The sun., 1892-02-03
(Signed)

pany will be pleased to have this examination
made at your earliest convenience.
Yours truly.
tSlgned) A. H. WHICH.
Second Vice President.
In accordance with tho above on the 22d
day Of June. 1901. the Insurance Department
was placed in charge OF the books records.
&C.. OF this company. and remained In charge
until the 4th day OF January. 1892.
There are many reasons why it seems not
only proper but necessary. to review with you
the Insurance Departments findings. First.
no corresponding test has ever been applied TO
the life insurance business. and the results
ought to be presented to you not only without
prejudice. but from the companys point OF
view. and to me it seems to Ge clear that the
only way to achieve this Is by a ter-
sonal statement. l do not mean by this
to reflect in any way on your SOURCES
OF information hitherto. l say that no cor
responding test has ever been applied to the
business OF lifo insurance. By this mean
no investigation by a State Insurance Depart
asscts and general business reached CORE
Se has
ago seemed impossible Thashorizon has en-
papded and duties and responsiblities have
this company. and OF nearly ali other life COM
panies which. II not new in kind, are so much
greater in degree as to constitute almost a new
vestiRation Just closed has. therefore. been re-
markable for this as we'll as fer other reasons.
portions. has been the most searching and
msrci!ess sr inquiry [ ever made OF the executive
IN
be the integrity OF the assets of the company.
H ths e. & thy srSSsh s
%sas Assess s1se seH5f%ss5 1sses e
ode9s sasEPqFfh Fhe ea superny pefy
on the above, !" Those interested may be as;
trnstworthy Iheso Words will bear srees readins hns
a second time. They mean something differ:
sponsiblity In the business world. They
could be used only after our assets had been
to test Which E from
the sacred character Of its trust. Is S; un1ues- @
fore. means that all doubtful item items Were We're
eliminated: that our opinions were neces-
ssy that opn
were obi ged to plead before bar where miti-
eating circumstances We're ruled out of evi
offer my congratulations to our membership
on the result. and to state that the other
se hs n 81 Te
so great an achievement. I desire personally
to emphasize my congratulations on this
report, u would not have been unnatural.
think, II the ideas OF myself and ASSOCIATES OF
the asgregate value 20 OF the assets OF this
ment. had differed to a eonsiderabie degree
from the ideas OF the gentlemen who fixed the
ment's statement. Differences could arise only
in certain classes OF investments. A large por-
is Of such Character that there could II be e'o no
variety nf opinion Ms to its value on any given
chat is value at any given tims @ must s"e neeese
sSfy Equally ana 'Hss sn
The variation would express no actual fluctua-
t9n R Esps hps s%p ID 1s y in opn
@ opnlo ana wSe of' concede n % the wsdom %sa IN IN
rounding our request for this examination
sSs sSsvSys WsC SeH Snf ayoS Of e
the men who have planned and directed, tho
may be accepted as the utternncss Of special
pleaders. are worthy at least OF consideration
constitiitins an an endorscment Of The mani manage. q.
msnt Of this at MS to
character Of this invest igation. YOU would not
teri ter rested thars: @ but the Supern:sndent pei , OF
Insurance has seen iIt, after announcing not
only the solyency hut tho great prosperity Of
nas Si %ons dars te"ss aks p
and discuss certain itoms, and in doing 80 has
criticised the management Of the company IN
these details very severely. This consti-
tutes an added and by itself sufficient rea;
@ go a the ID
many related facts. which 90 mot not APPEAR in tho @
Xsstinents, in real estate and agency work.
af stseton % rHa osses sStvss Witch hAtsss ns
! admit. and losses theoretical. which arise
from differences @ Of opinion; ! admit certain
question OF difference OF opinion as TO the re-
mainder: Before entering on the discussion
to say that inyestments are made only with the
approval Of the Finance Committee, consist
ing Of five members. and Of which I am II
mP%ssF fnass fa se, report alleges los. on
tire three 'tfh th"usand nine , hnndred and and ninety-
four dollars Ths Of In
Of sucl, great value, the opinions Of real estate
G,xEerts of equal ability and integrity often
figures. and oven beyond it, cost" The gem
tleman. who, iy direction OF tho Snperint.nd-
at sp' two inint'F miSn ve apaa hmndrra th"aana
to give an opinion on such a question:
But !, is also fact that another ge9Mtlsman M Of
testified before the supreme Court OF the state
Of New York that In bis judgment the property
at the present time is worth three million dol.