The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-04-04
THE LIFE ASSOCIATION OF AuERIc4
Annual Report for 1871.


Annual Report for 1871.
The annual report of the president and
other officers of this institution was placed In
our hands some days since, but we have not
heretofore noticed it, being unable to give 1t
the examination 1t deserves.
The report covers over twenty pages Of
neatly printed octave pamphlet, and gives q
concise view Of the present financial condl-
past year and prospects for the future.
President Britton reports TO the members OF
the association the formation and successful
operation of twenty-seven departments OF the
company, occupying territory almost co.
extensive with the whole Union. Each OF
these departments is managed by board OF
directors of thirteen members elected by the
trustees each year. the whole forming per-
feet machine the motive power being at The
heed Office in St. Louis. The departments, In
addition to their local government, participate
also in the government OF the association as
whole, each president Of department board
of directors being also member OF the gene
raj board Of directors OF the company: Inc
institution works with an extraordinary
harmony, as the powers and duties of lis
managing heads, as we'll as the rights and
priv leyes of Its MEMBERS are oil clearly
defined in Its comprehensive charter.
The energetic, aggressive spirit OF the asso-
citation Is evidenced by the TACT, sSt forth In
the paper before us, tnat seven new depart.
year, and that moro nrefu process OF
formation. Among these latter especial
mention is made of New York, which Dir.
Britton states will be organized within short
period. This has, since writing the report,
become an accomplished fact, as our readers
have already learned from the telegraphic re-
ports In our columns.
In remarking on the proud success of the as
ISOLATION ip New York-the cradle as we'll as
the stronghold OF lis powerful competitors
the report says: "Thls Is great triumph, and
It proves eonclusively that the principles upon
which the association is based do not call for
the patronage of merely single State or sec
tion of the country; they are universal In their
application, and must be recognized by the
ny shows the justice of the remarks, for we
f1d representative boards of trustees (num-
bering in the aggregate over three thousand
members) In all the principal cities, viz: New
York, St. Louis, Baltimore, Pittsburg, Clncin-
natl, Louisville, Mobile, New Orleans, Men,
phis, Indianapolis, Detroit, Chicago, San
Francisco, and several other important points.
The report goes on to show the progress of
the association during the past year. In this
connection the following figures will prove
Interesting to our readers as well as crafty
ing to the members Of the association:
The amount of insurance 10 force at the
close OF 1871 was s52,S47,446, showing an in
crease for the year of 81, 7,l9l,706:
The assets were s3,6l3, l53 so, showing an
increase In this Item Of over million OF dol
lars from the business of 1871.
The income during the year was s2,276,-
464 Sc.
The cash paid to beneaclaries of deceased
policy holders was $500, l74 So, and the divi-
dends returned to policy-holders amounted to
s2s9. .767 46.
cognizance OF somewhat demorallzed con.
dtion of the insurance business for which he
accounts by the general scarcity of money and
the dishonorable course adopted by many
companies who circulate defamatory articles
rejecting on their competitors. This part oil
his subject he sums up with the following
more difficult to obtain, this intense strife
grows fercpr, and charges of mismanagement
are hurled unsparingly By the companies and
their agents at each other. 1t Is matter OF
surprise That men who are entrusted with the
management of Insurance companies cannot
see that this dlsreputable course must eventu-
ally demoralize the business generally, and
necessarily recol on themselves"
This Is some common sense, and we fear
that the reflection on the shallow Judgments
of men who think they are increasing The pop.
ularity of their own companies by heaping
odium on other Institutions. proves that many
of our Insurance companies have men to guide
their destinies who fail to see their duties.
This association has been made special
target for the enyenomed shafts of the envi-
GUS aud malicious In the business, but 1t has
bravely withstood all attacks, and now sur
veys its assailants from the proudest position
ever attained In the same time by any corpo-
ration of its class In the world. As result
of one Of these malignant attacks, the report
of his investigation into the condition and
affairs OF the company by the Hon. Wyllys
King, superintendent Of the insurance depart
ment OF Missouri, Is given by President Brit
ton to the poicy-holders and the public.
The investigation by Mr.. King. as set forth
In the report before US, may be summed up By
saying IL was searching and exhaustive and Its
result Is eminently satisfactory.
On the whole, this report of the Life Associa-
tlon of America tor 1871 is characterized BY the
same open, fearless exhibition OF Its affairs
which have characterized Its management
from the beginning, and which In great meas.
ure accounts for It's success. 1t gives results
never paralleled by any similar institution in
the world. 1t has overtaken in lis race for
business Its oldest competitors, and is now, be-
yond doubt, one of the foremost lie Insurance
companies in the West.-St. Louis Republican.
If ANY ONE knows your firm to be the best
in your particular line everybody becomes