The evening world. Newspaper, January 15, 1909, Page 4

+ BOS HE TT DUR $2 VLR TOHONER WATE Aged Principal to Be Guest at Annual Dinner of His Alumni Association. With a record of fifty-two years de- voted to the moulding of the intellects of the children of New York, during which time he has seen some of his “boys'' become leaders in the world of finance, the law and other professions, George White is as happy as a school boy himself, for to-morrow evening he will greet several hundred of his boys at the Hote! Savoy at the annual din- | | ner of the George White Alumn! Asso- elation, Mr. White ts now and has been for a generation past principal of Public School No, 70, In Bust Seventy-fifth street. He was, prior to betng placed in charge of that school, an ass t Principal in the East street school, and tn the n last century was a teacher of the older east sido se nearly thirty years he ty-se) : nf the several For was a special {instructor or principal in the evening | high schools. In the George White Alumn! Assocta- tion are nearly a score of judges, halt & dozen professors and several bers of the Legislature. Vormer 3 tor Nathaniel A, Elsberg, ceede! Justice Fran Presilent of the as who ation, will pre alde at “the boy: dinner to-morrow night. Among Mr. White's former pu pils who will attend and deliver ad- dresses will be Morgan J. O'Rrien, Justice James Joseph F. Mulqueen, Patrick McGrath, Justte: Marks, Commissioner of Thomas J. } ward HL John F. Car mins. BODY FOUND WV TOPEKA'S HOTEL FRE Former U. S. Attorney, Who Begged to Be Saved,.Dead in the Ruins. & room &@ rope of bedclothe: from the window far ns possible ani ground. Sr way, striking on a railin & broken ankle and internal injuries Rowland sconsclous, pene peared a the hal M. Scott as — WILL BE HONORED BY BOYS TAUGHT DURING 52 YLARS. GBORGE WHITD Principal 0.0. He. 70, BOY POET LAUREATE OF COLOMBIA HERE —— m= | -|Cespedes, New Attache of Le- gation, Haled by Country. men as a Prodigy. The Pring Fitel Friedertch, of the At- of the Hamburg-American South A es to-day and goes to of the Co- prodigy Isa large, fatr- ith blue eyes nd a In hte own cot sreat ge | |p Never Fails to Restore Gray Hair to its Nate + ural Color and Beauty. } No matter how longit has been gray or fad ed. Promoces a luxuriant growth of healthy hair. Stopsité falling out, and positively \)- removes Dandruft, Keeps hair sott and Refuse all substitutes, 24 times as > as £0c ter free book "The Care of the Hair.” Hay Spec.Co., Newark, N J. Hay’s Harfina Soap cures Pim- hand chapped hands, and all 2% Keeps skin fi 1 2c, for tree things are pr a post we — er - cae Street wear. Caracul, Muskrat, Nutria, etc. Collars of Sable, Sea | Otter, Mink, Persian Lamb and Beaver. for Automobiling. = Tailored Suits—House & Street Dresses " 125 Suits and Dresses > 185 Suits and Dresses PARLOR—Fine Didn't Paste Then ; the Yonah (Ga) ind offered to N, Neal brought to Fila pooma if they | yesterday a bunch of apple pn with a call at the | were twenty good-siaed ones tn, tl rrta, Colombtan Congule {tet He also showed two apples off a of the boy: trea which measured alx inches In oir Ta 1 was lost on! reporters who ie Mr ar, and great | pound aplece, We did not taste then ted of his future, As | and can't tell whether they were #wee: riiim as truly great,’ or sour, ANNUAL SALE Men’s Fur Coats C. G, Gunther's Sons Established 1820 A large stock of Fur Lined Coats for Evening and Lined with Mink, Seal, Persian Lamb, | An extensive variety of Robes. A complete assortment of Furand Fur Lined Coats | | \184 Fifth Avenue New location will be 518 Fifth Avenue, at 43d Street, An Extraordinary Sale | For To-Morrow, Saturday | Ranging from $88.00 to $48.00, will | be closed OUt Abissereeees $18.00 eee | Ranging from $28.00 to $33.00, will be closed OUt Abevsceviere Seen eeneeeenneeee | $14.00 BROADWAY AND EIGHTEENTH STREET. & Cog Our 1909 Catas | eyennnas logue Mailed Free UNTIL as 10% Allowed on All 9P,M. ° Cash Sales, This home consists of the| BEDROOM — Golden ALAR Ela accompanying articles and Us| Wasa frat tata Table | on exhibition in our warerooms. | elled Bed, brass trim. hands med; woven wire Bed pd Spring; soft top Mat- Liberal Credit Terms Enioes Cont Feather = ° $75 Worth §7.50 Down $1.50 Week |] On “Chair; if CG oo" Matting; Ei -room— Oak | 100 10.00 2 oa alled mir- 150“ «15.00 “ 225“ fet 1 tis £ At O Kitchen ¢ He es dours; Kit ne teat 30.00 E of. Retrlge Dining Kitchen vi) leces of Tt re; Ritchen Table: 12 yards Olleloth. New York’s Greatest Sale This Semi-Annual Clearance of SUITS & OVERCOATS Formerly $15,$16,$17,$18,$20 and $22 ERTAIN ends require stringent efforts, and the end we have in view in this case is to dispose of every Winter Suit and Over- coat in our establishment. profits, but rather to the quickest method of clearing our tables, . This is doubtlessly the most sensational reduction ever announced on clothing of such high quality—the product of our own skilled organization, each suit and overcoat stamped with thoroughness of workmanship and correctness of style. Choose from Suits and Overcoats that were $18, $20 and $22—and pay,but $11.75. WM. VOGEL & SON, tiuston'st No thought has been given to {i Hh iat HH SLL? $15, $16, $17, BROADWAY, THE EVENING WORLD, FRIDAY, JANUARY 15, 1909, ‘od | cumforence and welghed a quarter of a) A PLAIN TALK WITH THE POLICY-HOLDERS , | New-York Life Insurance Co. ~ 346 Broadway, New York. : ' SIXTY-FOURTH ANNUAL REPORT. ‘To the Policy-holders: ° | The work of your Company during 1908 and ita condition at the close of that year deserve more than ordinary consideration and study. Your interest in the brief tabular exhibits attached is two-fold. You have the responsibility and the anxiety of policy-holders; you have also a wider interest, Commerce is more than business; it is the great civilizer. Life Insurance !s more than mutual protection; It {s a great soclal force, Let us, for a moment, consider that aspect of these figures. If a considerable portion of the wealth created yearly by society could be gathered on a pro rata basis, invested so as to earn a reasonable rate of interest, and then under an exact and scientific program be turned into cash instantly at any point and applied to the relief of human distress, long clep would be .aken toward the social betterment of men, There would be neither charity nor confiscation in such a plan. It would not eliminate ambition or initiative; but it would greatly reduce poverty, ig- norance, and their familiar fruits. But society is not organized in that way. In the struggle for existence the weak are brutally driven to the wall. Property iteclt is not always money, and money saved is frequently worth less than its full value, because it is not well placed or is not quickly availuble. There is, neverthelesa, a large section of society more wisely organized than society as a whole,—a gild of men and women whose weak ones are not trampled on, whose property at the time of greatest need is always available and is always money. This is life insurance. Life insurance is what society would be and it does what society would do if society were organized as suggested above. If society, instead of life insurance, accomplished these results, we might begin to hope for a speedy realization of some of our social ideals. But conditions and results achieved are no less real and no less valuable socially, because they belong to what we call business. [.ife insurance achieves such results daily, with certainty, with justice and with large benefits to society. As'a policy-holder in the New-York Life Insurance Com- pany, you were a part of such a plan in 1908, and indirectly you were busy producing just such results every month in that year. own membership, on the security of their own policies $28,000,000, For your own protection, you increased the general funds of the Company (book values) by about $42,000,000, This increased the security behind each average ultimate policy obli- gation by about $46, All this represents mutual help of the first order, Compara it with your other investments and your other activities in 1908, Did you do any better work during the year? Was it not worth while? Would you not like to sce more of it done by your | Company in 1909? Would not an almost unlimited amount of such work carefully and effectively done be a public benefit? HOW YOUR WORK IS LIMITED. But here a curious condition confronts you. In the extent of your work, and in that alone, you are not advancing, For example, in 1908, youissued about 63,000 new policies, and from Various causes you lost 69,00U, It is a startling fact, that If you had taken Into your ranks In 1908 enough new Members to make good the number that dropped out, making no growth whatever, you or your representatives would have violated the criminal law of New York State. Notwithstanding the high character of all you did in 1908, not- withstanding your willingness and ability to do more of it, the laws of New York State are such that your Company near the close of the year had to slow down the busy wheels or risk come mitting a misdemeanor, . _ This particular lav—Section 96 of the Insurance Laws of New York—has been in full force for two years, It places an arbitrary limitation on the legitimate activities of life insurance men. Its direct effect on your Company has been the reduction of a plant capable of insuring 150,000 people a year to a plant insuring less than 65,000 people a year. It has reduced our out- standing business about $68,000,000 and reduced the number of families protected hy our gild by about 20,000, Aside from all questions of its constitutionality and the Tepugnance with which every healthy-minded American views such legislation, the law is a curious one for New York State to enact. New York is the “Empire” State and boasts of it. It has a city which, with reason, aspires to the commercial and financial supremacy of the world. ‘The story of the city and the State is filled with the names of great mon and is the record of great achievements. The State and the city are what they are, not alone because of their location, but chiefly because the men of the State and of the city have strongly utilized great oppor. tunities. It was strange logic which impelled the Legislature of such a State to conclude that admitted evils in a great business could he cured by limiting its volume, The Legislature of the State has never before applied this doctrine to any business, and in my judgment the people do not approve such legislation. THE PRESENT STATUS AND FUTURE POSSIBILITIES. T call your attention to the general facts contained in the Balance Sheet and statement of Income and Disbureements at- tached hereto. I think you will there read the answer to the query that uninformed people so often make, “Why do life in- surance companies need such great accumulations of money ?” Our ultimate obligations at their face value approach two thousand million dollars; our assets for all purposes (market values) are about five hundred and fifty-seven millions, Every dollar of those assets is absolutely necessary under a clearly de- fined program in order to liquidate our liabilities, both actual and contingent. Our assets are large becanse our liabilities are large. Our liabilities are large hecause we are doing & large wark of the kind I have described. You understand, of course, that the time has passed when life insurance companies will attempt to defeat or repeal legis- lation by any indirection or hy any process which will not meet the approval of the most scrupulous mind. Bad legislation you can readily defeat, unfair taxation you can easily abate. You can do this by the creation of public opinion and by direct appeal to the men who represent you in legislation. Legislation follows what it believes public opinion to be. You are numerous enough to influence public opinion materially. To do this you must have that reliable information which will convince your judgment, and such information we propose to make easily accessible, You can have it for the asking. We hope to place it hefore you during the coming year in a series of “Plain Talks to Policy-holders” through the public prints. If we convince you, then act as you would on any kindred question which involves both your personal interest and the public well-being. Tn any case, study the figures attached. Study them as you would the balance sheet of your own business, Commend’ or criticise them if they deserve cither, But, above all, observe what a far-reaching, equitable and enduring program of self-help you are a part of in the daily work of the New-York Life. ‘ Presidens, New York, Jan, 14, 1999. WHAT YOU DID IN 1908 Consider for a moment this Company—and by this Com- pany, 1 mean, primarily, its membership—as it was at the be- ginning of 1908, and consider what it has accomplished within twelve months. One year ago the Company consisted of people insured under about 980,000 policies, citizens of every consider- able country. They were under definite contracts with each other which called for scientific co-operation and mutual protection, They had paid such sums into a common fund and all their matured obligations had then been met, and, on January Ist, 1908, against an ultimate average obligation of about $2,000 per policy, there was accumulated about $525. The membership was under definite contracts duly to provide the difference be- tween the sums accumulated and the sums ultimately due. What happened during 1903? You directly reached and relieved the beneficiaries under 9,000 policies when their chief resource had been taken away by death; yous relief went into the 46 States and 6 Territories of the United States, and into 44 other The total of this relief, as expressed in money, was § i +. But that is only a part of the story. You sent these families, not property, but money; you reached them immediately and just when need was greatest. In doing that you really did more. You did what no other organized body of men could do, except those similarly organized, You paid to these beneficiaries a partial equivalent for the property value of lives cut off prematurely. Most insuring persons are young. They have strength of body, a reasonable mental equipment and an average training. When they assume the obligations of home and children they, in effect, make a contract with society, but the burden of that con- tract for a time is on society. They are themselves their chief asset, But the hank will loan no money on that asset when life is extinct, and very little when life is at its full. If that asset fails, these men default to society, and society has no remedy except the orphanage and the reformatory. . A large portion of the death-claims of 1908 represented the salvage of the one really valuable asset which these families had,—a resource which, by all the ordinary rules of business, was totally lost. These payments prevented social defaults and to that extent made the orphanage and the reformatory un- necessary, It is worth while for you, as policy-holdera, to know some- thing of the other things which you accomplished in the year 1908, You paid in all to your own members ip, $49,191,259.40. This total includes death-claims, annuities, dividends, maturing endowments, maturing deferred dividend policies and surrender value for contracts sold to the Company. You loaned to your Balance Sheet, January 1, 1909. et ASSETS. LIABILITIES, 1. Real Estate 5 on ohn eo $12,645,993.97 1, Policy Reserve . . 4 « « «© $459,209,411.00 2, Loanson Mortgages. ww wt 58,706,413.36 2, Other Policy Liabilities . . . . 6,957,583.57 3. Loanson Policies . . «© « « « 87,316,641.44 3. Premiums and Interest prepaid . . 2,763,130.84 4. Loans on Collateral 0 3 ns . 500,000.00 4, Commissions, Salaries, etc, t) iw G 1,011,983.34 5. Bonds (market vals, Dec, 31, 1908) . «~~. 375,546,654.02 5, Dividends payable in 1909. . « 7,602,905.46 Ne CHEW 5 os f © HW oOo mM cd 9,124,131.44 6. Additional Reserve on Policies , =. 4 $,4129,402,00 ys 7, Renewal Premiums . . 4 wwe 7y413,992.69 7. Reserve for deferred Dividends . «. 67,181 561.00 8. Interest and Rents due and accrued GG 6,062,846.84 8, Reserves for other purposes . 4), 10,030,693.85 y Total, . Q ‘ . . $557,286,670.76 Total, . se ‘ + —$557,286,670.76 7 ' INCOME, 1908. DISBURSEMENTS, 1908. Premiums: Payments to Policy-holders : On New Policies, . ‘ $5,424,856.35 Death Losses, . . + = $22,131,290.77 On Renewed Policies, + 72,069,813.64 To Living Policy-holders, 27,059,967.63 $49,191,258.40 fe Annuities, ete, 6 __ 964,255.31, $78,458,925.30 Paid to Beneficiaries under instalment contracts, 154,801.80 £ Interest and Rents, . 4 «6 4 «© « 23,352,186.86 Paid to Agents and Medical Examiners, 4,320,65 7.72 Other Income, i OO 624,882.13 Taxes, Licenses and Insurance Depts. Fees, , 962,385.25 Other Disbursements, including Real Estate Ex- pensesand Taxes, . . , «4 4 5,542,906.08 2 “ye. For Reserves to meet Policy Obligations, . _-42,263,98 { Total, © 6 « « «© $102,455,994.29 .. i Total, "Oy *_ e@ © @ © eee \ @ —