The Waxahachie daily light. [volume] (Waxahachie, Tex.) 1894-current, 1915-07-20

be mutual. and are not operated for
any other purpose than to give peo-
pie their life insurance at practical
cost.
Ii life insurance we're a thing out
OF which to make money fer stock
holders. ! would like for Mr. Phil
lips 10 give the reason why all the
great companies are mutual. All of
the companies doing business In
Texas. outside of the companies
named. are in business to make
money for stockholders. and | am
advised that only three Texas COM
panies will write participating
policy at all, and il Is limited one.
On the other hand the great mu-
tual companies write practically no
other kind. and all of their savings
above the leading charges that are
put on each policy to take care of
the expenses of operation of the
company and to provide for any ex-
traordinary contingency that may
arise go back to the policy holders
in dividends, and it can easily be
determined by a comparison that the
net cost of nsurance--after one
has taken his dividends in one of
the great companies-is materially
less than on non-participating pol
icy written by the Texas companies,
and the small outside stock COM
panies. Mr.. Phillips allusion to j.
P. Morgan controlling the stock of
these great eastern companies is err
ror, for the reason that only one of
them has any stock at this time.
In the year 1913, fourteen of
these seventeen companies who
would have returned TO Texas but
for the Robertson Law. loaned in the
states of Kansas, Missouri, Nebras-
ka and Oklahoma, S23.400, 900. 90
on farm mortgage loan, for which
they received 52S per cent; that
same year all the foreign life in
surance companies doing business in
Texas loaned in Texas, $3.200,000-
90. for which they received an aver
age interest rate of 712 or differ
ence of 1.S4 per cent against Texas.
That same year all the Texas Life
Insurance companies loaned in Tex
as, $1,000 100000 for which they re-
oeived 7.94 per cent, or a difference
of 2.66 per cent more than the Tex
as companies received for their
money in Texas on farm mortgage
loans than fourteen of these seven
teen retiring companies received for
their money in the four states men
toned above.
In that same year, 1913, the
Union Central, that does business in
Texas, loaned in Texas through it's
own agents, in round figures, $780,
10000 for which it received an aver
age rate of interest of ia per cent;
in that same year it loaned in Kan
sas. Oklahoma. Arkansas and Louis
lana, S1,700,0 100000 in the same
manner, for which it received an av-
erage rate of interest of 6.22 per
cent, or difference of 1.52 per cent
against Texas.
| am perfectly willing to leave it
to the people of Ellis county to say
u he.t hnr 10 of<
lands are not more desirable Sc
curity for mortgage loans than
lands in the four states above men
toned. Please bear in mind that
the Union Central does not loan
money, except through its own
agents. therefore, the rates named
are what was changed to farmers for
il. Also bear in mind that the
Union Central does not loan money
in Texas, except in the most proven
districts. principally in the black
land section
The New York Life Insurance
Company bought its first farm mort
gage loan less than three years ago;
this company has almost twice as
much assets as every company now
doing business in Texas; the Equit-
able likewise made its first farm
mortgage loan less than three years
ago
AS result of the Armstrong In