The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-06-04

NEW ORLEANS, May 90, 1875.

NEW ORLEANS, May 49, 1875.
To Policy Holders in this Depar tment:
By direction of the Board of Directors of this
Department. I 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, JB HOOD President
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
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 70
1874, for the purpose of making this examination the
rate of interest assumed six per cent per annum
and the rate of mortality that established by
| the A meIican Experience table.
The loans of the Association. secured by deeds OF
trust or mortgage real estate amounting to g.
2O SIS ST. have bsen carefully examined one by one
and co 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 COZ.
nected with the Association. Loans to the amount
of ST. 705 81 have net been admitted, because of de-
ective security. The remainder 50 1874 172 TO- is in
my pinto H. satisfactorily secured. The policies Of
insurance OH pe:ishable 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 collat-
erals pledged for the payment of 1885, o. amount
loaned on collateral, were carefully considered in
each loan.
In the amount of premium notes and loans, $685.
O42 H. note loan in of six per cent re-
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.
| The amount of stocks and bonds owned, is $780,
42a g. This is the aggregate market value on LIST Of
April 1875 closely it was possible to ascertain
it. The stated amount includes 900 of Missouri
bonds, and 81, 1876 in United States bonds.
| The amounts of cash on hand and on deposit at
Departments 81 996 %, and of interest and rents
accrued 1864 81, fully verified. The accrued
interest was not estimated, but carefully COM
puted in this office.
The gross amount of uncollected and deferred pre-
miums, aggregatDg $3a6,677 &C. were ascertained by
an actual examination of the Association books and
are all policies in force, and SO reported. From
the above aggregate the loading 1928 500 g. has been
deducted leaving the net outstanding and deferred
| premiums 1851 1855 90.
| The following statement exhibits concisely the re-
suit of the examination and shows surplus to policy
holders of s9O6 1894 90 over all liabilities.
| Statement of the Condition Of tho Life Ass0.
citation Of America, of st. Louis. Mo-,
on the first day Of April, 1875.
ASSETS.
Amount Of loans secured by
deeds of trust mort
cages on real estate. 80 81 1874, 172 70
Amount Of loans secured by
pledges OF bonds stocks,
etc..-----.-.-..-.---. 136,l93 w
Premium notes an loans, Lot
in excess of per cent.
reserve, policies in
force. 9ls042 IL
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
Company. 3l0422 81
Cash in Office of Company. 943 81
Cash deposited in banks and
at departments. ......--- 7l052 40
Accrued interest. --.--.---. e4,s64 80
Accrned rents $500 81
Gross amount of
premiums I'M
collected . a9s,o4s So
Gross amount of
deferred pre-.
miums ....... SO, 500 81
s3s6,677 50
Deduct loading. 125, 1872 SO
257, 1876 90
Total admitted assets. "a 247,377 90
LIABILITIES.
Claims for death losses, in
GLIDING resisted claims. S153, $50 %
Reserve on basis of Ameri
can Experience table, and
per cent interest 1890. 3l62.340 W
Amount due for advanced
remittances ----..-- 4,C'l W
Amount of premium notes
on reinsured policies----- 17.oo2 90
Premiums paid in advance. 3O69 III
Present liabilities as to policy holders 90
Surplus S'Vo'''' w
The investigation. conducted almost entirely out
side the business hours of this office, was partci-
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.
| CE KING, Deputy Superintendent.
LOUISIANA DEPARTMENT,