The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-05-12
REPOitT.
DAIrrnOnE, May I'd, 1870.


RobSTt Y. BQtiErin, Eaq,, PTGNltkeIt-Sir: In
accordance with resolution appointing com
mittcG TO investigate tho condition and standing
OF the Life Association Of America, adopted a.
meeting Of certain citizens OF Baltimore, who
propose organizing a Department for Maryland
Of said Association, held on the 9th day Of April,
1870. tho undersigned committee visited Louis,
at which city the principal Otfico OF the ASs0eia'
tiOn ls located, aud having spent four days there
IN performing tho duties with which they were
charged, respectfully submit tho following ~
REronT ...
AZ the rcsHlt Of their labors:
FirSt-'ThC testimony, received through disln-
tercstGd and altogether rclilblG sources, con-
YIncCd Us thAt the character OfthG gentleman con-
ncCtcd with the Association in 81. LOuIE, and 10
whom lts management Is directly entrusted, lS
flr above the average character OF tho managers
OF other financial Institutions In that city, lOIll III
regards integrity and ability and also success IN
dIAnCnl and commercial pursuits. Tho mode Of
acquiring this Information lsnOrc fully described
IN the general memoranda hereto attached.
ISeCOVd-A personal examination Of the account
books Of the Association, Including Its policy
registers, lCdgCFS. Journals and cash book, tilly
satisfies us that tho statements OF Its financial
condition and Of the large business It ls trHns.
acting, which have been published and submitted
to our citizens from tlmUtO time Aro entirely cor
rect. Every facility which we could desire for
prosecuting our investigation was afforded us by
the officers and employees OF tho Association, and
many matters Of interest to which our attention
had not been directed were voluntarily pointed
out. We were agreCably impressed With TIM
fraMk manner IN which our inquiries wer0 rG.
SOndGd to. and the total nbschco OF reserve III nll
matters touching tho condition and status Of tho
Association. The matters OF detail connected
with this part OrOur investigation are set forth IN
the annexed memoranda Of particulars.
Ihirtf-YOur committee gave special attention
10 an examination OF tho several charges OF mis-.
MANAGEMENT, etc, which have been made against
tiFnN IN t11tU hV mr.
Insurance periodicals, especially hs&IEctlt0r, Of
New York and Chicago. A detailed list Of these
charges, with the result Of our investigation Into
them, will be found In tic accompanying memo.
rnNdu. From this II will he seen that every ono
Of these charges arc utterly false and grOuldcss,
and their existence can only be accounted for mp
OIL the suppOsttiOn that they wcrG made by un
sCrupulOs parsons acting IN the Interest OF other
like corporations, made jealous by the slgnal
success OI the association.
kDHFkh--Thc Information rElntIvc 10 tho actual
working Of tho plHn Of the association, derived
from our investigation, affords abundant syi.
iGncc that II iS entirely practicable and that itA
departmental system Ii safe, healthy aud cdnSCf.
vniive In Its operation. This systgl h substan-
TALLY the establishment Of local llf0 insurance
company In each State under the supervision and
direction OfprOmlnrnt citizens, aud tho eOmbl
nation Of all these companies for security and
economy undGr ono general directory aud man
ngCmCnt. composed Of representatives from each.
Such system undoubtedly affords each SAtG
greater advantages than Cnn he derived from
purely local organizations. By Its superior econ.
0ny IN management 1t secures the retention OF y
larger amount Of capital for home Investment
than Il local company could acquire, and II Ger.
tRInly furnishes better security u policy holders
H5R-ThG conditions which the Association
IL willing tO make with tho Maryland Depart
mrnt, when organized, arO SCt forth IN the gUn.
cral memoranda accompanying this report. They
arc merely explanatory Of the practical working
Of tho provisions Of the charter. In our CONVEX
RntIOns with the officers On this subject We WGru
impressed By the ample provisions Of the charter,
and We arr decidedly Of the opinion that any fur.
tier arguments or StlpuatlOIls between tic As
ISOLATION aud any Of lis departments ArU mot only
unnecessary, or inalVlsAblc. We're II otherwise
II might give rise to different contracts, allowing
distinctive privileges to tho various departments,
which would utIGCtuAlly destroy the mntuallty Of
the organization, and We believe that II gentle.
men consider carefully that the working Of tho
Association Ia TO be tint Of purely mutual COM
pany In which the trunk and tho branches arc
each equally dependent upon the other, they will
lrrCC with lis III this conclusion. ....
YUnF committed returned home, having deCl.
Ctl for themselves TO become TTubtGOS OF the
Maryland Department Of the l.llG Association Of
America, and to earnestly urge ltS prompt for.
nation.
All Of which Ia respectfully submitted.
JOHN GLENN, ...
GRO. N. BOXER,