New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-02-20
rrATIrREs OF THE sCHEME.

.rr prrNfUNs INCLUDED IN THE REDUCTION IA
CrpT THOSE oN WHICH REBATE WAS ALLOWED
WHAT THE ADVOCATES AHD OFrONENIs Or
THE MEASURE SAY.
TIE Mutual Life Insurance Company declu'"
last Autumn to allow rebate Of 80 per cent on IN
premiums for all new insurance, the clam OelhS
hot this vvould provr an inducemcnt 10 persons
seeking life insurance. This rebate was To o'
allowed only for two years. when it was at the
option Of tho company 10 increase H. ;uIo" II 10
stand at 80 per cent, or decline any further rebate
This reduction in premiums, 1t was claimed Dy 'h'
officers of the company did not affect lnJuriou'iy
the rights of the old policy holders, naSmuch 'aN
the difference was met by large reserve iund
which had been accumulated from lapSrd and sur
rendered policics-a fund contributed 10y those VINO
had failed to keep their contracts.
The new plan, while greatly increasing the No--
ume of new insurance. was opposed hy many OF Inc
older policy-hOldcrs, who claimed that as the com
pany was a purely mutual benefit organization
If made no difference how the funds were accu-
minated, and that the surplus belonged TO and
should he divided among the memberS-aud noI BE-
diverted TO secure new membership. mag
nation meetings were held in tins ely ana else
where. and opinions were sought from leading
lawyers to show that the action or Inc CoWpihy
was illegal An Injunction was also applied Tor.
In January the Board Of Trustees received several
1emonst frances from policy holders AGAINST allow
ing ne re..,' a." rho fr,.trr ,nnontrI
snraiaI committee TO investigate the matter, and 20
report what coqrHe should hr pursued, re n COM
mttec consisted of cy-Govcrnor Alexander H. j &c,
of Massachusetts, chairman, George y Zoe, W.
liam L. Dodge, Samuel y Bahcoch, Martin BatrS'
William 4. Ianes and Frederick II. CosNtt lhe
committee held several sessions and heard the
,;,,ia,,. Of hotL sides There was also submitted
am opinion from Oliver H. Palmer, solicitor of the
company, sustaining the lesaiiy al the Feodie
Yesterday morning the committee drew up It's To-
nort which was signed bv all the members and
ibe uotter was Submitted to q meeting OF the
trustees IN the afternoon. The session Lated iof
tbr,c Lours and when il broke up al thc tru~tce-
and officers OF tie company were unusually
r,i..,,t nue Trustee only ,Guch,afnr thr remark.
- H. L',,t ti ,,ttcr dow, 4, u i,iI,.,, basis
" Ia ~ 49, - ,',.,',',,,.
"'I A ir,t'' r,r..,lirnt said. " Is 50
,,v l , I,,,,,r-r,,. w., viii ,,1 II m f,,II Z
tLc' rros. I hi, lnuch Won can saw however: Tie
trustees have unanimously decided to reduce d.,
premium rate. - per cent both to no" and Oh"
Poi''H H"i"'i''
lEt'IOAA LOGIC OF i''. "'"' nm
Inemp,, Oi ',S 'I''l', ''''''',..' ',''' 49,
evening; we HeI" Sc'e.'i ''-'''.''' "," ''.''',''
patiently 10 an VIII" '"le "'i''o IS on '",' Si.'''
OF the question We '"'? aI'''u WIN III
WINSTON '""' 'u' '"'' ''''' "'''''' 'H'
everything else' lie insurance premiums su''" 10
reduced we hne" lu1' S"'h P'''H "'"'" To-
antagonlzeu bY me flN"l Insurance "'"i'iI|"'I"">'
and that the reduction In that quarter at least
,,,uII he unnruular We fDuud 'I,t sine, the or
49, 80 a.. Nf,+,,,l re- ..j 49,, o.,
G'Hl|..'l"i - - L,,'i - 49, - It,.
Jl.,u ,,,;,. oii,'o 50 al ~ S.i ~ and ,t,t
ta baJ Inen rct,ir,,rd to in. no. cv- LnII.,s A.,
,a,,I,i,,r conr.e of bnsjue.s SOY 1877 lbs 80 We
assumed that the greater the receipts from pre-
nm. t;r heavier The divldcnd- to policy-hoder,
youlI be. and il was deemed advisable to offer IN
o'I,o.d That tbo r,rorrr ulan was openly 10 reduce
tna prrInulm rate instead ol covert, allowing To-
Lair, - w know other com pau!rs were dong. u
doe, not cost is much to Iuu insurance companies
as II did tn wear, ago, and there is 10 more T'H~uu
WIN, Nr Should continue t. exact heavy prcIG.Uil5
now than there Is 10 compel man a. paw
$50 for "A garment That everybody knows
h., not worth NOR" than 80 ln,''ad ot
allowing rebate o. 3opl cen, o. new slraur'
alone the trus. have decided - reduce the pre-.
MUM rate - per cen 10 b,ih co." ai". H'" ,P"i,H
holder, thuS lhuI,r.HE L5 " p''i'''" '~''' 80
'''V,,, s,,., ,r,,o,.,Tr. or THE pr.ys,v
nv" H., yy"ri.r, = Dod,. o ,p.o,ber of tr..
..,too ,.I.i,I, ,o..o,,,,..,j.J tn, r.5,,,ti,r ,.
lii. l.uce last night. bat excused him
,.lf f,o,n ,i,i,raf.ypart ,niar, Of the action OF
.I.l I,,rl ~ Trustee. ON rbe cr,urd that III, wa.
I'D ont with fac ,yorl. Of t.. day.. and wa, ,,-,
-, for an oorIv start for Gaor1a tbi. ,,,r,,-
- U ,..id Ior..y4r thar fla, action of tb.
Ill wa strcDv i'm o,cord,rce Win.
Do recommendation of the spc,ial committee
. Il, - - ..4 o.. 4;o.. ..... .....t
ana ina. 'Ile - 3ri .'na .n |'' - -
ctP. on i',''7r ~ ~ "l,,' i @ -" p
ctH' I'u "'rl i,au'' - ".,' - D." ~ L''
me lNo 5''ls ioi ",il' - ''o t''t wa No.
loLe lnts ''Io ui"V' '''p ~ 'N, ~ 'c Pi''t"
Itu''u1!' a., -, "l'I a. & 49, ''i j." 'r
I"'tS ~ P'vIliiitii'' ~" 49,, ,' Al ''', w." ~,
ipdi al : en- NJ -, 80, H. . -. - -"
VI. "I Iii ,V',, -, & ~ ,',j ~ ~
Splr"u 'r cont 49,. L,.., 'L,b I ,,,,'d
o'"m VI ~ P0' wiz - W. ''''l az N'''''
Governor Rice VIZ. fonod last evening in th,
lii,,.'5 , r. ,'1 Acme Hn.l mort, r' i
,"DD'3 - ,'o 49, nina, tt,, fr I,,, ..qI
w =" ,, IN I I T .''' ~ ~
II1' s"iu m'' WI @ ,'lr W ..' I'tI,
:" "a III, . ," -, i, ".,'l,' II ~
tne lIniIT[; l'i Ycd on foI I
IL" al Va Vi' l''', 20 - - O. ''H- - LUZ