No. 75126, Anderson: This loan covers 40 acres in Iron county, Wisconsin, and amounts to $800. The appraisal of this property procured at the time of the examination indicated a value of $600. According to information obtained in our investigation from the appraisers who made this estimate, they base their judgment on the value of an adjacent 40, which is unimproved and unoccupied. This 40 is located about threequarters of a mile from Iron Belt, a mining town with a population of about 600 people, located on the Soo Railroad, about eight miles from the county seat. There are about 28 acres of the farm under cultivation and in crop. The buildings are insured for $975, and the loan was made for the purpose of building a new dwelling The farm is all fenced and all used; that portion not in crop is used for pasture. The owner is a Finnish farmer, about 34 years of age, and has the farm stocked with an adequate amount of personal property. The values put upon this property by persons acquainted with values in that community are in excess of $2,000. In one instance, a well informed individual who makes loans in this section estimates the value at $2,680.

No. 75131, Lewis: This loan amounts to $3,000 and is secured by 160 acres in Oneida county, Wisconsin. At the time of the examination the information received was to the effect that this property was worth about $3,000. This farm is located about five miles from Rhinelander, the county seat of Oneida county, with a population of 6,500 people. This is a prosperous manufacturing town. The section of the country located in the neighborhood of Rhinelander is well developed as a farming and dairy country. Something over 30 acres of this farm is cleared and in crop; about 60 acres are clear of brush and very good pasture land; about 70 acres is cut over and partially timbered. A great deal of valuable timber is still standing. The house is a two-story frame structure. A good dairy barn with stone foundation was completed by the proceeds of this loan. A reasonable estimate of the value of this farm, including the improvements, would be $7,000.

No. 75132, Sturkol, loan amounting to $1,300 and secured by a mortgage on 40 acres of land located in Iron county, Wis

consin. Information received at the time of the investigation indicated a value of $1,500 on this piece of property. This land is located about 134 miles from Hurley, the county seat of Iron county, Wisconsin, a city of some 6,000 people. Hurley is sepa rated from Ironwood, Michigan, by the Montreal River. Ironwood is the largest city in Upper Michigan, and has a popula tion of about 20,000. The farm is located in a well settled community of Finnish farmers and is on a main road. About 30 acres is in a high state of cultivation, and 10 acres is uncultivated and uncleared. Possibly half of this can be made productive. The buildings are small but serviceable and comfortable. The owner is a Finnish farmer living on the land, with a fair stock of personal property. He owns some other land adjacent to it. Competent appraisers have placed the value of this property as high as $3,100. Two thousand six hundred dollars would be a conservative estimate of its value.

No. 75136 is a loan of $3,000 to Gust Green, and is secured by 120 acres of land located in Iron county, Michigan. Information had at the time of the examination indicated a value of about $5,500. This farm is located in a well settled and well developed farming community about 31⁄2 miles from Iron River, Michigan. It is convenient to a number of thrifty small cities. About 55 acres are under plow and about 35 acres more is in grass and may be plowed without interference by stumps. About 30 acres is timber land. The country is well cleared and well developed, with practically no wild land. There is a good dwelling house on the farm, with stone foundation, and a new dairy barn with other serviceable outbuildings. The owner is a Swede. He is going into the dairy business and made a loan for the purpose of building his buildings and stocking the farm. The value placed upon this security by competent appraisers in the community is in excess of $7,000.

No. 75139 is a loan of $800 to John Chaney, secured by a mortgage on 80 acres of land in Forest county, Wisconsin. At the time of the examination an appraisal had indicated a value of about $1,500. This farm is located about eight miles from Crandon, the county seat of Forest county, Wisconsin, a city with a population of about 2,000. About 35 acres of the land is

under cultivation, about 5 acres are in meadow, and about 40 acres is wild land. The buildings are small but serviceable. The applicant is an American about 30 years of age and resides on the farm with a small stock of personal property, sufficient, however, to carry on the work of the farm. A conservative estimate of the value of the property would be $1,800 and a number of persons familiar with the value of this property have placed the value at $2,000 to $2,100.

No. 75141, Czarnoski, is a loan of $2,000 secured by a mortgage on 80 acres of land in Oneida county, Wisconsin. 'According to information had at the time of the examination a value of $3,500 was put upon this tract. This farm is located three miles from McNaughton and eleven miles from Rhinelander. The territory in which this land is located is fairly well developed and has many very fine farms. About 55 acres of this farm are under cultivation. The balance of the land is cut over and undeveloped. A considerable percentage of it, however, can be cleared and cultivated. The buildings are fairly good and entirely adequate for the property. The owner is a Polish widow with a family well grown and able to carry on the farm work without expenses or outside help. Conservatively, the farm is worth at least $4,000. Values up to $5,200 are placed upon it by people familiar with values in this section.

Specific information with reference to practically all of the northern Wisconsin and northern Michigan properties justifies the statement that all of these loans are amply secured. It would not be profitable to repeat in detail the information obtained with reference to the separate loans. The above samples are those where the value runs closest to the 50 per cent requirement of the Wisconsin statute. The properties located in the State of Michigan upon which mortgages are owned are practically all located in very well developed and very prosperous sections. The northeast Wisconsin properties are located in a section of the State which is rapidly developing. There is little danger of depreciation in value in these sections, as the country in recent years has been opened up and new farms are being developed rapidly. The development of adjacent properties will materially increase the value of the existing farms.

Roads, schools, churches and markets are coming with the influx of a farming population. Climatic and transportation facilities are favorable.

Old Home Office Building

At the time of the examination this Department requested Mr. Fred Rogers of Milwaukee to make an estimate of the value of the old home office building situated in the city of Milwaukee. We instructed him at that time to give us rather a rough estimate of the value of this building. Objection was made by the company to the value placed upon the property by Mr. Rogers. This question was also submitted to the Wisconsin Department for further investigation. I have taken up the matter with Richter, Dick & Reuterman, real estate men of Milwaukee, who are familiar with the value of properties in the business section of that city. They put a value of $354,000 on the land occupied by the building. This property extends for 180 feet on Broadway and 120 feet on Michigan street, and is located in the heart of the business district of Milwaukee. Mr. A. C. Class, one of the oldest and best recognized architects in the State, has estimated for me the value of the building located on this land. His computation shows that the original cost of the building was $624,000, and he estimates the present value of the building at $474,000. He further states that after a thorough examination of the building from basement to roof, that it would cost to duplicate the building at the present time more than $720,000. The company carries this property on its books at $700,000, and it is my conclusion from the investigation made that the value carried by the company is conservative.

Respectfully submitted,

M. J. CLEARY,

Commissioner of Insurance.

TEACHERS' INSURANCE AND

ANNUITY

ASSOCIATION OF AMERICA

NEW YORK CITY

Examined to ascertain condition July 17, 1918.

Report dated August 29, 1918.
Examiner: C. Rebman, Jr.

Organization

The organization records of the association show that the authorized capital is five hundred thousand ($500,000) dollars, divided into five hundred (500) shares, par value one thousand ($1,000) dollars each. The whole capital has been paid in in cash, and in addition thereto a surplus of five hundred thousand ($500,000) dollars. Organization expenses were paid out of the interest on $1,000,000 from July 1, 1917, to May 17, 1918. The excess of such interest, amounting to $7,469.32, was also turned over to the association.

An examination of the stock certificate book indicates that five hundred (500) shares of stock have been issued. A list of such stockholders is attached to this report marked Exhibit "A.”

Purpose

The association is incorporated under Article II of the Insurance Law of New York for the purpose of providing insurance and annuities for teachers and other persons employed by colleges, by universities, or by institutions engaged primarily in educational or research work; to offer policies of a character best adapted to the needs of such persons on terms as advantageous to its policyholders as shall be practicable; to conduct its business without profit to the association or to its stockholders; to transact its business exclusively upon a non-mutual basis and to issue only nonparticipating policies.