Morning journal and courier., 1891-02-10

Total disbursements. ........... $6, 1858, ,788 63 Leaving balance of 1856, ,252. 80 to be car ried to the increase of net or ledger assets INVESTMENT oPERATIoNs-INTEREsT AND
 RENTS.
 The interest income shows a natural in crease over the previous year. The rents have diminished in volume, though not in percentage, by reason of the continued sale of real estate, the funds from which pass into interest-bearing securities, which, during the year of sale and reinvestment, affect the item of accrued interest more than that of interest received
 It is a satisfaction to us to learn that an- other company-one of the largest in New England-is seriously considering the re- duction of the rate of interest assumed in it's calculations from per cent. to per | cent, thus practically endorsing the like | action of this company in 1882, in which | we have hitherto stood alone. Each years experience increases our satisfaction at having taken so important step at so | early date and before it's necessity exerts an actual pressure on existing contracts. PROFIT AND LOSS.
 During 1890 the company completed sales of three pieces of real estate at loss of $5, 729.2O on its cost, and of forty-one pieces at profit of $297, 147.17 over cost, a net gain of $291 ,417.97. From the sale l and exchange of securities and from sun | dry sources it made further profit of ST, ,992.6f, making a total profit of $369,- 41O.61.
 REAL ESTATE.
 l During the year 1890 we made completed sales of properties that had cost us under foreclosure $1 ,041 1s7.T for $1 ,332 ,6O5. "A, a gain over cost of 291 ,417.97.
 In the aggregate the company has sold of such foreclosed property acquired at vari- ous times, an amount which has cost it $9, 161 ,992. .92, for $10 ,469, 799 54; a gain over cost of $1 ,3O7, ,8O5. .62 This statement includes all sales, whether closing out properties or not; but no profit is credited until the entire property taken in any case has been sold, or enough of it sold to cover l the cost of the whole, in which case subse- l quent sales are credited to profit. In sev- eral instances enough of the property has been sold to pay the cost, and the remain der stands at nothing on our books and l makes no figure in our income or assets un- til actually sold.
 The cost of present holdings of real es- tate, including the company's office build ing, is $7, 7,662, ,s65.5 54.
 ! BONDS.
 We have sold or have had matured and paid during the year bonds costing $614,- 902. 50, and have purchased bonds costing $595, HATS. Our aggregate holding of government, municipal and railroad bonds stands at a cost of $11, ,155, ,46464 Their high character is evidenced by their slight shrinkage in value during the financial stringency of the past year, which materi- ally affected the average price of bonds. l REAL ESTATE LOANS.
 During the year loans to the amount of s4, ,SS1 ,622.3 39 have been paid, and loans have been made amounting to g, ,665, 765 AS. This class of loans now amounts to $35,- 674, 5s5. 53.
 MORTALITY.
 The general death-rate of 1890 was con- siderably increased by the prevalence of winter epidemics, and we did not wholly escape their effects. But our mortality has been we'll within the expectation, giving us a saving on tabular cost of about SAC, GOO.
 It seems proper to point out to our mem. bers that in respect of the death hazard we are pursuing what is fast becoming, by l comparison, very conservative course and one which will give them an increasing I surance. We spare no pains to secure the most competent medical examiners, who are wholly in our interest and in the clos est confidential relations. Our standard of selection is high and rigidly maintained Our ambition for great quantity is not such as to lead us to cover the globe with our agencies, thus exposing ourselves to a loss hazard not always well known, leav- ing the selection of foreign risks to be ! Jo %ho 1f control, and necessitating the permanent deposit with foreign governments of a great and growing proportion of the assets held for common protection. We believe that these things must unfavorably affect the cost of insurance in the long run; and that the administrative duties imposed by the principle of mutuality are best dis charged by a restriction of the business to our own country, where the hazard is thor oughly known, where we can fully control selections of risks and retain complete and unembarrassed control of the resources with which we must meet our contracts l. EXPENSES. -toje
 The ratio of expenses of management to income for 1890 was 937 per cent, as against 9.98 in 1889; reduction of over 6-1Oths of per cent. from ratio which was lower than that of any other company and not one-half that of our greatest com petitors.
 Economy is modest quality. It does not dazzle the imagination with the glitter of it's effects. It quietly nourishes it's charge into. great fruitfulness; but it is suggestive of restrained and calculated eff fort rather than of that unbounded ambi- tion which grasps so widely as to compel the use of all possible means regardless of their cost. Magnitude of operations and boldness of enterprise are to-day chief at fractions constantly dwelt upon by most of the great companiesa to win the ap- plause of an enterprising public regardless of their unprecedented and enormous ex- pense. The sober way is for the moment discr ,dited with the majority for it's want of brilliancy.
 But the truth never changes to suit our moods or ambitions. Security being as sured, the thing of chief importance to the policy-holder is the individual yearly cost of his policy. He is the man that pays the expenses. His premiums pay the losses and expenses and furnish the invested s.af-THt5s2s .fAfs-a+- aE7-s-Sz F-z .tszl