History of the New-York Life Insurance Company, 1895-1905; Including a Resume of the History of the Previous Fifty Years (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1906 edition. Excerpt: ...of the inner door, nor do those having the combination of the inner door know the combination of the outer door. Over these steel doors are drawn thin wooden shutters, lined with thousands of electric wires, which connect with a central detective station outside the Home Office. When the doors have been closed and the shutters drawn, it is impossible to open or disturb them without giving instant alarm. During the year 1904, the Company received in interest on bonds the sum of $10,634,986.99. Interest is usually due half yearly, the heaviest months being January and July, in each of which about $1,700,000 comes in. The next heaviest months are April and October, which yield about $1,000,000 each. The smallest months bring in several hundred thousand dollars each, over $500,000 being collected in February, 1905. In the case of registered bonds, interest is received in checks, but the larger part of the Company's holdings is in coupon bonds, from which interest coupons must be cut and deposited in bank for collection. About 500,000 coupons are detached annually. In order that the coupons may be deposited promptly, the work of cutting and counting is done well in advance of the maturity of the coupons. In the disposal of securities within the vaults, those with coupons maturing in the same month are put together; hence, when coupons are cut it is only necessary to have one cage open at a time. A package of securities is taken out, usually by the Assistant Treasurer and the Cashier, counted and compared with the memorandum attached, before the work is begun. The coupons are cut by four clerks and counted by two others. They are then placed in packages, sealed and checked by an Officer of the Company, and placed in the vault in the presence of...