The New York Herald Newspaper, December 11, 1872, Page 7

———— STORM IN EUROPE. Prevalence of the Destructive Gale on the British Coast, but Premonition of Its Abatement. - Six Houses Swept from Of Their Foundations in London—Street Passengers Wounded by the ‘Wrecked Material—Detail of Disaster on the Deep and at the Dwelling’s Door—“All Hands” Lost—Gas- works’ Derangement in a Dangerous Locality. “TELEGRAM TO THE NEW YORK HERAL®. ‘ ~Toxpor, Dec. 10, 1872, The violent storm gale which swept over the oglisk metropolis and around the British coast #on Sunday, the sth inst., during the day and par- (Matty through the night, continued yesterday, but Motto the same degree of severity that character- Aned tts force on the Sabbath. [METROPOLITAN INJURIES IN PROPERTY AND PERSON. _ The damage which has been sustained in this pity is considerable. " , 1x houses were blown down and forty persons ete known to have been injured by the falling ulldings. PAD NEWS STILL BEING SENT TO THE MUNICIPAL CENTRE. Telegraphic despatches continue to come to hand ringing intelligence of the occurrence of disasters th on gea and land. “PROM SEA TO SKY THE WILD FAREWELL." \ & brig, the name of which has not been ascer- ftained, foundered off the west coast of the Isle of ‘wight, and every person on board perished. ‘The bark Stralsund, from Hamburg for New York, Wrecked on Kimeridge Ledge, but the crew rere saved, Works’ DERANGEMENT IN eaLity. The gasometer attached to the Royal Arsenal at oolwich was damaged by the gale, and the Hos- ital has been without gas the past two nights, MORE SUBTLE SPIRIT VINDICATING ITS SUPE- RIOR POWER, ‘Telegraphic communication is even yet very Yauch impeded ali over the Kingdom. QOMMUNIGATION STILL IMPERFECT IN IRELAND. ‘Tuo telegraph wires in Ireland which were pros- frated by the gales have not yet been fully re- Btored to working efMciency. THE STEAMSHIP CITY OF BRISTOL Reeerreeae Safe Arrival of the Vessel in an Irish Port. A DANGEROUS LO- * TELEGRAM TO THE NEW YORK HERALD. € Lonpon, Dee. 10, 1872. ‘The steamship City of Bristol, from New York for Liverpool, has reached Queenstown Harbor, reliev- ig. some anxiety which was just being felt for her fety. ENGLAND. — Rabor Combination Convicted and Punished as Conspiracy—American Cotton Supply. TELEGRAM TO THE NEW YORK HERALD. Lonpon, Dec. 10, 1872. Several ef the city gas stokers who were sum- fmoned under the Mastcrs and Servants’ act to @ppear and answer the charge of conspiracy have been found guilty and sentenced to six weeks’ im- prisooment. é THE COTTON SUTTLY. Pive thousand six hundred and ten bales of American cotton were landed at Liverpool to-day, SPAIN. Warlist Conflict With and Repulse By the King’s Troops, as TELEGRAM TO THE NEW YORK HERALD. MADRID, Dec, 10, 1872. A body of Carlists entered the town of Manresa, fin the province of Barcelona, yesterday, but were ‘met by the troops stationed there and repulsed Alter a sharp fight. THE LATEST EUROPEAN MARKETS. ,WONDOn Money Manxer.—Lonpox, Dec. 10-5 P. M.— ‘Consodls, 9136 a 914 for money; 9154 91% for the account, American securities—Five-twenty bonds, 1865, 9134; 1507, ten-forties, 88; new fives, s85z; Erie, 42%. Pamw Bounse.—Panis, Dec. 10—Eveuing.—Rentes, 58f. eo. \ FRANKFORT bed pe aT a hat Dec. 10—Evening.— Five-twenty bonds of 1862, 9634. : bee) ivarrool Corton Marxer.—Lrvrrroot, Dec, 10—Even- g.-—Ootton firm. Middling Splands, lod. ; middliny /10%d. a 10%4d. Sales 12,000 bales, includiny Fo nfsiion and export. Middling uplands, Livauroo. fe Baxapsrorrs Marxer.—Liverroot, Deo. 10— as 0d. “Pork, 72. studs quiet, Flour, 29s. 6d, Corn, new, BANK SUSPENSION. Tallow, 48s, 9d. Whe National Scandinavian Bank of “ Chicago To Be Placed in the Hands of @ Receiver=-Tho President Charged with Carrying on Transactions of a Reokless and Unprofitable Character mad Absorbing All the Profits, rc C1646, Dec. 10, 1872, ‘ne Times to-day publishes an exposd of the Bifairs of the Scandinavian National Bank of this tity, from which it appears that Ferdinand S. ‘Winslow, the President, has been guilty of fraudu- Yoné transactions, which will result in the closing ‘of the bank to-day, with a heavy loss to the stock- olders gud depositors, Winslow bas been in urope for the past two months, and it is con- asserted that he will never return, He is le to have been engaged in various specula- ng, ali of which appear to have proved unsuc- vessful. The bank did a very large proportion of ‘the basiness of the Scandinavian population of this city, and its connections extended to every Scan- Ginayian community in the West. It ts atated that the exact causes which led to the | jnapousion of the bank was mainly the fact that instow used up and absorbed the assets and tofits of the concern in an endeavor to carry cer- in railroad operations in which he was engaged. ‘When he went to Europe it was for the purpose of pegotiating the bonds of the roads, having pre- viously incurred liabilities based on the contem- plated sales of those bonds. But bis hopes in this direction having failed, the condition of things Yorced upon the bank thereby secms to have worked its ruin, Mr. Spink, National Bank Exam- iner, states his belief that the assets of the Dank will fully cover its liabilities. A considerable Portion of the latte r are held abroad. Of the unk in Goventagen, sbank in n ‘ or, and the balance w: tnis city and among the Scandinavia parte of the Northwest. The amount due to depositors is stated at 225,000, The bank will be immediately placed in he hands of areceiver. The entire assets, good, bad and indifferent, are placed at $536,516, and the Uabilities at $422,000, aside from the capital stock. FIRE IN WHITE STREET, At @ quarter-past six o'clock last evening a fire broke out at 90 White strect, that caused a dam- ge of about four thousand dollars, The fire originated on the fifth floor, occupied by C. F. Hardon, manufacturer of hair nets, The loss is estimated at $2,000; insured. The first floor. was occupied by A. H, Hart & Co., twine dealers; dam- age $500; insured, On the second door, which was occupied by McFarle & Nilson, dry goods folders, the damage done is estimated at $500; insured. The third and fourth floors were occupied by N. Astruok, dealer in twine; damage $750; insured. ‘The building is injured to the amount of about five bundred dollars, Fire Mersial MeSpedon, will Or- 000 com in other hold an investigation into tie cause of the fire to- NEW YORK HERALD, WEDNESDAY, DECEMBER Ml, 1872—TRIPLE SHEET FRANCE. Parliamentery Party Union for Purposes of Gen- eral National Beconciliation—Bases of a Citi- zen Bill of Rights—Press Anticipation of President Thiers’ Position Toward tho Project—The Chief of State Adheres to His Message Expression. TELEGRAM TO THE NEW YORK HERALD. Panis, 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 Chanzy, M. Jules Favre, M. Casimir-Perrier and M. Leon Say, have united in the presentation to the Assembly of a constitu- tional proposal for reference to the Partiament Committee of Thirty, BASES FOR A BILL OF RIGHTS, The members of this legistative-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, viz.:— First—The prolongation of M, Thiors’ Presidential ofiice four years, Second—The election of a Vice President, Third—The partial renowal of the Assembly yearly by departmental elections, Fourth—Yhe establishment and complete recog- nition of the principle of mintsterta! responsibility to Parliament. Fisth—The creation of a Second or Upper Cham- ber of Legislation. Sixth—The present settlement of the relations existing between the State executive and the legis- lative departments, PRESIDENT THIERS’ POSITION TOWARDS THE MAGNA CHARTA PROSECT. President Thiers has already anticipated the formation of a parliamentary coalition, such as is descrived above in this 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. He will, most probably, reject the proposition, an event for which he has prepared the publio 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 ee affect to feel on account of the con- stitutional projects and political programmes which the press has been feeding upon for some days. Can it be poonans that the destinies of the country depend upon the more or less ingenious lucubrations of publicists, and that a little ink and a few types suitice to make @ constitation? Cer- tainly not. Out of all these UE aby the only ones feasible are those not tnuspired by @ preconceived system, but born of a just sentiment of the situa- tion. If such or such a solution is to be speedily adopted, it will be because it has been progres- sively brought about by circumstances, 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 of the conservative Republic, frighten only those who would sce in a crisis or a sudden dissolution of the Assembly an occasion to advance far less conser- vative projects, THE STATE POLIOY PRONOUNORD. A deputation of the moderate republicans in the National Assembly called 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 uphotd firm and unshaken the policy an- nounced in his message at the opening of the ses- sion.” term of AMUSEMENTS. Sania ee es “The Baroues at the Fifth Avenue Theatre. The production of the new piece, which 1s called “The Baroness,” at the Fitth Avenue Theatre last night, was one of those remarkable dramatic epl- sovdag_ for whtol there la’ no, lorital sagen. Tae plot Féquites “no expla tion, The Baroness Vau- brey, the mistress of Dr. Garley, marties the old Count de Savenay for his money. Exposure fol- lows; the Count goes mad, and in the end escapes {rom @ lunatic asylum and murders her. The last act is somewhat similar to the closing scene in “Agnes,” and is, in Tact, Sa8 tnation! tremeror.cd to thi lay after it I jardou’s hands. We un- derstand “Tue Baroness’? has been in Mr. Daly’s possession for a_ lon time, but why it was produced at ali we do not know, unless, indeed, the purpose of its production was to give an opportunity for public consideration to the people who take the leading parts. Mrs. C, D, Abbott made her début as the Baroness and Miss Kate Claxton played Genevidve de Savenay, the young daughter of theCount. 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 feltin the cast. Opportunity for the de- butante and for the younger members of the com- pany, a3 we have already indicated, was all that was apparent, Art was forgotten; the acting de- mands no praise and it were vain to condemn, Only one thing we are constrained to say, and that is, that there is no excuse for ladies who are no longer young undertaking the arduous duties of the dramatic profession. ayete Musical and ¥ \6nirioal Notes, A odrrespondent writing to the HuraLp asks whether theatrical managers, by constantly play- ing the same pieces, 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, of 1,090,000, and that any theatre-goer who sees all the plays produced at one theatre, in a single season, will find sufi- cient variety. Mr. James W. Morrissey, Treasurer of the Grand Opera House, has recently added to his reputation as an expert ticket seller. On Thanksgiving even- ing he sold $3,600 worth of tickets in tirree quarters of an hour, and last Saturday night ne disposed of tickets to the amount of $3,150 in forty minutes, ’ We have frequently protested against the Italian. opera on the German stage, but protest seems use- less, We would like to hear genuino German opera, and to thia end we suggest that “Lohen- grin’ be produced in this city as soon as {t can be done under favorable auspices, Wagner is tho Beethoven oi our ago, and the manager who will produce his great work in proper form cannot fail to make a great success, Mr. Dooney Harris, the actor, disclaims any re- sponsibillly for the accident which lately befell his brothér artist, Johnny Aaron. Johnny had his arm broken in two places in a sparring match in “Round the Clock,” and seems to think that Dooney did it to compel him to cancel his engage- ment. Dooney says he would not take any man's “job” away from him, It 1s a question whether “The School for Scan- dai’ 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. Lovis, Dec. 10, 1872. omedian, from New Robert Craig, a populi York, died here yesterday. MAILS FOR EUROPE. The steamship Idaho will leave this port on Wednesday for Queenstown and Liverpool. The mails for Europe will close at the Post Office at half-past eleven o'clock A. M. THE New YorK Heratp—Eadition for Europe— will be ready at half-past nine o’clock in the morn- CORROBORATION OF THE VIEWS OF MESSRS. WRIGHT, HOMANS AND FACKLER BY PRO- FESSIONAL ACTUARIES, ooo We are unhesitatingly of opinion that the reduc- tion of premiums as proposed by the Mutual Lite Insurance Company of New York 1s unwise, @efl- cient in security, unjust to existing policy holders, prejudicial to their rights and interests, and de- serving our unqualified disapproval. re confi- dent, however, if the Trustees of the Mutual Life should carefully reconsider the matter, they will see that they are about to take @ step unwarranted by their own saeclae to. on psd § other com- id will decide to refral ‘01 . hdl ELIZUR WRIGHT, SHEPPARD HOMANS, D, P. FACKLER, at Re el gt Rea = ‘To Messrs. WitttaM AH. Brenrs, Joun BE. DE Wirt, Lewis C. Grover, N. D, Morgan, Henry B, Hype and others. P We coucur in the opinion exoressed above, INSURANCE. G. W. PHILLIPS, Actuary Equitable Life ‘Assurance Society of the United States. J. H. MTCHIE, Acting Actuary Excelsior Life In- surance Company. ctuary Manhattan Life Insur- 3. ON, STELBINS, ance Company. WILLIAM D. WHITING, Actuary United States Life Insurance Company. i. ae Aotuary Germania Life Insurance Com- 7. wea. MORGAN, Acting Actuary North America Life Insurance Company. LUCIUS MOADAN, Actuary Guardian Mutual Life. ISRAEL 0. PIERSON, Actuary Eclectic Life Insur- ance Company. R. L. OASE, Jr., Actuary Security Life Insurance ‘and Annuity Gompany. HENRY F. HOMES, Actuary Commonwealth Life Insurance bg HENRY W. SMITH, Actuary Hope Mutual Life In- surance Compeng. EDWARD H. SEWELL, Actuary Globe Mutual Life Insurance Company, THE MUTUAL LIFE CORRECTED, To THE Eprror oF THR HERALD:— 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" he states the rate in the case of the Brooklyn Life to be (51) fifty-one per centum; this should be (5) 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. Aasets, Assets. Centage. Mutual Benefit .. $21,151,756 3.17 Mutual Life ...... 61,399,877 8.32 United States... 3,683,203 4.71 New York Life... 18,595,817 4.89 Brooklyn ........ 1,683,849 5.14 Equitable . + 16,079,346 6.34 Manhattan + 7,545,874 8.29 Merchants’ . + 145,914 9.04 Germania ........ 4,496,898 10,01 Knickerbocker... 7,526,592 10,83 North America... 5,677,483 20,34 Security .... » 8,260,023 21.90 Excelsior . + 628,259 21.94 World....... 512,802 22.10 Continental, N.Y. 4,929,040 24,80 Guardian... 2,504,475 25,13 Eclectic... . 320,710 100,923 30.61 National, N. 889,482, 284,826 82.02 The following note, which explains itself, may not be out of place in this connection, and the absence of any reply thereto, or any correction of the error alluded to, ia conclusive evidence of the straits to which the management of the great Mutual Life is reduced when it seeks to push its assumptions of superiority by indireet means of misstatements :— BROOKLYN LIFE INSURANCE COMPANY, $20 and 322 Broadway. New York, Dec, 9, 1872. F. 8. Winston, Esq., President of Mutual Life In- surance Company of New York :— DEAR StR—An error of some magnitude, and of importance to my company, Seas in the adver- tised communication o1 ‘A’ Po! licy Holder,” in the morning newspaper, headed “A Fow Facts about. Life Insurance.” In the table of “Percentages” of “Unrealized Assets” to ‘Gross Assets,” it 1s stated that the ratio of the “Brooklyn Life’’ 1s (51) fifty- one per centum. A glanco at the figures will show you that the true rate should be but (5) five centum—a rate which places the Brooklyn Life ahead of most of the companies mentioned, iu so far as the tavie is of any value as a standard of comparison. As “policy holders’ do not advertise their opinions so expensively, we presume we need but to call your attention to the mistake, or misstute- ment, to insure its early and public correction, which we earnestly request, The bearer will await your reply. Very respectfully yours, “ “©. W. BOUCK, President. The Mutual Life’s claims are further arrayed in 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 dg buginess most ecqnomically who has thé fewest 01 such unsettled anu vas. *24ing accgupia,” ~~ Now, in this case of the total assets oi the Mctugl Life Company three per cent consist of balance: due from agents, uncollected premiums and the ee ate ets Ine the gigh tae of the , fame “un: realized assets” in_ tho glghto-— wospat (ih 9 omvutl igures, a little over seven- cording, ‘Coike"if the Mutual Life's aduirs were managed as these figures would indicate the other companies to have managed theirs it would to-day have nearly nine millions of its funds outstanding, and theretore to a certain extent in peril. The Brooklyn Life accepts the test herein sug- gested :—The “unrealized items’ of 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—Deierred (semi-annual or quarterly) cash premiums. Third—Interest and rents accrued and due (or not due) and unpaid, {There are no ‘balances due from agents’ ad- mitted by the Massachusetts Commissioner in thig Sategory.} cle ES “POTEET As the second and third classes are almost wholly Hot due, their non-payment can give no evidence of perilous management. The kernel of this nut, then, is the item of “unpaid premiums falling due in 1871." Look at page 122 of the Massachusetts Report for 1872, and you will see that the Mutual Life, of New York, had $127,797 of ‘‘unpaid pre- miums” under the head of assets. Look at page 61 and you will find no such item mentioned, The Brooklyn Life had not a dollar of “unpaid pre- miums falling due in 1871" comprised in its assets, Look further 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 of its advocates, that the Mutual Life, of New York, has not the “fewest of such un- settled and outstanding accounts ;’' and if its own metiod of deduction be carried out it cannot “be the safest and do its business the most economi- cally.” Unpald Premium Premiums fall- Receipts ing due in 1871 Per- Namo of for year (uncollected cent- Company. 1871. ec, 31, 1871). age. Brooklyn Life...... + $636,828 none. none. Connecticut Mutual. 7,803,492 $60,559 at Mutual Life of New York.... 12,655,990 127,757 1,01 Equitable 6,790,761 174,574 2.57 National (Was! ton). 629,791 3.55 854,611 3.83 4.38 44,540 4.48 803,356 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 tn its case. Examining still further the Massachusetts Com- missioner’s report, you will note the following, pp lili, and liv. — DEATHS ON NEW POLICIES ISSUED DURING THE YEAR ENDING DECKMBER 31, 1871. ‘ Per Cont 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 O11 Accredit the Mutual Life with all the “care in the selection of risks’ it may be entitled to, and yet certainly the above cited official figures scarcely warrant its friends in assuming that it has exercised “greater” care than some other com- panies, In respect of 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 ages, in each of which the cost of getting new business {s precisely equal, and the average rate will vary as do the companies in sge— the lowest average being with the oldest company. The item of interest in this connection to each applicant for insurance 1s 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 life companies. Of the fifteen mil- lions received in 1871 by the Mutual Life, but little over three millions was on new business. Ratio the great cost of these new premiums ta conjunc- tion or combination with the small cost of collect- ng its nine willions of renewals, ita two or three INSURANCE. a oe “Consulting Actuaries,” in answer to a letter from millions of laterest 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 from the small cost of col- lecting the old renewals; this iatter seurce of ad- vantage belongs only and properly to the old policy holder, In conclusion the writer begs to add thatthe Brooklyn Life neither knows 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 itsel! seems possible, no matter how baneful the effect wrought to the general business. The design of this letter is simply to correct the errors or misstatements and expose the absurd assumptions claimed in comparison for the Mutual Life by one whose expensive manner of advertis- ing hia views unmistakably brands his simple sig- nature of “A Policy Holder” as an evasion ora psendonyme. Be he policy holder or otherwise, the information above is tendered him and ail whom it may concern, Other interesting facts and com, parisons can be furnished if rendered necessary, WILLIAM M. COLE, Secretary Brooklyn Life Insurance Company. THE THREE CONSULTING ACTUARIES RECOM- MEND LOW BATES. Cees at Messrs. Wright, Homans and Fackler on Both Sides of the Fence. To THs Epivor or THE HERALD :— Some days ago Messrs. Elizur Wright, Sheppard Homans and D. P. Fackler, who call themselves eighteen Life Insurance Companies, gave it as their united, “unhesitating and deliberate opinion that the new reduced rates of Life Insurance, proposed by the Mutual Life Company of New York, were unwise, deficient in security, * * * and deserv- ing of an unqualified disapproval.” These “unhesitating” expressions from three ac. tuaries of some notoriety would hardly have re- ceived much attention had the public been familiar with their previously expressed and equally “un- hesitating” and ‘“‘unqualitied’’ opinions. The New York Daity Bulletin has taken the trouble to examine this question of low or reduced rates, and shows that the 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 and Fackler will puzzle the public, which will inquire what is the difference between “Consulting Actuaries” and “Consulting” weathercocks. Elizur 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 the expenses. Sheppard Homans, by letter dated March 24, 1871, oficiaily states toa then recently organized mutual company, with rates reduced fully equal to those now proposed by the Mutual, that— The feature of low rates of premium has a de- cided advantage, and is itself a pledge to the pol- icy holders of economy and care in the manage- ment. Elizar Wright, by letter dated February 21, 1871, said, in his oficial capacity, that ‘in view of the tendency which mutual companies have shown to exact large premiums without muking a corre- Spondingly large return of the syrplus, 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, 1671, officiaily stated that ‘the competition of stock (low rates) companies will have 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 favor of low rates would haye abundantty j fiedethe Mutnal’s course, and inay possibly have ouKsrviwd toy eopcvialty when they are taken in connection with similar opinions from other equally eminent, but, so far as now appears, more con- sistent insurance authorities, For instance, the Hon. W, Barnes, in his Insurance Report for 1861, wrote :— , The cheapest rates of premium consistent with entire and perfect saiety to tue insured best sub- serve the public interests and operate to extend the benefits of these beneficent institutions, It is needless and expensive to pay over money or notes to a life insurance company for the purpose only of having the same returned.—Hon, W. Barnes’ Report, 1861. The Hon. John &. Sanford, Insurance Commis- sloncr of Massachusetcs, in his report for 1868, speaking of dividends in jife insurance companies, sayd:—"The sodnty such guorantees cease to be made and such expectations created the sooner life insuraace will come to rest on its true motive and men Jose oe ir yes for security and not for dividends. gt and most popular companies will then be those that promige only equity and render all that they promise, and furnish the best security, with the most upright and judicious man- agement.” Emerson W. Peet, actuary, wrote :— The object of every insurer should be to secure atonce as large an amount of insurance as he can for a given payment; and he who resorts to an ofice exacting high premiums sacrifices the inter- ests of his Sarat | for benefits only prospective and contingent, and surrenders a certain and fixed advantage for a share in the lottery of dividends, in the ‘adjustment of which he has no control, and the correciness of which le has no means of ascer- taining. To vhe opinions thus so piainly held by high authoritiesin life insurance, and with which buta short time ago the three ‘“ConsultingA ctuaries,"’ agreed, we will add, still from the Daily Bulletin, the followitg:— Vice Prelident fae ue, of the Actuaries," a standard authority in Europe, said that “the Ife insurance legislation in the United States certiinly has had the effect of checking the improvemetts there, for there can be no doubt, with the hgh rates of interest prevatling there, and almost certain to prevail for many years to come, the rites of premium ought certainly to be reduced." Nor can ite sald that Messrs. Barnes, Sanford, Elizur Wrigit, Sheppard Homans and Fackler were alone in holdng the belief that the rates of life in- surance couil safely be and ought to be reduced, The matter was discussed, as its importance de- served, by rponsible journals. For instance, the New York 7mes, which has long paid great and intelligent attention to insurance questions, wrote, Decmber 16, 1869, in its editorial col- umns:— Their (thelife insurance companies’) rates of premium ned revision. They make insurance a too costly bsiness. Instead of exacting heavy premiums, it order that the ay make a display of “profits” eturned, they should bring the rate nearer the atual cost of insurance, &c.—Editorial in New YorkDatly Times, December 16, 1869. Tne Insurace Spectator, as early as December, 1869, said tha ‘the principle of high reserve (re- quiring high ates), more than be Ad else, per- mits extri jance, upon the same principle that a man is wastal of his money just in the proportion that the amont at his disposal is beyond what he actually need,’? The Baltimre Underwriter, in January, 1871, sald ti “te excess of over-calcuiated and heavily loade premiums, in the case of the down- fall of the Grat Western and of the reckless ex- travagance Wich is rapidity 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 itesistible temptation to prodigality and waste.” And finallythe New York Times said editorially again, Januar 7, 1870:— The abilityof a company “Institute of to declare large “profits” is cntingent upon the payment of an excess of pre&ium by the insured. * * * If hereafter largdividends are declared, it will be, because the insured pay more for The premiuins are too r rate, and as we have insurance thant is worth. high. Brit, tese down to the proj the era of bigdividends and “profit: travagant commissions into the bar to an end.—Z£Morial in New Yor! January 7, 1870 ‘This array Of uthorities (exclusive of the three “Consulting A@aries”) would seem to be suf- ficient to justy completely the Mutual in its course, That, least, noone will deny. But what will the public tink of the opinions, hereafter, of such “Consultig Actuaries’ as are here shown astraddie of a ‘ry painful fence? In the words with which Dr. »hnson begins the story of Ras- selas, “Ye who sten with credulity to the whis- pers of fancy ai pursue with eagerness the phan- toms of hope,’’nd who believe that the facts of to-day will be th fatts of to-morrow, listen to this tale of Wright, omans and Fackler, the “Consult. ing Actuaries” | the eighteen life insurance com- panics, POLICY-HOLDRR, INSURANCE? PROTEST FROM POLICY-HOLDERS OF THE HUTUAL LIFE INSURANCE COMPARY. ASR el cia ‘The ‘ollowing protest was circulated at a late hour yesterday afternoon among a few of the policy-holders of the Mutual Life Insurance Com- pany in the tower part of the city: “New York city policy-holders who receive a copy of this 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, Foster & Thomson, counsellors-at- law, 69 Wall street, not later than December 12.” The undersigned policy-holders of the Mutual Life Insurance Company call to the attention of the trustees the fact that a diference of opinion exists among prominent actuaries as to the effect upon the interests of present policy-holders of the proposed new departure in the conduct of the oMicers of the company and the disposition of ita accumulated funds, They also call to their attention the fact that in the opinion of three eminent actuaries the reduc- tion of premiums, as proposed, is ‘unjust to ex- isting policy-holaers and prejudicial to their rights aud interests and deserving our unqualified dis- approval." They also suggest to the trustees that any ex- perimental revolution by them (of doubtful legal ity) in the system of the company’s business, and the uae and hazard by them of the funds accumu- lated by the present policy-holders for 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 such an unjustifiable exer- cise by the trustees of the Junctions of their ofice, Signed— 8. IRENAUS PRIME, 87 Park row. HENRY C. BOWEN. 8 Park place. E. A. QUINTARD. 9 Pine street. PARKER HANDY. NATHANIEL HAYDEN HENRY A. HURLBUT. ©. B, FOOTE, W. B, MEEKER WILLLIAM J, MUN) JAMES D. FISH. J. F. NAVARRO. 0. K. KING GEO, I, SENEY G. W. FULLER. CHAS. SCHRODE) JAMES D. SMITH. W. 8. CHAPMAN, W. IRVING COMES.. C. J. DESPARD.. WM. LECONEY.. 0. W. JOSLYN. J. B, ALEXANDER. TAINTOR. . NE THOMSON. CHARLES M, STEAD. CW. STANDART. H. R. BALTZER. W. K. SOUTTER. A. WOLFF, JR. C. B. CAMP.. GEO, W. MIDDLETON. F. H. CARTER... ALBERT P, JOHNS HENRY SMITH AUG. L. HYDE SIMON SCHAFER HENRY HOSFORD F. J. HOSFORD C, H. HARRIS. WILLIAM L, TAYLOR .-24 Nassau street, 196 Broadway. 11 West Twentieth st, 12 Wall street. 48 Wall street. 83 Wall street, 78 Wall street. Com, W'h'e. Co., Wall st. 21 Nassau street, 108 Broadway. 8 Wall street. 8 Wall street. -14 Broad street. 14 Broad street. 67 and 59 William street. 35 Wall street. ..119 Broadway. +++. 18 Broadway. . 49 William street. 17 Nassau street, 15 Wall street. 46 Broad street, 139 Broadway. 44 Exohange place. 142 Pear! strect. +66 Pine strect. ..60 Wall street, 59 Wall street. 61 Wali street. 111 Broadway. 18 Broad street. 56 Cedar strect. 56 Cedar street. +25 New street. 17 Wall street. Philadelphia. 46 Broad street. 20 Nasnau gtregt, -33 Broad street. ++.2 Wail street, F. D. STRAD ALLAN HAY ROBT. HAY, W. W. FORD W. J HET Paster E, H. PULLE 4.2 Wall street. F. F. THOMPSO! Nat'l Currency Rank. &, &. VANDERVEER, -St. Nicholas Bank, GEO. W. ROBINSON......48 Wall street, P. G. DODD... 45 Wall street. J. VAN SCHAICK -13 Broad street. WALTER 8S. NEILSON. 51 Exchange place, GEO. 8. SCOTT, - 6 Broad street, L. R. JEROME 6 Broad street. F. D. TAPPAN. .36 Wall street ©, HOFFMAN. GEO, ARENT: , A. CRANE... FRANK A, OTIS. E, COZENS. 38 Wall stre -9 New street, 9 Pine street. 11 Pine street. 8 Pine street. RICHARD LAURENC. 48 Wall strect, JOHN M. THOMPKINS....48 Wall street. EDWARD N, WAINE......19 Broad street. JOS. S. JARDINE, 16 Broad street. GEORGE W. CARLETON..Publisher, 5th Ay, Hotel. CHARLES P. FRAME. 202 Broadway. CHARLES F. WREAKS,..60 Wall street. JAMES THOMSON. 69 Wall street, RICHARD H. BOWN! 9 Pine street. SAMUEL A. STRANG.....59 Liberty street. JOSEPH LAROCQUE......35 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 Fifth Avenue Hotel; at the Home Insurance Company, 135 Broadway, or at the omMice of Foster & Thomson, counsellors at law, 69 Wall street. Or they, as well as policy-holders living out of New York city, de- string to sign the protest, may cut the same (with- out the signatures) out of this newspaper and gum it on a sheet of writing paper, obtain signatures to it and send it without delay to Messrs. Foster & Thomson, counsellors at law, 69 Wall strect, New York city. To THE EpiToR OF THE HRRALD:— I sce by the last annual report of the Insurance Commissioner of Massachusetts that, on a four per cent valuation, the Mutual Life had @ surplus of only 8.10 above each $100 required to reinsure its 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- lieved that the investment is safer tuan any other in the world and not subject to the contingencies to which other investments are llanle; but on ex- amining the subject it seems that a margin of only $8 10 above the $100 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 fiity per cent upon its premium reserve before making this change? 1 am surprised to find the margin so small in the case of the Mutual Life, and had supposed it much more than shown by the Massachusetts report. A vessel freighted with the future interests of so 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 Life in the reduc- tion of rates this margin is brought down very much less, it seems to me 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 see the surplus 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—about $35,000,000 last year—and the policy- holders are, no doubt, satisfied with their dividends, The company would certainly be more secure by doing @ business of $35,000,000 a year on its tull rates than it would by doing $50,000,000 at low and insecure rates, ‘The truth of the matter ia that the policy-holders in this company co not care to have their funds experimented witu. We are satisfied, as the New York Underwriter so aptly expresses it, ‘to let well enough alone.’ Is it that this company, which is laying up five or six millions @ year, {s dissatisfied because it 18 growing so slow, and wishes to monopolize everything? Their funds should be taken very good care of, and their pros- pects should be very carefully studied and no risks run which are unnecessary, because they have at isk nearly $250,000,000, is is a very large sum oe Money. and will ave to be paid, It therefore seems to me oan State bine booted be most fully considere re being acted upon. SEE AN OLD INSURAN MAN, ett's Minintar¢ Toit ASSORTED COLORED BOXK™ 900 Tollet Appendare, admirably ada ¥f aveller's porgmanteny. AC’ NTS, Wholesale by druggists adry men every ©, legni st Holiday A.—For a Sty! SsOHiKD, We HAT yo direct to the manutactur Nassau street, A.—Herring’s Patent ONAMPION SAPRS, 21 and 282 Broadway, corner of Murray st’ A.—Herald Branch Office, Brooklyn, corner of Fulton avenue and Boerurm stecet, \ ron A. M. to# P.M. On Sunday trom 3 to 6 PM, ~ A.—Peremptory Sale of an Entire Stock of JEWELRY, DIAMONDS, COKATA, 40. Must be closed betore Janusey M1, 1873. STOR BISHOP, Fitth Avenue Hotel, RIGHT HAND SIDE (NORTH HAL!) ONLY, ‘of the store lately occupied by Bishop 4 Kckm. - A.—Is Life Worth Fifty phar 5 it is, and a hard cough is convulsing your lung: mtly for a bottle or HALA HONEY OF WOR AND TAR, which will immediately reliove your rt all danger. , 1 OLOl—Ie it the jumping toathachs yous KE'S TOOTHACHE DROPS will: nds, Wind Brin; Winter- PS go to RORBU , 8 and same office for ton yemrs. R STR Fulton street, near © A Draggist Uptown Wanted—To Sell at his toro and Aton atew Truss. 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Quarto, 090 pages. rice, in - morocco, Guo of the noblest volumes of recent Iasne ts Francis Wey's splendid illustrated quarto, descriptive of the im- erial city of Rome. ‘This superb volume ix crowded with Hiustrations, hoautifully executed and urately deline- aling all the places of Rome ; its palac churches and ils works of art, It is a si of the ancient, city, and exhil architecture, both ‘antique and modern, with a fulne: that conveys to the imusinatton of those Who have neve: ita just appreciption of this historical ceclesias vii tical wonder. THE “IL ATHRR STOCKING” TALES, ore Cooper. One volume, Bvo. With is by F. 0, C. Darley. Cloth, gitt more Cooper, ¢: of the Mohicans," T and “The Prairie,” cach story fully and beautifully tt lustrated by 0. 6. Darley, are here gathered im one volume, hans ely bound, and making # supers holiday gilt'book. D. APPLETON & CO., Publisho 519 and 551 Broadw: BOOKS. 549 and 561 Broadway, cérresponding with the wants of all claser of buyers. 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