The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1878-11-26
The Mutual Life Insurance Company o.
New York.

NEW YORK, Nov. 10, 1878.
10 THE PoLIcY-H0LDERs OF THIS COMPANY:
"ShdD Corporations shape and manage their oDn
business or shall their rivals dictate and manage
This Company commenced business in
1S43 as Mutual Company, and
without capital. The fist money it
received was in payment of a prem
Ten years afterwards, February eiairy'' j, '' "
1853, the amount at risk was. ..... 17,9i7.4iS 90
And lis assets and Accommodations. So. 2Q60,649 80
In June OF that year the present ad-
mlDlstrat0n began. Since that time
It has issued 1S1, 900 policies, insur-
1t has paid for death claims, on origin W
al policies ..;..........:;:....... 3o,7O0Os2 90
surance given for over premium pay
mems on the same called dividends. 512I,s77 90
oebds. paid out in cash, or for Insur-
ance, amount to. .......:.:... J.. 45,5soO2s 90
1t now holds assets, consisting of
Bonds and Mortgages on property in
New York ana adjacent States,
r. amounting to .:........:.....:.. 57,O41,s4i 81
three office buildings in Boston,
Philadelphia and this city, and such
as IL has purcL ased under foreclo-
:, sure OF its Mortgages amounting to 6,o3S,i2s 10
1t has stocks United States, State
county and City-payIng interest,"
and worth par and over, amounting
TO- ACKNOWLEDGEMENTS. 17.766 OS1 SO
Its gross Assets, on the first of Octo-
Der, utimo, were. .................. s69i0,363 As
The amount now insured is ........ 2s9 O8I 295 90
The increase OF its assets in twenty
i've years ACKNOWLEDGEMENTS. S4,8t9714 10
It represents more assete than any known finan-
cal institution, and twentyone millions of dollars
more than the combined capital of all the banks in
this city.
Its assets ample for all IFS purposes as its An
nual report will shortly show.
Ihese are the principal figures which exhibit the
history and condition of this Company. 1t has al
ways met every honorable and just financial claim
with cheerful pl ompttude. No STAIN it is believed
rlgntIul!y rests upon its record.
Of all known business. that of Life Insurance re-
CURES the most forecast as to future conliD gences
and the closest attention to all the different princi-
pies and features of its management, upon which its
prosperity depends. Abundant and updoubted as
sets are necessary nav its claims on the one hand
which must be kept in absolute security and readi-
ness or that purposes on the other is the equally i'm
portant duty OF maintaining and keeping intact its
vitality at or above the standard mortality tables,
which Its premiums are based. Some Companies are
believed to be so short-sighted as to neglect this
second great principle of the business, while they at
fect to bestow uncommon attention 10 the other.
In view OF the possible depreciation below the vital
Standard by reason OF the unusual number of retr-
ing members during the last three years dor as rule
those who elect to retire sounder lives than those
VINO decide to reman) it was incumbent upon the
management to check this decrease by such means
as would be 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 pro-
posed that thirty per cent rebate on the first two
years premiums should be allowed to entering policy
holders, whether old members or new.
We should have been wanting in proper forecast
and ability had not foreseen the necessity for This
action and provided for it.
;, AS the members who retired sought to sunder
their connection with the company. Of which they
naa agreed to remain members for life, the Just and
universally admitted principle governing ali business
led US to say to each OF them sit you leave US to our
damage we must supply the place you leave vacant by
another life equally acceptable with your own" To
accomplish this end we deduct sum sufficient to
satisfy all the claims of the company and existing
policy holders, upon the party withdrawing and an
dQQlt10nal sum to constitute a FIND he
loss. Not one penny of the moneys contributed by
inc existing members went into that fund. 1t was
specnc source OF accumulation, the of which was
left to the discretion of the Executive officers in their
administrative capacity for the purpose obtaining
new members. Whatever remains beyond that
necessity will go into the common fund. whatever
IS used for the purpose explained will be like the
wheat cast into the ground and lost for time but to
bear ten-fold harvest to its owner.
No measure that we know Of could have been de-
Vlsed winch is more thoroughly just, economical or
equitable to our policy-holders than this, and
This we assert from full knowledge of all the prin-
clpes involved and with absolute confidence in the
results which will be obtained.
The ability OF the company to lower its rates of
premiums has been demonstrated by its past expert
ence for years. We have returned to policy hold
ers as over payments, called dividends, forty-tve
millions. We have given back from year to year to
our pocy-holders all that has not been necessary to
guarantee our CONT acts beyond question. There has
been no year in the history OF the companv when it
could not have taken premiums upon a far cheaper
scale than it has done and then have been able
70 return respectable percentage IN over-payments
at the end Of the year.
But now. when this Company proposes to benefit
lis policy holders and the nsuring public by rebate
Ior Two Years upon their premiums, with no present
designs beyond that time, and in way in which old
holders are benefited and NOT injured we are
magned and msrepresented by rival companies who
cruz together to control the press, and send paid
emissaries to this and other cities to poison the
minds OF our policy -hoders by false statements?
We have neil her leisure, disposition nor funds to
follow our defaeIs, but prefer quietly to state our
case and leave with those iL interests
We give this history and condition of the Company
as the truest tests of its MANAGEMENT. BY these
ties s we are content to stand or fall.
In conclusion, we repeat the question: "Shall cor
porations shape and manage their own business, or
shall their rivals dictate and manage il?'
Your obedient servants.
+. Q. WINSTON, President,
RICHARD A. MCCURDY. Vice President,
WIN. H. G. BARTLETT, Actuary
noy23 dat