The New York herald. [volume], December 11, 1872, Page 7, Image 7

About The New York herald. [volume] (New York [N.Y.]) 1840-1920

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STORM IN EUROPE.
fWTilenee of the Dcxtruetive Gale on the
British Coast, but Premonition
of Its Abatement. ?
jfix low Swept from Off Their Foundations in
London?Street Passengers Wounded by the
Wrecked Material?Detail of Disaster on
the Deep and at the Dwelling'*
Door?"All Hands" Lost?Gas*
works' Derangement in a
Dangerous Locality.
TELEGRAM TO THE HEW YORK HEIIALI.
London, Deo. 10,1872.
The violent storm gale which swept over the
English metropolis and around the British coast
?n Sunday, the 8th inst., during the day and par
tially through the night, continued yesterday, but
Bot to the same degree of severity that character
ised Its force on the Sabbath.
metropolitan INJURIES IN PROPERTY AND PERSON.
I
The damage which has been sustained in this
^City is considerable.
Six houses were blown dowu and forty persons
]ftre known to have been lujured by the falling
vuUdings.
Jbab news still bkinu sent to the municipal
CENTRE.
Tolegrapkic despatches continue to come to hand
ringing intelligence of the occurrence of disasters
jboth on sea and land.
"FROM SKA TO SKY THE WILD FAREWELL."
, A brig, the name of which has not beon ascer
tained, foundered off the west coast of the Isle of
Wight, and every person on board perished.
The bark Stralsund, from Hamburg for New York,
Em wrecked on Kime ridge Ledge, but the crew
ere saved.
LB WORKS' DERANGEMENT IN A DANGEROUS LO
CALITY.
The gasometer attached to the Royal Arsenal at
Eroolwich was damaged by the gale, and the nos
ital has been without gas the past two nights.
BB MORE SUBTLE SriRlT VINDICATING ITS SUPE
RIOR l'owhu.
Telegraphic communication is even yet very
|Uuch impeded all over the Kingdom.
communication STILL IMPERFECT IN IRELAND.
The telegraph wires in Ireland which were pros
trated by the gales have not yet beon fully re
stored to working efficiency.
THE STEAMSHIP CITY OF BRISTOL
Safe Arrival of the Vessel in an Irish Port.
> TELEGRAM TO THE NEW YORX HERALO.
London, Dec. 10,187-2.
The steamship City of Bristol, from New York for
Liverpool, has reached Queenstown Harbor, rellev
tg some anxiety which was just being felt for her
fety.
ENGLAND.
tabor Combination Convicted and Pnnished as
Conspiracy?American Cotton Supply.
TELEGRAM TO THE HEW YORK HERALD.
London, Dec. 10,1872.
Several or the city gas stokers who were sum
jhioned under tho Masters am! Servants' act to
Appear and answer the charge of conspiracy have
been round guilty and sentenced to six weeks' im
prisonment.
THE COTTON SlTrri.Y.
Fire thousand Bix hundred and ten bales of
/American cotton were landed at Liverpool to-du y.
SPAIN.
Carliat Conflict With and Repulse By the King's
Troops.
It LEER AM TO THE HEW YORK HERALO.
Madrid, Dec. 10,1872.
A body of Carlists entered the town or Manrosa,
In the province of Barcelona, yesterday, but were
met by the troops stationed there and repulsed
^Aer a sharp light.
THE LATEST EUROPEAN MARKETS.
IjOffOOH Momr Market.?London, Dec. 10?5 P. M.?
CousOln, 91a 91K lor money; 91*, u 91V4' for tho account.
American securities?Five-twenty honds, 1885, 913?; lso7,
IMiten lortlo*. ; new Uvfn, fi??p; Erin, 42V?.
1 Pabu Uouksk.? Paris, I>ec. 10?E\euing.? Rentes, 53f.
80 c.
Fraxkport Bomsit.?PBA.titroBT, Dec. 10?Evening.?
Five-twent.v bonds of 1863, 90?;.
LiTHRrooi. Cotton Marrkt.?LiTF.nronL, Dec. 10?Even
In,;.?Cotton firm. Middling uplands, lt>cl.; middling Or
leans, to^id. a lUJ,'d. Sales 12.(100 Imlcs, including 3,000
for speculation and export. Middling uplands, Decem
ber, V,iA.
Livbbpool BanAnsTtrrrs Market.?T-ivkrpool, Deo. 10?
Evening ?Breadstuff* quiet. Flour. 29s. 61. Corn, new.
Sib. 6d. Pork, 7is. Tallow, 43s. 9d.
BANK SUSPENSION.
JThe National Scandinavian Bank of
Chicago To Be Placed In the Hands of
m Receiver?The President Charged
with Carrying on Transactions of a
Rechleu and Unprofitable Character
and Absorbing All the Proflts.
Chicago, Pec. 10,1872.
The TftnfiJ to-day publishes au exposi or the
affairs or the Scandinavian National Bank or this
City, from which It appears that Ferdinand 3.
Wlnsiow, the President, has been guilty or fraudu
lent transactions, which will result in the closing
or the bank to-day, with a heavy loss to the stock
holders and depositors. Wlnsiow has been In
Europe lor the past two mouths, and it Is con
fidently asserted that he will never return. He is
Alleged to have been engaged lu various specula
tions, all or which appear to have proved unsuc
cessrul. The bank did a very large proportion or
the business ol the Scandlnaviau population or this
city, and its connections extended to every Scan
dinavian community in the West.
it is stated that the exact causes which led to t he
tmspousion ol the bank was mainly the ract that
Wlnsiow used up and absolved the assets and
proflts or the concern in an endeavor to carry cer
tain railroad operations in which be was engaged.
When he went to Europe It was for the purpose or
negotiating the bonds or the roads, having pre
viously incurred liabilities based on the contem
plated sales or those bonds. Hut his hopes in this
direction having railed, the condition or things
loroed upon the bauk thereby seems to have
worked Its ruin. Mr. Spink, National Hank Exam
iner, states as his belter that the aasetB ol tne
bank will rully cover Its liabilities. A considerable
portion oi the latter are held abroad, or the
capital stock ot $225,some i'5,000 was held by a
?tank in Copenhagen, Wlnsiow held <4.s,ooo unpaid
for, and the balance was held In small amounts in
tnts city and among the Scandinaviass in other
parts or the Northwest.
The amount due to depositors is stated at
$225,000. The bank will be immediately placed In
the hands of a receiver. The entire assets, good,
tcul and Indifferent, are placed at $536,016. and the
liabilities at $422,000, aside from the capital slock.
FIRE IN WHITE STREET.
At a quarter-past six o'clock last evening a (Ire
broke out at ?o White street, that caused a dam
age of about four thousand dollars. The fire
originated on the firth floor, occupied by C. F.
Ilardon, manufacturer of hair nets. The loss is
estimated at $2,000; insured. The first floor, was
occupied by A. H. Uavf A Co., twine dealers; dam
age $500; insured. On the second floor, which was
occupied by McFarle A Nilson, dry goods folders,
the damage done is estimated at $500; Injured.
The third and fourth floors witc occupied by N.
A struck, dealer in twine; duniage $7."<0; Insured.
The building is injured to tho .??mount or about five
liundied dollars. Fire Msrsnal McSpedon, will
bold an investigation luto toe cauac ol tho fire to
441'
iH i t I. Ml
FRANCE.
Parliamentary Party Union for Purposes of Gen
eral National Beeaneiliation-Baaee of a Citi
zen Bill of Eights?Preu Anticipation of
President Thiera' Position Toward the
Project?The Chief of State Adheres
to His Message Expression.
TELEGRAM TO THE HEW YORK HERALD.
Paris, Deo. 10, 1872.
Ninety-two members of the National Assembly
who belonged to the Left Centre during the Sep
tember government, and fifteen moderate repub
licans, Including General Cliauzy, U.Jules Favre,
M. Casimir-Perrler and M. LeouSay, have united In
the presentation to the Assembly oi a constitu
tlonal proposal for reference to lite Parliament
Committee of Thirty.
BASKS FOR A BILI. OK RI0IIT9.
The members of this legislative-politico reunion
league suggest to the general body of the Assem
bly the following points of bases for the elaboration
and founding a new constitution of government,
vJz.
First?'The prolongation of M. Thiers' terra of
Presidential office four years.
Second?The election of a Vice President.
Third?The partial renewal of the Assembly
yearly by departmental eiectlous.
Fourth?The establishment and complete recog
nition of the principle of ministerial responsibility
to Parliament.
Fifth?The creation of a .Second or Upper Cham
ber of Legislation.
Sixth?The present settlement of the relations
existing between the btute executive and llio legis
lative departments.
I'KK-jl 1)KNT TUICRS' POSITION TOWAUOS TUB MAGNA
CHAHTA PKOJICT.
President Thiers lias already anticipated tho
formation of a parliamentary coalition, such as is
described above in tills despatch, and the conse
quent tender to the executive and Parliament of
the draft or outline of a national constitution, In
the name and on behalf of the new party. Me
will, most probably, reject the proposition, an event
for which he has prepared the publlo mind by the
issue of the following statement In Bien Public, his
city press organ. This Journal has just said
We cannot well understand the terror which cer
tain Journals affect to feel on account of the con
stitutional projects and political programmes
wnioh the press has been feeding upon lor some
days. Can It be thought that the dostinies of the
country depend upon the more or less ingenious
lucubrations of publicists, and that a little ink and
a few types suffice to make a constitution f Cer
tainly not. Out of all these projects the only ones
feasible are ttiose not inspired by a preconceived
system, but born of a just sentiment of the situa
tion. If such or sucu a solution Is to be speedily
adopted, it will be because it has been progres
sively brought about by circumstances. Let peo
ple therefore continue to write, and let us take no
notice of them. All this talk about Presidency,
Vice Presidency, a Second Chamber and a partial
renewal of the Chamber?in short, all these ques
tions relative to the gradual consolidation or the
conservative Republic, frighten only those who
would seo In a crisis or a sudden dissolution of the
Assembly an occasion to advance far less conser
vative projects.
Tax STATE POMOY PRONOUNORD.
A deputation of the moderate republicans In the
National Assembly callod upon M. Thiers yesterday
to express their apprehensions "that he was lean
ing too far towards the party of the Right."
The President, in response, assured them that he
"would uphold firm and unshakon the policy an
nounced iu His messago at the opeulng of the ses
sion."
AMUSEMENTS.
??Tlic Darouess" at tlie F(Hb Avenue
TUo production of the new piece, which Is called
"The Baroness," at the Filth Avenue Theatre last
night, was one of those remarkable dramatlo epi
sodes for which there js no ?o?lci^ reason. The
plot requires no explanation! The Baroness Vau
brey, the mistress of Dr. Garioy, "marries "the old
Count do Savenay lor his money. Exposure fol
lows; the Connt goes mad, and in the end escapes
lrom a lunatic asylum aud murders her. Tlie last
act Is somewhat similar to the closing scene In
"Agues," and is. In fact, a "sit.notinn'i (......micu
to that play aft?r it len Bardon's hands, we un
derstand "The Baroness" has been In Mr. Daly's
possession for a lorg time, but why it
was produced at all we do not know,
unless, indeed, the purpose of its production was
to give an opportunity for public consideration to
tlie people who tako the leading parts. Mrs. C.
1>. Abbott made her debut a* the Itaroncss and
Miss Kute Claxton played Genevieve de Savenay,
the young daughter oi the Count. With the excep
tion of Mr. Griffiths, who took the part of the Count
de Savenay, the strength of Mr. Daly's company
was not folt In tho cast. Opportunity for the de
butante and for the younger members of the com
pany, as we have already Indicated, was all that
was apparent. Art was forgotten; the acting de
mands ho ptalse and it were vain to condemn.
Only one thing we are constrained to say, and that
Is, that there is no excuse for ladles who are no
longer young undertaking the arduous duties of
the dramatic profession. t ?
Musical an(f^hcaTrlca 1 Note*.
A corespondent writing" to the Hhbali> asks
whether theatrical managers, by constantly play
ing the same ploces, can expect much encourage
ment from the public of this city, and whether they
are not principally dependent upon strangers? In
reply, we would suggest that New York contains a
population, in round numbers, or l.qjo.ooo, and that
any theatre-goer who sees all the plays produced
at one theatre. In a single Benson, will And suffi
cient variety.
Mr. James W. Morrissey, Treasurer of tlie Grand
Opera House, has recently added to his reputation
as an expert ticket seller. On Thanksgiving even
ing he sold f3,600 worth of tickets in tlrree quarters
of an hour, and last Saturday night he disposed pf
tickets to the amount of $3,160 in forty miuutes. '
Wo have frequently protested against the Italian
opera on tho German stage, but protost seems use
less. Wo would like to hear genuino German
op>ra, and to this end wo suggest that "Lohen
grin" be produced in this city as soon as it can be
done under favorable auspices. Wagner is tho
Beethoven oi our ago, and the manager who will
produce his groat work in propor form cauuot fall
to maKC a great success.
Mr. Dooney Harris, the actor, disclaims any re
sponsibility for the accident which lately befell his
brother artist, Johnny Aaron. Johnny had his arm
broken in two places in a sparring match in
"Round the Clock," and seems to think that
Dooucy did it to compel lilm to cancel his engage
ment. Dooney says he would not take any man's
"job"' away from him.
It la a question whether "The School for Scan
dal" could not be made more acceptable to theatre
goers by discriminative cutting of those double
entendres with which the weil-known scandal
scene abounds.
DEATH OF A COMEDIAN,
St. Louts, Dec. 10,1872.
Robert t'raig, a popular comedian, from New
York, died here yesterday.
MAILS FOR EUROPE.
The steamship Idaho will leave this port on
Wednesday for Queenstown and Liverpool.
The malls for Europe will close at the Post Office
at half-past eleven o'clock A. M.
The New York Herald?Edition for Europe
will be ready at half-past nine o'clock in the morn
ing.
xSlncrle copies, In wrappers for mailing, six cents.
IKSUKAftCK.
CORROBORATION OF THE VIEWS OF MESSRS.
WRWDT, HOJI.US AUD FACRLER BY PRO
FESSIONAL ACTUARIES.
We are unhesitatingly of opinion that the reduc
tion oi premiums as proposed by the Mutual Lite
Insurance Company of New York is unwise, ctert
cicnt in security, unjust to existing policy holders,
prejudicial to their rights and interests, and de
serving our unqualified disapproval. We are conn
dent, however. II the Trustees of the Mutual Life
should carefully reconsider the matter, they will
see that thev are about to tako a step unwarranted
by their own experience or that ol any otlier com
pany, and will decide to refrain lrom It,
ELIZUK WRIGHT,
SOEPPARD HOMANS,
U. P. PACKLEK,
Consulting Actuaries.
To Messrs. Wim.iam n. P.kkhs, John K. Oi Witt,
Lewis C. gkovkk, N. L>. Morgan, Hrnhy B.
Hyde ami others.
We coucur iu the opinion expressed h'jqvo,
hvsurawck.
C. W. PHILLIPS, Actuary Equitable Li(e Assurance
Society of the United Mated.
J. H. MTCI11E, Acting Actuary Excelsior Life Iu
surance Company.
S. N. stebbins, Actuary Manhattan Life Insur
ance Company.
W1LLIAM U. WHITING, Actuary United States
Life Insurance Company.
It. C1L.L1E, Aotuary Cerinauia Life Iusurance Com
pany.
W. O. MORGAN, Acting Actuary North America
Life Inxurauce Company.
LUCIUS Mo A1MM, Actuary Guardian Mutual l.lfe.
ISRAKL 0. PIEItSON, Actuary Kclectic Lifo Insur
ance Company.
R. L. CASK, Jr., Actuary Security Lifo lusnrance
and Annuity Company.
HKNHY K. HOMES, Actuary Commonwealth Life
Insurance Company.
HENRY W. SMITH, Aotuary Hope Mutual Life In
surance Company.
EDWARD II. SEWKLL, Actuary Globe Mutual Life
Insurance Company.
TOE nilTIIAL LITE CORRECTED.
To TtiK Eorron ov thk Hkralo:?
Some tripping, but over-eager friend of the Mu
tual Life has seen fit, in behalf of that company,
to advertise in the newspapers of this city certain
"Facts About Life Insurance," which, accepted as a
measure of excellence, snow the Mutual Life to fall
far below the rank of more than one other Life
Company. This gushing advocate endeavors to
strengthen the position by misstatement and per
version?to wit, in the tables showing the ratio of
"Unrealized Assets" to "Gross Assets" ho states
the rate In the ease or the Brooklyn Life to be (51)
fifty-one per centum; this should be (ft) five per
centum, which Is the true rate (vide p. 51 Mass.
Report for 1872). The table properly reconstructed
should read:?
Names of Gross Unrealized Per
Companies. Assets, Assets. Centsge.
Mutual Benefit ..$21,151,760 >705,074 3*17
kf1? 51,309,877 1,700,807 8.32
United States.... 3,883,2<tt 173,540 4.71
New York Life... 18,595.817 908,851 4.89
Brooklyn 1,083.849 80,827 5.14
Equitable 18,079,348 1,020,072 G 34
Manhattan 7,545,874 825,922 8 29
Merchants' 145,914 13,188 9.'o4
Uermania 4,498,898 450,558 10.01
Knickerbocker... 7,528,592 815,238 lo 83
North America... 5,577,483 1,134,008 2034
Security 3,280,028 713,840 21.90
hxcelBlor 628,259 115,942 21.94
World 512,802 113,325 22.10
Continental, N.Y. 4,929,040 1,228.900 24 89
Guardian 2,504,<75 029,385 2s!l3
Eclectic..... 329,710 100,923 30.01
National, N. Y.... 880,482 284,828 82 02
The following note, which explains itself, may
not be out ol plaoe in this connection, and the
absence or any reply thereto, or any correction of
the error alluded to. Is conclusive evidence of the
straits to which the management of the great
Mutual Life Is reduced when It seeks to push Its
assumptions or superiority by indireet means ol
misstatements:?
Brooklyn Life Insurance Company, )
320 and 322 Broadway. |
Nkw York, Dec. 9, 1872. J
F. S. Winston, Esq., President of Mutual Life In
surance Compuny or New York :?
Dkar Sir?An error or some magnitude, and or
Importance to my company, appears in the adver
tised communication ol "A Policy Holder," In the
morning newspaper, headed "A Few Facts about
Life lusurunce." In the table of "Percentages" of
"Unrealized Assets" to "Cross Assets," it is stated
that the ratio of tho "Brooklyn Life" is (51) flfty
oue per centum. A srlanco at the figures will show
you that the true rate should be but (5) Ave per
centum?a rate which places the Brooklyn Life
ahead of most or tho companies mentioned, iu so
far as the tank; is or any value as a standard of
comparison.
As "policy holders" do not advertlso their
opinions so expensively, we presume we ueed but
to call your attention to the mistake, or misstate
ment, to insure Its early and public correction,
which we earnestly request.
The bearer will await vour replv.
Very respectfully yours,
fc. W. BOPCK, President.
The Mutual Life's claims are further arrayed la
the following language
Third? in every large business there are neces
sarily unsettled accounts and incomplete transac
tions, but that merchant will be the safest and can
dj buf^qes? iposr fciyiomlcally who has the fewest
oi hucu unsettled anu ftCQvufltd.
Now, in this case of the total assets ol the MCtu^l
Lile Company three per cent consist or balances
due Irom agents, uncollected premiums and the
like. The average percentage or the same "un
realized assets" iu the etci"? r?T''""'CB "*> av~
cording to tUe?a"-w^'J^re19'f^H,ttle ?vfr 8eVeu"
cunt, ir the Mutual Lire's affairs were
manageti aa these figures would Indicate the other
companies to have managed theirs it would to-day
have nearly nine millions or its Hinds outstanding,
and thereiore to a certain extent in peril.
The Brooklyn Lire accepts the test herein sug
gested The "unrealized items" or assets, as de
tailed in the Massachusetts Department Report,
comprise?
First?Unpaid premiums falling due in 1871, on
policies in force December 31, 1871.
Second? Deterred (semi-annual or quarterly) cash
premiums.
Third? Interest and rents accrued and due (or
not due) and unpaid.
[There are no "balances due rrom agents" ad
mitted by the Massachusetts Commissioner in this
Onvcgory.j -rt., ...
As tho second and third classes are almost wholly
Hot doe, their non-payment can give no evidence
or perilous management. The kernel or this nut,
then, is the item or "unpaid premiums railing due
in 1871." Look at page 122 of the Massachusetts
Report for 1872. and you will see that the Mutual
Life, or New York, hid (127,7i>7 or "unpaid pre
miums" under the head or assets. Look at page
51 and you will And no such item mentioned. The
Brooklyn Life had not a dollar or "unpaid pre
miums falling due in 1871" comprised In Its assets.
Look rurther and you will be enabled to compile
the following tables, which will show, on the very
test suggested by the last, and as yet the least
scrupulous or Its advocates, that the Mutual Lire,
or New York, has not the "rewest of such un
settled and outstanding accounts;" and ir its own
method or deduction be carried out It cannot "be
the sarest aud do its business the most economi
cally."
Unpaid
Premium Premium* fall
Rccelpts tug due In 1871 Per
Namo of for year (uncollected cent
Company. 187!. liec. 31, 1871). age.
Brooklyn Life 1630,828 none. none.
Connecticut Mutual. 7,80a,492 $60,659 .77
Mutual life of New
York 12,655,990 127,757 1.01
Equitable Life 0,79O,7?1 174,574 2.57
National (Washing
ton) 629,7!) 1 22,418 3.55
United States Life.. 854,011 3J,i53 3.33
Mutual Benefit (New
Jersey) 5,554,122 243,586 4.38
Washington Life... 094,427 44,540 4.49
New York Life 6,031,879 803,356 6.03
While the Brooklyn Life and the Connecticut
Mutual show superior results to the Mutual Life of
New York, the other companies approximate so
closely thereto that no startling exceptional
superiority of management Is discernible in its
case.
Examining still further the Massachusetts Com
missioner's report, you will note the following, pp
liii. and Uv.
DK.VTII3 ON NEW POLICIES tSSfED DCRINO THE
TEAR BNDINU DBCKMI1EK 31, 1871.
Per Cent of
Loss to Amount
Name of Company. No. of Claims. Insured.
Brooklyn Life none. none.
North American Life.. none. none.
Mutual Benefit (N. J.).. 2 0.01
Continental (N. Y.).... 5 0.05
Manhattan Life 1 0.07
Mutual Life (N. Y.).... 12 0.11
Accredit the Mutual Life with all the "care In
the selection of risks" It may be entitled 10, and
yet certainly the above cited official figures
scarcely warrant its rriends in assuming that it has
exercised "greater" care than some other com
panies.
In respect or the "average" rates of expense of
the various companies concerned, any one ac
quainted with the business knows that the average
rate is not the cost of getting a new insurant.
Take a certain number of life companies of differ
ent nges, in each or which the cost 01 getting new
business Is precisely equal, and the average rate
will vary as do the companies in age?
the lowest average being with the oldest
company. The item of Interest In this
connection to each applicant for insurance Is what
his individual policy will cost; no one believes and
no one can truthfully assert that the Mutual Life
can obtain new business at a lower rate of cost
ithan many other lire companies. Of the fifteen mil
lions received in 1871 by the Mutual Lire, but little
over three millions was on new business. Ratio
the great cost of these new premiums Id conjunc
tion or combination with the small coat of collect
ug Its nine millions of renewal*, it* two or three
rNsnMNCK.
"Consulting Actuaries," in answer to a letter from
millions of Interest on loans and the premiums
charged up as receipts for reversionary additions,
and the average is small. The new policy holder
receives no equitable advantage, however, from
this small average, nor Irom the small coat of col
lecting the old renewals; this tatter source of ad
vantage belongs only aud properly to the old policy
bolder.
In conclusion the writer begs to add that the
Brookiyu Life neither kuows of. nor has any part
in, any "crusade." For any one interested in the
Mutual Life to complain of a "crusade" against it
is palpably ridiculous, as that company is univer
sally hostile to rival or contemporary, whenever
advantage to itsell seems possible, no mutter how
baneful the cdfect wrought to the general business.
The design of this letter is simply to correct the
errors or misstatements aud expose the absurd
assumptions claimed in comparison for the Mutual
Life by one whose expensive manner of advertis
ing his views unmistakably brands his simple sig
nature o! "A Policy Holder" as an evasion or a
pseudou,vme. Be he policy holder or otherwise, the
information above Is tendered him and all whom
it may coucern. other interesting tarts and com.
parisons can be furnished if rendered necessary.
WILLIAM M. COLE,
Secretary Jtrooklyn Life Insurance Company.
TOE THREE COISSt'I.TINti ACTUARIES RECOTI
SIESI) LOW RATE*.
?
Dleitn. Wright, Ilomann and Karklrr on
Both Side* of the Fenre,
To Til Editor or this IIkrald:?
Some days ago Messrs. Elizur Wright, Sheppurd
Ilomans aud D. P. Eackler, who call themselves
eighteen Life Insurance Companies, gave it as their
united, "unhesitating and deliberate oplnlou that
the new reduced rates of Life Insurance, proposed
by the Mutual Life Company of New York, were
uuwise, deficient in security, * * * aud deserv
ing of an unqualified disapproval."
These "unhesitatiug" expressions from three ac.
tuarles of some notoriety would hardly have re
ceived much attention had the public been familiar
with their previously expressed and equally ''un
hesitating" and "unqualified" opinions.
The New York Daily Bulletin has taken the
trouble to examine this question of tow or reduced
rates, and shows that tho very Actuaries who now
so "unhesitatingly" oppose and "unqualifiedly dis
approve" them but a very short while ago strongly
urged them. The following extracts from opinions
of Messrs. Wright, Homans ami Fackler will puzzlo
tho public, which will Inquire what is the difference
between "Consulting Actuaries" and "Consulting"
weathercocks.
Eli/.ur Wright, speaking of the advantages of low
rates to policy holders, says:?
It Is marvellous how little it is considered that the
more you pay in advance the more you Insure your
self! the more you have to pay beyond your just
share of tho expenses.
Sheppard Ilomans, by letter dated March 24, 1871,
officially states <oa then receutly organized mutual
company, with rates reduced lully equal to those
now proposed by the Mutual, that?
The feature of low rates 01 premium lias a de
cided advantage, and Is Itself a pledge to the pol
icy holders of economy aud care lu the manage
ment,
Elizur Wright, by letter dated February 21,1971,
said, In his otllcial capacity, that "in view of the
tendency which mutual companies have shown to
exact largo premiums without making a corre
spondingly large return of the surplus, on account
of extravagant expenses, it is Important to have
stock companies with low rates."
"Actuary D. P. Fackler, In a letter dated May 2,
1871, ofllciaily stated that 'the competition of stock
(low rates) companies will li&ve a wholesome ten
dency to check extravagant management In the
mutuals, whose large premiums may tempt them
Into unnecessary expenditures.'"
These "unhesitating" and "unqualified" opinions
in low ratcf} would li^ve abundantly J;;pti
tledtthe liutnii.'? course, and may possibly have
??, oopl-uiaiv BTjiftn they are taken lu
connection with similar opinions from other equallv
eminent, but, so Tar as now appears, more con
sistent insurance authorities. For instance, the
Hon. W. Barnes, In his Insurance Report for 1861,
wrote
The cheapest rates or premium consistent with
entire and perfect saiety to the insured best sub
serve the public interests and operate to extend
the bene tits of these beneficent institutions. It is
needless and expensive to pay over money or
notes to a life Insurance company lor the purpose
only of having tho same returned.?Uon, IF.
Barnes' Report, 1801.
Tho lion. John E. Sanford, Insurance Commis
sioner of Massachusetts, in his report for 1808,
speaking of dividends In life insurance companies,
Hityi:?"The sodnfcV such guarantee^ cease to be
made at.I such expectations created the sooner
life lnsuraace will come to rest on its true motive
"IVl J??nJP13r9 JheJr.UYSS for security and not for
Ulviuehas. Tne ycjt and most popular companies
will thei bo those that promise only equity aud
render all that they promise, and furnish the best
security, with the most upright and judicious man
agement"
Emers?n W. Pcet, actuary, wrote :?
The object of every insurer should bo to seenro
at once at large an amount of Insurance as he can
for a given payment; aud he who resorts to an
ofllco exacting high promluras sacrifices the Inter
ests of his family for benefits only prospective and
contingent, and surrenders a certain and fixed
advantage for a share In the lottery of dividends,
in the aajtstmpnt of which he has no control, ami
the correctness of which lie has no meaus ol ascer
taining.
To the opinions thus so plainly held by high
authorltieain life insurance, and with which but a
short time ago the three "Consul ting A ctuarles."
agreed, we will add, still from the Dally Bulletin,
U1U IU11UW??H
Vice Preildent Spraguc, of the "Institute of j
Actuaries,' a standard authority In Kurope, said
that "the lfe Insurance legislation lu the United
States certilnly has had the effect of checking the
lmprovemetts -there, lor there can be no doubt,
with the hfrh rates of interest prevailing there,
and almost certain to prevail lor man? yearn to
come, the ntes ol premium ought certain 1} to be
reduced."
Nor can it?e said that Messrs. Barnes, Sanford,
Elizur Wriglt, Sbeppard Homans and Facklerwere
alone in holdng the belief that the rates of life in
surance cowl safely be and ought to be reduced.
The matter was discussed, as its importance de
served, by rwponsible Journals. For Instance, the
New York Tnvs, which has long paid great and
intelligent attention to insurance questions,
wrote, Dectnber 16, 1809, in its editorial col
umns;?
Their (the Hie insurance companies') rates of
premium m>d revision. They make insurance a
too costly bsinoss. Instead of exacting heavy
premium*, li order that they mav make a display
or "proQts" eturoed, thuy should bring the rate
nearer the atual cost of Insurance, &c.?EHitortal
in Xew YorkDatly Times, l>enemher 16, i860.
Tne fnmrttce Spectator, as early aa December,
1869, said tha "the principle of high reserve (re
quiring high ates), more than anything olae, per
mits extravaance, upon the same principle that a
man Is wastcul of his money Just in the proportion
that the amont at his disposal is beyond what he
actually need."
The Italtlmre Underwriter, in January, 1871,
said that "te excess ol over-calcuiated and
heavily loade< premiums, in the case of the down
fall of the crat Western and of the reckless ex
travagance witch ia rapidly hurling a dozen others
to the verge f the cataract, Instead of reverting
to the insure in the form of dividends, has only
proved an lieststible temptation to prodigality
and waste."
And flnallyfbe New York Times said editorially
again; Januar 7, 1870:?
The abllityof a company to declare large
"profits" Is cntlngent upon the payment of an
excess of preilum by the Insured. * * * If
hereafter larnidivldends nredeclureil.lt will be,
hs we have sal, because the insured pay more for
insurance thant is worth. The premium* are too
high. Bring te*e down to the proper rate, and
the era or blgdivldends and "profits"?and ex
travagant comitsalons into the bargain?will ronie
to an end.?Attorial in A'ew York Daily Times,
January 7,1870
This array or nthorities (exclusive or the three
"Consulting Amarles") would seem to be sitf
flclent to Justy completely the Mutual In its
course. That, I least, no one will deny. Bat what
will the public link of the opinions, hereafter, or
such "Consultlt Actuaries" as are here shown
astraddle or a iry painful fence? In the words
with which Dr. ihnson begins the story or Baa
aelas, "Ye who ?en with credulity to the whis
pers or fancy al pursue with eagerness the phan
toms of hope,"nd who believe that the facts of
to-day will be tl facts of to-morrow, listen to this
tale of Wright, umans and Fackler, the "Consult*
ing Actuaries" t the eighteen Ufa Insurance com
panion FOLICY.UOI.DEH,
nsiRAitri^
PROTEST niOJI POLICY-HOLUCHtt OF TOE
niTlAL LIFE INSCBAilfE CoKPAfl*.
Hip following protest was circulated at a late
our yt lU-rday ufternnou among a few of the
policy-holders of the Mutual Life Insurance Com
pany in the lower part of the city
'New lork city policy-holders who receive a
copy of thin protest by mail will please sign the
same, obtain signatures of their friends who are
policy-holders in the company, and return the pro
tests to Messrs. Poster A Thomson, couiiselli/rs-at
law, 00 Wall atreet, not later than December 12."
The undersigned policy-holders of the Mutual
Lift Insurance Company call to the attention of
the trustees the fact that a difference 01 opinion
exists among prominent actuaries as to t ho effect
upon the interests of present policy-holders of the
proposed new departure In the conduct of the
officers of tho company and the disposition of lis
accumulated ftinds.
They also call to their attention the fact that in
the opinion of three eminent actuaries the reduc
tion or premiums, as proposed, is "unjust to ox
Is! ing policy-holders and prejudicial to their rights
and Interests and deserving our unqualified dis
approval."
They also suirpest to the trustees that any ex
perimental revolution by them (of doubtful legal
Ity) In tho system of the company's business, and
the use and hazard by them of the funds accumu
lated by the present policy-holders lor the security
of new obligations enuring to the benefit of new
members, is calculated to shake the confidence of
the community in a direction where, by every
means, confidence should be strengthened and not
weakened.
They protest against sncli an unjustifiable exer
cise by the trustees of the functions of their office.
Signed?
8. IREN/EUS PRIME 37 Park row.
I1KNRY C. BO WEN 3 Park place.
E. A. QUINTAKD 0 Pine street.
I'ARKER IIANDY 24 Nassau street.
NATHANIEL HAYDEN....1M Broadway.
UENIIY A. IIURLBUT.... 11 West Twentieth st.
C. B. FOOTE 12 Wall street.
W. B. MEEKER 48 Wall street.
WILLLIAM J. MUNN 33 Wall street.
JAMES D. PISH 78 Wall street.
J. F. NAVARRO Com. W'h'e. Co., Wall st.
O. K. KINO 21 Nassau street,
GEO. I. SENEY 10S Broadway.
G. W. FULLER 8 Wall street.
CIIAS. SCHRODER 8 Wall street.
JAMES D. SMITH 14 Ilroad street.
W. a. CHAPMAN 14 Itroad street.
W. IRVING COMES 67 and 59 William street.
C. J. DESPARD 8/i wall street.
WM. LECONEY 119 Broadway.
O W. JOSLYN 78 Broadway.
J. B. ALEXANDER 4U William street.
F. L. TAINTOR 17 Nassau street.
EUGENE THOMSON 10 Wall street.
CHARLES M. STEAD 46 Broad street.
C. W. STAND ART 139 Broadway.
H. R. BALTZER 00 Exchange place.
W. K. SOUTTER 63 William street.
A. WOLFF, JR 44 Exohangc place.
C. B.CAMP 142 Pearl street.
GEO. W. MIDDLETON. ...00 Pine street,
F. H. CARTER CO Wall street.
ALBERT P. JOHNSON....59 Wall street.
HENRY SMITH 01 Wall street.
AUG. L. HYDE Ill Broadway.
SIMON SOHAFER 18 Broad street.
HENRY HOSFORD 56 Cedar stroet.
F. J. HOSFORD 58 Cedar street.
C. II. HARRIS 25 New street.
WILLIAM L. TAYLOR.... 17 Wall street.
WM. F. POTTER Philadelphia.
F. D. STRAD 4fl Ilroad street.
ALLAN HAY .^20 Nassau street,
ROBT. HAY 33 itroad street.
W. W. FORD 2 Wall street.
E. H. PULLEN.... .2 Wall street.
F. F. THOMPSON Nat'l Cnricner Rank.
k. m. va?OERVEER St. Nicholas Hank.
GEO. W. ROBINSON 48 Wall street.
P. G. DODD \va]| street.
J. VAN SCIIAICK 13 Broad street.
WALTER S. NEILSON fil Exchange place.
GEO. S. SCOTT 38 Rroad street.
L. R. JEROME 30 Broad street.
F. D. TAPPAN 30 Wall street.
C. HOFFMAN 33 Wall street.
GEO. ARENTS 9 New street.
C. A. CRANE 9 Pine street.
FRANK A. OTIS 11 Pine street.
E. COZZENS....; , .vr'.T... ,8 Pine street.
RICHARD LAURENCE....48 Wall street.
JonN M. THOMPKINS....48 Wall street.
EDWARD N. WAINE 19 Broad street.
JOS. S. JARD1NE 15 Rroad street.
GEORGE W. CARLETON..Publisher. 5th Av. Hotel.
CHARLES P. FRAME 202 Broadway.
CHARLES F. WREAKS...60Wall street.
JAMES THOMSON 69 Wall street.
RICHARD II. BOWNE 9 Pine street.
SAMUEL A. STRANG 59 Liberty street.
JOSEPH LAROCQUE 36 William street.
Those policy-holders who do not receive a copy
of this protest may sign the same at the book store
of George W. Carleton, under the Filth Avenue
Hotel; at the Home Insurance Company, 136
Broadway, or at the office of Foster A Thomson,
counsellors at law, 69 Wall street. Or they, as well
as policy-holders living out of New York city, de
siring to sign the protest, may cut the same (with
out tho signatures) out of this newspaper and gum
it on a sheet of writing paper, obtain signatures to
It and sond It without delay to Messrs. Foster A
Thomson, counsellors at law, 09 Wall street, New
York city.
TIIE IHSIRMCE qi ESTIOIV.
To the Hditor ok ttie Hriui.d:?
I see b; tlie l>Mt annual report or the Insurance
Commissioner of Massachusetts that, on a four per
cent valuation, the Mutual Life had a surplus of
only 8.10 above eacli $100 required to reinsure ltd
outstanding risks. In other words, the margin of
only $8 10 per cent above solvency. The policy
holders of this company Invest their money In It
because they have repeatedly been told and be
lioved that the Investment Is safer than any other
In the world and not subject to the contingencies
to which other investments are llanle; but on ex
amining the subject It a?ems that a margin of only
$8 10 above the fioo required to be solvent, ac
cording to the standard tables, Is very small and
might easily be overcome. Would It not be well
for the Mutual to wait until this surplus of eight
per cent amounts to forty or fllty per cent upon its
premium reserve before making this change ? I
am surprised to find the margin so small in the
case of the Matual Life, and had supposed It much
more than shown by the Massachusetts report.
A vessel freighted with the luture Interests of
go many families should keep out in the open sea,
and not see how close it can shave on some rocky
promontory without injuring itself. If by the
course proposed by the Mutual Lile in the reduc
tion of rates this margin is brought down very
much less, It seema to mo that the policy-holders
will be very materially injured by the change, as
their security will be greatly lessened. For one, I
should be In favor of foregoing future dividends,
and would prefer to sec the sarolus run up higher
than at present than see it lowered. I confess that
I cannot understand the object of this reduction in
rates. The company has been doing a good busi
ness?al?out |:w,ooo,ooo last year?and the policy
holders are, no doubt, satisfied with their dividends.
The company would certainly be more secure by
doing a business of $3.?,ooo.ooo a year on Its lull
rates than It would by doing {60,000,000 at low and
insecure rates.
Tie truth of the matter is that the policy-holders
In this company i'o not care to have their funds
experimented wltn. We are satlsfled, as the Now
York Underwriter so aptly expresses it, "to let
well enough alone." Is it that this company,
which is laying up five or six millions a year,
is dissatisfied because It Is growing so slow, and
wishes to monopolize everything? Their lunds
should be taken very good care or, and their pros
pects should be very carefully studied and no risks
run which are unnecessary, because they have at
risk nearly *2!W,oou,00fi. 'lids la a very large sum
of money, and will '.ifcvo to be paid. It therefore
seems to me that this question should be most
CAi'dully considered before being acted upon.
AN OU> INStltANCK MAN.
Rnraett'a Mlnlatm'* Tolli-M.?
A->30RTKD CObORKl) l?o*K>. {?
Toilet Anpendage. admirably ada ".^.'pabi r I14M.IDA?
anit traveller'* portmanteau. Ad. '?} rABl.h HOfaiUA*
Plii SKHT& Wholesale by driM?wu *uaarJr weueveiy
where. ' m
A?For a Stylish and Klejra^*
II AT ri> direct to Hie insiiuiacturer, i-1 *?*i.? t><;llil*l?, II*
Nassau street.
A?Herrin^'H Fntcnl
CHAMPION SAPE4, S
151 ami ~>i Broadway, cot ncr of Murray
A.?.Herald Brit tie It Office, Rronklfn,
corner ot Fulton avenue ami l*'>erum street, .
Open trnin * A. M tot P. M. '
l)n Sunday troni 11? t I*. M. ^
A.?Pfrrmpfory Male of an Rnllr#
Slock (H JEWELRY, DIAMONDS, COI'Al.i, 4U.
Must tie closed bet ore Jaiiintry H, I8'T
VICTOR BISHOP, Kirth Avenue lintel,
RIGHT II AN I) SIDR (NORTH HAI.K) ONI.r,
01 the .store lately occupied by Uisliop A Krin. -
A.?Ia liIfr Wortli Fifty Cental ,
II It Is, and a hard courIi is convulsing yoar lung*. *<*?"?
nut in?litntly K?r a bottle ot IIAI.K'M IIONEY OF IIOKB
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have t Ye*. Then PIKE'S TOOTHACHE LMtoPS vrtik
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^?">Thl? Cold Wind Brine* Win<?r?.
For WKATIIKH STRTPS ro to ROKIllIOK'S, 98 and l?
r ulton street, near Olill; same oltlce lor ten year it.
A llrnKgUl liplown Wanted?To Sell at
hi* More and lit on a new Truss. Address bo* 3.MS r>js*
o 111 co.
A.?For a Flrat. (ilaia Hat or Fine Fur*
call on DOUQAN, 1U2 Nassau street, corner of Ann.
A "Knal?? Piano" la the moat faali*'
lonahk> instrument with which to adorn a lady'sboudots.
To be had of J. 11AI/EK <t CO., G50 Broadway.
A?Royal Havana Lottery. Grand Eb?
traordinury Drawing. J. II. UAKTINKZA CO., Ktmkorsi,
10 Wall street; Post otTIco bo* 4,lW5, New York.
Batrhelor's Hair Oye.?I* the Be?it in
the world ; the. only true and perfect dye; harmless, i'*li?
abte, instantaneous. At alt druggists.
Burke's Holiday Style Ure?i IIala>
ready, at popular prlcos. Sent.skin CAPS iu variety.
IIU ltKK, Manulacturer, 210Broadway.
Christ odoro's Hair Dye,?Thli Splcndlit
Dye is the oulv one that has ever ocen analyzed aa>ft
found harmless.
('heapral Book Sler? In the World.?
1?7,4:U iiiaumtlcent Holiday Hooks and Juvenile*. Cat*
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No. 3 Deekiuan stroct.
Dyspepsia.?Worst Casea Cured by Dr.
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Fnra at Popular Prleea.?Call Befon
purchasing. RUKKK, Manufacturer,
110 Broadway, corner of Fulton street
Olenham Hotel,
Knropeiin plan, 155 Fifth avenue, between Twenty flr?t
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nent and transient guest*. A. II. CltANlCY, Proprietor.
Holiday Ottta?Knox Ilaa a Fin*
Stock of Sealskin Caps, suitable tor presents, for eillter
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your purchases at 212 Broadway, or under tliu Fifth Ay.
cuuo Hotel.
Hojrr & Co., Palntera, 117 Duane street.-*
Signs, Patent Not llauner* and Engraved Mutal slgna.
"Iron-Clada"?A Winter Shoe Itor
tie men and boy*. CANTRKLL, .141 Konrtti avonuu.
IVIeol, Davidson lit Co., 080 Broadway,
factory No. 4 Ore at .Tones street. Ulasseultor* and En
gravers are Introducing new and fashionable patterns
ot cut and engraved CLASS of pure crystal. OLiA&l
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On Marriage.?Happy lSelieftor Voting*
Mc'J. Kemarkablo reports sent Ircc. Addross IIOWAUD
ASSOCIATION, Philadelphia, Pa.
Ringworm, Halt Rheum. Cured l?y
using .ll'NIPKIt TAR SOAP. Manufactured bv CAti
VVKCli, HAZARD A Co., Now York.
AVeddlns and Ball Card*, Pari* Style*,
M0NO0RAM8, lino N0TK PAPERS J. EVKltDEI.U.
WJ Bj'oadn'ay. Established 1810.
toEW PUBLICATIONS.
IilOR TUli HOLIDAYS,
1 1872-7S.
THE LITTLE PEOPLE OP THE SNDW,
By William Cullen Byrant. Richly mi I copiously illm*
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"Jin; Littlo People of the Sijow" is one of the raosr.
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volume n "ittipi-i:''* elaboratly ind cxnuliltoly Illus
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no le.ss striking lli.in tlio poi'iil iUelf. A inorc hi-auUiully
illustrated book lias never appeared from tlio American
press.
ROME.
By Franc I* Wo y. Containing three hundred .ind forty
ilvii lingraviniTH on Wood, designed by the most eminent
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TIIR "LEATHER STOCK I NO" TALES.
By James renimore Cooper. one volume, 8vo. With
Forty Illustrations by I1'. O. C. Oarley. Cloth, gilt.
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The so-called "Leather-Stocking Tales," hy J. Peni
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D. APPLKTON A 00., Publishers,
Sty and 861 Broadway, New York.
II
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Blackwood's Magazine, complete, 1817?H7I, 110 vol
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