The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-11-04

y
have already paid. All OF the suits
against the company, save one, have
been dropped. and that one will be.
We honestly believe that the company
is as sound as any in the country, and
beg oarefnl perusal of the report of
the actuaries, and the addresses Of the
directors. Very respectfully,
JAS. L. GODFREY & SON.
State Agents
FINANCIAL STATEMENT OF ITS CONDITION
MEETING OF THE DIRECTORS
special meeting Of the directors Of
the company was held last night to hear
n statement Of it's affairs, prepared by
three or four experts. Mr.. w. j. Lnwis,
President, occupied the chair, and there
was an unusual large attendance.
REPORT OF THE ACTUAHIEs
MIR. Bryant, at tho request Of the
President, then read the following re-
port:
10 the President and Directors of Tie 81.
Loais Mutual Life INSURANCE Company
GENTLEMEN: The undersigned having
at your request made n Thorough ex-
animation OF the books, accounts, assets,
| liabilities and resources of the COM
pany," submit to you. tho annexed
schedules of assets and liabilities, in
which Is set forth the condition of the
company on the 1st day of October,
1873.
In making this examination, most Of
our attention and Ill ot our labor have
| leon given to the items Of assets which
consist OF premium notes and deferred
and outstanding premiums, and to the
Liabilities under policies now in force.
These items are constantly chang
ing in amount. are difficult of exact as
certRinment, on account of the multi
plicity of their details, and are more
than any others liable to error and mis-.
understanding. We have examined the
condition of every policy now in force,
and of every one which has ceased to be
in force, actually or apparently, since
the 1st day of Jannary, 1869. and have
referred in every instance to the ori-
ginai entries of premium payments;
and we report to you, on this point,
that every policy that is in force, we
found so stated on the compnny's books,
with few Insignificant exceptions of
''commuted" policies. on which default
had been made III the payment of q de-
ferred part of the yearly premium, but
tho policy holding good for the Com
muted" amount until the end of the
yoar; thereafter continuable by tho pay
ment OF interest on premium notes.
These policies were marked off from Il
misapprehension Of the effect of u de-
fault, III such cases. in pay ment of q
deferred premium.
The registers of policies aud renewals
we regard as showing, with unimpeach-
able exactness, tho present condition Of
the company's pulicy-obligations The
actual records Of the same items We
have subjected to the searching test of
al examination of every itom Of date.
amount, kind, age, terms, etc, of every
ono Of u large number of all kinds OF
policies, carrying an aggregate reserve
OF over S4, 600. 900; and tho variations
from exactness in all the entries amount
ed to but $50 Of linbi!ity. We speak
explicitly Oh this matter, for the reason
that it has been charged against the
company, that its books do not truly
show the condition of its policy-obliga-
tions; having full knowledge of the
facts. we pronounce the charge un-
founded. Wo find the aggregate of
premium notes claimed by tho company
to be the true amount, having examined
the items Of them on every policy, by
reference to the original entries OF Tho
premium payments. In the accompa-
nylng schedules, the items numbered
one to eight are taken as stated by the
company. Items i0) premium notes,
tlO) deferred and lU outstanding pre-
miums, we have personally nscertained,
and we vouch for their accuracy. The
other items are stated from estimates
carefully made and approved by us. The
valuation Of policies were made by US
in person, with great care, aud the cor.
rectness of the work vas tested by twice
reviewing it. And. as you requested,
tho policies now ia force issued prior to
and since March 10, 1860. have been
separately valued at per cent. interest,
besides tho valuation, ut AZ per cent.
interest, of all policies and reyisivnary
additions now in force.
The other items of liability are given
as stated by the company, not regarding
capital stock as constituting liability,
nor including any sum for death claims
contested, Of which the amount is
stated and carried inside. The item of
interest notes wo consider to be, under
their conditions and for tho purpose of
the present valuation, fairly admissible