Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1859-12-02
GENERAL AGENTS OFFICE, !
New York Nov II lS5q {

g. Nelson of London, and Prof. Peirce of Har
ward College
GENERAL AGENTS OFFICE
New York, Nov. Il, 1853. {
To the Policy Holders and AGENTS Of the International
Society in the United Stdtes:-
Circumstances have arisen within the last few months
which lender It necessary for il the discharge of
ASSURANCE SOCIETY in the United States TO address
We will first state that the Society was incorporated
Lo SS the year NH under SPECIAL aes Of PaT4
LIFE Assurance SOCIETY, which was changed in
1855 to its present title
f5OOOOO (s25OOO0O, OF which 1000 s2O0OOOO were
SUBSCRIBED , BY wealthy proprietary who in accordance
to the full extent of all their fortunes not merely pay
up the amounts OF their subscriptions when required but
also an case OF need at any time to meet and satisfy all
claims on the Society.
The sum Of 100000 ,0O0) at once paid up in
cash, and this amount has been increased by subse
9aen lnstaimen TIL on the Ssta Of Soyember 1855 the
Having established large and profitable business in
England the Directors about fifteen extended
the operations of the Society the United States and
British North American Provinces. In the city OF New
OF some OF our most respected citizens. under whose
pervision all the American business OF the Society
been transacted The General Insurance Law of the
state OF New York passed in 1858 having required
as guaranty fund to policy holders Society the
first English company to comply herewith; and return
business transacted by the Society," has been yearly
to the authorities in every State where it has been
CURED by law from our agents. Within those fifteen
years. the Society has fully contributed its share
United States and has paid deceased policies within the
Union amounting to about million dollars. Its in
of the uncaed for portion of the guaranty capital
s962545, of which nearly 100000 invested in this
country The Society has insured at the time
f2l0,920 5000 and has annual income arising
from premiums and interests on investments amounting
to s40S65 In every instance the Society discharged
all lawful claims on it among citizens iii prompt
and credabe manner and there now after upward of
twenty years of extensive operations unsatisfed
lawful claim against the Society, either in England
America. The business of the Society in England has
progressed in the favorable and the Society
has attained irstclass position among the Life Compa
MES of London,
1t may strange, therefore, that we should deem
Unnecessary address, you in especial at this
time, except for the purpose cOngratulation
position ofthe affairs of our society But the reasons
The Society has for several transacted bust
in the state of Massachusetts, and has established
large business there, amounting, the Both November
last, to about six hundred policies In 1856 law
passed in that to organize Board Insurance com
mssones and Elizur Wright Boston became OF the
commissioners BY that law, and subsequent enactment
state required furnish such schedules would
enable the Insurance Commissioners to calculate if the
assets of each company suiced their liabilities.
BY order of the directors of the society," we sent in
May last to the board of insurance commissioners,
sisting of Mr. Wright and his colleague Mir George W.
Sargent all the schedules and details required for nves
On the 18th of June last the Insurance commissioners
The report stated that the of the society
were wholly inadequate to meet its liabilities, it accused
its executive officers in London of intentional misrepres
entaton of its affairs; and it proceeded to give advice,
both to tine London court of directors and to the policy
holders in the United States in presumptuous and of
fensive Whatever the motive that prompt
ed the Insurance commissioners of Massachusetts,,
the effect to seriously alarm some of policy
holders and generally to create feeling of distrust
against the society.
In order have this attack officially contradicted,
sent in July last acopy of the commissioners report to
the court of Directors in London and requested them to
furnish with correct valuation OF the socieys poll
cies in order to prove the i1correcness of the commits
the position of the society The thorough and rigid
manner in which this has been DONE together with the
time required for the transmission of the documents to
and from London, has unayoidably consumed much
time; and we now present. for the Information Of our
OF the Societyone by Mr. W Il. Woolhouse the we'll
cety author of many erudite on Life Insurance
and the higher branches of algebra and mathematics
the other report, corroborative of Mr. Woohouses by
ageneman in no way connected with the international
Of eminence, author of Contributions Vital Stats
tics, and other works on Life Insurance, both reports
Counsel in London sustained by the Vote court
of Directors will appear by the annexed documents
In order to satisfy such of assured in the United
States as may be with the ndubtable high
the two reports before Benjamin PIERCE LII. D., and
Professor of Astronomy and Mathematics in Harvard
University at Cambridge Massachusetts for verihcaton,
and append likewise, that gentleman5 certificate as
the entire correctness of the reports and consequent
unrnthulness of the Massachusetts Insurance Commits
soners' statements.
SARGENT well the Society policy holders who
unaysediy put faith in the Commissioners statements
In conclusion, we beg to submit the annexed reports
TO attentive perusal of policy holders and the
ETY. their fullest confidence and to the Insurance Com
missoners of the censure they
JIG. HoLBROoK,} United States.
REPORTS OF MESSRS. W00LHOUSE AND NELSON
GENTLEMEN I'm pursuance of your request, valua-
ton and liabilities in to the policies
of the soceth up the perod* the report OF
the Insurance Commissioners of Massachusetts, has
been carefully calculated in minute detail and hasten
to communicate the results OF this investigation.
The calculations of the Commissioners, in the report
alluded to, being based upon hypothesis OF fictitious
premiums having relation whatever the Socety's
tables the premiums actually receivable, necessa
ry llacious and may be regarded purely as fabrica-
ton 1t would therefore be waste Of time to enter on
n uacip nnff hpn hot tla
this undoubted fact
The results | am now about to lay before the court
have been arrived at from calculation of the actual
date of the Society's existing business an6 may there
relied upon AS regards the accuracy of the work.
at all times prepared to satisfy any competent per-
On the 3Oth November 1885, the policies in force the
books of the Society consisted of the following:-
No. of Amount Annual
Policies Assured Premiums.
$; d. s. d;