The comet. (Johnson City, Tenn.) 1884-1916, 1889-03-07
WHOLE NO. 254
A REMARKABLE RECORD.
Competition in Serving the PublIo

NAA IVA NANS tuN EuUEEE.
The older mutual life lnsurance
companies were organized upon the
basis OF vesting the administration of
their affairs in trustees, elected theo.
retically by the policy-holders, such
trustees to appoint officers TO conduct
the business under their supervision
Subsequently it became apparent that
the poliey-holders we're too numerous
and too widely dispersed to act adyis.
ediy' even oy proxy, and that the
proxies ofignorant and il-ladyised mol.
icy holders might fall into improp er
hands.
TO remedy this defect in the system
the law Of New York was so amended
as to require all mutual life insurance
companies thereafter organized to do.
post IN the Insurance Department Of
the state guarantee fund of at least
$loo,oOOOO, in trust for the policy
holders rs the capital stock Of the
company and it was required thu,
the subscribers to the capital stock of
the company should annually elect II
board OF directors who should appoin,
officers to conduct the business nndar
their supervision.
|
The Euitable Life Assurance Socie.
ty of New York was organized in 1870
under the provisions of this amended
law Its capital stock of 800 900 was
invested in approved securities, bear.
ing seven % per cent interest, and
deposited with the Insurance Depart.
ment of New York, in trust for the
police'holders The charter of the
Equitable restricts all dividends for
stockholders to seven ~ per cent per-
annum upon the capital OF $1000OO,OO,
and requires that all profits or surplus
from Its business shall be paid to the
pollcy-holders, so that the organization
OF the Equitable as mutual company
is superior to that of any of the Older
companies.
It's superior organization SO success.
III Iy challenges public confidence: its
far'seeing wisdom hasso entirely elimi.
mated all objectionable features fr,r
Its policy contract, and so admirably
adjusted Its system Of Tontine Life
insurance To the needs and preferences
OF the public; the superior equity ob.
served i'll the distribution of ALI snr.
PLUS or profits in dividends entirely
satisfactory to policy-holders, and the
matchiess skill, vigor and fidelity with
which every department of It's afTsip
has been conducted, have made the
Equitable, in its thirtieth year, the
largest mutual life insurance com
pany in the world.
Its total assurance in force uy,r
$55o,0OOJW0, exceeds by $70.b0 600
that OF the second company ia rack
the Mutual Life Of New York nov ia
Its iortyseventh (47thO year Tho
volume OF new business i,3 the one
year, 1888, of the Equitable, $l53,993..
535 exceeds that Of the Mutual oi My
York and th" Northwest, rtl a; Wisa,n-
sin, combined exceeds TN It i tn-
New York Lille, Connecticut Slntn i
and Penn Mutual combined. aud
equals the total Insurance in lore.
placed upon the books Of lha Mntna!
Benefit OF New Jersey IN lorty-iunr
years.
Its assets are over $500, 900, Of
which over $4,000, 900 is surplus for
dividends to policy h,i4rs TIL.
surplus of the Equitable equals the
combined surplus Of the Mutual Of
New York and the New York Lie AMI
exceeds the surplus OF the Northwest.
ern, of Wisconsin, the Mutual Benefit
OF New Ie rscy, the Connecticut Mu
tual and the Penn Mutual Tie e,her
companies named are from eleven ln
sixteen years older than the Equitable.
This increasing surplur is the hest
guarantee that the just expectations
OF policy-holders, and OF. intending
assurants, as 10 future dividends, are
more certain of realization in the
Equitable than in any other company
]. II. MULHoLLAND.
Agent here
j, K, MAYBERRY, Gent Agent,
% Union Street, Knoxville, Tenn.