The Birmingham age-herald., 1914-11-24
Figures Little In the Public Eye and Less in the
 Courts
UNPARALLELED CASE OF THE METROPOLITAN
Has Resources of Five Hundred Mill lion, Surplus of Forty Million, All Upon Capital of Two Million.
 To Be Mutualized
By HOLLAND

New York. November 23.-(Special.)-Th question Is frequently asked whose an swer would show, if accurately made, what the most profitable corporation in the United States is Those who know something about corporate life usually name corporation which has not been much in the public eye and has never been called to the attention of the government, which, nevertheless, is one of the so- called giant trusts. Occasionally, some one or another of the corporations which own and operate gold mines are men toned. but it rarely happens that anyone thinks Of what is really the geratest cor poration in the United States so far as smallness of capital, earning capacity, magnitude of resources and amount of net surplus arc concerned This is the life insurance company of which John R. Hegemau is the president and which he beginning as a clerk when the corpora ton was not very successful. at last con- structed into this giant organization It now controls approximately $500,0o000o in resources. about ,o0e in net surplus, and 1t has a capital of 5000 shares of the par value of $25, or only S2.o00,0 900. This capital stock is absolutely the owner of the entire property. There is probably no parallel case to be found in this coun- try or in Europe which would show re- sources of s6Oo,0 900, mt surplus of s4o,000,- 900. all standing upon capital of only $2.0Oo0oo.
 Among the resources of the company are loans which have made the construction of some of the largest office and hotel buildings in New York possible, as well as similar construction. in other parts of the country. In combination with three other life insurance companies this cor poration could properly have been at one time termed in membership with the real States.
 Whatever policy of radical and far reaching kind the corporation adopts Is of importance to policyholders. who, as a whole, represent the entire United States. These policyholders number nearly one-sixth of the aggregate popula- ton of the United States.
 A preliminary announcement made a day or two ago of the purpose to mu- tualize this company. buy the stock and then cancel it and put the management under the control of the polcyholders or some of them who are qualified for such action Is the outcome of long continued discussion and thought on the part of the stockholders. Very likely the present time was deemed suitable for making public announcement of this purpose. but 1t would have been made speedily in any event and for reasons which appeal strongly to the stockholders.
 The company has been close corpor- ation and although the stock Is by law prohibited from receiving dividends in ex- cess off per cent, yet the increasing sur plus has always been deemed a part of the stockholders possession. Rarely has s share of the stock changed hands and almost never excepting when the death of an owner made necessary a transfer of 1t.
 The company was organized by virtue of a special charter obtained from the New York legislature many years ago. Under that charter, the corporation was abso- lute, differing fin that respect from one of the other large insurance companies