The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-06-11

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, Presi 'ent.
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
sociation of America into the condition. 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 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 real estate. amounting to g.
2O1 s78 ST. have been carefully examines one by one
and close scrutiny made into the title and value of
each; and in of doubt of the suciency of the
security, inquiries made of parties not con.
nected with the Association. Loans to the amount
Of g. 705 81 have not been admitted because of de-
fective security The remainder, g. 1874 172 TO- is in
my opint H. satisfactorily secured. The policies Of
insurance on pelishable 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 colat-
erals pec ged for the payment of 1886 1893 o. amount
loaned collateral, carefully considered In.
each loan.
In the amount of premium notes and loans $918,.
042 H. note or loan in excess Of six per cent
serve has been included, any policies not in
force.
The value of the real ate owned by the Associa
tion stated at $40 400 49, represents its cost value
after deducting membranes, addition being
made for supposed value over cost.
The amount of stocks and bonds owned, is $780,
1922 g. This is tho aggregate market value LIST of
April 1875 closely it was possible to ascertain
it. The stated amount includes $l4oO 900 of Missouri
bonds and ST. 1875 in United States bonds
The amounts of cash on hand and ON deposit at
Departments $7l,s96 % and of interest and rents
accrued $es 1864 g. fully verified. The accrued
puted in this Office.
miums, aggregating $3s6677 SO, 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 s92 &c. has been
deducted leaving the net outstanding and deferred
premiums s257,7s5 co.
The following statement exhibits concisely the re-
suit of the examination, and shows surplus to policy
holders of 5000 5000 over all liabilities.
Statement Of the Condition Of tho 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.............. 1888 OF
Premium notes ana loans, not
in excess of per cent.
reserve. on policies in
force 91e,042 II
Value of real estate owned
by the Company, taken
at cost, after deducting
all imcumbrances 27o, 400 46
Market value of bonds and
stocks owned by the
Company. $40, 422 So
Cash in Office of Company. 943 50
Cash deposited in banks and
at departments. 7lo5e 40
Accrued interest .. s4,s64 30
Accrued rents .-.....-..-.... $500 81
Grosy amount of
premiums
collected. .s29s,o4s 50
Gross amount of
deferred pre-.
miums ~ 60, go IS
sass,677 SO
Deduct loading. 12s, 1872 SO
257,7e5 90
Total admitted assets. ........... a. 247, 377 90
LIABILITIES.
Claims for death losses, in
Guiding resisted claims. $153,8e0 90
Reserve on basis of Ameri-
can Experience table, and
per cent interest 3,162.340 90
Amount due for advanced
remittances- -..----------. O9l W
Amount of premium notes
on reinsured policies. 1902 90
Premiums paid in advance. 3 69 10
Present liabilities to policy holders $40 1888 90
Surplus. e9O6 1914 90
The investigation. conducted almost entirely out
side tho business hours of this Office, was 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 embedded in the foregoing report
which is very respectfully submitted.
C. E. KING, Deputy Superintendent
LOUISIANA DEPARTMENT,
once, 1S9 Gravier Street, New Orleans.
OFFICERS
President. Gen. J. B. HOOD.
NJ. I,-.:s.... 81. F. GEN ERES.
ico 1ioSiuon''- HENRY v. OGDEN.
Attorney Gen. r. L. GIBSON. |
FLOWER.
DIRECTORS.
NJ MUSSON, T. h HUNT,
JOHN CHAFFE, JOHNWILLIAMS.
r. PRITCHARD H " OGDEN