The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-06-09
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AN E3R1GA.

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NEW ORLEANS, May %, 1875.
To Policy Holders in this Department:
By direction of the Board of Directors of this
Department, take pleasure in submitting for your
consideration the result of examination of the
affairs of the Association by the Superintendent Of
the Insurance Department of Missouri
Respectfully, J.B. HOOD, President.
STATE OF MISSOURI INSURANCE DEPARTMENT, I
St. Louis, May 49, 1875
Hon. Frank P. Blair, Superintendent Insurance De-
partment
SIR-Having completed personal examination
made at the request of the Directors of the Life As
sociatien of America into the condition on the first
day of April 1875 of that Association present the
following report:
As required by section of the Act of March %,
1874 for the purpose of making this examination the
rate of interest assumed was six per cent per annum,
and TIE rate of mortality was that established by
the Amelican Experience table.
The loans of the Association, secured by deeds of
trust mortgage on real estate nountitg to 81,
POI s7s ST. have been CO refully examine by one
and clio scrutiny made into the title and value of
eaah and in cases of doubt of the suciency of the
security, inquiries made of PAL ties not CON.
nected with the Association. Loans to the amount
of g. 705 81 have net been admitted because of de-
fective security. The remainder r. 172 TO- is in
my pinto H. satisfactorily secured The policies of
insurs nee on peIishable improvements were exam
ined in every instance to that the policies were
in force and made payable to the Association in the
event of loss.
The values of the stocks, bonds, and other collat
erals pled gel for the payment of $36 1913 o. amount
loaned collateral, were carefully considered in
each loan.
In the amount of premium notes and loans $685.
042 H. no note or loan in excess Of six per cent
serve has been included, any policies not in
force.
The value of the real es ate owned by the Associa
tion stated at 49, represents its cost value
after deducting membranes, no addition being
made for supposed value over cost.
The amount Of stocks and bonds owned, is $780,
1872 g. This is the aggregate market value on LIST Of
April 1875 closely it possible to ascertain
it. The stated amount includes $40 600 of Missouri
bonds, and S17,325 in United States bonds.
The amounts of cash hand and on deposit at
Departments, S7l 1896 % and of interest and rents
accrued sss 1864 81, were fully verified The accrued
interest was not estimated. but was carefully COM
puted in this office.
The gross amount of uncOllected and deferred pre-
miums, aggregating S3s6677 3d. we're ascertained by
actual examination of the Associations books and
are all on policies in force. and reported. From
the above aggregate the loading $2s 1872 49, has been
deducted leaving the net outstanding and deferred
premiums s257. 1876 90.
The following statement exhibits concsely the re-
suit of the examination, and shows surplus to policy
holders of $9O6 1894 90 over all liabilities.
Statement of the Condition OF the Life Asso.
citation of America, Of St. Louis, Mo-,
on the first day Of April, 1875.
ASSETS
Amount of loans secured by
deeds of trust or mort
cages on real estate - 81 1874, 172 70
Amount Of loans secured by
pledges OF bonds, stocks,
etc......1 1856 1893 o.
Premium notes an loans rot
in excess of per cent.
reserve. on policies in
force 9lS,O42 IL
Value of real estate owned
by the Company taken
at cost, after deducting
all imcumbrances.-....- 270, 400 &c
Market value Of bonds and
stocks owned by the
Company 310,422 90
Cash in Office of Company. 943 50
Cash posted in banks and
at departments. ........ 71,O52 40
Accrued interest ...-... s4,s64 80
Accrued rents. ........ 300 81
Eros, amount Of
premiums I'M
collected =. e,o4s 50
Gross amount Of
deferred pre-
miums ... g, 629 IS
$ass,677 80
Deduct loading 1888 ss
Total admitted assets. .......--.. 81 PAT ,377 90
LIABILITIES.
Claims for death losses, in
Guiding resisted claims s153,s 90
Reserve on basis of Ameri-
can Experience table, and
6 per cent interest. 1890. 3, 162.34O 90
Amount due for advanced
remittances- 1901 90
Amount of premium notes
on re-insured policies---.- 17.002 90
Premiums paid in advance 3O69 10
Present liabilities to policy holders $40 1893 90
surplus observation-disclosures. 1906, 1894 90
The inve cation conducted almost entirely out
ide the business hours of this Office was partici- |
,ated in by Mr.. w. j. Lard, Cashier of the Depart
nent and Mr.. A. F. Harvev. The results of their |
abors also are embodied in the foregoing report |
which is very respectfully submitted.
C.. KING Deputy Superintendent
LOUISIANA DEPARTMENT,
Once, 1S9 Gravier Street, New Orleans.