Indianapolis Times, Volume 40, Number 242, Indianapolis, Marion County, 27 February 1929 — Page 10

PAGE 10

INAUGURAL TO JAMCAPITJL Demands for Tickets Are Swamping Congressmen. Bn Time* Special WASHINGTON, Feb. 27.—Demand for inaugural tickets is bringing grief to members of congress and government officials. E'/erj four years the patience and diplomacy of officials is taxed to the

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utmost, but this year the demand is unprecedented. Stands built on the east front of the capital plaza will seat between six thousand and seven thousand, but requests have been made for more than 25,000 tickets, it is estimated. Standing room beyond the stands will be free—lf one gets there early enough. Each senator is assigned ten tickets for the stands. Senator Fess of Ohio has recei/ed requests for 200. Representatives are being assigned seven tickets each. Tickets on the inauguration stands will be assigned to President Coolidge, President-Elect Hoover, VicePresident Dawes, Vice-President-Elect Curtis, members of the supreme court, cabinet officers, and

some other officials, and regularly assigned Washington newspaper correspondents. Tickets to view the inaugural parade, which will be an aftermath of the inaugural ceremonies, are equally scarce. O. K. Pension lor Wilson Widow WASHINGTON, Feb. 27.—A bill granting a $5,000 annual pension to Mrs. Edith Bolling Wilson, widow of Woodrow Wilson, was passed by the house Tuesday night. It now goes to the senate for a vote. Trotski’s Health Improves BERLIN, Feb. 27.—Leon Troski’s health has improved and he is able to take daily walks under close guard, a Socialist News agency dispatch from Constantinople said.

THE INDIANAPOEIS TRIES

TRAFFIC BILL FAVORED Motor Club Head Boosts “Pasing on Either Side” Measure. Going on record in favor of the bill now before the state legislature which permits motorists to pass other cars on either the right or left side in streets where traffic lanes are provided, Duane Dugan, president of the Hoosier Motor Club, today declared the present law which prohibits passing on the right is responsible for many accidents. The present law slows traffic and causes motorists to take needless risks in their haste to get around the lagging driver. The proposed

bill, he said, would do much to relieve the traffic congestion in Indianapolis.

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A DREAM REALIZED

New York Life Insurance Cos. ( Incorporated under the laws of New York) A MUTUAL ORGANIZATION, FOUNDED IN 1845 EIGHTY-FOURTH ANNUAL STATEMENT To the Policy-holders: Our Eighty-fourth Annual Report has been verified and is being filed with various governmental authorities. May I point out to you, the people chiefly interested, some of its salient facts'? As policy-holders you paid the Company last year in round figures $256,000,000. The Company paid to you and to beneficiaries $156,000,000. That left us about $100,000,000. Our net reserves increased during the year $100,000,000. We put that $100,000,000 in our reserves. You may ask, what are reserves? Broadly speaking, they are funds set aside from which future liabilities are to be met. We put that $100,000,000 in reserves at the close of the year for that specific purpose. A policy of Life Insurance is almost exactly like a bond. It will mature some day. Nearly all bonds mature at a definite date. Most policies of Life Insurance mature at an indefinite date, but all will mature, in some form, within a limited period of years. A sound bond is protected by a Sinking Fund —from which the bond is to be redeemed at maturity. The Sinking Fund is accumulated by yearly deposits. That $100,000,000 was our 1928 deposit, our addition to the Sinking Fund for that year. The law requires it. If we had failed to make or could not make that entry (deposit) we would soon be declared insolvent by the Insurance Departments and the Courts. The reserve increase for 1928 was large, but no larger than the law requires.' That we shall redeem all our bonds (policies) as they come due is certain. You know that. The other income of the Company was sufficient to pay all the expenses o f acquiring $900,000,000 of new business in 1928, the care of about $6,500,000,000 of old business, taxes $6,700,000, the care of invested funds, the maintenance of other legal reserves and a sum sufficient to pay in 1929 $8,000,000 more in dividends than we paid in 1928, and to increase the general surplus by $4,000,000. In addition the Company loaned you on the sole security of your policies $52,700,000. These are round figures, calculated to give you merely an outline sketch of the Company’s activities in 1928. SAVING YOUR MONEY How much of the $156,000,000 we paid you or to beneficiaries during 1928 and how much of the $52,700,000 loaned you during that year will be lost because unwisely invested? That is a very important question. It goes to the very heart of the usefulness of Life Insurance. To save money by investing it soundly is difficult. Even mefi of experience frequently make mistakes. Ido not overstate the truth when I say that few people haying small amounts of money to invest do it wisely. REMEMBER You can leave the proceeds of your insurance with this Company in trust for your beneficiaries or you can leave any cash due under your policy and the Company will hold it, guaranteeing your principal and not less than 3% interest. On all such funds we will pay in 1929 (as we have done for some years) 4.6%. In 1928 you left with the Company in this way under various accounts $28,000,000. Your total under these accounts on January 1,1929, was $70,000,000. That $70,000,000 is not just a deposit. It is mingled with the Company’s entire assets and is a part of the Company’s liabilities. It is backed, as all our liabilities are, by $1,500,000,000. Finally study the balance sheet below. There you have the facts about our financial condition, while above you have a picture of the new Home Office, “A Dream Realized.” Show the “Dream” and the balance sheet to your neighbor. NEW YORK LIFE INSURANCE COMPANY, January 23, 1929 By DARWIN P. KINGSLEY, President.

Dividends to Policy Holders in 1928 • • $58,600,000 Dividends in 1929 $67,100,000

ASSETS Real estate owned and Mortgage Loans on Farms, Homes and Business Property $564,502,256.85 Bonds of the United States, Other Governments, States, Cities, Counties, Public Utilities, Railroads, etc 641,944,719.68 Preferred and Guaranteed Stocks 31,238,610.00 Policy Loans, Cash and Other Assets 297,394,761.12 Total Funds for Policyholders' Protection. . .$1,535,080,347.65

BALANCE SHEET

LIABILITIES Reserves ample with future premiums and Interest to pay all insurance and annuity obligations as they become due • $1,340,100,132.8 7 Dividends payable to Policy-holders in 1929 67,148,446.00 All other Liabilities.... 7,973,047.98 Total Liabilities $1,415,221,626.85 General Contingency Fund 119,858,720.80 Total $1,535,080,347.65

JFEB. 27,1929