New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-12-14
THE MUTUAL LIFES NEW PLAN.

OLD PoLICY-HoLDERs DEMONSTRATING AGAINST THE
REBAIE To HOLDERS OF .Ew POLICIEs-A CEN
ERAL PROTEST THREATENED.
The plan recently adopted by the Mutual
Life Insurance Company of allowing holders Of new
policies rebate OF 80 per upon premiums Tor
the first two years, is encOuntering considerable
opposition among tho old policy-hOders OF
that company. An earnest but TEMPERATE
remonsrnce addressed to the president and trustees
now being circulated. large number Of signatures.
headed by the name of the gentleman who holds the
oldest policy force, has already been secured.
The slgncrs protest against the new prac-
tice OF the company, and request its
abandonment on the ground that they consider this
variation from approved custom Of doubtful legality, in
dcroGatou OF the rights Of tue old members,
and iu,Xpedirut IN that 1t is calculated to lm-
par confidence among the policy holders, qui. k,n
the Hostility of rival companies, and foster public
dIstrusr OF hfc Insurance management IN general.
they uuld that there has been nothing In the official ut
l'Idhc' "I me COMPANY I"I 'he d'i t." l'a'' 80 Gu
Ihru To- suspect any CR OF souudur-, or N-ur IN the
u u.roS To be- strengthened d. On " INFUSION oI new
yilaIly,' especially u such vitality Is 90 be- purchased
py payment of heavy bonus. Nor are the romou-
stTanjs sdusA.d "neh tncy ar. tod Inal Ih'
bonus D. drawn from Especial luna iWi,h
rnrd v,bbniipg fr,n Irri,ing m,n,eT,
"A 40. ton OF err reserves and p.uut-, For, q.
arEur.H TINS iuul has ocrn cqui"uS "tbheIH nom re-
iuiy done en- 1y WIt.Grawr 90 brluuLs % the
Wlt.urd, l. ct.IU,G hy many who have co.,
Planned %. Iu'ut lulr turrt ulrt values II shout D"
stored gatul uWut cad OF being Doe STOW "a
as gTauitv upon ucA C,m,r-, 80 enable TEN 10 re-
advantages ur less cost tudh has been
rNtgtcu nom ol4tr ucuuvIs.
Iuey also complain that the rule increases the
ra.e a.. commission by nearly mall, because agents
receive the amount Tor every premium OF so
vu.ru tury formerly received for premium OF 300 {;
t.At The newly insured ~Il uc undesirable In' A1'rs,
uahlr To Withdraw aud carry th,I new vitality ~
VITA them, the rebate ceases aud That tue
new Ia.,. below the "Ctual cost OF Iusui
aucr. ulUy, they cam that II Is not within the
admlrlr tiaIyr CIsCrcIUu Of tie ui1ctrr ara Irus-
Tee. company TO tNlcud TINS special
iunI uI any other sui plus funds belonging 10 TIE Wt-
bpr- making rebate or Elft tU secure new business
A. AT ufrrr- auO direction, oil stock CUmpauN may Use
HuI I 80 TIE surplus funds Of tue stockholders IS ui-
INIT. ii. nut that trustee, Of mutual company can
b, allowed To rNpcnd ut discretion aud IN douItiu
cxprTimeuts sacred trust u denied lue paragraph
relating 10 thi, particular matter concludes
"a. foilows; I'VE make this protest with
an dtirrrnce and without meaning 10 cAst
reflection imputauun upon your motives or
pufpus,r but We do & with earuosncs, and dcuer-
anon Jc-ottcu OF ygiaut purpose ~ protect our IN.
tcT,zt-."
Its understood that unless the trustees rrccdc from
their position. public invitation VIII soon be gwen
iu the 10 AL tur policy -hudls Throughout
tue country di-appoyr ~ the ne" MEASURE 70 stud
Tor cupr, OF lie IeHUustrucc AID circulate them Tor
-IguHturus.