The Providence news. (Providence [R.I.]) 1891-1906, 1904-02-18
COLOSSAL FIGURES IN LIFE INSUR.
ANCE- WHAT DO THEY MeANp

Thu published statements OF banks
trust companies and Industrial concethS
command the attention OF persons in'o'
ested In them as investors or depositois'
the annual statements OF great life IN
surance companies are read py the 'nass
OF the people with all the interest," 'nae
attaches TO the more important news
os the day. II cannot be otherwise when
practically every family In every com
munity feels that its own fortunes arc
closely connected with ana depenoeht
upon the operations OF one or more Oh
these tremendous benef1cent associh,iohS'
The Metropolitan, Life puts forth
statement OF its business In 1903, present
ing an array OF figures that shows I'M
pressively the intimate relations between
this institution and the whole people. In
one item alone an amazing fact is stated.
IL ~ that giving the number OF policies
In forcc on the last day OF the year
more thar $500. .o00-showing that one
perJon In every ten OF the entire popu-
iatlon OF the United States II insured In
this company.
In other items the figures are too large
10 convey any clear meaning until tney
are divided and subdivided and made 10
apply TO days and hours instead OF years
For example. this great company has paid
10 and invested for its policy holders
since organization, over S23s,90o,O ,O0o-a
sum that will impress the average reader
merely as being vast and very vague.
There is quick comprehension, however,
when we learn by little calculation
that during 1903 the amount thus dis
tributed among policy holders averaged
$50 a minute during every working day
Of the year.
Every day In the year S69 claims were
paid; every day In the year more than
iri NUr
end of every day In the year the com-
pany's assets were more than $50, 900
greater than i'm the morning. It's total
assets at the end OF the year we're more
than sl05. 600, 600. Its total income for
| the one year 1903 was over $40 900. 900
/ Going back twenty years we have some
comparative figures that tell story Of al
| most incredible growth. The company's
! income for the year 1888 was a little over
SO. 600 900: for 1893 little over SIS. 900 600
for 1903 over $4s 900 900; it's surplus since
1883 has increased from about 1927, 900 tc
over SO 00o, 900. When we come to the
amount OF outstanding Insurance at the
| end of the year We pass the billion mark
| The exact sum is 81 .342. .3s1. .4570O.
The Metropolitan Life received from
premiums and other sources during 100;
over $4,000. 900 more than in 1902. Con
sidering the relative condition Of thu
| financial markets in these two years, TINS
exhibit is at first surprising. then illu
minating In 1902 money was plentiful
public confidence In the manifold projects
OF promoters and inanciers had neve
been stronger: times were good" II
1903 these conditions were reversed. Thou
sands OF hitherto prosperous wage carmen
were out OF employment: others wer'
forced 70 accept reduced wages; the In
comes of the well-to-do shrank an'
dwindled; and everywhere there was
decided tendency 10 retrench and
withhold money from investment. Ye
this was by far the most prosperous yea
OF the Metropolitan Life Insurance com
panys existence.
Nothing could show more plainly wha
life insurance really stands for in tn
, minds of the people. II Is not regarde'
, as a speculative venture. but sure prom
ise OF security safe shelter when 1nan
cial storm clouds threaten general WRECK
| concern like the Metropolitan Lif
Insurance company IL. of course, bust
ness organization. but ii is one In whic
all OF its policy holders are bona nd
partners. "a company Of the people, b
the people and for the people, one tha
has known how to gain and now to justif
the confidence OF the whole community
That is why no bank stockhoder wi
read the annual report OF his own pros
porous bank with keener relish tina
people everywhere read this remarkabl
statement OF the Metropolitan Life.