The Portland daily press., 1878-11-25
The Mutual Life Insurance Company of
New York.

The Mutual Life Insurance Company of
New York.
NEW YORK, Nov. 10, 1873
To THE Policy HOLDERS OF THIS COMPANY:
''iShdW Corporations shape and manage their o,Dn
business, or shall their TiUGls dictate and manage
This Company commenced business in
1843 as Mutual Company, and
without capital. The fist money it
received was in payment of prem
Ten years afterwards February /,
1858, the amount at risk was. 17,9l7,4lS 90
And it's assets and accumulations. 2060,649 80
In June OF that year the present ad-
mlnistrati0n began. Since that time
it has issued 181, 900 policies, insur-
It has paid for death 1ims, on origin '''''''' "
al policies 3o,7OO,Os2 90
surance given for over premium pay
ments on the Recalled dividends 5,l2I,s77 90
Its entire over payments, called divi-
ance, amount to-. to......'...:.... -. 45.5so,O2s 90
1t now holds assets, consisting of
Bonds and Mortgages on property in
New York ana adjacent States,
1t owns Real Estate, consisting Of its
three Office buildings in Boston,
Philadelphia and this city, and such
as it has purchased under foreclo-
sure Of its Mortgages. amounting to e,93s,423 10
1t has stocks United States, State
County and City-payng interest,
and worth par and over, amounting
Its gross Assets, on The first Of octo-
ber ultim0 were. re.................,. S6.910,363 45
The amount now insured is. 289 081,2 90
The increase OF its assets in twenty
nVe years Is. ACKNOWLEDGEMENTS S48t9,714 ID
1t represents more assete than any known fnan-
cal institution, and twenty-one millions of dollars
this city.
Its assets are ample for all its purposes as its An
nual report will shortly show.
Ihe-e are the principal figures which exhibit the
history and condition of this Company. 1t has al
way ways met every honorable and just financial claim
with cheerful piomptitude No stain, it is believed,
r1ghtfully rests upon its record.
Of all known business. that Of Life Insurance re-
qaires the most forecast, as to future
pies and features of its management, upon which its
prosperity depends. Abundant and undoubted as
sets are necessary to pay its claims on the one hand
which must be kept in absolute security and readi
ness for that purpose; the other is the equally i'm
portant duty of maintaining and keeping intact its
vitality at above the standard mortality tables,
which its premiums are based. Some Companies are
believed to be short t-sighted 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
those who elect to retire sounder lives than those
who decide to reman) it was incumbent upon the
management to check this decrease by such means
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-
posed that thirty per cent. rebate 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 oreseen the necessity tor this
action and provided for it.
AS the members who retired sought to sunder
their connection with the company. of which they
had agreed to remain members for life the just and
led to say each Of them 'If you leave to our
we must supply the place leave vacant by
another life equally acceptable with your own" 10
lli-h ondr darr1
satisfy all the 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 members went into that fund. 1t was
specific source of accumulation, the use OF which was
left to the discretion of the Executive officers in their
administrative capacity for the purpose OF obtaining
new members. Whatever remains beyond thai
necessity will go into the common fund Whatever
wheat cast into the ground and lost for time but tt
bear ten-fold harvest to its owner.
No measure that we know of could have been de-
vised which is more thoroughly just, economical OF
equitable to policy-holders than this, and none
that will be advantageous and profitable to them
This we assert from full knowledge OF all the prn
ciples involved, and with absolute confidence in th
results which will be obtained.
The ability OF the company to lower Its rates Q
premiums has been demonstrated by its past experI
ence for years. We have returned to our policy
ers as over payments, called dividends, forty-fv
poliey-holders all that has not been necessary
guarantee our contracts beyond question. There ha
| been no year in the history OF the company when
could not have taken premiums upon far cheape
scale than it has done and even then have been abb
to return respectable percentage in over-payment
at the end of the year.
But now, when this Company proposes to benefi
its policy holders and the insuring public by rebat
for two years upon their premiums, with no presen
designs beyond that time, and in way in which oil
policy holders are benefited and not injured, we ar
maligned and misrepresented by rival companies VIII
club together to control the press, and send pal PAL
| emissarles to this and other cities to poison tn
minds of our policy holders by false statements?
| We have neither leisure, disposition nor funds
follow our defaneIs but prefer quietly to state
case and leave with those iG interests.
We give this history and condition of the Compan
| as the truest tests of its MANAGEMENT. By thes
| tess we are content to stand or fall.
| In conclusion, we repeat the question: "Shall col
porations shape and manage their own business, q
| shall their rivals dictate and manage it?"
Your obedient servants,
| r. 9. WINSTON, President,
RICHARD A. MCCURDY, Vice President.
VIM. H. G. BARTLETT, Actuary.
| noy23 d3t