Los Angeles herald., 1910-01-30
VALUABLE INSTITUTION

AN ADVERTISEMENT has lately
n been running in The Herald and
- some other papers of Los Angeles
which discloses business facts that
should mean a great deal for this city.
We refer to the financial statement
published by the Pacific Mutual Life
Insurance company. which shows that
corporation has attained q position of
great financial strength that entities it
TO the confidence of every one desiring
to invest in insurance. The advisable
ity. and indeed the necessity from
business standpoint, of purchasing life
insurance is a matter that has become
too we'll established in the business
world to require argument. The recog-
milton of the business necessity for life
insurance is so universal that it has re-
suited in building up in the form of
life insurance companies the largest
financial organizations in the United
States, controlling more money than
any others. This is particularly the
case with reference to the four great
insurance companies of the city of
New York-the Mutual, the Equitable,
the New York and the Metropolitan.
These great organizations. which have
drawn to and centered in the city of
New York many hundreds of millions
of dollars from all over the country,
have done more than any other influ-
ence to make that city the financial
center of the country. It is these ac-
cumulations of money more than any
others that financed the huge railroad
and Industrial operations Of men like
Hartman, Morgan and other leaders
in the business Of promotion. Every
man throughout the length and breadth
of the United States who carries a
policy in an insurance company having
its home office in New York has con-
tributed to the financial supremacy Of
that city. The tax on the state Of
California levied in the form of In
surance premiums paid by its citizens
to New York companies aggregates a
sum which would astonish the average
citizen who has not investigated this
matter. 1t amounts to many millions of
dollars per year taken out of the state,
and if any of it, except what is paid
for death claims, is returned to the
state. it is in the form of loans to our
citizens. upon which interest is paid.
If the city of Los Angeles is to
achieve the Importance as a financial
center which we all expect and hope
it will. it is highly important that an
organization like the Pacific Mutual
Life Insurance company, which gathers
money from all over the country and
centers it here, should receive every
announcement. The presence in a
community of an institution which
offers at the lowest safe rates insur-
ance that is absolutely reliable, not
only enables our own people. by tax
ing insurance in the home company, to
keep the money which they pay fol-
premiums at home, but it also, by sell
ing insurance throughout the country
collects money from a large area OF
territory and centers it in the city OF
Los Angeles. One insurance corpora
ton of the size and Importance OF
either one of the New York companies
referred to would be of a business ad-
vantage to this city almost beyond
comprehension.
The Herald rejoices that a local
corporation selling insurance can make
such a showing as is made in the state
ment recently published in its columns
nv the Pacific Mutual Insurance COM
uanv. and it most earnestly commende
this institution to the attention of all
our citizens as being worthy of en-
couragement for the reasons given.