The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1904-02-20
COLOSSAL FIGURES.
Meaning of Vast Sums in Life In
surance Statement.

The published statements of banks,
trust companies and Industrial con-
Germs command the attention of per-
sons interested in them as investors or
depositors; the annual statements of
great life insurance companies are read
by the mass of the people with all the
interest that attaches to the more i'm
portant news of the day. 1t cannot be
otherwise when practically every fam
lily in every community feels that its
own fortunes are closely connected
with and dependent upon the opera
lions of one or more of these tremen-
dous beneficent associations.
The Metropolitan Life puts forth a
statement of it's business in 1903, pre-
senting an array of figures that shows
impresstvely the intimate relations be-
tween this institution and the whole
people. In one item alone an amazing
fact is stated. It is that giving the
number of policies in force on the last
day of the year-more than $500, 600
showing that one person in every ten
of the entire population of the United
States is insured in this company.
In other items the figures are too
large to convey any clear meaning I'M
til they are divided and subdivided and
made to apply to days and hours in
stead of years. For example, this great
company has paid to and invested for
it's policy holders since organization,
over $238, 900 000-a sum that will i'm
press the average reader merely as be-
ing vast and very vague. There is quick
comprehension, however, when we learn
by little calculation that during 1903
the amount thus distributed among
policy holders averaged $89 a minute
during every working day of the year.
Every day in the year 359 claims were
paid; every day in the year more than
900 new policies were written. At the
end of every day in the year the COM
pany's assets were more than $50 900
greater than in the morning. It's total
assets at the end of the year were more
than sos, 900 000 It's total income for
the year 1903 was over $49, 600 900.
Going back twenty years we have
comparative figures that tell a story
of almost incredible growth. The COM
pany's income for the year 1888 was a,
little over $1,000 900; for 1893 a little
over SIS, 900 900; for 1903 over $49, 900, 900;
it's surplus since 1888 has increased
from about 1927 900 to over SO, 000, 900.
When we come to the amount of out
standing insurance at the end of the
year we pass the billion mark. The ex-
act sum is 81, 342, 3S1, 457.0O.
The Metropolitan Life received from
premiums and other sources during 1903
over $6, 600 more than in 1902. Con-
sidering the relative condition of the
financial markets in these two years.
this exhibit is at first surprising then
Illuminating. In 1902 money was plen-
tiful; public confidence in the manifold
projects OF promoters and financiers
lAeaO never DSeA Sb1Ol1ScIs times were
good In 1908 these conditions were
reversed. Thousands of hitherto pros
porous wage earners were out of en-
plOyment: others were forced to accept
reduced wages; the incomes of the
well-to-do shrank and dwindled: and
everywhere there was a decided ten
dency to retrench and to Withhold
money from investment. Yet this was
by far the most prosperous year of the
Metropolitan Life Insurance companys
existence.
Nothing could show more plainly
what life insurance really stands for in
the minds of the people. 1t is not re-
garded as a speculative venture but
sure promise of security; a safe shell
ter when financial storm clouds threaten
general wreck
A concern like the Metropolitan Life
Insurance company is, of course, a
business organization, but it is one in