Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1892-02-04
INSURANCE COMPANY :

On the 10Th day Of June, 1891, the fol
lowing communication was transmitted to
TO the Insurance Department Of the State
Of New York:
NEW YORK, June 16, 1891.
HON. J. F. PIERCE, Superintendent In
suranee Department, Albany N. Y.
DEAR SIM: The chprgss that have
been made against the company and its
management in the public press, grow
ing out Of matters connected with its
Spanish Americen Department, having
been cabled to our president in London,
we are In receipt Of a cablegram from him
III response, suggesting that the lnsur
ance Department. be invited In the public
interests TO make an examination Of the
company for the satisfaction Of any pol
ICY holders who might be disturbed
by these charges and criticisms, and in &C
dordance with his suggestion the finance
committe Of the company at its regular
meeting, held this date, adopted the fol-
lowing preamble and resolution:
At = meeting OF the finance committee
OF the New York Life Insurance Company,
held this day, the following proceedings
were had.
TGe Resolutions
WHEREAS, certain charges and criti
clsms have been made against this com
pany In the public press growing out OF
certain matters connected with the
Spanish-AmericAn Department and
WHEREAS, the finance committee Of
the Board Of Trustees is satisfied from
the statements OF the officers that there
will be no loss to this company by reason
Of the matters referred to, yet 1t Is
DESTROYS that the public should be equally
satisfied, therefore,
"REsoLvED That TO chat end the Sup
erints1ldent of Insurance OF this state be
invited TO make thorough examination
Of this Company.
In accordance with the foregoing the
company will be pleased to have this ex.
animation made at your earliest con
venience. yours truly,
(signed) A. a. WEIGH,
Second Vice President.
Ia accordance with the above, on the
22d day Of June. 1891, the Insurance
Department was placed Ia charge Of the
books. records, ct cetera. Of this company
and remained In charge until the 4th day
Of January, 1899.
The Findings Reviewed.
There are many reasons why II seems
not only proper but necessary TO review
with you the Insurance Departments
findings. First, no corresponding test
has ever Deen applied 10 the life insurance
business. and the results ought 20 be
presented TO you, not only without pre-
iudice, but from the companys point Of
view. aud to me It seems 10 be clear that
the only way TO achieve this is by per-
sonal stat. ment | do not mean by this
TO reflect In any way on your sources Of
information hitherto, / say that no cor
responding test has ever been applied to
the business Of life insurance BY this |
mean no investigation by a State in
surance department has ever been made
Of company whose assets and general
business reached corresponding proper
tlons. Since any test has teen applied
TO the conduct OF this business. results
have been achieved which few years ago
see ed npossible. The horizon has ex.
banded and duties and responsibilities
have fallen uDon me and the executive
officers OF thi company and of nearly al
other life companies, which, If not new ia
kind are so much greater in degree as "a
constitute almost new world Of expert.
ence in our business.
The investigation Just closed has,
therefore, been remarkable for this, as
we'll as for other reasons. aud beyond
question, In addition to it's proportions.
has been the most searching and meroi
less inquiry ever made Of the executive
officers Of life insurance company The
central fact in any such investigation Is
al d must be the integrity Of the assets
Of the company. The figures Of this la,
quiry were brought down 20 June 30
I 1891 and the Insurance Department Z
! general statement Is as follows: Assets
| 1920, no 800. Ga liabilities &l06 coz, Ola
I 81; gross surplus on policy holders &C
count, $l4, 7OS 675 49, The Supeun
4 tendent Of Insurance well sail In com
men,ing on the above, Those interested
may be assured that this conclusion IL
correct and trustworthy" These word.
will bear reading a second time They
mean something different from a casua
statement OF financial responsibility II
the busi ess world They could be used
only after our assets had been subjected
Go test which might seem from many
points Of view unnecessarily severe, but
which from the nature OF our business
an the sacred character Of its trust, Il
u questionably wise The superinten
dent, therefore, means that all doubtful
items were eliminated; that our opinion
we're necessarily ignored; hat disinter
ested opinion was the standard, an6 .ha
we were obliged to plead before ba
where mitigating circumstances wer
ruled out Of evidence. After such test
| may be allowed TO offer my congrstula
tions to our members hip on the result
and to state that the other executiv
officers Of the company, IS well as myself
share with you in the satisfaction Of 8
great an achievement
The Difference Ia Investment.
desire personally to emphasis m
congratulations on this particular an
most important view OF the report
would have been unnatural. think,
the ideas of myself and associates o! tn
aggregate value Of the assets Of hi
company, as expressed IN our last annu'
statement, had differed to considerabl
degree from the ideas OF the gentlems
who fixed the values expressed In the Il
surance Departments statement. Di
ferences could arise only in certai
classes Of investments. A large pcrtio
\ of the assets Of such an institution 9
this, Is Of such character that theI
could be no variety OF opinion as to y
value on any given date but it is equal
true that a consid, ible portion of Il