The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-01-29
The Mutual Life Insurance Company
of New York, i'm North Carolina
Mutual X Stock Comprehensive.
Wilcox, Manager, Tells the People q
Few Things.
(From Charlotte Ohserver.l

(FrOm Charlotte Observer
SO wonderful and beneficent mas
been the progress of this great COM
pany, not only in this state. but
everywhere, that The Observer sought
Mr.. Wilcox for few points,
II suppose the company has done
as we'll as usual in 1902"
Better better than ever We will
have assets of probably s434,O00,000
get the figures right, for they are
Large 1t has secured $3.50, 900. 900 90
Of new insurance during 1904, aud has
a contingent guarantee fund of some
Thing like $64, 500,G 10000. Some call
this surplus. II is impossible TO COM
prehend these vast figures, and they
but show the gigantic interests TO be.
protected. The progress of the COM
pany can but eXemplify its sagacious
management. 1T has pad out to-
policy-hoIderS since organization not
far short OF 100000, 600. This is
nearly 100000, 600 more than cost of
It, is not this boon TO humanity?
few remarks pertaining TO this
State Will be Of interest. The compa-
ny always desires to stand in close
touch with its patrons. They are un-
der its care. The company is purely
mutual. and has no axe to grind, save
the care of its policy-holders' inter-
ests. We sometimes hear complaints
Of money going out of the State
Why don't we keep ii at home? etc,
cite. We do keep it at home. and very
well If one is fully protected. and
receives mis- due at home, does it make
any difference where the money comes
from? Where do our groceries, dry
goods. shoes, etc, etc. como from
But j want to say a little as to what
the Mutual Life has done in this great
state. Say, for illustration, past six
years Excluding 1904.) Since the
first of 1893, and up to 1894 the COM
rany has paid death claims agg.egat-
ing $39S, 235.00. on which policy
holders had paid Si3.030.00. In addi-
ton TO this, maured endowments
amounting TO 3,S23.00 were paid.
What a vast deal of good this has
done in many directions How many
bcneficiaries and estates have been en-
riched and saved! This is foI a period
since 1898 only. Nor is this all. We
must not lose sight of taxes paid. COM
missions to agents, employment OF
many ana Investments III the State.
Look. the company has Southern Rail-
way bonds $1,500.000; Atlanta &
Charlotte Air Line Railway bonds, ST.
O5e 10000; Atlantic IL Yadkin Rail-
way bonds, $450,G0000; Richmond &,
Danville Railroad bonds, $500, 100000;
Atlantic Coast Line Railway bonds,
$3.50, 10000, Thus You see the Mutual
Life is no alien robber, but II great
benefactor in the interests OF the Old
North State. Last year G904). which
vas not included in above figures, the
company established nearly $500
10000 Of new business in this State,
aad received something like 100000
in new premiumS-an eXempliiication
of the confidence Of the people OF
Forth Carolina. which the company
appreciates. Out of this commissions
to agents were paid and there was
returned in death claims, cndowments.
etc. in 1904 something more than
$120, 10000. IN this state we had in
force December 31st last some 6,786
policies, aggrcgating $1l.410.99700.
This company being purely mutual,
wants its policy-holders to be inn
bued with the Importance of what
thi" means; wants them to have their
friends join us. We are ever ready to
afford all information, and every ia
cility."
How is it you pay out more than
you receive. and get you get bigger
ard bigger
Easily enough. We have been at it
since 184S. Careful selection Il one
factor. then, too. va must not over
look premium income from renewals.
interest On Investments, etc"
Are there not some new stock
companies recently organized, and
SHOULD they not Ill be on the same
legal basis?"
Yes. all old line, to be safe must
90 business on u legal reserve basis. A
company which has not funds on hand
sufficient TO meet its guarantees. or
policy values, and pay claims on ii,
is insolvent and, therefore, unsafe. II
is the duty of the various insurance
departments of the states to see that
this is so. The various States have
various requirements. Today the re-
serve basis ranges. say from per
cent. TO 4 per cent. If. in this limit.
company cannot meet its guarantees
on its Insurance in force. as now tab
ulatcd in all up-to-date policies, il is
not safe. The legal rate In New York
Stale is IL per cent. The lower
the rate, the more certain a dividend,
and the safer the guarantee.
There are many new stock com.