Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1878-08-10

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, k@sieru COMPARES IN or STATE Tn NJ
ia LIE, hos,ver. IN order - guard tie "a
terc.is e II. yol4ryhoi1crs IN C4!iiornis re-
tanned the oficc In this or. aud slthoash
unable to comply With the law without ia
I>iice To itself. and consequently unable Ia
obtain nex business through the cxerlion-
81 A. h FORBES, GENERAL Manager 81 the Pa
cihe coast, and his assistants, az loss what
ever occurred to the polIcyholders from the
action OF the company Like many other
laws passed by the California Legislature,
this Insurance Law Of lS1i was found To do
more injury than good, and the last Legsla-
ture mod lied it To such AN extent that the
Mutual Life Insurance Company Of New York
can, under It's charter, comply with II, and il
has once more resumed business. 1t is the
fret company to return under the new act.
and no doubt the other Eastern companies
will follow. During the four years that Mr.
Forbes has conducted the business for the
benefit Of the policy holders all claims for
death and for matured endowmcnts have
been paid; orders for cash values and paid
up policies attended to and all the business
pertaining 70 such matters was regularly car
red on free OF cost to the claimants. During
the four years OF the legal prohibition the
company has paid through it's agcnts for
death claims on the Pacific coast over
ONE MILLION DoLLARa
besides paying for matured and discounted
cndo wments ever 100000. Policies were
not allowed to lapse through any want Of
agency facilities, and yet the company was
debarred from receiving one cent in new
business. Some Of the smaller companies
complied with the law, but inserted in their
policies clause which literally amounted to
beating q certain old gentleman around the
bush. Since the year lS4V the company has
paid on the Pacific coast, and chiefly in the
State .. California, GO claims. amounting to
$2500,OOO in all, clear proof that the moaif-
cation Of the laws, which allowed II to do
business among us once more, was Y wise
aud just enc. The list OF members Of the
company living on the Pacific coast who have
died, and the claims upon whose policies
have been paid, shows that they assurdA pay
miums, amounting to $780,, 74l.36, aud that
the company paid back to the heirs $76,50OG0 !
in dividends alone, making the actual cost of
insurance, 81 ,l94, 81. 10, only $3.50 24S67. The
policies with premiums paid range, on the
Pacific coast, from 81 900 up to $4,000, which
is the limit Of the company.
THE RISE OF MUTUAL INSURANCE IN AMERICA
May be dated from February, 1912. The Eng.
lish life insurance companies were then
transaeting large and profitable business IN !
New York. The premiums they charged
vi,nrt hoV tlnaa ri, vAA IA
companies in England. In a word, the Eng
lish companies thought that the risk was ad-
ditional when taken in the United States, aud
tue rates were go exOrbitant that not only
were their own policyholdcrs complaining,
but their business was necessarily restricted. !
A few gentlemen met together somewhere in I
February OF that year, and determined to or
ganiZe American life insurance on the basis |
of purely mutual company, the purpose |
being that the company should be conducted |
to whom in their collective capacity should |
belong all their assets, all the profits to BE- |
divided among them, and no stockholders be l
allowed to control the company or to take l
any portion Of Its surplus They had no /
money, and it can now be said with pride this |
company, organized without capital, has now |
a capital over 1900 greater than that of 4
the Bank OF England, and is an institution |
with the largest cash assets OF any in the |
world. The Bank OF England has "a capital |
OF t73,7O5,OO, estlmatinR one pOuno sterling
as S Of our money, while the capitSl OF the 1
Mutual Life. with its humble beginning, is
now t85OO0O00. In comparing this Ameri. !
can company with the British life insurance
companies, we find that the Oldest and largest !
of the latter, which has been in existence for /
1l3 years, has only u capital OF t23OtQ0W /
against the tS5OOOOO0 OF the Mutual Lifu In l
surance Company OF New York
Tie great success Of the company is owing !
to the fact that it's President, Frederick 5
Winston, and its Vice. President, Richard A.
McCurdy have been unce asing in their devo-
ton Ia IL, interests. The former gentlcman's
name has been indissOlubly connected with
the progress OF mutual life Insurance In
America for over quarter Of q century. and
to his personal att, niion To every detail the
wonderful success Of the company 10 due. OF
late years Le has found able couirere in
Richard A NcCurdy. who has also bven con
nectedl0ith the company for many ycaIs
The u ripal features 81 the management oi
the ~ ksl Lie are, that il has no pr mian
notes. no ioxn- Jpn coilAterai., NJ railroad
stock or bonds. roc speculative property a.
ant farm- The greatest care . exercised 70
The -,sccsioa a lives. anc noue bot sssorc,
h~affkw r-sF.ssss. are knosEn<iy arrcptee Atls