New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-11-13
STRONG FINANCIALLY.
AMPLE ASSETS AND RESERVES FOR
POLICY-HOLD ERS-LIBERAL
SURPLUS.

AFFAIRS or THE PRovlDENr sANl"uS
LIFE ASSURANCE SOCIETY Br THE
INSURANCE DEPARTMENT
OF THE STATE OF
NETWORK.
n. renor, shows that this corporation COM
r,c,c,,v busincs- IN is.5 having never unth no"
hoen examined BY this Department the manage
ucnt In requesting that the present inVes's".'ot
be made has manifested desire thht inc 0oi'
q the comrauy's affairs be Thoroughly so'u's"eu
from inc date Of ts Incorporation 10 the p'eSe"'
,,rpc To this end the officers OF the company nave
Afforded the Department every opportunity "
n,osecu,e Its work In this direction. and while the
,,me thus o,cutled has rendered the examination
more lengthy than would ordinarily nave oeen 'ne
case yet under the circumstances u Is oe"eFeu
that ths addit lonnl labor was warranted the re-
sg has snGwn among FAD pt dnTnr sss tnSousS
a system Involving the replacing 81 certain pohcy
S SSnifSsf 'hS trcned oa IL. s6y
count OF the 2oiiciss so changed aoouI '.SV ,rs
spending advantage to the company. TINS prac-
ilce vas Immediately discontinued upon inc ne. az 70
surptl0n OF ONCE by the present executive, VINO ~
to be- commended for the conservative methods en-
poyed IN the conduct Of the corporAtioas analrs ATS
over isooo 20 ts reserve fund. and has larscy IN,
creased It's 70 une Of ne" business. as SoniPA'c'
The repor, lows assets OF 81 ss2 49, s. and after
NJ
nrst ~ months - this year. the company SHOWS
mel reserve Tor policy holders Of the handsome sum
O, 81 ~ $500 As shown by chief Examiner VAN
acrpC~l IN hls report both tho assets and surp vs.
could have been very considerably Increased; but
In conformity with the iigid requirements OF the
Department ard at the request OF the MANAGE
fnent. very conservative valuations nave been
placed upon the assets OF the company. As to the
principa holding Of real estate the Chlet Examiner
Of the Insurance Department says; upon Inc
basis of net income from the property. II earns
about per cent upon this valuation. which Is that
placed upon u asset IN the above report. a
though the appraisal made upon this property
might warrant IT, being credited among the assets
81 the company ut nEurc comfortably In excess
OF that At which II Is here extended
The Is exec lent one. and as the com
pany desired. the examination has been crucial
test Of the soundncss OF the comnany's methods.
Certainly any company that has had the courage
to cur down IT, assets TO bed rock In order
10 place Itself In position above honest criticism
deserves the henrty support Of all
company In which he has fortified himself beyond
n question.
In concluding the report. tho Chief Examiner
says
''The cornoratIon's accounts correctly and
~onciScly kcVt the ~Y-."m OF checking accounts in
vogue being admirably adapted to insure accuracy.
Every request for bc 1ks and papers has been
promptly complied with and every assistance 10
facilitate the examination cheerfully given"
The report shows very ccarly that the com
panys affairs have been patiently and thoroughly
investigated that all Of the assets have been
agurcd on a cash value basis and that President
Scott rs to he commended FOR tho conserva I've
methods employed In the conduct OF the companys
affairs.