members who retired ght to suDder thei
connection with the company, OF when they bad agreed
to remain members for life, the just and universally
admitted principle governing all business led us 10 say
TO each Of them II you leave us TO damage, you
must supply place YOU leave vacant by another life
equally acceptable with your own" To accomplish THIS
end we deduct from the surrender value allowed these
| retiring members sum sufficient TO satisfy all
| claims OF the company, and existing policy
holders upon the party Withdrawing and an additional
sum to constitute fund to replace the loss Not one
penny OF the moneys contributed by the existing men,
bers went into thnt IInd ~ was specI9 sorse OF aS
Executive Officers IN their administrative caDac
iy. for purpose OF obtaining new members. What
remains eyond that necessity VIII 40 INTO the com
mon fund Waateyeris used for the purpose EXPLAINED
u
time but TO bear tcniO harvest to Its owner.
No measure that know Of could have been devised
which thOruug ghly JUST economical or equitable
60 our pOicy-boders than His and none that Will De
advantageous and profitable TO them This We assert
ull knowlelgc OF all the principles involved
and wi absolute confidence IN the results which VIII
The ABILITY OF the company TO lower its rates of pre-
miums has been demonstrated by its past experience
and We have unwllIngly taken premiums in amounts
quite beyond necessities O business for
past Why should We nave been compelled to take the
fort y-iVe millions which We have returned TO our policy
holders oycrpayments chilled dividendsf The public,
n itS will ask this question with emphasis
| We have gwen back from year to year to our
uolicv-hOlders all that has not been necessary 10
guarantee contracts beyond question; but why
should poor man, who plnches himself 10 insure his
life for the benefit OF his family be required IRON year
10 wear to pay us q beyond what is necessary, the
crct Of which TO involve him in unn ,crSSary commits
sion OF intercsi There has been year in the
history company when II could not bave taken
premiums upon cheaper scale than II has DONE dud
then have been able 10 return Respectable per
ccntase IN over payments NJ the end OF the ye9r .
But now, When TINS company proposes 70 dement, Us
policy and the insUrng public by rebate lOr
Signs beyond that time, ana IN way III when ola pol
les holders benefited aud not Injured, are We to be
Uag gurd and mlsrepresrntcd Dy rival companies WHO
CLUB together TO control the press and send paid ns
rcs and other cities 10 poison the minds or our
policy holders by false statementst
We neither leisure, dispOs ion. nor funds 10 fo
low tCmcfs but prefer quietly 10 state ouI case
| and lcaV, IL WIKI those II interests.
W. give this history ana condition OF the company as
tue tuest tests of It's management by these tests we
are content to stand or tall. , .
In conclusion, repeat the question: Shall cor
poraons shape and manage their own business, or shall
their rivals dictate and manage II u
Your Obedent servants,
L. =. WINSTON, President.
RICHARD a. MCCURDY, Vice-Prcsident.
WM. IL. c. BARILETT, Acuary.
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