Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-08-02

who have surplus money beyond the re-
quirements Of their business. for the truth
is. assurance appeals more strongly to those
of limited means than to the wealthy
classes, who are so favored by fortune that
ample provision can be made for those de-
pendent upon them without the aid of this
benefcent institution.
The total insurance in force by the Ameri-
can companies is shown by their last annual
report TO be more than three and half
billion dollars, and yet the average policy is
less than three thousand Three thousand
dollars seems an insignificant policy, and
yet $4,000 is a good large roll of greenbacks
when counted out to the widow and orphans
after the bread-winner has been laid in his
grave Three thousand dollars is q good
ways from poverty $1,000 with economical
management would save several times its
value in property where an estate was
covered up in Indebtedness. and in the alb
sence of property it would keep the wolf
from the door for many days TO come, ana
would, in many instances, form nucleus
for competency in the years to come.
While Mr.. Wanamaker carries more as
surance than any man living. host of
others show the same confidence in
American companies, the same high
appreciation of the worth of life
for those dependent upon their ex-
ertions, and his solicitude for loved
ones and implicit faith in the stability of
assurance institutions is evidenced by a
policy of less than 5000. a policy for $4,000
or less, costs no more in proportion than a
policy for much larger amount 1t is the
small amounts disbursed by insurance COM
panies that relieve the greatest amount of
want, and the man who has dependents if
he can carry no more, should not deSpise
as insignificant a policy as $1,000.
There has been little news regarding the
New York Life matters for the newspapers
TO talk about during the past two weeks,
nevertheless some of them have made
valiant efforts 10 keep the sensation"
alive, and to this end have threshed over
and over the same old straw day after day.
The New York Times has been the most
persistent in this matter and in addition TO
repeating daily the old insinuations against
the officers of the company, has en-
deavored to induce the policy holders to COM
bine and secure an independent eXamina-
ton of the company apart from that now be
ing prosecuted by the insurance depart
ment. There is little likelihood of this
scheme being successful. for policy-hOlderS
have been assured by such incoutrOvertible
evidence that the company is not only per-
fectly solvent, but has very large surplus
over all its liabilities, that they seem con
tent to leave the question of mismanage
partment. If there has been anything
wrong in the management. the examiners
have abundant authority for investigating
ii, and their report will be given to the
public as soon as completed. Deputy SUI
perintendent Shannon, who has charge of
the examination, Is an expert AT this work,
who has served under SuperintendentS Me
Call and Maxwell, and is continued in Office
under Superintendent Pierce because of his
efficiency. EATaX Commissioner Michael
Coleman has been chosen 10 make the valu-
alton required of the real estate owned by
the company. This is widely scattered ami
very valuable, amounting to nearly Sl5,-
600, 1000. Ii is located in the principal cities
of this and other countries, and these in
vestments have been regarded by practical
men as safe and profitable. Much Of this
property was acquired under foreclosures
of mortgages given to secure loans, and
there is no reason for believing that it will
not be found to have been source of profit,
as ii has been with other companies. IT Is
but few years since the Connecticut Alu-
tuai life was severely criticised for its large
real estate holdings, acquired under fore
closures, but that same real estate has
proved to be among the most profitable as
assets the company has ever owned. Sew
eral Of the large buildings owned by the
New York life in prominent cities in this
and other countries have been erected as
part consideration for large volumes OF as
surance taken i'll the company by the resi-
dents o. such cities. These policy holders
would not stand quietly by and see the
company in which they are interested in
vest its assets in undesirable property.
Such investments are made by this and
other life companies for the satisfaction OF
policy holders who like to have them eX-
pend in their midst a portion of the money
they are paving to them. In foreign
mt, apaiDct Ay,ntj-
can companies doing business there has been
that their assets We're all in this country
and could not be reached by the foreign
pOlicyhOlders III case of any trouble arising.
The companies have, therefore, erected line
building in various cities, which have not
only tended TO secure public confidence,
but have added to their income materially.
When MIR. Coleman comes to examine this
property, we predict that he will find every
investment to have been judiciously made,
and every piece of property worth more
than it cost the company. No better man
than Mr. Coleman could have been selected
for this important work As president OF
the board OF tax commissioners of this city
for a number of years, he had unusual OPP
portunities for aScertaining real estate
values, while by his administration Of the
offairs of his Office he won the confidence of
taxpayers and citizens generally. Familiar
as he Is with the methods OF appraiSlng
property, he will have no difficulty, at home
or abroad, i'll finding out the actual value of
the real estate investments OF the New
York Life.
The Merzbacher defalcation seems to
have lost interest for the newspaper scan
dal-mongerS since it was aScertaned that
his embeZZlement was from the firm of
which he was a member. not from the COM
pany, and the company was so protected
that it will not lose a dollar. Merzbacher
even settled his affairs with his partner
Sanchez to the entire satisfaction OF that
gentleman, by resigning to him all his in
tereSt in the business of the firm, past
present and TO come. There is many man
that would have been glad to have paid him
more than the amount of his detalcatlon
for the same consideration. The business
this firm controlled i'll South America and
the West Indies commanded greater remun-
GRAFTON than agents in other countries OBJ
tain. for the reason that the policy charges
are higher by from twenty-five to thirty
per cent. The commissions paid upon i
business yielding S3,000,000 of premiums
annually TO the company made very hand
some income for the firm. This income has
been secured to the company until the in
debtedness of the tirm-or that of Mr.. San
chez who is the only remaining member Of
it's liquidated.
As to the charges against President
Beers, they are still vague and unsupported
by evidence Interviews had by reporters
with the various trustees of the company.
show that their confidence in the integrity
OF Mr. Beers has never been shaken by any
of the charges formulated or insinuated
against him. Nevertheless, we are con-
strained to say that reports regarding the
speculative tendencies of the president of
81 IL