The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1903-02-02
tons are to be viewed. and their results
The Experience Of 1902.

The Experience Of 1902.
In general, the experience of the Com
pany during the past year has been Of
that steady. eyen-going character
which should characterize an old, thor
Oughly-grounded company, conserva-
tive in holding to the real purpose Of
life insurance and to all that best eff
fectuates it, and yet progressive in that
which will the better commend it to
those who want it only for that pur-
pose.
The New Business taken on in 1902
was somewhat more than that of the
previous year.
The Old Business has persisted in the
usual remarkable degree, so that the
amount of business in force at the end
of the year shows the same steady gain
as for several years past.
The Mortality cost for the year 1902
was 22.7 per cent. less than that expect
ed and provided for, effecting q saving
of $545, 256.
The Expenses of management for the
year were less than for the year 1901.
Interest.
For several years the abundance Of
money seeking conservative invest
ments has caused a progressive decline
in the rate of interest on good securi-
ties, and this Company has been some
twas affected thereby in common with
all other financial institutions which
derive their interest income from in
vestments of a permanent character
Our interest income has, however, been
satisfactory, considering existing con-
| ditions, and considerable margin
above reserve requirements has been
saved.
| Owing to the very low rate of interest
obtaining early in the year and during
1901, the market value of our bond
holdings was very high, even on a con-
sentative view of the market During
the year the money market so radically
changed, carrying the rates of interest
so high, as to cause something of a de-
crease in market values though very
slight as a percentage on our large
holdings, indicating their strong char
I acter. Such changes do not affect at
all the income from them, and with a
! return of former conditions a return of
former values is to be expected.
| With the exception of two items of
Texas municipal bonds interest has
been very closely collected on all secur-
tiles.
The Real Estate Market in 1902 was
not very favorable one for selling, but
! the Company disposed of SO pieces of
foreclosed property, costing 1921, 1893. 49,
AS our members are already aware,
the Company has, during the last three
years, been erecting new office build
ing, which is practically completed; it
has also been making such changes in
its old building as increase it's capacity,
add greatly to its convenience and at
Effectiveness for tenants, and connect it
with and adapt it to the new edifce
This work is near completion, and the
whole seems likely to prove judicious
undertaking to a satisfactory result.
| The Surplus at the end of the year
stands at s6,379, 992.43; by the legal
! standard it is over $9,000,0 900. 1t was
! reduced during the year by the tempo
rary shrinkage In market values of
( bonds already referred to, by bal
ance of profit and loss of $57, 257 9S on
SetACo VI lCctl CSLdIc dLlu various ULLSF
minor items, and also by the fact that
we returned surplus to our policy-hold-
{ ers on the same scale of dividend that
we have maintained for twenty-five
years.
! From 1881, when our surplus was So
! S51, 155, we not only returned this high
rate of dividend, increasing it some
{ what in 1892 but added to the sl1rnlus
each year until 1898, when it stood at
| $7,521 ,909. Since then it has been more
or less drawn upon each year in order
that the cash payments by our policy
holders need not be increased, and in
order to tide over, as far as may prove
practicable, the conditions which are
still ,unfavorable to so large a saving Of
surplus as was possible for so many
| years.
| The maintenance of the low cost to
our members during unfavorable years
was one of the purposes of that great
accumulation, and our present scale
will be maintained until it shall seem
expedient to draw no further on the
surplus fund.
Attention is called to the list of as
sets and liabilities published elsewhere.
We also ask careful consideration of
the following summary of our financial
history Of fifty-seven years.
.1,. 1885,