The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-02-13

TuOQeTAL6
the expense account, raising the cost to every
policy holder
1t is. therefore, gratifying TO be able to say
that during 1892. as for several years past we
have made substantial gains in new business
and amount in force without any practical in
crease of expenses; and that as a result OF the
economy of that and of many previous years
and careful handling OF business, We have
been able TO materially increase your rate Of
dividends, thus making the cost of your insur-
ance less even than before. We have also made
notable gains in strength through the increase
OF assets and OF surplus.
The items of the years financial history are as
follows:
Received
For premiums. ...... 81, 622, 2O3 30
For interest and rents g. i6S.070 50
Balance profit andloss 94.642 II
Total income. ......... .....,..S 1884. 916 70
During the year it paid out:
For claims by death
and matured endow-
ments. ..............S 81, 1853, 1872 IS
Surplus returned to
policy holders. ..... l,223,59S II
Lapsed and surren-
dered policies ........ 665,318 80
Total paid policy holders. SIS 6.957 ,O19 IS
Commissions to agents
salaries medical ex-
amners' fees, print
ing, advertising, le-
gal real estate and
all other expenses of
management Observation-Disclosures. T9S, 055 60
Taxes Observation-Disclosures. 500, 100 40
To.aI
Balance carried to in
crease net or ledger
assets. OBSERVATION-DISCLOSURES 1923, 500 Sc
Add net assets Jan. /, 1S92....... $500, 794 IS
Net assets, Jan. /, 1885,. S59, 037, 1876 "a
Add interest due and
accrued, market
values Of stocks and
bonds over cost, and tr
net deferred quar-
terly ana semi-an
nual premiums as
per itemized state
ment herewith ....., .......... l,7A,i54 Is
Gross assets, Jan. l. 1898. $50, IS! $40 80
Total liabilities. ............ 54234, GO OF
FINANCIAL OPERATIONS.
INTEREST.
The interest received in 1892 was 81, S71. 1si 70
The overdue inter st Jan. l, 1898. was only
251,4l 40, on $50. 444.769 O2 mortgage loans, or
one-seventh Of per cent. On Sl2,967. 637 a3 Of
bonds and stocks nothing was overdue.
RENTS
previous year of S37, 724 65 on a materially de-
creased holding OF real estate.
The rent account includes no allowance for
the company's use of its own home Office build
ing.
PROFIT AND LOSS.
During 1892 real estate taken under fore
closure at a cost of 1886. 1896 "a, was sold for
Sl4l221 Is. and some pieces remaining from
former sales which had paid out the cost of the
property to which they belonged were also sold
so that the entire profit received on real estate
sales was S2i2, 200 Al. On the other hand, GER.
tain pieces were sold at an aggregate loss of
Sls539 81, leaving net gain of 1913 ,720 60 from
that source.
Very considerable changes were made in our
holdings OF bonds during the year by maturity
and sales, on some Of which the loss by shrink
ages of premiums and by payments at less than
hand, some of these bonds sold or were paid at
en advance over cost to the amount of S35, 26S as
leaving net loss on these changes of $685.
b2i5 6, to which were added sundry small
Items, making a net balance to the good of
S9i6i2 II on both real estate and bond transac-
tons.
During the year the company has had paid or
has sold bonds which had cost 81, 100, 22I 81; it
purchased bonds costing S2,26!000 It now
holds bonds at par, BIZ, 10000, which cost
S2,5Sl6Y IS, the market value of which has
advanced since their purchase to sail $50 so
at very conservative estimate.
From ten to fifteen years ago the company
purchased many bonds of high grade bearing
6and per cent. interest, 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 re-
cent issue and bearing rates of interest adjusted
70 the present time. 1t may be noted that our
present holding at par of Sl2, 1920 cost us but
&-7471 more than their face or an average
price of only S1O3 30. Nearly all Of them have
Along time to run and are therefore likely to
snow no tendency to depreciation below cost, at
least for many years. Some of our most i'm
portant purchases in recent years have been on
very favo rable terms.
REAL ESTATE.
mere is little to be noted respecting real
estate beyond the items already given under
p'ont and loss Since 1879 we have sold prop
erty taken under foreclosure at cost of S. 907.
40 81 for $I0,553e24 81; gain Of 81 ,645. sos 49,
Is interesting TO remember that for many
years our rivals and detractors loudly prophe-
Neu the company's ruin from this same real
estate
LOANS ON REAL ESTATE.
Durlng the year loans amounting to S6,154,
w wv W have been made. and loans amounting to
SS ", lO4 81 have been paid; leaving SS6,444
'O' " outstanding. We have taken every pre-
.1u'ion to make them safe beyond peradvent-
INSURANCE OPERATIONS.
MORTALITY