Judge — February 17, 1923 — page 29: what you’re looking at

Machine-transcribed from the original scan — historical spelling and the odd misread are preserved.

New York Life Insurance Co. (Incorporated under the Laws of New York) 346 BROADWAY, NEW YORK, N. Y. Seventy-eighth Annual Statement TO THE POLICY-HOLDERS: As the Company becomes larger it becomes increasingly important that you should better understand your relation to it and better appreciate what you as a policy-holder really own, and what your property is doing for you and for others. Here we are—mutual, no stock, no dividends except to you, no division in purpose, just a general plan to stand by each other against the vicissitudes of life and against that certain but unknown date when our obligations to our families will mature. We together, approximately 1,500,000 of us, stand pledged to help each other, and our dependents, to the extent of $4,000,000,000. As the laws of Life Insurance figure it, our present liability is $788,236,317.00. We have in hand, accumulated as a sinking fund with which fully to redeem these mutual pledges, just under $1,000,- 000,000. See balance sheet below. This is a great property. Your policy represents your share in that property; your policy IS PROPERTY. Do you own a piece of Real Estate? Your Real Estate is not so certain in its value as your Policy in this Com- pany. Do youowna Bond? The best Bond is no more certain than your Policy, and lacks its EMERGENCY POWER. You bought your bit of Real Estate, your Bond and your Life Policy for the same purpose—to protect your dependents, to protect yourself, in old age. Your Life Insurance Policy is as certain as your Bond, more dependable than your Real Estate. This property is being distributed almost as fast as it accumulates under an increasing business. In 1922 we paid you (policy-holders and beneficiaries) $130,143,274.58. DARWIN P. KINGSLEY, President. Balance Sheet, January 1, 1923 Bonds at Market Value, as Determined by Insurance Department, State of New York ASSETS LIABILITIES Real Estate owned ceeeeeeses $8,238,684.28 Policy Reserve $788,236,317.00 First Mortgage Loans— | Other Policy Liabilities 22,747,657.36 On Farms 57,592,277.53 | Dividends left with Company to Ac- On Residential and Business Prop- cumulate at Interest 10,492,741.71 erties oo. _. 143,070,999.93 Premiums, Interest and Rentals pre- - Loans on Policies... .. exvve TODROIIOER | gd ts a ee Seer Bonds of the United States 115,370,340.00 eae BELES: PACCOURES ELE 7,452,155.33 Railroad Bonds ; 285,079,312.14 | Additional Reserves ‘ ... 7,946,366.00 Bonds of other Governments, of Dividends payable in 1923 48,769,410.67 States and Municipalities......... 152,583,974.81 Reserve for Deferred Dividends 39,310,473.00 Cash avareretwcuae ete tenmenarace 8,816,310.47 | General Contingency Funds not in- Other Assets. ............---- 51,700,794.96 cluded above.......... 60,088,196.25 Total $988,552,210.96 Total $988,552,210.96