The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-02-17
FFTY.FOURTA ANNUAL REPORT
OF THE
CONNECTICUT
Mutual Life Insurance
Company.
FIFTY.FOURTA ANNUAL REPORT

itenized financial statement which aC
companies this report.
Each succeeding year brings to tn
conduct of our affairs its own varyin
elements both of difficulty and of ad
vantage, growing out of those genera
conditions which affect the outcome o
the several lines of action which col
lectively make up our business opera
tions.
The notable adverse elements encoun
tered in 1899 were the remaining de
preston in real estate following tn
panic of 1898, with comparatively small
demand, with fewer sales than fore
closures STILL something of, an increas
in the expense account for the care ant
repair of foreclosed properties, rents
still below the normal scale, very low
average rate Of interest throughout the
year. affecting considerable volume OF
investments and, in the late months OF
the year, owing to the disturbances
growing out of the former speculative
financing of many corporate inter
ests abruptly checked by events in Eu-
rope and South Africa, decline in the
market values of securities Of the high
est grade. Such a decline does not af-
feet the intrinsic value Of nor the in
/ come from these securities. But, being
compelled by law to show each year the
! market values of stocks and bonds,
! marking them up when they rise in
price and marking down when they fall,
| the process makes that item of our as
sets and that factor in our surplus vary
arbitrarily from year to year. Perhaps
fair index of the character of our
holdings Of this class of securities is the
fact that on cost of 1922, SS1, 457. 40, there
was a shrinkage in market value Janu-
airy /, 1900, as against January 1, 1899,
of only $195 1929; less than 1 per cent of
their cost but making both our assets
and surplus less by the sum named
than they would be had the market
price remained unchanged.
Happily all the other incidents of the
years experience have not only been
favorable but some of them give hope
full promise for the future.
AS for many years past the proper
ton of fapses and surrenders has been
very email The company has not been
put to heavy expense under the present
unfortunate and unnecessary conditions
of competition, to replace a large loss of
old business from those causes. With
out any change In standard or method,
1t has further increased it's business In
force by 80 353,636, and its premium, in
come by $164, 32S.S5 and its net or ledger
assets by 49, This increase,
though not strikingly great, is thor
oughly healthy. 1T has not been pro-
cured at cost which has to come out |
of our old policy-holders through a re- |
ducton in their dividend and conse-
quent increased cash payment by them. |
While the mortality in 1899 was some
what larger than that in 1898, it was far
within that expected by the mortality
table, and made a saving of S523,2S7
The savings from greater interest
and smaller expenses than are
provided for in our calculations of pre-
miums and reserves and from other
sources, while not as large as in some
former years, have been sufficient to
warrant return of surplus during the
present year on the same scale as for
several years past
Surplus as Protection.
For some years past the savings from
interest, expenses, mortality, and 9TH
,rwise, have slightly exceeded the
mount annually returned to policy
holders. We have felt that our first
luty to them in dealing with the sur
jus, was to sufficiently fortify the
onpany against every foreseen contin-
,ency These contingencies we have
,ept constantly. in mind and have tried j.,
O duly estimate and guard against {
heir possible effect They relate prin- {
ipally to the outcome Of foreclosed real
state possible depreciation of other as ,
cts, temporary high death rate, an t
nusual expense account, and more or
ass protracted period of low interest c
ates. While our foreclosed real estate !
as in the past, taken as whole, shown )
self to be worth more than its cost Y
nd we know no reason to apprehend t
ny different experience in the future
e realize that while We may expect a 4
rofit in many cases. in many others we O
lust expect, as We have already had, C
lore or less loss. We cannot act upon D
nticipations OF profits. We must wait :
II they are made. But possible losses n
e must provide against, whether on "
al estate, or on other assets, or from
lcessive death losses or any unusual ~
acessary expenditure. Against serious +.
sturbance to the steady course of bus v
ess from any or all of these causes an W