The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-03-07
The New YORK. Life Insurance company.


II Ihas been our pleasing duty year by
year TO record the wonderful progress Of
life insurance. A policy is no longer the
luxury OF the rich, and the humblest
bread-winner can provide for those de-
pendent on him. One company, the New
York Life Insurance Company, pays about
s., 600, 900 n year In death claims. II has
already paid its policy holders the enor-
nous sum Of sl05.0s0,0 Tho yearly
business Of this great institution would
make a larger company than the total bus.
iness OF many Of Its competitors. Its Won
derful growth dates back from 1868, when
the present president, Mr.. VIM. II. Beers,
became active in lis management. II
then had less than $1,000 900 in assets,
and a surplus barely sufficient 10
entitle Il TO confidence. During
the next ten years II nearly multiplied It's
assets by ten, and, rs the results showed,
was in better condition when the panic
came 10 endure tho prolonged strain that
followed that memorable year than any
other company In the country, for II lost a
smaller proportion Of It's business, and was
the first 20 spring forward into an increas-
1
growth during the past ten years has been
marvellous, It's assets now exceeding SIS,
OOO. 600. Of which nearly sl2,OO0,OO0 Is
surplus by the new State standard, which
took effect January I, 1883, while lis new
insurances for 1887 were overs 100, 600, 900.
Full details Of the years business will be
found in the report itself, which will 10.
pay perusal.
f'he report shows payments 10 policy
holders OF over a., 900, 600, an income OF
over s22. 600, 600. assets OF over ss3. 600.
600. new insurance In 1887 Of over $780,.
100000. and insurance in force OF over
$40. coo. 900. Such are the figures, and
they suggest their own lessons. We may
aay that the New York lie deserves IL
prosperity because Of the lead Il has taken
| In those reforms which have made life In
surance the admirable system Il now H.
It's purely mutual company, and u,
success contributes 10 no monopoly and
causes no extortion. II was the pioneer
non.forfeiture company, having originated
non.lorieiture policies In 1880. This wal
the beginning OF the modern non
forfeiture syetem-which has become q
part OF tho insurance statutes OF the coun'
inv. On the present volume OF business
| the tANllt w Dtntl -uotb'tn W tt"r'h W
the non. forfeiture principle, "a originate,
and introduced by the New York Life, I
over 81, OO0, 900 per year. Its tontine eys
TEN has given the best results obtained OF
any policies running through the SAM
years, and Il stands alone in allowing
months grace In the paymentof premium
ON this class Of policies. II issues great
or variety Of policies than any other com
pany, thus adopting It's contracts 10 III
circumstances III more people. lis laies
contribution 10 the system OF life insui
ance Is guaranteed mortuary diyiden
equal 90 80 or 100 per cent according
table selccted) Of all premiums paid, !
case OF death within specified pcrioc
This comes Us near TO giving insurance f.
, nothing ~ any plan yet devised, and, b
ing guaranteed by an Institution wit
, millions OF money TO make II good, has a
|, ready proved very popular among buainei
| men.