The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-01-29

of the Assets of this Com parry mas been
materially changed. Its holdings Of Rail-
road bonds have decreased from $780,
All. 40 to 1886, $40. rs, and the amount of
State, County and City Bonds has in
creased from $947, 500. so to 81, 397, 667. 80.
Sixty three Thousand. eight hundred dol
lars have been invested in United States
bonds, and while the amount of misoel-
laneous corporation bonds remains sub
stantially the same, through selling and
buying the quality of this GLASS of secur-
tiles held by the Company has been
greatly improved. ,
Your loans secured by mortgages on
real estate have increased from 81, $40, 256-
62 to 81, 1914, S08. 33; and the loans secured
by collaterals have increased from 1928, :.
359. SO to 1858. 557. 96.
Negotiations are ut present pending
which PROMISE by satisfactory sale in
ths near future, very large reduction
in the Company's holdings of real es-
tate
The management of this Company
thoroughly believes that profit as we'll as
safety lies in the direction of the choicest
Investments, and while the temporary
income from lower grade securities may
promise larger returns, the experience
OF decade will demonstrate that bonds
which have wide fluctuations in market
value are never satisfactory or profitable
securities for the permanent Investment
Of trust funds.
Convincing evidence of this proposition
Savings Institutions of the country,
which shows that the banks whose de-
posits have been invested In bonds and
notes bearing high rates of interest, in
the haste to make money, have made
small increase in sizs, strength and cred
it, while institutions that have acquired
the highest class of securities, bearing
lower rate OF iroome, have enjoyed an
uninterrupted gros. th in deposits and
surplus, as well a. in the confidence of
the public.
While the Finance Committee Of your
Board of Directors has properly regarded
the question Of profit, it has not lost
sight Of the fact that it is it's duty to in
vest, not speculate, with the funds be-
longing to the Policy holders of this
Company, and, following this rule, the
securities acquired during the past year
are safe and sound, and not subject to
wide fluctuations in market value.
The most reliable authority by which
to measure the standing of corporation
Is it's reputation among the responsible
people in the locality where its manage
ment is best known, and the transaction
of Its current business is open to public
| inspection. The fact that SO large a
proportion of the leading professional
and business men of this City and State
have during the past few years become
Policy holders in the Union Mutual Life
Insurance Company, and have manifested
an active interest in it's welfare, has been
most influential in promoting the growth
of it's business wherever it has agencies
established.
| The business OF the Company has been
prosecuted with as much vigor and ener-
gy as seemed consistent with the practice
of economy. Without exc. Jtion, those
engaged in the Company's service have
discharged their duties in the acceptable
manner which has rendered the organi-
zatlon efficient i'll all it's branches.
The New Insurance Written has, we
believe, been first class in every particu-
lar.
A gain of 5000, n54.75 has been inade
in the Assets, which now aggregate
Sc, 797, 391. o5.
At the close of 1896 the company did
not own single bond Of sny kind which
was in default of interest
The Surplus above Liabilities has in
creased SIS, $50. 43 and now stands $435.
49, So.
| Notwithstanding the general unsatis-
| factory conditions of the financial and
commercial interests Of the country. the
Union Mutual Life Insurance Com
pany has had prosperous year. and it
enters upon the work OF 1896 meritino
and enjoying the confidence Of the dis
eliminating public.
Respectfully submitted,
JOSIAH I'll. DRUMMOND,
PERCIvAL BoNNEY,
FRED e. RICHARDS,
THOMAS A. FOSTER,
MARQUIS F. KING,
EDWARD A. MOVES, | Directors.
FREDERICK ROBBIE,
| FRANK E. ALLEN,
SELDEN CoNNoR,
DAVID G.. HAMILTON,
ARTHUR L. BATES,
j. FRANK. LANG,
FORTY-SIXTH ANNUAL STATEMENT
OF THE
Union Mutual Life Insurance Company,
OF PORTLAND, MAINE.
| For the Year Ending December 81. 1897,
u