Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1889-07-23
STATEMENT OF AN EXAMINATION
or the Conneetieut Mutual Life Insur-
ance Company.
INSURANCE DEPARTMENT,
HARTFORD, July IL, 1883.


HARTFORD, July 10, 1889.
Section 1857 of the Revised Law of Con-
necticut requires that the insurance commits
sioner shall at least once in three (now chan
ged to FOUR years visit each life insurance
company incorporated by this State, thor
oughly examine it's financial condition, and
ascertain whether 1t has complied with all
the provisions Of law.
The duty imposed under this section was
| to have been commenced by the commission
| or az soon as his annual reports had been
completed and issued. But owing to the
alarm created by the Moore defaloation at
Indianapolis, and at the request of the COM
| missioner of another State and of the presi-
dent of the company, 1t was determined to
anticipate the period set for the examination
and begin with the Connecticut Mutual Life
Insurance company at once. The Office force
being engaged In duties that could be post
poned, 1t became necessary to secure addi-
sional assistance.
| The services of William D. Whiting of
New York, an actuary well known for abil-
| ity and experience in making examinations,
were employed to take charge Of the details,
and general supervision of the working
force. Judge g. q. WEIGH, of Torrington,
was retained to examine the titles to real es.
tate claimed by the company, and similar
services In regard to the bonds and mort
cages were rendered by Messers. a. E. Tain
tor, Austin Brainard, j. g. Calhoun, G. A.
Stafford, q. ]. Ward, and by Judge Hiram
Wiley of East Haddam.
| The above, together with Messrs. Wilson,
Alderman and Church, in the clerical de-
partment of the investigation, constituted
| the working force.
company's Office in Hartford on March 5,
| 1889, and continued to date. The bonds and
stocks were counted by the commissioner
| and his chief assistant and verified. The
| real estate owned, together with such mort
gagged property as showed any Indication of
| weakness as collateral security to the loan
thereon, was personally visited during the
| month of June by the commission and Mr..
| Whiting, with the exception of about dozen
scattered pieces of small value whose situa-
l ton was too remote to warrant the delay
i which would have been occasioned by per-
sonal inspection. As to these pieces, all but
two of which were mortgaged properties, sat-
isfactory evidence was obtained from CORES
pondencs.
consultation was had with the insurance de-
partments of the States in which the proper
! ties were situated, whenever such action was
| practicable.
The only exceptions were in the States of
Wisconsin and Michigan where the commits
| sioners were not accessible and but few pro-
perties were owned.
The following gentlemen were selected:
| O. f. Sayles and G. E. Coffin at Indianapolis,
@. q. Turner and O. H. Gleason at st. Louis,
G. NJ. Bogue, A. J. Averill, Edmund Knauer
and Pleasant Amick at Chicago, 81. Town
| send at Milwaukee, Henry Fralick at Grand
Rapids, A. E. Leavitt and s. A. Plumer at
Detroit, 7. H. Walbridge and l.. S. Baum
gardner at Toledo, J. G. Mead and ]. R. Hills
! at Hartford.
The examinations OF titles were brought
| down from the date of the deeds to the com.
pany to the date of this examination by
| various local abstraotors of titles. No out
| standing defects of title have been discovered
with the exception of two of a merely tech
| nical character and which may be easily
cured.
The litigation concerning the Bruce Place
lots has been recently determined in favor of
the company.
The suit regarding the Cameron property
at St. Louis has been appealed and is still
outstanding; there have been, however, two
cases decided in the lower courts in favor of
the company's position and none adverse to
It's ownership. The only other case involv-
ing real estate outstanding is the Windett
matter at Chicago. This is so clearly frivo-
lous that the parties have evidently aban-
doned further attempts to push their claims.
Every facility asked was promptly afforded
by the company's officers, clerks and agents
in making this Investigation, and its methods
of conducting its accounts and filling papers
were suoh az to minimize the labor.
1t was not discovered that the company is
violating any provision Of its charter or the
laws of this State in the management of its
business. As to its financial condition, the
obJscs of the examination was primarily to
ascertain the assets and liabilities as of the
31st of December, 1888. The results are as
follows: