| OCR Text |
Show FAITHFUL STEWARDSHIP. The following exhibit, taken from the New York Intelligencer, will be of interest to the general reader, as it shows what solid business tact will accomplish: Policy-holders in the New York Life Insurance Company may congratulate themselves on the most remarkable exhibit of its condition as made in its thirty-seventh annual report now made public. It stands to-day as one of the safest and surest companies in the world. Its officers and trustees are among the most prominent business men of this country. Mr. Morris Franklin, the President of the company, Mr. William H. Beers, the Vice-President and Actuary, and Messrs. David Dows? Daws?, Wm. [William] H. Appleton, and H. B. Claflin, of the trustees, are all men of a national reputation. The dividends are declared upon the best system in vogue, and its methods of business are based upon the most approved principles. The non-forfeiture system, which is now universally adopted by insurance companies, was originated by the New York Life. The following figures show the receipts from policy-holders, payments to them, etc., by the Company from its organization to January 1, 1882. Received premiums - $99,932,066; Paid Death-Claims - $24,448,478; Paid Endowments, Annuities and for Surrendered Policies - $37,040,096; Assets, January 1882 - $47,228,781; Surplus, $10,000,000; Total Paid and Held $108,117,355. From which it appears that the Company's interest receipts have paid all expenses of management and added nearly nine million dollars to the fund held in trust for policy-holders. This is certainly a record of faithful and wise stewardship. |
