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Show Uo. 2.J . j NEW YORK MUTUAL LIFE IN- j SURANCE STATEMENT OF 1S72. . ! 5,978 Policy Holders Leave in Disgust. Su;, The conviction that I sincerely sincere-ly entertain, that you are an upright and conscientious man, induces me to again address you. on the subject of the management of the Mutual Life-insurance Life-insurance Company. Although I do not hold you morally responsible for the venal corruption, "which has prevailed pre-vailed in the executive ring, which has so long controlled the entire busi- ncss of this corporation, yet are you amenable to the law or its oHences, and if you persistcnly refuse to recognize recog-nize the fads loariiig on this evil, you wilt, in the end. bo held as a -partiei- 1 pant in the iniquity of the management. manage-ment. You cannot ignore your duly as a trustee, tor the performance of which I ami my fellow Mliey-holder elected you, and as the head of a great financial, institution like the American Kxehaiige National Bank, you are bound to set an example, not only of passivcand negative integihv, but of strict vigilance, and prompt and energetic action in investigating and remedying such abuses. Your name is on the list of Hie trustees of the Mutual Life. The. ! company's agents point to it as a guarantee, that the published statements state-ments over which it appears, are correct cor-rect and truthful in every respect. I believe you to be too honest a man to consciously allix your signature lo a deception, however artfullv ami speciously spe-ciously faJirieated, Fortius reason I earnestly call your attention to M't' last annual statement of our com-pa com-pa try. ! Tiie annual statement of the Mu-I Mu-I tual Life is a very imposing exhibit. The income for the year iset down j at the grand total oi' il"7,71o,U04.")4. ; You have certified that these figures arc fair and accurate. They are false. If you will hike the pains to examine them closely, you will Jjml that they arc factitiously inflated bv about -?u,-?-3o.20-3.14. j lvin Cndea unto un-to show you how this is done, but at the same time beg to observe, that this is an investigation that vou ought to have made yourself. It "has been Winston's recent practice to impart the semblance of great prosperity pros-perity to the company, by including the dividends applied to the purchase pur-chase of reversionary additions; the surrendered addition's used in payment pay-ment of premiums, and the amount of surrender values on account of paid-up insurance, iu the income. Winston rciort-, and y.u endor.-e it, that the new premiums for were s4 n:;il:L-,.o:;. whirll vm should deduct 7l7.!'i' dividend addition-, applied to pureha-c paid up insurance, and about Sl.m.0.(xi' iati-mated iati-mated amount of surrender values, on account of paid up insurance; thus reducing tiie actual new premium pre-mium lor the vear 1-7- to tfl.OSS-!"7.1-. This financial juggling, of shitting essential items from one ae- 1 count to another, mav cheat the eves ' of a few Milling to be deceived, but ' must in the cud be discovered, aud i , forfeit the coimdcnce of the public, I and bring di-gracc upon the whole I i system of life ""insurance. 1's - I '';.. lrt '!', ,!, !,itrnli'Ji'i ilf'l"''--'- I i '"' ''5 "-W i,,e hiotdnd "ivl i zcr'n'v-Httt? i'!t',fil0!,l,r3, jrirrs:t?-i:, J j uutca.-'U or' ii,',(,vh --''-:ts o'' instil-- : --'-, aw. rh.., tii di-iutt i I h Vt;u.-: ; j ilr. Win-ton, iu tiie annual statc-; statc-; ment rendered u, die insiir.icce de-; de-; partaienta ut t'nc -arioua States under . oatu, aud uhhsiicd uiroughout the ! Union m the cohmius. of the press, j scrts,diai tiie Munial Life recti vid i u l-'J-. ;is original premiums . 'Jo2.l:'.i"i:;. I U,i,jv d.-clare that this ! st.u. in-.ut i- ;,.,. "jn sun.1 iv-I""- '- a:-. ,-..,;,, tiie conu-a- , ny .- r.itiu i,i t.., iMt.ii re ' ceijii.- L-.Mily ;., ,,.T c.-ni. ! After a ck-ano thoro'igii cxamina- i tioll of l. .i i ,V!i i,K!-.; ta!it it' Ii:-.' :n t:.e ci.!ii,.u:v-, j.lv,,":-n rei-mis i, ; tr.'- ln-nr.ni.-.- I -T .:L!; , i ut.s of the , I n:oii. I ii.r.... ti,V orncers of the : eoinpany o;":,,!-,-;;; I1Klle false state- ! men t.-m r-p--t i,, t..ih. and c::'.-r t ' '"'" :'" ..-.'. ,..-,.. 1-y any i - -in : .-r- -J ,-vp .r;, -n the couii- W iien we eo:i-;.h.r tiic .u tual n-'W premucm-uf tue tuuipanyUor lc73, 1 amounting only to $1 ,0Mi'. .1 1 , and the sum paid to agents een as ret.rud. it i manifest that the bilsi- j nes.- h.is Ken pn vur-.l at an enor- j moiL evst. We are accordingly in- evit.ii.i'iy levl to the inference that Win- j slon's ratios are false, and reduced or : exaggeratetl for the -oike of elUvl. It ls ind..d easy to -how for in-tan. e that the ratio of expense to new . premiums i- forcid down by nhhH arlil'teial piov-e.-s far IvL-w the truth. The i .liowing letter dl 1 astoni-h all who hae Uvii M-k M-k Winston's rep-ris to credit the Mutual Lite with great facility, and ihe most inexpensive method of procuring pro-curing new business: and their amazement amaze-ment will not lc diminished, when tliev call to mind this officer's hanii-hooil hanii-hooil in )n'posing to mkice the Kad-ing Kad-ing to 10 per cent, at the very time the company's sub-agents were eagerly eag-erly oll'ermg ?) lr ''-. ctun intuition J'.-r ticic 'Mjiuc.., The Mi tvai. Like lN-t i;vNCE Com-i'anv, Com-i'anv, ok New Yokk, F. iS. Winston, President. Kckfalo, N. Y., Feb. 1. lS7;i. Ih.ir Sir. I will pay you with pleasure twenty jxr cent. commission on every 5 or lO.tXX) dollar iolicy you can bring into my company, which is the richest, strongest, Kst : paying, most economically manageil, and most successful instiiution of its class in the world. The Mutual Life has loaned in this city and vicinity more money than all the other companies represented here, annually collect. Kcfcrring to enclosure, and to a statement that will appear in the Commercial Satunlay nest, I am, Yours truly. Cku. B. Ketchim. This letter gives rise to some curious curi-ous thoughts. It is natural to enquire en-quire if Mr. Ketchuin can pay 10 per cent, commission, how much does he receive himself, and how much does the company allow the general agent, Mr. Iinardman, of Troy, who employs Mr. Ketchuin ? This evidence discloses dis-closes some unwelcome facU. It shows that Mr. Winston is making a frantic cflbrt to keep up appearances appear-ances by bidding for new business at ruinous rates. I call the rates ruinous, ruin-ous, beeause thev must, if continued, eventually absorb the vitality of the company. By such means Mr. Winston Win-ston may for a timo blind vour eyes and keep his place, but in tlie meantime mean-time he is sapping the foundations of the institution it is his duty to protect, and is inflicting a great injury upon the name and credit of life insurance in this country. The practice which I most heartily ! deprecate, which you must condemn, and which I think in connection with the Mutual Life, vou are bound lo ar-, ar-, rest, is the falsification of a com-i com-i pany's accounts, put forth in sworn statements for public acceptance. If this evil is permitted to pass unchallenged, unchal-lenged, if it continues to receive the implied countenance of leading financiers like yourself, it will grow, and become at last so prevalent and pernicious as to render all such reports re-ports not only worthless and incredible, incred-ible, but a source of demoralization and shame to the nation. Feeling confident that you will, for sake of your own fair fume, and the public good, give this matter your prompt and ellicicnt attention. I am, Yours raspceffuHy, Stk.cmkx Enui.isii. |