The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-06-16


By direction of the Board of Directors of this
Department take pleasure in submitting for Your
consideration the result of an examination Of the
affairs Of the Association by the Superintendent Of
the Insurance Department of Missouri.
Respectfclly, J.B. HOOD, Presi emit
STATE OF MISSOURI, INSURANCE DEPARTMENT, |
st. Louis, May 49, 1873.
Hon. Frank p Blair Superintendent Insurance De- |
partment:
SIR-Having completed 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
rate of interest assumed was six per cent per annum
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 81
2ol e7s ST. have been carefully examine one by one
and close scrutiny made into the title and value OF
each and in cases Of doubt Of the suciency of the
security, inquiries were made of parties not con.
nected with the Association. Loans to the amount
of 81 705 81 have not been admitted, because of de-
fectiye security The remainder e. 1884, liz TO- is in
nv pinien satisfactorily secured. The policies of
insurance OH perishable improvements were exam
ned in every instance to see that the policies were
in force and made payable to the A. socat1on in the
even mt Of loss. EFa
The values Of the stocks bonds and other cOllat-
erals pec ged for the payment of $l36 1913 o. amount
loaned on collateral, carefully considered In
each loan.
In the amount of premium notes and loans, $685.
O42 H. NO note loan in excess Of six per cent re-
serve has been included any policies not IN
force.
The value of the real es ate owned by the Assoca-
ton stated at 1910 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,
AZ g. This is tho aggregate market value on LIST Of
April 1875 closely it was 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, 81 996 %, and Of interest and rents
accrued sss364 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 s3s6,677 &C. asoertained by
an actual examination of the Associations books and
are all on policies in force, and reported. From
the above aggregate the loading $2s s92 &c. has been
deducted leaving the net outstanding and deferred
premiums s257, 7S5 90.
The following statement exhibits concsely the re-
suit of the examination and shows surplus to policy
holders of s9O6 994 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. 1873.
| ASSETS.
Amount of loans secured by
deeds of trust mort
cages on real estate. 81 1874, 172 70
| Amount CT loans secured by
pledges OF bonds stocks,
etc...:. 1876, 1893 OF
Premium notes ana loans, rot
in excess Of per cent
reserve, policies in
force. 9la,0a2 IL
Value of real estate owned
i by the Company, taken
at cost, after deductiDg
all membranes. go, 100 40
Market value of bonds and f
stocks owned by the
Company. 3lo,422 80
Cash in Office of Company. 943 "
Cash deposited in banks and
at departments. ......--- 7l,o52 40
| Accrued interest s4,a64 30
Accrued rents. $3.50 %
Gross amount Of
premiums un-
collected .sa9s, o4s 50
Gross amount Of
deferred pre-
| miums ...... &c, $50 IS
s3s6,677 IS
Deduct loading. 12s, s92 SO
| 257,7s5 90
Total admitted assets. A,247,37
LIABILITIES.
| Claims for death losses, in
| GLIDING resisted claims. sl53. $50 90
Reserve on basis Of Ameri
can Experience table, and
| DER cent interest ..--.. l6234O w
Amount due for advanced
| remttances. 4,V5l ~
Amount of premium notes
on re-insured policies---.- 1902 %
4 Premiums paid in advance 3oo9 III
Present liabilities to policy holders. $40 1853
su,nlus ssO6, s9A 0
The investigation conducted almost entirely out
side the business hours of this Office was partic
pated in by Mr.. W. J. Lard, Cashier Of the Depar
ment and Mr. A. F. Harvev. The results Of thei
:, labors also are embodied in the foregoing report
which is very respectfully submitted
CE. KING, Deputy Superintendent.
LOUISIANA DEPARTMENT,
|. Once, 1S0 Gravfer lStreet, New Orleans.
OFFICERS.
Cor r p HON