The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-06-24

W oAsANANO, May ~, 1870.
To Policy Holders in this Department:
By direction of the Board of Directors of this
Department take pleasure in submitting for Won,
consideration the result of an examination of the
affairs Of the Association by the Superintendent Of
| the Insurance Department OF Missouri.
Respectfully, J.B. HOOD Presi 'ent
| STATE OF MISSOURI INSURANCE DEPARTMENT !
i St. Louis, May 10, 1875. 5
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
sociation 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
of interest assumed was six per cent per anoum
and the rate of mortality was that established by
the American Experience table.
The loans of the Association secured by deeds of
trust or mortgage on real estate, amounting to g.
201e 7s 81, have been carefully examined one by one
and close scrutiny made into the title and value Of
each and in cases of doubt Of the sufcency of the
security, inquiries were made of parties not con-
| necte1 with the Association. Loans to the amount
Of 81 705 81 have not been admitted because of de-
fective security. The remainder g. 1874 172 TO- s in
my opinion, satisfactorily secured The policies of
| insurance on peIishable improvements were exam
med 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 pledged for the payment of $780, 1913 amount
loaned on collateral, were carefully considered in
each loan.
In the amount of premium notes and loans $685.
042 II, no note or loan in excess of six per cent
serve has been included nor any on policies not in
force
The value of the real estate owned by the Associa-
ton, stated at S27O 400 49, represents its cost value
after deducting membranes, no addition being
made for supposed value over cost. rA
The amount of stocks and bonds owned, is $50.
4aa g. This is tho aggregate market value LIST Of
April 1875 as closely it possible to ascertain
it. The stated amount includes $40 600 of Missouri
bonds and 81, 325 in United States bonds.
The amounts of cash on hand and on deposit at
Departments, $7l996 q, and of interest and rents
accrued, $aa 1854 81, fully verified. The accrued
interest not estimated, but was carefully CON-
puted in this Office
The gross amount of uncollected and deferred pre-
miums aggregating sas667 SO, we're ascertained by
an actual examination of the Associations books and
are all on policies in force and so reported. From
the above aggregate the loading s12as92 &C. has been
deducted leaving the net outstanding and deferred
premiums s257, 1856 co.
The following statement exhibits concisely the re.
suit of the examination and shows surplus to policy
holders of 1906 994 90 over all liabilities.
Statement Of the Condition Of the Life Assoc.
citation Of America, of St. Louis, Mo-,
on the first day Of April, 1875.
ASSETS
Amount of loans secured by l
deeds of trust mort
cages on real estate. 81 1914, 172 70
Amount CT loans secured by
pledges OF bonds, stocks,
ACKNOWLEDGEMENTS. 1856 1893 o.
Premium notes ana loans, cot
in excess of per cent.
reserve policies in
IOrco S,O42 ii
Value of real estate owned
by the Company, taken
at cost, after deducting
all membranes. go, 400 46
Iarket value of bonds and
stocks owned by the
Company $40, 422 50
,ash in Office of Company. 943 90
ash deposited in banks and
at departments. T,052 40
kecrued interest. e4864 30
accrued rents .............. $500 81
'ros5 amount of a.. 81.
premiums un-
collected sos, GAS 50 Il
ross amount of
1efarrod pro II
miums $500 IS
s3s6677 SO
educt loading. 1882 SO
Total admitted assets ...... s4,247, ST. 90
LIABILITIES. s-s II
laims for death losses in 3
Guiding resisted claims. 1888, $50 90 -
eserve on basis of Ameri
can Experience table, and :
6 per cent interest. g. 1862 $40 90
mount due for advanced
remlttanceS. 4,09l 80 |
mount of premium notes
on reinsured policies. 170O2 90
remiums paid in advance. 069 10
resent liabilities as to policy holders 3s3 90
Ipius. $906 1874 90
The investigation, conducted almost entirely out
lie the business hours of this Office was partci- q
ted in by Mr.. W. J. Lard, Cashier of the Depart
emit, and Mr.. A. F. Harvev The results of their \
bors also embodied in the foregoing report,
aich is very respectfully submitted I
c. E. KING, Deputy Superintendent
LOUISIANA DEPARTMENT, =