New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-04-09
JAMES +. PIERCE.
Attorney General

Superintendent OF Insurance.
STATE OF NETWORK
INSURANCE DEPARTMENT }
ALBANY. April :. 1895
J. James r. Pierce. Superintendent Of In
surdHce OF tie State Of New-York do hereby
certify that the condition and affairs OF tho
NUfual Rcscrrc FHnd Lie dissertation Of Nor-
YORK were under critical examination by this De-
partment during a period Of some three months.
that the value and title Of the items returned
real estate owned by the Association and all
titles TO real estate on which the Association has
made mortgage loans have been verified by the
Hon. James c. Spencer. Department Counsel. and
have been fully appraised by the Hon. Michael
Coleman. Department Appraiser. and by them
have been officially certified to be correct
AS a result Of said examination hereby certify
that the net invested returned by the AS
ISOLATION TO the Insurance Department in its re-
port Of December 81. 1894. have been verified
and found correct In each particular. but that the
Items OF agents ledger balances and furniture and
fixtures treated. in accordance with the rules
OF the Department. AS nOn-invested assets
furthtr certify that a result Of the said ex-
animation. the net or invested assets OF the Asso-
citation are found To amount To $4,000 So. the
non-nvestcd assets To 1891 079si making the gross
assets A.lIl.SSl32; that the liabilities are placed
at ss91Sl532 which includes the bond issues TO the
persistent membership Of 1881 and 1882, the bond
statement issues 10 the membership Of 1888 and
subsequent years not being included as liability,
for the reason that their value is so remote and
contingent. leaving a balance Of $3413566: that
the contingent mortuary assets are found 10 be
sl.5S5.S4S. and the contingent mortuary liabilities
sl.445 .26.l6. thus showing that the Association u
ABSOLUTELY SOLVENT.
further certify that the items of income and
~, A,,tu
verified and are found to be correct excepting the
item OF S10)l05. returned interest. which
should. in the opinion OF the Department. have
been deducted from death claims paid. and Ger.
tain items included In disbursements for rents
which should. in the opinion Of the Department,
have been included under the head OF taxes and
other expenditures connected with the care or the
Associations building.
further ccrtify as a result Of this examine
ton the Superintendent finds that the system OF
payment and retention OF vouchers is such a.
- enable a perfect audit OF disbursements, that
the cash receipts OF the Association are care
fully guarded and the auditing Of same is most
e qrTas .ia ama Sre paid IN full and that the
small percentage OF death claims which have
been compromised were in every instance OF such
n character to make such compromise the duty
of the Management. This showing is most sat.
isfactory and should be commended
The Superintendent has deemed II his duty,
as n result of such examination. TO make certain
recommendations for changes in its methods for
the consideration OF the management OF the As
ISOLATION. and the officers have advised the De-
partment that its suggestions will be favorably
acted upon.
The financial condition OF the Association as
shown by such examination. taken in connection
with the careful selection OF risks as shown by
the Medical Examiner. and the large membership
of the Association. Is such as 70 satisfy the Su-
perintendent that prosperous and successful
future can be guaranteed with the enforcement
OF thoroughly conservative and more ecoEomi-
cal administration OF affairs
In wifpcss mhcreOf have hereunto subscribed
my name and set the Official Seal OF the State
Insurance Department at the City OF Albany
this eighth day of April. 1895.
(Signed) JAMES F. PIERCE,
Superintendent Of Insurance