Evening star. [volume] (Washington, D.C.) 1854-1972, 1890-02-28
S221, g32,283 90

s221, ss2, 2Ss 90
Discussed
For death claims
and endowments. S73 029, $40 %
Dividends to policy
holders ........ 1895, $50 II
Surrendered poll
cies. 19,576,577 50
Total paid policy holders. $40 DOL 1913 46
Expenses Observation-Disclosures. 1S, 1874 500 So
pai. . 9, 1886 "a
S22l. 1872, 2S3 %
The amount already paid to policy holders
and their benefciaries, S140 001, 79S. 49, and the
amount OF net assets held for the protection of
their policies, SO, 49,, S4l "a, and aggregating
Sl96.334, 6S9. 20, exceeds the amount received
from policy holders by $50, 492, 266.26
All tins has been done at an expense ratio of
only S.4 per cent.
EXAMINATIONS OF THE COMPANY
Following the defalca.ion in indianapolis at
the beginning OF the year, in order that our
policy holders and the public might be authori-
tatlyely certified of the condition of the COM
pany, 1t was determined to ask the Insurance
Department of this State to make the most
thorough and searching examination possible
OF Its condition, its business, and its affairs of
every nature. sparing neither time labor, nor
reasonable expense. Accordingly, on the 9th
day OF March. 1889, the examination was be-
gun by the Hon. o. r. Fyler, insurance COM
missioner of Connecticut assisted by William ID.
hitting, esq, of New York, an expert of ma
tlonal reputation, together with a sufficient
staff of lawyers and accountants. The report
OF that examination has been furnished, as far
as possible, to all our members, and widely
puDiished by US In the press of the country.
Inc examination 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 substantial accuracy of the companys state
ment as of December 81, 1888. and to that end
the commissioner visited and personally APP
praised. with the aid OF experts selected by HIM
sell, all the real estate owned by the company
and every loan upon which interest Was IN de-
fault The results may be briefly indicated by
a comparison of the main figures of that state
ment with the corresponding statement framed
by the commissioner as of the same date:
The company. IN its statement,
claimed gross assets S57, 460. 649 20
The commissioner found its as
sets 10 De-. NEUTRALITY-SUSPICIOUS.. 81, 583, OH. Ga
The company claimed its liabIli-
IT, ties to be. $500: .....:..:.:.:. 52,245, 93s6l
The commissioner found its iabil-
tiles 70 De. ACKNOWLEDGEMENTS. 81, 24l, S05. IL
The company claimed its surplus
to be-. ............. 5,214, 7O9.59
The commissioner found its sur
plus 10 be. al oe6 20
In closing his report the commissioner said:
The examination has been thorough and ex-
haustlve. The commissioner believes that no
life insurance company has been subjected 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 considerable. The commits
sloner Is gratiied that the results vindicate the
complete sOlyency OF the institution and the
honesty and ability of its management"
1t Is proper to say in this connection that the
valuations the commissioner placed upon our
assets over and above their cost to the COM
pany, at which they stand upon our books, was
made solely for his own determination of the
question OF the solvency Of the company, and
not as gulde to Its present treatment of those
Items, nor as final conclusion of the ultimate
selling value OF those assets-principally real
estate. The company, therefore, adh eres to
lts uniform practice OF carrying these items at
their cost until sold. practice which results 80
lar have proved to be entirely conservative;
although, by adopting the commissioners APP
pralsals 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 dePutatIon consisting OF Hon. A. c.
Harris and Messrs. Shepard and CARRIER to
make an examination to the same effect These
gentlemen fulfilled their commission taking
the company statement of December 81, 1885,
ana verifying 1t In every particular, besides
making such other Investigations as thew
deemed necessary in view OF the exhaustive in
curry already In progress at the hands of the
connecticut commissioner. The Indiana COM
mission found the company's statement cor
rect, and filed 1T 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 extra
ORDINARY conservatism. and OF the comprehen-
slve anu searching tests which these assets and
the companys business methods and it's affairs
have had at the hands of men armed with every
legal power and possessed OF most undeniable
qualifications for their task, 10th in point of
ability. accomplishment and character we be-
heve 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 protect its
contract Is, humanity speaking, beyond perad-
venture, but that these import ant conditions
are known respecting this company with an alb
soIute completeness and certainty which is not
the case with any other similar institution.
1t has been for years the one steadfast aim of
this management to furnish to families depen-
dent upon the money earned produced by
the husband and father protection which
shall be perfect IN Its security. certain to go to
those for whom it was originally intended and
not put at the mercy of speculative side issues,
at the lowest practicable cost to be attained by
careful SELECTION, prudent management and
Close economy. 1t Is profund satisfaction to see
Its success IN these directions to the resent time
so completely indicated, and still more to feel
that 1t enters upon the future prosecution of
these few, simple, fundamental and purely
beneficial aims, under conditions which afford
the highest probability of equally satisfactory
results. Resp ectfully submitted
JACOB l.. GREENE, President
BUYING MORE BREWERIES.