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About The Nebraska independent. (Lincoln, Nebraska) 1896-1902 | View Entire Issue (Jan. 23, 1902)
e THE NEBRASKA INDEPENDENT January 23, 1902 THE SUPREMACY OF THE WEST Exemplified in the Successful Growth ot a Nebraska Life Company. Remarkable Record of the PastYear Bankers Reserve Life Leads Annual Report of President B. H. Robison to Officers, Directors and Policy , Holders, January 15, 1902. The Twentieth century dawned on a prosperous nation. The first two years have been replete with events having a mighty Influence on the people of the whole world. The achievements of the army and navy, victorious on land and sea, have placed America's flag and prowess first among the na tions. It carries civilization and liberty to the islands of the, Atlantic and Pacific oceans, the broad highways for the commerce of the world. It stands for these principles on the walls of Pekin, has stayed the allied armies from par titioning the ancient dynasty, has steadied the tottering throne, has maintained its Imperial emperor in possession of his royal scepter. It stands for the integrity, maintenance and honor of the ancient civilization while holding out the lamp of liberty, emblem of the newer higher civiliza tion. It has been decreed by the nation speaking through its congress that the red hand of anarchy shall not live in this land of the free. It shall never again strike dov. a ruler, or cause the world to mourn a McKinley, a beloved soldier, citizen, statesman and president. The evolution has changed the map of the world, has expanded the influ ence, trade and commerce of the United States, giving it first rank in these important elements, likewise in diplomacy and In the congress of the nations. REVOLUTION IN BUSINESS METHODS. A revolution in business methods equally important has taken place during the past two years, that has been the outgrowth of the changed conditions in other things. The great west with its wealth of lands, minerals, cereals, live stock, healthful climate, combined is destined to become the storehouse to feed and supply half the people of two continents, while supporting a vast population of its own. The shrewd capitalists control ling the great railway and navigation systems, the commercial arteries of the west, are keenly alive to the sit uation, are taKing time oy tne iore lock in anticipation of the expansion already apparent in everything. The atmosphere reverberates with the sound of billions where millions were formerly spoken or chronicled in the press. WESTERN POSSIBILITIES GREAT. Who can estimate the vast possibili ( ties of the great west, already called to supply half the population of the world through the open door to China on the west; the everlasting mineral regions of Alaska on the north; Mex ico and Central America on the south; the republics of South America through the Nicaragua canal; the open door already assured to this vast continent. President Roosevelt In his message to congress has given his Influence and .recommendation to Ir rigation and other measures equally important and well known to him. THE STRUGGLE FOR SUPREMACY. A brief mention of these living sub jects leads to other topics, equally im portant to our people and section. The keen struggle for supremacy in trade. business, politics and society make necessary a strenuous life with higher education in every line, facilities for which are provided in our splendid free school system, the bulwark of our civil and religious liberty. The high er education means a keener civiliza tion, an advanced cost for living, the logical result being the gradual amassing of the wealth of the people in the control of capitalists or in the custody of fiduciary institutions, first and foremost being life insurance companies, that receive, hold, invest and distribute to the policy holder the savings entrusted to them exactly in proportion to the deposit, whether the small premium of the wage earner on his thousand dollar Insurance or the capitalist who protects his estate and family with a million-dollar policy. WESTERN LIFE SAVINGS. The necessity for strong life" and fire Insurance companies In the west is recognized by everyone. No ono would think of sending the daily bank deposit, of this section to eastern banks or cities. It is equally disas trous to our commercial interests to send the people's savings from each western state of from $1,000,000, to $3. 000,000 annually to the money., con gested- qenters ; of the east, ' never to return, not one dollar of which is available to western banks or policy holders in time of financial distress or panic. . Tne suDject snouia nave tne care ful thought of western people. Bank- . ers may. well pause and consider the effect of sending east every ten years . in withdrawals for life insurance premiums, an amount exceeding the a . All nnivuu J. v.uin imttiAuicrtr rnwji;. i ... western state. The sum sent from Nebraska banks to afew eastern life companies from 1890 to 1900 exceeds 15,000,000 in excess of the moneys re turned to western policy holders by these companies. . r - OUTGROWTH OF A NECESSITY. The Bankers Reserve Life associa tion was founded by well known insur ance and business men, who have lived in the west from a quarter to a third of a century, who have made a care ful study of the resources and possi bilities of this vast section, who are a part of its history, whose interests are entirely in the west, whose chil dren have been born on its soil and educated in its schools, who have an abiding faith in the loyalty of the people of the west," who will always rely on its citizens to be loyal to the institutions that safeguard their in terests. The splendid results already achieved are briefly enumerated in the following summary: INCOME OF 1900. The premium income of $111,311.72 shows an increase of $40,846.21, being 38 per cent more than that of the previous year. The income from other sources, in addition to premiums, In cluding cash received from previous year, makes a total of $135,947.41. A LOW DEATH RATE. The death claims were four, amount ing to $10,500, of which $5,750 was reimbursed by reinsurance from other companies, leaving net death losses sustained $4,750, the lowest mortality I record of any American company an death claims being paid immediately on the receipt of final proofs, and other obligations or bills were promptly paid on presentation. The records show not a single obligation unpaid or due. SELECTED RISKS AND REINSUR ANCE. . The company's risks are well dis tributed and carefully selected. No policies are written on any life for more than $5,000 and in all instances where the policy written, if for more than $2,000, the excess above that sum. also half of the risk on every $2,500 policy, is immediately reinsured. The total reinsurance now in force exceeds $1,777,000, making a double assurance for the policy holder and an effec tive asset to that amount for the com pany. NEW BUSINESS SECURED IN ,1903. The record of new business written on the lives of the leading citizens of the state is not equaled by any other company operating in the west, as will be observed by a comparison of the following exhibit: Applications written in 1901: No. Amount. Insurance applied for.. 676 $1,898,500 Applications rejected, reduced, suspended or incomplete 49 132,500 Applications a p- proved 627 $1,766,000 Policies in force: Policies issued and re vived 627 $1,766,000 Policies of previous year 657. 2,131,500 Policies at risk dur ing year 1,284 $3,897,500 Policies terminated by death, lapse or over due premiums 139 476,500 Policies in force December 31, 1901.1,145 $3,421,000 COMPARED WITH OLDER COMPANIES. We invite your attention to the ancient history of the following well known companies; the comparison will make Interesting reading to every loyal citizen of the state. Mutual Life of New York (out standing insurance): .Number Year. Prem. Pol. Amount. First .$37,943 400 $1,480,718 Second 83,233 908 2,960,083 Equitable Life of New York: First 22,707 268 1,144,000 Second 65,547 769 2,641,500 Third ......... 95,332 1,185 3,670,000 New York Life of New York: First 22,603 359 799,000 Second 41,746 793 1,846,000 Third 69,427 1,271 2,831,000 Northwestern Mutual Life Of Wisconsin: .... 12,623 137 26,018 414 44,511 , 785 68,484 1,584 97,929 National Life of Vermont Fourteenth . . 66,807 1,383 Fifteenth .... 82,992 1,718 Sixteenth 110,851 2,025 BANKERS ' RESERVE ASSOCIATION. Second ..... . . 22,183 1 - 393 Third ....... 70,465 660 Fourth .... . .111,312 1,145 It will be, observed that the great eastern companies, writing an aver age limit 'of about $3,500 on a single life, in. comparison with the Bankers Reserve Life writing its first million of Insurance oh an average of less than $1,500 on a single risk did not equal the splendid result? of the Bank ers Reserve, in amount of premium income or isuranqV in force 4 at cor Second Third . Fourth Fifth . Sixth . equal. It should be remembered that the Equitable commenced with a capi tal -jstock of $100,000, and, with , the other large companies wrote a limit from the start of $5,000 to $10,000 poli cies. ' ' ' THE COST OF NEW BUSINESS. The premium income receiyed from new business $57,562.41, from renewals on old business $53,749.31, total $111, 311.72, was secured at a net cost for commissions and compensation of managers and agents of $37,548.62, or at a saving of $20,013.79 of the gross amount received from premiums on new business, the savings being more than the net outlay for death claims and for cost of carrying $1,777,000 of reinsurance in other companies. It is a well known fact that the eastern life companies , secure their new business at a cost of the entire first year's pre miums. The sworn reports on file show the cost of new business to be in most instances an amount equal to 100 per cent to 200 per cent of the en tire first year's premiums. The record of the Bankers Reserve Life for economy of management, death claims, business handled and secured is not equaled by any life In stitution in the land, writing or handling a like volume or class of standard policies, collecting full legal, reserve premiums. INVESTMENTS AND SECURITIES. The period for investment in per manent interest bearing securities be gins with the receipt of renewal pre miums on investment policies with every company. It is well known that no portion of the first year's premiums are available for investment, the first year's cost for placing the business on the books, for death claims and ex penses, leaves small margin for sur plus. The first investment policies of this institution were issued about two years ago, on this, business or class of policies a little more than $40,000 was received in renewal premiums during 1901. The renewal income re ceived thereon has since last May been invested in first-class registered cou pon twenty and ten-year bonds, $20, 000; first mortgages on well improved farms in eastern Nebraska, $8,850; secured loans and cash in bank of about $15,000 additional. Of this amount there are bonds and first mort gages owned by the company DEPOSITED WITH THE STATE OF NEBRASKA TWENTY-FIVE THOUSAND THREE HUNDRED AND FIFTY DOLLARS for the ben efit and protection of policy holders. ONE HUNDRED THOUSAND DOLLARS is the estimated net renewal income for 1902 to be available for investment. This amount, in addition to the pres ent investments, will rapidly increase the deposit with the state as the re newals are obtained. Investments are carefully made on sworn valuatidns after personal inspection; on im proved farms loans are limited to 25 to 40 per cent of the actual cash value of the property. THE ADVISORY BOARD. The selection of several hundred prominent members, five to ten in each of the principal counties of the state, is a well recognized power. It is the strongest single business organization ever made in the west. The board Is making its influence felt In protecting J A J 1 i . .1 aim iunnering tne interests and busi ness of the institution in their respec tive localities. The officers and di rectors extend to the members of the board their thanks and congratula tions on the excellent results achieved. The special advisory board plan was -formerly employed by the older companies in opening new territory; during the last twenty years it has been little used by them. It is the cheapest and most effective known method of introducing a new com pany, until its business has been se curely placed and an agency force established in its home and other states. We keep on file copies of the spe cial board contracts formerly exten sively used by the New York Life, Equitable and other leading companies that will be furnished our board mem bers when desired by them. These documents are a surprise to the most of their' agents, who are virulenr.ly opposed to the plan, since it gives to the special board members the advan tage of the renewals that under the usual methods help to swell the in come of the self-styled "Old - Line" agents, and with which they wish to line their pockets. THE FIELD STAFF. The management extends its sin cere thanks to its loyal, faithful field staff for the intelligent, efficient serv ices rendered during the last year. The field staff of the Bankers Re serve Life is most efficient, is not equaled in excellence and ability by any equal number of men to be found in the life insurance field of the great west, a fact well known to competi tors who have had occasion . to test them. . Every man is a skilled fighter, actively and intelligently engaged in his chosen work, who scorns to resort to the underhand methods of certain agents, who are the cowardly assas sins of the great life insurance busi ness. This class of agents should find Dree 3 at cor- no place or recognition with reputable SUPERIOR POLICIES AND PLANS. It is well known that the strictly modern policies; and plans of, the Bankers ' Reserve ' Life "are not ex celled in the world." This ' truism stands unchallenged , in all its litera ture, including ' its calendars. The liberal policies adopted include every safe known option provision. , The new n gold bond policy just, adopted is strictly modern; is su pei ior ' to ' any other policy . on the market,, combines investment ad pro- tection in a plain,, simple ma iner, is attractive," liberal and a popular seller. POLICY 1 HOLDERS ITS CAPITAL. 'The policy holders of a life insur ance company constitute its principal element of success, are its real capital; they are -the patrons who contribute the revenues in the payment of pre miums, which make its assets, settle its death claims," expenses and create its surplus, this being true in the his tory of every life company. No insti tution or company ever had more loyal enthusiastic friendly policy holders. The carping criticisms of alien con cerns, the cowardly attacks of com peting agents has solidified our ranks, has turned public sentiment in our favor, has caused tens of thousands of loyal Nebraskans and citizens of the west to espouse the cause of patronage of western institutions for western people. THE PRESS IS A POWER. The influence of the press in mould ing public opinion, in promoting en terprises, in eradicating evil is a well known power. It is the subtle elec tric current of thought that moves the age. The judicious use of printer's ink is an essential factor in building any institution. We are grateful to the press of the state for the many courtesies extended in furthering the interests of policy holders, in creating a healthy senti ment favorable to a strong financial institution to keep at home for invest ment in our own securities a portion at least of the savings of our people under the beneficent laws of Ne braska. '" THE. NEW YEAR 1902. What shall its record be? Just what policy holders, field staff, man agement, the press and western people by their patronage make it. The in come may be safely doubled, should be made to exceed a quarter of a mil lion dollars, a large sum, every dollar of which can be saved for deposit in western banks, for - investment in western securities. OFFICERS, FIELD STAFF, POLICY 11 HOLDERS. You wiIkindly accept my thanks for the loyal, faithfnl, cordial sup port rendered in the grand work. The success attained represents the com bined energy, influence and contribu tions of officers, field staff, employes and policy holders,' working together to further the interests of the insti tution. We trust to secure your active, loyal future support. We invite the co-operation of the advisory board members, the press and people. With this combined support an institution will be built that will be a credit to our city, state and the entire west. Respectfully submitted, B. H. ROBISON, President. 408,800 962,100 1,544,000 .2,370,650 2,285 v3,076,150 2,242,519 2,763,976 ', 3,445,757 LIFE 775,500 2,135,000 03,421,000 A DARE FOR SPEAKER SEARS Will He Bring: a S ait Against Stuefer for v- th Embezzlement of Three Thou and Five Hundred Dollar? Speaker , Sears as a letter writer is possessed of no mean ability., The Independent is informed that as a lawyer he stands-yell in his profes sion. And right now he has come to the point where "it's up to him." His statement of the- Burt county bond aeai, puDiisnea in The independent last week, is clear and concise. As to the moral', aspect of the case, these is not a particle of doubt that Stuefer did with regard to stealing what Mark Twain did regarding lying. "I could not lie," said Mark, gravely, "so I told Harris to." "I can't steal," protests Stuefer, "but (sotto voce). Neligh may." : , . A careful reading of Mr. Sears' arti cle will convince any fairminded ma'n that Treasurer Stuefer was guilty of willful collusion with his henchman, Neligh, to rob the state of $3,500. The whole transaction has all the ear marks of a "put up job." Stuefer, a long time before the bonds were is sued, told at least two Burt county citizens that the state could take the bonds at SY2 per cent interest. Later,' and as the time approached when the bonds must be issued, he grew reti cent. He would not answer letters; even lied a little in promising that he would write. He failed and re fused to make a bid for the bonds but had Neligh on the ground to buy them. Neligh bought the bonds at par and paid for them with two checks, aggregating $80,000, drawn by Treas urer Stuefer against state funds; re ceived from the county board an order for the bonds on the state auditor, in whose charge they were for registra tion; presented that order, received the bonds and carried them across the hall into the state treasurer's office, where the steal was consummated. Here $3,450 in interest coupons were detached and given to Mr. Neligh as his share of the swag, and" an entry made upon the treasurer's books as follows: "Purchased on July 5, 1901, on a basis of ZXA per cent. Coupons detached "to equalize rate." Now, the rate named in the bonds was 3 per cent; hence, it would take the de tachment of $4,000 in coupons to equalize the rate. Who got the other $550 in coupons? . Mr. Sears says: "Proper steps should be taken to . recover the cou pons that have been wrongfully re moved from the treasurer's office." Granted, Mr. Speaker Sears, and it's up to you. You are by this time no doubt painfully , aware that Attorney General Prout can always be relied upon to refrain from doing anything in the interest of the state. It's a hundred to one that you can't get him to commence any action whatso ever against the proper parties for the recovery of these stolen coupons, or their value. For non-feasance, Prout cannot be excelled. Have you, Mr. Speaker Sears, the necessary grit in your make-up, the sand, as it were, to begin the proper action? Well, maybe you have but The Independent doubts it. What are the legal aspects of the case? Morally, of course, Stuefer and the whole board of educational lands and funds are guilty of reprehensible conduct in not only this bond deal, but also in several others. Neligh bid par for the bonds on the sale day, about the 21st of June, 1901, ostensibly for himself, but, as the facts show, as agent for the state treasurer; he paid foi them by delivering two checks ag gregating $80,000, drawn by the state treasurer against trust funds in two Omaha banks. It is not shown whether these checks were drawn to Neligh's order or to the order of the Burt county board but that is imma terial; Neligh was simply the instru ment who delivered the checks to the board. His bid was the bid of the state treasurer on behalf of the state; he delivered state funds in keeping that bid good. An order was given for the bonds and Neligh received treasurer.' ' Never for a moment had Neligh one cent of ownership in the bonds; he never had one cent or any other sum Invested in them. His bid, was a bid for the state; -his delivery of the checks was a delivery for the, state; his receipt of t the bonds was receipt for the state; his delivery of the bonds to - Treasurer Stuefer was delivery on behalf of the state to the! proper custodian of such securities., Here his agency ends; his receipt of the $3,450 in coupons was a crime, against the 'state, morally if not; also legally. . Mr. Speaker Sears, you cannot in duce Governor : Savage to take any. further steps in the matter .He ome time ago whitewashed the treasurer on this very matter, and since that time he has "had troubles of his own." Approach the attorney general on the subject of bringing a proper action and see how quickly you can get a. refusal. You can probably get that, but it's about all. Of course; Norris Brown could do things if Prout would only let him but Prout's the chief, and a sorry chief he Is to be sure. But you, Mr. Speaker Sears, are fully ; capable of bringing the action and pushing it to a successful determina tion. Will you do it? Dare you do it? The Independent hopes so, but has serious doubts. Special Farm Loans I will make ten-year loans on choice farms in Lancaster county at 5 per cent annual interest without commis sion until March 1, 1902. Liberal op tions of repayment before due. W. M. Leonard, 13th and O sts., Lincoln. REPUBLICAN MONEY Slyly at Work Buying Populist Papers Put the Independent In ; Where Pop- ullut Papers are Bought Out . , Editor Independent: The repub licans are slyly aggressive have; left off their former methods of abuse and vilification and adopted that of soft words and scheming, as it' were, to undermine our position. Their press is mute so far as offering any argu-r ment or antagonism to' populist prin ciples. Just now they are seeking to buy out populist papers, consolidating them with republican papers. A popu list paper edited by a republican will certainly be an unique paper., It seems that when they cannot suppress populist principles by suppressing the paper that they will censor every thing that gets to the people. This move is made possible by. the unlim ited amount of money at the command of republican bosses, their determined, persistent' efforts' to deprive populist papers of advertising patronage espeJ cially public printing and the crop failures which make it a hardship upon many poor farmers to support their papers. Of course this is plug ging the spigot and throwing open the bung hole, but they don't see it that way. I do wish that our more opulent and more fortunate brethren of other parts would send The Independent to these people. It is plain, to 'my mind that something will -have-to be; done to get truth to many or this section will be lost to our "cause. All know that ignorance is the first stepping stone in present day republicanism. When that condition can1 be made to prevail the next,, deception and hypoc risy, can be much more easily prac ticed. Eliminate these, most especial ly ignorance, and republicanism would go into decadence without a. parallel in political history. The loss of many of these country populist papers would be a blessing M their places could be filled by The Independent and Commoner, and if it is possible, this should be, done. If the gaps now being made could be temporarily filled it would be perma nent to a great extent when the peo ple get crops. To be sure the Bartley Savage episode ought to give us the state this fall. But Savage will be made the scapegoat as big a Billy as was ever put into a livery barn a; will, if passible be made to al-t stench equal to his prototype. " Governor Cumings on Trusts In the campaign of '96 when ;; lists and democrats talked In the sa way that Governor, Cumings now 1 1 they were denounced as belons?inv: the "discontented class," and v: llanna said "there are no tru. every mullethead answered: Y Governor ' Cumings now talks ju-; The Independent did at that time. V what good will come of his talk? will support the party that create. . fosters trusts. He -will continue denounce everyone who opposes V party and he will throw all his i.r ence to keep it in power. The o! . of, such assertions is to keep -somewhat dissatisfied reptiMi "voting 'er straight." He says: "My observation leads me to lieve that many of the large indus'r combinations would not have l proposed or effected had it not !- for the knowledge that the promis or, organizers could make stuperv! fortunes in the mere operation of . solidation; It is said, and I tcl: -to be true, that more than : centum of the stock of every tr combination now in existence is p fiction, and the opportunity to c.: ble upon the stock exchange worthless stocks has been uppern in the minds of those who have N most active in bringing together th organizations. Every corpora:, should be required to have its cap:1 stock paid for at par, in money, br-r it is authorized to transact busin The genius for deception has too of been accepted as legal tender for sr.. and it should be declared the ecu:. feit it Is. The evil of over-capita!; tion has still another serious pi.. It furnishes an illegitimate motive excessive prices. It is perfectly n ural for the managers of a corpora: so organized to endeavor to pay tii dends not only upon the real cap invested in the business, but aUo u; the baseless stock which repre;- nothing but the audacity of promo, and. the weakness of the law. I beli the question is a national one ; that' the time has come to national:, it. I recognize the difficulty of aim ing the constitution of the I'ni States, but I know that whenever : people are sufficiently in earnest it ; and will be done. Before corpora ti which are to do business through the country and in which the pro: of one state are quite as mu."h in? ested as the people of another are t mitted to organize they shoul i stock has been paid for in money . tlat the real value of the prop they acquire is as great as the s: which, represents it. "I am unable to agree that we cure whatever evils may exist in ti organizations by publicity. It is enough to require them to make --' ments and submit to exaininat; but if . we are to limit our rejiul.u to mere publicity the outcome will justify the attention we are bestow upon the subject. It seems plain t whenever a consolidation of luanu' turers with respect to any comnio-i stifles competition at home or so stricts its operation that its fon -not fairly felt, then it is the imp tive duty of congress to immedi t remove the artificial restraint. have created". I am not an advocat a general revision of the tariff. stand for competition, the cornpetl: of the republic if possible, but of world if necessary. I regard the sequences of a monopoly or substair monopoly in any important produ. t infinitely more disastrous than consequences of foreicn Importati or (.Knur CAfMAwnc . mm3i 10c tit. COc Genuine stamped C. C C Never sold In ix. beware of the dealer who tries to sell "something just as good." j f Ms U T..alJn,M..TOlr,gT;,,. o,,,,, .r,L-..l.. t ... . ...: ,:r7T I mtirinti iniimin " " n Tiimm rianw ifTiinifn tjmmim an imi ii pinni itt ' " "' nr' T- '-- i $800.00 CASH REWARD Have you brains and energy ? If you have and are painstaking and studious, supply the correct name ft the beautiful sentimental flower represented in the above picture, which when correctly answered rep: sents the emblem of fidelity, and you may win a SJJffl Qf MONEY Tne flower is a small blue one mark with a yellow centre, and can be found growing in wet or damp places. This is a brand new puzzle, and you are smart you, can, with diligent study, give the correct solution and win some CASH. Patrons haw RBE"M era eh e& n D" a n A ' ftBiriffe so that the cash each patron or customer receives will be clear gain. One answer only is allowed. Try and Wirt Brains arid Energy can Help. This is a free contest and contains no elements of chance, and we positively guarantee to pav all Datrons Cash for correct solutions. Your right to a cash prize rests entirely with yourself . Send us your solution, and if correct ' you will hear from I ABSOLUTELY 1J0 M usby return mail. Address CURALINE- CHEMICAL CO. 1 8 Spruce St., New York City CODPON Jo. 14- CUT OCT THIS COCPCX AJ ill OB PASTE IT TO TOC A5S1TI p!