New-York tribune., 1903-02-04
mpany-that It's operations are 20 De WeO
cir results weighed.
The Experience of 1902.


The Experience of 1902.
In general. the experience of the Company dur
ing the past year has been OF that steady, eVenso
ing character which should characterize an Old.
hoIding &c the real purpose Of life Insurance ane 20
all that best effectuates IT, and YET progresslys IN
that which will the better commend IL to those
The New Business taken on In 1902 was somewhat
The Old Business has persisted in the usual re-
IN fsaee ole az I end % OF 6at the S year SHOWS 81 s
steady gain for several years past
cent. less thar that expected and provided for
efecting saving OF $3.50
The Expenses OF mana cement FOR the year were
less than for the year 1901
Interest.
For several years the abundance of money seek
ing conservative investments has caused a pro-
gressve decline in the Of interest good So
curities. and this Company has been somewhat az,
fected thereby in common with all other financial
institutions which derive their interest income
interest income has however been satisfactory.
considering existing conditions ana consldeIaosle s
Owing to the very low rate OF interest obtaining
Of our bond holdings was very high.
conservative view Of the maYket- During the year
the rates OF interest high. to cause something
Of decrease in market values th9rgn VerX s,iEnJ
their strong character. Such changes do not anees
all the income from them, and with return or
former conditions return Of former values Is 10
with the execution OF two items Of Texas rnunici-
pal bonds. interest has been very closely eoilec1ed
all securities
The Real Estate Market in 1902 not a very
favorable one for selling but the Company disposed
of So pieces of foreClOsed property, costing Soz-
s9S 46.
As our members are already aware. the Company
has, during the last three years. been erecrnS a
Office building. which is practically conapieoec
ID has also been making such changes IN Us old
building increase it's capacity. ada gredIiy %
it's convenience and attractiveness for tenants ana
connect IL with and adapt IL 70 the new eclIceS
This work is completion and the Wnole seems
likely prove judiciou5 undertaking 70 a sacs-
factory result
The Surplus at the end Of the year stands at
S. 379 992 AS by the legal standard il Is over SOOoOO
1t was reduced during the year oy the temporary
Shrinkage in market values OF bonds alreaoy e
ferred to, by balance Of profit and loss OK %
257 98 on sales Of real estate and various otner
minor items also by the fact that we rerurnes
surplus TO polfcy-holders the same scale OF
dividend that we have maintained Tor rWenry-rv"
years.
From 1881 when our surplus s. 3511S. We noo
it somewhat in 1892. but added to the surplus sacn
wear until 1898 when IL stood at S7,5Zl,SOS since
then ID has been or less drawn upon each year
in order that the cash payments by our pohcy-noIo-
ars need not be increased and IN order 20 tide over
far may prove practicable, the conQItlonS
which are still unfavorable 70 so large saving on
surplus as was possible for many years
Tne maintenance of the low cost TO our r1ernoer3
during unfavorable years was one OF the purposes
OF that great accumulation. and our present seals
will be maintained until IL shall expedient ro
draw no further on the surplus fund -
Attention called the list OF assets and nanan-
ties published elsewhere
we also ask careful consideration Of the follow
ing summary Of our financial history OF drty-sevsn
years.