Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-01-08

nitumOHu, va, january I. 1870.
Messrs. Howard Swineford 4 Co., Gene
raj Agents Equitable Life-Assurancs
Society:
Gentlemen time is not inoppor-
tune, | think. for some notice OF your (so-
| called reply to my open letter of Noyem-
Der 18th last. Indeed. I have been absent
80 much OF the time since then. and so
busy when here. as to be unable TO notice
It further than to read IT,
1t Is an evasion of-not a reply to-what
was In my letter.
At the outset desire TO say that I
have said and propose TO say, nothing
against your company. except In so far
as a refutation OF certain of your state
ments on points which you yourselves
have selected may throw into the back
ground. You and l know that every old
line company doing business in Virginia
yours and mine in the list-is solid and
worthy OF confidence a due regard for
truth compels you and compels me to adj
init this. Thus far. then. we stand on
common ground.
i attack YOUR statements-not your
company.
ONE OF your statements was that your
company's cash dividends paid In 1894
are greater than chose of any other
| company" In denying this I called on
| you TO admit or deny that the oficiaI
| reports show that each OF six or more
| companies doing business in Virginia paid
In 1884 to its policy-holders bigger per
| centum OF dividend than your company
| paid TO its icy-holders. and that my
| company Is one OF these six In your (so-
| called reply you neither admit nor deny
| that 10 which ! have invited you. The
| question don't suit you. and you try to
| dodge IT, 1T makes all the difference In
the world" you say. what you figure
your dividends against as TO the result"
etc.
Well. let me see II can please you bet
! ter by putting the case another way: A
| DIVIDEND IN LIFE INSURANCE Is
A RETURN TO THE POLICY-HOLDER
| OF A PART OF THE PREMIUM HE
HAS PAID. Isn't that true? You know
1t Is. Then. the company which has paid
TO its polcy-holders the largest dividend
| Is that company whose dividend has
largest ratio to the premium out OF which
| the dividend grew Isn't that true. You
know 1t IL. Is that your company? No.
| No. No. Every man well posted In the
life-insurance business knows II Is not.
Dare you say II is? You know. as Well
as you know anything. that I have now
| I'm plain English, stated the crucial test.
| on that crucial test 1 challenge you 10
utterance.
The other one OF your statements
which I denied was that your companys
ratio OF assets and liabilities Is greater
! than any other company" As to
| this, 7 called your attention to the fact
| that that OF my company was 17s. while
that OF your company was less than i2S:
and called upon you to reaffirm what
| you had stated, with reasons for II. or to
! admit your error. How did you notice
! this? Practically, you admit the truth
| OF my statement thereby conceding
the error OF your assertion In its broad
| ness: but you seek TO excuse yourself
on the ground that you spoke by conf
parison OF the ten principal companies
OF the United States-transacting busi-
ness on the same plan: that my com
pany transacts its business on an en-
tirely different one"
You ought to know-strange that T. a
mere pupil. should have to teach you. a
Ganaliel-that my company. as well as
yours, and each OF the ten. transacts
its business on the legal reserve plan:
is subject to the same rigid application
OF the same stringent law. and that 10
is out of that rigid application OF that
stringent law that II Is elevated so high
above yours in the respect mentioned.
So that dodge falls you.
'The ratio Of assets to liabilities you
say, "is n true test OF strength. provided
or course. but would you have the pub
lie believe that the line has been drawn
above the volume OF assets possessed by
my company Yen know IL has not been.
You WISH you say. 10 call my attention
TO the fact that a little Industrial COM
pany (whOse name you mention). only six
years old. whose average policy you
know is only sl0l, has ratio OF 364 per
cent. Well. | have noticed IL; but how
does that bear upon the truth or untruth
Of your statement, which | denied? And
why do you not TELL II you want the
naked truth known that when your
company. at the time OF the making OF
its official report. which showed its near
est approach i'm size 10 mine. had
only l09 | would have saved you this.
You've brought IL on yourselves,
Just as some muskets so contrive II,
As oft 10 miss the mark they drive at.
And. though well-aimed al duck or
plover,
Bear wide and kick their owners over"
have not fai.ed to observe the foreign
matter which you introduce relating 10
accumuIations and excess OF income over
disbursements. These bear no whit on
the correctness OF your statements which
| denied. and are introduced only TO befog
the issues between US. Nevertheless.
would nOtice tnem were not tris letter
already long enough.
In conclusion. let me say J shall not
deny you the comfort OF an expression OF
your opinion of your company. however
contrary TO the opinions you expressed
about II only a few months back. when
you represented another. opinion II A
matter OF right. Misleading statements
no man has right 10 make. I shall
attack them wherever ] find them. They
are too common-I am ashamed 10 have
to admit it-in our business. and tend.
| fear, TO bring a high and noble busi-
ness into dIsrepute. ! believe there Is M
higher, nobler, more beneficent business
on the face OF the globe than ours. save
that OF the preaching of the Gospel, and.
perhaps. that OF the physician. and ca.l
upon all good men everywhere TO help m.
in my effort TO prevent IL from being
dragged beneath it's proper level.
Yours truly. l.. X. WARREN.
General Agent Provident Savings Life
Assurance Society