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advancing is not to be attributed to this cause alone ; other circumstances coöperate in producing the reaction. Perhaps there is no reason to regret its slower progress. Society will readily accommodate itself to the change. But the greatest disaster which could possibly befall the cause of life insurance, would be its prostitution to speculative gains and private emolument. And yet it has been rapidly, tending in that direction. Emphatically a beneficent institution, its own merits are its sufficient recommendation. So long as it trusts to them alone, its position is assured.
FINANCIAL SUMMARY. The summary of Company finances submitted in this connection indicates a small decrease of surplus as regards policyholders, after making provision for all liabilities, including premium reserve, the latter amounting to two hundred and fifty-one millions, thirty millions in excess of 1870.
The whole number of Companies represented in the tabulation show a net aggregate decrease of their surplus of nearly $900,000, against a decrease of two millions in 1870. As compared with 1870, this may be considered a very favorable result, especially when it is remembered that a very large amount of heretofore admitted assets are now for the first time excluded.
The gross liabilities of the same Companies, including nearly nine millions of cash guarantee capital, have been increased twenty-eight millions, and their gross income two millions, in excess of 1870. Their gross expenditures in 1871 show an aggregate of nearly eight millions in excess of the previous year; while their expenditures in 1870 were fifteen millions, and their income ten millions, in excess of 1869.
The "unadmitted assets referred to, were in most cases reported by the Companies in compliance with the blank adopted by the National Insurance Convention. A seriatim inquiry into the precise nature of these various items, as reported, developed the fact that, in several instances and under misapprehension, amounts had been included as "unadmitted assets” which propriety and equity would have clearly admitted. Desiring to do justice to every Company, and to deal with all slike, we have placed such amounts in their proper connection as legitimate and valid assets. The items excluded for the first
[See page xxxii.
SUMMARY OF THE INCOME, EXPENDITURES, ASSETS, LIABILITIES, AND BALANCES OF THE SEVERAL COMPANIES,
DECEMBER 31, 1871.
$6,467,222 40 $4,482,467 49 $20,565,817 10 $17,851,568 94 $2,714,248 16
Cos. OF OTHER STATES. Ætna,
$6,103,316 33 $4,629,000 21 $16,274,664 46 $14,802,674 87 $1,471,989 59
3,772,591 69 2,097,170 24 | 10,589,279 20 9,568,442 75 1,020,836 45
442,954 72 145,311 41 1,904,128 50 1,296,271 23 607,857 27
425,009 19 87,792 45
$8,420,864 $105,653,534 45 $70,857,868 33 $290,563,953 47 $261,662,482 40 28,901,471 07