The Portland daily press., 1889-01-30

OVERDUE INTEREST.
At the close of the years 1876 and 1888 the
amounts Of past due interest were as follows
Prem. Notes. Mortgages Total
1870, ISIS, 6Sa, 81. 1881 ,52057 s39o,15s.4s
1861 z,lss.oo 6,27S.62t S,o7S.4s
Decreases ,s3s.o5 ss76, .95 $685., Os5. OO
sPremium-note interest for 1876 estimated.
tNOt including some overdue interest on one old
mortgage, the principal sum Of which is s29, loo
and which is az present the subject Of litigation
This progressive change in the material
strength of the finances Of the company must
OF itself be satisfactory to our policy-holders.
STABILITY OF LIFE INSURANCE.
The history Of the UNION MUTUAL sets at
rest once and forever, the talk of those
who believe that Life Insurance is
not founded on q substantial and per-
manent basis. This Company while dis
bursting in the time named Twelve years. for
matured obligations larger sum in proper
ton to its size than any other Company, has
paid in dividends to policy-holders, and
the handsome sum of S977, 3S0.06 which rep
resents the profit over all expenses and dis
bursements for those years.
REAL ESTATE.
During the past year the Company has
which was carrie carried on the books az
Profit over book-value of......... .....s 7o4 80
Since January LIST, 1877, and to the
close of 1888, the sales Of real
estate by the Company have
which was charged on the books at - 1''''''
the end OF the year preceding the
respective sales at................ 3,205,178.70
Making profit difference f.......s 1855. 90
These large sales of real estate at prices In
advance of what it was valued in the Com
pany'S assets are not only remarkable as
showing the conservative values placed upon
the properties already sold but they also con-
stitute reliable criterion as to the careful
ness with which the asset value has been
computed upon the property remaining I'M
sold.
REAL ESTATE, HOW ACQUIRED.
This real estate was a legacy from the
former administration. Not single piece
Of real estate, at present owned by the Com
pany, is from loans made by the present adj
ministration.
WESTERN REAL ESTATE LOANS.
In view of the recent experience of one
of the larger Life Insurance Companies, it
is proper to say thatin July 1876, at the be-
ginning OF the present administration 1t was
found that the practice of our Company, as
well 1--WE belleve) as. Of others, was, when
making real estate loans, to have agents in
the west with whom the real estate mortgage
securities OF the Company were deposited,
such agents having power to release the SCI
curities when they saw fit, receive payment
OF the. loans and surrender the evidences
thereof to the borrowers.
The form Of the security was generally by
trust deed, in which the financial agent was
made the trustee. These arrangements orig
mated from the idea that they were necessa-
ry for the convenience Of the borrowers.
Within few months after July 1876, this
Company changed the whole of this arrange
ment and the securities were brought to the
Home ONCE, kept there under the control OF
the directors, the money for new loans was
made payable at the Home office, except in
lew cases and In those, special arrangements
were made for their collection. In no case
is any mortgage discharged, nor trust deed
released, without the express vote OF the
Finance Committee.
We have abandoned the trust deed plan
also, ana our loans are now on mortgages
to 1t; SO that 1t has the record OF title In its
own name.
1t Is now impossible for any sum Of money
coming from loan to accumulate In the
hands OF any person, and so be diverted to
MS personal use and benefit.
CHICAGO UNIVERSITY.
:. AS we were about TO close our report to
the pollcy-holders the following dispatch
was received:
W. CHICAGO, Illinois. January 9TH 9TH 1889;
we nave won suit of Douglass heirs In the
supreme Court. This morning tribune and
card from Clerk announces this decision.
Let the Lord be praised"
!, This telegram refers to the famous ilitiga.
ton between our Company and the heirs Of
claimed that the property having been
alienated from the uses for which it was first
intended, u reverted to them, and not TO the
Insurance Company. The decision OF the
Court referred to above (Which IS unani:
nous decision of the whole COURT sets aside
such claims, and establishes an absolute title
in our Company to this valuable piece Of
property. While this litigation, and that
with the University proper, have been ex-