New-York tribune., 1907-01-11

ried as assets have increased as follows:
rnesrned Premiums Jan lst. 1919 sloss sss
Gheerned Premiums. Jan Jst. 1904. i4q ~
1Bearned Premiums Jan. LIST 1ea5 279 a4s
nneerned Prerni iums Ian. Ist 1905 40 700
unearned Premiums. Jan, 1st 1907, 80. 5s1.5os
ASSETS AND LIABILITIES.
ASSETS:
New York City MORTGAGES. .522. 6ss.es
CCompanys Bkiyn Bldg. cost. ss.ooo.oo
LIABILITTEs:
eaplial ......-...s2. 600. 900. IN
surplus .:.-----------.- 1.5S0.0oo. 90
Mortgages sold. not delivered s1s.es9si
s4.s2y.Ios.os
Since the Increase in the Company's
capital in March. 1903. dividends hav.
been paid TO stockholders amounting TO
$3.50 900. in addition 10 which S345-
i so has been added 20 Surplus or IN
divided Profits. making total net earn
inss of S99S $50. In addition 70 these
earnings. the net increase in Unearned
Premiums from January 1st. 1908.
TO January 1st. 1907. amounts 10
S4Ss .8s3
The Assets and Liabilities Of the
Company were yeri fed and It's ac-
counts were examined "a of Decem-
ber 31st. 1906. by THE AUDIT
COMPANY OF NEW YORK. the
latter certifying to the correctness
Of the statement Of Assets and Lia-
bilities and TO the Earnings. Ex-
penses and Dividends of the year
1909, as repot ed herein,
The Company continues 20 rigidiv
| adhere 70 the limitations which IL has
imposed 70 safeguard it's business
| These restrictions. enforced only bv
the Lawyers Mortgage Company. are az
| follows:
First: TIE TOTAL OUTSTANDING
GUARANTEED MORTGAGES ARE LI5i-
/ TIED TO TWENTY TINES The CAP
| ITAL AND SURPLUS OF The COM
/ PANf. To render this limitation prsc-
/ tically irrevocable the following amend
unens to Bylaw VIII. providing 4s
above. has been passed: This Article
shall not BE- amended or repealed except
with the written consent duly acknowI-
edged Of the holders Of all tn. policies
Of mortgage Insurance then outstand-
ing issued by the Company This is
the accepted European standard. whose
safety has been demonstrated by 1a0
years Of successful mortgage expert
encel
Second: TIE PROFITS OF THE
. COMPANY ON GUARANTEED MORT
| CAGES ARE LIMITED To ONE-HALF
PER CENT. PER ANNUN "a similar
limitation is required by law Of European
Mortgage Companies and removes the
! temptation TO accept doubtful loans for
! the sake OF larger prof1tsl
Third: THE LOANS OF THE COM
PANY ARE LIMITED To THE BOR-
oUGHs OF MANHATTAN. BROOKI.YN
AND THE BRONX. (No loans made in
adjoining suburban territory
Fourth: THE LOANS OF The COM
PANY ARE LIMITED To SELECTED
AND WELL. BUILT Up DISTRICTS IN
THESE BOROUGHS. NO loans nads
in undeveloped districts. OF near nui-
sancesJ
Fifth: TIE LOANS OF The COM
/ PANY ARE LIMITED TO INCOME
PRODUCING BUSINESS OR RESI-
DENCE PROPERTY. CNo loans made
on vacant land. churches. factories.
theatres. or on any special utilizat;onl-
Tho effectiveness of these limitations
IN safeguarding the Company's invest
| n1ents Is clearly evidenced By the re-
msrkably clean record maintained by
the Company as 70 delinquent interest
and foreclosures. During the year theirs
have been but two foreclosures. cne
I ~ O..
five mortgages OF $3.50 each, all paid
of at foreclosure sale. The Company
has now but one mortgage under fore
closure tamount s+.75O,. owns no fore-
closed real estate. and has interest more
than one month delinquent of only
/ 81 .Os5.
The sound principles on which the
| Lawyers Mortgage Company conducts
It's business and the publicity with which
It reveals every detail Of its business.
have won the condolences of the mos.
cautious investors in New York. and
| form the basis OF the steady increass
| in its annual sales Of Guaranteed Mort
/ cages
| More and more are all investors
large and small skilled and unskiIled-
coming TO realize the double advantages
| Of being both protected from all posi-
| bilitv of loss and relieved of all cars OF
Watching their investments. This is
clearly SHOWN by the fact that the Law
yers Mortgage Company has sold mors
| Guaranteed Mortgages than in any
previous year OF its history In the face
of such rates for call money in New York
as eo95 IN january. 300 in April. t0e, in
September. 279s in November. asa In
December. eto.
Without doubt a contributing factor
OF Importance has been the Mortgage
Tax Law Of 1905. under which all mort
cages recorded after July LIST. 1905. pay
a recording tax Of 1sss and are hence
forth tax exempt. This has led 70 the
shifting OF many millions of dollars OF
Trust Funds from low return bonds into
Guaranteed Mortgages netting AZ and
City Mortsag selected by an expert
enced company. specifically secured
by income producing business or resi-
OF security on present values, and with
the added strength Of New York's in
crease OF over 100000 population per
annum. and further guaranteed BY g
Company of t4.2SO.O0O of Capital and
Surplus. give the greatest combination
of security and return offered 10 inveS-
tors.
RICHARD N. HURD.
President
.-The Science o; City Mortgage Lending
giving specific principles on which the Com-