, 1877-02-03
To the Directors Of The Mutual Benefit Lit
Insurance C0m,any.

Insurance Company:
On the 1T Of januasy, 1877, the total debts and la.
bilttles Of tho Company wtrr % ahoxn by IT. Thirty
Second Annus! Statement, submitted herewith, tho
sutl Of ssI. 6AO. 373,55.
Jaeluded IL this aggregate amount arc the items Of
unpaid death louc sud endowmenta In proccts Of ad
tusment, OF whose time of payment had not then ma.
tnfcu Of d1Tldenda due aud unpaid. being mainly those
OF ls7a duo IN the latter partof the ysnr, Of estimated
commissions and expenses on unstnottcd hus!neu OF
i57s Of Premium pd IN advance and Of Dividends to
become pn5asa 10 participating policies through tho
cou7so ct 1877. Though not ret dac these Dividends
haSo been declared from surplus produced hr poeletn
1916 anl u eonscquent liability must be charged Al
dueh akanst tho COMPANY, slough properly considered
surpua ~ 70 the policies taemsesvcas thor amount
&t.a55, ido.to.
he rctnsfn'ng and principal portion of tho debts aud
liabilities u tho Company'a the pfcsent yaiuu
ps IL ontssnodtnE rsks. Teso rtsKa nineteen an.
hltty Donds md forty tfeo thousand three hundred
and seSen policies, inAuFtng f11!, e4t 9s5uo.
The prescnt .a.uo Of these policies and bonds rom.
puted upon the assumptions that lntercst on invest
mens Ttll ~ per cont Jeat1y mod deah 1csses &C
eord1ns 10 tho Actuaryatatie. Il $50. u3:, sGs.ou
Ileso assumptions asc tho highest ssahdatds Of yat.
uatton. and though stu required hy tls tp4syenyc
oeali Of Massachusetts,. where they wcr originally
adoptea sra In sofne Statcs deemed unnecessarily
cautious Dr. tho rulc at valuation In Now yo1s.
wlcrn Interest II assumed n N rer cent yca7r and
oealh loses according to tho Table Of American CT.
perence, tho pFtseat vsaue Of policies aud bonds
would ho lsts Than that eharIcd IN our debts and
liabilities aboEe, BY the su os a. ta ~. uut my
reduction OF the Copsnya FtseFyc below that Of thu
htGhest recognized rule, would bo Incompatible Win
the policy Of ts AasRtment directed in the past as It
will continue to be In tho future bY paramount re.
gard 10 stability and strength.
The total sasca Of the Company tho TT OF Jaau.
AEy, 1s7. wesu, a. shown By lts statement tho s Of
IA not Inclusive Of tho dtnesenee between
tho par and market values Of ho Two cjssss Of sccr.
tica, to.vf f1Fss Nationals aad second state COUP
IT, aud municipal bonds. Theas two eass<s spRethtr
With tic tA!rd-thst at morigskex and tic fonrtf,.
that Of premium loans policies force 40 te Gulk
Of tho ColupanJs assets. The rcalisu amounts Of
thcso eIasses should bc noted. Thu h Of III mn,
the aeeupd ts,a!7, G, tho third el1 yts o4s Is;
md tho fuur. To- Gil. u7o,p o. ~ compared wth tha
sa.nc glass Last 5saf ere haa BEEN increase In the
hrss. and destcaso III tho scnafntnE thrcs Ths
snount Paid durnR Tho rear for cxetas Of par rsues or
rrcuns In parrate Of tho 11st cIsss Ualtsd ststex
sccus1.les Il shown In Tho statement ~ deduction
from interest received during the rear In view Of thu
exhibited by tho statement harc been thoroughly en-
anincd. Thu vaustlvns Of mortxaked pfutntsea have
bccu -cyfA 1nl kecaf1tics Of oil ta4scs carefully
counted and valued t5 comntets going over them IN
detail. wheas conclusions md reports h4Yu buen rub.
United 10 sad sesed ~ far - practicable. ny tho d.
srctofs ~ 4 Duar1.
II il not doubted that tho items Of which the ...ets
composed iii Of Them equal 1t thu lcaat 10 tho
figures by wLieh t&cy sJe cxrItsktd.
Tbs difference bet~ten tho liabilities aud debts on
tu side aud tho asss % tho other, computed and
vaturd by tho foregoing principles and es II the sum
Of se o4o... mud held bJ tho cotrany unsppro.
ptstcd surplus II wti together with thai hereafter
~ as!se fson tho praas hSAes rata at interest and
uoro favorable mortality than those on which our re'
scc. aro computed bo distributed dstdenda pol
cfea ruttled tO receive t. It ID thua that no loss
lisn4. results 10 It's pocy. fsa ha low
1se VI iatts.s Had apie sate4 es pfemans. W cans
OF which the utmost guarantees Of safety tecuscd
Tic surplus Of Interest and Of pscmIun returned to
thu u.cMler found 10 10 unneeded. Ths two
objects uoat important 10 Am thus efeetuay A.
taued Frat, the cssstn aud prompt payment Of tho
pulley when duet and. .eson nsurance Attho Iasett
practicable coat.
looAinx Il tic compsnys business for the yesr. II
will be that tho general stsxnAtfua Of tGd4Atfy
sud trade as not prevented lnckcaAa In tho number
Ut poilctea ind Ia thu amount Ut hsaef1-
Tie surrender Of rocIcs for purchase has beea
uausl'Y a1st, and III tho great majority Of cascs 10.
duced by the rocunIafY which has checked the
new itsues. Ths lncrtastnS nembeEship that easts.
Notwithstanding these causcA. and the incIea4'ng
proofs continually bsInx furnished h5 tho Compsnys
experience Of tho chsracte5 Of III weFk xn6
liz Intelligent appreciation ly tho public. give abpn.
dant assc13aa - to tho past and encouraging prus"
pceta fur The Gutuse.
LEWIS c. GROVER. PresidenI.