Los Angeles herald., 1909-02-28
NEW YORK LIFE
PRESIDENT WILL
INVEST LOCALLY
COMPANY ALREADY HEAVILY
INTERESTED IN CITY
VISITS CALIFORNIA IN SEARCH
OF OUTLET FOR CAPITAL
D. P. Kingsley, After Absence of Nine
Years, Expresses Profound AS
tonishment at Growth of
Los Angeles


X Angeles, D. p. Kingsley presi-
~ dent of the New York Life In
surance company, who registered at the
Hotel Alexandria yesterday, declared
last night that the corporation of which
he is the head was preparing to make
extremely large investments in real es-
tate mortgages here.
Within the last few months, accord
ing to Mr.. Kingsley, the company has
invested more than 100000 in bonds
and mortgages in this city, and intends
to invest many times this amount in
the immediate future. So confident is
the great insurance company's eXecu-
tive of the future of the city that he
states no limit has been set to the sum
that will be expended in Los Angeles
investments. That it will be well above
81, 900, 900 was the intimation made by
Mr. Kingsley.
In order to make a thorough inves-
tigation of the investment field the
New York Life's president probably
will remain in the city two weeks. 1t
is believed that even before he leaves
unusually large investments viii be
made by the company, which already
has millions in this state.
It has been nine years since Mr..
Kingsley has been in Los Angeles, and
he did not hesitate to express his as
tonishment at the rapidity with which
the city has grown. He believes Los
Angeles to be one of the best centers
of investment in the world.
No Limit for Investment
at is the object Of the New York
Life insurance company to invest only
in gilt edge properties in the heart of
the worlds martS of trade,' he said to
reporter for The Herald. I'VE have
great confidence in the possibilities of
Los Angeles and are willing to invest
any amount Of money in the city. In
fact we have affixed no limit to the sum
which will be placed here The growth
of Los Angeles has been more than
remarkable.
81 was here the last time nine years
ago and am more than astonished at
the change that has taken place. Los
Angeles was hardly more than a little
town at that time, and in less than a
decade it has sprung into an enviable
position among the cities of the world.
AS an investment center L am COM
PEELED to admit that it has few equals.
Los Angeles is a great city with a
great future"
Mr.. Kingsley also looks with op-
timism on the final readjustment of
business conditions throughout the
country. Speaking along this line he
said:
"The improved conditions of the
country have been discounted. Prices
encouraging. OF course, the develop
but the fundamental condition of the
United States is all right. 1 find the
conditions throughout the country very
encouraging. OF course, thedevelop-
ment of business will be a little slow. -
Returning to the discussion of the
companys intention in investing here
Mr.. Kingsley declared that already the
New York Life Insurance company has
| holdings in California that are far In
excess of the reserve on it's business in
the state.
May Have to Refuse Business
Owing to the existence in New York
of the Armstrong law restricting the
limit of business done by insurance
companies, Mr.. Kingsley stated that he
feared his company would be compelled
to refuse taking busienss before the
end OF the year. With a general better
ment of conditions throughout the
country the business of the company
had been SO vOluminous that he feared
the limit would be reached several
weeks before the arrival of 1910. Last
year, according to Mr.. Kingsley, the
company was compelled to refuse bust.
ness and practically cease all opera
tions several days before the close OF
December. The constitutionality OF
this law, he says, will be argued in the
courts in the near future.
Last summer Mr.. Kingsley visited
Europe for the purpose of learning the
best fields Of investment. He says that
the amount of business done among the
European people by American insur-
ance companies is remarkable.
Speaking of the enormous size OF
this business, he said that the New
York Life Insurance company alone
had more business in Europe than any
company in the old world, with the
possible exception Of one corporation
in England.
Mr.. Kingsley will go to San Francisco
and Seattle after remaining in Los
Angeles about two weeks.