The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1892-02-05
NEW YORK,
February 2, 1899.
To the
PoIicy-HoIders
of tho
M W York
Life
INSURANCE COMPANY:

Hon. J. F. PIERCE Superintendent In
surance Department, Albany N. Y.
DEAR SIR: The chsrgss that have
been made against the company and its
management in the public press, grow
ing out Of matters connected with Its
Spanish American Department, having
bsen cabled to our president in London,
we are in receipt Of a csblegram from him
in response, suggesting that the Insur.
ance Department be invited In the public
interests to make an examination of 10
company for the satisfaction of any pol
ICY holdsrs who might be disturbed
by these charges and criticisms, and in &C.
dcrdance 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:
The Revolutions
"WHEREAs, certain charges and criti-
cisms have been made against this com
pany in the public press growing out of
certain matters connected with the
Standardization Department aud
"WHEREAs, the finance committee of
thu 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 il is
DESTROYS that the public should be equally
satisfied, therefore,
"REsoLvED, That to that end the Sup
erinteAdent 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-
vsnisnce. Yours truly,
(Signed) A, H. WEIGH,
Second Vice President.
In accordance with the above, on the
2sd day of June, 1891, the Insurance
Department was placed In charge of the
books, records, ct cetera of this company
and remained in charge until the 4th day
of January, 1892.
The Findings Seyiewed,
There are many reasons why it seems
mot only proper but necessary to review
with you the insurance Departments
findings. First, no corresponding test
has ever Deen applied to the life insurance
business. and the results ought to be
presented to you, not only without pre-.
judice, but from the company's point of
view, and to me it seems TO be clear that
the only way to achieve this is by per
s1nal statement. | 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 q State iu-
Eurance department has ever been made
of company whose assets and general
business reached corresponding proper
tions. Since any test has been applied
to the conduct of this business. results
have been achieved which few yeara ago
seemed impossible The horizon has ex-
panded and duties and re- possibilities
have fallen upen me and the executive
officers of this company and of nearly all
other life companies, which, II not new in
kind, are 80 much greater in degree as to
constitute almost new world of expert.
enee in our business.
The Investigation just closed has,
therefore, besn remarkable for this, as
well as for other reasons. and beyond
question, In addition to its proportions,
has been the most searching and merci.
less inquiry ever made of the executive
officers of life insurance company The
central fact in any such investigation is
and must be the integrity OF the assets
of the company. The figures of thu in
quiry wore brought down to June 80,
1891, and the Insurauca Department.
general statement is as follows: Assets,
$12Q, ITO, 500. o.; liabilities $106. 003, Ola
6li gross surplus on policy holders ac-
count, $14, f0S 675S3. The Superln,
tendent of Insurance we'll sail In com.
menting on the above, "Those interested
may be assured that this conclusion Ii
correct and trustworthy" These words
will bear reading q second time They
mean something different from a casus a
statement of financial responsibility in
the business world. They could be used
only after our assets had been subjected
to 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, Ii
aquestionably wise The Ruperinten
dent, therefore, means that all doubtful
items were eliminated; that our opinions
were necessarily ignored; that disiuter
ested opinion was the standard, and that
we were obliged to plead before bal
where mitigating circumstances WERE
ruled out of evidence. After such a test
may be allowed to offer my copgratnla
tions to our membership Oh the result
and to state that the other executive
officers of the company, as we'll as myself
share with you in the satisfaction of 81
great an achievement.
The Dlfferoncs IN Investment.
desire personally to emphasize my
congratulations on this particular ant
most important view OF the report. Il
would have been unnatural. l think, Il
the ideas of myself and associates of tn,
aggregate value of the assets of this
company, as expressed in our last annua
statement had differed to a considerable
degree from the ideas of the gentlemen
who fixed the values expressed In the In
Buranee Departments statement. Diff
feFsnees could arise only in certain
classes of Investments. A large portion