New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-05-04
UPERINTENDENT PIERCE'S RLPORE
PLAIN TALK ABOUT TIFF. NETWORK IFE-TIIE
ENDOWMENT" CoMPANIES-A YEARS IN
~, 4 ATE.


ENDOWMENT" CoMPANIES-A YEARS IN
sURANCE BUSINESS IN THIS TATE.
Albany. May 3-superntcndent Pierce, OF the State
Insurance Department has completed his report for The
year 1901 on the business OF life ana casualty III
surance companies In this From the report the
following items taken:
The gross assets Of the thirty life Insurance
companies doing business In this state on December
~ last ssl0.4O2. s3l, Increase of S66l14,-
O02 %. compared with the previous year. Oh inns
amount New York State companies have SiooolS'o'i'
an Increase OF s4i616.301 companies of other states
tl3O3s4.1sO. an Increase OF $2l3j1,IOl. Ihc ia
bities OF the several comrorcs, excepting S0oioooo
Of capital Stock 11"3,Oi5,Dii The Increase
during the year s5o,55G.546; the several aggre-
gates S7I1 .28IIso.
The aggregate income OF Newlcrk state com
panic, was sI34 EGG j32 companies Of other States
SG7. 1854. s02 milking gross income, F2O1 93lf ana
gross Increase income OF preceding year Sl4ooo-
400. The net excess of Income over expenditures
for 1901 was $40. 1886 90 while for 1880 1t was
SGO,171 400. The total premium receipts Tor 1870
were Sl40,553,o49; for 1891. S1G2.624.i44. The
expenditures for the year have been Sl3o'o2ois, an
increase Of S9.I3s.5Is as compared with preceding
years or this amount s62, 7:l 400 paid for
claims: si6,23O,s8O fer lap,cd and surrendered
policies S13.001 Do In dividends 10 pocy holncis'
$3.50 O62 In dividends to stockholders S2l,3iDoo iof
commissioners IS 246.3l6 for salaries and medical cx-
ominers' fees and S1o7o4.3G5 for miscellaneous plr-
poses; s92DJ35l3 was paid to policy holders wlhie
the cost Of management Including dlvdends 10 stocN
holders. S-l2,5:Io, 43f.
In 1891 the New-York state companies Issued
21OAsO D licies insuing S43,2i67j0, and termi-
mated l2G,730 policies, insutng FiI2, i3o,'eo com
panes Of other states issued 1888 policies, in,nr-
Ing s2s3,0OJ, 537 and terminated $500 policies III
surfing S164, G04Ilj At the close Of 17Ol, exclud-
ing the Industrial" companies doing business In this
state. the companies had 1,4O,OOI policies
In force. nsurng ~ .J-4.3-3
In regard TO the Insurance Code prepared by the
statutory Revision Commis sion, and now before the
Governor, the superintendent SAYS: NJ sweeping or
serious amendments to the present laws have been
made revision is virtually the existing statutes In
more pIcscntablc gnrb7 lie adds: There has been
enacted In this revision under the requirements re-
ating 20 fraternal bcneciaies societies, orders or
usScations provision which permits these a,-Ocia-
TONS 70 make a payment OF money upon the
piratIon Of a fixed period ami without reference to
death disability | wish Ia place myself In line
with my predecessors In office to disappearing ths
elias, Of business when undernkcn by institutions Of
the character set forth In the title of the article quoted
above | opposed 10 the best Of my ability. the
adoption OF this endowm provision In ce present
revision but the Legislature has III. neverthc-
less Z, countcnance the transaction Of this class OF
business within the state by The ehehhs OF tnn n
zatlors that promise Ia pay any definite amount 10
member during HI, lifeline. without regard 10 his
In reference 10 the New York Life Insurance Com
pany, the superintendent says III part Inc re-
port OF this department upon It's examination 9 inc
New York Life Insurance Company was made Ill
January last since which the corporation mas seen
iii To- innugurtc radical change IN rs mhl"e,"rn t
In publishing tho report Of this examination, tuVh
occasion 70 state =, being my CPn a,y, na' amy
remedies essential the better admln,titito al It's
affairs When the examination II this corporation
had been concluded and the rcpoT, theron nn"r
- add I'D In
by the then president. based upon the evidence
elcted during the departments Investigation into the
Every indication pointed % firm denomination 90,
the part Of the old administration to maintain us
corpora'ioo from whose polry holders ana son
hooked 9 an cou sppoyn co s With Scr
tain trrpsacrons brought 10 light by me DeIar,me IL
S,ne In ,S a however it was to be Disappointed
a., at the annual election Of me enmpanS Dis
approval ~ clccting board Of directors IN perfect
sympathy and accord with the gentleman VINO nan
i alton To- make this mutual life insurance company
that which companies u this character are PROPERLY
polcy holder. and for the policy holder
ndcr ar administration which thus broadly an,
tho ,ss ,"rs rHs oma '' now the
forty eighth year OF an Honorable onsne. goH name
suiied By the questionable practices OF either o,ets
or dirrctor. The character Of the tand, contdea 70
lis keeping sacred even than The deposits WIN
our institutions for saving made their use az uIhs "
liz, old cement utterly incxcusabe as u con
stiite procc dngs that cannot well be characer,ea
othcrvsse than "a act, Of sr"iiation: Hence, Gus
t;ds,ns Of these trust fund, who could re NJ lmpio
picty In Oanine portions oil them without Scnu , ~
q u1torioisy irresponsible advrnturer 81 most IN
s,vorv reputation iwhose misrepresentation a. $50, so
ucit n Of the company had already 6riyh u n," t,u
cp,,, I'm c,tain duarier.l until they hal p'rmi.l
this Individual to create WORTHLESS palancc n"e T.,
him to the company OF some *33o"o nave De'n N n
gated Ia III. retirement they 81 lu,ty mercl on ac'
count Of this and other acts OF fragrant nm'""'m''r'
uonj # NAV be pr,inently uucrcd why in giving pub
lie expression to his views, me superintendent ~ , n
crtcSine the action Of the late managme'; mas ng
Silent until this date. instead Of Announcing ms oi
dlsapprova Of tho cond1cr Of the oCe OF nc oSnn
don. which appeared In January last. 'ni , Wv,
question fny answered. by the simple Sa eren,ng
mat have always had in mind the danger oil cra'ng
unnecessary apprehension or lack Of confidence on ',s
par q such poley holder as might cT G, aen al
o Of the y sSS%pn s 1n,S of es
Company evidences that. while some Of the nos .ros
charges brought against tnr e , ror,n%s "or
md books Of accounts IT, sovcncy remains sn,aniii
aud unimpard and It's full reserve against ail csni
surplus The announcement Of these facts. tog'ter
Mill ne "am n. Is'"ss, na c as@y' to- @
public confidence which previous 'rloepm oi It's
management had somewhat afccic TED, MANOR, ,onroc,,.s
the unhealthy growth In the amount Of in,nrancc
written ann"% u asor tho hs s "ommd Ts which
tempt agents violate the antirehate laws IN ORDER
amount Of Insurance written Is represented by policies
NOT taken end II IL Per cent By Insurance. lnpscl
The ndent SAYS that these proportions 81 In
cfTec,nal results cannot he Justified by any principe
M economy or necessity, and that the correction ri
these abuses lies. in great measure Win th' companies
themselves.
No CLEW 10 THE M HEEEER OF IIzZIE FlRREILl
Red Bank y. j.. May SpcclaD.-The murderer
OF Lizzie Farrell Is sun Mt large and 1t now seems
impossible that he Will be discovered The funeral
~ IN. numbered Girl was held this morning In st.