The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-09-27
THE RECORD
or THE
New York Life Insurance Co.
Refutes the CaIumnies of Its
Enemies.
Wonderful Growth and Pros
pertty Since Mr.. Beers Has
Held the Reins.

1t is a novel theory that has been evolved
by latterday journalism, that against a
bold and frequently reiterated charge of
dishonesty or incapaclty the good record
OF the accused should not be interposed in
defense. In fact, in the attack upon the
New York Life Insurance Company. its
enemies, headed by the New York Times.
go even further than this, for they admit
that the company has won a high place
among the best companies-in short, is
second to nome" that it is perfectly
solvent; yet, while insisting that the man
agenent is unworthy Of confidence, declare
that the excellent condition of the company
Is not to be considered in judging of the
character or ability of the management.
1t is one Of the peculiar features of the
warfare being waged upon the New York
Life that its enemies frankly admit its un-
paralleled success and financial soundness.
Nor is it a case Of giving the enemy the
benefit of the doubt, for we're there the
slightest uncertainty about il the Times
would have painted the rottenness of the
company in the most lurid colors I'm
fortunately for the Times, the record of the
New York Life is identIfi with that of it's
present management. Its president-Mr.
Beers-for forty years past has been active
in debating the policy Of the company, and
for the past twenty years has been practi-
cally or actually its head. The growth of
the company since Mr.. Beers became iu-
terested in its affairs is shown in the follow
ing comparison:
1850. 1870 1890
year. rs 27aaaa s o,474,4sa 8 81, 4ss, 7Oi
New Insur-
ance for
year 49,. $685.. 400 s7.o51,s s5 1855, 576, o65
Paid policy
holders In
year. 1I,92S 2,6Oo,0UO l3,S19,b44
Expenses
and taxes
for year. 52,O46 1,O56,679 s.6s2,si9
Assets Dec.
sl.......:. - a54765 1851, 222 1l5,o9s, see
Insurance in
force Dec.
sl....... $4,000 III ,35b, 1853 500, Sss, 72s
II a record such as this does not make a
prima facie case in favor of the manage
ment which brought about such grand re-
suits, then no mans reputation is beyond
the poisoned shaft of malice. Such BUSH
ness never was built up by plodding igno-
ramus on the one hand or by a reckless, I'M
principled adventurer on the other. In-
capacity ever stamps with its disapproval
success which is beyond it, and the New
York Life naturally attracts the venom of
those who see in dishonesty the origin of all
wealth. But that there may be no question
as to the credit due the present management
for the continued growth of the company
and fits business we present the record for
the five years since Mr.. Beers has been presi-
dent, as follows:
--Increase-
1885. Amount, Per cent
Income ........ Sl5,905,1H SIS, $751; $50 9S
New insurance oS,52l,452 91,054,ol3 1873
Paid policy
holders T,es1,s7s b,597,e71 rs
A taxes n. :, S q: .S az? " Is ss
Insurance in
force. 25e,674E00 800 ,226 1lG
In five years the income Of the company
has nearly doubled; the insurance written
| in year has increased 1873 per cent the
amount paid policy holders and the total
assets 70 per cent. the insurance in force 11S
| per cent, and the expenses 149 per cent.
! The last item is che only one which may
| seemingly be open to criticism, all the
others showing that the company is grow
ing as rapidly as ever before In It's history.
As to the Increase in expenses, that is feat
ure incident to the business OF life insur-
ance generally, fact which will be better
appreciated by comparison with other
companies. We show here the record of all
other companies In New York for 1885, aud
the increase in 1890 over 1885, as follows:
- Increase
1885. Amount Per cent.
Income ..........S s9.622.723 8 66,31S63i "a
| New insurance 309, 693O1 4l0, 442, 1877 1872
| Paid policy hold
ers -. ....... 58,53O,s77 19,s9O,92O 81
Expenses and
taxes 1s.40i,15e i6,s62.7f7 1903
Assets Dec 81 m 457 i49,272 1SO,qs5,521 80
Insurance in forcel, 700, Si2,9SS 209T4,037 SO
By comparing the above with the record
Of the New York Life for the five years
since 1885 the fact is made plain that the
management of the latter has been equal to
ell the demands made upon 1t by the
hustling competition of other companies.
The increase in income of the New York
Life has been at a rate "A per cent greater
than that Of all other companies combined !;
the increase In insurance written in
1890 is l per cent. greater; the increase
in the amount paid policy-holders In 1890 is
| SO per cent. greater, or nearly double; the
increase 10 assets is "a per cent. greater, and
the increase in amount Of insurance in
force is so per cent. greater. Tie increase in
expenses Is 46 per cent. greater, but less
than tho increase in insurance In force,
which has considerable to do with increas-
ing the expenses OF operation. We now
show the ratio OF expenses to income, 70 in
surauce In force, to new insurance. and TO
assets for the New York Life, and for all
other companies in 1885 and 1890: