Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-02-25

protection of their policies, sc, ,332, ,S41 "a,
and aggregating S196, 334, 639 20 exceeds the
amount received from policy holders by $50,
492, ,266 26.
Ali this has been done at an expense ratio
Of only "a per cent.
EXAMINATIONS OF THE COMPANY.
Following the defalcation in Indianapolis
at the beginning of the year, in order that
our policy holders and the public might be
authoritatively certified of the condition of
the company, it was determined to ask the
Insurance Department of this State to make
the most thorough and searching examina-
tion possible of Its condition, its business and
its affairs of every nature, sparing neither
time, labor, nor reasonable expense. Ac-
cordingly, on the 5th day of March, 1889,
the examination was begun by the Hon. 0.
r. Fyler, Insurance Commissioner of Con-
necticut, assisted by William D. Whiting,
Esq, of New York, an expert of national
reputation, together with suf
icient staff of lawyers and ac-
countants. The report of that examination
has been furnished, as far as possible, to all
our members, and widely published by us
in the press of the country. The examina-
tion could not have been made more minute
or complete had the company been regarded
as bankrupt and placed in the hands of these
gentlemen as receivers. The examination
was specifically directed to test the substan-
tial accuracy of the company's statement as
of December 81, 1888, and to that end the
Commissioner visited and personally ap-
praised, with the aid of experts selected by
himself, all the real estate owned by the
company, and every loan upon which inter
est was in default. The results may be
briefly indicated by a comparison of the
main figures of that statement with the cor
responding statement framed by the Com
missioner as Of the same date:
The company, in its statement,
claimed gross assets .S57, ,460 649 20
The Commissioner found its assets
to be...................... .S57, ,5S3, OIL 81
The company claimed its liabilities
The Commissioner found its iiabiii. -
ties to .s522E, sos IL
The company claimed its surplus
The Commissioner found the sur
plus to 5so4, zoo 52
In closing his report the Commissioner
said:
''The examination has been thorough and
exhaustive. The Commissioner believes that
no life insurance company has been SUBJ
jected to a more exhaustive scrutiny in every
branch of its affairs. To accomplish this a
large force has been necessary for over four
months and the expense has been consider
able. The Commissioner is gratifed that
the results vindicate the complete solvency
of the institution, and the honesty and
ability of its management.
1t is proper to say, in this connection, that
the valuations of the commissioner placed
upon our assets over and above their cost to
the company, at which they stand upon our
e.
mination Of the question of the solvency of
the company, and not as a guide to its pres
ent treatment of those items, nor as final
conclusion of the ultimate selling value of
those assets-principally real estate The
company, therefore, adheres to its uniform
practice of carrying these items at their cost
until sold, practice which results so far
have proved to be entirely conservative; al
though, by adopting the commissioners ap-
praisals entire, we should add considerable
sum to both assets and surplus.
During the time this examination was in
progress the Insurance Commissioner of
Indiana sent a deputation, consisting of
Hon. A. G. Harris and Messrs. Shepard and
CARRIER, to make an examination to the same
effect. These gentlemen fulfilled their COM
mission, taking the company's statement of
December 81, 1888, and verifying it in every
particular, besides making such other in
vestigations as they deemed necessary in
view Of the exhaustive inquiry already in
progress at the hands of the Connecticut
The Indiana commission
found the company's statement correct, and
filed it as their report.
STANDING OF THE COMPANY.
In view of the schedule of assets exhibited,
and of the manner in which these are treated
by the management, and of the ample and
solid surplus over liabilities, by standard
of extraordinary conservatism, and of the
and searching tests which
these assets and the company's business
methods and its affairs have had, at the
hands Of men armed with every legal power,
and possessed OF most undeniable qualifca-
tions for their task, both in point OF ability,
and character, we believe
1t is the simple truth to say that not only is
its strength more firmly based than that of
any other company, in the assumptions upon
which its computations and provisions for
the future rest. and that its ability to pro-
tect its contracts is, humanity speaking, be- |
yond peradventure, but that these i'm
portant conditions are known respecting |
this company with an absolute complete |
ness and certainty which is not the case with |
any other similar institution.
1t has been for years the one steadfast aim |
IF this management to furnish to families, de- |
pendent upon the money earned or produced |
BY the husband and father, a protection |
which shall be perfect in its security, GER
ain to go to those for whom il was origin |
Ally intended, and not put at the mercy of |
speculative side issues, at the lowest practi-
,able cost to be attained by careful selection,
prudent management. and close economy. |
It is profound satisfaction TO see its sue
'ess in these directions. to the present time,
70 completely vihdicated, and still more 10
eel that it enters upon the future prosecu-
ion of these few, simple, fundamental, and
purely beneficial aims, under conditions
Ehlcn afford the highest probability of
g qaally satisfactory results. Respectfully
JACOB L. GREENE, President