New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-02-14
THE MUTUAL LIES NEW PLAN.

ANOrUFR nEAKING BEFORE THB ASSEMBLY JUDI
CIARY COMMIrTTE-PERTiNESr QUESTIONS BY
JUDGE PoLGER-OPPoSESIs or HE REBATE
TLAN SUMMONED.
lBN TELEGRAPH TO rHP TtIBUNEl
ALBANY, Feb. 13.-The Mutual Life insur-
ance Cofnpany's NV plan FOR attracting new business
the subject Of investigation pY the Judiciary
Committee OF tAe Ascend Tonight The company waS
represented by C-oree II Andrews, Robert scwe.,
Joseph Il. ChoAte and l.. G. Ltwton. Some opponents
or the new plan we're represented by ". :. Manning
The proceedings greatly cnlyened bY the entrance
the -ttton Or Judge FOgpr, OF the Court OF
Appeals. in tae character Of policy holder Of the COM
pauy desiring Information about It's new mode Oh dOlhE
business. The inquiry begun with testimony by
MI LAYTON whose mot interesting statement Was TIA
only 3lj pole, holders had signed paper protesting
against the rebate offered poicy-holders, while
7.42O had signed paper approving Of the rebate
Judge F0lgcr said DC would Ike 20 inquire whether
the conQagY l5d II red It's rebate because lis rates
too hi-h. Mr.. seweu responded that the Mutua
had taEcn thar position several years ago, and II wa
tn opinion OF It's officers that the rates were too
high Judge Fol.er then said that he thought that he
company was charging hiu too high and ought toreduce
h- premiufu The new pohcv-hoiers only paid so for
prem u which cost himself Sl0O and The new policy
holders would share 10 the same extent IN the prOhts
the company This be thought unjust he had uad
policies IN the Mutual since 1886 aud Thought that ue
ought to all its profits. He had no Legal views
on the question: indeed he avoided having any, ana
left the bench when the Mutual vas concerned IN an
case. He only look at II from u ancial poin
OF view. The company said that the deducti1u
did not come out Of the purses ~ the Old
subcr!bers, but out Of fund that had
collected owing the large premiums. He was part
ner IN the concern before the came 10, and lie
thought that the profits should nave been equally d.
vd,d before they were admitted al lower rate.
Old der "a a know WHY this tunG
Vas not gwen 20 them instead OF 10 new men. MI
Seweu replied thai the partnership was an everlasting
one and that there was no provo In tue chdt'r Tor
division Of the profits The only question 20 be coLsd-
cred wuethrr not tue acOn Of tie trustees Wa
LEGAL II question of policy, for over that III
trustees had full control The tusres had Offered,
rebate per owing to the decrease IN business
OF the Mutual Two men leaving the com
pany 10 one that coming IN. II was The
healthy men who were having not the sics.
Tn trustees thought that they must get fresh
blood into company to InylgoIate It. The beneh
OF these new lives you accrue 10 Judge F0ger aid
other old poicvhoiders judge Foyer reDlrd mat De
Thought tia; tie company ought uot 10 get new blood al
ne cxpeus- OF the Odd blood
Mr.. Choao sad that the question not one OF af-
strdgt ustc- but OF egaNt-. How YER, the company
had rally act dJustly 10 Il own policy Ioder' II MAJ
provided method by wilcA ey would cure the SANE
high dvd NOS d IN former years. II htd not adopted
,ni, pSn,y ~ ~ "esE DHIG 1y gopinS "Uu@
reality onv Amounted 10 per the entire lie OF
the ue tlc Mutual offered reDte. It's business
declining a. the rat ten M ions year, year are
wear. II the Old policy Ead been maintained the div
deuds OF the COupd would have decreased Inc
rebata was off red at first unlY
experiment. ana 1t had proved great success.
The business OF the company bad immediately iu-
creased The position OF tAe compiny's ahairs had be-
directly reversed. Now there
holders received into the COMPANY 10 one that wen
ont II view Of tlis property ne, trustees werrr
thinking also OF reducing the rates or pr m uGn Tor al
oilers. Inc com had hest atrd 10 adptlhe
policy be- re- because such reduction Of
rates would many other Insurance companies sew
ar year. ago the Mutual determined to reduce ~ rates
PERSUADED not to DO So by twenty-five other COM
pauits. The BACKWARD step was an unfortunate one.
b. cause .IX OF the companies that siKned that
protest dtt,lW rt failed OWING 10 their bad manage
ncut ! Tie Mutual had maintained IT. position tney
might not have lead into eItravagant manage
meut
Atshp c1uc'uslou Of the inquiry the secretary
REQUESTED 10 inform the following named gentlemen,
Who oppose tue plan, tiat anything they de-
re- o. -ay oa the subject viii De ueJrd bg the cOmm
t-. Oh Thursday -sru.u- ucNs. +. II. Bristow, H.
Ina.-. j. ". Caub, LllL.T wright, james J.. N,veu,
Professor GRAY. of Harvard College, and Ex-Governor
Hubbard, " Connecticut