The Portland daily press., 1884-02-04
vENDEoATroN.


agenlent Conservative, Economical and
Faithful.
The following Is the full report OF the five
gentlemen, all ex perts In the business of life
insurance, who have been engaged for several
weeks past in making examination of the con-
ditlon and management of the Union Mutual
Life Insurance Company of Maine.
We, the undersigned Commissioners ami super-
intendents of Insurance, having made an exhaust
i've examination into The condition and affairs OF
the Union Mutual Life Insurance Company. of
Maine certify as fellows:
That in and after 1873, the Company was In pos
session OF large amount of loans upon real estate
situated In various States A very considerable
part OF this it was obliged to foreclose and buy in
Tor the protection of Its interests.
In 1876, 1t was found necessary to reduce the
former appraisements upon its real estate in order
to conform to the then values of pr perty. and to
throw out worthless assets, which had long been
carr led upon lis books.
On December 81 1876, Hon. Joshua Nys Insur
ance Commissioner of Maine and Hon Stephen H.
Rhodes, Insurance Commissioner of Massachusetts
maze an examination of said Company, and found
1t to be solvent upon the severest basis of mortality
and interest assumed by any State laws as per
their report, dated March 3, 1877
at the end OF 1877, the assets were still further
marked down upon the books of the Company, by
order OF the Board of Directors. From that time
the property of the Company has increased speed
lily In value and productiyeness Much of this
real estate. has been sold at advantageous prices
ana turned into marketable securities
In the report for Dec.31, 1876, the Cowas possess
ca OIL real estate amounting to $3.50 $780, In
1917, this had increased to 81, 227, ss1.77. In
1870, 10 VI, 934 So6.7o. In 1879 to So 26s, $685.
o. and in 1880, to $2,470, 003.41, by reason of
ene foreclosure OF mortgages made prior to July,
1876, through which the Company obtsined title
10 the property After this, this item decreased to
the amount found by us in the statement herewith
submitted by reason of the sales of said property
In making our examination, we have selected
december II, 1888, for the purpose of a financial
statement as being the most convenient on account
OF It's corresponding with the close of the fiscal year
OF the Company. and with the date of annual state
ment made to insurance departments.
| WehaVe caused careful re-appraisement of all
| real estate owned or loaned upon by the Company
| by independent persons thoroughly acquainted
Herewith and residing in the vicinity selected as
far as practicable by the Insurance Depart ments of
~ several States in which the property is located
Ihe abstracts of titles have been examined by at
| torneys appointed by the departments of Maine,
New York and Ohio, severally, and by attorneys in
Chicago. The greater part of the outstanding
mortgages upon real estate sold by the Company
| for part cash AMI annual and semi.an install
ments for the balance. The payment of these in
staments increases the security from year to year.
The overdue interest and rents of the Company
are small, with the exception of the sum accrued
| upon single mortgage of large amount which has
peen In litigation for several years.
/ Agents, 49,
Company h is its Agency system well in hand
Bonds are exacted for the faithful performances of
duty. and agents req ured to deposit their col
ections daily to the order of the Company banks
designated for that purpose. The amount of liens
| upon future premiums for commission on out
standing business, is quite moderate.
| The bonds and stocks owned and loaned upon
have been inspected and found to be in possession
OF the Company with the exception of bonds to the
| amount Of $4,000, deposited with the = overn-
ment of Canada, 100000, deposited with the
| Treasurer of the State of Maine, and 1000 with
the Treasurer of the State of Virginia. certificates
| of which deposits have been secured from TIE sew
eral officers having custody of the same. In every
| instance it was found that the Company had paid
| for said bonds and had absolute ownership thereof
1t is worthy of remark that thete no defaulting
securities in the entire list. The cash claimed to be
in the Company's Office and deposited in banks, was
found as represented.
1 The registers of policies issued by the Company
and policies claimed to have ceased have been
fully inquired into and checked from its organza-
tion to date, and found be correct The policies
OUTSTANDING nave peen vaiueo seraotma, Doth upon
the basis of the four per cent Actuaries Table of
Mortality, and the four and one half per cent mer-
| lean Table.
| company so.enoou BUSINESS "a lofo'
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- - 49, 10 onoo eoinpany Aioin INC us
:. y p0ii0es GIL u WHICH, cannoe appear
- - "oooan'' u ie0eip's anu oiSpuise-
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80 -aeo - paying o-l ane oisooun'ng maturing
49, a. oAu.u ai piopoi 'ion u INC Ooni-
Pay DaeAA''' ""e "iis'en upon enoo~nens poii-
az 800 lave Doen iounu III auniiaoie COZ
anu 'ne Sys'oi Sucn as W reason u shecAs
aAo eouOoi cnecAs 70 'eouse tne CHANCES OIL error
-.-' "uu " pace an .nui'iuuai iesponsi-
Ds' 1poA oa0n oopaisnen u mas Deen 'ne naplt
u eo company " maAe d statement Oh lts analts