New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-03
MUTUAL LIFE REPORT.
Refects Years. Insurance Troubles
Checks for "Nylic" Members.

X fdC1-aS fO1 ~ ttN
The annual report OF the Mutual Life Insurance
Company. which made public yesterday shows
by comparison with the report FOR lSs many ns0s
Of the ove-rnrning whi,h life insurance has ma"
since the internal trouble in the Equitable attract
Cd the attention OF legislative investigators The
company shows gain o. s2sss2Go IN totaI asses
1904 giving the company rating Of s4'uoo4'0.
Yet this gain IS g 10000 than that o. 1919 over
,r.
Tbs income q the company from ai sources !"
.sa5 was sS5 css. 49, which IS Al increase OF more
than 100000 over 1904 This increased income
however is almost entirely due 70 increased AZ
ferest The increase IN premium reoeipts over -
s only $500 while the premium recelpus II -''7
went over those % 1sls by s-7A-ea IRIS Is one
o. the most striking indications Of the raVeees
q the investigation.
The assets II the company are headed by govern
-nent railroad and other bonds 10 the amount o.
ssl ~ oo0 and stocks valued al S1s,S4Oeo an II
crease ot some s22.O0oooo over 1904 The loans 10
poncyholders on The companys policies amount to
seglssRO0 an increase OF more than se,0aOW over
TIE previous wear Experts in this increase the
tendency OF many tirnid policyholders 10 borrow
the largest possible on policies ;or fear that
something might happen 70 render 1henl less Feu-
able
The tendency q the big Insurance companies TO
lessen the hank balances IS strongly shown in the
Mutual Lie report The cash on hand on Deem
Der g. last. al bLt sc5.770 Of which was Il banks
and 49, u,bUU. MS Is 0e-
crsase OF IS 600 1904 and that year showed
decreased deposits OF s4zS7O0 over 1908 The IN
isI-znce companies have found satisfactory invest
.sneuts which bring better interest than they can
receive from banks, ana the ready funds are
diverted into these channels 10 the benefit OF the
.polcyholder.
TIE company values Its Office buildings At S2s,-
$40 O00. and has other properties e total OF
fssl.o-s Ooo. This shows loss over the previous
wear q Sz6S7.600. which IS more than accounted
ssor by AZ Stem under the disbursements heading
which reads Adjustment Of real estate valuations.
kJsoe 81. s5.0oGGOo." The report shows s. 46e 900
in deferred and unco1ected premiums this year
The reserve fund q the company for The pay
s-nent a. its insurance risks has increased from
1856 620 000 1904. SSs2593 000 The contingent
is7larsntee fund Of the company. out Of which fu-
iture dividends 70 policies now in force VIII be pay
.shle as they become due by the terms Of the
iIolicies. las been increased from s7L457,o00 70
E7Bsl- 600. The increase OF 1900 over 1903
81 - o0o, while The same period showed an in
scresse n coo IN the reserve fund
The total disbursements Of the company, S5S720oa
show n increase Of S4.5soGa0 over the previous
yea but this years statement contains the 50 Co.,
90 loss in real estate adjustment The company
PAID S35.64S 90 10 poicyholders last year, and
- 72501o in 1884, al increase Of ss16sS5.
The statement this year has the name OF Charles
A Peabody ~ its head in place Of that Of Richard
a 2c-urdZ. The inscription. Charles H Ray
1aond & Co. Managers. No Is Lfberty-st." which
wanting. as TIE Mutual Life IS now uanaSine its
metropolitan business. The Ftateraent was ac-
oonlpaned ny an interim report OF Haski1s & Sells
and Deloitte. Plender. Griffiths & Co, public ac-
countauls. who are now engaged in investigation
OF the affairs Of the company. Il was addressed to
". Il. Truesdale chairman Of The housecleanins
committee and testified in detail to The value Of
The compa7ys bonds, stocks mortgages. policy
loans. etc
IN an ofacal statement issued yesterday after
us frr--r-z
had an increase Of insurance in force Of 81 900
and that there had been a decrease Of expenses of
8 $500 Richard A AcCurdy ex-president Of the
company, came II from Aorristown yesterday, and
was IN conference FOR some time with his successor
Charles A Peabody i said that they dis
cussed the general insurance situation.
Instead Of holding The annual winter 5unketing
U1Ps for the agents who sell insurance in large
Quantities the New-York Life Insurance Company
this year estimated the cost Of such trips and sent
those whose work entitled them 10 the outing q
c5eck Tor tie probable amount. The members %
80 - nose agents who have sold more than
have gone 70 Pasadena cal for week Fat -
- 1890 &C large check Few days ago and was
pes o. the $1,000 club were 70 have gone TO Old
checks smaller than ,iose sem n y r9cS1a e,
Inc company decided that il was lI-yTf IN LEV,
OF the unsettled conditions IN insurance 10 -lgks
me long trips. which would attract r7,cF at-e1-i9T
convefii9 ~ 5is+1 DE eoII3I55I as did The recent
r-3-s1,,.. AZ strong chairman q the Insurance
-t--l- .llce q rls State Legislature
1tieH ieroaL rlar ruru0rs OF recent T-aeri,-s.
- '-Haed lie declared thar Ire did MOI lT-15vT
r'-- reports got -rtO circulation as the c1T1
So ~ - loI JTEinC = do ANYTHING secretly He
r 80 - meeting or The f-ll committee would
= -e-'l ~ ltls CITY about next Thlrsds7- ~ r.
80 l.-- Iolsl crsf. Of the report viii be
tNp OF lhrs" GAYS later the report viii IL
'irsiea i'.a sent 70 The legislature wa -
60 -a ~ support OF the deunurrers % the d.
;sHoq4ts IN Attorney General Mayors sur 1870 az
f1e, Z lilatie Life Assurance Society z-ars go
- N-s+-- t5-S-if1r yesterday. James T4aze-
Egle 7sc William r Mcintyre 5oined r. 45a 80
- 49, = following, through counsel 5oi-eI =,
$500 .i ."I william T.. Van Horne T.sr-f u
w. u '5...R4 - Squire. John Jacob Aston "a
-, -tle.rii,-a a. John Sloane. .. . NIls A.
80 fa---t-' nh Chs uncev NJ IDepevy Ioea =
60 g. NssFe-ro. ~ = Norat. William AIexsnaer
go P .aFfs..- James " alexander Geo. n
" t-se1 Henry T. Alexander and Fen-7- -, - ft