Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1890-02-18

. 40 e
t57, s74, 971 II. It's total liabilities on that
date BY ito own standard, which is higher
Than that of any state department, and than
that Of any other company, by the d1ter-
ence between three per cent. and four per
cent. reserve on the business done since
1882, was $50, 794, 795. 10, aad its surplus by1
the same standard was 5000, 176.6l. BY
the standard of other companies, ana OF the
state departments, its surplus is over 50, co.,
600.
coNDENsED STATEMENT.
In Its forty-four years Of business this
company has received:
I hs'sS and n fsn ssd o.. %
SAL ,9s2. sss %
For death claims and en-. 49, o-o..
pi SsS@sst e policy hold s's'''So
surrendered policies. i fss,ss
Expenses .. 1s,ss4.soeD
Balance net assets. bS,sSs,
se2l. 0sa asaos
The amount already paid to policy holders |
and their benefciaries, $40, 001, zoe. 46, and
bu0 AMOuuG OF u06 68B0G8 uokO AUI buo P1O. |
tection of their policies, $56, 1892, 841 "a, and
agRregating 1896, 1884 .e39.70, exceeds the
amount received from policy holders by $780,
492, 1855 20.
All this has been done at an expense ratio
of only 81 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
authoratatively certified of the condition of
the company, 1t was determined to AJAX
the insurance department of this state to
make the most thorough and searching e1-
animation possible of its condition, its busi-
ness and its affairs of every nature, sparlng
neither time, labor nor reasonable expense.
Accordingly on the 9th day of March, 1889,
the examination was begun ny the don. y.
R. Fyler, insurance commissioner of Connec-
| ticut, assisted by William D. Whiting, esq,
of New York, an expert of national reputa-
ton, together with q sufdcient staff
of lawyers and accountants. 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 examination
could not have been made more minute or
complete had the company been regarded ss
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, 1883, 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 COM
pany and every loan upon which interest was
In default The results may be briefly indi-
Gated by comparison Of the main figures of
that statement with the corresponding state'
ment framed by the commissioner as of the
same date:
The company, in its statement, claimed ,oo 90 %
The Commissioner found its assets to
The Company claimed its liabilities to
The commissioner found its liabilities 49,
The company i claimed its surplus to - -
The Commissioner found its surplus to
be. NEUTRALITY-SUSPICIOUS.. 5,s41, 266 sc
| In closing his report the commissioner
said:
1.-THE examination has been thorough and
exhaustive. The commissioner believes that
no life insurance company has been subjec-
ted to more exhaustive scrutiny in every
branch of it's 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 abil-
| ity of its management"
It is proper to say, in this connection, that
the valuations the commissioner placed upon
our assets over and above their cost to the
company, at which they stand upon our
books, was made solely for his own deter
mination of the question of the solvency of
the company, and not as q guide to its pres
emit treatment of those items, nor as final con-
clusion of the ultimate selling value of those
assets-principally real estate. The company,
therefore, adheres to it's uniform practice of
| carrying these items at their cost until sold
q practice which results SO far have proved
| to be entirely conservative; although by
adopting the commissioners appraises entire
we should add considerable sum to both
assets and surplus.
During the time this examination was in
progress tho insurance commissioner of In
diana sent deputation consisting of Hon.
A. @. Harris and Messrs. Shepard and Gar
Der to mske an examination to the same
effect. These gentlemen fulfilled their COM
mission, taking the company's statement of
December 81. 1883, and verifying 1t in every
particular, beside making such other investi-
cations as they deemed necessary in view of
the exhaustive inquiry already in progress
at the hands of the Connections commission
er. The Indiana commission found the COM
lpany's statement correct, and filed 1t as their
report.
STANDING OF THE COMPANY.
In view of the schedule of assets exhib-
tied, and of the manner in which these are
treated by the management, and of the
ample and solid surplus over liabilities, by
q standard of extraordinary conservatism.
and of the comprehensive and searching tests
which these assets and the company's bust
ness methods and Its affairs have had at the
hands of men armed with every legal power,
and possessed of moat undeniable qualifica.
tions for their task both in point of ability,
accomplishment and character, We believe II
is the simple truth to say that not only IL iti
strength more firmly based than that of any
other company, in the assumptions upor
which its computations and provisions fol
the future rest, and that its ability to protect
its contracts is, humanity speaking, beyond
peradventure, bat that these important con-
ditions are known respecting this company
: with an absolute completeness ane certainty
: which IL not the case with and other similal
institution.
1t has been for years the one steadfsst ain
OF this management to furnish to families
dependent upon the money earned or pro
} duced by the husband and father, q protec
: ton which shall be perfect in its security
certain to 60 to those for whom 1t was origi
nally intended. and not put at the mercy Q
. speculative side issues, at the lowest practi
! cable cost to be attained by careful selection
! prudent management, and close economy
; It is q profound satisfaction to see its sue
. cess in these directions, to the present time
, 90 completely vindicated, and still more t.