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 #1 d [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 47 174,374 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 98,509 26 219,340 34 $6,103,316 33 $4,629,000 21 $16,274,664 46 $14,802,674 87 $1,471,989 59 184,478 86 323,367 71 445,273 46 382,867 92 62,405 54 431,577 44 330,616 23 100,961 21 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 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 |