The Portland daily press., 1878-11-23

NEW YORK, NOV. 10, 1878.
To THE PoLICY-H0LDERs OF THIS COMPANY:
"ShoH Corporations shape and manage their opn
business, or shall their riUais dictate and manage
This Company commenced business in
1913 as "a Mutual Company, and
without capital. The fist money it
received was In payment of prem
Ten years afterva ards, February j.
1858, the amount at risk was. ...... 179i7,4fS 90
And It's assets and Accommodations. 2,O60,64 20
In june OF that year the present adj
ministraton began. Since that time
Il has issued ISL 900 policies, insur-
ing ................ ..... 100000 900 90
al policies; ,..........:;:, so7oOO92 co
surance given for over premium paw
msns on the same called disidspds. 5,i2IS7T 90
Its entire over payments, called diyl-
anes, amount to...,..'::.:.:... =. g.OsO,o2s 90
1t now holds assets consisting OF
Bonds aud Mortgages on properly in
New York anu adjacent States,
- amounting to ::.........:... 57,Oil,94l 81
three Office buildings in Boston,
Philadelphia and this city. and such
as it has purchased under fofeclo-
=. sure of its Mortgages amounting to o9ss, i2s 10
1t has stocks United States, State
County and City-payng ioterest,
ana worth par and over, amounting
TO- Observation-Disclosures. H,766 QSl 90
Its gross Assets, on the first of Octo-
Der, ultlm0, were. Observation-Disclosures. 500 1853 As
The amount now insured Is. ........ 2s9 0Sl POS 90
The increase OF its assets in twenty
i've years Is s.'.................s. S4,St9714 10
It represents more assete than any known fnan-
cal institution, and twentyone millions of dollars
more than the combined capital Of all the banks in
this city.
LIS assets are ample for all its purposes, as its An
nua report will shortly show.
Ihee are the principal figures which exhibit the
history and condition of this Company. Ii has al
WAYS met every honorable and just financial claim
with cheerful piomstitude No STAIN 1t is believed,
tgn!Iully rests upon its record.
OF al known business, that of Life Insurance re-
tnf nIffna nata
ana the closest attention to all the different princi-
pies ana OF its management, upon which its
prosperity depends. Abundant and undoubted as
sets are necessary paw its claims the hand
winch must be kept in absolute security and readi-
ness ior that purpose 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 TINS
second great principle OF the business while they at
feer TO bestow uncommon attention 20 the other.
In view Of the possible depreciation below the vital
standard by reason OF the unusual number OF retr-
ing members during he last three years dor rule
those who eet t. retire s1under lives than those
VINO decide to remain). 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
Affer due consideration of all points involved en-
oiacing equity economy and efficiency, it was pro-
poseu tEat thirty per cent. rebate the first two
years premiums sbould be allow ed to entering policy
holders, whether old members new.
we should have been wanting in proper forecast
and ability had not foreseen the necessity tor this
action and provided for it.
As the members who retired sought to sunder
tneir connection with the company. of which they
pad agreed to remain members for life the Just and
universally admitted principle governing ali business
ed US 10 say TO each OF tbem ST you leave
damagewe must supply the place you leave vacant by
anotner 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
additional sum to constitute fund to replace the
loss. Not one penny of the moneys contributed by
he existing members went intO that fund. 4 n
specific source of accumulation, the OF which
left to the discretion of the Executive officers in their
administrative capacty for the purpose OF obtaining
new members. Whatever remains beyond that
necessity will go into the common fund. Whatever
Is used ior the purpose explained will De 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-
vised which is more thoroughly just economical or
equitable to policy holders than this, and none
hat will be so advantageous and profitable to them
This We assert from full knowledge Of all the prIn-
cipesinvOlved, 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
for years. We have returned to our policy hold
ers as over payments, called dividends, forty-tve
millions. We have given back from year to year 70
our pocy-hOliers all that has not been necessary to
guarantee our contracts beyond question. There has
been year in the history OF the COMPANY when it
could not have taken premiums upon a far cheaper
scale than it has done. and then have been able
TO return respectable percentage In over-payments
at the end of the year.
ouI hOWs wucu tnlS OOmpduy pkOporco W ocucht
its policy holders and the insuring public by rebate
for two years upon their premiums with no present
designs beyond that time, and in way in which old
polcy-holders are benefited and NOT injured,
magned and misrepreseoted by rival companies who
club together to control the press, and send paid
TO this and other cities to poison the
minds OF our policy holders by false statements?
We have nei her leisure, disposition nor funds to
follow our defalers but prefer quietly to state our
case and leave with those it interests.
We give this history and condition Of the Company
as the truest tests of its MANAGEMENT. By these
ties 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 it?"
Your obedent servants.
f. 8. WINSTON, President,
RICHARD A. MCCURDY. Vice President.
WM. III. G. BARTLETT, ActHary.
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