The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-07-03
REPORT ON THE
new YORK LIFE
Special Committee of Trustees
Sifted the Financial A.
fairs of the Company.
REPORT VERY COMPLETE
GREAT WORK OF THE FINANCE
COMMITTEE.

New York, July 1.-The special commit
tee of the board of trustees of the New
York Life Insurance company appointed
Dec. Is, 1905, 10 consider the evidence sub
mitted to the legislative committee and
the report OF the five commissioners OF
state insurance who were then examining
the company's affairs. made its final re-
port TO the board of trustees today. The
report, which is comprehensive one
deals with the financial condition of the
company, the work of the finance COM
mittee. the general method of conducting
the business, departmental work. ex-
penses, foreign business, deferred divi-
dend policies and various miscellaneous
matters. under separate heads. III Is
signed by Thomas L. Fowler, Norman ~
Ream Hiram r. Steele, a. o. Paine and
Clarence H. Mackey.
After reciting that the special commit
tee held sixty meetings and awaited IL
self of every source of information con-
corning the affairs of the company, the
report says:
1T therefore feels that ii has iett
nothing undone TO enable it to determine
how the business of the company IN all
its departments has been conducted, ana
TO speak authoritatively on that subject.
Balance Sheet Submitted.
The report tnen SUBMITS tue paiSHce
sheet OF the expert accountants which III
part follows:
I'VE have verified all the assets of the
company, and after providing sufficient
reserves for possible losses, find that on
Dec 81 1906 the total assets amounted
to $43S 7SS, OBS and are fully worth that
sum.
we have tested the clerical accuracy
of the insurance reserve as cerufled Dy
the actuary of the company, which
n exceeds
required by the insurance department OF
the state of New York by the sum of ~
20l, 40. and having made provision Oh
S. $50 575 for ali other liabilities, we flnd
that there was on Dec. 81, 1905, balance
of S54O47, I76 available for dividends on
participating policies at the end OF their
several accumulation periods. and Tor
contingencies. This balance exceeds that
claimed by the company in its annual re-
port for 1905
Sound Business Methods.
The general administration OF the
company is well organized. its manage,
ment is sound its business methods ana
system of paying premiums are directive
and economical, and its books and records
are we'll and accurately kept
The report reviews the work Of the
finance committee of the New York Lire
Insurance company now composed of
John Claflin, Edmund ID. Randolph,
, Woodbury. Langdon. George A Morrison.
Alexander E Orr and d. p. Kingsley.
This committee, the report says meets
twice a week and subcommittee every
day. and upon them. it adds. lis imposed
the task of supervising and directing the
investment of from $50, 100000 to $iOOOOJ,-
600"
From the statement prepared by the
treasury department il appears that In
five years, 1901 TO 1905, both inclusive. the
purchases of securities amounted TO $751;
ca, 7O4, the sales to S101, 5S7 Sl9, besides re-
demption OF maturing securities. we
find also" continues the report, that the
profits realized from sales and syndicates
were S. ca, 695. after deducting losses on
sales of securities during the same period
of 500, 679, not including any loss that
NAV be ultimately sustained on the
United Galleries first per cents.
Real Estate Holdings.
las far back as 1892. says the report.
the policy of erecting office buildings
was discontinued. and the real estate
holdings of the company, out of its total
assets Of over 400O00,0 900. amount TO less
than $4,000, 900, of which amount $4,000
600 is represented in the home office
building in this city and domestic and
foreign office buildings. Its investments
since 1899 have been principally confined
to bonds of the various kinds mentioned,
of which there was on hand on Dec. 81,
1905 a total of $325.S44,15O.
mo member of the finance committee
has, directly or Indirectly. pecuniarily
participated IN or profited by the trans
actions of the committee.
The committee reports that in 1905 the
company wrote $296. 640S54 new insurance.
and that its total income from all sources
during that year was $1O3. 49,, 800 The to-
tai payments TO policy holders in 1905
amounted to $4026 ,0S9 and the total
number of outstanding policies was 1901
269
The report says the total expenses in
conducting the business for 1908, after de-
Quoting the amount paid for Insurance
taxes and investment expenses. were 1895
per cent of the premium income for the
year The committees conclusions are
strongly in favor of maintaining the for
eign business as a general policy.
Soc and 75c ladies' hose, 29c. K.-O'B.
Roundup.