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 like, we have placed such amounts in their proper connection as legitimate and valid assets. The items excluded for the first

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[See page xxxii.

SUMMARY OF THE INCOME, EXPENDITURES, ASSETS, LIABILITIES, AND BALANCES OF THE SEVERAL COMPANIES,

DECEMBER 31, 1871.

NAME OF COMPANY.

Totals,.

$625,500

301,658 47
$6,467,222 40

174,374 02

1,269,763 78

1,107,810 78

161,953 00

$4,482,467 49 $20,565,817 10 $17,851,568 94 $2,714,248 16

Summary of the Income, &c., of the several Companies-Concluded.

204,808 72

National,

Montpelier,

303,075 64

1,194,645 32

92,096 49 145,913 95
345,726 81 1,099,430 28
8,683,491 16 51,399,877 19 47,595,459 05 3,804,418 14
4,942,968 46 24,151,755 98 22,050,386 20 2,101,369 78
71,014 75
138,168 42

65,648 02

80,265 93

1,022,366 73

77,063 55

90,806 89

114,001 83

820,007 02

374,638 30