Arizona republican., 1895-01-06
ITS BOOKS OPEN.
Examination of N. Y.
Life Insurance Co.
A Candid Dealing With
the Public.
Magnitude of the Work and
Significance of Results.
A Marvel OF Completeness in Ali Its
Departments That Must Be APP
preciated by the People.
From tie New York World.

From tfe New York W ORD
The full page advertisement of the
New York Life Insurance company in
The World of Thanksgiving Day, caused
a good deal Of comment in financial
circles. not less for the magnitude of
the business shown than for the man
ner in which the company has taken
the public into its confidence in pub
fishing the details of its business. The
opinion is freely expressed that this
new departure on the part of President
Mccall will not only be of immense
benefit to the New York Life, but that
it will do much to discredit the
management under a. blanket methods
which have characterized great fnan-
cial institutions. Already the question
is asked by the policy holders of other
companies, Why are we not given full
exhibit OF the affairs of our company
over the signature of experienced and
disinterested persons acting under the
authority of aE? The agents of other
companies are also making their voices
heard in complaint that by reason of
the publicity given to the New York
Lies affairs they are placed at a great
disadvantage in soliciting insurance.
The New York Life has followed up
the pu utilization referred to by printing
in pamphlet form, for free distri button
to policy-holders and others, full details
of the scope and methods of the ex-
animation as stated by the seven insur-
ance perintendents and commissioners
from the states of Massachusetts, Hi
nois, Kentucky, Kansas, Missouri, Ohio
and Texas. 1t appears there were en-
gagged in the work for four months, in
addition to the seven officials above
mentioned, two attorneys, six insurance
department actuaries, five persons from
the actuary's force of the Massachu.
sets department and three clerks
twenty-five persons in all, and all skill
full in analyzing life-insurance data.
The report says:
1.-THE commissioners personally care
fully examined, checked and verified
each stock and bond owned, each col
lateral loan, each bond and mortgage
loan made, the cash on hand and each
bank deposit, and, with the assistance
of the actuaries and clerks, the policy
loans and premium notes were exam
lned and checked with the reserve on
each policy, and interest and rents due
and accrued, and unreported and de-
ferred premiums were verified. The
values of stocks and bonds and real es-
tate owned were closely scrutinized and
conservatively made. The title to each
piece of property secured and bond and
mortgage loan made since the examina-
ton in 1891 by the New York Insurance
department, was examined and found
satisfactory. The policy reserve was
checked and verified by the actua1ies,
and every policy and its reserve on the
books of the company was individually
checked with the actuarial policy regis
tiers OF the Massachusetts department.
All sundry liabilities were verified and
each debit and credit entry in the COM
pany's books checked from the date of
the said New York investigation. A
critical examination was also made into
the affairs of the agency department"
AS an indication of what this in
volved, it way be said that the pub
llshed list of securities shows two hun
bred and fourteen different lots of bonds
and stocks owned, having par value of
800. AS, 794 "a, a book value of $93, $751;
$50. SO and market value of 500, $780,
068.49; one thousand and fifty four
bond and mortgage loans for $25, 1885,
972.25; on premises valued at $55, 1885,