The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-11-20
The Mutual Life Insurance Company OF New

The Mutual Life Insurance Company OF New
York.
ia and I46 Broadway.
NV YoRK. Nov 10. ISIS.
T. n, po'iy H}tys q ne Cnmrtav,
"shau corporations shape and manaee their husi.
ness or shall their rivals dictate and manage iti1
This company commenced business Ia
ls43 a. Mutual Company and without
capital The nrst money itr,ceived wac. sltS 30
in payment OF premium.
Ten years Anerward Feb. J. 1858 the
amount az risk Was. ................ $i7Qi7lis tn
Ana It's assets and Accommodations. ....... 100000 80
In June OF that year the present admins
uauon began Since that time Il las i.-
sued ipn policies. iusurng ......... 55oc'"ooo o.
II has paid for death claims original
pole au,t.NW2 90
And tor death claims on additional
surauce given for over premium pay
mcnts ON the same. called dividends ... 5.i2ie57 90
Its entire over payments, called dividends.
paid CUT In cash, OF for insurance,
amount too. ....................... 455soo2s o.
II now hois assets consisting oi bonds
and mortgages on property in New YORK
and adjacent States. amounting 10 1000. 57oiioil -
Il owns real estate. consisting % It's three
office buildiugsin Boston. Philadelphia,
and this city, and such as It has pur.
chased under foreclosure Of It's mort
CAGES, amounting TO ................... eoJa4.a is
It has stocks-united states state, county.
and Oy-pAying interest and worth
par and over amounting o........... l77de,cei y
Its gross assets, ON the LIST q october,
uumo were .......................... Sc aioaG7 IS
The amount now insured s.......... 2sYori 2oj uo
The increase o. It's assets IN twenty-five
yearsi. ........... ............. ststn7it -
II represent. more assets than any known nuancaliu
sutuuon and twenty ouc millions 81 dollars more than
The combined capital Of all the hauk. m this clty.
IT,, assets are ample for all ITS purposes as it, Annual
Report will shortly show.
These arc the principal ngurcs which exhibit the his
tory and condition OF this COMPANY u hasalwavs met
I. nfof .I.
promrnude Nc STAIN iti believed, rghua! rests upon
| its record.
OF all known business that ~ Life Insurance requires
the most forecast 60 future contingencies and the
closest attention 70 all the different principles and fca
lures Of its management upon which it, prosperity de-
Ponds Abundant and unduubied assets necessary
pay Us claims on the hand which must be Kept in
al soue security ami readiness or that purpo tie
other Is The equally important duty Of maintaining and
keeping intact vitality above tie standard
tAlty tables on which It's premiums based. some
companies believed % be 50 shortsighed neg
lect this seconi great principle Of the business. while
they AFFECT TO bestow uncommon attention 70 the other
In view Of the possible depreciation below the vital
standard by reason o. the unusual number Of retiring
members durns the last three years Tor rule those
who elect TO retire sounder lives than those who de-
ede remain. 1t incumbent upon the management
10 cheek this decrease by such would be efficient
to the end sought and the least burdensoe " the exist
| ing policy holders OF the Company
After due consideration II all points involved embrac
ing equity economy and efficiency 1t proposed 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 foreseen the necessity Tor this action
| aud provided for IT,
A. the members who retired sought to sunder their
connection with the Company OF which they had agreed
to remain members for c the Just and universally ad
mited principle governing an business led say
each Of them; I'll you leave Us to damage you must
supply the place you leave vacant by another HE equally
acceptable with your own" 70 accomplish this end,
deduct from the surrender value allowed these reurus
nomhers a sufficient to satisfy all the claims OF the
Company AMI existing policy holders upon the party
Withdrawing, and an additional sum TO constitute fuui
replace the loss Nut one penny OF the moneys
trbutod by the existing members went into that fund II
specific source VI accumulation, the use ui which
was LETT TO the discretion the Executive Officers their
administrative capacity Tor the purpose OF obtaining
members Whatever remains beyond that necessity Will
20 into the fund Whatever h used Tor the pur.
pose explained. will be like the wheat east into the
ground and lost tor time but ~ bear teniod harvest to
| it,uNuer,
Nomcasure that We know OF could have been devised
which Is more thoroughly just economical OF equitable
to our policy holders than tins and none that will he so
advantageous aud profitable 10 them, This we assert
from fh knowledge Of all the principles involved. aud
with absolute confidence IN the results which will be OBJ
tanned.
The ability OF the Company to lower It's rates Of premi
uns has been demonstrated by ITS past eAptr nee aud
we have unwihngy taken premiums In amounts quite
beyond the necessities OF business for years past
Why should have been compelled 20 take the forty
nve millions which have returned TO our policy hold
ers as over payments, called dydendsi The public II
its time, VIII ask this question with emphasis VI
have given back from year to year TO our policy holden
all that has been necessary to guarantee con
tracts beyond question; but why should the poor man
who pnches himself insure his life for the benet OF hi
family required from year to year to pay sum be
You'd what ssary the effect OF which is to involve
him in unnecessary commission and loss OF interest
There has been year IN the history of the Company
when it could not have taken premiums upon fa
cheaper scale than has done and even then have beer
able to return arespectabe percentage IN over payments
/ | at the end OF the year.
, But now, when this Company proposes to benefit ~
policy holders and the insuring public by rebate io
two years upon their premiums, with no present design
beyond that time and In way In which old policy hold
benefited and not injured We to be malgne'
and misrepresentei by rival companies, who club u
geher TO control the press and send paid emissaries
this and other cities 10 poison the minds Of pohe
| holders by false statementsi
We have neither leisure, disposition funds 10 fol
low our defamers hut prefer quietly 10 state our cas-
and leave it with those it interests
We give this history and condition Of the Company
the truest tests Of Us management by these tests
Z content to stand or TALL
In conclusion repeat the question Shall corpo
rauons shape and manage their business or shal
I their rivals dictate ami manage III"
Your Obedent servants,
y. s. WINsIos, President
RICHARD A. MoCuRpY. Vice President
WH H. 9. BARILHTT, Aetuary.-Ads