The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-02-26


ture of the company's management. AM
other occasion will be chosen TO set form
some of the more interesting details OF
the company's history. its careful pro
gress. its conservative changes IN the
bases of its calculations, ana It's more
scientific and equitable ad1us.me IN
application of reserves on lapsing policies.
For the purposes of this report it is sur
hcient 70 caA your attention 10 the Iol-
lowing striking group OF facts.
From its organization to Jan. l, 1896,
the company received:
For premiums. SlS1. 36S $3.50
For interest. 73,553,522S5
l For rentS............ b,Sl4 Si0.Sb
Bal. profit and loss 9S5,0S.s4
Total receipts ................S 26S, Ill S16.5S
death Claims 4 f6r' ss5.oo8,77s2
for .:....:......... 13.166.SlO.SO
cies 49,. ...i....... ~ 2s.OA.4s1s9
For divfdendsltSf9. 81, 6s2lO5O2
A total returned to
policy holders or
their benefi Charles,
being 1888 per
cent. of the entire
premiums receiv-
ed ......:........... s175. 9121S513
It has paid for ex-
penses ............ 23.4ls, 3e6A
IaNes ............... 6,59b2
Total expenditures. .......... s2O7. e47, 7s5. "a
Balance net assets Jan. /, 1896. 6O,764 O2O. 81
1t has additional assets (see
statemeno ....,................ 1,s95,745.s1
Total assets. s62, 759, 765. 95
That is the amounts returned to policy
holders and their benefcaries (Si75 91s,-
1919 and the balance of income after all
expenditures, ESQ. 764. go 50, aggregating
S236676,2O H. are 1852 per cent. OF the en-
tire amount received from policy holders.
Adding the further items of assets as
percentage haa
been done at an expense Of management
OF 874 per cent: of the income. Both in
and in the economy of management-that
is, in the low cost of the protection given
these results are equaled by no American
company.
Operations in 1895.
The year 1895 was one of prosperitv
fair gain in new business and in the
amount at risk, with no increase in ex-
pense; favorable mortality with a con-
siderable saving therefrom; a substantial
gam In surplus, Notwithstanding an in
creased dividend. and a general maiEten-
anee of healthy conditions are the chief
features of the years experience.
We greatly regret that the new REQUIRE
ments of the several State Insurance De-
partments interfere with our long-contin-
ued practice of completely closing a vear's
business before reporting it, and compeI
us to close our books while many items of
business belonging to the year were still
outstanding. In consequence, we show an
item of premiums in course of collection
for the first time in many years-a larger
uncollected interest and a slightly larger
ratio of expense to income without an
actual Increase, than would otherwise
have been the case. The full expenses have
been incurred without our having receiv-
ed the full income to which they are re-
ferable. 1t is proper to say that we actu-
ally closed the years business as has been
our custom. but we are not permitted to
publish the result as hitherto, as the fig
ures would not agree with those of the re-
ports required by the several departments
The Operations of the Year
as covered by our report to the Insurance
departments are follows:
Net assets, Jan. l,
Less deductions
from cost Home
Office Building =. 100000 90
Balance net assets s.,....... $50 84s, 1893 So
For or premiums ~. s,4.sS, t2s %
For interest and
| Balance profit and
loss ...,............ 1929 40
Total income ........"..... 77Ss,2O4 80
ss8 189, COZ "A
/ For claims by death
and matured en-
.dowments ,.......$ 4,3S2,390 40
Surplus returned to
policy holders =. 1,242,s47 80
:
/ dered policies - 655,s7S O5
holders ...........$ 6,2s1.S1e 6S
! Commissions to ag-
ents, salaries, med
ical examiners
fees, printing.
/ advertising, le-
gal, real es-
| tate, and all 9TH
! er expenses of
management 80. 1856 AZ
! IaXeS ................ ol4,boS W
Total expenditures ......... 7S75.5S2 10
Balance net assets Jan. l,
1896 OBSERVATION-DISCLOSURES. 500 764, 020 Ga
| Add interest due and accrued,
market values of stocks and
bonds over cost, and net de-
ferred and uncollected premi-
ums. as per itemized state
| ment herewith ...s....s....... 1895, 745 81
Gross assets Jan. /, 1896 ...... .$62 759, 765 95
Total liabilities ................. S. 66S, 500 50
Surplus Jan. !, 1896 .............$ 1906, 256 43
Interest.
| We received for interest and dividends
/ 2,S69, 1S0.37; for rents, $22S, S25.32. The
/ financial and business conditions of the
4 year made the collection of interest
| somewhat less satisfactory than usual
/ The total of overdue interest on real es-
| tate loans-amounting to $S6,069, 56l-Jan.
/ l. 1896, as by our department reports, was
| $l22, 1l6.11. Of this amount there had been
1 maid n Feb S16 11S Q3