New-York tribune., 1885-03-08

70 pay them dividend In addition
Q-its also intimated that Tontne assurance ID pro
with the Equtablei
Alt is not. On the contrary It pays less on some
classes OF Tonne than ordinary life policies, and no
more on any These attacks chiefly conspicuous TOT
their unfarness for their inaccuracies and for their u
warahtabe nsinuations The patrons of the Equitable
weii Know that they have Tontine, ordinary fe en-
dowmen or any other practical form Of life assurance
and that their TOntne policies can be taken the for
ietaoe or nonoretable plan, the assured may pre-
ier M matter Of fact the greater part OF our Tontne
business transacted what is called the
flah winch has a surrender value like any other policy
This fact made the of the attacks apparent
DID the attack Of the Connecticut Mutual, pub
shed during the early days February, have any
cepuDe cnect upon your business for that month
ToNTINE INSURANCE NOT GAMBLING.
Ayes; the public passed jud gment upon the argu
ments presented by President Greene and its verdict
may be found In the fact gave the Equitable more
new business during that short month than 1t did to the
Connecticut during the twelve months OF 1884, and an
amount In excess OF what 1t gave tho Equitable during
the same month last We trying to be resigned
under these results
QWhat have you to say TO the charge that the Ton
tine system Is speculative, and in the nature of game
OF chancel
A.-Ihc whole sum and substance Of Insurance,
whether 1t be fire. marine lfe any other Insurance.
Is that the company individual granting the
agrees to pay under given conditions specified arg"
sum of money In consideration of certain small sums OF
money paid at stated periods. Tontne insurance is not
gambling any than any other kind OF insurance.
IL Is absurd at this late day TO speak OF insurance as
gaming The verdict the world is the other way and
society wond be shaken to its centre IL the existing
| systems Of insurance to be done away with.
| Q.-Do you propose make any reply to these at
| tacksi
| A-No; why should wei They do us good by helping
to advertise form OF insurance that needs only to be
examined TO be approved and accepted.
Q-Are all the accounts between the different policy
holders accurately kept and is there any way for those
| interested to know
| A-Cerajnly. The most eminent actuares have been
called In advise ~ the proper methods These have
faithfully been put into practice The accounts have re-
peaedy been inspected and found correct by insurance
departments and policy holders. IL has been our habit
give the fullest information to those entitled 10 It,
Such Information have cdec except to rafy our
public statements The keeping OF the accounts Ia sim
pie. The mystery IS in the Imagination Of unsuccessful
| competitors.
QDo you find that many deprived Of their insur-
ance through the pressure OF poverty
Aour experience shows that very few have to give up
account OF that kind OF pressure In my opinion far
greater proportion influenced to make sacrifice on
account Of unustinabc aud alarming partisan assaults
made by Ike the president Of the Connecticut
| Mutual
Q-what is the law OF the state regarding the surren
| der OF policies Of the ordinary class
| A.-NO surrender value Is paid until after the thrd
year. and law isfounded in equity. for investigation
shows prior termination Of three years no a
prccable value under an ordinary life policy
OFF this il so the policy IN the Tontine class
are then governed by rule the ordinary class
| at least for this length OF time .
| A.-lcs
Q.-Do many Tontlne policies forfeit after they are
| three yoars old
Avery few The persistence OF pocyholdcrs in the
tontne class after this time Is remarkable as compared
| with policies not TOntIne.
Q-What do you think the motive OF this attack Is
| A-Therc Is or less competition In our business.
believe 1t to be the old story OF non-success against
succes Business men arc familiar with this in all Its
| phases.
U What life insurance companies practise the Tontine
| systomi
A. The principle Is IN practice in Great Britain Aus
traa and Canada and Is recognized throughout the CIV
nzed world benencent system In the United states
tho following companies practise IT, In Que form or an
other: the Sew-York Llfe the Equitable. the Mutual
Life the United Life, the Pennsylvania Mutual OF
Philadelphia. Union Mutual OF Msioe. tho National
Of vermont ths Of Hartford the Northwestern OF
| Milwaukee, aud othors.
PRESIDENT HYDg's OPINIONS.
| Q.-IIas Mr.. Hyde, your president made any COM
ments ON Mr. Greene's attack
| A-Yes IIo has communicated his views TO our
| agents. will give you extract from what he said:
"Inotce partisan criticism OF the Tontine system OF
| life assurance In yesterday mornings papers This
comes from the president OF company which, years
ago. as tho result Of the indomtabe labors OF Its late
socretary Mr. Guy L. Phelps was the largest life assur-
ance company In the United States. But the manage
uen OF its present pre- sdent has been widely criticised
| The company met with great msfortunes In loabing
| large sums Of money In the West Its condition was
seriously questioned after the panic OF 1873 ana s
managers have been slowly working their way out OF
their difficulties since. There has been much as
cuson at times among assurance hulholieS us W ho
| stability OF the company.
Its new business has down from ri6,0oo.o0o In
1866 10 about $1,000 900 year. 50 that It's amount at
ri.k now IL S33 900 900 less than II was ten years ago
LIS surplus nethird as much as was hrteeh
wears ago. It's income is about two and one-ha millions
less than It eleven years ago these results nave 80
embtered ts president that he makes most vehement
attack upon tho popular and bonehcen system OF Ton
tine life Indeed his only resort now TO attack
other and successful life assurance companies a.
results would indicate that he Is not possesscd ot seat
ability In the manager OF his own company IL was
hardly TO be expected. after such record, that he
would be found posing the Nestor In life assurance
Whoever may be entitled be considered the highest
authority in life assurance ia this country few managers
OF successful companies would recognize that dghy III
Mr. Jacob /. Greene. The career Of his company mas
simply been long drawn out tale OF decay lie re-
minds me OF the old giant I'D " rHBriih i'h''9'
having ouyed his power to njure by his attacks SIT
ting In the his Is only able TO gnaSh MS
teeth the .ms they pass by on their way 10 'he
| Promised Land.
"one word OF explanation to what the Tontine sys
| TEN really is.
"It has felt by experienced life underwriters tha
one OF great objections to life assurance Is tha 'he
assured allow their policies to lapse on various snsh
| pretexts.
| "a man insured In his name, for tho peheht OF
his wife and children, time when money IL scarce
and II is nconvenent to make his payment may make
ND his mind that instead OF paying the premium he VIII
III. noinx cnmnany und se lt. II may be us