St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-05-19
A Snug Little Income Is That
Of the New York Life
Company.
I Twenty-nine Million Dollars.
in Round Numbers, the In
come Last Year.
Four Hundred and Ninety-five
Million Dollars of Insur-
ance in Force.
What Has Been and Is Being
Done by This Mammoth
Corporation.

"Was he insured?''is question we ask
almost as naturally after a mans death
as after fire, because it is coming to
be recognized as much matter OF busl-
ness prudence to insure ones life as 1T
is to insure against loss by fire. There
are many good business men in
the world, and it might be
matter of wonder where they all in
sured their lives did not the annual re-
ports of the companies call attention to
the immense business done by some OF
them. There is the New York Life. for
instance. with an annual income OF S29.-
900, 900, with assets to the amount OF
$1O5, 900, 900, and carrying over 1895, 00O,-
600 of insurance on its books. With
such an income the resources of the
New York Life would seem to be almost
boundless, and the career of such cor
poration must be Of the Weightiest i'll
teIest to all citizens.
The investments of the New York
Life in the West generally in the past
few years, and more particularly IN
Minnesota, renders its prosperity a mat
ter of particular moment and interest to
the people of st. Paul and Minneapolis,
in both of which cities have been erect
ed buildings which are concededlY the
finest business structures either coll
tains. There was time, and not many
years since, when the policy of the
it's operations to the territory
east of Chicago. There existed
in the minds Of over-conserva-
tive directors prejudice against
spreading out over the vast t.rritory OF
the great Northwest, lest in the magnl-
tude of its aspirations the company
might lose portion of that reputation
for stability and conservatism OF
method for which it has been famed
during the entire forty-five years of its
existence. There was one man. how
ever, who, with few others, believed
foresight and speculation to be things
apart and by no means to he con-
founded. This man, to whom must be
conceded the credit of having fought
for and agitated the Idea of "OnWard
and Westward" which has resulted in
the acquisition to st. Paul and Minneap--
lis of concerns doing millions of dollars
worth of business annually, is no other
than William Ii. Beers, the president of
the company. 1t was he who forcSaW
company Law in the West rather than
the East, and recognized the poSSlbili-
ties presented to the insurance company
which should first install itself in the
illimitable field. 1t was his pet idea
that of Western extension OF the bust
ness interests Of the company, and he
worked night and day to
Attain the End.
which has not only been gained, but
which already shows magnificent re-
suits. The conservative element in the
eompany'S directorate were at last COM
Dellad to recognize the claims OF the
great West to attention and investment.
and the result is in measure shown Ill
+ the magnificent eleven-story buildings
in st. Paul and Minneapolis. and others
almost equally grand in Omaha, Kansas
City, and the other cities OF the West.
Has it paid? this enormous outlay
of money in a new country. The queS-
ton was one which prior to the eXpendI-
tire agitated the minds OF the conserva-
tive ones. but since the issuance OF the
annual report, showing that the amount
of new insurance written during 1889
reached the enormous figure OF Sl5l,-
100000, the crOakers have refapSed into
silent cOntentment that their fears had
=
These figures represent that about 49,
900 persons under the company insured
for an average amount of $4,000. They
show that 100. 00GspeOple have cOnSti-
tuted the company their bankers during
the past year, and that an immense
percentage of the number are OF the
West. The system of policies under
which the company issues is one so at
tractive and thoroughly self-explana-
tory as to have had great deal to do
with Its popularity. 1t is difficult to
conceive the possibility of man re-
naming uninsured when the opportuni-
ty is presented him,b the payment of a
small sum quarterly, to remove all pos
sibility of having his family left In want
as a resultof his sudden demise. Aside
from this advantage there is the other,
equally great, of his being able at the
expiration of term of years-say twen-
ty-to dispose of his policy to the COM
pany for sum sufficient to maintain
him comfortably in his oldage, and pro-
vide handsome income for each of his
daughters, if he is thus blessed, or give
each of his sons fair start in the world.
All this can be accomplished by the
PAYMENT CT a small sum at stated in ter
walls. which sum at the time OF payment
makes scarcely an apprecia0le differ
ence in the current expenditure, yet
which after the lapse of years, returns as
An Inestimable Boon
to the depos itor. This company has
s495, ZOO, 900 of insurance in force, an in
crease of over s10,000,000 for the
past twelve months. -Four hundred
and ninety-fve millions of dollars.
rNboro rr NOT rvGonl,apxc anOnTh in the
country to represent the amount by
$50. OO0. 900. The number of persons
insured is 10000. This enormous
patronage has been secured in great
measure by the radical reforms which
have been inauguratad into the insur-
ance business in this country by the
New York Life company. 1t was the
first to eliminate the suicide clause from
its policies, and again the first to issue
non-forfeture policies.
The annual report, showing the bust
ness of 1889, of which a summary is
given below. is revelation in itself. 1t
shows the condition of the company as
controlling 100000, 000-not in insur-
ance but in firSt-ciaSS marketable Secu-
| rites. Following is summary OF the
report:
Premiums .....'.....".9z4 To- - l ~
Total income, .....,......S29, 1926 u
l Death claims and endow
nentS -. .. .........-. .So, Io-,OSO ~
| Dividends, annuities ana pur-
chased assurances. .3.SoS.oZo 10
Total to policy holders. $40. 12l, 121 &c
New policies issued s;z, , 3o'dyS 0 az
| CONDITION JAN. l, $50.
| Assets mum. SIU0. O00,OUu 90
Dt stanIard pun p.us' ...... s7,517, 1913 2s
| Tontine surplus 800. 49,. 7.705, o53 IL
gu n eiu cen ~ s'a'e e.- SIS, 600, 600 90
| Policies in force $50, 3SI
| Insurance in force ...... S495. 601, $40 90
Increase in interest '- ........... sso3, 653 o6
| Increase in benefits TO policy
| holders ........... ..,...:. 1,l4c,ool OIL
| Increase in surplus for dlyi-
dends.... ....>,. lao, so "
| Increase in premiums 3.45S, 33n 80
| increase in total income 49,, 1851, 9S3 II
| Increase i'm assets ..... 1873, 4 IA II
| increase in insurance written 26. O99, 357 0(
! Increase in insurance III force To.Il0, 100 "
| About a sixth of the company's