Morning journal and courier., 1892-02-15
Financial Operations.

INTEREST.
 The interest received in 1891 was $2, ,SS3,- 740.71. Interest collections have been very close and are in very satisfactory condition. On mortgage loans aggregating S36, Ar ,37287, there was past due and un- paid interest on January 1, 1892, only $41 ,972. 95, or one-ninth of one per cent. in 1891 were $334, SIS 56, decrease from the former year of $2, 4e1.4S, on Q decreas- ed holding of real estate of nearly $500, GOO. Our rent account does not include any constructive receipts or payments for the Company's use of it's home office build ing.
 THE PROFIT AND LOSS
 balance for 1891 was the result of the fol lowing transactions: A gain from real es- tate sales of $135, 749. .46. and from sundry items 5,573 87, total of $141 ,323 13; on the other hand loss on certain real estate sales of $4, O35. 78, and shrinkage of pre- mium on bonds sold or matured and paid at less than cost, $55, ,977.17; a total of $60, ,012 95; balance in Company's favor, $S1, ,310.18.
 The balance in 1890 was very much larger, owing to the more active real estate market of that year.
 REAL ESTATE.
 During 1891, the Company has closed out for $597, FOG. 35 parcels of real estate which cost it $465, ,992.67.
 Since 1879 it has sold property taken under foreclosure at cost of $s, ,33l ,9e6 90, for s9, FAC, ,91204; gain of $1 ,4O9, ,025. IA, and gain over the commissioner valua- tion in that year of $2, ,736, ,775.65. Our present holding of real estate taken under foreclosure is s6,385, ,284.7O. We believe that as whole it will at least real ike it's cost to the Company.
 BONDS.
 The Company has had paid or has sold during the year bonds costing it S749, 566 25; it has bought bonds costing it $1 ,015, 900.
 It holds bonds costing s11, ,420, ,s98. 59, ! and worth January 1, 1892, by conserva- tive valuation, s11, ,79l ,O2034 Special attention is asked to the items of these bonds in the detailed statement. LOANS ON REAL ESTATE. During the year loans have been paid off to the amount of $5, ,65O, ,s2S. .38; and new loans have been made to the amount of | $6, ,S93, 715 72; the amount outstanding be- ing $36, ,417, ,372.87. We believe them to be thoroughly secured, and have already noted the close payment of interest on them. Insurance Operations In 1891. MORTALITY.
 The death losses in 1891 cost the company less than 80 per cent. of the tabular or e1- pected cost, making saving, as already stated, of some s45O, 900; very favorable 1 experience, showing the fsr-reaohing effect of careful selection of business, both as to individual risks, and as to localities and climates, as we'll.
 The death loses of the Connecticut Mu- tual have been adversely criticised by the Tontine companies, and some of the young CT non-Tontine companies, as larger than their own in proportion to amount at risk, or to some other assumed measure. These criticisms proceed upon 80 false basis, and so ignore fundamental facts we'll known to the companies, but not known to the public, that word of explanation may be useful.
 1 The chance of death increases with age AS given body of men eeow older, the faster they will die, and the greater will be the amount of their death losses. That is what every life insurance company ex- periences, what it expects, what its pre- miums and reserves provide for. It ex- poets that the men who go in at twenty, and thirty, and forty, etc., will, some of them, live to be sixty, eighty and ninety; and that at those ages the death rate will be much greater than when .he men@were younger; and not only that, but they also expect that as the company gains age, if it keeps it's business on it's books, it will have an increasing body of men growing always 1 older, and having, therefore, a higher aver I death losses. This is precisely what they have provided against, and they have fore cast the actual figures of the loss they may expect. The question with any company is, therefore, not what it's losses are, but how they compare in amount and in ratio with the losses which 1t expected on the business when it was written. A young company may have 8 small apparent amount of losses, and yet their proportion to the expected losses may make them e1- cessive: thing they will not speak of. A great Tontine company, which is rushing in great numbers of new mon, in order that they may drop out later and leave their money behind them for the pool, and so is shifting its membership rapidly, and keeping down the average age of it's in -sured, may have less aggregate loss than @ company which builds up stable business; and yet, it's losses may be far greater in proportion to it's expectation, and cost it far more, and leave less sar- plus, than the greater apparent losses of the more stable company.
 The business of the Connecticut Mutual is peculiarly stable. We do business upon plans and by methods which promote per sistence. We write comparatively little endowment business which does not keep men in long enough to grow old, and no policies for Tontine periods, at the end of which men 60 out, if they have been lucky enough to stay through.
 The stability of our business is striking ly evidenced by these facts: Only one-quar- ter of it is on men under age forty-four; another quarter is on men from forty-four to 6fty-three; another quarter on men from Afty.thres to sixty-ons, aud ons-qusytsr