The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-01-16
THECONNECTICUT MUTUAL LIFE INSURANCE CO.
A Statement by the Board Of Directors.
They Repel the Attack Upon Col. Greene
The Companys Strength and Its Policy.

To the Members of the Connecticut Mutual Lie IN
surance Company:
A letter addressed by Mr.. c. G. Hine to Mr.
Henry G. Robinson and the other directors Of
the company" and which, with a few omissions
has been given to the public through the news
papers of the country, is at hand.
1t states that he writes as a policy-holder Of
twenty-five years standing" and begs ito call
your attention to what seems to me to be your
very plain and imminent duty"
From the columns of his journal, the Insur-
ance Monitor, copies of which have been sent
with marked articles to the several members of
this board in the last seven or eight years. we
had supposed that he was not only unfriendly to
some Of the executive officers of the company,
but to the company itself. and that he was using
his widely-read journal to prevent the company
from obtaining new business, and to weaken the
confidence of its members in its solvency His
letter assumes and claims that he is true
and consistent friend of the company, and he
addresses u.s. who represent all the policy hold
ers, as one of our constituency. We hasten to
reply to the communication, and desire in giving
this letter. as we shall, to the public, to consider
its criticisms and to state facts in regard to its
statements, which an examination confirms US
in believing are only continuation of the same
criticisms which. at great length and with great
explicitness, and over and over and over again,
he has given to the public in the columns of the
Insurance Monitor.
His letter first states: 81 am advised by those
who think they know that miscalculate your
power in the premises, that Mr.. Greene holds
proxies, and instead of being your servant is
really the opposite; but will take the chances
of error in that statement, and say what think
I ought at venture"
His letter in this respect, and, as we believe,
i'll all others, travels upon complete misappre-
hension of the character of Colonel Greene It
is probably impossible for him. after having for
so many years assumed the position of personal
and bitter attack upon Colonel Greene, to believe
that the implication in the sentence quoted from
the letter is grossly unjust 10 him. The board
OF directors, who have had for many years con-
slant official and personal intimacy with him.
pany in the country with deeper sense of
responsibility to his constituents, and with
more modest and sensitive unwillingness to force
himself, in any manner, upon any association
which is not heartily DESTROYS of his services.
Colonel Greene is incapable of using any
power" to retain any official position excepting
the power which he has over the respect and
confidence OF his associates.
The communication goes on to say: 81 will
confine myself to two points in this communities
ton. First, of my own personal knowledge,
So 70 hot
schedule properties to which YOU have no title
not one or two, but multiple examples where
defective titles at the outset, msdescription or
other cloud has ultimated in making that SEIZED
ule false in numerous and important particulars
The company has had as large an amount at
one time as about $4,000 000 of real estate. 1t
is needless to say that nearly all this real estate
was the result of mortgage loans which were
foreclosed. The loans and investments of the
company are not made by its executive officers.
They are made by its board of directors, who
meet regularly once a week, who have had no
subcommittee, excepting that in the last three
years, when city loans at fair rates of interest
have been difficult to obtain. committee to
examine applications for farm mortgages, being,
in the nature of the case, for small amounts has
been appointed Only two of these farm mort
cages out of 100000 900 placed have been fore
closed, and they not for reasons of deficiency in
value Each application for loan has had the
express and special approval of the board of
directors. Unlike some of the other great COM
panies, our investments have been chiefly in
mortgage securities. In 1875. when the real es-
tate values of the country were at their highest
point, the company had mortgaged loans to the
amount of $26 600 900. OF course, it will not es-
cape attention that point of time was four years
before the resumption of specie payment, and
that the values of the country, as compared
with any subsequent time, were exceedingly in
fated Nearly all the real estate of the COM
pany is the result of mortgages made before that
time. The executive ard financial head of the
corporation was then Maj. James Goodwin,
who devoted his time exclusively to
It's investments, and whose prudence and
wisdom were held in the highest
esteem not only by his associate directors bat by
all his acquaintance, who were confined to the
limits of no one State. In making these loans
the board of directors, with no possible
interest in them excepting the welfare
of the company, has regularly and uni
formly employed such conservative agents
and appraisers of value upon the imme-
date field occupied for the purposes of the COM
panys loans, as were at their best command
The best local professional talent has been en-
gagged to search and certify to the completeness
of title, and to secure proper forms of convey
ance in all instances. If, in SO vast an amount of
transactions, after such commercial revulsion.
there should be no deeds whose title was not con-
tested in some legal proceeding, it would indeed
be miracle, but we are happy to say that no
final decision of any court, 80 far as our exami
nation of the subject enables us to state, has
held the company's title to single piece of RI i
estate to be an imperfect one; and of the nearly
S., 100000 of real estate which we have sold sin
1879 the company has, in no sintle