The Independent, New York, May 27, 1897 The Penn Mutual Life Insurance Company, of Philadelphia.
THE FIFTIETH ANNIVERSARY.
DAY before yesterday, May 25, the Penn Mutual Lite Insurance Com- pany, of Philadelphia, was fifty years of age. Fifty years is not much in speaking of the age of the world, but the first fifty years of an American life insurance company involves so much of serious moment that no subse- quent similar period can be compared with it. Fifty years ago life insurance in this country was so essentially an infant business that its projectors and managers had not learned what infantile diseases it would be liable to nor how to treat them when they came. It was largely a matter of groping in the dark, and pretty dark, too. Errors were plenty—to be rectified as soon as discovered. In a somewhat haphazard way the business grew. We realize now what a grand, good thing it was that some men had the courage of their opinions, and not only believed in life insurance for itself, but believed that life insurance could be established in this country upon a sound and safe basis. They must have, from the nature of things, realized that'the founding and establishing of a life insurance company meant the founding and establishing of an institution which should last for all time, for this is the true conception of a life insurance company. It is because the way was dark, unseen, and unknown, and not in the least because the prejudices of the public had to be overcome, that we to-day give praise to those men who fifty years ago launched for all time the Penn Mutual Life Insurance Company. If a body of men were to organize to-day a similar institution we would give them no special credit, hardly a passing thought. Instead of traveling, as then, by blazed trees, they now follow a broad, smooth asphaltum pavement; the rough places have been smoothed, the foundations have been well and truly laid, prejudices have been overcome, the necessity for life insurance is acknowledged, and the way is perfectly clear. Credit, criticism, and congratulations are all easily given or made. Credit in this case is given, and worthily. Criticism should never be in- 13 194 SEMI-CENTENNIAL CELEBRATION dulged in except for the improvement of the criticised. In the case of the Penn Mutual Life Insurance Company no criticisms are deserved. Con- gratulations are certainly in order upon the attaining by the Penn Mutual Life Insurance Company of its fiftieth anniversary because of the perils it has passed, the dangers it has escaped, and the creditable position it has achieved. Conservatism has always been, from the foundation of the company, a ruling element, and this is to its credit. Its conservatism has not prevented its taking a foremost position with other companies, and, what is very much in evidence, its conservatism enables it to show strength envied by some of its neighbors. It has furnished a most excellent example of the truest and most legitimate method of furnishing sound life insurance, and we sincerely hope that so long as the world stands it will continue on its present lines. The heartiest congratulations of all people who believe in better things go out to the Penn Mutual Life Insurance Company on its fiftieth anniversary.
It is always difficult to try to sum up and characterize the career and work of a great and beneficent institution such as the Penn Mutual Lite In- surance Company, for it is best, although quietly, praised by its own works, and best honored and justified by the record of its own growth. This par- ticular company has always been in touch with progress, except that it has declined to join in the rush tor new business at an excessive cost and, there- fore, any other course than a conservative one would have been most un- natural. For this company which bears his name has always had the quali- ties of the state and of the city which Penn founded—the shrewdness, the thrift, the quiet patience, the fairness between man and man, and the steady persistence, which characterized Penn himself, and may almost be called Philadelphian.
Philadelphia Intelligencer, May, i8<)'j. Penn Mutual Life Semi-Centennial. A HALF century is long in prospect and short in retrospect. To those who look forward, its pace is almost snail-like. To those who have lived through most of its years, it seems like a passing dream. The half century now drawing to a close has been a remarkable one. Life has been rapid and accomplishment large. The world has been transformed in many lines of effort. In no department has such marked progress been made as in life insurance. When the half century began, life insurance was an experiment, now it is the great financial anchorage of the people. Then it was viewed with suspicion, as running against Providence, now it is considered one of the necessities of life. The development of life insurance cannot be better traced than by THE PENN MUTUAL LIFE INSURANCE COMPANY. 195 reviewing the history of the half century of the existence of the Penn Mutual Life Insurance Company. When it began there were but few life insurance companies, and they were small. It was an experiment, so far as any reli- able chart to work from was concerned. In May, 1847, after two years agitation, the Penn was started by John W. Hornor. A charter was se- cured for a purely mutual company. Sixty-five men had faith in the propo- sition, and showed their faith by taking policies. The total amount of in- surance was $224,500, and the business of the first year was represented by one hundred and forty-two policyholders. At the close of 1896, 117,738 policies had been issued. The assets had increased from the small begin- ning to $29,405,529. The total income for the half century was $86,545.545, and the payments of all kinds to policyholders were $35,871,443.
The New York Insurance Journal, June g, i8yy. Not a Giant. THE jubilee ceremonies of the Penn Mutual Life Insurance Company were of a most interesting character from beginning to end. While it was purely an occasion tor celebration of particular interest to the Penn Mutual Life Company's officers, directors, policyholders, and others associated with the welfare of the company, the occasion was one enjoyed by many who had no connection whatever with the organization. It is indeed an occasion for rejoicing on the part of a company when it reaches its semi-centennial with so splendid a record all the way back from the time of its organization. While the Penn Mutual Life has not secured the title of "giant," as the word is now understood, yet it may be well termed a "giant" in fair dealing. We congratulate the officers of the "Old Penn" upon this occasion, and extend our best wishes for the future progress of this sturdy Philadelphian. It will be noted that the company invited its agents to be its guests, and besides a large number of friends. The expense of this entertainment of its guests was borne entirely by the company. It is well for the management that they have such a corps of agents as appeared on this occasion. Such a jollification, enjoyed as it were in common by the officers and subordi- nates (for once meeting in many instances face to face for the first time), cannot but be of benefit to all concerned. The occasion will long be re- membered by all who attended. There was no discrimination in the invita- tions to members of the press, and especially were the insurance journals remembered.
Insurance, June 4, iSi)^. A Helpful Celebration. A GREAT time the Penn Mutual Life folks had during three days of last week. The company's fiftieth anniversary was fittingly and thoroughly Ip6 SEMI-CENTENNIAL CELEBRATION celebrated in speech and song and festive cheer. The fullest and best report of the proceedings that we have seen is the one given by the United States Review, in its issue of May 27. Was it worth while—this celebration? Of course it was. It must have cost a lot of money? Oh, yes; possibly as much as ten thousand dollars, though probably a good deal less than that sum. But it was a fine advertisement tor the company, and judicious ad- vertising always pays. We have no doubt that directly by reason of it there has already been a considerable addition to the membership of the company and that further additions will directly result. And then think how the agents were heartened and strengthened by being brought together in such inspiring circumstances. They go back to their work, full of courage and determination and with'abundance of material for a successful campaign. They know now—they knew before, but they feel it more earnestly than ever —that the Penn Mutual is a good company to work tor, and that they can commend it to insurants with entire confidence in respect both of safety and of equity. They have exchanged experiences, got "points" one from an- other, had their ambition stirred up, been praised and, perhaps some of them, justly rebuked by the officers, been helped in every way, and they will get business. Yes, the celebration was a good thing for the company and for its agents. And it was a good thing for all sound life insurance companies and for their agents. It emphasized the fact that in a genuine life insurance company age, so far from being an element of weakness, is an element of strength. Here are the "fraternities" round about us, which in former days were so captivating with their boasts of cheapness and so boastful of per- petuity and so reproachful of the old-liners and so scornful of actuaries and so independent of reserves and so confident of the ever-renewing vitality of "new blood"—here they are, from ten to twenty years of age, in great trou- ble because they are so old! They are trying to devise plans which will somehow keep them from petering out. They want actuaries now. And, oh, how they want reserves! Infirm and anaemic at twenty, at fifteen! And here are other tottering concerns, that did not in their early days take just account of the inevitable future, and find it too late effectually to do so now —the hands of the receivers are outstretched tor them. And behind them are hundreds of predecessors that have vanished because they got too old to live. In contrast with these stands the Penn Mutual, fifty years young and renewing its youth all the while. It began right, away back there in 1847. Its first policy was issued upon the assumption that it would continue in force until matured by death and that, when matured, whether in one year or in sixty years, it must be paid. That assumption, varied only according to the kind of policy, has been maintained ever since and the funds have been accumulated to keep the pledge good. To make sure—that was the company's plan from the beginning. And so the Penn Mutual is a living demonstration of real life insurance. Other companies may have their special claims to excellence, and of course they compete with this company, THE PENN MUTUAL LIFE INSURANCE COMPANY. I?/ and perhaps both they and it in the stress of competition may go further than they ought in appreciation of themselves and depreciation of rivals; but every old company by the fact of its age helps every other similarly founded company, whether old or young. The old Mutual, the New York, the Equitable, big and strong as they are, may each one with pride and with a sense of added strength say: "Look at the Penn!"
Tlie Clirojiirle. June 3, /Sfiy. A Fitting Climax. THE banquet which closed the four days' celebration of the fiftieth an- niversary of the existence of the Penn Mutual Life was in all ways a fitting climax to a very happy session. The dinner served was excellent, the speaking good and the whole occasion was permeated with an atmosphere of good fellowship and cordial, mutual congratulation. Looking over the tables one was struck with the fact that an unusually fine body of men repre- sents the company in the field. They are all bright looking business men, and it there is any one thing more than another that the staunch old Penn can be congratulated upon, it is on the personnel of its field representatives.
The Insurance Age, Jinie, i&y7. Deep Meanings. THE celebration of the Penn Mutual's semi-centennial was in progress when we went to press last month, and the events connected therewith have already been chronicled at length by clever historians. It was a happy thought to hold this celebration in connection with the annual meeting of the Penn's agency association, for it magnified the one occasion and digni- fied the other. It is needless to say that the meeting, or series of meetings, was enjoyable, that good fellowship prevailed, that the company felt and showed a pardonable pride in its agency forcft, and that the agents lifted their hats in a new and intensified feeling of reverence for the company. There are deep meanings in an occasion like this. In a few generations more half a century will not be a great age for. a life insurance company, but it is a great age now. It is a fact worthy of notice and fit to invoke congratulation when a life insurance company has come to that age, after having passed through the stormy financial periods which this still youth- ful country has suffered, and at a time when life insurance was in its tenta- tive stage. And the fact receives an added significance when a corporation has emerged from its first half century with such record, such vigor, and so great promise for the future as the old Penn Mutual Life. IQ8 SEMI-CENTENNIAL CELEISRATION Insurance Opinion, May, iS()f. A Memorable Anniversary.
THE PENN MUTUAL CELEBRATES THE COMPLETION OF ITS FIRST HALF CENTURY.
THERE are not many life insurance companies in the United States which are fifty years old. There is not one which stands higher in the pub- lic estimation, which deserves better of the people, or which has more hon- orably fulfilled its obligations of every kind than the Penn Mutual. The fiftieth anniversary of such a company deserves to be royally commem- orated. Its pride in the past is natural and laudable, and the lessons which it has learned and taught are best perpetuated by just such a convention of loyal and enthusiastic workers in the same glorious cause as that which gatliered at Philadelphia on the 25th, 26th, and 27th inst. They gathered from thirty-nine states, from the Atlantic to the Pacific, and from the Gulf to the Lakes, to do honor to "the old Penn," as most of them affectionately called the company, and to enjoy the intellectual and material feast which was provided for their delight. They expected a good time, and they had it, but, what is of much more importance, they carried away with them an increased enthusiasm for their work, loyalty to their company, and appreciation of its officers and of each other. Every man of them will do more effective work from what he learned at Philadelphia from his lellows. Esprit de corps is as valuable to a life insurance company as it is to an army, and it can only be cultivated by personal contact. The re- sults of the celebration will undoubtedly be apparent when the statement for 1897 is made up.
The Insurance Herald, June 3, iSyj. The Old-Fashioned Idea. THE Penn Mutual Life Insurance Company was fifty years old last week, and yet, as some life insurance companies go, it is not of full stature. It does not even make the claim of being in one respect or another "the largest company in the world." The fact is the Penn long ago irretrievably lost its chance of becoming a marvel of tall financial architecture by devot- ing itself to the real purposes of life insurance. Its organizers and directors seem to have been imbued with the old-fashioned idea that mutual life in- surance was an undertaking in behalf of the policyholders, and not an enter- prise of glory for the management. In advance of legislative compulsion it made its policies non-torteitable and incontestable, and would insist upon paying large dividends to policyholders and in other ways arbitrarily man- aged affairs so that the members got their insurance at the cheapest possible Finm the U. S. REVIEW, M.iy 27th, 1897.
From the U. S. REVIEW, May 27th, 1897.
THE PENN MUTUAL LIFE INSURANCE COMPANY. 199 rate. It is a tradition of the office that the managers never wept because there were no more worlds to conquer. This is an unerring way to make the benefits to policyholders big, but it stunts, comparatively, the develop- ment of the company to a size that does riot enable it to compete with the pyramids or the modern twenty-seven-story office building. Strange to say, the policyholders appear to have liked being treated well. Maybe they are right. The company announced on its public anniversary that of the first one hundred policyholders insured half a century ago only five are now liv- ing. No wonder the Penn Life is fifty years old. Faithful servant of large interests, it can go on living as long as men need faithful service. It is a triumphant demonstration of the theory of old-line insurance that age cannot stale nor usage wither. President Harry F. West comes to ^ his office with splendid precedents to counsel and advise him. The Penn is a company full of honors and usefulness. The celebration of its fiftieth anni- versary was an occasion when all the world of life insurance might well honor so excellent a representative of the great modern idea of family pro- tection.
Insurance Herald.
Penn Mutual Life.
CELEBRATION OF ITS SEMI-CENTENNIAL BY OFFICERS AND GENERAL AGENTS.
THE fiftieth anniversary of the Penn Mutual was happily commemor- ated in the City of Brotherly Love on May 25, 26, and 27. It was an occa- sion of rejoicing and instruction. General agents of the company to the number of one hundred and fifty gathered as guests of the executive offi- cers. The splendid achievements of the company were reviewed by those long identified with its career. All the intricate workings of its ponderous machinery were clearly set forth by officials of each department. With ex- change of experiences seasoned by well-planned social divertisement, the toilers in the field renewed their vigor and stimulated hopes for the future. ****** ********** The Penn has grown into a tower of strength through its fifty years' existence. During its first year there were 142 policies issued. In 1896 the company insured 8013 lives. Ably managed, following honorable and legi- timate methods, it stands,prominently among the life insurance companies of America. 200 SEMI-CENTENNIAL CELEBRATION The Insurance Agent, iSyy. The Penn Mutual. WE received a card of invitation to the celebration of the fiftieth anni- versary of the Penn Mutual Life Insurance Company of Philadelphia, which was held in the Quaker City on the 25th, 26th, and 27th of May. The Penn was one of the pioneers in life insurance, which fifty years ago was in its infancy. It began in the humblest way. In 1847, Mr. John W. Hornor, a Philadelphia hardware merchant, secured a charter and began business with $224,500, on sixty-five lives, with $6304 premiums. Of the first one hun- dred policyholders only five are now living. The office was one room about fifteen feet square, and the "officers" were Mr. Hornor and the porter, the latter having so much leisure upon his hands that he sold tea, which he stored in the basement. The first assets were kept in a small tin box with two compartments and their scantiness gave more anxiety than their cus- tody, but when the first claim came, in the second year, the company had on hand $31,858. To-day it has assets in hand of $29,405,529. In examining the recor'd of this company for fifty years, one cannot but notice that the interest and profits on stocks have almost paid the death claims, while 'out of a premium income of $67,193,292, it has returned to members in dividends $13,003,193, a magnificent record, which has rarely been equalled in the history of life insurance.
The Insurance Monitor, June, i8gf. Quaker Element Predominated. THE beginnings of a big life company, fifty years ago, are portrayed, as well as its later history, in the "Condensed Record of the Penn Mutual Life Ins. Co.," issued in commemoration of that event. Three years passed be- fore the appointment of the first traveling agent to solicit business. A trustee of the company did not think it beneath his dignity to accept the position at a salary of $600. He stuck to his post tor thirty years, and during- that time planted almost every important agency which the company has in the state. Those were the days of local insurance. It was a personal favor to be granted a policy, and, as a rule, the applicants had to bring the indorse- ment of one of the trustees. How times have changed. Yet in those three years the company had built up a premium income of $115,000. Ten years later the assets had passed the million-dollar mark. For many years the Quaker element predominated in the membership. One experience is re- lated which is unique in the history of life insurance. A widow actually refused to complete proofs of her husband's death and accept her claim, because the company had been misled about his health when insured. Months elapsed- before the company could induce her to receive even a compromise sum. The pictures of this remarkable pair adorn the book. THE PENN MUTUAL LIFE INSURANCE COMPANY. 201 After the war the company, on conservative lines however, moved forward rapidly in the race. It has grown to be a life insurance giant in size, and thanks to its early nurture, is a giant in strength as well, for the influences of its early days have never ceased to show themselves in its management.
T/ie Insurance Post, Jzine j, l8g^. Penn Mutual Lifers Semi-Centennial. As EVERYBODY expected, the fiftieth anniversary of the Penn Mutual Life of Philadelphia, held in that city on Tuesday, Wednesday, and Thurs- day of last week, was a great success. Something like two hundred agents and managers of the company gathered and at the opening looked into the face of President West as he spoke his earnest and grateful words of wel- come. The three days were filled in with interesting papers read and ad- dresses delivered, with pleasant greetings between old friends, the formation of new attachments, and the cultivation of that esprit de corps which such an occasion was sure to foster. On Wednesday afternoon everybody joined in the steamboat excursion on the river and had a good time. During the various sessions papers were read and addresses delivered by J. E. Durham, John W. Hamer, Wm. H. Rhawn, J. W. Iredell, Henry C. Lippincott, H. H. Hallowell, and some others. The crowning feature of the gathering was the banquet on Thursday evening at the Union League Club, at which there were many invited guests, the company who sat down to the tables numbering two hundred and fifty. President West was toastmaster, and after the introduction of and fitting remarks by Ex-President Needles and the reading of regrets from several insurance journalists and other invited guests unable to be present, the prepared program of the evening commenced. The principal speakers were H. C. Townsend, the company's counsel; Benj. Alien, a long-time trustee; General Agent Darwin Barnard, of Boston; Actuary Jesse J. Barker; Edward Bourne, secretary of the agency association of the company; General Agent J. H. Harrison, of Colorado; H. C. Lippincott, manager of agencies, and Simon Wolf, of Washington, D. C. An appro- priate and bright poem was also read, prepared for the occasion, by J. H. Jefferies, and altogether, the banquet, as well as the program of the preced- ing days, was such as reflected credit on the old Penn Mutual, with its record of half a century for success on equitable lines behind it.
Standard, June 12, l8yy. Of the Same Family. GATHERINGS such as the officers, agents, and employes of the Penn Mutual life indulged in recently at Philadelphia possess a distinct value that can scarcely be overestimated, and it would be well if every life insurance 202 SEMI-CENTENNIAL CELEBRATION company could gather all its staff together at stated periods to listen to well-written papers on topics of vital interest to the business, indulge in an interchange of opinions regarding the varying phases of the business and have a good social time generally. This, of course, is what is done in the national and local life underwriters' associations, and the value of such general association is now widely recognized. But an added value would be imparted to the work of each underwriter it he came in occasional con- tact with his brethren of the same family, as it were. The Penn Mutual Life Agency Association, for instance, is a good example of a company organization, and one of the results of the recent gathering of the New England Life forces in celebration of President Stevens' fifty years con- nection with the company was the formation of an agency association, which will probably meet annually for purposes of mutual benefit. Matters pertaining to the business at large can with profit be discussed in general convention, but there are phases of a company's individual business which may be considered with perfect freedom only in a more private assembly, i.e., a company organization. By all means let there be more of them.
Insurance Register, June, i8g^. It was a Grand Time for The Penn Mutual. JUST as The Register was going to press last month the agents and representatives of the Penn Mutual Life Insurance Company were gather- ing from tar and near to celebrate the fiftieth anniversary of that institution, and while it may seem a little like ancient history to speak of that celebra- tion a month late, at the same time, one present at the various gatherings of the agents and representatives held at Mercantile Hall, and who asso- ciated with these gentlemen during the various social functions of the occasion, can scarcely retrain from adding to what has already been said regarding this very exceptional anniversary occasion. In the first place, the character of the representatives of the Penn Mutual, their general appearance and intellectual bearing, has been sur- passed by few bodies that have met in this city. The papers prepared and read before the assemblies showed a knowledge and experience in life insurance matters that is sufficient to prove the ability of this party of representatives to give to the prospective insurer, a clear and concise idea of the business, comprehensive explanation of the contract they sell, and a very exact statement of the manner of transacting the business by their company. The Penn Mutual has certainly occasion to be proud of the men who represent it on the field, and there is no wonder that success is constantly achieved by the company with such an agency force. The agents, on the THE PENN MUTUAL LIFE INSURANCE COMPANY. 203 other hand, should be proud of the history of the company they represent and of its honest and fair dealings, of the character of its investments, and above all things, of the uprightness and integrity of the men who have and are in control of its affairs. The banquet given to these representatives at the Union League was one of the most h.ppy occasions of the ^rsary week and the excellent addresses and advices there offered, both from the executive and official departments, interwoven with the words of praise from the field men, tended only to cement the company and agents more closely together, and to give each a higher opinion and regard for he merits of the other. The gathering of the agents on the following evening was one that will be long remembered, and tended to give these representa- tives of this very representative company a better underst.nding of each . other and more thorough acquaintance with the field in which they work, and a higher regard for the representative force of the Penn MutuaL Takin" it all in all, it was a grand week tor the staunch old institution, and one that should fill the hearts of its few surviving progenitors with pride and admiration. We believe such celebrations not only tend to bind the companies and their representatives more closely together, but are pro- ductive of financial benefit to the institutions, as they show to the outside world the character of the men who are connected with and interested in the institution in a manner that they have never been seen or appreciated before May the Penn- Mutual enjoy unlimited prosperity, and may her officers and representatives ever be proud of the achievement thus tar attained, and of the prosperity and success that undoubtedly awaits the institution in the future!
The Argus, June 3, iSgj. Earned Its Right. THE Penn Mutual has well earned its right to self-congratulation, for during its long record of half a century it has firmly stood tor correct practices, judicious enterprise, equitable dealing, and genuine, because safe, progress. ,
Tlif Insurance Advocate, June, 1897. Forward With Power. THE staunch old Penn Mutual has celebrated its fiftieth anniversary, and will now proceed upon its career of ever-increasing success and useful- ness, enjoying greater strength, vigor and prosperity than ever before and growing in these as time goes on. On July first Mr. Harry F. West will assume the Presidency. With this experienced financier and able executive at its head, we look to see the Penn move forward with power and add noteworthy chapters to the grand record already made. 204 SEMI-CENTENNIAL CELEBRATION The Insurance Press, June 2, i8c/j. Looking Forward. WHEN Mr. Hornor organized the Penn Mutual Life Insurance Com- pany of Philadelphia, it is not likely that he imagined that the company would be as successful as it has been. When German capitalists organized the now great packet company, which celebrated its fiftieth anniversary last week, while the Penn Mutual people were holding their jubilee in the Quaker City, no keenness of Teutonic foresight penetrated so far into the future as to perceive the development in store for their packet corporation. In fact, so swift has been the progress of things in this old nineteenth century that the amazement of "founders," could they witness ti.e astound- ing results that have come from their original efforts, would beggar de- scription. Rip Van Winkle's consternation would be "normal calmness" in comparison therewith in many instances. And, by the way, who can discern where we will "be at" fifty years hence, insurance-wise and in other respects?
Black and White, June, iSgy. A Notable Meeting. THE Penn Mutual Life Insurance Company of Philadelphia, one of the very best companies anywhere, celebrated its fiftieth anniversary in a man- ner which certainly fitted the occasion. Delegates from no less than thirty- nine States, and numbering about ten-score, came together to give the grand old company a good send-off on its new half-century, and a more lively, enthusiastic lot of gentlemen could hardly be met with on a similar time and place. Everyone was happy to say what it was in his heart to give in the way of celebrating the event, and the meeting was a rousing success, in every way. Philadelphia has always been a hospitable city, and the Penn Mutual has been noted for its hospitable way of doing things, so it is no wonder that everyone was made happy. President Needles and President-to-be West and Manager Lippincott, with the help of the rest of the officers, made the gathering and the dinner, which came as a fitting conclusion, remarkably cheerful and joyous.
The United States Review, May 27, iSgf. An Unblemished Record. IF it were valuable for nothing else, this story of the foundation and progress of a great life insurance company would be valuable as showing the beginnings of things and encouraging men to do and dare once more. From the U. S. REVIEW, May 2jth, iSy7.
From the U. S. REVIEW, May sjth, rSc,7.
THE PENN MUTUAL LIFE INSURANCE COMPANY. '205 In fifty years, out erf the slenderest beginnings, this great institution has grown up, with an unblemished record of public benefaction behind it.
American Exchange and Review, June, iSg^. After Fifty Years. THE three commemoration May days of the Penn Mutual Life Insur- ance Company are golden in the record which is introductory to the next half-century of the company's progress. There was a looking back to 1847 and a pointing forward to 1947. Representatives of life insurance holding aloft the gonfalon of the William Penn of home protection and life security in thirty-nine States of the American Union, assembled to greet the occa- sion and show its significance.
Merchants' Guide. The Semi-Centennial of The Penn Mutual Life Insurance Company. THE celebration of the event of the fiftieth anniversary of the Penn Mutual Life Insurance Company, which continued for three days, ended on Thursday evening with a banquet at the Union League. It was a great success from beginning to end. The papers read and the discussions were of a high order on the important subject of "Life Insurance and Its Methods of Administration." These gentlemen are all insurance experts, and several veterans in the service. This solid old native company has a reputation for fair and liberal dealing with its patrons unsurpassed by any other company in this country. The growth of its business and the extension of its influence for the last few years has been phenomenal, and is the strongest evidence possible of the superior management of all the departments and of its finances.
Tile Surveyor —'' Views and Interviews.'' ' Faltering Never. THE founder of the Penn Mutual Life builded better than he knew. One could not help but be impressed with this fact at the fiftieth anniver- sary of the company at Philadelphia last week. A successful and honor- able career of fifty years means a good deal. Think of the changes that have taken place in that time. Consider how the country was wracked from end to end by a cruel war. Think of the different panics through which we have passed, the uncertainties, the perplexities. Yet, through 206 SEMI-CENTENNIAL CELEBRATION them all, the Penn Mutual Life has marched steadily on, guided by strong hands, faltering never, but fulfilling year by year the object tor which the company was formed. Honesty of purpose and straightforward dealing have made it possible for this institution to survive while many others have fallen by the wayside. It was fitting that the agents should come from all parts of the country to join in the celebration of the company's fiftieth anniversary. They are proud of it, and have reason to be. They surely must have been inspired by all they heard and saw last week, and there is little doubt but that they will work with even a firmer purpose in the future.
Insurance World, June i, i8<)^. Growth.
IT was from this lowly beginning that the Penn Mutual has grown and expanded into one of the leading mutual life insurance companies in the country. During the early years of its career its business was largely confined to the city of Philadelphia and the near-by towns in Pennsyl- vania. It was many years before agencies were established beyond Mary- land and Delaware. To-day it operates in no less than thirty-nine States and has assets of over thirty million dollars. Of the first hundred policies issued fifty years ago, five are still alive; of the other eighty-five, there were terminated by death forty-four, by surrender twenty-seven, by lapse twenty- four. The oldest survivor is Rev. A. G. Compton, a Baptist clergyman, at West Chester, Pa., aged 84. The other survivors are aged 82, 80, and two 76.