The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1878-03-08

ing their mortage loans Had they
yielded to the prssure so frequently made
TO invest in remte sections, where per-
scnal examination by themselves of the
property mortgged was impracticable,
It Is believed tie company 8 mortgaged
securities woultbe far less valuable than
they now are.
The item nexin magnitude to the bonds
secured by mortgages is that of premium
loans on policis in force, viz: $3.50
1854. These oans are all on policies
whose values iIeach case exceed largely
the loans to whh they are respectively
subject. As seSre and available assets
they are beyon question. The yearly
decrease in thG amount observable for
some years pastis due 10 the discontinue
ance IN respect new issues of the loans
formerly allowl TO the reduction of
loans on old pdcies by the application
of dividends, al to the termination of
policies by the ,ct of the parties or by
death.
The next Target item is of Government
six per cent buds, amounting at par to
S5,Ol 300. he premium paid during
io'i, IN the purchase Of bonds of this
class, like TIE premium paid during 1876
IN like purchase has been charged of as
81. SO =, ~ the AMOUNT OF such premium,
$SI", us 40 sarrieo inside in the state
iieHl OF yearly receipts.
Inc various kinds II State, county. and
municipal bonds, areexbibited separately
in the statement, a,d are mostly above
their par value; in al instances they are
deemed TO be uRquesonablv good The
interest on them is Rid promptly when
due.
There has been r decrease, during the
year, Of oil in the n1Iuber of outstand-
ing policies and aIsoin the total amount
insured. While oyer3 200 new policies
have been issued, tie number of those
that have ceased has Effected decrease.
The Company has, in view of the hnau-
cial pressure, purchased it's policies when
solicited by the holders allowing for them
cash values, or giving paid up policies in
exchange The sum so given is stated
under the head of disbursements for the
year.
In consequence Of the depressed con Ii
ton Of business in The country. the duties
and labors of Directors and Ofhcers have
been increased in giving proper attention
to the Company's business.
Care and vigilance have been required
in every branch. Written reports have
been furnished monthly from every de-
partment.
The Directors have met regularly, rs
required by the rules, and the more fire.
quently ms emergencies required. Every
branch of the business has been subject
ed to the inspection Of all the Directors
and Committees.
The Finance Committee, composed of
six Of the twelve Directors. have given
special attention to the investments and
securities. Their recent report shows an
examination of all the assatS and sacuri-
ties he'd by the Company, and that they
have inspected the books, and required
the monthly balances made and reported
TO the Directors as required by the rules.
The Special Committee, composed of ali
the Directors besides those on the Finance
Committee, have during the year examin-
ed the assets and securities of the Com
pany, and also the accounts in the books
required to be kept by the Treasurer
Their report, recorded in the Security
book, corresponds with that made by the
Finance Committee.
The business, assets and securities of
the Company were examined during the
year by the State Insurance Commission
er, who certified to the condition of its
assets, and verified its last annual state
ment
In conclusion, The Company enters on
its thirty-fourth year with guarantees OF
stability and usefulness, unequatled IN
any preceding year; and it purposes IN
the future, as it has done in tho past,s TO
furnish all its members with the benin
cent advantages to be derive from well
conducted Mutual Life Insurance Com
pany.
LEWIS C. GROVER, President.
gent. Hickman. cav.