The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-30

NEW ORLEANS, May 90, 1875
To Policy Holders in this Departm
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 Superint ndent OF
the Insurance Department of Missouri.
Respectfully, j. b. HOOD, Presl -ent.
STATE OF MISSOURI INSURANCE DEPARTMENT,
St. Louis, May 10, 1875.
Hon Frank p. Blair, Superintendent Insurance De
| partment:
| SIR-Having completed a 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 reaui' ed by section OF the Act OF March 20
1874 for the purpose of making this examination the
rate of interest assumed six per cent per annu
and TIE rate of mortality was that established by
the American Experience table.
The loans of the AS ociatio-. secured by deeds OF
trust or mortgage on real estate an ounti to o.?
Dol s7s ST. ha, been carefully examine one by one
and clio e scrutiny made into the title and value Of
ea h. and in cases of doubt of the sufcisncy of the
security, inquiries were de of parties not con-
of S. 705 81 have at been admitted because of de-
fective security The remainder 81 1914 172 70, is in
my opinic H. satisf Actory secured The policies OF
insurs nee on pc ishable improvements were exam
ined in every instance to that the policies were
in force and made able to the Al sociaton in the
eve MT of loss.
The values of the stocks, bonds and other collat-
erals ped gel for the payment of Sl36 1913 o. amount
loaned on Collateral carefully considered In
| each loan.
In the amount of premium notes and loans, $685.
042 H. no loan in excess of six per cent 1e-
serve has been included, any on policies not in
| force.
The value of the real estate owned by the Associa
ton stated $27O 400 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,,
422 So This is the aggregate market value ON LIST u
April 1875 as closely it possible to ascertain
it, The stated amount includes $l4o 900 OF Missouri
/ bonds and 81, 1875 in United States bonds.
The amounts of cash on hand and on deposit at
Departments, 81 1896 o. and of interest and rents
accrued $50 1854 81, fully verified. The accrued
| interest was not estimated. but carefully COM
puted in this office.
The gross amount of uncolected and deferred pre-
miums, aggregatpg $3s6,677 SO, ascertained by
an actual examination of the Associations books and
are all on policies in force, and reported. From
the above aggregate the loading s12 s92 &c. has been
deducted leaving the net outstanding and deferred
premiums 1851 765 90.
The following statement exhibits concisely the re-
suit of the examination and shows surplus to policy
holders of 5000 994 90 over all liabilities.
Statement Of the Condition of tho Life Asso.
on the first day of April, 1875.
ASSETS.
Amount of loans secured by
deeds of trust mort
cages real estate. 50 1874, liz 70
Amount CT loans secured by
pledges Of bonds, stocks
etc. 1856, 1913 OF
Premium notes ana loans, lot
in excess Of per cent
reserve, policies in
force. 9ls,04a II
Value of real estate owned
by the Company, taken
at cost, after deducting
all membranes. go, 400 46
Market value of bonds and
stocks owned by the
Cash in Office of Company. 9l3 &
Cash deposited in banks and
at departments. 7l,O32 Az
Accrued interest .. s4s64 80
Accrued rents . $500 81
Gross amount Of
premiums I'M
collected :. ss9s,o4s 50
Gross amount of
deferred pre
miums $1,000. 500 IS
s3ss677 IS
Deduct loading. 1as,s9a SO
Total admitted assets ........... a. 247 ,377 90
LIABILITIES.
Claims for death losses, in.
Guiding resisted claims. 1853, $50 90
Reserve on basis of Ameri-
| can Experience table, and
per cent interest $1,000. ,162.340 90
Amount due for advanced
remittances. .....-- 4,09l 80
Amount of premium notes
on reinsured policies. HOOP 90
Premiums paid in advance. 3O69 10
Present liabilities to policy holders 1893 90
Surplus. ....................... 100000 90
The investigation conducted almost entirely out
side tho business hours of this Office, partici-
pated in by Mr.. W. j. Lard Cashier Of the Depart
ment, and Mr.. A. F. Harvev. The results of their
labors also are embodied in the foregoing report
| which is very respectfully submitted.
c. E. KING, Deputy Superintendent.
LOUISIANA DEPARTMENT,
Office, 1S9 Gravier Street, New Orleans.
OFFICERS
President. Gen J. B. HOOD.
v;cs Presidents Il. F. GENERES.
'ie0 HENRY v OGDEN.
atOrucS -Utu. H. L. U1DoON
Secretary SAMUEL FLOWER.
DIRECTORS.
NJ. MUSSON T. II. HUNT,