New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-12-27
TO THE OLD PoLICY-HoLDERs
MUTUAL LIFE INSURANCE COMPANY

MUTUAL cOisA@'SL SN'hh &h-'A
OF hEw.YORK.
| For the information of those who do not
know what the new practice Of the Company is and
against which the old policy holders protesting we
make tho following orlcf statement:
l. The Company now admits members, on whole
life . an at a rebate of 80 per upon their premiums
for the nrsL yoarshus giving hem for 20 cents,
az fun insurance and dividends as old mem
beers who have paid. and must hereafter pay, 81.
2 Upon this business the Company pays ITS agents
Of not less than 80 per cent III on the full
tabular II the first years premiums and of not less
than per cent the second years premiums; thus
paying commissions upon II for every 70 cents II re
ceivcs.
g. After deductng from the 10 per cent actually re-
ceiyed the above named COMMISSIONS. the other ex
penses OF Company. and the mortality losses, the
remainder less than the sum which the law requires
shall be reserved the future cost OF insurance
aud the deficiency must BIO made good frOW sources
other than the contributions OF these new members
Therefore the Company, in contemplation OF this new
d.parture has OF late years largely increased tue
amount which withholds fr retiring members. and
accumulated what its officers claim TO be =" Special
Fund :" out which 1t is making the new insurers
the gilt Of per OF premiums which they should
pay out OF their own pockets
4 For this 80 per cent gift recipient draw his
draft upon the Company: but knowing that he has no
title 10 such trust funds may have scrupes doubts
about signing such draft In this event the agent Is
instructed write wlthout recourse above the sigma
,ure but he is directed to do unless absolutely
necessary" The agent also joins In the attempt to avoid
liability by indorsing the draft "wthOut recourse"
D. The draft-sO drawn and so indOrsed-the officers
say is cash the Company and is received as snch in
payment OF the premium II must therefore be credited
as cash. 70 the Premium Account OF the Company.
thereby increasing the apparent receipts, a. conse-
ouently diminishing the apparent ratio OF expenses.
And we understand that 1t is charged to surrender
values which increases the apparent amount claimed
10 be- paid by the Company to retiring members Ii Will
therefore operate treble capacity to give fictitious
credit 10 the management OF the Company.
G. II toe above described Especial Fund has been
Justly withheld from retiring members TO indemnify
abiding members for injury done TO them, we claim
that the officers have power to give any part OF 1t
sway but must divide II amongst the injured members.
But II It has unjustly withheld from Orunate
retiring mombersas tuero is much reason 10 believe is
true-wc claim that 1t should be given up To those to
whom IL rightfully belongs; and that sucn dealing
should stop
we therefore, protest against this whole practice.
believing II 10 be fund mentally wrong that no good
eau result from it, and that 1t should be Immediately
abandoned.
Copies of the remonstrauce can found at the under
mentioned places; and can be obtained by sending
name ami address to Box 1897 City p. o.
lcy.holiers of other states Will BIO supplied
with copes on application above. and requested
to unite with the policy-hoders of this city
HEBRON A. JOHNSON,
Holder OF Policy NJ. 3. No 80 Broadway.
CONRAD N. JORDAN,
Third National Bank.
JOSEPH w. MCCULLOH,
No. SO LiDerty-st
Ney-York December o6, 1873
With ROWE BROTHER, 53s Broadway.
with BROWN & sECCOMB, 90 Broadst.
WithJ p &c. C. ROBINSON. IA C0enties-slip.
With ROOM No IL Delaware and Hudson Canal Co.'S
Buildings, COrtlaudst.
VITA W. BLANCHARD. lS Wiam-st.
With CLERKS DESK, Produce Exchange.
with NJ B. FIELDING. 140 Pearl-st
With NJ H. FIELDING, Cotton Exchange.
with j. W. MCCULLOH, 93 Lberty-st.
with FIRST NATIONAL BANK No. lExchange-place,
Jersey City.
Win s. AsHMORE * SON, Is Wilham-st.
With NJ. SPRINGER, Al Pine-st