Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1906-12-27
UNION MUTUAL.
The Insurance Committee
Reports on Condition.
The Findings Axe Satisfactory
to All Concerned.
Assets Sii,306,l30.77.. Income
and Bal. sI3,8i0,796.33.

The Hon. s. W. Carr, State insurance
commissioner, in a statement issued
yesterday in conjunction with the Hon.
T.. T.. Rittcnhouse, deputy sup"rinten-
dent of insurance for Colorado. the Hon.
Frederick l.. Cutting. insurance COM
missioner of Massachusetts, and the
lion. Joseph RuttOn, commissioner of
Insurance for Virginia, states that an
examination of the affairs OF the Union
Mutual Life Insurance Company o.
Portland revealed nothing to indicate
that the officers were protiting by their
connection with the company except as
disclosed by the books.
The report states that the president
OF this company is also the president
of the Portland National Rank: the
onion Safe Deposit and Trust Com
pany and the Rockland-Rockp"rt Lime
Company; it is suggested. the reforc as
a general proposition that the ..adnin
istlaticn Of subsidiary companies by
the same men that officer the inSur
ancc companies may lead to cntangic-
ElentS which would not be conducive
to the interests of the policy-holderS
ana it is. therefore. recommended. that
such separation be made as rapidly as
possible for the preservation OF ali III
tcrests.
The coinpanys treatment of lis
rolicy-hol.Icrs was found in all cases
to be equitable ard no diversion of
funds for political purposes WAS evil
dcnccd by the books.
The committee further say:
9TH. examination shows; that in adj
dition to tn correct statutory rc5"rv;
being maintained upon all policy con-
tracts and the charging up Of all
liabilities which may accrue from all
sources, the company is in possession
Of a surplus Of over s2S6,OJ0 for the pr"-
lection Of its policy contracts, and out
Of which further dividends may be de-
clarcd.
at is Il matter of qualification To the
commissioners to note the examiners
findings that there has been no diver
sion Of funds for political or improper
purposes.
1--WE find that in common with the
other companies the agency expenses
of this company nave been excessive,
but this condition will be renedied i'll
the near future as new contracts upon
a lower basis are being made with the
corpany'S agents.
"AlthouGh this company has par
ticipatcd in underwriting syndicates
il, the past through its brokers. these.
facts have been frankly set forth in III"
various annual statements submitted
to tn" different Insurance departments
that tie company has protitcd by these
investments.
'The real estate owned by the COM
nany consists of a number Of parcels.
most of them being in Chicago and up
bearing in the company's assets as q
result Of q legacy inherited from the
former management A number OF
years ago the company held a mort
gage upon this property which it had
to forcclosc and take title after cXtcn-
sivc litigation. 1t was then an unpro-
ductive item. but this company has
deemed it advisable to erect dwelling
houses uron certain of these lots with
the result that it is now receiving
some income, although small, from the
property.
"rhc decrease in gain in the amount
of insurance in force this year iT
probably ascribable to the agitation
throughout the country against insur-
ance companies.
"The mortality experienced by tn"
company has been very favorable and
indicates an excellent selection of
risks"
The ledger assets were 1l.306.13O.1.
and the total income and balance were
sl3.S10, 1865.
Some Of the sources Of income were
as follows:
First years premiums, 500 .416.0f: re-
ncWal premiums QcSS rc-inSurinc'),
$16l:.17040. dividends applied 10 pay
renewal premiums Si1,2Ii0S; interest
on mortgage loans. &I.SlS.!".; interest
on bonds and dividends on stock, S2I9,-
1881: interest rents from company 3
property. $,0.361.5i; profit on sale or
maturity Of assets. s;6,3%3l.11: commits
sion raid for loan of government bonds,
S2427.11.
Some Of the disbursements are as
follows:
Death claims ANA additions. So
2I3.65: ,Gaturcd cndoWlncntS and addi-
TONS. $;453'.@>; policy loans v"idcd by
lapse. $32.60.."l; surrender values paid
IN cash. $:l1.5Ii.12; surrender values
applied To purchase paid up inSurI nee
ana an:utics. SIS, Go$.3G; dividends paid
t. policy-holdcrs in cash, 10;
commissions and bonuses to agents,
renewal premiums. $l0S,5G?.2': salaries
ana travelling expenses of agents, $66,-
l1S.G6: salaries and compensation of
officers. directors and employees, SSH
Ca: insurance taxes. licenses and
DEPARTMENT fees. $if,S05.l?: repairs and
expenses on real estate. $12.S15.1S: loss
on sale or maturity of stocks ana
bonds. s26,211.G3
Most oisfSuring skin eruptions. scrof-