Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1877-10-10

be double or more than double the
amount Of loans thereon, the gross be-
ing $34, 254, 4O5,00, or very nearly three
times the amount of such loans.
An examination of the company's
books discloses the fact that, as rule,
the interest on these loans has been
paid with great promptness, and that i'll
cases of default the mortgage has gone
| to foreclosure. The accrued interest
accounts in this and other departments
have been carefully computed, and the
results appear in the statement of as
| SETS
The bonds owned by the company
have been examined and verified at
market rates as of July l. 1877. These
amount in all to $Sl0,420,00
The company's real estate is the
building and land which it occupies in
the city of Milwaukee. This has been
valued by the commission upon the
best information accessible ut the sum
of $500 the same value as fixed 10y
the company, which is nearly $4,000
less than its original cost.
! An item of Special Real Estate"
purchased under foreclosure has been
valued by the commission in the same
manner, and by the same parties who
appraised the real estate mortgaged to
the company. The valuation Of this
class of property amounts to $780,
| 6S3.0O.
PREMIUM NOTES, OUTSTANDING AND DE
| FERREp PREMIUMS, ETC.
/ 1t will be seen that the premium notes
now held by the company amounting
! to So, $50, 96594 constitute about one
! fifth of its entire assets. Prior to 1872,
the company accepted somewhat more
than one-third of Its premiums in that
| class of securities. These notes have
been personally examined and verified,
and have been found i'll every instance
to appertain to policies actually in force,
and are therefore secure and valid
asset both as against the policies them
selves and their computed premium re-
serves.
| In this connection the company's
loans on policies in force have been in
variably found to cover only Il limited
| portion of the reserve in each case, and
are therefore equally secure.
| 1t is also found that all premium notes
with accrued interest, if any, thereon,
are deducted from policy claims when
het latter become payable, such usage
being of itself and additional guaranty
of the represented value of the notes,
as also of the observance of good faith
towards all the members Of the com
pany.
The outstanding and deferred pre-
MUM accounts have been examined,
item by item, and their correctness fully
| verified. 1t is proper to add that no in
| stance appears III which the reserve on
any policy is not largely i'll excess of the
premium notes; deferred premiums and
accrued interest, when the latter oc-
cur; nor is it believed that the notes are
! in any case in excess of what the com
pany computes rs fair surrender
value.
PREMIUM RESERVE, SURPLUS, DIVIDENDS,
J. ETC.
The net premium reserve, computed
| by the actuaries' table of mortality with
interest at four per cent, on policies IN
| force June Both, amounts to SO 900, 249,
or about six times the current yearly
premium income. As this reserve and
other assets Of the company are invest
ed ut an annual average interest of
about eight per cent, the surplus inter-
est beyond the $4,000 required ON Il
four per cent. reserve, this being the
standard followed by the company, will
probably aggregate for the present year
nearly or quite $4,000. On four and
a-half per cent. reserve, the standard of
Maryland, Wisconsin, New York, Penn
sylvania, Ohio, and many other states,
thesurplus will be measurably increased,
showing total as regards policy holders
of about 81 ,100,0000O more than the
exacting valuation here reported-a fact
which will probably receive due consid-
Grafton by policy holders resident in
those states,
After making all proper allowances
for depreciation III values and eXclud
ing every asset of questionable worth
the company'S present surplus, as re
CARDS policy holders, is s., SS7, $50 O.
over a four per cent reserve; and on q
four and a-half per cent, reserve, such
surplus would be increased to about
!, 81. 9S7 80. Can amount which very
conclusiyely exhibits its financial status
and ability.
, Nearly half Of the surplus is annually
J set apart to be distributed rs return
premiums or dividends to policy hold
ers. In consideration Of the many pos
sible contingencies liable to occur in any
; wear, such as unusual mortality, unex-
pected losses, reduction Of income, etc.
the division of surplus seems to have
been as liberal a. prudence and equit,
would warrant-the dividends actually
paid on individual policies appearing tc