The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-06-04


UEyery effort has been made to make the invest-
cation tho -ough and complete. 1t has been con-
nued through period Of about three months.
Over six hundred fooscap pages of testimony have
been TAKEN and the books of every description, as
well as the assets of the company, have been care
fully examined"
"Having undertaken the examination of the af-
fairs of this great Company (besides the special
charges already considered), have continued it
until by personal inspection of the assets, and a
general investigation of the methods of business
as well review Of the history Of the Company
feel prepared to declare, my opinion, that the
condition and standing OF the Mutual Life Insur-
ance Company of New York is such as entities it to
the confidence OF the public and the high position
it has so long occup ed that it has acquired this
leading and magnificent position is most unques-
tionably in a great measure due to the efficiency,
ability, and fidelity Of those intrusted with its
management. 1t was organized by special act in
1872 and was the first Mutual Life Insurance Com
pany Of this State. The present chief executive
officer, Mr.. Frederick S. Winston, became its presi
dent in 1853, at which time the assets OF the
company amounted to s2,O1s776. The number of
policies then liz force 6773 nsuring the amount
OF s17,556,133 On the 1st of January, 1870, the
assets of the company had increased {, the enor-
nous sum of 35,59, 169 The number of rOlcies then
In force was 6s,O72, insuring s236, ,94Hs02 The in
come of the company for the year 1869 was about
f15000000. OF the assets, over s27,000,000 in
except about s2,0O0,O0O in New Jersey, being upon
real estate situate in this State. The assets of the
company were found to correspond with its annual
statement thereof made to the Insurance de-
partment. They are Of the highest order of
securities, and have been safely kept. 1t is
fact thy Of remark that the strictest scrutiny
into the management OF this company during the
past sixteen or seventeen years, during which such
a vast amount OF business has been done, and such
Immense sums OF money have been received and in
vested not dollar is discovered to have been lost
by the embezZement defalcation or breach of trust
OF any officer or trustee. 1t is perhaps not strange
that such success should excite not only generous
rivalry in this great field of business enterprise,
but also some jealousy as well as personal ami
mosites and criticisms. 1t is TO be regretted that
in any case the officers or agents of one company
should resort 10 the vili1cation OF another COM
pany or its officers, with view to advancing the
interests OF their own company or themselves. II
there are charges affecting the standing of CON-
pany, or the legality Of its management seriously
made upon prima tacie, reasonable grounds to the
Superintendent, he will, in this case, deem it his
duty as practicable TO Investigate them. In
making these remarks, no reference Is had to any
company or person In particular. They are merely
aimed generally at what l have conceived to be a
pernicious practice.
SIN concluding this report, would say that en-
tered upon this examination certainly not predis-
posed to extend any special favor to the Company,
but fully determined to probe to the bottom all
plaints and, so far as was able, TO mete out equal
and exact justice This, to the best of my ability,
have done. Personal examinations of the affairs OF
companies will be more frequent under the present
than they under the late administration Of the
Insurance Department. 1t will be gratifying II
those examinations disclose greater Irregularities
nor cause more serious apprehensons for the future
companies examined than this has done. II any Of
our Life Insurance Companies are sound and relia-
BILE, the Mutual Life must be one of them.
SIN language which l have before used, will
only add, my examination has satisfied me that the
Company has been managed with peculiar ability
and integrity, and that its condition is emnently
sound. GEORGE w. MILLER,
superintendent.
estate of New York Insurance Department, AL
bany, May rs, 1870