The Daily Alaska empire Newspaper, April 6, 1948, Page 6

PAGE SIX CONTRACTORS T0 CALL ADDITIONAL CRLL A EMPLOYERS MEET No Decision Reached at Last Night's Meeting arpenter Strike City Council called by the and Employers the subject of con- today An esman said today 1l be call- the Elks was not on at last h a fair de- ! of Juneau rpenters for a wage in- meet the higher cost 20 employers were present hts ting but it was that more should attend in » reach a binding and ef- cision. The Contractors’ called the meetir m 3 three possible to all Juneau employers of organized labar The ractors want support on | 2 follow : (1) Hold the at present wage scales onable wage inc or (3) give the unions whate they ask a p the in- creases o consumer. ¢ members of the Asso- . that they are anx- future complaints h costs of construc- tion t claim would be highe ge increases are esman sald otk employer and ev unicn will demand and ge thing unless a united effort is made.” For this reason, the Asso- ciation asks that a bigger repre- of employers be present s meeting Deluxe Easel Deluxe Speed! GE - De Luxe Cleaner Streamlined from tip to toe-tip —it's a G-E beauty you'll be proud to own! A lightweight wonder cleaner that’s de luxe in every way! * Dual-speed Cleaning—low speed for daily, brush-up cleaning— high speed for thorough weekly cleaning. % Toe-tipNozzle Regulator—adjusts beating and sweeping action to any rug thickness, with the #ip | of your toe. * Accardion-fop Bag —wide-top— dustproof—easy to empty. % Dirt -spotter Light—searches out dust in dark corners and under low furniture. See this de luxe beauty today! Try it! It's the finest cleaner that money can buy! . The Above G-E _Royal Cleaners $59.95 Fully Re-built HOOVER Vacuum Cleaners ————— Y —— 837.50 e us for these and other Moder lectrical Appliances | ALASKA ELECTRIC | LIGHT & POWER CO. | Cheerful Dispensers of Dependable * 24-Hour Electric Service W"‘— iord, phone 292 [ sentatives of the press, arpenters Union, who | attend last night's | sked to leave the { room intended to be a pr discussion between employ- empted to OF AMERICAN LEGION uest of t 1 American - o> n J in the pos! HOSPITAL NOTES | C"fiiealo e ‘members of ihe following areas; Point Bar- row, Kobuk River, N St. Lawrence Island, L Pribilof Islands and Col idad | The slides were ve inter nd educational as it showed liv- day ing conditions, churches At tY v rent pital Mrs, |and other interestin birth to a baby |those areas. The education system 1 ) o'clock this morning, |in *hat area was an exceptionally Weld sven pounds and interesting subject in its self ounce Tommy Mierzejewski, player and manager for the American Legion baseball team for 1948, stated that jone wishing to play ball this season should contact him as soon as possible. Antioquia re di yester- Rena -+ POLICE COURT NEWS George E. Maund for ed $35 bail this morning in City Police Court to City Magistrate William A. Holzheimer on a drunk charge. The trial of John Mason, for vag- continued over until After the segular business meei- ing and the entertainment program, refreshments of pumpkin pie and whipped cream with coffee were & erved by Fred Cameron, chairman * o o | Of the Tefreshment committee. STUDY OF PRE- SCHOOL CHILD ——— Starting by Nursery Mother on R Wed., 3:00 p. m., April 7, at Gov. HERE FROM ANCHORAGE Mansion. All mothers interested are invited to attend. For infor- mation, call Mrs. Brooks Han- 854 2t rancy, was tomorrow - P. Kay and C. Morris, both from Anchorage, are staying at the Baranof Hotel. - Open All Night! Every Night!! Salmon Creek Country Club. 854 2t - e Open All Night! rvery Night!! almon Creek Country Club. 854 2t WATCH THIS SPACE For An Important Announcement Golden Wiedding JOSEPH S. FINCH & COMPANY Schenley, Pa. U.5.A. FAMILY SHOE STORE 15th Anniversary Sale SPECIALS FOR THIS WEEK ONLY! Girls’ and Women’s Wooden Sheoes and Wooden Shoe Sandals Reg. $8.75-This Week Only $4.95 Girls' and Women's All White Gym Tennis Shoes Reg. $2.95 and $3.35-This Week Only $ ] .99 Youths’ and Boys’ Hiking Boots 12" Leather Top, Composition Soles and Heels Sizes 12'2 to 5 (No size 13) Reg. $7.95 and $8.45-This Week Only $55.95 FAMILY SHOE STORE Seward Street *'DON (. FOSTER GUEST | VANDERL TO STATES H. R. VanderLeest left Junmul aboard the Princess Norah en-| Grand Rapids, Mich [ [where he will visit his mother, who | is ill. A short stay with his daugh- | | ter, Mrs. G. C. Ricke, of North Riverside, Ill, is also planned. Al- though expected back nhear the end of the month, the date of his re- to Juneau is not definie. —————— HENRY KUCHEN RITES Last rites for Henry Kuchen, route to | i 2 who passgd away Saturday after- 's will be held to- ow afternoon at 2 o'clock in Chapel of the Charles W. Car- Mortuary. The Rev. G. H Hillerman will read the eulogy. Interment will be in the Evergreen Cemetery. | REVENUE AGENTS HERE Mike LeCompte and George Ny- | man, agents irom the Seattle Di- Ivision of the U. S. Bureav of Internal Revenue are in the Ju- neau office on a routine cneck. —within easy reach by fast 4-engine Clipper e Fly in swift comfort aboard the big, 4-mile-a-minute Clippers . . . serving Alaska on frequent schedules. Enroute, settle back in your comfortable lounge: seat and enjay 8 world- famous service cluding delicious hot meals, as part of your Flying Clipper fare. Consult Pan American « .+« BARANOF HOTEL Telephone 106 o AETIE. | vem of 1h¢Tlyng Clppers | locrvel ded | Shantung rayon tailor svit with “the long look.” In darks or pastels. Rjteven UPSTAIRS Store NEW YORK LIFE INSURANCE COMPANY A Brief Review of the i 103rd Annual Statement to its Policyholders Assets . . . The assets, held for the protection of the Com- pany’s life insurance and annuity contracts and to meet other obligations, totalled $4,234,184,598 at the end of 1947. Bonds and stocks are valued in conformity with the laws of the several States and as prescribed by the National Association of Insurance Commissioners. e Liabilities . . . The Company’s insurance and annuity re- serves and other liabilities aggregated $4,003,065,874 at the end of 1947. Surplus fundsgfircls for general contingencies totalled $231,118,724. ses Reserves . . . At the close of 1947 the Company rcached a magor objective in its [)rogrum for strengthening insurance and annuity reserves. All of its life insurance reserves are now held on an’interest hasis of either 24 per cent or 2 per cent. All of its annuity reserves are on a% per cent basis. The program of reserve strengthening, which was undertaken to protect the interests of policyholders, has given recognition to the effect upon the Company’s net earning rate of exceed- ingly low yields on high-grade investments. Policyholders can take renewed assurance from the knowledge that the Company has an overall reserve basis as strong as, if not stronger than, that of any other life insurance company in the country. . » Mortality Experience . . . The Company’s mortality ex- perience in 1947 was favorably low. In November of 1947 the Company adopted for its new series of policies a mortality table based on more recent mortality experience and there- fore, in the years to come, the margin between “expected mortality”” and “actual mortality” experience should not be 80 great as in the past. ses Expenses . . . The Company, in common with practically all individuals and businesses throughout the country, quite understandably has been affected by rising costs of materials and wages Continued efforts are being made to improve efficiency and effect economies without impairing the essen- tial services rendered by the Company. “en Interest Earnings . . . While the rate of interest earned by the Company in 1947 exceeded the rate required to maintain reserves because of the Company’s program of reserve strengéhening, the rates of return available on new invest- ments of high quality continued low throughout the better part of the year. However, in the closing months of 1947 there was an encouraging upturn in interest rates on new investments which it ix hoped will continue. eae Dividends The provision for 1948 dividends to policy- holders is $37,151.312, compared with $41,730,229 for 1947. The amouni available for anidcnds was affected by the low yields from prime investments and increased expenses due to higher costs of materials and wages, as well as by the Jompany's program of strengthening reserves mentioned above. wae Termination Dividends . . . The Company has declared termination dividends payable in 1948 on life insurance policies in certain categories. Such dividends, which are in- cluded in the provision for 1948 dividends to policyholders; become payable as the policies in these categories terminate in' 1948 by death, maturity or surrender for cash after having been in force at least twenty years. LR Surrender Allowances . . . For the year 1948 the Com- pany has adopted a plan for allowance of amounts in addition to contractual cash values under life insurance policies issued before June 1, 1944 which during 1948 are surrendered for cash. This plan has been made possible because of the Com- pany’s having completed the major steps in its long-range program of strengthening insurance reserves which has been in progress for several years. e Neuw Series of Policies . . . On November 17, 1947 the Company introduced a new series of policies with cash and other non-forfeiture values based on the Commissioners 1941 Standard Ordinary Table of Mortality and interest at 2 per cent. In the Company’s series of policies issued from June 1, 1944 to November 17, 1947, s\lcil values were based on the American Experience Table of Mortality and interest at 2% per cent. Ipe L . Life Insurance In Force . .. At the end of 1947 the Com- pany’s life insurance in force exceeded nine billion dolla®s, which was the largest volume of protection in force in the Company during its entire history. Policyholders have $0,003,604,614 of life insurance protection under 3,683,297 policies. This was $520,296,199 greater than at the close of the previous year. P ¥ LR Sales . . . Sales of new life insurance during 1947 totalled $857,384,000. In the amounts of sales and life insurance in force, Family Income policies paid for in 1947 are reported on a higher basis than in previous years, This change has been adopted to conform with the customary practice among many ol{u-r companies. On a corresponding basis, sales of new life insurance in 1947 were approximately 2}¢ per cent less than the sales in 1946. ‘s Payments to Policyholders and Beneficiaries + + o During 1947 the Company’s total payments to policyholders and beneficiaries aggregated $196,798,797. Of this amount, living policyholders received $115,716,396 and the benefi- ciaries of 19,804 policyholders who died received $81,082,401. Iz A Nationwide Organization . . . The Company does business in each of the 48 States, the District of Cu]’\’xmbia, Alaska, Hawaii and the Dominion of Canada. While national in scope, the New York Life is very largely local in its opera- tions in providing services to its policyholders through 138 Branch Offices in principal business centers, as well as througl: its sales organization of over 5,600 agents located throughout the United States and Canada. Lol President STATEMENT OF CONDITION December 31, 1947 Cash on hand or in banks $ 41,558,001 Bonds: United States Government . ... $2,332,049,733 79,364,383 33,339,605 209,137,301 lity 4 546,976,861 Industrial and Miscellaneous. . 240,074,438 3,440,942,321 Stocks, preferred and guaranteed. . .. 104,539,271 $ 398,717,530 6,826 First Mortgages on real estate. .. Less Valuation Reserve 386,440,704 Real Estate: Properties for Company use... $ Foreclosed Properties, including $385,910 under contract of sale Rental Housing and Business Properties 10,512,255 6,465,819 40,227,434 23,249,360 156,836,208 24,375,574 39,265,085 $4,234,184,598 Interest and Rents due and accrued. . & Deferred and uncollected premiums and other assets Of the securities listed in the above statement, securities valued at :55].014,806 are deposited with Governments and States as required y law. LIABILITIES Reserve for Insurance and Annuity Contracts: 2,560,240,657 717,863,928 Computed at 214% interest. . . Computed at 2% interest } $3,278,104,585 Reserve for optional settlements under : policies previously matured. . .............. 366,351,074 213,701,744 37,151,312 39,071,393 Reserve for dividends left with the Company. ... Provision for 1948 dividends to policyholders. ... Reserve for premiums paid in advance. . Policy claims in course of settlement and provision for claims not reported. 13,968,168 40,000,000 5,543,653 5,666,318 3,507,627 $4,003,065,874 231,118,724 31,234,184,598 Reserve Yor unmatured options in policies*. . Reserve for other insurance liabilities Provision for taxes. Miscellaneous liabilities. . . TOTAL LIABILITIES. . Surplus funds held for general contingencies. *To provide for 23{% interest valuation on maturity of options in policies issued prior to 1939, which mainly have 3% interest gnar. antees. The Company started business on April 12, 1845. It has always been mutual and is incorporated under the laws of the State of New York. The Statement of Condition shown above is in accordance with the Annual Statement filed with the New York State Insurance Department. A more complete report will gladly be sent upon request. Th addition to further del‘ails on the Company’s operations during 1947, it discusses a number of subjects believed to be of particular interest to policyholders. A copy may be obtained by writing to the New York Life Insirance Company, 51 Madison Avenue, New York 10, New York. KEITH G. WILDES Special Agent NEW YORK LIFE INSURANCE COMPANY OFFICE Shattuck Agency Phone - Black 601 Residence Phone Green 601 JUNEAU - ALASKA TUESDAY, APRIL 6, 1948