Morning journal and courier., 1893-02-10

FINANCIAL OPERATIONS.
 INTEREST.
 The interest recs; we'd in 1892 was $2, ,S71,- 1Sl 7S The overdue interest January 1, 1893, was only $51 All 49, on $36 ,444, 759 O2 mortgage loans, or one seventh of one per cent. On $12, 1867, ,637 43 of bonds and stocks nothing was overdue
 RENTS
 in 1892 were $296, ,8SS 9I, a decrease from the previous year of $37, 724 65 on a ma terially decreased holding of real estate
 The rent account includes no allowance for the Company's use of its own Home Office building
 PROFIT AND LOSS
 During 1892 real estats taken under fore closure at cost of $536 998 "A WAS sold for S741, ,t21 15. and some pieces remaining from former sales, which had paid out the cost of the property to which they belong ed, were also sold SO that the entire profit received on real estate sales was $212,- @"l,-l. Q the other hand, certain pieces ! ere sold at sn aggregate loss of s18.- b5 5l, le wing net gain of $l93, 720. 63 from that ource
 Very considerable changes were made in our holdings of bonds during the year by maturity and sales, on some of which the s@ss by ahrinkages of premiums, and by payments at less than cost amounted to &127,i ; AS On the other hand, some of these bonds sold or were paid at an ad- vance over cost to the amount of $S5, ,26S 45; leaving a net less on these changes of $92,- 524 56; to which were added sundry small items; making the net balance to the good of $04 642 Fl on both real estate and bond transactions.
 khar L paid or has sold bonds which had cost $1,- 100, 221.21; it purchased bonds costing $2,- 261 ,000. It now holds bonds at par, $l2,- 164, 200, which cost $12, 581, ,877 IS, the market value of which has advanced since their purchase to SIS, IF, 658 50 at very conservative estimate.
 From ten to fifteen years ago the Com pany purchased many bonds of high grade bearing six and seven per cent. in- terest and paying high premium therefor. These have been gradually disposed of and their place taken by bonds of the highest class for security, but of more recent issue and bearing rates of interest adjusted to the present time. It may be noted that our present holding at par of $ls, 164, 200 cost us but $417 477 more than their face, or an average price of only $1O3.4O Nearly all of them have long time to run and are therefore likely to show no tendency to de- preciation below cost, at least for many years. Some of our most important pur- chsses in recent years have been on very favorsbl terms
 There Is little to be noted respecting real estate beyond the items already given un- der profit and loss. Since 1879 we have sold property taken under foreclosure at a cost of $8, 907, ,718 S2 for SIG, ,553, ,624 e1-a gain of $l 645, ,905. .79. It Is interesting to l remember that for many years our rivals and detrsctors loudly prophesied the Com pany's ruin from this same real estate. LOANS ON REAL ESTATE During the year loans amounting to $6, 754, ,490 97 have been made, and loans amounting to s6, 727, ,104 82 have been paid |; leaving $36, 444, 759 02 outstanding We have taken every precsution to make them ! safe beyond peradventure. INSURANCE OPERATIONs. MORTALITY. The mortality of 1899 has been far with in the amount expected, and has thus given the members 8 saving of about $400, 900. Favorable mortality is due to good selec- tion, and good selection requires two things;
 FIst-CAfe1ul s6leOtlOu UT th0 1uQlVlQ- ual from physical point of view, and sleo as to the moral hazard; and Seoond-Careful selection of the locali- ties from which business Is taken. The best localities are those sections of coun- try which have healthy climate, which produce an abundance of wholesome food, and which have an intelligent, moral, cleanly, industrious and generally pros. porous population.
 It is then necessary to the best success in selection that business should not be ex- tended over more territory than admits of constant and perfect control in ell Its de- tails by tue home office. In proportion ss business Ia remote and scattered in foreign countries, r quiring the intervention of nu- merous and distant representatives aotipg largely ct discretion, with great powers and upon only general instructions, and without the possibility of close control by the man. agement. selection becomes uncertain from every point of view.
 Much of our success Is due to the fact that we have, In observance of these con- ditions, restricted our business to our own country, and to such portions of 1t as in- volve no extraordinary climatic hazards, and where sanitary measures are reasons- bly, regarded.
 NEW BUSINESS. We have made fair gain in new busi. ness over that written in 1891, and at no loss to present members.
 A Agratifying feature of our business Is it's persistence, in which respect it is prob- ably unrivalled. Our members have taken their policies for protection and not for speculation that protection is made as S. cure as human care and industry cen make it it is treated in absolute equity it is r- thnv {v.a