Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1872-01-02
I.ife Insmrnnee.

REPORT OF THE COMMITTEE OF iNvEsrloA' /
TIoN OF THE WILMINGTON BOARD OF d.
REcroRs NATIONAL LIFE ms. CO U. A.
To de Local Board for Wilmington, Del,
ofhs National LIFE insurance 70
The undersigned, members Of tue Com
mittee appointed 10 make inquiries, on be-
half Of this Board, at the Home Office of the
National Life Insurance Co., in Philadel-
phia, respectfully report that they have es-
ssyed TO discharge their duty, having visi-
ted the Home Office, on the LIST of December. |
Our inquiries did not, of course, go 10
tue extent Of investigating the accuracy OF
the accounts kept by tie officers ofthe Com
pany, nor 10 the application of any tests to
the core tness OF their books, for this would
be practically impossible. We received,
however, the fullest permission TO do this,
had we thought ii advisable
The results of our inquiry may be stated
as follows:
!. We had interviews with the President,
MI. q II. Clark with One OF the Nice-Pres-
dents, Mr. Rollins with the Chairman of
the Finance Committee, Mr.. Jay Cooke
with DIR. Smith. Medical Director; Mr.. j.
N. Butler, Assistant Secretary; and Col.
Newport, Superintendent of agencies. These
gentlemen did not receive us as though fear
fol that our inquiries might embarrass them
Dut certainly manifested most cordial de-
sire, II not anxiety, to provide us with in-
1 formation on every point mentioned.
, 2. Presuming that the statement Of gentle
f men. whose personal character and financial
/ honor are so deseryedly high, as in The case
Z oil those Just named, may be relied upon, we
# will assume the following to be facts
v That the National Life Insurance Company
1 had, al the outset, million dollars capita
4 paid in, cash.
- That the original stockholders are nearly
Y all still interested, and where any have sold
v out, the instances Of which are very lew,
4. the others have in most, II not all casts, pur.
nj chased the stock sold.
N That no dividend has heen paid the stock
ID holders, all profits beng carried to the sur
~ plus fund.
a That the expenses, necessarily very large
he at first, are steadily decreasing, and the pro
he fs increasing.
On That the Investments Of the capital anC
surplus fund are In securities of the hes
oh class, and these securities carefully deposits,
d. in the vaults OF the Company.
NO That, as II is TO the interest OF the stock
or holders to conduct business with the utmos
ri prudence, avoiding improper assurances, AMI
establishing all operations upon the closes
system OF economy, that has been the stead
ia policy oil the management.
These statements were all made to US, re
m, peatedy by different officers of the Con
%. pany, as above nimed. Our observation
Ia gave US no reason 10 dcuit any of them o
he tue contrary, we FULLY rely upon their cl
~, tire accuracy.
=! 3. The summary account book of III
-, Company, book ia which the whole oper,
ino lions arc every month summed up, in ord,
No that its pr. else situation may be seen, wa
Of inspected by US The statements therei
Nv contained, 81 far as we observed, are idel
I'VE tical with the printed and publ he'd stat
~, ments.
led A. The system, order, and precision
en-. the accounts which we examined, and wbiC
,er' prevailed IN tue Office generally, impresst
in us with the highest opalion OF the accuraC
md and careiulness OF the Company's officer
nd In conclusion, we can but offer as our r.
M, port, the judgment We have formed, base
on the foregoing, to the eject that we ha'
every reason to believe, SO lar as our obse
ack yations could extend, in the entire reliablli
III Of the National Life Insurance Compan'
y and IN the correctness of the publishe
hae statements upon which ii asks public Gu
ere poit aud We have full confidence that Il
md connection OF this Board with the CpmpaE
md has teen secured 10y The latter In good ai
Of and may be exercised To The advantage
his our community, IS well as Of the Compan
we HOWARD NJ. JENKINS,
,rks ALFRED D. WARNER,
sto. THOMAS S. BELLAH.
nrs WILMINGTON, DEL, Dec. 10, 1871.
ev- 1t affords as pleasure te give our citizqt
r. the above report, coming us il does fro
at gentlemen who e honesty, integrity al
in ability a. business men aud accountants Ell
ears l9sa..a ssu ~ n - xsuaSxzM