The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-07-03
final REPORT OF THE
N. Y. life. COMMITTEE
COMPREHENSIVE STATEMENT
DEALING WITH MANY I'M
PoRTANT MATTERS.

Financial Condition of the Company,
Work of Finance Committee, General
Method of Conducting the business,
Departmental Work, Expenses, For-
eign Business, Etc.--speciaI Report
Appended Dealing with the New or
leans Railways Company Securities
Matter and Two other Subjects.
New York, July 2.rhe special com
mttee of the board of trustees Of the
New York Life Insurance company APP
pointed December 10, 1905, to consider
the evidence submitted to the legisla-
tive committee and the report of the
five state commissioners of insurance,
who were then examining the compa-
ny's affairs, made it's final report to the
board OF trustees to-day. The report,
which is q comprehensive one, deals
with the financial condition Of the COM
pany, the work of the finance commit
tee, the general method of conducting
the business, departmental work, ex-
penses, foreign business, deferred divi-
dend policies and various miscellaneous
matters, under separate heads 1t is
signed by Thomas p. Fowler, Norman
B. Ream, Hiram r. Steels, A. G. Paine
and Clarence @. Mackay.
A special report is appended dealing
with the New Orleans Railways COM
pany securities matter, the Mexican
Central Railway company bond trans
action and the 100000 interest In the
Navigation syndicate.
| The report submits the balance sheet
Of the expert accountants especially en-
gagged for the work Of reporting on the
companys finances, which, In part,
says:
I'VE have verified all the assets Of the
company, and, after providing sufficient
reserves for possible losses, find that ON
December 81, 1905, the total assets
amounted to S4Ss, ,7SS, ,O15.39, and are fully
worth that sum.
I'VE have tested the clerical accuracy
| Of the insurance reserve as certified by
1 the actuary of the company, which
amounts to $S79,151, ,O63.70 and exceeds
that required by the insurance depart
ment Of the state Of New York by the
sum al $7,201, ,720; and, having made al
provision of $5,5S9,775 for all other lia-
bilities, we find that there was On De-
cember 81, 1906, q balance Of S541 1047s AZ I'd
available for dividends on particip pating
policies dncluding deferred dividend
policies at tine end Of their several ac-
cumulation periods) and for contingen-
cies. This. balance exceeds that claim
1 ed by the company In it's annual report
for 1905.
THE general administration Of the
1 company is well organized, its manage-
ment is sound, its business methods and
systems Of collecting premiums are ef-
fective and economical, and it's books
and records are well and accurately
| kept"
| The special committee calls attention
to the fact that the showing OF the
accountants, based on the thorough ar-
/ dit and on al independent valuation Of
the assets Of the company, Is somewhat
more favorable than the showing OF its
own official annual report for the year
1906" and adds 1T Is creditahle to
the officers Of the company that they
should have understated rather than
overstated the resources and financial
strength Of the company.
The report reviews the work of the
finance committee Of the New York Life
Ia Company, now composed OF
/ Six members, a vacancy existing since
lii ~qtir mont of G. w. Perkins in De-
Cember. 1906. The present members Of
the committee are John Clafin, Ed
mund d. Randolph, Woodbury. Lang
don, George A. Morrison, Alexander p.
Orr and D. P. Kingsley. This commit
tee, the report says, meets twice a WeeellST
and a subcommittee every day, and
upon them, it adds, 'is imposed the
task Of supervising and directing the
investment of from $3Oo,o0O,OO0 to $4O0,-
100000.