Daily capital journal. (Salem, Oregon) 1903-1919, 1909-02-13
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has issued a statement of its stand
ing at the end of the year 1908. The
facts set forth show that this great
insurance organization continues to
carry more policies and to distribute
greater benefits among the whole
people than any other like institu-
tion. while its own resources gain
steadily in proper ratio to its increas-
ing volume of business.
The magnitude of the company's
operations is astounding. To fully
understand the meaning OF the fig
ures dealing In totals Tor the year,
Il is necessary to bring them down to
the smallest division of time. For
example. the mind can scarcely COM
prehend the significance of the state
ment that the totai amount of out
standing policies at the end OF the
year was S1,S61, $50. sos, but we can
easily grasp the no Tess astonishing
fact that during the business hours
of every day in the year an average
of 6343 new policies we're issued and
paid for. Every day-taking the av-
erage for the year-441 persons re-
ceived from the company the full
value In cash of policies which had
been carried for their benefit. Every
day the company paid out to It's pol
icy holders and added to the policy
paying fund (reserve fund.- more
than $166.000. The value of prop
erty owned and acquired by the Met
ropolitan Life during 1908 increased
at the rate OF $4,000 per day. A
policy holder OF the company dies
every six minutes. and the company
pays during business hours death
claim on the average every sixty-two
seconds.
The company owns nearly one hun
dred million dollars worth of United
States bonds, city bonds, and railroad
bonds and stocks; more than ninety
millions of bonds and mortgages;
more than twenty-five millions OF
real estate, and much other tangible
property, all held w assets available
for the payment of its obligations.
Nearly ten million policies (9,96O.-
1860 are carried by individuals In
the Metropolitan Life. II these policy
holders were gathered into one COM
munity they would constitute "A city
OF more than the combined popula-
ton of the twelve largest cities In
the United States.
Perhaps nothing brought out In
this report Is more wonderful to con-
template than the fact that one force
OF executive officers and office en-
ployes transact "A business of this
complicated nature with so vast a
number of people.
II is obvious that the Metropolitan
Life Is managed and controlled by
men OF consummate ability. but so
are thousands OF business organiza-
tions that never approach this COM
pany IN magnitude OF operations II
Is not merely executive ability, but
the ability 10 inspire and hold public
confidence that has counted most I'm
building up this greatest Of all In
surance companies. The Metropoli-
tan Life deals directly with the peo-
Pile. No man, however unused to the
OF business contracts can fail
10 understand exactly what are the
terms OF his contract with the Met
ropolitan Life Every promise OF the
Is set down In terms as def
mite and clear as the English Ian
guage permits. every obligation of
the policy holder 10 the company Is
equally plain, No inflated premiums
are collected for estimated" bene- |
fits; every payment 20 the company |
represents the lowest cost of bona
fide insurance.
Instead of leading It's policy hold
ars to hope for more than they event
ually receive. the company has vol
UNFAIRLY taken a dtrectly opposite
course Within the past few years
Il has distributed sums amounting 10
nearly eighteen millions Of dollars
among It's policy holders In bonuses
IN addition TO what the policies prom
sed. This has beeA done under no
,ther obligation than a moral con
iictiOn that the company should
,hare It's prosperity with those who
contribute toward It's success.
The confidence and good will Sc
.ured under this enlightened policy
lccount for the fact that for fifteen
years including 1908,
he Metropolitan Life has received
more new business tnan any other
insurance company in the world, |.