Indianapolis Times, Indianapolis, Marion County, 21 March 1941 — Page 29

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Lake Built

For

With gr the State Conservation De-

dustry, partment section of manner

can they C and

act R.

ing manages

32 Years

of Square

Dealing

On Long Time Credit 50c DOWN 50c WEEK

MEN'S SPRING

SUITS s 22: J

of growth and a wrecked dingy, State Fair watch in their (Pink! Game division this up and he’s out construction the

(show, says

[partment’s exhibit is t

most spectacular the show has en-

[countered this vear, Immediately after that statement, Mr. apt to draw your traveling exhibit chimps, the Alaskan

Show

imagination

eat and Imnconstructing a cCrossa lake. complete with all native fish, marine at the

trieving spaniels and seal. There's a who have outside a there are will be two storks, baboon, two tigers and tricvele riding chimp, named.

vak, never cross word two llamas.

Grounds too, what thev do and natural state. Gutermuth, Fish head, dreamed there supervisBill Pfau, wno traveling part the

RITE'S

GOOD VALUES

how

32 Years in

* All Wool

® Spring Styles

® Spring Patterns

® Large Stocks

RITE

Square Deal Clo 45 SO.

A Few Doors North of Mary Open Saturday Until 9

NEW YORK LIFE INSURANCE COMPANY 96" Annual Statement to its Policyholders

HE management of a life insurance company has a primary respotisibility to its policvholders to invest the funds of the company and to conduct its affairs so that the company will be able promptly to meet all its contractual obligations to policyholders and beneficiaries when they fall due. The discharge of that responsibility carries with it a great opportunity for service to the public at large.

Because of the complexities of the present economic situation growing out of the critical period through which the world is passing, this service to the public has now become of great importance in he economic and social cture of the country. Your management 1s acutely aware of its vesprniibitie to its policy holders. it recognizes that much public benefit will necessarily follow from its performance ot that responsibility.

Nearly one-half of the people of the United States life insurance. From the savings of these people, who live on the farms and in the villages and the cities, come the premium payments which account most the income rece ed by life ihsurance companies, These func is cventuallv go back from those companies to the policvholders and beneficiaries as payments in accordance with the terms of their policy contracts. Before such payments are due, however, the funds become available for emplovment in the economic life of the people as a whole in the form of investments or loans. Such investments or loans are useful to those individuals, corporations and governments who need funds to build homes, to carry on business, or to meet budgetary and capital requirements.

The life insurance companies in turn consider the probable income from these investments and loans when they calculate their premiums. Earnings are an important factor in building up the funds out of which future obligations to policyholders and beneficiaries are met. They are also a substantial factor in reducing the total cost of insurance to the policyholder.

stru

So also,

own

for of

Safety is the First Consideration

In making investments or loans it is of ramount importance that the policyolders’ interests be protected and that safety be made the first consideration. That has been the policy of this Company since its organization. It will continue to be its

policy.

The Public Interest is Served

But the Company is also very conscious of the public service that is rendered through the employment of its funds. In recent vears, for various reasons, the individual who as accumulated savings during the course of the vear has been more and more hesitant, or has experienced greater and greater difhiculty, in making his own private investment of these savings. As a result the public has put larger amounts of savings into such institutions as life insurance companies. But these savings are not stagnant or idle. In large part they are turned back into the blood stream of the national economy through investments and loans which these institutions make in accordance with the laws of the various States.

In the past ten years, the investments and loans of all life insurance companies in the country have grown from approximately

the Conservation De-

having

bears of Spike Horn Meyers,

three apes,

ILLINOIS ST.

he best and

made

fau is quite

attention to the of monkeys and

huskies, the the reBuddy, the

for persons

encountered one

and there one Maggie, the

puzzle, Also,

in the order

| Same Location

Pasek.

minors.

315 last season.

n n

Times Special BARTOW, Fla, today to the business of sharpening their fielding and batting eyes be- | fore opening their scheduie against the Birmingham | Barons of the Southern Association here tomorrow. “The boys will be sent the full routine of spring because I want them to get off to q winning start,” Killefer. Starting are booked for

tomorrow

10 straight exhibi-

thiers

after

land St. tive the Tribe chief will

P. M.

playing

for the new

£20,000,000,000 to $30,000,000,000. The effect of this upon our national economy is great, for, as the volume of such investments and loans has increased, the public service performed by them, has likewise increased. Even a brief examination of the loans and investments of the New York Life Insurance Company will, we believe, demonstrate that it has employed its funds both with a view to safety and in the public interest.

Loans and Investments at Work

Government Bonds.—This Company's investments in bonds aggregate $1,827,000,000. Of this amount, approximately $£800,000,000 are United States Government bonds, either direct or fully guaranteed. During the past vear the Company increased its holdings in this classification of investment by about 100,000,000. United States Government bonds are generally regarded as the prime investment security of the world. Their safety is beyond question. More than that, the Government at the present time is making huge expenditures in the interests of national defense. From the point of view of the public interest as well as the safety of its policyholders, the Company's policy is to continue, in the present circumstances, to invest in Government securities.

Other Bonds.—The Company’sinvestments in State, county and municipal bonds, which are likewise regarded as prime investments, and which amount to over $250,000,000, also play a great part in our national economy as well as our social advancement. They provide funds to help build schools, bridges and highways as well as other local institutions and improvements. The Company’s holdings of railroad bonds aggregate approximately § $28¢,000,000 and help to finance the country’s principal transportation system which 1s so essential to both the business of the country and its defense. Our public

utility bonds aggregate over $33,000,000

6 feet 2 inches and weighs 195 pounds. Johnny Pasek is the veteran holdover from 1940.

[ Season

batting, vesterday (tra-squad game was through four innings the Yannigans bopped training | the Regulars,

said Skipper Wade Training pitched for the Yannigans and held the Indians the Regulars to five hits, and tion tilts without an open date, and losers and that long stretch of competi- blows,

have a good line on the prospects Chicago, American_ Association Playing

Rs SS aa

Doing the bulk of the catching for the Indianapolis Indians in practice games at Bartow, Fla. are Al Lakeman Lakeman, up from Columbia in the Sally League, is 21, stands

(left) and Johnny 314 in the little

He batted

n »

Indians Ready for Season In Grapefruit League

So far he has

Reds who have an

another abbreviated

9 103 Ed Dersch, High School Bill for for

hurled bumped

Bavliss were

Don

Blinstrub

stole

Bill infielder show at

for

rookie the shortstop

bat

and, in making these investments, the Company has helped to provide the people with communication

electric, gas, other services.

water,

dmall

Large and corporations whose bonds are

the Company are relatively large because so many small borrowers do not or issue bonds which are eligible or practia life insurance however, makes

investments for This Company,

cable company. many

as mort gage amounts.

Mortgage loans are small and large amounts.

age regated over $117,000,000.

y OS of

and aggregated over $70,000,000 of the Company's

loans were FHA-insured mortgage loans.

Stocks. —The Insurance Law of the State not permit life insurance companies to invest in common stocks. cannot legally provide equity or partner ship capital, either for big business oi they are mitted to invest in preferred and guaranteed stocks which measure up to certain legal This Company's holdings of such stocks, which provide additional funds for industry, amount to about $90,000,000.

of New York does result they ¢

for small ag However,

requirements.

All things considered, it is apparent that the assets of the New York Life Insurance Company are at work not merely to produce a return but also to do their part in advancing both economic and social progress.

THE INDIANAPOLIS TIMES Backstop Blues

refrained March 21.—The | from expressing a definite opinion Indianapolis Indians settled down on the talent in camp but is looking with longing eves at cinnati abundance of spring training | fielders. Following a long siege of fielding, running and pepper games inplayed and in

the overinfielders and out-

Indianapolis Manual product,

Cox the | nine

the Yanni-

Loans.—Most of

loans and policy Most of the policy loans are for small made in both An examination of the Mortgage Loan Portfolio, which includes loans on business, residential and farm properti ies, shows that at the end of 1940 the Company had on its books 31,741 first mortgage loans on real estate, which, less reserves, amounted to about $420,000,000. per cent of these mortgage loans, that is 27,656, were for less than £10,000 each and

cent of the total number of that is 18,928, were for less than $¢,00 $60,000,000.

Fourth Boxing #1 Collegians Show Tonight Seck Mat Win

; BETHLEHEM, Pa, March 21 The tourth of the weekly

| P.) —Forty-one college sional boxing shows sponsored by the Business Men's Sports Club will {be presented at the Armory tonight, with 34 rounds of milling on the program. Matchmaker McClure has secured two well-known lightweights to perform in the 10-round feature, in Ray Sharkey of Cleveland and Ar{manda Sicilia of Springfield, Tl | This will be the first meeting of the| two, who bear good records and are!and the University of Pennsylvania [popular performers in Midwestern cach entered three | fight clubs. grapplers, Two men | A bit of color will be seen in the this year were entered by Minne-‘eight-round semi-windup when local S0ta, Big Ten Conference cham(fans will get a look at the much- Pion; Temple, Michigan, Dubuque, {publicized Chinese fighter, Jue Yee Na‘y, Illinois, Franklin and Mar{Kong, as he tangles with aggressive Shall, Kent State and Kansas State {Trish Frankie Flynn of Batavia, N.|, Three defending champions are ly. Bud Tavior is bringing back Bob Antonacei, Indiana, 121, and 'his former National A. A. U. light- Alfred Whitehurst, 136, and Vernon [heavy champion, Vic Hutton, to|2o8an. 155, both from Oklahoma

'tangle with Gib Jones of Cincinnati & M. fover the six-round route. Two fiverounders will open the show. George Grammell and Hap Ather-| ton are to referee and the judges] will be announced from the ring. | Action to start at 8:30 o'clock.|

Order the bouts:

Five Rounds—Tiger Kigans, vs. Al Sheridan, Indianapolis, weights, Five { vs. Marshall | featherweights Nix Rounds—Vie Hutton, vs. Gib Jones, Cincinnati, weights. Eight Rounds—Jue Yee Kong, San Francisco, vs, Irish Frankie Flynn, Batavia, N. Y., junior lightweights. Ten Rounds—Armanda Sicilia, field, T., vs, Ray Sharkey, lightweights

profes- wrestlers vear, laid their records on the line at Lehigh University today as elimi-

National Collegiate championships. Oklahoma A. & M., the defending ‘champion, was favored to repeat despite competition from more than 25 other institutions throughout the [country, The Aggies, Towa State Teachers

Wrestling

is of

Indianapolis, middle-

Rounds—Rud

Cottey, Indianapolis, (Kid)

{ Edwards, Louisville, Haute, heavy-

Terre

! light |

Spring - Cleveland, | gans he collected a home run and | {wo doubles. Playing first base for | the Yannigans, Outfielder Milt] Galatzer slammed out a pair of | doubles. Bennie Zientara, second base, two of the Regulars’ five Young Dersch walked three struck out one.

got hits. ces, Every gar. q sterilized and anc cleaned. Single and double breasted styles, Each suit sn amazing bargain,

$1 Holds in Layaway!

See our complete line of

1941 WILSON GOLF CLUBS

Now an Display

The SPORTSMAN'S STORE

12% N. Penn MA-1113

Jewelry & Loan Co. A | RAE NIT on LN

Payments to Policyholders and Beneficiaries

During the year 1940, the New York Life Insurance Company paid to pinyin and their beneficiaries a total ot 204,394,345. Ot this sum $13¢,01¢,066 was paid to living De ers and $69,370, 279 to benehciaries. During the past ten years, the Company’s payments to policy holders and bene ficiaries have exceeded $2,180,000,000.

and

the owned by

cannot

New Insurance New amounted 210,806

ing the year

There

contracts made du

dum 1040 4 were policy rng the year and the average size of new policies Although the volume of new business was slightly less than the previous was a substantial

loans. Insurance

to 2¢,670,30¢

new

$2,020.

was § vear, nevertheless there reduction in the aggregate volume of terparticu! larly lapses and On December 31, 1940 the Com- =¢ insurance policies 1h 2,740, W hich in

minations, SurIc nde I'S. pany had torce tor represented an in

About 87 2,92%,7 a total of crease

$6,59¢,18 ot and

the 053 In h the end of the

About

such loans,

66 $3,841

number of policies 64,347

o cach amount as compared wit

About

real estate

previous year. Assets and Liabilities Yiu which were valued in accordance with the law, stantially below the total market value as of amount

total value ot all bonds, was subAs December 31, The aggregate of the Company's real estate mortgage loans was written down 7,000 to the estimated value as of the the year. Furthermore, the total owned by the Company was also marked down at the estimated ted assets amount

7,456,722

1940.

by $26,0

e per-

end of real estate

1940 and 1s carried

market value. to $2,869,"

in Total admit $1

2 crease of 3

35 Sy, an over the previous year. bv far the 1,¢<g, 18 the Insurance Reserv e computed by the SR of Insurance of the State of New York. This

reserve 1s the amount which the Company

largest item, eand Annuity

In the habilities,

<H DX i . - “ay

December 31, 1940

ASSETS

Cash on Hand or in Banks.

U. 8 Government, direct or fully guarantes] Bonds

$50,740,231

798,701,310.42

QE ~Q

State, County and Municipal . DD. (0D

Bonds Pa RH,382,157.84 335.800.038.01 67,680,280.67

85,754,443.90

Industrial and other Bonds... Canadian Bonds. . .. ..

Stoeks, Preferred and Guaranteed

Real Estate. ....ouvvniihns Home Office. ..... .

First Mortgageson Real Estate, less reserves

89,621,300.99 | 93,753,231.24 15,374,500.00

421,904,728.35

Policy Loans 309,207,080.82 |

Interest Due and —_— on Bonds, Mortgagesand Policy Loans Rents, Due and — Unecollected and Deferred Premiums........ va Other Assets. .

27,181,644.68 1,752,642.71

32,165,465.50 439,112.66

Total....oovevees... $2,869,735,205.67

{ the Securities listed in the above statement, Securities valued at $43,652,898.21 are deposited with Government or State authorities as required

by law.

The New York Life Insurance Company has always been a mutual company. It started business on

LIABILITIES AND SURPLUS

Insuranceand Annuity Reserve computed by the Superintendent of Insurance of the State of New York. . ! For amounts not vet due on Supplementary Contracts For dividends left with the Company... For dividends payable during 1941. For policy benefits in process of settlement ~ For policy benefits incurred but not vet reported For premiums, interest and rents, prepaid Reserve for future expenses on Single Premium policies and Annuities. . .. “> Reserve for fluctuations foreign currencies® : Reserve for miscellaneous Liabilities (including taxes, rentals and salaries)

Total Liabilities. .... Voluntary Investment Reserve... Surplus, reserved for General Contingencies,

ses sss nennnn

sree

*This reserve is held wainly

Liabilities which are carried at par.

April 12, 1845 and is incorporated under the laws of the State of New York.

671 3, 767,005.40 5,768,411.20 38,747,490.00 9,006,703.04 1,875,000.00

,360,906.19

3,390,000.00

4 000,000.00

8,984 531.93

$2,602,661,601 . 76 50,000,000.00 127,073.603.91

.%$2,869,735.205.67

against, the difference between Canadian currency Assets and

must hold in good assets so that together with future premiums and interest, it may be able to meet future policy obligations as they become due based on assumptions as to future rates of claim, interest and expense. 1,490 is set aside in the

FUNDS

The sum of $38,724 lhabilities for dividends payable to policy= In addition to a Voluntary Investment Reserve of the Company had, at the end oft the year, a surplus, reserved for general contingencies, amounting to 127,073,603.

*®

554.00 holders in 1941.

$¢0,00 3,000,

* 0%

The present high standing of the Company, its conservative financ jal and actuarial standards, and the character of the organization both in the Home Office and the Field should be a source of great satisfaction to every policyholder. A more complete report as of December 31, 1940 containing additional statistical and other information of interest about the Coms pany, as well as a list of the bonds and the guaranteed and preferred stocks owned by the Company, will be sent upon request to the New York Life Insurance Company, §t Madison Avenue, New York, N. Y.

IN INDIANAPOLIS, THE NEW YORK LIFE'S BRANCH OFFICE IS AT OCCIDENTAL BLDG. 41 WEST WASHINGTON

;

STREET

(U.

undefeated | undefeated |

BUY ON OUR

unbeaten in dual competition this §

nations started in the 14th annual §

NEW SPRING

SUITS and

FRIDAY, MARCH 21, 1941

10-PAY PLAN

TOPCOATS

100% ALL-WOOL WORSTED SUITS

Single or Double Breasted

$25 VALUES

1 ky

De Luxe

Fine All-Wool SUITS $25 and $27.50 Values

SALE PRICE

Modernistic TAILORED SUITS

ALL-WOOL

GABARDINES, TWISTS and FINEST WORSTEDS

Tailored in the Season's Latest Style

® NEW GREENS! ® NEW GREYS! ® NEW BROWNS! ® NEW BLUES!

19%

Both Stores Open Saturday Till 7:00 P, M,

qs W. Wash, —Elaymson s—23 N. Penn

Mrs. Farrell's

"Kitchen of the Air"

will be heard

at a new time

STARTING MONDAY, MARCH 24th

8:15 to 8:

4% A.M.

DAILY

WIBM

SINESS DIRECTORY handise and Service ——

LADIES’ NOVELTY SHOES

$1.00, 3%

FRACTURE BEDS Can Be Rented at the New HAAG'S ALL-NIGHT DRUG STORE 22nd and Meridian

Kamber suiTs

HANS SIN l2i Xs) COMPARE

Lele]! DIRECT FACTORY LLL IN

AMERICA'S GREATEST Nag Ld

LR ST.

LUN WASHINGT

| Ral

TRY A WANT AD IN THE TIMES.

324 W. MORRIS

OPEN EVENINGS . FREE TA) 3h

Make Woodworking Your Hobby—Use

DELTA MOTOR DRIVEN TOOLS Exclusively at

VONNEGUT'S

120 BE. Washington Bt,

PRICES UNCHANGED! SPRING HATS $2.95 Cd up

LEVINSON

Threa Stores

—

THEY WILL BRING RESULTS.