, 1882-05-06
CONDITION AND PROSPECTS.
Report OF the Pacific Mutual Life Insurance
Company Of California

/
Company Of California
| The undersigned committee, representing
the policy holders OF the Pacific Mutual Life
Insurance Co., Of California, re.ldeu. in Ore
! gon and Washington territory. respectfully
report that they have completed Z careful
examination Of the business atfrirs and as
( sets Of said company, ami tind the assets to
| be correctly set forth in their annual state
! ment Of d.te, December 81, 1881. As to
| the liabilisies. the committee acc pit AS cor
rect the valuation o: the policy reserve made
| by the insurance commissioner of the State
| OF California.
During the year lsS,. the company avail.
ed itself Of the advantage off,red by the
amendment TO the law under which it Wa.
! organized, providing for the retirement Of
the unsecured notes constituting lis guaran-
tee fund, aud returned all those notes to
their makers. thereby relieving itself of all
liability accruing under said notes, without
in any manner reducing the admitted assets
or impairing the responsibility Of the corpor-
alton.
The company, in October last, removed its
principal Office from the city Of Sacramento
to the city Of San Francisco, and now oeeu-
pies commodious quarters at 4lS California
street, in said last mentioned place. The
change of location, though greatly to the ad-
vantage Of the corporation, has been accom-
plished without any increase of expense;
and, in fact, the office expense of the COM
pany are now materially less than before the
removal. We met most OF the directors of
the company, and were present at one ses-
sion Of its executive committee, and found
the gentlemen controlling the corporation to
be among the most substantial, successful
and capable business men Of San Francisco.
Every facility and courtesy possible was ex-
Tended to enable US to arrive at an exact un-
derstanding Of the condition of the company.
its mode of doing business, the character OF
checks-one department and office upon an
other.
From our examination, We teel justiied in
saying that the company is upon sound
and enduring basis, its affairs managed hon
estly. and with prudence and energy, and
that there Is every reason 20 expect that
from the present time its growth will be as
rapid as its friends could wish.
In conclusion, we say that We are well sat
isfied with our insurance In the Pacific Mu-
tual, and have no hesitation in commencing
it to such OF our citizens as desire to effect
insurance upon their lives.
VIM. P. WINANS.
J. W. GEORGE,
J. McCRAKEN,
Committee.
San Francisco. Cal. Feb. q, 1881.
OFFICE OF INSURANCE COMMISSIONER,
SAN Francisco. March 20, 1882
DIR. Geo. A. Moore, President PdciGc Mu-
.aal Life Insurance Co., San Francisco: DEAR
SIR Herewith you will lind the certificate
of this office Of the capital, assets and liabli-
ties of your company for the year ending
December 81, 1851; in forwarding which
hold il to be due to you to congratulate you
upon the wise retirement. by authority OF
law, OF the guarantee notes which, since the
organization Of the company, have nonlinally
been . part Of its assets. whereas IN fact, Ill
my Judgment they were an element Of an
noyance, and source of outlay entirely b.
yond any possible good they could ever be
to either the policy holders or company. The
assets now are real, tangible and good, which
condition, may e1cusably add. is due to
intelligent, judicicus management, OF the
cornpany's affairs. Life insurance. OF late
! years in this state, has been conducted upon
| a more legitimate basis than form eriy the
| companies admitted to do business here exer-
cising prudential caution in ineurring risks
and meeting their Losses in an honest, bus,-
ness-hke way; no one Of the number e1cell-
ing your own In those respects.
Very truly yours,
J. G. MAYNARD,
Insurance COmmissiOner.