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Pink ham's Vegetable Compound tbnn all other medicines Jot' female ills put together. - i i - i Hp SIXTY -SEVENTH ANNUAL REPORT NEW YORK LIFE I INSURANCE COMPANY 346 Broadway, New York B Balance Sheet, January 1, 1912 H ASSETS LIABILITIES Real Estate ? 10,616,711,90 Policy Reserve $566,919,308.00 - Loans on Mortgages 116,298,323.50 Other Policy Liabilities 7,359,006.83 Loans on Policies 113,516,068.47 Premiums and Interest prepaid 3,385,535,50 F Bonds (market value Dec. 31, 1911) . . 421,122,821.04 Commissions, Salaries, Taxes, etc. . 1,287,423.53 f- Cash 7,284,253.12 Dividends payable in 1912 11,690,143.32 ? Premiums in course of collection 7,724,930 65 Reserve, for Deferred Dividends 83,064,153.00 I Interest and rents due and accrued . . 8,121, 577 82 Reserves for other purposes 10,979,116.32 p Total $684,684,686.50 Total $684,684,686.50 I TO THE POLICY-HOLDERS: H Within the year just closed the Insurance Department of New York has ex- I amined the Company. The examination went much deeper than the mere ques- I. tion of solvency and a correct statement of assets and liabilities. It went to ques- tions of economy, efficiency and especially to the attitude of the Executive Of l:i- I cers towards the rights of policy-holders, the laws of the State and the regula- b tions of the Department. It would not be possible for me by the use of any statistical tables, ratios or I', comparisons, to present a statement so luminous and convincing as that made by rf Honorable William H. Hotchkiss, Superintendent ot Insurance, at the close of his f examination. jf It is the last word in State supervision impartial but just constructed on I the sound theory that is is as much the duty of a public official to commend fine I public service as it is to denounce wrong-doing or inefficiency. The muckraker i will find nothing interesting in it. You will. It is, therefore, printed below in H New Yotk, Jan. 10, 1912. President. (Copy of Memorandum filed at Albany, December ?, 1911, by Hon. Wm, H. Hotchkiss, Superintendent r,. thsurai ; I k State of New York Insurance Department j IN THE MATTER OF THE EXAMINATION ) I OF THE I MEMORANDUM OF THE SUPERINTENDENT NEW YORK LIFE INSUBANCE COMPANY j I li is thought proper to file with the report 'u examination of ili New Fork lil'c Insurance Company, I dated November 21. 1911. the following memorandum: B The examination of this Company now completed, is tho second since the enactmenl of the amenda- H tory laws of 1906. It is 'von more complete ami painstaking than was llir examination of three years ago The New York Life is one of the great life insurance companies under the supervision of this depart- ment. As of December 31. 1910, such Company had assets approximating closely to $650,000,000, outstand- I ing insurance exceeding -$2,000,000,000. and an annual premium income of about $80,000,000. It disbursed j to policy-holders in 1910 oer $53,000,000, As of December 31 last, such Company held in reserve for its j policy-holders including deferred dividends upwards of $600,000,000. aud in contingency and special funds I for the protection of policy-holders, nearly $18,000,000. It does business generally in the United States and I in 39 principal nations of the world. Tt has approximately 996,000 policy-holders. H The mere recital of these figures indicates the magnitude of the task committed to the examiners and gives emphasis to the fact that artcr an examination covering seven months, such examiners concluded: p "The final results of this examination show that the work of the Company is done efficiently and economically; its I claims are paid promptly; its policy-holders are treated I fairly; its dividends are apportioned and paid without dis- I crimination; and the Company complies with the require- S ments of the law and the rulings of the supervising author- '' ities in both the spirit and the letter." The abo c statement should not be taken, however, as indicating that this Company and its work were in no respect found the BUbjeet of criticism. The fact worthy of note is that, the criticisms made by the ex- aminers have to do with minor details and do not concern the management, thr observance by such manage- I ment. of the law, the Company's treatment of policy-holders, or matters of Company policy generally. In- ; deed, the criticisms set forth in the report are so relatively unimportant as to be in effect negligible. The impression made by the examiners' report was considerably strengthened by a personal inspection . of ihp Home Office of this Company made by me shortly after such report was completed. Evidences of econ- thorny, th-orny, both in the number of employees and in the space occupied, as well as in the use of labor-saving devices ,g& of various kinds, were noticed. The efficient organism of this great institution, centering as it does in its H so-called "office committee, " was everywhere evident. An almost over-scrupulous desire to comply with every statutory requirement of departmental regulation was also noted. Indeed, for general Home Office ef- jLr; Piciehcy, for watchfulness over the little things that so to increase ;i company's expense ratio, for accuracy of record and in accounting methods, and for a full observance of the law, this Company is entitled, not mere- S.-' ly to the commendation given it by the examiners, but to the official approval of this department here re- j COrCe C f'-&eT- - ' r m Dated, Albany, December 9th, 1911. Superintendent of Insurance. JK; Children Cry FOR FLETCHER'S C ASTO RJ A If you wsinl tO rent tlikt. furnished room, use Tribune wiint gds. Call either 'phone, Bell 5800, lud. 360, When buvin & cough medicine for j&Kv j children bear in mind thai Chamber jftr Iain 's Cough Remedy is most effectual ,Kf for colds, croup and whooping BOllRll I and that it contains no harmful drug, ' Kor sale by all dealers. Br When given as aoon as the eroupy Bj-;v. cough appear Chamberlain 's Conga BSfef ' Remedy will ward off au attack of M&.jy ercup and prevent all danger and causo of auxiety. Thousande of mothers use Wf it successfully- Sold by all dealers. BP: 'W ' "Make it a point to kcop posted re Hk gardinc tho Warts each day 'there's a HBS vast deal of interest in them for thou- I tandb of readers. $ Ba'"' |