The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-06-10

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.
Respectfully, J.B. HOOD, President.
STATE OF MISSOURI INSURANCE DEPARTMENT,
St. Louis, May 10, 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
socaton of America into the condition. on the first
day of April 1915 of that Association present the
| following report:
As required by section Of the Act of March 2s,
1874 for the purpose of making this examination the
rate Of interest assumed six PER cent per annum
and TIE rate of mortality was that established by
the meIican Experience table.
The 10 of the AS ociatior, secured by deeds of
trust mortgage real estate ounticg to 81
POI rs 81, haze been refully examine one by one
| and clio scrutiny mace into the title and value Of
eat h. and in of GOubt of the sufciency of the
security. inquiries AIDE of pa ties not con.
neete1 with the Association Loans to the amount
of 81 7O5 81 have nrt been admitted because of de-
fective security The remainder 81 194172 10 is in
my opimt satisfactorily secured. The policies of
insur. peTshable improvements were exam
ined in every instance to that the policies were
in force and made payable to The A sociatlon in the
event of loss.
The values of the stocks bonds, and other collat
erals pec ged for the payment OF Sl36 1913 o. amount
loaned Collateral, carefully considered in
each loan.
In the amount of premium notes and loans $685.
O42 H. note or loan in of six per cent
serve has been included any policies not in
force.
The value of the real es ate owned by the Associa
ton stated at $40 400 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 g. This is the aggregate market value on LIST of
April 1875 closely as it was possible to ascertain
it. The stated amount includes $l40O 900 of Missouri
bonds and ST. 325 in United States bonds
The amounts of cash on hand and on deposit at
Departments s71,996 %, and of interest and rents
accrued 1864 ST. 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 &c. were ascertained by
an actual examination of the Associations books and
are all on policies in force and reported From
the above aggregate the loading 1923 e92 So has been
deducted leaving the net outstanding and deferred
premiums 1851. 7s5 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.
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 real estate. SO 1874 172 70
Amount CT loans secured by
pledges Of bonds, stocks,
etc. 1H, 1913 o.
Premium notes an loans, not
in excess of per cent.
reserve, on policies in
force 91s,O42 II
Value of real estate owned
by the Company, taken
at cost, after deducting
all membranes. 270, 400 46
Market value of bonds and
stocks owned by the
Company 3lO,4a2 20
Cash in Office of Company. 943 e.
Cash deposited in banks and
at departments ... 71,O52 40
Accrued interest - s4s64 30
Accrued rents $500 81
Gross amount of
premiums I'M
collected >. ,o4s So
Gross amount of
deferred pre-
miums sa. 629 30
s3s6,677 IS
Deduct loading. 12s, 500 SO
7,7e5 90
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 1850. 3,162.340 90
Amount due for advanced
remittances. 4,09l 30
Amount of premium notes
on reinsured policies 17.002 90
Premiums paid in advance } 069 10
Present liabilities as to policy holders 50 $40 1893 90
The investigation conducted almost entirely out
side the business hours of this Office, partic
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
vi nu:s 81. F. GENERES.
'ice 'Iesioeh.s- HENRY V OGDEN.
Attorney Gen. K. l.. GIBSON.
Secretary SAMUEL FLOWER.
DIRECTORS.
NJ. MUSSON, 7. Fl. HUNT,
JOHN CHAFFE, JOHN WILLIAMS
r. PRITCHARD Fl. V. OGDEN,
ISAAC SCHERCK R. NJ. WALMSLEY.
JOSEPH BOWLING, j. A. BLANC