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Full text of "Fifty-Fourth Massachusetts Life Insurance and Miscellaneous Insurance Report, Business of 1908"

State Library 



OF 



MASSACHUSETTS. 



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Digitized by the Internet Archive 
in 2013 



http://archive.org/details/fiftyfourthmassaOOmass 



Public Document 



No. 9 



FIFTY-FOURTH ANNUAL EEPOET 



OF THE 



Insurance Commissioner 



OF 



®f)e Commctrajealtf) of JUaBsactjusette- 



January 1, 1909. 



PART II 



LIFE, MISCELLANEOUS, ASSESSMENT AND 
FRATERNAL INSURANCE. 




BOSTON: 

WEIGHT & POTTEE PEINTING CO., STATE PEINTEES, 

18 Post Office Square. 

1909. 



Approved by 
The State Board of Publication 



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B 



TABLE OF CONTENTS. 



[For Index to Companies, see end of volume.] 



Reinsurance of Massachusetts Business, .... 

Admissions and Withdrawals, ....... 

Extent of Application of our Laws to Domestic Companies, . 
Combinations of Classes of Insurance, ..... 

Standard Provision for Accident and Health Policies, . 
Dishonest Agents and Brokers, ...... 

" Continuous Installment " Policies not Annuity Contracts, . 
Union Central Life Insurance Company of Ohio, . 
Various Pertinent Dividend Considerations, . . . 

Hartford Life Insurance Company, 
Reports of Receivers, . . . . 

Statistical Tables (Regular Life) : — 

Table A. — Summary from other tables and amounts of participating and 
« non-participating insurance, 

Table B. — Income, .... 

Table C. — Disbursements, . 

Table D. — Assets, .... 

Table E. — Liabilities, 

Table F. — Policy exhibit of issues, terminations, etc., . 

Table G. — Classification of policies and insurance in force, 

Table H. — Mode of termination, 

Table I. — Massachusetts business, 

Table J. — Annual dividends, ordinary life, . 

Table K. — Annual dividends, 20-payment life, 

Table L. — Annual dividends, 20-year endowment, 

Table M. — Experience with new business, 

Table N. — Gain and loss exhibit, 

Table O. — Salaries, .... 

Table P. — Bank balances, . 

Table Q. — Miscellaneous companies, 
Massachusetts Life Insurance Companies, 



PAGE 
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IV 



TABLE OF CONTENTS. 



Life Insurance Companies of Other States, ...... 

Savings and Insurance Banks and the General Insurance Guaranty 

Fund, 
Appendix, ..... 

Miscellaneous Insurance Companies, 
Assessment Insurance Companies, 

Detailed statements, 

Table 1. — Income, expenditures, assets and liabilities, 

Table 2. — Exhibit of policies, 
Fraternal Beneficiary Corporations, 

Record of changes, 

Detailed statements: — 

Massachusetts corporations, 
Corporations of other States, . 

Table 1. — Date of incorporation, location and officers, 

Table 2. — Income, expenditures, membership and deaths, 

Table 3. — Assets and liabilities, ..... 



PAGE 

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©I)e (HctmnDtttoealtt) of ittaBsactyusette- 



Insurance Department, Boston, Aug. 10, 1909. 

To the General Court of Massachusetts. 

I have the honor to present Part II. of the fifty-fourth annual 
report of this department. As in previous years, it embraces all 
classes of insurance transacted in this Commonwealth except fire 
and marine, which were covered in Part I. It comprises, besides 
the reports of receivers of insolvent companies and various statistical 
tables relating to insurance companies, four principal divisions, one 
setting forth, in considerable detail, the condition of old-line life 
insurance companies, the second covering the miscellaneous com- 
panies, the third covering assessment companies and fraternals, and 
the fourth savings bank insurance. 

A list of the companies of the classes comprised in this volume, 
except fraternals, which have been authorized in Massachusetts since 
Jan. 1, 1908, together with a corresponding record of those ceasing 
to do business since that date, may be found on the next page. The 
fraternal record respecting changes may be found in the division 
of this report relating to that class of companies. 



The Reinsurance of Massachusetts Business. 

Officials of some of the foreign companies authorized to do busi- 
ness in Massachusetts have had some difiiculty in interpreting the 
provisions of section 20 of the Massachusetts insurance law as far 
as that section relates to the reinsurance of risks in this Common- 
wealth, a difficulty, however, not shared by the officials of the In- 
surance Department. In deference to their views the question at 
issue was referred to the Attorney-General for an opinion, which 
opinion is given herewith. It confirms the position taken by this 
department whenever the meaning of the act has been called in ques- 
tion, which position is the only logical and fair one, regardless of 
statute provisions, for it tends to secure for companies authorized 
here the insurance business of the Commonwealth, to which certainly, 
after qualifying to do business here, they are entitled. 



VI 



REPORT OF THE 



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INSURANCE COMMISSIONER. VII 

Boston, July 9, 1909. 
Hon. Frank H. Hardison, Insurance Commissioner. 

Dear Sir : — You inquire whether the provisions of St. 1907, c. 576, 
§ 20, are applicable to all classes of companies transacting the business 
of insurance under the provisions of such statute, and if the Insurance 
Commissioner has authority thereunder to revoke the license of any 
company which reinsures any property, life or interest in this Common- 
wealth in a company not authorized to do business within the Common- 
wealth of Massachusetts. 

Eeinsurance in companies which are not authorized to transact the 
business of insurance within the Commonwealth is recognized and per- 
mitted by St. 1907, c. 576, § 89, which, so far as material, provides that 
" no company shall directly or indirectly contract for or effect reinsur- 
ance of any risk in this commonwealth with any company not authorized 
to do business therein, except as provided in section twenty." Section 20 
provides in part that : — 

If a company authorized to transact the business of insurance in this 
commonwealth directly or indirectly contracts for or effects any reinsurance 
of any risk or part thereof taken by it, it shall make a sworn report thereof 
to the insurance commissioner at the time of filing its annual statement or 
at such other time as he may request; and such reinsurance unless effected 
in companies authorized to transact in this Commonwealth the class of busi- 
ness reinsured shall not reduce the taxes to be paid by it nor the reserve 
to be charged to it; and in no event shall such reinsurance reduce the 
premiums in force, upon which a reserve is to be carried by the ceding 
company except to the actual amount paid or payable by it for the re- 
insurance including the commission, if any, allowed by the reinsuring com- 
pany on account of such reinsurance, except that in case the reinsurance is 
effected by a company as a preliminary step to its permanent retirement 
from business its premiums in force may be reduced by the gross amount 
written in the original policies so reinsured. 

If a company directly or indirectly reinsures a risk taken by it on any 
property, life or interest in this commonwealth in a company not duly au- 
thorized to transact business therein, or if it refuses or neglects to make the 
returns required by this section, the insurance commissioner may revoke its 
authority to transact business in this commonwealth if it is a foreign com- 
pany and, if a domestic company, he shall report the facts to the attorney- 
general as provided in section ten; but any fire insurance company authorized 
to do business in this commonwealth may insure and have full authority 
to reinsure in unauthorized companies any property located in this com- 
monwealth in respect to which an affidavit has been filed within the twelve 
months last preceding in accordance with the provisions of section eighty- 
eight, in which case the restrictive provision of this section as to the amount 
which may be insured in a single risk shall not apply. 



V1U REPORT OF THE 

The first paragraph of section 20, above quoted, if not expressly at 
least by implication authorizes reinsurance in companies not authorized 
to transact business in this Commonwealth, provided that if such reinsur- 
ance is effected it shall not reduce the taxes to be paid by, nor the 
reserve to be charged to, the original insurer. 

This paragraph is obviously designed to safeguard the Massachusetts 
policy holder by providing that where a contract of reinsurance is placed 
by a company authorized to do business within the Commonwealth with 
a foreign insurance company not so authorized, the stability of the 
Massachusetts company shall be preserved by requiring a sufficient re- 
serve to be carried by it to meet its liability under the original contract 
without reference to such contract of reinsurance. 

The provision in the third paragraph, that if an insurance company 
doing business within the Commonwealth directly or indirectly reinsures 
a risk taken by it on property, life or interest in this Commonwealth 
in a company not duly authorized to transact business herein, the Insur- 
ance Commissioner may, if it is a foreign corporation, revoke its license 
to transact business within the Commonwealth, or, if it is a domestic 
corporation, report the facts to the Attorney- General, is, upon the other 
hand, limited to the reinsurance of risks located within the Common- 
wealth. 

Although the first paragraph is broad enough to apply to reinsurance 
wherever effected upon all risks wherever situated, and whether or not 
the company desiring reinsurance is a domestic corporation or a foreign 
corporation authorized to transact business within the Commonwealth, 
I am of opinion that it must be read in connection with the later pro- 
vision in clause 3, and that section 20 must be construed to permit the 
reinsurance of risks beyond the limits of the Commonwealth in unauthor- 
ized companies subject to the conditions set forth relating to the taxes 
and reserved premiums, but that such section does not, in view of the 
later provision of clause 3, permit the reinsurance of Massachusetts risks 
in such company, and that such reinsurance is, therefore, forbidden by 
section 89. 

The purpose of this provision undoubtedly is to secure to the insurant 
of a Massachusetts risk the additional protection afforded by reinsurance 
in a company approved by the Insurance Commissioner in respect of 
responsibility, and at the same time to prevent a single company ad- 
mitted to do business here from insuring risks which, but for the power 
to reinsure, it could not safely carry, and reinsuring such risks in com- 
panies which are not admitted to do business within the Common- 
wealth, with the effect of taking such insurance out of the reach of other 
companies which have regularly entered the Commonwealth in accord- 
ance with the provisions of its laws; or, in other words, to secure so far 
as possible to companies duly approved under the laws of Massachusetts 
the benefit of Massachusetts business. 



INSURANCE COMMISSIONER. IX 

I may add that I see no reason for holding that the power of revoca- 
tion vested by the statutes cited in the commissioner where reinsurance 
is effected in a company not authorized to transact business in this Com- 
monwealth is to be limited to reinsurance effected by fire insurance 
companies. 

Very truly yours, Dana Malone, Attorney-General. 



Extent of Application of Our Laws to Domestic Companies. 
It is becoming more and more apparent that the Legislature will 
be obliged in the near future to deal with the question of the extent 
of the application of Massachusetts laws to Massachusetts companies 
in their operations outside of this Commonwealth. Our law, for 
instance, has a provision that a Massachusetts insurance company 
doing two or more classes of business may not combine in the same 
contract agreements for the several kinds, the language of the law 
being in substance that contracts of insurance for each of the classes 
of risks specified in the law shall be in separate and distinct policies, 
notwithstanding any provision which permits a company to transact 
more than one of said classes of insurance. Does this require that 
a domestic company doing business in other States must use a sep- 
arate and distinct policy in those States for each class it transacts ? 
While it requires that foreign companies, in their business transacted 
in Massachusetts, must issue a separate and distinct contract for 
each class of business it does here, manifestly such foreign com- 
panies could not be held to be governed by that rule outside of Massa- 
chusetts. But the statute makes no distinction between foreign and 
domestic companies, and so the question arises whether, as long 
as the Legislature did not intend to have the statute in question apply 
to the business of foreign companies outside of Massachusetts, it 
did intend to have it apply to domestic companies outside of Massa- 
chusetts, as it did not specifically say so. This doubt would have, 
perhaps, little consideration in view of the fact that it has been 
generally considered that Massachusetts laws follow Massachusetts 
companies wherever they go, were it not for the fact that a United 
States Supreme Court opinion in the case of Mutual Life Insurance 
Company v. Cohen held that a statute of ISTew York, which provides 
that no life insurance company doing business in New York shall 
have power to declare forfeited or lapsed any policy hereafter issued 
or renewed by reason of non-payment of any annual premium or 



X REPORT OF THE 

interest or portion thereof, does not apply to or control such a policy 
issued by a New York corporation in another State in favor of a 
citizen of the other State, but is applicable only to business trans- 
acted within the State of New York. The court said that in the 
absence of expressed intent it ought not to be presumed that New 
York intended by this legislation to affect the rights of other States 
to control insurance contracts made within their limits. 

This decision related to the interpretation of contracts, and did 
not directly touch upon that body of laws which regulate the conduct 
of the company but which only remotely, if at all, have any bearing 
on the question whether a contract shall be interpreted according 
to the laws of the home State of the company or the laws of the 
State where the contract is made. The following questions, there- 
fore, arise to be considered in the light afforded by the opinion : — 

1. In the absence of a law in other States regulating the issuing 
of contracts, or relating to their interpretation, would the law of the 
home State of the company be effective in those States ? 

2. Are such laws of a State as prohibit rebates and discrimina- 
tions for all companies, and which manifestly cannot apply to foreign 
companies outside that State, to be held to apply to the business 
of the home companies of that State wherever transacted, regardless 
of the fact that such rebates and discriminations are not made an 
offence by the laws of some of the States where the company is 
operating ? 

Undoubtedly the Legislature can, if it desires, enact laws respect- 
ing these matters which shall leave no room for doubt as to the 
extent that a Massachusetts company shall be governed by Massa- 
chusetts laws, — which shall settle the question whether a Massa- 
chusetts company may discriminate between policy holders, or give 
rebates in other States where there is no law against such practices, 
and whether it may combine in one contract made outside of Massa- 
chusetts agreements for several classes of insurance, and, in general, 
whether the other statutes of this Commonwealth regulating insur- 
ance companies and prohibiting certain things have an extraterri- 
torial effect. Such a declaration by the law-making body would 
appear to be desirable. 



insurance commissioner. xi 

Combinations of Classes of Insurance. 

The Insurance Commissioner in his last annual report set before 
the Legislature the desirability of a general statute authorizing and 
regulating the transaction of different classes or kinds of business 
by the same company. The matter came before the Legislature 
and was referred to the insurance committee, but it proved a com- 
plicated and troublesome subject, and at the end of the session it 
was referred to the next General Court. It is a subject of such 
great importance that a few considerations bearing upon it would 
seem to be in order, to the end that when it is again taken in hand 
something tangible and at the same time worthy of the Common- 
wealth whose pride it has been, in dealing with insurance companies 
covered by the general insurance laws,- to see to it that the policy 
holder is amply protected, may result. What the companies have 
wanted has been deemed a matter of less importance in dealing with 
the fundamental proposition of safety than what was deemed to be 
necessary for safety by outside and unprejudiced observers. 

The Insurance Commissioner presented a bill for consideration 
drawn up along the line of his recommendations in Part II. of the 
last annual report. The general arguments for it have lost none 
of their force since that report was made. Indeed, it may be said 
that some have gained in weight and importance from the fact that 
certain legislation of 1909 has made the situation even more com- 
plicated than it was in 1908, at which time it was not at all clear 
what insurance companies might do under the various enactments 
regarding combinations of capital and business. It was certain, 
however, that in permitting these combinations the Legislature had 
been fully consistent in respect to the capital to be required for com- 
binations, which requirement is that the company desiring to do two 
or more classes of business must put up and maintain unimpaired 
the aggregate amount of capital required of each of the classes sep- 
arately. The Insurance Commissioner, therefore, felt justified in 
taking the view that no bill would pass to enactment, or be viewed 
with satisfaction by insurers, which did not provide for an ample 
capital. The bill was drawn with that in view, as will be seen by a 
perusal of the draft which follows. 



Xll REPORT OF THE 

Discrimination against Massachusetts Companies. 
Another point which was kept in sight was the prevention of dis- 
crimination by law against Massachusetts companies. It may not 
be generally known, but it is a fact that under the law a foreign 
insurance company with a charter broad enough to do almost all 
kinds of business and the funds needed must be admitted to transact 
an insurance business in this Commonwealth. It may, for example, 
if the laws of its home State permit, which they do in many cases, 
be transacting several kinds of insurance business on a capital of 
$200,000, and yet must be admitted to this Commonwealth, where 
a domestic company must have at least $200,000 to transact the sole 
business which the foreign company is admitted to do here. In 
other words, a foreign company may do numerous kinds of business 
on a $200,000 capital, and still be admitted to Massachusetts if 
it is doing those other kinds outside of Massachusetts, while a do- 
mestic company can do only one kind of business on the same 
capital. This discrimination the following bill has attempted to 
remedy, not, however, by lowering the Massachusetts standard for 
domestic companies to the foreign standard for the foreign com- 
panies, but by leveling up the standard for foreign companies to 
that imposed heretofore by Massachusetts laws upon its own com- 
panies. 

Copy of Revised Bill. 

Following is a copy of the proposed bill as finally revised for 
the insurance committee : — 

An Act to define the Kinds of Insurance that may be transacted 
in this Commonwealth and to establish Eules relating 
Thereto. 

Classes or Kinds of Business. 
Section 1. Sections thirty-two and thirty-four of chapter five hun- 
dred seventy-six, acts of nineteen hundred and seven, are hereby amended 
by striking out the whole thereof and inserting in their place the fol- 
lowing : — 

Section 32. Ten or more persons residents of this commonwealth may 
form an insurance company for the purposes designated in any one, — 
or more where so specified in subsequent provisions of this act, — of the 
following subdivisions of this section. 

First, To insure upon the stock or mutual plan against loss or damage 
to property and loss of use and occupancy by fire; explosion, fire ensu- 



INSURANCE COMMISSIONER. Xlll 

ing; explosion, no fire ensuing, except explosion of steam boilers and fly- 
wheels; lightning, or tempest on land; bombardment, or by any two or 
more of said causes. 

Second, To insure upon the stock or mutual plan vessels, freights, 
goods, money, effects, and money lent on bottomry or respondentia 
against the perils of the sea and other perils usually insured against by 
marine insurance, including risks of inland navigation and transporta- 
tion; also to insure against loss or damage to motor vehicles, their 
fittings and contents, whether such vehicles are being operated or not, 
and .wherever the same may be, resulting from accident, collision or any 
of the perils usually insured against by marine insurance, including 
inland navigation and transportation. 

Third, To guarantee the fidelity of persons in positions of trust, pri- 
vate or public, and to act as surety on official bonds and for the perform- 
ance of other obligations. 

Fourth, To insure against loss or damage to property of the assured, 
and loss or damage to the life, person or property of another for which 
the assured is liable, caused by the explosion of steam boilers or their 
connections or by the breakage or rupture of machinery or fly wheels; 
and against loss of use and occupancy caused thereby. 

Fifth, To insure any person against bodily injury or death by acci- 
dent, or against disability on account of sickness, or any person, firm or 
corporation against loss or damage on account of the bodily injury or 
death by accident of any person, or against damage caused by automo- 
biles, vehicles or draft animals to property of another, for which loss 
or damage said person, firm or corporation is responsible, or against dam- 
age to motor vehicles, their fittings and contents resulting from collision 
but not including damage from fire, explosion, marine perils, or risks of 
transportation on any conveyance; or against all of said contingencies. 

Sixth, To insure against breakage of plate glass, local or in transit. 

Seventh, To insure any goods or premises against loss or damage by 
water caused by the breakage or leakage of sprinklers, pumps, water 
pipes, or plumbing and its fixtures, and against accidental injury from 
other cause than fire or lightning to such sprinklers, pumps, water 
pipes, plumbing and fixtures. 

Eighth, To carry on the business commonly known as credit insurance 
or guaranty, either by agreeing to purchase uncollectible debts, or other- 
wise to insure against loss or damage from the failure of persons in- 
debted to the assured to meet their liabilities. 

Ninth, To examine titles to real and personal property, furnish infor- 
mation relative thereto and insure owners and others interested therein 
against loss by reason of encumbrances or defective title. 

Tenth, To insure against loss or damage by burglary, theft or house 
breaking. 



XIV REPORT OF THE 



Combinations permitted. 
Section 8J+. No domestic company shall be formed for the purpose of 
engaging in any other kind of insurance business than those kinds speci- 
fied in said section thirty-two as amended by this act; or more kinds 
than are specified in a single subdivision of said section except that a 
stock company may be formed (1) for any or all of the purposes specified 
in subdivisions first, second and seventh; or (2) specified in subdivisions 
third, fourth, fifth, sixth, seventh, eighth, ninth and tenth. Insurance 
contracts issued by domestic companies, or issued in this commonwealth 
by foreign insurance companies, under each subdivision of said section 
thirty-two as amended by this act or under other authority granted by 
the laws of this commonwealth, shall be in separate and distinct policies, 
notwithstanding any provision of this act which permits a company to 
transact business under more than one subdivision of said section. 

Capital required. 

Stock insurance companies organized in this commonwealth shall have 
a capital paid up in cash as follows: Under the second, third, eighth or 
ninth subdivision of said section thirty-two as amended by this act, not 
less than three hundred thousand dollars; under each of the other sub- 
divisions not less than two hundred thousand dollars, except that the 
capital of a company organized under the sixth subdivision, or under the 
fifth subdivision to insure only against the sickness and the bodily 
injury or death of the insured by accident, shall be not less than one 
hundred thousand dollars. 

The capital of any domestic stock company transacting two or more 
of the classes of business permitted by this act to be transacted by the 
same company shall be not less than the combined amount of capital 
required for each of said classes by the preceding provisions of this sec- 
tion, except that (1) a company authorized to transact the business 
specified in the first or fourth or fifth subdivision of said section thirty- 
two as amended by this act may in addition thereto without additional 
capital be authorized to transact the business specified in subdivision 
seven of said section; and (2) a company may be authorized to transact 
the business specified in the first and second subdivisions of said section 
on a capital of four hundred thousand dollars; and (3) a company may 
be authorized to transact the business specified in three or more of the 
third, fourth, fifth, sixth, seventh, eighth or tenth subdivisions of said 
section if it has a paid-up capital of not less than that required for the 
two classes requiring the largest capital of the classes which it purposes 
to transact and in addition thereto one hundred thousand dollars for 
each of the other said classes it elects to transact, provided that no addi- 
tional capital shall be required for transacting the business specified in 
said seventh subdivision whenever such business is combined with the 
business specified in said fourth or fifth subdivisions. 



INSURANCE COMMISSIONER. XV 



Requirements for Foreign Companies. 
Any insurance company now or hereafter authorized to transact any 
class of business specified in this act may, subject to the limitations 
herein set forth, be authorized to transact any of the other classes speci- 
fied herein, except that a foreign insurance company shall not be licensed 
in this commonwealth (1) if such foreign company is anywhere trans- 
acting any business not permitted by its charter, or (2) if such foreign 
company not now admitted to this commonwealth is anywhere in the 
United States doing any class or kind of business which a domestic 
insurance company is not permitted to do under the laws of this com- 
monwealth; or (3) if such foreign company now admitted to this com- 
monwealth begins hereafter the transaction of any class or kind of busi- 
ness which a domestic company is not permitted to do under the laws of 
this commonwealth except that such admitted foreign company may 
with the written approval of the insurance commissioner of this com- 
monwealth transact any class of insurance business not authorized by 
the provisions of this act if it has in addition to the capital previously 
required by this act a paid-up capital of two hundred thousand dollars 
for each such additional class of business; or (4) if such foreign company 
is anywhere in the United States doing other or more classes of insurance 
business on its paid-up capital than a domestic insurance company is 
permitted on a like paid-up capital to do in this commonwealth. 

Life and Accident Insurance. 
A life insurance company with a capital stock may insure against 
the death of the insured by accident or against disability on account of 
accident or sickness, but against no other contingency specified in the 
fifth or any other subdivision of said section thirty-two as amended by 
this act, unless engaged in insuring against such other contingency in 
this commonwealth prior to the first day of January in the year nine- 
teen hundred and nine. 

Miscellaneous Provisions. 

Mutual companies organized by special acts to transact employers' 
liability business may continue such business under the fifth subdivision 
of said section thirty-two, and shall be subject to the laws, as far as 
applicable, relative to mutual fire insurance companies. 

Section 2. Chapters five hundred forty-three and six hundred forty- 
six, acts of nineteen hundred and eight, and chapters one hundred 
ninety-two and four hundred eighty-eight, acts of nineteen hundred 
and nine, and all acts and parts of acts inconsistent herewith are hereby 
repealed. 

Section 3. This act shall take effect upon its passage, except as to 
subdivision designated (4) of said section thirty-four, which shall take 
effect on the first day of January, nineteen hundred and eleven. 



XVI . REPORT OF THE 

It will be noted that this bill is drawn so as to group as far as 
possible what are generally considered as kindred risks. One group 
which a company with sufficient capital may transact includes life, 
accident to persons and health insurance. The second group, fire 
insurance, with the naturally related kinds styled sprinkler, bom- 
bardment, loss of use and occupancy by fire, and, with an increased 
capital, marine and inland transportation. The third group perhaps 
appears wider in its scope, as it includes more classes of related 
contingencies. There was no special fault found with the grouping, 
but there was an outcry on account of the capital which it would 
require foreign companies to put up for the protection of Massa- 
chusetts policy holders if said companies desired to transact several 
kinds of business, and against the proposition to bar from the Com- 
monwealth companies which could not measure up to the standard 
adopted by Massachusetts for its own companies. Upon these two 
objections, therefore, a few observations may not be out of place. 

The Function of Capital Stock. 

It is well at the outset to obtain a clear idea of the function of 
the capital stock of an insurance company. Unlike the capital 
stock of commercial enterprises, it cannot be employed in building 
up or carrying on the business. It cannot be expended for a " plant " 
or for good will or for any other purpose. Practically it must 
be held absolutely intact, and if by any hard experience the assets 
of a company do not exceed its liabilities by the amount of its 
capital, then the stockholders must stand an assessment to make good 
the impairment, or wind up the business. This is a wise provision, 
for it prevents adventurers from rushing into the business and 
pretending to insure when the policy holders are really carrying 
the risk although paying to have the risk carried by the company. 
The truth of this must be evident upon a moment's thought, for 
if the company is unable to pay in case of loss, it means practically 
that the policy holder has had no insurance and was really carrying 
his own risk. It is a sound proposition that just in proportion as 
a company is weak financially in that proportion is the policy holder 
his own insurer. It goes without saying, therefore, that the policy 
of the State in requiring an unimpaired capital of a liberal amount, 
or its equivalent in mutual companies, is a wise one. 

But in what respect is an unimpaired capital better than a sur- 



INSURANCE COMMISSIONER. XV11 

plus for the protection of the policy holder ? The capital is the 
fixed margin of safety between the policy holder and danger. That 
fixed margin may not be less than is established by the law of the 
State; but may be more. If only $50,000, as is named in some 
States, that is the policy holders' fixed margin of safety; if $200,- 
000j which is the Massachusetts minimum for fire companies, then 
that is the fixed margin of safety. If, however, a company itself 
voluntarily makes it $1,000,000, as the Boston Insurance Company 
has done, or $2,000,000, as the Springfield Fire and Marine has 
done, then these are the fixed elements of safety to the policy holders 
in these companies respectively. 

Now, what does this mean to the policy holder ? It means that 
when the liabilities of a company are equal to all its other funds 
there is still in the case of the latter company $2,000,000 between 
the policy holder and loss. It means that if a disaster comes to 
such a company and carries its liabilities $1,000,000 above its 
assets, other than those set apart as the margin of safety and known 
as capital, there is still with that company $1,000,000 untouched 
after paying every obligation. If that margin of safety is dropped 
to $50,000, then $50,000 is all the company is obliged to keep to 
carry it through a disaster. If it is fixed at $200,000, the company 
is obliged to hold as such margin $200,000 to save its policy holders 
from loss. Whatever sum is fixed as the minimum capital of an 
insurance company, that is the sum that is deemed by the Legis- 
lature to be a sufficient margin of safety to protect reasonably a 
policy holder from loss. jSTo company is compelled to have a larger 
margin of safety, and many will often have little if any above it. 
Now when a Legislature fixes a standard below which a company 
should not fall it goes without saying that it must do so regardless 
of the fact that most companies will fix a higher standard for them- 
selves than the legal one. It is against chance of loss to the policy 
holder on account of the financial weakness of the few that legislation 
has to be directed. When it establishes the minimum capital of the 
company it fixes the limit of strength below which, in its judgment, 
an insurance company should not fall, — the amount which it must 
keep intact ready for use in case a turn in fortune reduces its other 
funds so that out of them it is unable to settle the losses it has 
contracted to pay. 



XV111 REPORT OF THE 

The Surplus of a Company. 

Let us now see about the surplus of a company upon which many 
place their dependence. There is no provision in the law that re- 
quires a company to maintain a surplus. We have companies doing 
business here on a surplus less than $10,000. A company may have 
a million of surplus when a policy is taken in it, which policy is 
taken for the reason that it has a million of surplus, and thousands 
of other policies may be taken out because it has a million of sur- 
plus, but there is nothing in the law that will require that surplus 
to be kept at that amount. On the contrary, it may all disappear, 
and nothing compels the stockholders to make it good, or the com- 
pany to stop business. There is thus a wide difference between 
the capital and the surplus of an insurance company. One is fixed 
by law; the other may be dissipated. On one the law has a firm 
grip ; on the other it has never pretended to have a hold. 

This is not saying that a surplus is -not a very convenient and 
desirable thing to have; nor that it does not add strength to a com- 
pany when it has it; nor that it is not wise to take it into considera- 
tion in judging of the present strength of a company, but merely 
that it cannot be made to take the place of a fixed capital, when 
said surplus exists simply at the sufferance of those controlling the 
company. Give it a fixed status by law, as capital has a fixed status, 
and charge it as a liability of the company, as capital is charged 
by law, and then it may perhaps be classed alongside capital as its 
equal in point of dependability. But that is the thing least desired 
by those who advocate surplus in the place of capital in establishing 
a standard of responsibility for insurance companies. As the sur- 
plus of a company represents its free funds — that is, the funds that 
are not held by statute to take care of liabilities, or as a margin 
for the protection of policy holders — the moment surplus is tied 
up by law so that it is not free it ceases to be surplus, and must be 
held the same as reserves or capital is held. Calling it " surplus " 
when so held does not alter the fact that a company's obligation 
to hold it would be impaired if it were paid out, just the same as 
its obligation to hold its capital intact would be impaired if it used 
a part of its capital. It would become practically the same as capi- 
tal and would have to be treated as such. Why then disturb the 



INSURANCE COMMISSIONER. XIX 

plan now perfectly understood by insurance men, that capital is a 
certain sum to be kept intact, by adding to that plan an unnecessary 
device to the effect that a part of the surplus may also perform the 
function of capital ? 

Reserves versus Capital. 

It has been said that the reserves represent the strength of a 
company and the capital is very small compared with such reserves. 
True ; but why mention capital with reserves, or compare them ? 
Reserves are held by all companies, and are as exactly proportioned 
to their respective obligations as the wit of man has been able to 
make them. Company A, with $1,000,000 in force, has just as 
large a proportionate reserve as Company B, with $1,000,000,000 
in force. The companies are on the same basis as far as reserves 
are concerned. One is no stronger on account of its reserves than 
the other. Those reserves are calculated to take care of the com- 
pany's obligations, and with a company of average experience are 
ample. The capital is so much in addition for safety. The bill is 
drawn on the theory that this safety provision is an important one, 
and that the policy holder who pays out his good money for in- 
surance should not carry any part of his own risk, nor be wholly 
dependent upon legal reserves or a fleeting surplus, but may have 
a good margin of capital on which to rely for his safety. 

Present Discrimination should he remedied. 
There is no need for extended discussion of the question of the 
injustice and inexpediency of admitting foreign companies to do 
business in this Commonwealth on a basis which discriminates 
against domestic companies. The fact that it is done when once 
apprehended should carry its own condemnation. Charters have 
been issued by other States which permit companies to transact an 
insurance business and various other kinds involving great hazard. 
Our statutes relating to the admission of foreign companies have 
never prohibited the admission of such companies to do an insur- 
ance business here if they had the required capital even though they 
might be doing elsewhere than in Massachusetts a business of a 
more or less speculative character. This is allowing a foreign com- 
pany to put in jeopardy the interests of its policy holders in this 
Commonwealth, and to come into competition with other foreign 



XX REPORT OF THE 

companies and our own Massachusetts companies which do not so 
jeopardize the rights of policy holders. This should be remedied, 
and the hill furnishes that remedy. A proper corollary to this 
proposition is that a foreign company should not hereafter be ad- 
mitted to this Commonwealth if, on a less amount of capital than 
would be required by our laws of a domestic company, it is trans- 
acting several kinds of insurance in other States although seeking 
to transact but one kind in this Commonwealth, for which kind 
its capital is ample. 

Standard Provisions for Accident and Health Policies. 

It has been apparent for some time that the State should take 
a hand in the making of contracts of accident and health insurance. 
The demand for it has been evident through the petitions for legis- 
lation on this subject, which demands are based on grievances of 
the same nature as those which long ago induced the Legislature 
to prescribe a standard form of fire insurance policy, and, much 
more recently, standard provisions for life insurance contracts. The 
regulation of contract making relating to insurance is, therefore, 
not a new matter to be approached and considered as though it were 
an innovation, throwing the burden of proof of its expediency as 
a State policy upon the petitioners. The only question is, will the 
public be better served if the privilege heretofore exercised by this 
class of companies of making contracts according to their own views 
be abridged. The Legislature of the State of Minnesota answered 
this question in the affirmative the present year by enacting a law 
providing that all accident and health policies hereafter issued in 
that State shall contain certain provisions, set forth in the act, 
and shall not contain certain other provisions, also set forth. Fur- 
thermore, the necessity of some action impressed itself upon the 
insurance commissioners of the various States some time ago, and 
at their last annual convention a resolution was passed instructing 
its committee on laws and legislation to formulate a bill and present 
it for consideration to the convention to be held in August of this 
year. Before this report is issued that bill will have been acted upon 
by the insurance commissioners, and there is little doubt that there 
will be a substantial unanimity of opinion as to the necessity of 
doing something in the way of regulating the business in question. 



INSURANCE COMMISSIONER. XXI 

How the Companies view it. 

Opposed to this movement will be found some of the managers of 
old and conservative companies, who argue that it is an unwarrant- 
able if not an unconstitutional interference with the right of con- 
tract, — an argument that has scant consideration in States which 
have so interfered for a generation with that right, and, in the 
general belief, with benefit to the public. It is argued further that 
no necessity exists for such legislation, for the abuses it is sought 
to cure are the exception and not the rule, and will in due time 
be eliminated without legislation. 

On the other hand, there are company officials who will welcome 
the interference of the State in the making of such contracts. They 
know the abuses engendered by the present method of competition, 
and how the public are misled by provisions in the contracts intro- 
duced to lessen the liability of the companies on the one hand or 
make them sell easily on the other, competition thus taking the form 
of introducing innovations rather than in amount charged as 
premiums for the substantial things that should go into such con- 
tracts. 

From the Point of Yiew of the State. 

On the State side of the issue it would seem that either the State 
should go further in its supervision that it now exercises or else 
should retreat from its present position. E"ow the State licenses 
health and accident companies, and by so doing practically says 
to the public, " Here are companies worthy of your confidence and 
patronage." Some of the companies conspicuously advertise the 
fact that they are incorporated under the laws of Massachusetts and 
are under the supervision of the insurance department, thus attempt- 
ing to suggest that the Commonwealth will see to it that the com- 
panies' patrons are not imposed upon. The public does not know, 
nor does it stop to ascertain, how far the State supervises such com- 
panies. It does not know that the State's activity has been directed 
to preventing financial irresponsibility, and that it has not yet by 
definite enactment extended its jurisdiction to preventing an abuse 
of the right of such companies to issue contracts, although it has 
abridged that right for companies doing other classes of business. 
Is there logically any reason why the State should pause when it 



XX11 REPORT OF THE 

has remedied one method of abusing public confidence, and allow that 
confidence to be abused in another way? If the financial responsi- 
bility of insurance companies has as a whole come to be more de- 
pendable under State supervision, why not seek by the same means 
to have the contracts which they issue put upon a fairer and more 
equitable basis ? 

Dishonest Agents and Brokers. 

Insurance agents and insurance brokers are authorized by the 
Commonwealth, and with that authorization they go to the public 
and solicit business and place it with the companies. Many thousand 
are so authorized, and it is impracticable for the Commonwealth 
to set on foot an investigation in respect to each which shall demon- 
strate his reliability and responsibility. The result is that occa- 
sionally authority is granted to a person who is dishonest and uses 
his license to get possession of money collected as premiums, which 
he uses for his own purposes. Manifestly there ought to be a law 
strong enough to reach such cases, for it is not a fair proposition 
for the State to grant authority to certain persons to do certain 
things and not provide an adequate remedy if, relying on that au- 
thority, the public or the companies trust those licensed persons 
and have their trust betrayed. But the law is not sufficient, as has 
been proved by many tests. An amendment was sought at the last 
session of the Legislature, but for some reason nothing was done. 
It would seem, however, that a much simpler and surer way to 
improve the situation with reference to agents and brokers is to 
amend the law so as to make it effective according to its original 
intent than to go to the expense of employing the force that would be 
necessary to investigate the past and present of every person who 
wants authority as an agent or broker. Further consideration is 
therefore respectfully asked for this subject and for the following 
proposition to amend the law : — 

Section 121 of chapter 576 of the Acts of the year 1907 is hereby 
amended by striking out the second paragraph of said section and 
substituting therefor the following : — 

An insurance agent or broker who acts in negotiating or renewing a 
contract of insurance by an insurance company lawfully doing business 
in this commonwealth and who, while so acting, receives any money or 



INSURANCE COMMISSIONER. XXU1 

substitute for money as a premium for such a contract for the insured, 
shall be deemed to hold such premium in trust for the company making 
such contract, and if, without the written consent of such company he 
uses or applies such premium, except so much thereof as he may be 
entitled to as a commission, for any purpose or purposes other than pay- 
ing over the same to such company, he shall be deemed guilty of larceny 
and punished accordingly. The failure of such agent or broker, after 
receiving such premium, to pay the same over to such company, after 
written demand made upon him therefor, less any commission to which 
he may be entitled, shall be prima facie evidence that he has used or 
applied such premium for a purpose or purposes other than paying the 
same over to such company. 



" Continuous Installment " Policies not Annuity Contracts. 
It is a pleasure to report that very few differences in respect to 
policy forms have developed the past year between the life insurance 
companies operating in this Commonwealth and this department. 
There is a constant evolution, however, which brings to the depart- 
ment for consideration a great number of policies involving slight 
changes which the companies desire to make in their policy forms. 
In only one instance has there been an appeal from the commis- 
sioner's rulings during the year, and that was in respect to the classi- 
fication of a contract, the company claiming that a " continuous 
installment " policy was an annuity contract and not subject to the 
standard provisions of the law relating to life and endowment poli- 
cies, while the department held that, although its proceeds were paya- 
able as an annuity, it was really a life insurance contract, as the 
premiums were to be paid during the lifetime of the assured and 
were to be calculated with his age as a factor. It was agreed to sub- 
mit the differences to the Attorney-General of the Commonwealth. 
His conclusion, with the reasons therefor, was embodied in the form 
of the following " Memoranda/' which on account of its importance 
is herewith published : — 

The Insurance Commissioner desires the opinion of the Attorney- 
General upon the application of St. 1907, c. 576, § 75, with respect to 
certain policies of insurance which he submits. The section of the 
statute to which the commissioner refers provides, in substance, that 
on and after Jan. 1, 1908, no policy of life or endowment insurance 
shall be issued or delivered in this Commonwealth until a copy of the 
form thereof has been filed for at least thirtv davs with the Insurance 



XXIV REPORT OF THE 

Commissioner, nor be so issued or delivered unless it contains, in sub- 
stance, certain provisions, ten in number, which it is unnecessary to quote 
at length. The policies submitted by him are four in number, the first 
being a twenty-payment life insurance policy for $7,662, the premium 
being $293.80. The contract discloses that the assured has elected to 
have the principal sum above mentioned applied at his death to the 
purchase of a supplementary, non-participating contract providing for 
the payment of twenty equal, annual instalments of $500 each. In con- 
nection with this policy is issued what the company calls " a limited 
payment, twenty-year deferred survivorship annuity," which provides 
that in consideration of a regular premium of $34.50, to be paid 
annually upon a specified date, " until twenty full years' premiums have 
been paid, or until the prior death of either the assured or beneficiary," 
the company promises to pay the beneficiary an annuity of $500, the 
first payment to be made twenty years after the date of receipt of due 
proof of the death of the assured. The other contracts submitted appar- 
ently differ only in amounts. 

The effect of these contracts, taken together, is to provide for the 
beneficiary an annuity of $500 during life; and if the so-called deferred 
survivorship annuity is a contract of life insurance, it is irregular, for 
the reason that it does not contain the ten required provisions already 
referred to. The company contends, however, that the second contract 
constitutes a contract for the sale of a deferred annuity, and is not 
life insurance at all. 

The question presented, therefore, is whether or not the supplemental 
or deferred annuity contract is to be treated as life insurance, or as 
a contract for the purchase of an annuity, to begin at a future date. 
This question requires a determination of what constitutes life insur- 
ances, a subject upon which St. 1907, c. 576, furnishes no express defini- 
tion. By section 3, however, it is determined that a contract of 
insurance is " an agreement by which one party, for a consideration, 
promises to pay money or its equivalent, or to do an act valuable to 
the assured, upon the destruction, loss or injury of something in which 
the other party has an interest. . . ." It would seem clear, then, that 
where the payment of money or its equivalent, or the doing of an act 
valuable to the assured, is conditioned or takes place upon the cessation 
of the life of the assured, it is that life which has been protected by 
insurance. In the present case the supplemental contract is, in my 
opinion, clearly a contract of life insurance and not the purchase of an 
annuity, for the reason that the right to receive the " deferred survivor- 
ship annuity " becomes fixed upon the death of the assured without the 
further payment of a premium. An annuity is, generally speaking, a 
fixed sum granted or bequeathed, and payable periodically, subject to such 
specific limitations as to its duration as the grantor or donor may im- 
pose, and may be created by contract, deed, marriage, mortis causa, 
settlement or will. An annuity, then, may be created by contract, and 



INSURANCE COMMISSIONER. XXV 

where so created the contract would generally involve a consideration of 
the expectation of life of the beneficiary, and a determination of the 
proper sum paid at once, or in the form of premiums, which would 
purchase such annuity according to the actuarial tables employed. Such 
a contract would become fixed and definite upon the payment of the sum 
stipulated upon, or the performance of any other conditions attached 
thereto. Where, however, the right of the beneficiary to receive an 
annuity is determined by the death of the assured, with or without the 
payment of further premiums, it seems to me clear that the contract 
cannot be treated as a contract of purchase, but is, upon the other 
hand, life insurance, and that the payment in the form of a deferred 
annuity is only one of the several modes of disposing of the sum for 
which his life is insured, open to insurant. I am confirmed in this 
belief by the language of the court in the case of Commonwealth v. 
Wetherbee, 105 Mass. 149, 160, where it is said : — 

A contract of insurance is an agreement by which one party, for a con- 
sideration (which is usually paid in money, either in one sum, or at different 
times during the continuance of the risk), promises to make a certain pay- 
ment of money upon the destruction or injury of something in which the 
other party has an interest. In fire insurance and marine insurance the 
thing insured is property; in life or accident insurance it is the life or 
health of a person. In either case, neither the times and amounts of pay- 
ments by the assured, nor the modes of estimating or securing the payment 
of the sum to be paid by the insurer, affect the question whether the agree- 
ment between them is a contract of insurance. All that is requisite to con- 
stitute such a contract is the payment of the consideration by the one, and 
the promise of the other to pay the amount of the insurance upon the hap- 
pening of injury to the subject by a contingency contemplated in the 
contract. 

In this case there is the payment of the consideration by the assured 
and the promise of the company to pay the amount of the insurance 
upon the happening of the contingency contemplated in the contract, 
to wit, the death of the assure^. It makes no difference that a part 
of the compensation is not payable until twenty years after the death 
of the assured, the obligation to pay being fixed and determined by 
the death. Moreover, the two contracts, read together, confer upon the 
beneficiary an annuity for life. 



Union Central Life Insurance Company of Ohio. 

In the last report of this department certain facts were set forth 
relative to the action of the above-named company in declaring a 
stock dividend of $400,000 out of funds that the directors claimed 



XXVI REPORT OF THE 

to be profits " derived from non-participating policies." As it ap- 
peared in 1906 that the non-participating business of the company 
had shown a loss of $95,000, instead of a gain out of which a stock 
dividend could be declared, the Ohio insurance department undertook 
an investigation, and concluded therefrom that the division of the 
surplus, as claimed by the company, could not be accepted. The in- 
surance commissioner set the facts before the attorney-general of the 
State and asked for an opinion with reference to the legality of the 
transaction. Subsequently, the Ohio department advised the com- 
pany that the dividend declared was unauthorized, and that restitu- 
tion therefor should be made. The company declined to accede to 
this decision, and the attorney-general brought an action in the courts 
to compel the surrender and cancellation of the stock certificates 
which had been issued. This action was commenced in September, 
1908, and has not yet come to a conclusion. 

In December, 1908, the insurance commissioners of seven States 
undertook an examination of the books and records of the company 
in order to ascertain whether the figures given out by the company 
as to the profits from its non-participating business were correct. 
These commissioners, under date of Feb. 15, 1909, addressed a com- 
munication to the company stating, among other things, that they 
had concluded that the profits of the non-participating policies of the 
company up to Dec. 31, 1907, did not amount to the figTire claimed 
by the company, and that the profits of these stock issues did not 
justify the declaration of a stock dividend of $400,000. They then 
made a demand that the stockholders of the company return to its 
treasury the stock certificates issued amounting to $400,000, and 
also the dividend of 5 per cent, upon said increase in the capital 
stock, and that the returned certificates be cancelled. On March 11 
the directors of the company replied 'to the demands of the commis- 
sioners, declining to cause the stockholders to surrender and cancel 
said stock certificates, and to return the dividend of 5 per cent, paid 
on said stock. But notwithstanding this refusal, the directors stated 
that the company had secured possession of the stock certificates and 
will hold them, together with the amount of the cash dividend paid 
on the stock, pending the decision of the suit already entered by 
the Ohio commissioner, and also agreed that in the meantime no 
further dividend be paid on the stock in question. 

In the abstract of the company's annual statement published else- 



INSURANCE COMMISSIONER. XXVII 

where we have allowed the company's figures as to capital to stand 
at $400,000, pending the decision of the Ohio court. 

As pointed out in the report of this department last year, this situ- 
ation illustrates very forcibly the evil of the transaction of both 
participating and non-participating business by the same company. 



Various Pertinent Dividend Considerations. 

Nearly all of the life insurance companies transacting business in 
this Commonwealth are, as their respective statements show, prepar- 
ing to meet their liability on account of accruing deferred dividends 
by accumulating funds out of the current premiums and setting 
aside these funds, subject, usually, to the future contingencies of the 
business, as a liability on account of these deferred obligations. Evi- 
dently some of the companies which have hitherto been carrying a 
large amount in surplus for the payment of these maturing dividends 
have become wise to the fact that, as no more deferred dividend 
policies may be issued, there will inevitably be a shrinkage in surplus 
as the maturing dividends become due and payable, and have there- 
fore concluded that it is wiser and better to set aside a sum sufficient 
to take care of these future dividend obligations, as far as they can 
now be determined, than to shrink the surplus year by year by pay- 
ments therefrom. The former plan cannot be misunderstood, and 
commends itself to conservative and thinking people ; while the 
latter plan, of gradually shrinking the surplus to pay maturing obli- 
gations, is ever liable to be misconstrued and used by competitors 
against the company. 

But there are a few companies which have set aside no funds for 
paying these deferred dividend obligations, and possess unassigned 
funds of no great magnitude, while they have a large amount of 
deferred dividend policies outstanding. To put the case concretely, 
let us suppose that a life insurance company has in force fifty mil- 
lions of participating business and six millions of non-participating. 
It has no funds set aside to draw upon to pay dividends, either to 
annual or to deferred dividend policy holders. It writes now only 
annual dividend policies, and has a surplus of about $900,000, or 
about 6 per cent, of its reserve, which is about one-half what a 
Massachusetts company may retain as surplus. A not unnatural 
query is, From what source will such a company pay its deferred 



XXV111 KEPORT OF THE 

dividends ? It would be indefensible to take the current earnings or 
profits of the annual dividend policies to pay these deferred divi- 
dends. To pay those maturing this year from the year's profits of 
those to mature in the future, or, to be more specific, to use the 
profits accruing this year on policies that mature their dividend 
periods in 1910, 1911, 1912, and so on, to pay the dividends that 
should, on twenty-year deferred dividend policies, have been for 
twenty years accumulating in a fund to meet this very situation, and 
next year to repeat the same process, would not long afford relief, 
were it permissible; for, as no more deferred dividend policies can 
be issued, and as the dividend on such policies is usually for each 
year not less than an annual dividend policy receives, and for a 
series of years not less than the sum of these various annual divi- 
dends, improved by interest, there will finally come a time when the 
profits of all the deferred dividend policies in force will not suffice 
to pay the dividends on those maturing during the year, and the 
company that has made no provision to take care of these dividend 
obligations assumed in the past will find its surplus, now none too 
large, gradually fading away, or else be obliged to handicap itself 
in the race for business by cutting its dividends all around to save 
its surplus. Companies with this condition confronting them cannot 
afford much longer to delay in taking steps to meet the obligations 
of the future on some well-defined and equitable plan, instead of 
leaving these obligations to take care of themselves, or to be paid by 
converting to that purpose the profits of others. 

Dividends not the Only Factors to Examine. 
The returns of the various life companies show the dividends paid 
policy holders during the year 1908 on all forms of policies issued 
in various years at ages twenty-five, thirty-five, forty-five and fifty- 
five ; and the usual dividend tables, showing the premium, dividend 
and net cost during 1908, are published herewith. Too much signifi- 
cance, however, should not be attached to these tabulations by pro- 
spective insurers, as the company furnishing insurance at the lowest 
net cost in any one year may not furnish protection at the least 
expense for a series of years. One company paying the larger divi- 
dend in the early years of the contract may pay the smaller dividend 
in later years, or vice versa. It therefore becomes essential, in order 
to determine which company furnishes protection at the smallest 



INSURANCE COMMISSIONER. XXIX 

cost, to consider the net cost during a long series of years. But it 
does not necessarily follow that the company which has in the past 
furnished protection at the smallest cost will continue to do so in 
the future. A change in the plan of operation, or in the method of 
computing its distribution to policy holders, or in the financial 
ability of a company, may reverse the order, since dividends in the 
various companies are not computed upon the same basis, formulas 
are frequently changed, and the years work out the legitimate result 
of good or bad management. 

But there are other considerations than the dividend comparisons 
that should be taken into consideration. The sources of dividends in 
a life company arise principally from the saving in interest, i.e., 
excess of interest earned on investments over the rate assumed in 
calculating the premium ; from the saving in mortality, or the differ- 
ence between the amount required to pay the actual and the expected 
death losses ; and from the gain from surrendered and lapsed pol- 
icies. That there are large gains from the latter source is apparent 
from an examination of Table ~N, from which it appears that the 
life companies doing business in Massachusetts had reserves released 
on policies lapsed and surrendered during the year 1908 amounting 
to $96,548,860. The amount allowed policy holders on account of 
said policies was $81,168,266, showing a profit from this source 
of $15,380,594. 

Some companies are more liberal than others in the allowance to 
policy holders for lapsed and surrendered policies, and it therefore 
necessarily follows that the smaller the allowance the larger the 
profit to the company, and the more it has to divide in dividends 
among what are sometimes called " persistent policy holders." The 
time was when no such surrender values were granted by the com- 
panies, and the policy holder forfeited all if he was unable to pay 
the premiums ; but legislation, competition and public sentiment 
have to a large degree removed this relic of injustice, and practically 
all companies now provide for cash surrenders, loans and paid-up and 
extended insurance, but, as previously stated, not upon a uniform 
basis. 

Other Factors to be heeded. 

The company making scant provision for its policy holders in 
case of misfortune, or robbing them entirely of an equitable share 
of their contributions commonly known as the " reserve," may have 



XXX KEPORT OF THE 

paid larger dividends in the past than companies which have dealt 
liberally and equitably with their policy holders, and may thus have 
added materially to their surplus; but with more liberal contracts 
must not the future dividends be reduced ? If so, it would be well 
for the applicant to consider not only the prospective dividend, but, 
in view of the possibility that for some reason unforeseen and now 
unknown he may be unable to continue the payment of the premium, 
and therefore find it expedient to resort to the cash value of the 
policy or the amount of paid-up insurance that may be obtained or 
the period for which the original amount of insurance will be 
extended, to bear in mind that there are at least three factors that 
should be taken into consideration, viz. : — 

(1) The total premiums to, we will say, the end of five, ten, fif- 
teen and twenty years ; 

(2) The guaranteed surrender values in the form of cash, paid-up 
or extended insurance, and the guaranteed net cost; that is, the 
excess of the premiums over the surrender value guaranteed ; and 

(3) The probable dividend and consequent net cost as based on 
past experience and present conditions. 

When the data of this character not now available from the returns 
of the companies showing the past experience of each company can 
be compiled it will furnish a basis, although not strictly accurate, 
owing to changed conditions, far more valuable for comparative 
purposes than the present dividend tabulations. 

Treatment of Dividends by the Mutual Life. 

It will be noted from the detailed statement of the Mutual Life 
Insurance Company of New York that certain figures are taken from 
an amended report, filed at the request of this department. While 
the abstract of the company's return carries an extended note fur- 
nished by the company, a further explanation is deemed expedient. 

When the original statement of the company was received at this 
department it was observed that there had been an abnormal increase 
in the item of " dividends applied to purchase paid-up insurance 
and annuities " in both income and disbursements, as well as a 
similar increase in the disbursement item of cash surrender values 
paid during the year. There was also what appeared to be an un- 
natural gain in the new insurance issued during the year through 
the medium of additions to policies by dividends, and additions 



INSURANCE COMMISSIONER. XXXI 

of that character terminated by surrender during 1908 appeared 
unusually large. 

Inquiry disclosed that it has been the practice of the company 
from its organization to declare the major portion of its dividends 
in the form of " paid-up insurance/' and to allow the policy holder 
to surrender the " addition " for cash, or to apply the same to the 
payment of his premium. It appears that in the early years of the 
company's history the great majority of the policy holders paid 
the premium in full and retained the " addition " derived from divi- 
dends. In later years this practice has been reversed, and dividends 
are now principally taken, directly or indirectly, in cash. 

There was no change in the company's method of distribution 
or in reporting during 1908, and the abnormal increase in the items 
in question was caused from the fact that the company had a large 
amount of insurance on the deferred dividend plan on which the 
twenty-year distribution period ended during 1908 ; and the cash 
value, very large in the aggregate, of these deferred dividends was 
treated, first, as an amount applied to purchase paid-up additions to 
the policies to which the dividends pertained, and second, if taken in 
cash was again entered in disbursements as a " surrender value paid 
in cash." 

These " additions," it should be borne in mind, do not become 
operative as such prior to the anniversary date of the policy, and 
as the insured has in many cases previously elected, as he had an 
option to do, to take cash instead of paid-up insurance, it seemed to 
this department that all such dividends as were paid in cash during 
the year, although treated by the company as " surrenders," were in 
practical effect cash dividends ; and the company at the request of 
this department filed an amended statement which is published here- 
with, and which differs from the original only in the items carrying 
an asterisk. 

The face value of the additions issued and surrendered during 
1908 amounted to $7,213,391, and the cash value thereof to $4,432,- 
875.36. By the company's method of treatment in the original 
statement the latter amount, which of course could be disbursed only 
once, was entered twice in disbursements, once as a " dividend ap- 
plied to purchase additions " and once as " surrender values paid in 
cash," thereby swelling the payments to policy holders during the 
year by nearly four and a half million dollars. To offset this double 



XXX11 REPORT OF THE 

entry in disbursements the same amount was entered as new pre- 
miums in income, thereby swelling the premium income during the 
year by an amount that never was and never will be received, and 
thus reducing the ratio of expenses of management to premium 
income. But this is not the only distortion effected, as by this method 
the amount of new insurance issued during the year, as shown by 
the original statement, was $7,213,391 too large on the basis of 
treating these dividends, which it has seemed best to the department 
to adopt. It is true that some of the " additions " in question might 
have been legal claims against the company in case the policy holder 
had died prior to the receipt of the cash ; yet this department holds, 
as previously stated, that so much of said additions as were surren- 
dered during the year in which they were issued were, for all prac- 
tical purposes, cash dividends, and should be reported as such. It is 
only by such treatment that any fair comparison can be made between 
this and other companies that declare their dividends in cash, and 
report as applied to the purchase of additions only such amounts as 
the policy holders elect to use for that purpose. 

While there may be no objection to the company's declaring its 
dividends in the form of paid-up insurance and keeping its accounts 
on that basis, it is not required either by law or by the bulk of its 
policy contracts to do so, and consequently it has seemed fairer and 
wiser to have the returns to this department made on the usual basis. 
The officials of the company acceded to that view, and hereafter its 
annual reports to this department will be made accordingly. 

Dividend Rates in the New York Life. 

Soon after the annual statement of the New York Life Insurance 
Company was filed there came to the attention of this department a 
publication issued by the company, showing an entirely different 
scale of dividends paid during 1908 on policies issued in 1906 from 
what was shown in the company's return to the department. Investi- 
gation disclosed that there were in use two separate and distinct 
methods of computing the dividends on policies issued in 1906, — 
one for policies issued in other countries, and one for those issued in 
the United States. The actual operation and results of the two 
methods and the reasons therefor are more fully shown by the fol- 
lowing correspondence : — 



INSURANCE COMMISSIONER. 



XXX111 



Boston, April 7, 1909. 

William H. Pierson, Esq., Superintendent New York Life Insurance Com- 
pany, 346 Broadway, New York, N. Y. 

Dear Sir : — Our attention has been called to a publication issued by 
your company, entitled "All about Dividends, 1909," and we note there 
is a material discrepancy between the publication and the sworn state- 
ment of your company, as shown by the following exhibit : — 





Ordinary Life. 


Twenty-payment Life. 


Twenty-year Endow- 
ment. 




Annual 
Statement. 


Company's 
Circular. 


Annual 
Statement. 


Company's 
Circular. 


Annual 
Statement. 


Company's 
Circular. 


Age 25, ... 


1.50 


3.35 


1.50 


4.35 


3.54 


6.18 


Age 35 


1.97 


4.38 


1.97 


5.38 


3.67 


6.75 


Age 45, ... 


2.77 


6.15 


2.77 


7.04 


4.01 


- 


Age 55, ... 


4.25 


9.46 


4.25 


- 


4.94 


- 



We note that in the statement the dividends at the several ages on an 
ordinary life and a twenty-payment life are the same, although there is, 
of course, a material difference in the premium on the two forms of 
policies. Will you kindly give us at your earliest convenience full and 
complete information concerning the matter, and account for the dis- 
crepancy between your sworn statement and the literature of your com- 
pany, which is being circulated in Massachusetts? 

Very truly yours, 

C. W. Fletcher, 
Deputy Insurance Commissioner. 



New Yore:, April 13, 1909. 

Hon. Charles W. Fletcher, Deputy Insurance Commissioner, State House, 

Boston, Mass. 

Dear Sir : — We have your favor of the 7th inst., . . . and take 
pleasure in explaining the matter you bring to our attention. 

The information contained in the pamphlet, " All about Dividends, 
1909," is correct, and the information contained in the sworn statement 
of the company of the rates of annual dividends declared in 1908 is also 
correct. 

The policies receiving the dividends which are quoted in the little book 
mentioned above, and the policies receiving the dividends which are 
quoted in the company's annual report for December 31 last, represent 
entirely different groups of policies, as you will note by the following 
explanation : — 

The policies receiving the dividend quoted in the annual report are 
known as "percentage annual dividend policies," and were for the 



XXXIV REPORT OF THE 

years 1892 to 1906 inclusive, issued exclusively in foreign countries. The 
method of calculating the dividend on this class of policies was agreed 
upon between the company and the governments of Switzerland and 
Prussia. . . . The company discontinued the percentage annual dividend 
class of policies at the close of 1906. 

As you are doubtless aware, the change in the New York laws, which 
came into operation Jan. 1, 1907, required all New York companies to 
thereafter issue annual dividend policies exclusively; and to meet the 
provision of these laws our company introduced in November, 1906, a 
new form of annual dividend policy, which is known as " The contribu- 
tion annual dividend policy." During 1906 very few of these policies 
were issued. Beginning with 1907, the company issued contribution 
annual dividend policies exclusively. To meet the wishes of our insured, 
we quite frequently issued these policies during 1907 to date from 1906, 
although the policies were actually written in 1907. On December 31 
last there were over 3,500 of these policies in force, bearing date of 1906, 
the majority of these policies having been written in 1907. The policies 
that were written in 1907, bearing date of 1906, received their, first divi- 
dend in 1908, and the second dividend in 1909, the dividend declared 
to these policies being exactly as stated in the little book entitled " All 
about Dividends," to which book you refer in your letter. In preparing 
our annual report no mention of this particular class of policies was made, 
because, from the wording of Schedule M, there was a question in our 
minds whether the company should properly include them or not. The 
schedule calls for the dividends on policies divided by " Years in which 
the policies were issued." The policies in question (with the exception 
of the very few that were actually issued in 1906) were issued in 1907, 
but took effect from 1906. 

We enclose herewith a supplement to Schedule M, showing the divi- 
dends paid in 1908 on contribution annual dividend policies. . . . The 
policies we are now issuing contain identically the same dividend options 
that are contained in the policy that receives the dividend referred to in 
the supplement to Schedule M. . . . 

Yours very truly, 

Kufus W. Weeks, 

Vice-President. 

In view of the company's statement that dividends on the policies 
now being issued are calculated on the basis of those, paid in 1908 on 
policies issued in 1906 to American policy holders, the amended 
dividend schedule is published herewith: — 



INSURANCE COMMISSIONER. 



XXXV 



Supplement to Schedule M. 

Showing Bates of Annual Dividends declared (paid) in 1908, and Annual 
Premiums per $1,000 of Insurance. 

Age and Year of Issue. 







Age 25. 


Age 35. 


Age 45. 


KIND OF POLICY. 


1906. 


1906. 


1906. 




Premiums. 


Dividends. 


Premiums. 


Dividends. 


Premiums. 


Dividends. 


Ordinary life, . 
10-payment life, 
15-payment life, 
20-payment life, 
10-year endowment assurance 
15-year endowment assurance, 
20-year endowment assurance 
25-year endowment assurance, 




$21 49 

31 83 
106 22 

50 53 


$3 35 

4 35 
11 61 

6 18 


$28 11 
61 53 

38 34 

107 70 

70 50 

52 47 


$4 38 

7 65 

5 38 
12 15 

8 51 

6 75 


$39 55 

57 16 

48 52 

74 44 
57 32 

48 20 


$6 15 

7 87 
7 04 

9 56 

7 90 
7 00 



It is contended by the company that while the dividends are much 
smaller by one plan in the earlier years, they will be larger in the 
later years of the policy, and that if the insured carries the contract 
to the end of the period which it covers or to the " expectation of 
life " the net cost will be the same by both methods ; and further 
contends that the apparent discrimination between foreign policy 
holders in the dividend on an ordinary life policy with a continuous 
premium during the entire existence of the contract and a life policy 
on which a much larger premium is collected for a limited number of 
years will eventually be equalized in the same manner. 

Assuming this contention to be correct, it must be conceded that a* 
large percentage of the contracts now outstanding will be terminated 
by death or surrender or be forfeited by lapse prior to the date on 
which such equalization occurs, and there will be a consequent 
higher cost to the insured and profit to the company by the smaller 
dividend in the earlier years. 



XXXVI REPORT OF THE 

Hartford Life Insurance Company. 

Prior to July 1, 1899, the above-named company had authority 
to operate in this Commonwealth on the assessment plan, but ceased 
to transact business in this Commonwealth when the act went into 
effect prohibiting the writing of further assessment contracts in 
Massachusetts, but permitting the former assessment companies to 
qualify under the regular life insurance law. The company, while 
operating here, had a peculiar accumulation or reserve called the 
" safety fund," which was limited to one million dollars, and was 
contributed by the policy holders in the safety fund department. The 
ownership of that safety fund has been the subject of considerable 
controversy, which has been before the courts of Connecticut. A 
decision was recently handed down by the Supreme Court in the 
case entitled Dresser v. Hartford Life Insurance Company, which 
defines the rights of the parties in said fund, and in that decision 
the safety fund policy holders in this Commonwealth will be inter- 
ested. 

The court states that the real controversy between the parties 
seems to be over the respective rights of the insurance company and 
the certificate holders whenever the outstanding insurance in the 
safety fund department is reduced to one million dollars, and comes 
to the conclusion that the plaintiffs in the case are entitled to relief 
to the following extent : whenever the amount of the face value of 
outstanding certificates is reduced by death, lapse or other causes to 
the sum of one million dollars, the safety fund is to be distributed 
among the certificate holders at that time in proportion to the face 
value of their certificates. As to any other relief, the court states 
that the time when, in the natural course of events, the amount of the 
outstanding certificates will be reduced to one million dollars, is so 
remote, and that it will ever occur is so uncertain, that no other 
relief should be granted at this time. 

Respectfully submitted, 

Insurance Commissioner. 



INSURANCE COMMISSIONER. XXXV11 



BEIEF REPORTS CONCERNING FRATERNAL AND ASSESSMENT 
CORPORATIONS IN THE HANDS OF RECEIVERS. 



American Birth Insurance Company. — Frederick W. Dallinger, 28 
State Street, Boston, receiver; appointed May 18, 1906. Since the last 
report the receiver has been ordered by the court to pay a dividend of 
25 per cent, pro rata among the 273 policy holders, and in addition 
thereto to pay expenses and retain the balance in his possession for his 
services. The distribution to policy holders has been made as ordered. 

American Legion of Honor. — Henry A. Wyman, 53 State Street. 
Boston, receiver; appointed Aug. 12, 1904. On Jan. 29, 1909, the 
receiver filed his fourth report, asking for allowance or disallowance of 
certain death claims in suit, which case is still pending. 

Boston Casualty Company. — N". L. Sheldon, 27 School Street, Boston, 
receiver; appointed April 7, 1905. Total receipts to April 12, 1909, 
$105; total disbursements, $5.75; balance on hand, $99.25. 

Eagle Life Association. — Alfred T. Lilley (deceased), Westfield, re- 
ceiver; appointed June 19, 1901. Lewis C. Parker, Westfield, appointed 
receiver to succeed Mr. Lilley Aug. 7, 1908. July 6, 1909, Mr. Lilley's 
executrix filed with the court a report, showing total receipts of $3,005.57 
and total disbursements of $3,055.57. Of said disbursements, $1,326.07 
was paid over to Lewis C. Parker, the successor of the original receiver. 
No claims remain unpaid. 

Mutual One Year Benefit Order. — Sherman L. Whipple, Tremont 
Building, Boston, receiver; appointed Nov. 20, 1891. There has been 
no change in this receivership since the last report, and there appears 
to be no reason why the receiver should not make his final report to the 
court. 

Northern Mutual Relief Association. — Samuel H. Hudson, 18 Tre- 
mont Street, Boston, receiver; appointed April 16, 1900. The receipts 
and disbursements to April 14, 1909, as shown by an examination by this 
department, were as follows: total receipts, $3,630.26; total disburse- 
ments, $2,012.61; balance, $1,617.65. The receiver rendered his 
account to the court April 13, 1909, filing a list of claims amounting 
to $4,209.03. The court ordered creditors to. present proof of claim on 
or before the first Monday in August, 1909. 

Order of the Bed Cross. — Samuel K. Hamilton, 31 Milk Street, Bos- 
ton, receiver; appointed January, 1893; original receiver, Charles G. 



XXXV111 ; REPORT OF THE INSURANCE COMMISSIONER. 

Pope (deceased), appointed October 24, 1891. There is no change in 
this receivership since the last report. The present receiver was ap- 
pointed more than sixteen years ago and states that the expenses have 
exceeded the receipts. There is no apparent reason why the final report 
should not be rendered to the court and the receivership terminated. 

Sun Indemnity Assurance Society. — Prescott Keyes, Barristers Hall, 
Boston, receiver; appointed March 22, 1901. There has been no change 
in the affairs of the company since the last report, except that the re- 
ceiver has disbursed a small sum for a surety bond. 

Union Health and Accident Company. — Wilfred Bolster, 417 Bar- 
risters Hall, Boston, receiver; appointed Nov. 8, 1905. A dividend of 
70 per cent, was ordered to be paid to creditors, and a balance of $177.33 
was allowed the receiver as compensation. 

New England Commercial Travellers' Association. — Guy Murchie, 
45 Milk Street, Boston, receiver; appointed April 12, 1907. A final 
decree, discharging the receiver, was issued March 23, 1909, the receiver 
being allowed by the court to retain the balance of $57.25 in his pos- 
session. 

Winchester Mutual Benefit Association. — Frank E. Barnard, Win- 
chester, receiver; appointed July 17, 1908. The receiver's report filed 
with the court shows that he has collected $192, making the total amount 
in his possession $594.28. In addition to this amount there are un- 
collected assessments amounting to $121, which the receiver believes can- 
not be collected without legal proceedings, which he does not recommend. 
There are two claims pending against the association, which the receiver 
asks permission to pay pro rata after deducting the expenses of the re- 
ceivership. 



STATISTICAL TABLES. 



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a 
p 




IO 


co' 


OS 


co" 


rH 


co 


OS 


CO 




Cl 


CO 


IO 


CM 


OS 


oo" 


co" 


LO 


Cl 


H* 


o 


Os" tJh" 






CI 






CM 


O 


l> 


■* 


OS 




CO 


Cl 


I- 


1—1 


LO 


*tf 


co 


CD 


o 


<* 


co 


00 00 




£ 










rH 


rH 






CO 




rH 






IO 








CO 


CM 


CD 




OS CO 








LO 


Ol 


01 


CO 


CI 


<* 


t-H 


00 




IO 


t^ 


CM 


CO 


co 


i> 


en 


CO 


oo 


CO 


r> 


CO 00 








OS 


io 


OO 


00 


co 


CD 


t> 


I> 




-« 


-t 


o> 


oo 


LO 


-* 


o 


o 


o 


on 


CO 


00 CM 








l-H 


*CH 


l> 


io 


00 


CO 


iO 


T~{ 




co 


o 


l> 


CO 


rH 


H* 


en 


LO 


t- 


rH 


LO 


LO O 




















































p 




T-H 


OS 


«* 


»* 


OS 


CM 


CO 


t^ 




IO 


CO 


CD 


CD 


o 


co 


L- 


LO 


r- 


en 


o 


<M <M 




p 




co 


01 


CO 


CO 


IO 


t^ 


t^ 


o 




t> 


co 


t^ 


-f 


<cH 


i> 


I- 


oo 


i> 


OS 


00 


o o 


CO 


o 




SO 


"tf 


l~ 


1^ 


IO 


o 


">* 


OS 




CD 


CD 


1^ 


CS 


en 


rH 


en 


CD 


LO 


LO 


CM 


CO I> 


a 




I 










































CO 

O 

« 

O 






1 


l- 


1—1 


CO 


r-t 


IO 




CS 


co 


CO 


T-H 


T-H 


CM 


| 


xHH 


CO 


oo 


CM 


CO CN 


< 




1 






I-H 


rH 






CO 
6© 




e© 






T-H 

1 








"* 


Cl 


1 




rH CO 
1 


<< 






IO 


IO 


IO 


>—l 


CM 


00 


t-H 


r^ 




00 


CM 


CO 


rH 


en 


T-H 


CM 


1> 


T-i 


CO 


LO 


CN CO 


O 


c 




co 


o 


IO 


CM 


■>* 


oo 


l> 


CO 




IO 


CD 


i-H 


TH 


CO 


CO 


rH 


Cl 


CO 


o 


CM 


rH LQ 


CD 

-a 

a 

p 




+ 


■<* 


•* 


OS 


oo 


1- 


00 


t^ 




o 


c0 . 


l^ 


o 




CO 


CM 


OS 


T-H 


LO 


CO 


IO O 








+ 


O 


iO 


cm" 




o 




1- 


T-i 


T-H 


co" 






| 


co" 


r^ 


+ 


T-H 


T)H* l-H 












l-H 








CM 










1 








LO 


I-H 






I ^ 




Sz; 




























1 
















1 








CO 


co 


CS 


CO 


CO 


00 


CO 


O 




CO 


co 


IO 


i> 


co 


LO 


CM 


CO 


en 


x* 


LO 


CD 00 








OS 


o 


-+ 


co 


o 


OS 


CO 


x* 




GO 


IO 


CO 


T-H 


IO 


o 


LO 


H* 


o 


o 


Cl 


<tf CO 








GO 


rH 


OS 


o 


o 


CO 


CM 


1> 




o 


o 


Cl 


CM 


CO 


CM 


en 


co 


CO 


co 


l-H 


CO I> 




















































p 

p 
o 




co" 


"* 


■* 


l> 


OS 


<* 


■* 


I> 




1> 


t- 


T-i 


co 


H* 


Cl 


o 


^CH 


I- 


en 


CO 


00 IO 






IO 


CO 


OS 


OS 


o 


CO 


OS 


CO 




rH 


l> 


CM 


OS 


o 


IO 


l> 


LO 


CM 


CO 


t> 


O CO 






00 


l> 


o 


^0 


o 


00 


I> 


o_ 




CO 


00 


CO 


os 


I-H 


CO 


-cH 


oo 


** 


GO 


CO 


CO 00, 


Q 


a 




M 


l-H 


oo" 


IO 


>o" 


CO" 


o>" 


oo" 




LO" 


co" 


o" 


o" 


en" 


co" 


t-" 


o" 


oo" 


o 


id 


OS «> 


a 


<3 




a© 






CI 


rH 


i-H 




t- 




CM 




T— 1 


THH 


r-i 






o 


co 


00 


T-i 


CN CO 




















t^ 




CO 






t-H 








T-H 




rH 




CM 


H 






o 


rH 


rH 


o 


1^ 


00 


00 


CM 




iO 


10 


IO 


1> 


■* 


o 


o 


I> 


oo 


CD 


Cl 


CO CN 


Si 

-a 




OS 


OS 


x* 


CI 


i—t 


t^ 


OS 


rh 




o 


en 


rH 


o 


I> 


IO 


*# 


o 


o 


** 


co 


l> t^ 






CO 


■o 


01 


"t 


T-i 


CM 


"* 


iO 




t> 


CO 


OS 


co 


t> 


o 


C^ 


LO 


o 


C 


o 


CN t« 


















































a 

p 




rH 


CM 


CI 


-r" 


CO 


IO 


co" 


IO 




Cl 


t-H 


CO 


OS 


J> 


■* 


CM 


O 


-h 


LO 


t> 


i-H CO 












rH 








CO 




rH 






CO 








CO 


T-H 


-* 




OS CN 




^ 




































T-H 
















T-H 


O 


l^ 


OS 


c 


I- 


TH 


00 




i-H 


LO 


t^ 


05 


1- 1 


CM 


CO 


en 


Cl 


rH 


Cl 


CO CD 








o 


CO 


CO 


CO' 


CO 


IO 


o 


rH 




co 


o 


IO 


Cl 


i-H 


CM 


tH 


i-H 


T^ 


t-H 


OS 


CO CD 








I- 


lo 


T-H 


CO 


C5 


o 


00, 


OS 




<* 


rM 


o 


IO 


co 


l^ 


o 


-HH 


oo 


T-H 


CO 


t^ I> 




















































p 

p 




CM 


co 


o 


T-H 


oo 


r^ 


o" 


*# 




Cl 


10 


oo 


CO 


CO 


IO 


o 


o 


LO 


o 


o 


LO 1> 






Cl 


OS 


CO 


CO 


IO 


00 


1> 


I> 




OS 


CO 


o 


<tf 


■o 


Cl 


o 


en 


o 


l> 


CO 


O CO 




o 




c\ 


T-H 


co 


CO 


CD 


C5 


CM 


OS 




Cl 


LO 


o 


o 


o 


co 


LO 


en 


o 


Cl 


OS 


t^ LO 




a 


















































co 


CM 


t^ 


CO 


CO 


OS 


rH 


CO 




IO 


1- 


"tf 


Cl 


rH 


o 


CO 


x* 


Cl 


CM 


t^ 


LO O 




«j 




£fe 






*# 


CI 


rH 


rH 


rH 




CO 




rH 


Cl 


CM 


rH 




-H 


CO 


CM 


T-i 


i-H CO 


o 




















rH 




CO 






rH 








rH 




rH 




CM i-H 


CO 




















m 




























CO 

1— 1 




































































































to 


CO 


CO 


co 


OS 


CO 


OS 


os 




co 


l> 


oo 


CO 


oo 


T-H 


co 


r* 


en 


CM 


o 


rH 00 




IL-I 




01 


C3 


Gi 


tH 


IO 


T-H 


co 


o 




CO 


>o 


Cl 


CD 


rH 


T-H 


CM 


CO 


CD 


IO 


o 


CO Cl 




CL> 




<* 


OS 


CO 


CO 


** 


o 


CO 


CO 




1- 


o 


CO 


Cl 


co 


t> 


l> 


<* 


rH 


LO 


T-H 


I- LO 




_0 
















































a 
p 




I— 1 


cT 


01 


id 


rH 


oo" 


** 


CO 




os 


oo 


IQ 


CD 


l> 


x* 


Cl 


LO 


LO 


10 


CO 


CO ^H 












CM 


rH 






IO 




t-H 






CO 








OS 


CM 


•* 




00 -tf 






































i-H 
































CO 




< 










' 
















CO 


















B 






























H 


















Ej 
















































■< 




























!25 


Z 
< 
Ph 


















CO 




























<: 


g 


















« 




























Ph 


o 


















W 




























S 


o 


















X 




























o 




















H 




























o 


IB 

fcH 


















O 




























pq 


H 








,_T 


* 


„ 






U 




























o 

9 
< 


CO 

P 
W 

O 






a 

.2 


i 3 


+3 
P) 






o 

CO 

H 

M 




Sh 
CD 


as 


p 

-p 

3 




d 








+s 







• 




& 


CO 

CO 

<! 


cJ 

t-i 

Fh 
0) 

PQ 


+3 

pi 
fl 


-p 
CO 

o 
pq 


c3 

iH 

d 

rQ 

s 

O 

o 


rtn 

a 

o 

CJ 

fl 

w 

O 
r-s 


CO 
-P 

O 

c3 

CO 
CO 


r? 



+-< 

ea 

CO 


03 

4H 

O 

Eh 


< 

Ph 
S 
O 

O 


e3 

a 

+3 


a 

-p 



CJ 

o 

0) 

s 
c 
o 

a 


3 



+a 

o 

cu 

a 

o 

o 


CP 
rQ 

'3 
c 
W 


P 
■p 


'o 


0) 

s 

O 

w 


a 

d 
+^ 
c3 

rS 

o3 


d 
O 

Q 



Sh 


cu 


cu 

"d 
P 
-p 


"d 
P 
+3 

o 


1 

.2 

d 

r? 


a 

. o 
<u o 

fc r? 



STATISTICAL TABLES. 



xlvii 



m rH 


»o 


CM 


co 


o 


O 


CO 


00 


t^ 




o 


«* 


03 


kO 


00 


>o 


00 rH 


o 




I-H 


CO 


>0 


CD 


(M 


rt* 




kO 


t^ 


O 


Cl 


CO 


as 


rH lO 


OS 


"t. 


r~ 


-H 


rH 


as 




O 




CO 


CM 


CO 


r« 


rH 


t^ 


































o t-T 


CO 


rH 


t- 


CD 


cs 


o 


rH 


OS 




CO 


r^ 


CO 


i-H 


t> 


r- 


CO rH 


CS 


CI 


o 


co 


-h 


IO 


IO 


CO 




CI 


CO 


o 


»o 


iO 


t^ 


rH rH 


00_ 


rH 


CI 


OS 


-H 


rH 


CD 


CO 




I- 


iO 


OS 


OS 


o 


rH 


































oo" o" 


CO" 


IO 


00 


co" 


rH 


i-H 


CO 


rt< 




i 




O 


-h 


1 — 1 


CD 


lO i-H 


o 


iO 




OS 


t^ 


CO 


t^ 


CN 






X 


CO 


as 




rH rH 


CI 


»o 




rH 


Cl 




OS 


rH_ 

o" 

rH 

s© 








CM 


rH 


00 


LO_ 

cm" 


as rH 


CO 


CO 


o 


CS 


OS 


OS 


CO 


(N 




t^ 


CO 


i-H 


rH 


rH 


CO 


CO OS 


o 


CD 


CO 


CD 


rH 


co 


00 


O 




co 


CD 


CM 


o 


O 


t> 


iO CO 


CO 


IO 


IO 


>o 


CM 


CD 


CO 


r>- 




co 


I- 


rH 


O 


t> 


t> 


































o" o 


IO 


CI 


rH 


o 


CO 


CO 


o 


CO 




-f 


oo 


co 


rH 


00 


CO 


00 50 


fr- 


00 




oo 


rH 


rH 


IO 


rH 




-H 




CO 


O 


IO 


rH 


l-H 




-H 






rH 




as 

rtH~ 


CO 
iO* 










co_ 

Os" 


<N 


CO 

oo" 

i-H 


CO CM 


00 


CI 


CD 


LO 


i-H 


rH 


CO 


i-H 




r~ 


oo 


CM 


cs 


CO 


rH 


CO CO 


t> 


CD 


CI 


rH 


Cl 


IO 


O 


00 




CD 


co 


-H 


CO 


CD 


00 


I- i-H 


o 


"t. 


IO 


co_ 


rH 


o 


IO 


CO 




IO 


CI 


rH 


Cs 


CM 


CO 


































I> as 


t-" 


OS 


CS 


o 


rH 


CO 


r« 






CO 


CI 


1> 


t> 


CO 


CM 


CO I-H 


»o 


IQ 


CO 




OS 


«o 


CO 


•* 




CM 


co 


00 


CD 


CO 


, CO 


oq ■* 


OS 


oo 


rH 


rH 


°°. 


00 


»o 


r(* 




CD 




I> 


o 


I> 


rH 






















Cfc 












Cm" »o" 


oo" 


d 


CM 


co" 


CM* 


rH 


00 


rH 




1 


t^ 


1> 


o 


CD 


CM 




IO 




rH 


rH 


1 


CO 
<M 
6© 


1> 
«© 










rH 


IO 


l> 

e© 


co r^ 


io 


o 


co 


03 


CO 


*o 


rH 


00 




o 


CM 


CD 


rH 


i-H 


as 


CO CD 


OS 


CO 


rH 


o 


t- 


CM 


I> 


CO 




co 


O 


CI 


rH 


rH 


o 


t> o_ 


LO 


rH 


IO 


C L 


C1 


eO 


OS_ 


1> 




Cs 


co 


o 


OS 


as 


OS 


rH" CN 


oo" 


00 
CO 




IO 


IO 


rH 
1 


co" 
*o 

i-H 


i-H 




cm" 


1 


co" 
rH 


co 

CM 


io" 

o 

rH 


rH 

rH 


CM CO 


t^ 


rH 


o 


IN 


cs 


00 


CO 


CO 




t^ 


-H 


CO 


iO 


CM 


CO 


00 CM 


oo 


oo 


CD 


O 


rH 


o 




IO 




LO 


00 


CS 


oo 


rH 


CO 


CO CM 


rH 


o 


CO 


CD 


CS 


CO 


CO 


o 




Cs 


-« 


CI 


»o 


»o 


t^ 


































CO t> 


CD 


CD 


CI 


rH 


CD 


CO 


CO 


rH 




co 


iO 


oo 


o 


O 


00 


i-H OS 


co 


co 


o 


CI 


as 


00 


iO 


CM 




-# 


rH 


IO 


rH 




CD 


CO O 


rH 


co 


rH 


CD 


o 


rH 




CM 




t> 


rH 


IO 


i-H 


O 


iO 


































IO i-H 


rH 


t> 


CM* 


00 


CI 


IO 


rH 


OS 




l> 




CD 


CS 


CO 


OS 


CO i-H 


r-i 


CD 




i— i 


CI 




CD 


e© 




m- 




rH 


CI 
CM 


CO 


rH 
rH 
«© 


o © 


CO 


co 


OS 


iO 


CO 


o 


o 


CN 




oo 


IO 


CO 


IO 


CO 


t^ 


CS IO 


rH 


CD 


CS 


CO 


co 


I> 


<M 


CO 




oo 


oo 


-H 


CS 


1> 


00 


CM (M 


00 


oc 


rH 


o 


rH 


»o 


CO 


00 




IO 


o 


CM 


t> 


o 


CO 


































cm m 


rH" 


co" 




t^ 


OS 


CO 


r^ 


CO" 




!> 


rH 


i-H 


i-H 


rH 


iO 


CM 




IO 










o 

iO 


CO 
IO 




CO 




O 

CO 


co 

rH 


IO 

rH 
rH 


as 
cm" 




IO IO 


o 


CD 


CO 


o 


o 


fr- 


OS 


t>I 




-H 


i-H 


o 


-H 


00 


I> 


■* iO 


CD 


rH 


OS 


00 


T— 1 


IO 


t-H 


CO 




CI 


o 


"H 


l> 


O 


rH 


rH CO 


CI 


C) 


CO 


'jH 


"t 


CM 


oo 


t^ 




iO 


CI 


rH 


r« 


00 


rH 


































rH CO 


CO 


CO 


rH 


io" 


|H 


o 


I> 


CM 




CI 


CO 


o 


CO 


CO" 


rH 


00 rH 


Cl 


rH 


rH 


CO 


OS 


CO 


CO 


CO 




o 


CO 


r« 


o 


r-~ 


CO 


■HH IO 


CO 


CI 


IO 


o 


OS 


CO 


CO 


CO 




00 




00 


Cl 


l> 


I> 


































oo to 


CO 


CO 


rH 


CI 


rH 


CO 


as 


CO 




» 




rH 


CD 


CO 


IO 


00 rH 


C) 


1-1 




CO 


CO 




CO 


iO 






IO 


rH 


i-H 


CM 






rH 










CM 

rH 


CO 










Cl 


CM 


IO 

0» 


CO t^ 


rH 


CO' 


CI 


rH 


rH 


iO 


rH 


o 




oo 


co 


r« 


Cs 


r^ 


CO 


IO rH 


rH 


OS 


i-H 


rH 


CD 


rH 


as 


o 




CD 


CO 


1^ 


O 


00 


as 


O CO 


tH 


OS 


o 


CI 


rH 


CM 


CI 


CO 




rH 


rH 


CI 


r> 


°i 


iO 


































b- I> 


00 


CO 


1-H 


CI 


rH 


CM 


IO 






O 




I> 


Cs 


as" 


i> 


CM 




OJ 




rH 


rH 




IO 
CO 


rH 




rH 




CO 


CD 
l> 


iO 

rH 


rH 

co" 




















m 
































CO 
































a 
































IZi 
































IH 
































CO 
































p 
































PQ 




























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xlviii 



STATISTICAL TABLES. 





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STATISTICAL TABLES. 



xlix 



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26 77 

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25 78 

28 63 
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10 23 

8 97 

5 85 

11 25 

5 02 

9 70 

9 66 

10 72 

6 79 

8 26 

11 69 

9 55 

12 22 

9 82 
14 34 


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NAME OF COMPANY. 






^Etna, . 

Berkshire, 

Boston Mutual, 

Columbian National, 

Connecticut General, 

Connecticut Mutual, 

Equitable, . 

Fidelity, 

Home, 

John Hancock, 

Manhattan, . 

Massachusetts Mutual, 

Metropolitan, 1 

Mutual Benefit, 

Mutual, 

National, 

New England, 

New York, 2 . 

Northwestern, 

Penn, . 

Phoenix, 

Provident Life and Trus 

Prudential, . 

Prussian, 

State Mutual, 

Travelers, 

Union Central, 

Union Mutual, 



STATISTICAL TABLES. 



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38 10 

39 19 

35 61 

33 67 

33 81 

36 77 

34 16 
36 49 

33 19 

35 53 
30 64 


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$5 22 

11 93 
9 40 

6 93 

5 84 
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11 06 

12 39 

8 26 
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8 72 

10 27 

9 67 
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$42 04 

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45 03 

45 03 

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45 20 

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45 03 
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OSr-4 CONOCO OS OS 00 CO 00 00 OS 00 CO CO 00 00 CO C55 OO ■>* CO 
CO-* COCO-^CO CO CO CO CO CO CO CO CO "* CO CO CO CO CO CO co-* 


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TjlCM COkCCOO lOOOOOOOHlflrJINtDHNM 00 OS CM 
OS IO t-CMI>-CO OO "# •^l IO •* CO t- CM i-H O 00 CM ■>* CM CO •* O 

CM IO 00l>-t>-CO t- IC 00 CO t— 00 »C 00 IC rH CO CO CO CO OO OCO 
©& tH i-H tH 


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^O OCMCM00 OCOOtJH COCMOOCM lO »-l CM CO 00 O COO 
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eooooco ooi— io i— i o i-i i-i io os cm o os o nhotii 

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COCOCM00 COlO-^CO CO CO OS IO CO O N t>- CD CO O OS CO CO 
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MUJ^tK COCOCOCO 1*1 CO »0 iO CO 00 t* CO •* IO lOC-COCM 


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CO00CMCM i-iOSCMOS CO CM — O CM IO 00 OS CO 00 O CM 00 OS 
l>.kO00lO i-HO-"*IO N^NtDlOOSrHrt^t- •rtlOOM 

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CMrtl OsOi*l OOi-Hi-H iHrtdiHiCO!IMWffiH CMi— lO 
i*i-* COi*i*l i*l 1*1 i*l •* i*l ■* 1*1 i*l 1*1 CO ^ -* CO i*l T*l 1*1 i*l 
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OSt^ CD00CM 0»OCMCO •* Tt< CM IO t^ lO O CM 00 CO CO t^ CO 
CO^H lOOOCO C0i*ir-0 OOONNOti©©^ OOC^iO 

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Boston Mutual, 

Columbian National, 

Connecticut General, 

Connecticut Mutual, 

Equitable, . 

Fidelity, 

Home, 

John Hancock, 

Manhattan, . 

Massachusetts Mutual, 

Metropolitan, 1 

Mutual Benefit, 

Mutual, 

National, 

New England, 

New York, 2 . 

Northwestern, 

Penn, . . i 

Phoenix, 

Provident Life and Trus 

Prudential, . 

Prussian, 

State Mutual, 

Travelers, 

Union Central, 

Union Mutual, 



lvi 



STATISTICAL TABLES. 



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*° . . . . oio i-i co t— i-H o ■* o ■* oo os m co co •* oo co 

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1*1 ■* i* IO 1*1 1*1 1*1 1*1 1*1 1*1 ■* 1*1 IO •* 1*1 1*1 1*1 1*1 lO-*i*l 


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COICOSO NOt»cO •* CO i-H O CO 1*1 1* 1 O O i-H i*iiO00 
i-lt-OOOS COOSC^O IO OS i— 1 CM i-H t-Ht~ CM C— O 00lO»O 

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oor— 00CO COt-Ot- CM O t^ O CO i*l CO CO ■* CM t^cot— 
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COt*1CO OCDCOCO 00 1*1 t- OO lO »o CO CO CO c~- *ow 

cot-io o-i>-t-co 1*1 1>- m m 1*1 oo m co 1*1 co >acx)i> 

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OSOOCM lOOCOO CM CO O O CM 1*1 r- CM iO CM OCMOS 

t^ooco cot— or- cm o t- o co 1*1 co co I* cm t—coir- 
cocoo. cocot-co i*n>. irt co t>- co io m i-H co cor— ->*i 

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ONiJt I--COCM 0)0)00 oooo co'oooost— OS t-hosoo 

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Equitable, . 

Fidelity, 

Home, 

John Hancock, 

Manhattan, . 

Massachusetts Mutual, . 

Metropolitan, 1 

Mutual Benefit, 

Mutual, 

National, 

New England, 

New York, 2 . 

Northwestern, 

Penn, .... 

Phcenix, 

Provident Life and Trust, 

Prudential, . . > . 

Prussian, 

State Mutual, 

Travelers, 

Union Central, 

Union Mutual, 



STATISTICAL TABLES. 



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lviii 



STATISTICAL TABLES. 



Table N. — Sources of Gain or Loss in 





NAME OF COMPANY. 


Loading on 
Premiums. 


Per Cent. 

of 

Gross 

Premiums. 


Insurance 
Expenses in- 
curred. 


Gain from 
Loading. 


Per Cent. 

of Ex- 
penses to 
Net Pre- 
miums. 


Net Income, 

from 

Interest 

and Rents. 


1 


.Etna, 


$1,964,455 


18.49 


$2,258,553 


—$294,098 


26.07 


$3,905,774 


2 


Berkshire, 


553,231 


24.68 


337,227 


216,004 


19.98 


728,202 


3 


Boston Mutual, . 1 


47,338 1 
171,012* 


18.68 1 
50. 70 2 


63,914 1 
148.550 2 


—16,576i 
22,4622 


31.001 \ 
89. 29 2 / 
36.31 1 1 
11.51 2 J 


30,469 


4 


Columbian National, I 


241,3181 
18,928 2 


19.851 
55. 00 2 


353.778 1 
17.145 2 


—112,4601 
1,783 2 


177,840 


5 


Connecticut General, . 


215,539 


16.00 


264,556 


—49,017 


22.88 


344,858 


6 


Connecticut Mutual, . 


1,087,183 


18.60 


1,078,595 


8,588 


22.69 


2,699,490 


7 


Equitable, 


11,889,821 


22.55 


9,211,230 


2,678,591 


22.55 


19,370,454 


8 


Fidelity, . 


1,055,072 


23.10 


1,019,022 


36,050 


29.30 


758,461 


9 


Home, 


743,480 


22.06 


682,792 


60,688 


26.00 


920,094 


10 


John Hancock, . 1 


1,795,429! 
5,408,4722 


24.101 
50. 00 2 


1,650,4751 
3,814,077 2 


144,9541 
1.594.395 2 


29.241 1 
70.52 2 / 


2,321,051 


11 


Manhattan, 


483,836 


22.00 


493,056 


—9,220 


28.43 


784,745 


12 


Massachusetts Mutual, 


1,986,613 


25.10 


1,335,750 


650,863 


22 53 


2,112,712 


13 


Metropolitan, . < 


3,837,093! 
19,571,055 2 


16.921 
44. 32 2 


4,460,5721 
15,263,5262 


—623,4791 
4,307,5292 


23.691 1 
62.08 2 / 


9,456,132 


14 


Mutual Benefit, . 


3,274,799 


. 18.82 


2,918,496 


356,303 


20.66 


5,308,095 


15 


Mutual, 


11,828,430 


20.18 


7,548,125 


4,280,305 


16.13 


23,065,723 


16 


National, . 


1,152,530 


19.11 


1,113,973 


38,557 


22.84 


1,917,162 


17 


New England, 


1,496,864 


23.18 


1,121,042 


375,822 


22.61 


1,970,448 


18 


New York, 


16,513,140 


21.10 


9,841,851 


6,671,289 


15.94 


22,007,295 


19 


Northwestern, 


7,820,560 


22.10 


5,482,821 


2,337,739 


19.89 


10,804,760 


20 


Penn, 


3,598,579 


21.30 


2,623,060 


975,519 


20.44 


3.999,535 


21 


Phcenix, 


795,476 


19.20 


855,023 


—59,547 


25.51 


1,168,474 


22 


Provid't Life & Trust,. 


1,434,460 


18.32 


1,409,713 


24,747 


22 04 


3,066,772 


23 


Prudential, . 1 


4,448,7641 
16,322,3742 


22.491 
48. 58 2 


3,523,7461 
12,595,9182 


925,0181 
3,726,456 2 


22.991 1 
72.91 2 / 


6,829,780 


24 


Prussian, . 


10,390 


11.04 


14,829 


—4,439 


17.72 


10,758 


25 


State Mutual, 


1,058,742 


23.50 


671,630 


387,112 


18.95 


1,352,887 


26 


Travelers, . 


750,203 


11.90 


1,314,754 


—564,551 


23.62 


2,655,631 


27 


Union Central, . 


1,917,466 


19.94 


2,068,081 


—150,615 


26.87 


2,782,058 


28 


Union Mutual, . 
Totals, . . { 


491,020 


22.23 


390,207 


100,813 


22.72 


572,530 




$82,491,831 ] 


20.23 1 


$64,106,871 1 


$18,384,960! 


23.561 1 


$131,122,190 




$41,491,8412 


49. 72 2 


$31,839,216 2 


$9,652,625 2 


61. 26 2 / 



Table N.— 







Expected 


Net Actual 


Per Cent. 


Gain or 
Loss from 
Annuities. 


Reserves on 


Allowed on 




NAME OF COMPANY. 


Payments 
to 


Annuity 
Claims in- 


Actual 
to 


Lapsed and 
Surrendered 


Lapsed and 
Surrendered 






Annuitants. 


curred. 


Expected. 


Policies. 


Policies. 


1 


iEtna, 


$12,617 


$15,478 


122.67 


—$2,861 


$2,520,318 


$2,086,879 


2 


Berkshire, 


- 


- 


- 


- 


522,889 


480,200 


3 


Boston Mutual, . 


- 


- 


- 


- 


30,525 


16,631 


4 


Columbian National, . 


435 


515 


118.39 


—80 


239,595 


168,548 


5 


Connecticut General, . 


1,932 


2,670 


138.20 


—738 


173,828 


151,884 


6 


Connecticut Mutual, . 


13,435 


15,205 


113.17 


—1,770 


1,073,772 


961,143 


7 


Equitable, 


789,624 


834,342 


105.66 


—44,718 


15,821,699 


13,635,556 


8 


Fidelity, . 


2,250 


3,280 


145.78 


—1,030 


507,897 


450,954 


9 


Home, 


26,982 


38,213 


141.62 


—11,231 


683,031 


534,622 


10 


John Hancock, . 


- 


- 


- 


- 


1,592,842 


898,641 


11 


Manhattan, 


7,200 


10,395 


144.37 


—3,195 


636,286 


559,790 


12 


Massachusetts Mutual, 


- 


- 


- 


- 


1,115,253 


973,732 


13 


Metropolitan, 


84,086 


141,906 


168.76 


—57,820 


7,517,805 


3,517,267 


14 


Mutual Benefit, . 


99,151 


143,558 


144.79 


—44,407 


3,002,005 


2,796,372 


15 


Mutual, 


1,935,132 


1,653,095 


85.42 


282,037 


18,423,674 


16,917,282 


16 


National, . 


186,407 


225,252 


120.84 


—38,845 


1,090,440 


964,803 


17 


New England, . 


- 


- 


- 


- 


1,135,563 


1,029,548 


18 


New York, 


1,177,978 


1,227,962 


104.24 


—49,984 


19,914,761 


18,339,460 


19 


Northwestern, 


42,090 


55,097 


130.90 


—13,007 


8,259,995 


7,783,539 


20 


Penn, 


143,523 


225,216 


156.92 


—81,693 


* 2,387,242 


2,010,688 


21 


Phcenix, 


7,848 


11,827 


150.70 


—3,979 


639,271 


510,927 


22 


Provid't Life & Trust, 


46,138 


61,845 


134.05 


—15,707 


960,704 


807,221 


23 


Prudential, 


36,851 


59,798 


162.27 


—22,947 


4,871,092 


2,761,048 


24 


Prussian, . 


- 


— 


— 


- 


- 


— 


25 


State Mutual, 


4,792 


7,287 


152.07 


—2,495 


1,178,480 


1,078,356 


26 


Travelers, . 


14,990 


26,876 


179.29 


—11,886 


825,393 


603,657 


27 


Union Central, . 


13,382 


23,388 


174.77 


—10,006 


889,835 


702,440 


28 


Union Mutual, . 
Totals, . . 


895 


2,453 


274.08 


—1,558 


534,665 


427,078 




$4,647,738 


$4,785,658 | 


102.97 


—$137,920 


$96,548,860 


$81,168,266 



1 Ordinary. 



2 Industrial. 



STATISTICAL TABLES. 



lix 



Surplus for the Year ending Dec. 31, 1908. 



Per Cent. 3 

Gross 
Earnings 
to Mean In- 
vested Assets. 



Interest 
required to 
maintain Re- 



Gain from 
Interest. 



Expected 
Mortality. 



Actual 
Mortality. 



Per Cent. 

Actual 

to 

Expected. 



Gain from 
Mortality. 



4.96 

4.37 

5.17 

4.79 
4.59 
5.42 
4.73 

4.93 

4.87 
4.73 

4.70 

4.96 
4.81 
4.89 
4.77 
4.49 
4.85 
4.90 
5.09 
5.06 

4.65 

3.66 
4.75 
5.28 
6.42 
4.57 



$2,720,124 
615,658 

24,116 

94,204 

262,822 

2,108,867 

13,687,059 

516,204 

749,061 

1,675,020 

714,047 
1,746,905 

7,828,529 

3,926,909 

15,945,036 

1,393,725 

1,623,155 

15,400,000 

7,539,702 

2,774,116 

877,412 

2,183,058 

4,457,571 

1,691 

1,102,196 

1,454,008 

2,035,615 

496,985 



$1,185,650 
112,544 

6,353 

83,636 

82,036 

590,623 

5,683,395 

242,257 

171,033 

646,031 

70,698 
365,807 

1,627,603 

1,381,186 

7,120,687 

523,437 

347,293 

6,607,295 

3,265,058 

1,225,419 

291,062 

883,714 

2,372,209 

9,067 

250,691 

1,201,623 

746,443 

75,545 



$2,823,238 
720,021 
76,908 1 
76,085 2 
338,591 1 
7,8942 
361,412 
2,411,396 
13,771,667 
1,369,344 
878,366 
1,925,980! 
3,052,000 2 
830,150 
2,314,555 
4,604,731 1 
10,975,5122 
5,086,197 
15,960,049 
1,602,275 
2,010,404 
20,820,900 
9,027,993 
4,649,396 
1,114,568 
1,957,369 
4,902,759! 
7,872,9582 
68,889 
1,286,257 
1,805,904 
2,517,372 
630,400 



$1,793,745 
469,562 
76,801 1 
98,617 2 
174,9121 
15.604 2 
181,060 
1,685,447 
12,377,802 
1,161,063 
618,406 
1,005,655! 
3,252,5902 
648,361 
1,597,664 
3,399,8081 
11,648,9552 
3,055,198 
12,383,362 
1,019,962 
1,284,110 
15,329,061 
5,324,270 
3,082,836 
744,177 
1,049,269 
3,365,529 ] 
8,660,9482 
16,491 
881,249 
1,350,841 
1,564,043 
436,791 



63.53 
65.21 
99.861 

129.61 2 
51.661 

197. 67 2 
50.10 
69.89 
89.88 
84.79 
70.40 
52.211 

106. 57 2 
78.10 
69.03 
73.831 

106.14 2 
60.07 
77.59 
63.65 
63.87 
73.62 
58.97 
66.31 
66.77 
53.60 
68.621 

110. 01 2 
23.94 
68.51 
74.80 
62.13 
69.29 



$1,029,493 
250,459 
107 > 
—22,532 2 
163,679 1 
—7,7102 
180,352 
725,949 
1,393,865 
208,281 
259,960 
920,3251 
—200.590 2 
181,789 
716,891 
1,204,923! 
—673,4432 
2,030,999 
3,576,687 
582,313 
726,294 
5,491,839 
3,703,723 
1,566,560 
370,391 
908,100 
1,537,2301 
—787,9902 
52,398 
405,008 
455,063 
953,329 
193,609 



4.77 



$93,953,795 



$37,168,395 



/ $105,867,091 1 
1 $21,984,449 2 



$76,077,4751 
$23,676,714 2 



71.861 
107. 70 2 



$29,789,6161 
-$1,692,265 2 



Concluded. 



Gain from 
Lapses and 
Surrenders. 


Divi- 
dends to 
Stock- 
holders. 


Dividends 

allowed 

Policy 

Holders. 


Increase 

in Special 

Funds. 


Gain or Loss 
from Invest- 
ments and All 
Other Sources. 


Surplus 

Dec. 31, 

1907. 


Increase. 


Surplus 

Dec. 31, 

1908. 




$433,439 


$200,000 


$1,054,820 


- 


$1,658,160 


$5,065,710 


$2,754,963 


$7,820,673 


1 


42,689 


- 


289,532 


—$48,767 


220,538 


613,517 


601,469 


1,214,986 


2 


13,894 


- 


14,250 


- 


—472 


35,501 


—11,014 


24,487 


3 


71,047 


70,000 


54,023 


- 


7,060 


482,773 


82,932 


565,705 


4 


21,944 


12,000 


75,785 


621 


—17,156 


393,286 


129,015 


522,301 


5 


112,629 


- 


1,256,970 


- 


1,663,904 


5,414,985 


1,842,953 


7,257,938 


6 


2,186,143 


7,000 


8,186,445 


- 


—45,644,492 


48,713,574 


—41,940,661* 


6,772,913 


7 


56,943 


- 


471,111 


- 


—75,765 


646,851 


—4,375 


642,476 


8 


148,409 


15,000 


290,959 


- 


789,126 


211,764 


1,112,026 


1,323,790 


9 


694,201 


- 


1,511,394 


1,917,655 


1,076,447 


4,755,835 


1,446,714 


6,202,549 


10 


76.496 


20,000 


183,053 


50,000 


349,667 


246,830 


413,182 


660,012 


11 


141,521 


- 


1,307,165 


- 


1,006,226 


2,329,966 


1,574,143 


3,904,109 


12 


4,000,538 


140,000 


6,751,789 


512,973 


4,644,585 


13,117,644 


7,025.674 


20,143,318 


13 


205,633 


- 


2,523,721 


299,217 


1,166,371 


4,846,464 


2,273,147 


7,119,611 


14 


1,506,392 


- 


8,367,105 


31,095,502 


—22,606,973 


61,807,034 


—45,303,472* 


16,503,562 


15 


125,637 


- 


777,668 


—539 


225,186 


895,795 


679,156 


1,574,951 


16 


106,015 


- 


963,222 


1,200,000 


1,059,892 


3,067,893 


452,094 


3,519,987 


17 


1,575,301 


- 


7,417,277 


33,015,529 


21,101,156 


8,354,917 


964,090 


9,319,007 


18 


476,456 


- 


8,908,564 


- 


3,554,876 


2,357,464 


4,416,281 


6,773,745 


19 


376,554 


- 


4,703,273 


- 


1,103,233 


3,454,043 


462,319 


3,916,362 


20 


128,344 


- 


765,906 


- 


215,966 


971,028 


176,331 


1,147,359 


21 


153,483 


- 


1,142,215 


- 


2,571,621 


4,374,618 


3,383,743 


7,758,361 


22 


2,110,044 


200,000 


10,043,724 


- 


3,561,247 


15,056,504 


3,177,543 


18,234,047 


23 


- 


- 


- 


- 


—67,819 


79,195 


—10,793 


68,402 


24 


100,124 


- 


641,556 


1,633 


703,056 


1,497,284 


1,200,307 


2,697,591 


25 


221,736 


50,000 


109,870 


5.938 


4,485,874 


2,532,560 


5,622,051 


8,154,611 


26 


187,395 


30,000 


1,173,483 


1,018,544 


115,288 


2,337,673 


—380,193 


1,957,480 


27 


107,587 


- 


104,323 


- 


271,289 


235,023 


642,962 


877,985 


28 


$15,380,594 


$744,000 


$69,089,203 


$69,068,306 


—$16,861,909 


$193,895,731 


—$47,217,413 


$146,678,318 





i Ordinary. 2 Industrial. 3 Including bank balances at interest. 

* Decrease caused by including as a liability deferred dividends heretofore included in surplus. 



lx 



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lxiv 



STATISTICAL TABLES. 



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LIFE INSURANCE COMPANIES. 



Abstracts of Annual Statements for the Year ending 
December 31, 1908. 



ABSTRACTS OF STATEMENTS OF MASSACHUSETTS COM- 
PANIES. 



BERKSHIRE LIFE INSURANCE COMPANY, PITTSFIELD. 

Incorporated May, 1851. Commenced business Sept. 4, 1851. 

James W. Hull, President. Theodore L. Allen, Secretary. 

Income. 

First year's premiums on original policies, .... $87,687 23 

Dividends applied to purchase paid-up additions, . . . 102,466 94 

Surrender values applied for paid-up insurance, . . . 6,561 64 

Total new premiums, .... $196,715 81 

Renewal premiums, less $57,664.19 for reinsurance, . . . 1,913,896 64 

Dividends applied to pay renewal premiums, .... 141,031 06 



Total renewal premiums, 

Total premium income, . 
Interest on mortgages, .... 

on collateral loans, 

on bonds and dividends on stocks, 

on premium notes and policy loans, 

on bank deposits, 

on other debts, 

Discount on claims paid in advance, 

Rent, including $6,000 for occupancy of own 

buildings, ...... 



$2,054,927 70 



5,251,643 51 



$199,071 95 

16,166 29 

385,353 48 

103,212 94 

11,590 87 

117 71 

1,033 66 

122,528 19 839,075 09 



Profit on sale or maturity of bonds, $2,589 . 92 ; of stocks, $2,250, 
Dividends on reinsurance, ...... 

Total income, . . . . . 

Ledger assets, Dec. 31, 1907, ...... 

Total, 

Disbursements. 
Death claims and additions, .... 
Matured endowments and additions, 



4,839 92 
8,113 46 



$3,103,671 98 
16,014,924 87 

$19,118,596 85 



$762,275 00 
186,859 00 $949,134 00 



Surrender values paid in cash, ..... 

Surrender values applied to purchase paid-up insurance, . 
Dividends paid policy holders in cash, .... 

applied to pay renewal premiums, . . . 

applied to purchase paid-up additions, 

Total paid policy holders, ..... 

Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, . 
Commissions to agents: new policies, $36,537.59; renewals, 

$117,597.19, 

Salaries and allowances for agencies, .... 

Agency supervision, traveling and other agency expenses, 
Medical examiners' fees, $7,279; and inspections, $3,592.57, 



421,792 


54 


6,561 


64 


26,156 


49 


141,031 


06 


102,466 


94 


. $1,647,142 67 


76 


00 


455 


28 


154,134 


78 


34,981 


78 


11,765 


51 


10,871 


57 



BERKSHIRE LIFE INSURANCE CO. 



Salaries of officers and home office employees, . 

Rent, including $6,000 for occupancy of own buildings, 

Advertising, printing, postage, etc., 

Legal expenses, ..... 

Furniture and fixtures, .... 

Repairs and expenses on real estate, 

Taxes on real estate, .... 

State taxes on premiums, 

Insurance department licenses and fees, . 

All other licenses, fees and taxes, 

Agents' balances charged off, 

Loss on sale or maturity of bonds, . 

Decrease by adjustment in book value of ledger assets, 

Other disbursements, .... 

Total disbursements, 

Balance, ..... 

Ledger Assets. 
Book value of real estate, 
Mortgage loans on real estate, 
Loans secured by collateral (schedule A), 
Loans to policy holders, 
Premium notes on policies in force, 
Book value of bonds and stocks (schedule B), 
Cash in office, ..... 
Deposits in trust companies and banks not on interest, 
Deposits in trust companies and banks on interest, . 
Agents' debit balances, . . . . 



Total ledger assets, 



$65,121 45 

24,483 34 

27,321 25 

35 00 

5,054 14 

54,055 34 

22,147 84 

19,174 49 

1,201 05 

21,477 94 

15,435 77 

133 33 

205,924 51 

7,284 05 

52,328,277 09 

$16,790,319 76 



$1,335,725 72 

3,910,782 10 

233,125 00 

1,954,093 74 

32,895 66 

8,698,419 03 

60 74 

270,552 39 

354,629 50 

35 88 

$16,790,319 76 



Non-Ledger Assets. 



Interest due and accrued on: 

Mortgages, $87,469 95 

Bonds, 61,590 76 

Collateral loans, . . . . . 1,51981 

Premium notes, ..... 30,857 45 

Rents due, 100 38 

Market value of stocks and bonds over book value, . 

New Business. Renewals. 

Uncollected premiums, . . $1,030 01 $91,233 05 

Deferred premiums, . . 17,883 01 218,802 90 



181,538 35 
89,662 97 



Total, . 
Deduct loading, 

Net uncollected and deferred 
premiums, 



$18,913 02 
4,728 25 



$310,035 95 

77,508 99 



,184 77 $232,526 96 246,711 73 



Gross assets, . . . . . . . ■ . 1 

Assets not admitted. 

Agents' debit balances, ..... $35 88 

Book value of mortgage loans over dept. valuation, 83,694 08 



Admitted assets, 



7,308,232 81 

83,729 96 
$17,224,502 85 



BERKSHIRE LIFE INSURANCE CO. 



Liabilities. 
Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the Actuaries' table of mor- 
tality, with interest at 4 per cent., and the American table, with 



interest at 3^ and 3 per cent., .... 


$ 


16,132,502 00 


Deduct net value of risks reinsured, 


• 


271,717 00 


Net reserve, ....... 


$15,860,785 00 


Present value of supplementary contracts not involving life con- 




tingencies, ....... 




2,921 52 


Surrender values claimable on terminated policies, . 




1,993 54 


Death losses in process of adjustment, 


$5,000 00 




Death losses reported, ..... 


47,581 00 




Matured endowments due and unpaid, 


257 00 


52,838 00 


Premiums paid in advance, ..... 




8,167 07 


Unearned interest and rent paid in advance, 


. 


5,521 90 


Miscellaneous accounts due or accrued, . 


, , 


2,500 00 


Medical examiners' fees due or accrued, . 


. , 


709 00 


State, county and municipal taxes due or accrued, . 


. 


45,000 00 


Dividends or other profits due policy holders, . 


. 


664 11 


Dividends apportioned on annual dividend policies, payable 




during 1909, 




5,212 60 


Dividends apportioned on deferred dividend policies, payable 




during 1909, 


. 


23,203 87 


Unassigned funds (surplus), ..... 


• 


1,214,986 24 


Total liabilities, ...... 


.$17,224,502 85 


Premium Note Account. 






Premium notes on hand Dec. 31, 1907, . ' . $38,070 57 




Received during 1908 (old policies), 


2,013 43 


$40,084 00 


Used in payment of losses and claims, 


$1,788 90 




Redeemed by maker in cash, .... 


5,399 44 


7,188 34 


Premium notes on hand Dec. 31, 1908, 


. 


$32,895 66 


Exhibit of Policies. 






In Force Dec. 31, 1907. 






Number. Amount. 


Total No. 


Total Amount. 


Whole life, . . . 21,670 $53,589,344 00 






Endowment, . . 4,242 8,560,322 00 






All other, ... 35 119,000 00 






Reversionary additions, - 2,642,124 00 


25,947 $< 


64,910,790 00 


Issued during the Year. 




Whole life, . . . 1,121 $2,427,500 00 






Endowment, . . 233 337,000 00 






All other, ... 44 176,100 00 






Reversionary additions, - 197,274 00 


1,398 


3,137,874 00 



BEKKSHIRE LIFE INSURANCE CO. 



Whole life, . 
Endowment, 

Total, . 



Whole life, . 
Endowment, 
All other, 
Reversionary 



Old Policies revived. 

Number. Amount. Total No. 

25 $80,238 00 

2 4,589 00 27 



Total Amount. 

t,827 00 



27,372 $68,133,491 00 



additions, 



Terminated during the Year. 

1,032 $2,923,982 00 

334 675,090 00 

24 67,000 00 

187,824 00 





1,390 


$3,853,896 00 




How terminated. 


By death, 


269 


$765,132 00 


maturity, 


76 


181,300 00 


expiry, . 


7 


29,000 00 


surrender, 


548 


1,683,635 00 


lapse, 


330 


880,329 00 


Not taken, . 


160 


314,500 00 



1,390 3,853,896 00 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 



In Force Dec. 81, 1908. 

21,784 $53,173,100 00 

4,143 8,226,821 00 

55 228,100 00 

2,651,574 00 



25,982 $64,279,595 00: 



Schedule A. Securities held as Collateral. 



5 shares Boston & Albany R.R. Co., 
40 " Third National Bank, Pittsfield, Mass., . 
13 " National Mahaiwe Bank, Gt. Barrington, Mass. 

12 " Berkshire R.R. Co., .... 
10 " Third National Bank, Pittsfield, Mass., . 

5 " Merchants' National Bank, Boston, Mass., 

4 " Boston & Albany R.R. Co., . 
32 "■ Pittsfield Coal Gas Co., Pittsfield, Mass., . 

22 " The Pullman Co., 

44 " Boston & Albany R.R. Co., . 

10 " The Union Trust Co., Pittsburg, Pa., 

13 " Pittsfield Coal Gas Co., . 

10 " Agricultural National Bank, Pittsfield, Mass., 

40 " Pittsfield Electric St. Ry. Co., 

10 " Boston Elevated Ry. Co., 

10 " Agricultural National Bank, Pittsfield, Mass., 

3 " Pontoosuc Woolen Mfg. Co., Pittsfield, Mass., 
22 " Agricultural National Bank, Pittsfield, Mass., 

4 " Pittsfield National Bank, 
200 " American Telephone & Telegraph Co., 
100 " Old Colony Trust Co., . 
400 " Massachusetts Electric Co's., preferred, 
250 " Georgia Railway & Electric Co., 
100 " Atch., Topeka & Santa Fe R'y Co., preferred, 
100 " New York, Lackawanna & Western R'y Co., 

Chicago, Milwaukee & St. Paul Ry. Co. ter. mortg. 5s, 1914, 
Norfolk & Southern R.R. Co. 1st mortgage 5s, 1941, 
Chesapeake & Ohio Ry. Co. 1st con. mortgage 5s, 1939, 
Central R.R. Co. of New Jersey general mortgage 5s, 1987, 



Company's 

Market Value. 

$1,125 00 

9,200 00 



00 
00 
00 
00 
00 
00 
00 



2,145 

1,440 

2,300 

1,095 
900 

3,840 

3,740 

9,900 00 
27,500 00 

1,560 00 

2,500 

7,000 

1,250 

2,500 

3,600 

5,500 00 \ 
660 00 / 
25„600 00 
61,500 00 
23,600 00 
20,750 00 J 
10,200 00 
12,700 00 

3,120 00 

1,000 00 

5,750 00 

7,680 00 



00 
00 
00 
00 
00 



Loaned. 
Thereon. 
$700 00 
4,300 00! 

3,000 00: 

2,600 00? 

125 00 

1,800 00 

1,000 00 

1,800 00 

18,000 00 

1,300 00 

1,200 00 

6,000 00 

1,000 00 

4,300 00 
4,000 00 



100,000 00 ; 



27,000 00 






BERKSHIRE LIFE INSURANCE CO. 



Sheboygan Light, Power & Ry. Co., Wis., 5s, 1926, 
210 shares Pittsfield Electric Co., . 



Company's 
Market Value. 
$46,000 00 

33,600 00 



Loaned 
Thereon. 

$35,000 00 
20,000 00 



$339,255 00 $233,125 00 

Schedule B. Stocks and Bonds owned by the Company. 

Railroad Stocks. 
400 shares Canada Southern, 

60 
250 
123 

30 

61 
420 
335 
115 
410 
110 
200 
120 



Central of New Jersey, . 
Chicago Great Western debenture, 
Chicago, Milwaukee & St. Paul, com. 
C, M. & St. P., com. (85% paid), 
Chic, Mil. & St. P., pref. (85% pd.), 
Chicago & Northwestern, 
Chic, St. P., Minn. & Om., common 
Illinois Central, 

New York Central & Hudson R., 
New York, New Haven & Hart., 
Pennsylvania, 
Union Pacific, preferred, 
Bank Stocks. 
300 shares Agricultural National, Pitts., Mass., 
100 " Berkshire L. & Tr. Co., Pitts., Mass 
136 " Metropolitan, New York, N. Y., 

10 " Millerton National, N. Y., 
250 " North Adams National, . 
300 " Pittsfield National, 

Miscellaneous Stocks. 
200 shares American Express Co., . 
1,575 " American Tel. & Tel. Co., 
1,200 " Commercial Union Telegraph Co., 
150 " Missouri & Kansas Telephone Co., 
214 " Northwestern Telegraph Co., . 
204 " The Pullman Co., . 

Government Bonds. 
United States of Mexico 4s, 1954, 

State, Counti) and Municipal Bonds. 
Davidson County, 'Tenn., 4^s, 1937, op. 1922, ' 
Davidson County, Tenn., 4£s, 1937, op. 1925, 
Hinsdale, Mass., 4s, 1921, . . .. . 

Massachusetts 3s, 1941, .... 
New York, N. Y., 4s, 1957, 
New York, N. Y., 4*s, 1957, 
Omaha, Neb., street improvement 4^-s, 1917, 
Pittsfield, Mass., 4s, 1916, 
Readsboro, Vt., 5s, 1914, .... 
Spokane, Wash., school dist. 4-Js, 1927, op. 1917, 

Railroad Bonds. 
Alabama Central 6s, 1918, 
Allegheny & Western 4s, 1998, . 
Allegheny Valley 7s, 1910, 

Atch., Top. & Santa Fe trans, short line 4s, 1958, 
Atlanta & Charlotte Air Line 4-^s, 1910, 
Atlanta, Knoxville & Northern 5s, 1946, 
Atlantic Coast Line 1st con. mortgage 4s, 1952, 
Atlantic & Danville 1st mortgage 4s, 1948, 
Atlantic & Yadkin 4s, 1949, 
Bangor & Aroostook car trust 5s, 1909, 
Bangor & Aroostook 5s, 1943, . 
Belleville & Carondelet 6s, 1923, 
Boston & Albanv 4s, 1933, 
Boston Elevated 4^s, 1937, 
Boston & Maine 4s, 1926, 
Boston & Maine 4^s, 1944, 
Brockton Street 5s, 1924, 
Buffalo, New York & Erie 7s, 1916, 
Buffalo, Rochester & Pittsburg equip. 4^s, 1921, 
Buffalo, Rochester & Pittsburg 5s, 1937, 



Book Value. 


Rate. 


Market Value. 


$26,000 00 


66 


$26,400 00 


9,150 00 


228 


13,680 00 


23,187 50 


59 


14,750 00 


16,500 00 


150 


18,450 00 


2,550 00 


146 


4,380 00 


5,185 00 


160 


9,760 00 


43,958 80 


184 


77,280 00 


40,045 00 


159 


53,265 00 


14,500 00 


149 


17,135 00 


43,126 00 


125 


51,250 00 


24,250 00 


161 


17,710 00 


12,100 00 


132 


13,200 00 


9,222 50 


96 


11,520 00 


60,000 00 


250 


75,000 00 


12,500 00 


158 


15,800 00 


24,973 07 


172 


23,392 00 


1,600 00 


175 


1,750 00 


31,250 00 


115 


28,750 00 


44,084 00 


165 


49,500 00 


32,500 00 


207 


41,400 00 


191,575 00 


128 


201,600 00 


28,450 00 


115 


34,500 00 


15,187 50 


24 


3,600 00 


12,126 50 


110 


11,770 00 


24,720 00 


170 


34,680 00 


90,143 24 


93 


90,675 00 


17,106 25 


103 


17,510 00 


18,135 00 


103 


18,540 00 


19,000 00 


100 


19,000 00 


150,000 00 


88 


132,000 00 


48,125 00 


103 


51,500 00 


103,750 00 


112 


112,000 00 


25,156 00 


104 


26,000 00 


52,000 00 


103 


51,500 00 


7,000 00 


104 


7,280 00 


20,325 00 


103 


20,600 00 


16,600 00 


107 


16,050 00 


25,000 00 


98 


24,500 00 


25,640 00 


103 


25,750 00 


47,625 00 


95 


47,500 00 


22,895 60 


98 


22,540 00 


34,120 00 


105 


31,500 00 


23,250 00 


95 


23,750 00 


24,500 00 


90 


22,500 00 


17,850 00 


85 


17,000 00 


25,000 00 


100 


25,000 00 


5,490 00 


112 


5,600 00 


25,460 00 


114 


25,080 00 


98,450 00 


101 


101,000 00 


101,050 00 


106 


106,000 00 


67,712 50 


98 


68,600 00 


31,500 00 


104 


31,200 00 


19,600 00 


100 


19,000 00 


51,850 00 


115 


51,750 00 


30,100 00 


99 


29,700 00 


43,800 00 


116 


45,240 00 



BERKSHIRE LIFE INSURANCE CO. 



Buffalo and Susquehanna 4^s, 1953, . 

Cedar Rapids & Missouri River 7s, 1916, 

Central of New Jersey 5s, 1987, 

Central Branch 4s, 1919, .... 

Central Vermont 4s, 1920, 

Central Vermont equipment 4-|s, 1912, 

Charleston & Savannah 7s, 1936, 

Chesapeake & Ohio 1st con. mortgage 5s, 1939, 

Chicago, Burlington & Quincy 5s, 1913, 

Chicago, Burl. & Quincy (Iowa Div.) 4s, 1919, 

Chicago & Eastern Illinois 6s, 1934, . 

Chicago, Indiana & Southern 4s, 1956, 

Chicago, Indianapolis & Lou. ref. mtge. 6s, 1947, 

Chicago Junction 4s, 1945, 

Chic, Mil. & St. Paul (Chic. & Pac. Div.) 6s, 1910, 

Chic, Mil. & St. Paul (Hast. & Dak. Div.) 5s, 1910, 

Chic, Mil. & St. P. (Chic. & Pac. W. Div.) 5s, 1921, 

Chicago & Northwestern 5s, 1933, 

Chicago & Northwestern 5s, 1921, 

Chicago & Northwestern (Madison Ext.) 7s, 1911 

Chicago & Northwestern 7s, 1915, 

Chicago & Northwestern Extension 4s, 1926, 

•Chicago, Rock Island & Pacific 4s, 1988, 

Chicago & St. Louis 6s, 1915, 

Chicago, St. Louis & New Orleans 5s, 1951, 

Chic, St. Paul, Minneapolis & Omaha 6s, 1930, 

Chicago & Western Indiana 6s, 1932, 

Chicago & West. Ind. col. trust notes 5s, 1910, 

Chicago, Wisconsin & Minnesota 6s, 1916, 

Choctaw & Memphis 5s, 1949, . 

Choctaw, Oklahoma & Gulf 5s, 1919, 

Choctaw, Oklahoma & Gulf 5s, 1952, 

Cincinnati, Dayton & Ironton 5s, 1941, 

Cincinnati, Hamilton & Dayton 5s, 1942, 

Cleve., Cin., Chicago & St. Louis 4s, 1993, 

Cleve., Col., Cin. & Indianapolis 7s, 1914, 

Cleveland, Columbus, Cincinnati & Ind. 6s, 1934, 

Cleveland, Lorain & Wheeling 5s, 1933, 

Columbia & Greenville 6s, 1916, 

Col. & Hocking Valley ext. 1st mortgage 4s, 1948 

Columbus & Toledo 4s, 1955, . 

Concord & Montreal 4s, 1920, . 

Current River 5s, 1927, 

Duluth & Iron Range 5s, 1937, 

Eastern of Minn. (Northern Div.) 4s, 1948, 

Evansville & Terre Haute 6s, 1921, . 

Fitchburg 4is, 1928, 

Flint & Pere Marquette (Pt. Hur. Div.) 5s, 1939, 

Flint & Pere Marquette 6s, 1920, 

Fremont, Elkhorn & Missouri Valley 6s, 1933, 

Gal., Har. & San Antonio (M. & P. E.) 5s, 1931, 

Galveston, Harrisburg & San Antonio 6s, 1910, 

Georgia & Alabama 5s, 1945, 

Georgia & Alabama Terminal 5s, 1948, 

Globe St., Boston, Mass., 5s, 1912, 

Hannibal & St. Joseph 6s, 1911, 

Hocking Valley 4i S , 1999, 

Indiana, Decatur & Western 5s, 1935, 

Indianapolis & St. Louis 7s, 1919, 

Iowa Central 5s, 1938, .... 

Iowa Falls & Sioux City 7s, 1917, 

Iowa, Minnesota & Northwestern 3^s, 1935, 

Kan. City, Fort Scott & Gulf 5s, 1911, 

Kansas City, Fort Scott & Memphis 6s, 1928, 

Kentucky Central 4s, 1987, 

Knoxville & Ohio 6s, 1925, 

Lake Erie & Western 5s, 1937, . 

Lake Erie & Western 5s, 1941, . 

Lake Shore & Michigan Southern notes, 5s, 1910 

Leroy & Caney Valley Air Line 5s, 1926, 

Lincoln & Northwestern 7s, 1910, 

Long Island ref. mort. 4s, 1949, 



Book Value. 
$25,000 00 
5,860 00 
25,875 00 
28,425 00 
18,500 00 
25,000 00 
34,800 00 
52,950 00 
30,750 00 
49,960 00 
65,500 00 
47,375 00 
51,200 00 
25,000 00 
7,052 50 
8,020 00 
1,054 00 
51,840 00 
14,047 50 
12,510 00 
15,050 00 
49,875 00 
52,531 25 
24,000 00 
5,560 00 
123,000 00 
77,566 67 
24,500 00 
9,000 00 
28,200 00 
31,400 00 
27,825 00 
43,330 00 
20,450 00 
24,125 00 
28,375 00 
56,375 00 
53,227 50 
26,655 00 
10,000 00 
26,000 00 
75,375 00 
25,625 00 
58,062 50 
24,937 50 
45,900 00 
51,700 00 
17,020 00 
33,050 00 
25,800 00 
26,050 00 
25,000 00 
26,470 00 
52,125 00 
11,100 00 
25,625 00 
15,000 00 
38,100 00 
64,815 00 
22,200 00 
110,528 75 
23,343 75 
35,000 00 
29,800 00 
29,175 00 
44,925 00 
20,865 00 
28,000 00 
149,625 00 
21,300 00 
9,000 00 
9,850 00 



Rate. 

93 

118 

128 

90 

81 

95 

127 

115 

102 

100 

130 

95 

128 

90 

102 

101 

110 

110 

107 

105 

116 

101 

100 

109 

117 

129 

112 

100 

104 

109 

103 

107 

94 

90 

98 

112 

125 

110 

106 

98 

98 

99 

96 

114 

96 

111 

106 

107 

113 

132 

112 

102 

102 

101 

102 

104 

106 

94 

124 

109 

118 

92 

100 

113 

97 

115 

113 

104 

101 

102 

101 

97 



Market Value. 
$23,250 00 
5,900 00 
32,000 00 
27,000 00 
16,200 00 
23,750 00 
31,750 00 
57,500 00 
30,600 00 
50,000 00 
71,500 00 
47,500 00 
51,200 00 
22,500 00 
7,140 00 
8,080 00 
1,100 00 
50,600 00 
13,910 00 
12,600 00 
15,080 00 
50,500 00 
53,000 00 
23,980 00 
5,850 00 
129,000 00 
78,400 00 
25,000 00 
10,400 00 
27,250 00 
30,900 00 
26,750 00 
37,600 00 
18,000 00 
24,500 00 
28,000 00 
56,250 00 
55,000 00 
26,500 00 
9,800 00 
25,480 00 
74,250 00 
24,000 00 
57,000 00 
24,000 00 
44,400 00 
53,000 00 
17,120 00 
33,900 00 
26,400 00 
28,000 00 
25,500 00 
25,500 00 
50,500 00 
11,220 00 
26,000 00 
15,900 00 
32,900 00 
65,720 00 
21,800 00 
109,740 00 
23,000 00 
35,000 00 
28,250 00 
29,100 00 
46,000 00 
21,470 00 
26,000 00 
151,500 00 
20,400 00 
9,090 00 
9,700 00 



BERKSHIRE LIFE INSURANCE CO. 



Louisville, Henderson & St. Louis 5s, 1946, 

L. & Nash. 1st mort. (N O. & M. Div.) 6s, 1930, 

L. & Nash. 2d mort. (N O. & M. Div.) 6s, 1930, 

Low., Lawrence & Haverhill Street 5s, 1923, 

Lynn & Boston 5s, 1924, .... 

Lynn & Boston 5s, 1912, .... 

Maine Central 4s, 1912, .... 

Maine Central 4$s, 1912, .... 

Manchester (N. H.) Tr., L. & P. Co. 5s, 1921, 

Maryland, Delaware & Virginia 5s, 1955, 

Minn., St. Paul & Sault Ste. Marie,4s, 1938, 

Mobile & Birmingham 5s, 1945, 

Mobile & Ohio 1st mortgage 6s, 1927, 

Mobile & Ohio 1st mort. extension 6s, 1927, 

Montana Central 6s, 1937, 

Montana Central 5s, 1937, . . . 

Montauk Extension 5s, 1945, 

Morris & Essex 7s, 1914, . . 

Nashville, Chattanooga & St. Louis 7s, 1913, 

Nash., Chat. & St. L. (Centerville Br.) 6s, 1923, 

Nashville, Florence & Sheffield 5s, 1937, . 

New Orleans & Northeastern 6s, 1915, 

N. Y. Cent. & H. R. (Lake Sh. col.) 3£s, 1998, 

New York Central & H. River notes, 5s, 1910, 

New York, Lake Erie & Western 7s, 1920, 

N. Y., N. H. & Hartford conv. 3£s, 1956, . 

N. Y., N. H. & H. conv. deb. 6s, 1948, 

New York, Ontario & Western 4s, 1992, 

New York, Ontario & Western 5s, 1914, 

New York, Susquehanna & Western 5s, 1937, 

Norfolk & Southern 5s, 1941, . 

Norfolk & Western 6s, 1934, 

Norfolk & Western equipment 4s, 1910, 

Norfolk & Western 6s, 1931, 

Northampton Street 4-Js, 1910, . 

Northern Maine Seaport 5s, 1935, 

Northern Ohio 5s, 1945, .... 

Northwestern Union 7s, 1917, . 

Ogdensburg & Lake Champlain 4s, 1948, 

Ohio River 5s, 1936, . . . 

Oregon Short Line 6s, 1922, 

Oregon Short Line 5s, 1946, 

Ottumwa, Cedar Falls & St. Paul 5s, 1909, 

Pennsylvania convertible 3£s, 1915, 

Pennsylvania & New York Canal 5s, 1939, 

People's St., Boston, Mass., 1st mort. 5s, 1928, 

Pine Creek 6s, 1932, 

Pittsburg, Cleveland & Toledo 6s, 1922, 

Pittsburg & Lake Erie 5s, 1928, 

Pittsburg & Lake Erie 6s, 1928, 

Portland & Ogdensburg 4-^s, 1928, 

Princeton & Northwestern 3J?s, 1926, 

Richmond & Danville 6s, 1915, 

Richmond & Petersburg 6s, 1915, 

Richmond & Washington 4s, 1943, 

Rochester & Pittsburg 6s, 1922, 

Rutland 4*s, 1941, . 

Rutland equipment 4^s, 1909-10, 

Rutland (Canadian) 4s, 1949, 

Sciota Valley & New England 4s, 1989, 

Second Avenue of New York 5s, 1948 

South Bound 5s, 1941, 

South & North Alabama 5s, 1936, 

Southern Pacific 4s, 1955, 

Southern Pacific of California 6s, 1912 

Southern col. trust 5s, 1909, 

Southern equipment 4^s, 1914, . 

Southern (Memphis Div.) 5s, 1996, 

St. Joseph & Grand Island 4s, 1947, 

St. Lawrence & Adirondack 5s, 1996, 

St. L., Iron Mt. & So. (Riv. & G. Div.) 4s, 1933, 

St. Louis, Iron Mt. & Southern 5s, 1931, . 



Book Value. 


Rate. 


Market Value. 


$27,650 


00 


110 


$27,500 00 


18 


650 


00 


123 


18,450 00 


48 


400 


00 


117 


46,800 00 


20 


680 


00 


103 


20,600 00 


37 


850 


00 


105 


36,750 00 


10 


000 


00 


101 


10,100 00 


13 


825 


00 


100 


14,000 00 


28 


070 


00 


101 


28,280 00 


25 


500 


00 


100 


25,000 00 


28 


000 


00 


99 


24,750 00 


49 


937 


50 


99 


49,500 00 


6 


900 


00 


100 


6,000 00 


91 


000 


00 


121 


90,750 00 


36 


000 


00 


116 


34,800 00 


37 


250 


00 


130 


39,000 00 


22 


700 


00 


114 


22,800 00 


17 


350 


00 


104 


16,640 00 


21 


880 


00 


114 


22,800 00 


52 


800 


00 


112 


56,000 00 


6 


850 


00 


117 


7,020 00 


22 


600 


00 


111 


22,200 00 


5 


400 


00 


107 


5,350 00 


22 


000 


00 


84 


25,200 00 


49 


875 


00 


101 


50,500 00 


91 


100 


00 


124 


99,200 00 


14 


530 


00 


98 


13,230 00 


6 


000 


00 


135 


8,100 00 


9 


107 


50 


99 


8,910 00 


50 


000 


00 


98 


49,000 00 


10 


000 


00 


102 


10,200 00 


26 


200 


00 


100 


25,000 00 


60 


570 


40 


127 


60,960 00 


24 


757 


50 


99 


24,750 00 


76 


400 


00 


127 


76,200 00 


200 


000 


00 


100 


200,000 00 


53 


700 


00 


108 


54,000 00 


10 


750 


00 


110 


11,000 00 


2 


342 


00 


121 


2,420 00 


50 


000 


00 


91 


45,500 00 


33 


755 


00 


112 


33,600 00 


105 


000 


00 


119 


108,290 00 


87 


750 


00 


114 


85,500 00 


12 


000 


00 


100 


12,000 00 


9 


997 


00 


95 


9,500 00 


30 


700 


00 


115 


34,500 00 


10 


400 


00 


103 


10,300 00 


65 


100 


00 


122 


67,100 00 


16 


400 


00 


108 


16,200 00 


27 


050 


00 


101 


25,250 00 


18 


235 


00 


124 


18,600 00 


41 


900 


00 


106 


42,400 00 


23 


150 


00 


94 


23,500 00 


64 


350 


00 


108 


68,040 00 


5 


395 


00 


111 


5,550 00 


24 


250 


00 


101 


25,250 00 


11 


575 


00 


121 


12,100 00 


25 


450 


00 


100 


25,000 00 


3 


000 


00 


99 


2,970 00 


24 


750 


00 


91 


22,750 00 


29 


550 


00 


97 


29,100 00 


25 


650 


00 


82 


20,500 00 


50 


625 


00 


105 


52,500 00 


26 


890 


00 


110 


27,500 00 


24 


375 


00 


95 


23,750 00 


31 


460 


00 


105 


31,500 00 


25 


000 


00 


100 


25,000 00 


50 


000 


00 


95 


47,500 00 


28 


725 


00 


105 


26,250 00 


18 


600 


00 


93 


18,600 00 


29 


100 


00 


110 


30,800 00 


18 


400 


00 


89 


17,800 00 


26 


134 


00 


112 


28,000 00 



10 



BOSTON MUTUAL LIFE INSURANCE CO. 



St. Louis & San Francisco 4s, 1951, . 

St. Louis & San Francisco 6s, 1931, . 

St. P., Minn. & Manitoba (Dak. Ext.) 6s, 1910, 

St. Paul, Minneapolis & Manitoba 4^s, 1933, 

St. Paul & Northern Pacific 6s, 1923, 

St. Paul & Sioux Citv 6s, 1919, 

Taunton St. 5s, 1914, 

Texas & Pacific (Louisiana Div.) 5s, 1931, 

Texas & Pacific 1st mortgage 5s, 2000, 

Toledo, St. Louis & Western 3£s, 1925, 

Toledo Terminal 4£s, 1957, 

Toronto, Hamilton & Buffalo 4s, 1946, 

Ulster & Delaware 4s, 1952, 

Union Pacific convertible 4s, 1927, 

Upper Coos 4±s, 1930, 

Utah & Northern 4s, 1933, 

Virginia Midland 5s, 1936, 

Wilmar & Sioux Falls 5s, 1938, 

Winona & St. Peter 7s, 1916, . 

Miscellaneous Bonds. 
Arnold Print Works 6s, 1913, . . 

Central Union Telephone Co. 6s, 1916, 
Cumberland Telephone & Telegraph Co. 5s, 1918 
Michigan Telephone Co. 5s, 1917, 
Minneapolis Gas Light Co. 6s, 1930, . 
Minneapolis Gen. Electric Co. 5s, 1934, 
Missouri & Kansas Telephone Co. 5s, 1929, 
New England Telephone & Tel. Co. 5s, 1919, 
New York & N. J. Telephone Co. 5s, 1920, 
N. Y. & Penn. Telephone & Tel. Co. 5s, 1926, 
North Adams Gas Light Co. 5s, 1913, 
Pennsylvania Telephone Co. 5s, 1918, 
Pittsfield Electric Co. 4$s, 1917, 
St. Louis Nat. Stock Yds. 4s, 1930, . 
Sunset Telephone & Telegraph Co. 5s, 1929 
Western Union Telegraph Co. 4^-s, 1950, 
Western Union Telegraph Co. 5s, 1938, 

Miscellaneous Loans and Notes. 
Cheshire, Mass., 4-g-s, demand, 
Dalton, Mass., 4s, demand, 
Monument Mills, Housatonic, Mass., 6s, demand, 



Book Value. 

$46,900 00 

61,500 00 

5,100 00 
54,062 50 
41,550 00 
24,530 00 
80,000 00 
81,000 00 
149,500 00 
44,656 25 
27,500 00 
24,500 00 
23,250 00 

2,700 00 

52,350 00 

100,000 00 

41,470 00 

43,270 00 

9,280 00 

49,000 00 
49,060 00 
55,800 00 
14,400 00 
25,100 00 
50,850 00 
35,150 00 
25,480 00 
25,000 00 
41,200 00 

100,000 00 
30,050 00 

150,000 00 
23,750 00 
30,775 00 
35,700 00 
26,438 00 

1,100 00 

5,000 00 

50,000 00 

,698,419 03 



Rate. 

86 

120 

103 

110 

121 

117 

99 

107 

117 

91 

97 

88 

81 

106 

107 

100 

107 

116 

120 

100 
101 
103 
103 
103 

98 
100 
103 
104 
102 
102 
100 
100 

90 
100 

96 

98 

100 
100 
100 



Market Value. 

$43,000 00 

60,000 00 

5,150 00 
55,000 00 
42,350 00 
25,740 00 
79,200 00 
80,250 00 
146,250 00 
45,500 00 
26,675 00 
22,000 00 
20,250 00 

3,180 00 

53,500 00 

100,000 00 

42,800 00 

47,560 00 

9,600 00 



49,000 
48,480 
56,650 
14,420 
25,750 
49,000 
35,000 
25,750 
26,000 
40,800 

102,000 
30,000 

150,000 
22,500 
30,000 
33,600 
24,500 



00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 



1,100 00 

5,000 00 

50,000 00 

^,788,082 00 



BOSTON MUTUAL LIFE INSURANCE COMPANY, BOSTON. 

Incorporated Aug. 18, 1891. Commenced business Feb. 15, 1892. 

John W. Wheeler, President. Herbert 0. Edgerton, Secretary. 

Office, 141 Milk Street. 
Income. 

Ordinary Department. 

First year's premiums on original policies, .... 146,595 47 

Dividends applied to purchase paid-up additions, . . . 210 74 

Surrender values applied for paid-up insurance, ... 5 70 

Total new premiums, . . . . $46,811 91 

Renewal premiums, . . . . . . . - . 192,971 08 

Dividends applied to pay renewal premiums, .... 1,743 77 

Surrender values applied to pay renewal premiums, . . . 5 41 

Total renewal premiums, . . . $194,720 26 



Total premium income, . 
Interest on premium notes and policy loans, 
All other, ...... 



$241,532 17 

5,084 04 

2 80 



Total, 



$246,619 01 



BOSTON MUTUAL LIFE INSURANCE CO. 



11 



Industrial Department. 

Premiums, ....... 

Surrender values applied for paid-up insurance, 
Dividends applied to pay renewal premiums, . 

Total premium income, .... 
Interest on premium notes and policy loans, 
All other, ....... 

Total, 

Both Departments. 
Interest on mortgages, ..... 
on collateral loans, .... 
on bonds and dividends on stocks, 
on bank deposits, .... 
on other debts, , . 

Profit on sale or maturity of bonds, 

Total, 

Total income, . . . . . 

Ledger assets, Dec. 31, 1907, .... 



$881 10 

5,998 57 

11,064 15 

3,909 62 

3,055 18 



Total, 



Disbursements. 
Ordinary Department. 



Death claims and additions, 

Premium notes voided by lapse, 

Surrender values paid in cash, .... 

applied to pay renewal premiums, . 

applied to purchase paid-up insurance, 
Surrendered coupons, ...... 

Dividends paid policy holders in cash, 

applied to pay renewal premiums, . 
applied to purchase paid-up additions, 
Premiums returned, ...... 

Total paid policy holders, .... 

Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, 
Commissions to agents: new policies, $11,445.48; renewals 
$23,721.27, ..... 

Salaries of officers and home office employees, 
Rent, ...... 

Advertising, printing, postage, etc., 
Legal expenses, .... 

Furniture and fixtures, . 

Insurance department licenses and fees, 

State taxes on premiums, 

All other, 

Total 



$333,955 50 

378 56 

2,029 40 

$336,363 46 

502 61 

25 57 

$336,891 64 



$24,908 62 

152 50 

$25,061 12 



,571 77 
607,311 25 



$1,215,883 


02 


$92,585 60 
888 19 


10,879 
5 


87 
41 


5 


70 


2,407 
2,442 


50 

85 


1,743 
210 


77 
74 


13 86 


$111,183 49 
1,272 84 


11,015 


00 


35,166 

12,898 
4,685 
2,527 
1,049 


75 
45 
10 
58 
37 


161 


22 


27 


53 


1,064 
2,493 


39 
45 


$183,545 


17 



12 



BOSTON MUTUAL LIFE INSUKANCE CO. 



Industrial Department. 
Death claims and additions, ..... 
Surrender values paid in cash, .... 

Surrender values applied to purchase paid-up insurance, 
Dividends paid policy holders in cash, 
Dividends applied to pay renewal premiums, . 

Total paid policy holders, .... 

Investigation and settlement of policy claims, . 
Commissions to agents, industrial premiums, . 
Salaries of officers and home office employees, . 
Rent, . . . . . 

Advertising, printing, postage, etc., 
Legal expenses, .... 
Furniture and fixtures, . . . 

State taxes on premiums, 
Insurance department licenses and fees, 
All other, ..... 



Total, . 

Loss on sale of stocks, . 
Total disbursements, 
Balance, 



Both Departments. 



Ledger Assets. 



$105,014 07 


3,874 


18 


378 


56 


96 


10 


2,029 40 


$111,392 31 


1,757 


72 


127,631 


68 


11,989 


99 


2,342 


55 


3,490 47 


1,449 


12 


222 


63 


317 


47 


27 


53 


2,016 


99 


$262,638 46 



Mortgage loans on real estate, 

Loans secured by collateral (schedule A), 

Loans to policy holders, . . 

Premium notes on policies in force, 

Book value of bonds and stocks (schedule B), . 

Cash in office, . . 

Deposits not on interest, .... 

Deposits in trust companies and banks on interest, 
Bills receivable, ...... 

Due from Boston Securities Co. (ledger account), 
Suspense account, ..... 

Total ledger assets, ....... 

Non-Ledger Assets. 

Interest due and accrued on: mortgages, $371.31; bonds, 
$4,772.50; collateral loans, $154.17; premium notes, $17.26, . 



Uncollected premiums, . 
Deferred premiums, 


New Business. 

$4,932 35 
20,323 07 


Renewals. 

$9,449 14 
38,138 28 


Total, .... 
Deduct loading, 


$25,255 42 
5,682 46 


$47,587 42 
10,707 17 


Net uncollected and deferred 
premiums, 


$19,572 96 


$36,880 25 



32 00 



$446,215 63 
$769,667 39 



$19,300 00 

148,800 00 

126,083 75 

2,251 52 

332,181 88 

18,134 45 

650 00 

90,927 82 

10,757 00 

20,548 24 

32 73 

$769,667 39 



5,315 24 



56,453 21 



BOSTON MUTUAL LIFE INSURANCE CO. 



13 



Net uncollected industrial premiums, 

Due from Boston Securities Co., . . 

Gross assets, ...... 

Assets not admitted. 

Premium obligations and loans in excess of net 
value of their policies, .... 

Book value of stocks and bonds over market 
value, ....... 

Suspense account, ..... 



$1,720 06 

856 88 
32 73 



Admitted assets, 



Liabilities. 



Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the Actuaries' table of 
mortality, with interest at 4 per cent., and the American table, 
with interest at 3-| per cent., ...... 

Surrender values claimable on terminated policies, . 
Death losses in process of adjustment, . . $2,879 19 

reported, . . . ' . . 9,322 33 

and other policy claims resisted, . 7,070 00 

Supplementary contracts not involving life contingencies due and 
unpaid, ......... 

Premiums paid in advance, ...... 

Unearned interest and rent paid in advance, 

Commissions to agents due or accrued, .... 

Miscellaneous accounts due or accrued, .... 

Medical examiners' and legal fees due or accrued, 

Dividends or other profits due policy holders, . 

Dividends apportioned on annual dividend policies, payable dur 
ing 1909, 

Dividends apportioned on deferred dividend policies, payable dur 
ing 1909, 

All other, ...... 

Unassigned funds (surplus), ...... 

Total liabilities, 

Premium Note Account. 
Premium notes on hand Dec. 31, 1907, 
Received during 1908, new policies, $594.32; 
old policies, $7,598.29, .... 



$3,894 70 
2,533 34 

$837,863 88 



2,609 67 



$835,254 21 



$768,051 00 
2,356 82 



19,271 52 



706 50 
6,657 61 

195 62 

27 65 

1,979 05 

2,350 35 

1,240 06 

3,435 78 

4,326 29 

169 44 

24,486 52 

$835,254 21 



$2,180 22 
8,192 61 $10,372 83 



Voided by lapse, . 
Redeemed by maker in cash, 



$888 19 
7,233 12 



8,121 31 



Premium notes on hand Dec. 31, 1908, . 

Exhibit of Policies. 



!,251 52 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 



In Force Dec. 81, 1907. 

Number. Amount. 

2,461 $2,294,348 00 

2,750 1,797,763 00 

1,264 1,799,313 00 

945 00 



Total No. 



Total Amount. 



6,475 $5,892,369 00 



14 



BOSTON MUTUAL LIFE INSURANCE CO. 



Issued during the Year. 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 


Number. 

1,089 

1,517 

257 


Amount. 

$915,279 00 

834,250 00 

337,130 00 

383 00 


Total No. 
2,863 

133 


Total Amount. 

$2,087,042 00 


Whole life, . 
Endowment, 
All other, 


Old Policies revived. 

47 $39,050 00 
68 24,033 00 
18 17,194 00 


80,277 00 



All other, 

Whole life, . 
Endowment, 
All other, 



Whole life, . 
Endowment, 



Old Policies increased. 

$26,241 00 

Transfers, Deductions. 

2 $2,500 00 

3 2,000 00 
21 51,500 00 



26 



$56,000 00 



Transfers, Additions. 

21 $47,500 00 

5 8,500 00 



26 



$56,000 00 



Total, 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 



By death, 

expiry, . 

surrender, 

lapse, 

decrease, 
Not taken, . 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 

Industrial policies in force, 



Terminated during the Year. 
868 $692,182 00 
1,458 690,416 00 

265 381,462 00 



48 00 



2,591 


$1,764,108 00 


How terminated. 


97 

8 

111 


$96,908 00 
10,000 00 
91,474 00 


1,785 


1,067,026 00 
7,750 00 


590 


490,950 00 



In Force Dec. 31, 1908. 

2,748 $2,601,495 00 

2,879 1,972,130 00 

1,253 1,746,916 00 

1,280 00 



26,241 00 



9,471 



^,085,929 00 



2,591 1,764,108 00 



6,880 $6,321,821 00 
44,887 8,728,350 00 



BOSTON MUTUAL LIFE INSURANCE CO. 



15 



Schedule A. Securities held as Collateral. 



154 shares Conn. Valley St. Ry. Co, . 

62 " Produce National Bank, So. Deerfield, Mass., 
1,000 " Chicago, Cincinnati <fc Louisville R.R. Co., 

500 " Des Moines, Iowa Falls & Northern R.R. Co., 
Petoskey Fibre Paper Co. 1st mortgage 5s, 1910-1S, 
Petoskey Fibre Paper Co. demand notes (endorsed Geo. A 
Fernald & Co.), ....... 

500 shares Boston Securities Co., .... 

750 " Indianapolis Cold Storage Co., 
102 " Concord, Maynard & Hudson St. Ry. Co., 
40 " National Bank, Fairfield, Me., 
15 " Wachusett National Bank, Fitchburg, Mass., 
13 " Peoples' National Bank, Waterville, Me., . 
Eastman Car Co., notes, .... 

30 shares Arcadian Cut Glass Co., 

St. Paul & Des Moines R.R. Co. 4$s, 1936, . 

Assignment of real estate, 

St. Paul & Des Moines R.R. Co. Us, 1936, . 

25 shares United Steel Corporation, preferred, 



Company's 
Market Value. 
$11,550 00 
6,200 00 

25,000 00 
14,000 00 



\. 



25,000 00 
50,000 00 
20,000 00 J 
7,140 00 1 
3,600 00 
1,500 00 
1,170 00 J 
5,000 00 
2,700 00 
10,800 00 
100,000 00 
2,700 00 
2,S25 00 



Loaned 
Thereon. 

*S10,000 00 
5,000 00 



*4S,000 00 



6,000 00 

5,000 00 
1,300 00 
10,000 00 
60,000 00 
1,500 00 
2,000 00 



$289,185 00 $148,S00 00 



Schedule B. Stocks and Bonds owned by the Company. 



Stocks. 
14S shares Concord, Maynard & Hud. St. Ry., 
50 " Interstate Mortg. T. Co., Parsons, Kan., 
State and Municipal Bonds. 
Berlin, N. H., 4s, 1924-25, 
Boston, Mass., 3+s, 1919, . 
Boston, Mass., 4s, 1936, 
Chicago, 111., 4s, 1921, 
Chicopee, Mass., 4s, 1921, 
Chicopee, Mass., 4s, 1922, 
Massachusetts 3s, 1923, 
Medford, Mass., 4s, 1923, . 
Quincv, Mass., 4s, 1935, . 
Warren, R. I., 4s, 1913, . 
Westerlv, R. I.. 3*s, 1929, 
Athol, Mass., 4s, 1924, 

Railroad Bonds 
Boston & Albany 4s, 1913, 
Boston & Maine 4s, 1926, 
Central Pacific 4s, 1954, . 
Chic, Burlington & Quincy (111. Div.) 3|s, 1949, 
Citizens' Ry. & Light Co., Muscatine, la., 5s, 1917. 
Connecticut & Passumpsic River 4s, 1943, . 
Des Moines, Iowa Falls & Northern 6s, 1914, 

Fitchburg 4s, 1915, 

Fitchburg 3^s, 1921, .... 

Fitchburg 4s, 1927, 

Fort Smith Light & Traction Co. 5s, 1944, . 
Fort Wayne, Van Wert & Lima Trac. Co. 5s, 1930 
Illinois Central (Omaha Div.) 3s, 1951, 
Illinois Central (St. Louis Div.) 3U, 1951, . 
Illinois Central (Purchased Lines) 3^s, 1952, 
Kansas City, Fort Scott & Memphis" 6s, 1928, 
Naumkeag'St. 5s, 1910, .... 
New England 4s, 1945, .... 
New York, New Haven & Hartford 3*s, 1954, 
N. Y., N. H. & H. (Harlem R. & Pt. C.) 4s, 1954, 
Northern Maine Seaport 5s, 1935, 
Pennsylvania 3^s, 1915, .... 
Princeton & Northwestern 3*s, 1926, 
Rhode Island Suburban 4s, 1950, 



Book Value. 

$9,620 00 

4,500 00 

9,843 75 

952 50 

5,000 00 

5,000 00 

990 00 

988 75 

4,550 00 

2,962 50 

491 88 

2,925 00 

5,550 00 

1,980 00 

1,960 00 
24,500 00 
00 
00 
00 
50 
00 
00 
50 
00 
00 



4,625 

4,375 
970 

1,952 

5,000 

3,S90 

9,212 

4,875 

5,240 

9,000 00 

3,750 00 

4,300 

4,250 

1,140 

1,960 
19,400 00 

S,300 00 

9,S00 00 

11,660 00 

920 00 

4,500 00 
S30 00 



00 
00 
00 
00 



Rate. 

50 

100 

100 

97 

103 

101 

100 

100 

93 

101 

100 

100 

92 

100 

100 

9S 

93 

92 

98 

9S 

103 

99 

92 

99 

84 

94 

78 

89 

90 

113 

101 

101 

S4 

102 

108 

95 

94 

S9 



Market Value. 

$7,400 00 

5,000 00 



10,000 00 
970 00 

5,150 

5,050 

1,000 

1,000 

4,650 

3,030 
500 

3,000 

5,520 00 

2,000 00 



00 
00 
00 
00 
00 
00 
00 
00 



00 
00 
00 
00 
00 



2,000 00 

24,500 00 

4,650 00 

4,600 

9S0 

1,960 

5,150 

3,960 

9,200 00 

4,950 00 

5,040 00 

9,400 00 

3,900 00 

4,450 00 

4,500 00 

1,130 00 

2,020 00 

20,200 00 

8,400 00 

10,200 00 

11,880 00 

950 00 

4,700 00 

S90 00 



* Paid since December 31. 



16 



COLUMBIAN NATIONAL LIFE INSURANCE CO. 



Southern Indiana 4s, 1951, 

St. Paul & Des Moines 4$s, 1936, 

Wisconsin Central (S. & D. Div.) 4s, 1936, . 

Washington County 3^s, 1954, . 

Youngstown & Sharon R'y & Light Co. 5s, 1931, 

Miscellaneous Bonds. 
American Pneumatic Service Co. 5s, 1928, . 
American Telephone & Telegraph Co. 4s, 1929, 
Arcade Building & Realty Co. 6s, 1926, 
Backus Company 6s, 1918, 
Bennington Electric Co. 4-Js, 1935, 
Citizens' Gas & Electric Co., Elyria, O., 5s, 1921, 
Clyde Steamship Co. 5s, 1931, . 
Mallory Steamship Co. 5s, 1932, 
Norwalk Gas & Electric Co. 6s, 1920, 
United Fruit Company 5s, 1913, 
Utah Light & Power Co. 4s, 1930, 



Book Value. 

$13,200 00 

25,200 00 

17,200 00 

4,300 00 

950 00 

1,800 00 
4,375 00 
5,000 00 
5,100 00 
3,480 00 
2,850 00 
19,000 00 
19,000 00 
1,000 00 
4,987 50 
2,975 00 

$332,181 88 



Rate. 
70 
90 
86 
87 
97 

90 
91 

100 
85 
87 
95 
97 
90 
100 
100 
87 



Market Value. 

$10,500 00 

25,200 00 

17,200 00 

4,350 00 

970 00 

1,800 00 
4,550 00 
5,000 00 
5,100 00 
3,480 00 
2,850 00 
19,400 00 
18,000 00 
1,000 00 
5,000 00 
3,045 00 

$331,325 00 



COLUMBIAN NATIONAL LIFE INSURANCE COMPANY, BOSTON. 

Incorporated June 5, 1902. Commenced business Sept. 11, 1902. 
Paid-up Capital, $1,000,000. 

Arthur E. Childs, President. William H. Brown, Secretary. 

Home Office, 176 Federal Street. 

Income. 
Ordinary Department. 

First year's premiums, less $656.64 for reinsurance, . . . $120,318 08 

Surrender values applied to pay first year's premiums, . . 45 85 



Total first year's premiums on original policies, . 
Dividends applied to purchase paid-up additions, 
Surrender values applied for paid-up insurance, 
Consideration for life annuities, ..... 

Total new premiums, .... $136,335 26 

Renewal premiums, less $9,566.47 for reinsurance, 
Dividends applied to pay renewal premiums, . ■ . 

Surrender values applied to pay renewal premiums, . 
Renewal premiums on deferred annuities, 

Total renewal premiums, . . . $1,099,793 93 



$120,363 93 

586 21 

15,290 08 

95 04 

1,055,747 63 

41,250 93 

2,162 96 

632 41 



Total premium income, 



Total premium income, 

Net cash premiums: 
Accident, . 
Health, 

Total premiums, 
Advance deposits, 
Total, . 



Interest on mortgages, . 

on collateral loans, 



Industrial Department. 



Accident and Health Department. 



$1,236,129 19 

34,598 89 



,907 73 
5,271 48 



>2,179 21 
108 10 



22,287 31 



All Departments. 



,951 88 
1,272 50 



COLUMBIAN NATIONAL LIFE INSURANCE CO. 



17 



Interest on bonds and dividends on stocks, 
on premium notes and policy loans, 
on bank deposits, 
on other debts, 

Discount on claims paid in advance, 



Agents' balances previously charged off, . 

Profit on sale or maturity of bonds, 

Increase by adjustment in book value of bonds, 

American Investment Securities Co., 

Purchase price of property sold in foreclosing mortgages, 

From sale of furniture and fixtures, 

Total income, . ... 

Ledger assets, Dec. 31, 1907, .... 



Total, 



$91,728 77 






19,324 


02 






11,013 


25 






1,980 


54 






63 


98 


$182,334 
11 


94 






50 


. 


. 


2,753 


78 




9 


592 


33 


. • 


# 


15,000 


00 


gages, . 




3,773 


03 


• 




1,061 


84 




$1,498,542 81 


• 




4,095,381 


32 




. 


$5,593,924 


13 



Disbursements. 



Ordinary Department. 

Death claims, . . $185,827 50 

Annuities involving life contingencies, . . . . . 514 60 

Premium notes voided by lapse, ...... 15,945 47 

Surrender values paid in cash, ...... 127,874 37 

applied to pay new premiums, ... 45 85 

applied to pay renewal premiums, . . . 2,162 96 

applied to purchase paid-up insurance, . . 15,290 08 

Dividends paid policy holders in cash, ..... 7,772 49 

applied to pay renewal premiums, .... 41,250 93 

applied to purchase paid-up additions, . . . 586 21 

Total paid policy holders, ...... $397,270 46 

Investigation and settlement of policy claims, .... 3,255 08 

Supplementary contracts not involving life contingencies, . . 1,000 00 

Dividends to stockholders, 70,000 00 

Commissions to agents: new policies, $38,779.80; renewals, 

$8,856.81; annuities, $28.51, ...... 47,66512 

Salaries and allowances for agencies, ..... 100,487 10 

Agency supervision, traveling and other agency expenses, . 19,118 28 

Medical examiners' fees, $8,744.75; and inspections, $4,286.93, . 13,031 68 

Salaries of officers and home office employees, .... 92,094 23 

Rent, ;.-•,. 36,829 40 

Advertising, printing, postage, etc., ..... 29,873 47 

Legal expenses, ......... 9,201 65 

Furniture and fixtures, . . ... . . . 1,019 51 

Taxes on personal property, . . . . . . . 49 07 

State taxes on premiums, ....... 13,555 01 

Insurance department licenses and fees, ..... 4,331 88 

Agents' balances charged off, . . . - . . 100 00 

Loss on policy loan, ........ 5 00 

Miscellaneous expense, ........ 9,334 08 

Traveling, 11,768 49 

Decrease in advance deposits, . . . . . . 51 46 

Total Ordinary department, $860,040 97 



18 



COLUMBIAN NATIONAL LIFE INSURANCE CO. 



Industrial Department. 
Death claims, ....... 

Surrender values paid in cash, .... 

Total paid policy holders, .... 

Investigation and settlement of policy claims, . 
Commissions to agents, renewals, .... 

Salaries and allowances for agencies, 

Agency supervision," traveling and other agency expenses, 

Medical examiners' fees, $18.50; and inspections, $1.23, 

Salaries of officers and home office employees, 

Rent, ...... 

Advertising, printing, postage, etc., 
Legal expenses, .... 

State taxes on premiums, 
Miscellaneous expense, . 
Traveling, . . . . 



Total Industrial department, ..... 

Accident and Health Department. 

Losses: accident, $1,574.69; health, $808.56, . 

Investigation and adjustment of claims: accident, $92.62 

health, $19.09, 

Commissions, less those on return premiums and reinsurance 

accident, $3,827.65; health, $1,295.99, 
Compensation of officers and home office employees, 
Salaries and expenses of agents and agencies, . 
Inspections, ........ 

Rents, ......... 

All other taxes, licenses and insurance department fees, 
Advertising, ........ 

Printing and stationery, ...... 

Postage and express, ....... 

Furniture and fixtures, . . . • 

Miscellaneous expense, . . . 
Traveling, . . . . . . . 

Total Accident and Health department, 

All Departments. 
Gross decrease by adjustment in book value of bonds, 

Total disbursements, ...... 

Balance, ........ 

Ledger Assets. 
Mortgage loans on real estate, 
Loans to policy holders, 
Premium notes on policies in force, 
Book value of bonds and stocks (schedule B), 
Cash in office, ..... 
Deposits in trust companies and banks not on interest, 
Deposits in trust companies and banks on interest, . 
Agents' balances (net), ...... 



$18,643 30 


2,574 


20 


$21,217 50 


60 46 


6,575 


15 


541 


00 


655 


51 


19 


73 


5,534 50 


1,976 


59 


617 


55 


123 


06 


408 


24 


22 


00 


569 


55 


$38,320 84 


$2,383 25 


111 


71 


5,123 


64 


5,639 


73 


1,342 


03 


2 


00 


1,047 


24 


40 00 


110 


21 


1,784 46 


589 


77 


3 


77 


513 


78 


1,252 


40 


$19,943 99 



5,053 54 



$923,359 34 
4,670,564 79 



51,370,250 00 

364,656 25 

72,416 24 

2,447,915 63 

1,414 39 

25,204 36 

321,490 63 

66,366 19 



COLUMBIAN NATIONAL LIFE INSUKANCE CO. 19 

Suspense, . $642 89 

Funds in hands of cashiers, ....... 208 21 

Total ledger assets, $4,670,564 79 

Non-Ledger Assets. 

Interest due and accrued on mortgages, $15,072.74; bonds, 
$17,976.92; policy loans and premium notes, $2,418.60; other 
assets, $722.05, 36,190 31 

New Business. Renewals. 

Uncollected premiums, . . $20,270 55 $101,787 72 

Deferred premiums, . . 12,388 15 59,555 28 

Total, .... $32,658 70 $161,343 00 

Deduct loading, . . . 6,858 33 33,882 03 



Net uncollected and deferred 

premiums, . . . $25,800 37 $127,460 97 153,261 34 

Net industrial premiums in course of collection, . . . 173 93 

Gross uncollected accident and health premiums : — 

Written after Written before 

Oct. 1. Oct. 1. 

Accident, .... $3,236 75 $68 50 

Health, . . . . 1,940 85 91 00 



Total, .... $5,177 60 $159 50 5,337 10 

Gross assets, ...... 

Assets not admitted 
Agents' debit balances, ..... 

Cash advanced to officers or agents, . : 

Suspense, ....... 

Premium obligations and loans in excess of net 

value of their policies, .... 

Book value of stocks and bonds over market, . 
Deposits in banks in hands of receiver, 
Uncollected accident premiums, written prior to 

Oct. 1, 

Admitted assets, . $4,706,147 10 

Liabilities. 
Ordinary Department. 

Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the American table, with 
interest at 3^ per cent., _ . $2,948,350 00 

Deduct net value of risks reinsured, ..... 4,745 00 



. 


$4,865,527 47 


$69,617 85 




208 21 




642 89 




15,207 41 




72,695 63 




848 88 




159 50 


159,380 37 



Net reserve, ......... $2,943,605 00 

Reserve for health and accident benefits contained in life policies, 528 86 
Present value of supplementary contracts not involving life con- 
tingencies, 16,892 00 



20 



COLUMBIAN NATIONAL LIFE INSURANCE CO. 



Death losses due and unpaid, 

in process of adjustment, 
reported, ..... 
and other policy claims resisted, . 

Premiums paid in advance, .... 
Miscellaneous accounts due or accrued, . 
Medical examiners' and legal fees due or accrued, 
State, county and municipal taxes due or accrued, 
Dividends or other profits due policy holders, . 
Advance deposits, 



$3,000 00 

5,600 00 

15,000 00 

31,000 00 



Total Ordinary department, 



$3,046,567 96 



Industrial Department. 

Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the American table, with in- 
terest at 3£ per cent., . 
Surrender values claimable on terminated policies, . 
Death losses due and unpaid, . . . $271 40 

reported, 252 00 

and other policy claims resisted, . 710 50 



State, county and municipal taxes due or accrued, 
Dividends or other benefits due policy holders, 
Total Industrial department, . 



$60,945 09 



Accident and Health Department. 
Unpaid accident and health claims, ..... 

Unearned premiums : accident, $13,636.18; health, $4,961.33, 
Commissions on policies issued after Oct. 1 : accident and health, 
Salaries, rent and miscellaneous accounts due or accrued, . 
Advance premiums, ........ 

Advance deposits, ........ 

Total Accident and Health department, . $22,740 58 

All Departments. 

Unearned interest and rent paid in advance, .... 

Purchase price of property sold in foreclosing mortgages, . 
Capital paid up in cash, ....... 

Unassigned funds (surplus), ....... 



Total liabilities, 



Premium Note Account. 



Premium notes on hand Dec. 31, 1907, . . $72,157 07 
Received during 1908, new policies, $26,293.48; 

old policies, $136,433.70, .... 162,727 18 

Restored by revival of policies, . . . 187 96 

Used in payment of losses and claims, . $193 58 

Used in purchase of surrender policies, . . 282 76 

Voided by lapse, ...... 16,133 43 

Used in payment of dividends to policy holders, 1,603 68 

Redeemed by maker in cash, .... 144,442 52 

Premium notes on hand Dec. 31, 1908, .... 



$54,600 00 

1,640 48 

4,308 61 

1,644 82 

12,340 86 

10,480 06 

527 27 



$43,245 00 
15,810 54 



1,233 90 

142 34 
513 31 



$1,706 98 

18,597 51 

1,867 99 

400 00 

60 00 

108 10 



$6,415 31 

3,773 03 

1,000,000 00 

565,705 13 

54,706,147 10 



$235,072 21 



162,655 97 
$72,416 24 



COLUMBIAN NATIONAL LIFE INSURANCE CO. 



21 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



Whole life, . 
Endowment, 
All other, 



Whole life, . 
Endowment, 
All other, 



Whole life, . 
Endowment, 
All other, 



Whole life, . 
Endowment, 
All other, 



Total, . 

Whole life, . 
Endowment, 
All other, 



Exhibit of Policies. 

life. 
In Force Dec. 31, 1907. 

Number. Amount. 

5,830 $23,621,829 00 

2,318 5,919,262 00 

1,380 6,343,614 00 

192 00 



Total No. 



Total Amount. 



9,528 $35,884,897 00 



Issued during the Year. 

1,789 $4,716,340 00 

441 1,027,330 00 

282 1,094,378 00 

993 00 



2,512 6,839,041 00 



Old Policies revived. 
104 $291,252 00 
74 65,000 00 

6 26,500 00 



184 



382,752 00 



Old Policies increased. 

$63,271 00 
21,694 00 
23,409 00 



108,374 00 



Transfers, Deductions. 
59 $251,402 00 
30 95,570 00 
793 3,936,093 00 




882 $4,283,065 00 
Transfers, Additions. 

786 $3,920,380 00 
83 328,685 00 
13 34,000 00 




882 $4,283,065 00 




12,224 $43,215,064 00 



Terminated during the Year. 

1,457 $5,714,438 00 
512 1,225,257 00 
272 1,155,254 00 





2,241 


$8,094,949 00 








How terminated. 






By death, 


61 


$188,506 00 






surrender, 


- 


2,005,736 00 






lapse, 


406 


3,555,997 00 






decrease, 


1,253 


743,788 00 






Not taken, . 


521 


1,600,922 00 


2,241 


8,094,949 00 



22 



COLUMBIAN NATIONAL LIFE INSURANCE CO. 



In Force Dec. 31, 1908. 



Number. 



Amount. 



Total No. 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 

Industrial policies in force, 



Written during the year, 
Expired and cancelled, . 

In force Dec. 31, 1908, . 
Reinsured, . 

Net premiums in force, 



Total Amount. 



6,993 $26,647,231 00 

2,374 6,041,144 00 

616 2,430,554 00 

1,185 00 



9,983 $35,120,114 00 
3,763 537,274 00 



ACCIDENT. 



Accident. 

,164 17 
6,970 50 



$21,193 67 

626 27 



Health. 
$12,485 06 

4,653 48 

$7,831 58 
321 75 



$20,567 40 $7,509 83 



Accident, 
Health, 



Business in Massachusetts during the Year. 

Premiums received. Losses paid. 

$3,587 46 $237 42 

682 75 216 07 



L,270 21 



$453 49 



Schedule A. Stocks and Bonds owned by the Company. 
Railroad Stocks. 
70 shares Fitchburg, preferred, 
200 " Massachusetts Electric Cos., pref., 
Bank Stocks. 
20 shares Ohio Trust Co. of Columbus, O., 
50 " State Street Trust Co. of Boston, 

Government Bonds. 
United States 3s, 1918, .... 

State, County and Municipal Bonds. 
Appling County, Ga., court house 5s, 1925-26, 
Appling County, Ga., court house 5s, 1927-29, 
Appling County, Ga., court house 5s, 1930, 
Baltimore, Md., 4s, 1954, . 
Boston, Mass., 3£s, 1932, . 
Boston, Mass., 4s, 1913, . 
Boston, Mass., 3^s, 1919, . 
Cambridge, Mass., 4s, 1910, 
Kennebec, Me., water district 3^s, 1925, 
Marlboro, Mass., 4s, 1926, 
Massachusetts 3^s, 1941-44, 
Milton, Mass., 3|s, 1909, . 
Newton, Mass., 4s, 1915-24, 
Newton, Mass., 4s, 1936, . 
New York, N. Y., 3£s, 1954, 
Oakland, Cal., sewer 4^s, 1916-18, 
Perth Amboy, N. J., 4^s, 1938, 
Portland, Me., 4^s, 1909, . 
Pittsfield, Mass., 3£s, 1924, 
Watertown, Mass., 4s, 1910, 
Weehauken, N. J., 4-Js, 1917, 
Westfield, Mass., 3£s, 1927, 

Railroad Bonds 
Atch., T. & Santa Fe (Tr.-Con. Sh. L.) 4s, 1958, 
Atlanta, Knoxville & Northern 5s, 1946, 
Atlantic & Birmingham 1st mort. 5s, 1934, 
A. & B. C. Co. & A., B.& A. joint notes, 5s, 1910, 



Book Value. 


Rate. 


Market Value. 


$9,852 00 


132 


$9,240 00 


18,625 00 


59 


11,800 00 


3,025 00 


150 


3,000 00 


10,500 00 


250 


12,500 00 


1,005 28 


101 


1,010 00 


f 


109 


3,270 00 


10,355 80 { 


110 


6,600 00 


I 


111 


1,110 00 


25,123 97 


108 


27,000 00 


41,972 00 


95 


38,000 00 


2,000 00 


101 


2,020 00 


2,866 42 


97 


2,910 00 


1,970 97 


100 


2,000 00 


22,052 50 


91 


22,750 00 


2,971 47 


102 


3,060 00 


212,030 53 


98 


196,000 00 


970 48 


100 


1,000 00 


1,995 49 


101 


2,020 00 


1,000 00 


102 


1,020 00 


46,318 39 


90 


40,500 00 


20,227 20 


102 


20,400 00 


26,270 00 


106 


26,500 00 


24,750 00 


100 


25,000 00 


930 46 


100 


1,000 00 


990 44 


100 


1,000 00 


15,212 19 


102 


15,300 00 


1,840 91 


94 


1,880 00 


47,562 50 


95 


47,500 00 


28,285 12 


105 


26,250 00 


25,376 56 


98 


24,500 00 


28,800 00 


90 


27,000 00 






COLUMBIAN NATIONAL LIFE INSURANCE CO. 



23 



A., B. & A. Term. & Ry. Syn. notes, 5s, 1909, 

Baltimore & Ohio (Southw. Div.) 3$s, 1925, 

Bangor & Aroos. (Piscataquis Div.) 5s, 1943, 

Bangor & Aroostook 5s, 1943, . 

Belleville & El Dorado 7s, 1910, 

Boston Elevated Street 4s, 1935, 

Boston & Albany 4s, 1913, 

Boston & Maine 4s, 1926, 

Boston & Maine 4^s, 1944, 

Boston & Northern Street 4s, 1954, 

Cane Belt 5s, 1921, . 

Cedar Rapids & Miss. River 7s, 1916, 

Central Indiana 4s, 1953, . 

Central New England 5s, 1919, 

Central of New Jersey equipment 4s, 1913, 

Chesa. & O. (R. & A. Div.) 2d mort. 4s, 1989, 

Chesapeake & Ohio notes, 6s, 1910, . 

Chic., Burl. & Quincy (111. Div.) 3^s, 1949, 

Chic, Burl. & Quincy (Neb. Ext.) 4s, 1927, 

Chicago & Eastern Illinois equipment 4-|s, 1915, 

Chicago Junction 4s, 1945, 

Chicago & Northwestern 5s, 1933, 

Chic, St. Paul, Minn. & Omaha 6s, 1930, 

Chicago Western Indiana 6s, 1932, 

Cincinnati, Ind. & Western 4s, 1953, . 

Cleve., Cin., Ch. & St. L. (Cairo Div.) 4s, 1939, 

Cleve., Cin., Chicago & St. L. notes, 5s, 1911, 

Cleveland, Lorain & Wheeling 5s, 1933, 

Coal River 4s, 1945, 

Danbury & Norwalk 4s, 1955, 

Detroit & Toledo Shore Line 4s, 1953, 

Dutchess Co. 4^s, 1940, . 

Elmira, Cortland & Northern 5s, 1914, 

Fitchburg 4s, 1927-28, 

Grand Rapids & Indiana 4-^s, 1941, 

Hocking Valley equipment 4s, 1912, . 

Illinois Central (Louisville Div.) 3^s, 1953, 

Illinois Central (Omaha Div.) 3s, 1951, 

Indianapolis & St. Louis 7s, 1919, 

Interborough Rapid Transit St. 6s, 1911, 

Lake Erie & Western 5s, 1937, . 

Leamington & St. Clair 4s, 1945, 

Lehigh & New York 4s, 1945, . 

Lincoln & Northwestern 7s, 1910, 

Lowell & Suburban Street 5s, 1911, . 

Milwaukee & Northern 6s, 1913, 

Missouri, Kansas & Oklahoma 5s, 1942, 

Mobile & Ohio equipment 4-|s, 1911, . 

Mobile & Ohio equipment 4^s, 1912, . 

Mobile & Ohio 1st mortgage 6s, 1927, 

Montana Central 6s, 1937, 

Nashville, Chattanooga & St. Louis 5s. 1928, 

Nash., Chatta. & St. L. (Jasper Br.) 6s, 1923, 

Nashville, Florence & Sheffield 5s, 1937, . 

New York Central Lines equipment 5s, 1915, 

N. Y. Central & Hudson River 4s, 1934, 

N. Y., N. H. & H. (Har. & Pt. Ch. Div.) 4s, 1954 

New York, New Haven & Hartford 3£s, 1954, 

Northern Maine Seaport 5s, 1935, 

Ohio River 5s, 1937, 

Old Colony Street 4s, 1954, 

Oregon Short Line 5s, 1946, 

Pennsvlvania convertible 3-^s, 1915, 

Portland & Ogdensburg 4^s, 1928, 

Puget Sound Electric 5s, 1911, . 

St. Paul & Eastern Grand Trunk 6s, 1913, 

Sea Coast prior lien 5s, 1948, 

Southern Pacific of Arizona 6s, 1909, 

Southern Pacific of New Mexico 6s, 1911, 

Southern Pacific Branch 6s, 1937, 

Sunbury, Hazelton & Wilkesbarre 6s, 1938, 

Vermont Valley 5s, 1910, 



Book Value. 
$29,250 00 
30,800 00 
12,004 75 
24,071 28 
14,502 60 
26,084 31 

3,921 94 
25,000 00 

2,098 76 
22,000 00 
17,555 00 
65,093 80 

9,700 00 
20,950 00 
17,126 46 

9,100 00 
49,250 00 
14,756 25 
52,488 82 
20,293 20 
15,000 00 
28,821 54 
66,053 48 
56,500 00 
24,875 00 

3,992 50 
24,122 50 

7,663 35 
23,040 00 
21,096 00 
10,800 00 
27,028 72 
15,243 31 
30,649 58 
30,407 33 
23,427 50 
23,500 00 
20,705 00 
30,768 70 

20.004 22 
12,286 13 
25,006 25 
19,600 00 

8,243 20 
25,440 60 
10,779 74 
27,117 73 

9,872 00 
14,772 99 
25,450 24 
25,974 81 
41,701 63 
23,318 00 
28,000 00 
24,125 00 
24,357 96 

53.005 98 
810 40 

22,730 88 
55,720 00 
22,600 00 
28,231 14 
46,187 50 
20,950 00 
13,735 00 
10,327 93 
23,392 44 
10,030 39 
19,289 37 
6,425 00 
32,550 62 
25,572 50 



Rate. 

95 

92 

110 

112 

103 

100 

100 

98 

104 

84 

97 

118 

92 

102 

98 

95 

103 

92 

101 

98 

90 

110 

129 

112 

70 

95 

100 

110 

90 

98 

83 

96 

100 

99 

105 

98 

89 

78 

124 

103 

113 

90 

96 

101 

100 

107 

108 

98 

97 

121 

130 

111 

117 

111 

105 

94 

102 

84 

108 

108 

82 

114 

95 

106 

95 

105 

105 

100 

102 

126 

123 

100 



Market Value. 
$28,500 00 
32,200 00 
11,000 00 
22,400 00 
14,420 00 
25,000 00 

4,000 00 
24,500 00 

2,080 00 
21,000 00 
17,460 00 
63,720 00 

9,200 00 
20,400 00 
17,640 00 

9,500 00 
51,500 00 
13,800 00 
50,500 00 
19,600 00 
13,500 00 
27,500 00 
64,500 00 
56,000 00 
17,500 00 

3,800 00 
25,000 00 

7,700 00 
21,600 00 
19,600 00 

9,960 00 
24,000 00 
15,000 00 
28,710 00 
29,400 00 
24,500 00 
22,250 00 
19,500 00 
31,000 00 
20,600 00 
12,430 00 
22,500 00 
19,200 00 

8,080 00 
25,000 00 
10,700 00 
27,000 00 

9,800 00 
14,550 00 
25,410 00 
26,000 00 
41,070 00 
23,400 00 
27,750 00 
26,250 00 
24,440 00 
51,000 00 
840 00 
21,600 00 
54,000 00 
20,500 00 
28,500 00 
47,500 00 
21,200 00 
14,250 00 
10,500 00 
21,000 00 
10,000 00 
19,380 00 

6,300 00 
30,750 00 
25,000 00 



24 



JOHN HANCOCK MUTUAL LIFE INSURANCE CO. 



West End Street 4£s, 1923, 
Winona & St. Peters 7s, 1916, . 

Miscellaneous Bonds. 
Am. Telephone & Telegraph Co. 4s, 1929, 
Chicago Edison Co. 5s, 1910, 
Puget Sound Power Co. 5s, 1933, 



Book Value. 

$15,392 31 

31,208 41 

15,270 40 
24,312 50 
19,500 00 

,447,915 63 



Rate. 
105 
120 

91 

99 

100 



Market Value. 

$15,750 00 

31,080 00 

14,560 00 
24,750 00 
20,000 00 

$2,375,220 00 



JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY, BOSTON. 

Incorporated April 21, 1862. Commenced business Dec. 27, 1862. 

Stephen H. Rhodes, President. Walton L. Crocker, Secretary. 

Office, 178 Devonshire Street. 

Income. 

Ordinary Department. 



First year's premiums, . 

Surrender values applied to pay first year's premiums, 

Total first year's premiums on original policies, . 
Dividends applied to purchase paid-up additions, . . 
Surrender values applied for paid-up insurance, 
Consideration for supplementary contracts involving life con- 
tingencies, 

Total new premiums, $1,116,992 21 

Renewal premiums, less $37,746.91 for reinsurance, 
Dividends applied to pay renewal premiums, . 
Surrender values applied to pay renewal premiums, 

Total renewal premiums, * $6,188,894 83 

Total premium income, ....... 

Consideration for supplementary contracts not involving life con- 
tingencies, ......... 

Dividends left with company to accumulate, .... 

Agents' balances previously charged off, ..... 

Total, 



$961,748 51 
393 41 

$962,141 92 
97,632 20 
52,098 09 

5,120 00 

5,344,231 24 

844,206 70 

456 89 



$7;305,887 04 

8,454 00 

15,580 44 

104 62 

$7,330,.026 10 



Industrial Department. 
Premiums, ....... 

Dividends applied to purchase paid-up additions, 
Dividends applied to pay renewal premiums, . 
Surrender values applied to pay renewal premiums, 

Total premium income, .... 
Agents' balances previously charged off, . 



Total, 

Both Departments. 

Interest on mortgages, $837,826 97 

on collateral loans, .... 5,422 44 

on bonds and dividends on stocks, . 1,075,877 25 



$10,271,995 49 

32,167 00 

446,748 70 

51,599 94 

$10,802,511 13 

2,050 49 

$10,804,561 62 



JOHN HANCOCK MUTUAL LIFE INSURANCE CO. 



25 



Interest on premium notes and policy loans, 

on bank deposits, .... 

on other debts, .... 

Discount on claims paid in advance, 

Rent, including $103,704.52 for occupancy of 

own buildings, ...... 



$143,184 56 

14,586 80 

4,326 56 

896 38 

306,094 07 $2,388,215 03 



Profit on sale or maturity of real estate, $3,733.68; bonds, 

$17,361.72, 

Suspense account, 

All other, .......... 

Total, 



Total income, 
Ledger assets, Dec. 31, 1907, 

Total, . 



Death claims and additions, 
Matured endowments and additions, 



Disbursements. 
Ordinary Department. 



21,095 40 

58,249 75 

3,194 42 

. $2,470,754 60 

$20,605,342 32 
47,607,508 54 

$68,212,850 86 



,241,219 58 
156,422 77 $1,397,642 35 



Annuities involving life contingencies, .... 
Premium notes voided by lapse, ..... 
Surrender values paid in cash, ..... 

applied to pay new premiums, 
applied to pay renewal premiums, . 
applied to purchase paid-up insurance, . 
Dividends paid policy holders in cash, .... 
applied to pay renewal premiums, . 
applied to purchase paid-up additions, 
left with the company to accumulate, 

Total paid policy holders, ..... 

Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, . 
Dividends held on deposit surrendered, .... 
Commissions to agents: new policies, $404,294.89; renewals 

$507,227.22, 

Salaries and allowances for agencies, .... 

Agency supervision, traveling and other agency expenses, . 

Medical examiners' fees, $94,631; and inspections, $22,580.08, 

Salaries of officers and home office employees, . 

Rent, including $33,130.93 for occupancy of own buildings, 

Advertising, printing, postage, etc., 

Legal expenses, .... 

Furniture and fixtures, . 

State taxes on premiums, 

Insurance department licenses and fees, 

All other licenses, fees and taxes, 

Agents' balances charged off, . 

All other, ' 



254 05 

5,952 12 

452,039 71 

393 41 

456 89 

52,098 09 

73,094 16 

844,206 70 

97,632 20 

15,580 44 

$2,939,350 12 

708.51 

36,234 38 

1,810 26 

911,522 11 

67,212 62 

31,895 45 

117,211 08 

196,848 83 

68,561 99 

82,089 23 

1,423 80 

7,246 84 

85,494 16 

6,587 35 

16,445 93 

1,498 10 

7,072 38 



Total, 



t,579,213 14 



26 



JOHN HANCOCK MUTUAL LIFE INSURANCE CO. 



Industrial Department. 
Death claims and additions, .... $3,647,517 57 
Matured endowments, 1,370 00 $3,648,887 57 



Surrender values paid in cash, 

Surrender values applied to pay renewal premiums, 

Dividends paid policy holders in cash, 

applied to pay renewal premiums, . 

applied to purchase paid-up additions, 

Total paid policy holders, 
Investigation and settlement of policy claims, . 
Commissions to agents, industrial premiums, . 
Salaries and allowances for agencies, 

Agency supervision, traveling and other agency expenses, 
Medical examiners' fees, $141,103.75 ; and inspections, $30,885.19 
Salaries of officers and home office employees, 
Rent, including $70,573.59 for occupancy of own buildings 
Advertising, printing, postage, etc., 
Legal expenses, .... 
Furniture and fixtures, . 
State taxes on premiums, 
Insurance department licenses and fees, 
All other licenses, fees and taxes, 
Agents' balances charged off, . 
All other, ..... 

Total, . . . . . 

Both Departments. 

Repairs and expenses on real estate, 

Taxes on real estate, ...... 

Investment expenses, ...... 

Loss on sale or maturity of bonds, .... 

Decrease by adjustment in book value of ledger assets, 
All other, . . . . . • . 

Total, 

Total disbursements, ..... 

Balance, ....... 

Ledger Assets. 
Book value of real estate, 
Mortgage loans on real estate, 
Loans to policy holders, 
Premium notes on policies in force, 
Book value of bonds and stocks (schedule A), 
Cash in office, ..... 
Deposits in trust companies and banks not on interest, 
Deposits in trust companies and banks on interest, less $5,764, 

agents' deposits in lieu of bonds, 
Bills receivable, .... 
Furniture and fixtures, . 
Loans on personal security, 



336,101 14 
51,599 94 
13,120 68 

446,748 70 
32,167 00 

54,528,625 03 

40,099 62 

1,994,686 23 

775,127 90 

51,133 80 

171,988 94 

341,496 44 

128,864 30 

137,505 13 

1,960 67 

14,147 56 

85,135 74 

6,667 43 

17,067 65 

1,549 61 

12,958 13 

58,309,014 18 



$92,991 04 

60,246 45 

46,902 99 

1,279 11 

325,801 88 

500 00 

$527,721 47 

$13,415,948 79 

$54,796,902 07 



Total ledger assets, 



$3,671,113 13 

17,784,269 83 

3,302,224 75 

254,083 97 

28,804,146 25 

677 21 

22,238 12 

924,447 61 

4,048 19 

8,500 00 

21,153 01 

$54,796,902 07 



JOHN HANCOCK MUTUAL LIFE INSURANCE CO. 



27 



Non-Ledger Assets. 

Interest due and accrued on : 

Mortgages, ...... 

Bonds, ....... 

Premium notes, ..... 

Rents due and accrued, .... 

Market value of stocks and bonds over book value, 

New Business. 

Uncollected premiums, . . $107,611 58 

Deferred premiums, . . 206,752 25 



Total, . 
Deduct loading, 

Net uncollected and deferred 
premiums, 



$314,363 83 
72,303 68 



$298,701 04 

386,398 10 

57,706 03 

16,387 66 



Renewals. 

$509,314 35 
839,839 50 

1,349,153 85 
310,305 38 



$759,192 83 
54,962 69 



Net uncollected industrial premiums, 

Gross assets, ...... 

Assets not admitted. 
Furniture and fixtures, . 
Agents' debit balances, . 
Loans on personal security, . 
Bills receivable, 
Deposits in suspended banks, 



$242,060 15 $1,038,848 47 1,280,908 62 
76,167 61 



,968,133 82 



$8,500 00 

14,806 13 

21,153 01 

4,048 19 

5,138 04 



Admitted assets, . . . . 

Liabilities. 

Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the Actuaries' table of mor- 
tality, with interest at 4 per cent., and the American table, with 
interest at 3% per cent., ...... 

Deduct net value of risks reinsured, .... 



53,645 37 
$56,914,488 45 



,782,131 00 
135,692 00 



Net reserve, $48,646,439 00 

Present value of supplementary contracts not involving life con- 
tingencies, 191,278 00 

Surrender values claimable on terminated policies, . . . 175,679 00 

Death losses due and unpaid, . . . $4,001 00 

in process of adjustment, . . 12,518 55 

reported, . . . ' . . 147,125 50 

Matured endowments due and unpaid, . . 728 00 

Death losses and other policy claims resisted, . 19,740 50 



Dividends left to accumulate, 
Premiums paid in advance, .... 
Unearned interest and rent paid in advance, 
Commissions to agents due or accrued, . 
Miscellaneous accounts due or accrued, . 
Medical examiners' and legal fees due or accrued, 
State, county and municipal taxes due or accrued, 



184,113 55 

13,770 18 

193,254 59 

504 69 

49,877 45 

52,970 38 

4,287 00 

216,125 04 



28 



JOHN HANCOCK MUTUAL LIFE INSURANCE CO. 



Dividends or other profits due policy holders, .... 
Dividends apportioned on annual dividend policies, payable 

during 1909, 

Dividends apportioned on deferred dividend policies, payable 

during 1909, ......... 

Held for deferred dividends, payable after 1909, 

Special reserve held by the company, ..... 

Unassigned funds (surplus), ....... 



Total liabilities, 



Premium Note Account. 



Premium notes on hand Dec. 31, 1907, 
Received during 1908, old policies, 
Restored by revival of policies, 

Used in payment of losses and claims, 
Used in purchase of surrender policies, 
Voided by lapse, ...... 

Used in payment of dividends to policy holders, 
Redeemed by maker in cash, .... 

Premium notes on hand Dec. 31, 1908, 

Exhibit of Policies. 
In Force Dec. 31, 1907. 



$204,265 26 

131,331 29 

3,931 36 

$2,324 49 

8,978 55 

9,883 48 

26,855 15 

37,402 27 



$85,971 00 

142,407 05 

186,893 05 

222,710 01 

345,659 00 

6,202,549 46 



,914,488 45 



$339,527 91 



Total No. 



85,443 94 

$254,083 97 



Total Amount. 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 


86,891 $143,155,628 00 

21,655 28,816,479 00 

4,336 13,531,358 00 

901,123 00 


Whole life, . 
Endowment, 
All other, 
Reversionary additions, 


Issued during the Year. 

19,146 $28,844,450 00 

3,133 3,836,445 00 

2,175 8,693,600 00 

198,944 00 


Whole life, . 
Endowment, 
All other, 


Old Policies revived. 

690 $824,373 00 

186 175,000 00 

18 72,000 00 


Whole life, . 
Endowment, 
All other, 


Old Policies increased. 

$557,251 00 

146,645 00 

12,961 00 


Whole life, . 
Endowment, 


Transfers, Deductions. 

48 $83,500 00 
11 31,500 00 



Number. Amount. 

I 00 

) 00 
I 00 

112,882 $186,404,588 00 



24,454 41,573,439 00 



894 1,071,373 00 



716,857 00 



59 $115,000 00 



JOHN HANCOCK MUTUAL LIFE INSURANCE CO. 



29 



All other, 
Totals, . 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



Transfers, Additions. 

Number. Amount. Total No. Total Amonut. 

59 $115,000 00 



138,230 $229,766,257 00 



Terminated during the Year. 

11,168 $18,640,276 00 

2,224 3,070,984 00 

1,035 3,814,973 00 

70,850 00 





14,427 


$25,597,083 00 






How terminated. 




By death, 
maturity, 
expiry, . 
surrender, 
lapse, 
decrease, 

Not taken, . 


790 

76 

16 

2,020 

8,642 

2,883 


$1,277,098 00 

155,377 00 

30,048 00 

2,779,196 00 

12,277,849 00 

4,042,953 00 

5,034,562 00 


14,427 25,597,083 00 




In Force Dec. 81, 1908. 


• 


Whole life, . 
Endowment, 
All other, 
Reversionary additions. 


95,511 $154,657,926 00 

22,739 29,872,085 00 

5,553 18,609,946 00 

1,029,217 00 


123,803 $204,169,174 00 



Industrial policies in force, 



1,738,421 280,903,308 00 



Schedule A. Stocks and Bonds owned by the Company. 

Stocks. 
1,500 shares Department Store Tr., Boston, Mass. 

State, County and Municipal Bonds. 
Albany, N. Y., 4s, 1911-12, 
Albany, N. Y., 4s, 1913-20, 
Albany, N. Y., 4s, 1923, . 
Arapahoe County, Col., 5s, 1918, 
Arizona 5s, 1942 (op. 1912), 
Atlanta, Ga., 4s, 1933, 
Atlantic City, N. J., 5s, 1925, . 
Aurora, 111., 4s, 1925, 
Belmont, Mass., 4s, 1909-15, 
Benton County, Ind., 4-Js, 1909-10, 
Benton County, Ind., 44s, 1911-15, 
Benton County, Ind., 4|s, 1916-20, 
Benton Harbor, Mich., 4s, 1924-29, 
Benton Harbor, Mich., 4s, 1930-33, 
Boston, Mass., 4s, 1936, . 
Boston, Mass., 3^s, 1922-23, 
Boston, Mass., 4s, 1912-13, 
Boston, Mass., 4s, 1911, . 
Brookline, Mass., 4s, 1909-17, 
Brunswick, Ga., 5s, 1921, 
Buffalo, N. Y., 4s, 1926, . 
Cambridge, Mass., 3^-s, 1938, 
Cambridge, Mass., 34s, 1923, 
Canton, O., school district 5s, 1920, 
Canton, O., school district 5s, 1919, 
Cascade County, Mont., school dist. 4s, 1921, 



Book Value. 


Rate. 


Market Value. 


SI 00 


90 


$135,000 00 




r 


100 


20,000 00 


48,000 


00 j 


101 


25,250 00 




102 


3,060 00 


15,000 


00 


100 


15,000 00 


51,797 


69 


102 


51,000 00 


9,900 


00 


98 


9,800 00 


27,169 


30 


110 


27,500 00 


41,507 


47 


100 


40,000 00 


8,000 


00 


100 


8,000 00 




r 


100 


3,200 00 


19,443 


65 j 


101 


8,080 00 




102 


8,160 00 


47,875 


00 | 


97 
96 


29,100 00 
19,200 00 


206,504 


48 


103 


206,000 00 


88,661 


20 


96 


87,360 00 


130,073 


41 


101 


131,300 00 


19,500 


00 


100 


19,500 00 


36,000 


00 


100 


36,000 00 


5,340 


16 


100 


5,000 00 


99,875 


00 


102 


102,000 00 


108,954 


96 


96 


96,000 00 


20,117 


80 


97 


19,400 00 


10,694 


87 


111 


11,100 00 


10,636 


51 


110 


11,000 00 


20,440 


87 


98 


19,600 00 



30 



JOHN HANCOCK MUTUAL LIFE INSURANCE CO. 



Cascade County, Mont., 6s, 1912, 

Cass County, Ind., 4$s, 1909-10, 

Cass County, Ind., 4^s, 1911-15, 

Cass County, Ind., 4-|s, 1916-20, 

Charleston, W. Va., 4s, 1935 (op. 1925), 

Chattanooga, Tenn., 6s, 1917, . 

Cheyenne, Wyo., 5s, 1931 (op. 1911), 

Chicago, 111., sanitary district 5s, 1909, 

Chico, Cal., 5s, 1912-14, . 

Chico, Cal., 5s, 1915-16, . 

Chico, Cal., 5s, 1917-20, . 

Chico, Cal., 5s, 1921-23, . 

Chico, Cal., 5s, 1924-28, . 

Chico, Cal., 5s, 1929-33, . 

Cleveland, O., 4s, 1922-27, 

Cleveland, O., 4s, 1914-15, 

Clinton, Mass., 3^s, 1930, . 

Columbia County, Wash., 4£s, 1909-10, 

Columbia County, Wash., 4^s, 1911, . 

Columbus, O., 4s, 1910, . 

Cook County, III., 4s, 1909, 

Cumberland County, Me., 3^s, 1922, . 

Dallas County, la., 4s, 1909, 

Dallas, Tex., 4s, 1942, 

Dallas, Tex., 4s, 1940, 

Darlington, S. C., school district 5s, 1932, 

Des Moines, la., 4s, 1915 (op.), 

Detroit, Mich., 3^s, 1933, . 

Dougherty County, Ga., 5s, 1909, 

Dougherty County, Ga., 5s, 1910, 

Dougherty County, Ga., 5s, 1911-12, 

Dougherty County, Ga., 5s, 1913, 

Dougherty County, Ga., 5s, 1914-15, 

Dougherty County, Ga., 5s, 1916-17, 

Doughertv County, Ga., 5s, 1918-19, 

Dougherty County, Ga., 5s, 1920-22, 

Dougherty County, Ga., 5s, 1923-24, 

Dougherty County, Ga., 5s, 1925-26, 

Dougherty County, Ga., 5s, 1927-29, 

Dougherty County, Ga., 5s, 1930-32, 

Doug. Co., Neb., sch. 4^s, 1922 (op. 1912-19) 

Dublin, Ga., 5s, 1931, 

Duluth, Minn., 4£s, 1926, 

Duluth, Minn., independent sch 

Durham, N. C, 4£s, 1926, 

Early County, Ga., 5s, 1909, 

Early County, Ga., 5s, 1910, 

Early County, Ga., 5s, 1911-12, 

Early County, Ga., 5s, 1913, 

Early County, Ga., 5s, 1914-15, 

Early County, Ga., 5s, 1916-17, 

Early County, Ga., 5s, 1918-19, 

Early County, Ga., 5s, 1920-21, 

Early County, Ga., 5s, 1922-24, 

Early County, Ga., 5s, 1925-26, 

Early County, Ga., 5s, 1927-29, 

Early County, Ga., 5s, 1930, 

East Portland, Ore., 6s, 1921, . 

East Providence, R. I., 4s, 1943, 

East Providence, R. I., fire district 4^s, 

Elmwood Township, 111., 5s, 1909, 

Essex County, Mass., 4s, 1921, . 

Essex County, Mass., 4s, 1922-26, 

Fargo, N. Dak., 6s, 1911, . 

Fergus Falls, Minn., school district 4^s, 

Fond du Lac, Wis., 5s, 1914, 

Gloucester, Mass., 4£s, 1909-10, 

Gloucester, Mass., 4£s, 1911-15, 

Gloucester, Mass., 4-fs, 1916-17, 

Great Falls, Mont., 5s, 1920 (op. 1910), 

Haverhill, Mass., 4s, 1923, 

Hennepin County, Minn., 4^s, 1924, . 



dist. 5s, 1923 



1922 



1914 



Book Value. 
$10,000 00 

15,162 92 

49,500 00 
10,386 98 
51,368 58 
20,097 29 



1 27,015 38 < 



f 



J 



89,512 50 

202,229 85 

37,000 00 

15,141 74 

25,000 00 
24,000 00 
46,562 50 
5,000 00 
68,000 00 
51,354 54 
22,230 80 
150,000 00 
17,650 00 



68,539 88 < 



16,498 00 
26,519 33 
30,027 46 
10,000 00 
52,497 88 



38,591 55. 



10,534 18 

10,000 00 

32,234 28 

4,975 00 

97,634 00 

10,169 04 
15,351 43 
10,308 58 

53,705 66 

18,277 30 
15,217 01 
31,222 72 



Bate. 
105 
100 
101 
102 

94 
109 
102 
101 
102 
103 
104 
105 
106 
107 
103 
101 

93 
100 
101 
100 
100 

96 
100 

91 

92 
104 
100 
102 
100 
101 
102 
103 
104 
105 
106 
107 
108 
109 
110 
111 
101 
105 
103 
108 
102 
100 
101 
102 
103 
104 
105 
106 
107 
108 
109 
110 
111 
117 

98 
104 
100 
102 
103 
104 
101 
104 
100 
101 
102 
101 
101 
109 



50 
00 
75 
50 
75 



Market Value. 

$10,500 00 

1,200 00 

5,555 00 

8,160 00 

47,000 00 

10,900 00 

51,000 00 

20,200 00 

3,442 50 

2,317 

4,680 

3,543 

5,962 

6,018 

92,700 00 

202,000 00 

37,200 00 

10,000 00 

5,050 00 

25,000 00 

24,000 00 

48,000 00 

5,000 00 

61,880 00 

46,000 00 

20,800 00 

150,000 00 

20,400 00 

1,000 00 

2,020 00 

4,080 00 

2,060 00 

4,160 00 

4,200 00 

4,240 00 

10,700 00 

8,640 00 

8,720 00 

13,200 00 

6,660 00 

16,160 00 

25,200 00 

30,900 00 

10,800 00 

51,000 00 

1,000 00 

1,010 

3,060 

1,545 

3,120 

3,150 

3,180 

3,745 

6,480 00 

4,360 00 

6,600 00 

2,220 00 

11,700 00 

9,800 00 

31,200 

5,000 

20,400 

82,400 

10,400 00 

15,150 00 

10,400 00 

14,000 00 

33,330 00 

6,120 00 

18,180 00 

15,150 00 

32,700 00 



00 
00 
00 
00 
00 
00 
00 



00 
00 
00 
00 



JOHN HANCOCK MUTUAL LIFE INSURANCE CO, 



31 



Houston, Tex., 5s, 1939, . 

Hudson County, N. J., 4£s, 1948, 

Hudson County, N. J., 4fs, 1915-16, 

Hudson County, N. J., 4s, 1914, 

Indianapolis, Ind., 4s, 1924, 

Indianapolis, Ind., 4s, 1915, 

Indianapolis, Ind., 3^s, 1909-10, 

Jersey City, N. J., 4s, 1932, 

Jersey City, N. J., 4£s, 1928, . 

Jersey City, N. J., 5s, 1922-24, . 

Jersey City, N. J., 5s, 1916, 

Kansas City, Kan., 4-^s, 1918, . 

Kansas City, Mo., 4£s, 1915, 

King County, Wash., 5s, 1918, . 

La Grande, Ore., 6s, 1912 (op. any time), 

Lawrence, Mass., 4s, 1924, 

Lewis & Clarke County, Mont., sch. dist. 4^s 

Lincoln, Mass., 4s, 1909-37, 

Los Angeles, Cal., 4^s, 1925-26, 

Lynn, Mass., 4s, 1914-16-20, . 

Maiden, Mass., 4s, 1909-10, 

Maiden, Mass., 4s, 1913-14, 

Marietta, O., 5s, 1913, 

Massachusetts 3^s, 1940-41, 

Massachusetts 3^s, 1913, . 

Merced County, Cal., 4s, 1914-16, 

Middletown, Conn., 3£s, 1925, . 

Milton, Mass., 3$s, 1929-31, 

Milwaukee, Wis., 4s, 1911-12, . 

Milwaukee, Wis., 4s, 1914-24, . 

Milwaukee, Wis., 4s, 1925-28, . 

Milwaukee, Wis., 3£s, 1910-12, 

Milwaukee, Wis., 3£s, 1913-16, 

Milwaukee, Wis., 3£s, 1917, 

Minneapolis, Minn., 4s, 1937, 

Minneapolis, Minn., 4.92s, 1909, 

Minneapolis, Minn., 4.92s, 1910, 

Minneapolis, Minn., 4.92s, 1911, 

Minneapolis, Minn., 4.92s, 1912, 

Minneapolis, Minn., 4.92s, 1913, 

Minneapolis, Minn., 4.92s, 1914, 

Missoula County, Montana, 6s, 1912, 

Moultrie, Ga., 5s, 1931, . 

Multnomah County, Ore., sch. 4-Js, 1928, op 

Muscatine, Iowa, 5s, 1909, 

Muscatine, Iowa, 5s, 1910, 

Muscatine, Iowa, 5s, 1911, 

Newburyport, Mass., 3^s, 1920-21, 

Newton, Mass., 4s, 1914-17, 

New York, N. Y., 4^s, 1957, 

New York, N. Y., 4s, 1955, 

New York, N. Y., 4s, 1936, 

Norfolk, Va., 4s, 1928, 

Oklahoma City, Okla., 5s, 1931, 

Omaha, Neb., 4£s, 1910, . 

Owosso, Mich., 5s, 1924, . 

Pawtucket, R. I., 4s, 1923-37, . 

Perth Amboy, N. J., 5s, 1917, . 

Perth Amboy, N. J., 4-|s, 1916, 

Pontiac, Mich., 5s, 1915, . 

Port Angeles, Wash., 6s, 1912, . 

Prince George's County, Md., 5s, 1934 

Providence, R. I., 4s, 1926, 

Quincy, 111., 4£s, 1913, 

Ramsey County, Minn., 4^s, 1918, 

Ramsey County, Minn., 44s, 1917, 

Richland, Ga., 5s, 1909-31, 

Rock Island, 111., 4£s, 1917, 

Rosebud County, Mon., 4£s, 1925, op. 1915 

Sacramento County, Cal., 4^s, 1926, 

St. Albans, Vt., 4s, 1910-14, 

St. Cloud, Minn., 6s, 1911, 



1922 



1918 



Book Value. 


Rate. 


Market Value. 


$53,143 


29 


100 


$50,000 00 


107,875 


00 


110 


110,000 00 


20,268 


10 


103 


20,600 00 


50,605 


92 


100 


50,000 00 


1,000 


00 


103 


1,030 00 


1,000 


00 


101 


1,010 00 


9,820 


00 


100 


10,000 00 


40,628 


41 


96 


38,400 00 


104,750 


00 


103 


103,000 00 


39,418 


16 


108 


39,960 00 


53,393 


25 


105 


52,500 00 


25,501 


53 


103 


25,750 00 


15,225 


00 


102 


15,300 00 


10,561 


04 


107 


10,700 00 


5,000 


00 


100 


5,000 00 


106,422 


14 


101 


101,000 00 


26,248 


46 


103 


25,750 00 


13,500 


00 


100 


13,500 00 


61,338 


00 


104 


62,400 00 


67,692 


03 


101 


67,670 00 


8,000 


00 I 10 ° 

uu \ 101 


4,000 00 
4,040 00 


15,353 


38 


105 


15,750 00 


137,892 


80 


98 


122,500 00 


93,270 


00 


100 


100,000 00 


25,042 


26 


98 


24,500 00 


47,000 


00 


94 


47,000 00 


22,111 


50 


91 


22,750 00 






100 


30,000 00 


150,000 


00^ 101 


80,800 00 






102 


40,800 00 






99 


37,125 00 


97,948 


75 ^ 98 


49,000 00 






L 97 


12,125 00 


100,000 


00 


104 


104,000 00 






f 100 


2,916 94 






101 


3,091 01 


19,800 


14 ^ 


102 
104 


3,275 16 
3,503 62 






105 


3,711 30 






106 


3,930 91 


10,203 


66 


104 


10,400 00 


6,393 


61 


107 


6,420 00 


103,750 


00 


100 


100,000 00 






f 100 


5,000 00 


15,134 


38 < 


101 
102 


5,050 00 






5,100 00 


13,897 


00 


96 


14,400 00 


91,969 


09 


101 


90,900 00 


255,543 


45 


112 


280,000 00 


148,979 


43 


103 


154,500 00 


101,084 


08 


102 


102,000 00 


61,751 


95 


95 


57,000 00 


33,093 


02 


102 


30,600 00 


36,338 


77 


101 


36,360 00 


10,505 


40 


107 


10,700 00 


36,339 


71 


100 


35,000 00 


21,090 


78 


105 


21,000 00 


12,193 


21 


102 


12,240 00 


10,419 


56 


103 


10,300 00 


10,000 


00 


103 


10,300 00 


11,247 


79 


108 


10,800 00 


87,300 


00 


102 


91,800 00 


25,513 


40 


102 


25,500 00 


10,172 


90 


106 


10,600 00 


88,650 


00 


105 


94,500 00 


8,111 


16 


100 


7,900 00 


24,855 


73 


104 


24,960 00 


15,222 


00 


101 


15,150 00 


50,288 


70 


103 


50,470 00 


10,000 


00 


100 


10,000 00 


10,115 


47 


103 


10,300 00 



32 



JOHN HANCOCK MUTUAL LIFE INSURANCE CO. 



St. Joseph, Mo., 4s, 1928, op. any time, 

St. Louis County, Minn., 5s, 1923, op. 1913, 

St. Louis County, Minn., 4£s, 1918, 

St. Paul, Minn., 5s, 1913, 

San Diego, Cal., 4£s, 1909-10, 

San Diego, Cal., 4|s, 1911-15, 

San Diego, Cal., 4^s, 1918, 

San Francisco, Cal., 5s, 1913, 

San Francisco, Cal., 5s, 1916, 

San Francisco, Cal., 5s, 1917, 

San Francisco, Cal., 5s, 1919-20, 

San Francisco, Cal., 5s, 1931-32, 

San Francisco, Cal., 5s, 1938, 

San Francisco, Cal., 5s, 1941-42, 

Seattle, Wash., school dist. 4£s, 1928, 

Seattle, Wash., 4s, 1926,. . ' . 

Seattle, Wash., school dist. 4-^s, 1924, 

Seattle, Wash., 5s, 1913, . 

Seattle, Wash., school dist. 6s, 1909, 

South Bend, Ind., 6s, 1909, 

South Bend, Ind., 6s, 1910, 

South Bend, Ind., 6s, 1911, 

South Bend, Ind., 6s, 1912, 

South Bend, Ind., 6s, 1913, 

South Bend, Ind., 6s, 1914, 

South Bend, Wash., 4s, 1906, . 

Spokane County, Wash., 4£s, 1923, op. 1913, 

Spokane, Wash., school dist. 4£s, 1927, op. 1917, 

Spokane, Wash., school dist. 4^s, 1924, 

Springfield, Mass., 4s, 1911-12, 

Springfield, Mass., 4s, 1913, 

Springfield, Mass., 4s, 1917, 

Steubenville, O., 4s, 1924, op. 1914, . 

Stockton, Cal., high school dist. 5s, 1918-19, 

Stockton, Cal., high school dist. 5s, 1920-21, 

Stonington, Conn., 4s, 1928, 

Sylvester, Ga., 5s, 1922, . 

Syracuse, N. Y., 4£s, 1915-16, 

Syracuse, N. Y., 4|s, 1917, 

Tacoma, Wash., 5s, 1913, 

Toledo, O., 5s, 1913, 

Troy, N. Y., 4is, 1910-11, 

Troy, N. Y., 4^s, 1912-14, 

Troy, N. Y., 4£s, 1915, . 

Visalia, Cal., 5s, 1909, 

Visalia, Cal., 5s, 1910-11, 

Visalia, Cal., 5s, 1912-14, 

Visalia, Cal., 5s, 1915-16, 

Walhalla, S. C, 5s, 1921, . 

Watkinsville, Ga., 4£s, 1932, 

Waynesville, N. C, 5s, 1931, 

Weber County, Utah, 5s, 1921, op. 1911, 

Westchester County, N. Y., 4^s, 1928, 

Westchester County, N. Y., 4^s, 1946-48, 

Woonsocket, R. I., 4s, 1915-24, 

Worcester, Mass., 4s, 1928-38, . 

Worcester, Mass., 4s, 1922, 

Wyandotte County, Kan., 4-Js, 1923, 

Wyandotte County, Kan., 4-£s, 1928, 

Wyandotte County, Kan., 4^s, 1933, 

Yorkville, S. C, school dist. 5s, 1922, 

Railroad Bonds. 
Allegheny & Western 4s, 1998, . 
Atch., Top. & Santa Fe gen. mort. 4s, 1995, 
Atch., Top. & Santa Fe adjustment 4s, 1995, 
Atch., Top. & Santa Fe (Trans. Short L.) 4s, 1958, 
Atch., Top. & Santa Fe convertible 4s, 1955, 
Atch., Top. & Santa Fe (E. Ok. Div.) 4s, 1928, 
Atch., Top. & Santa F6 convertible 5s, 1917, 
Atch., Topeka & Santa Fe 4s, 1912, . 
Atch., Topeka & Santa Fe 4s, 1909, . 
Atlantic Coast Line 1st cons. mort. 4s, 1952, 



Book Value. 

$50,000 00 
10,000 00 
51,945 00 
10,098 31 

50,965 04 



216,708 50 



52,340 00 
25,000 00 
36,950 58 
15,000 00 
10,020 34 



15,633 45 



5,000 00 
50,723 29 
40,733 37 
10,552 27 

30,000 00 

48,875 00 
15,000 00 

32,657 13 

50,000 00 
5,281 37 

25,000 00 

10,000 00 
20,425 84 

30,540 00 



r 



16,425 42 

5,152 06 
5,022 05 
15,656 06 
41,265 93 
21,084 97 
53,849 60 
30,317 46 
47,858 70 
24,437 50 

51,702 63 

13,203 41 

30,000 00 

429,816 67 

31,943 89 

236,250 00 

148,242 34 

97,343 75 

100,114 59 

24,550 00 

24,718 75 

94,220 13 



Rate. 
100 
102 
100 
104 
100 
101 
102 
104 
106 
107 
109 
115 
117 
118 
105 
98 
104 
103 
101 
101 
103 
105 
107 
109 
111 
50 
101 
103 
104 
100 
101 
101 
100 
105 
106 
100 
102 
102 
103 
103 
105 
101 
102 
103 
100 
101 
102 
103 
100 
100 
103 
102 
107 
110 
100 
102 
101 
95 
94 
93 
100 

98 
100 

92 

95 
103 

97 
107 

98 
100 

95 



Market Value. 
$50,000 00 
,200 
,000 
,400 
,000 
,290 
,120 
,120 
,860 
,910 
,770 
,500 
,250 
,500 
,500 
,500 
,400 
,450 
,100 
,525 
,575 
,625 
,675 
,725 
,775 
,500 
,500 
,200 
,400 
,000 
,100 
,500 
,000 
,750 
,900 
,000 
,100 
,400 
,150 
,300 
,000 
,100 
,300 
,150 
,000 
,040 
,120 
,120 
,000 
,000 
,450 
,800 
,400 
,000 
,000 
,900 
,250 
,500 
,800 
,600 
,500 



10, 

50, 

10, 

15, 

29, 

6, 

3, 

32, 

13, 

57, 

57, 

29, 

29, 

52, 

24, 

36, 

15, 

10, 

2, 

2, 

2, 

2, 

2, 

2, 

2, 

50, 

41, 

10, 

20, 

10, 

50, 

15, 

15, 

15, 

50, 

5, 

20, 

5, 

10, 

21, 

10, 

15, 

5, 

2, 

4, 

6, 

4, 

5, 

5, 

15, 

40, 

21, 

55, 

30, 

45, 

25, 

9, 

18, 

18, 

12, 



29 

450 

46 

237 

154 

97 

107 

24 

25 

95 



400 00 
000 00 
000 00 
500 00 
500 00 
000 00 
000 00 
500 00 
000 00 
000 00 



JOHN HANCOCK MUTUAL LIFE INSURANCE CO. 



33 



Atlantic & Birmingham 1st mortgage 5s, 1934, 

Atlantic & Danville 1st mortgage 4s, 1948, 

Baltimore & Ohio 4s, 1948, 

Bait, & O. (P., L. E. & W. Va. system) 4s, 1941 

Baltimore & Ohio (Southwest. Div.) 3£s, 1925, 

Baltimore & Ohio prior lien 3^s, 1925, 

Boston Elevated 4s, 1935, 

Boston & Albany 3$s, 1952, 

Boston & Albany 4s, 1933, 

Boston & Albanv 4s, 1913, 

Boston & Lowell 4s, 1932, 

Boston & Lowell 3£s, 1923, 

Boston & Lowell 4s, 1913-15, . 

Boston & Maine 4£s, 1944, 

Boston & Maine 4s, 1942, 

Boston & Maine 4s, 1926, 

Boston & N. Y. Air Line 4s, 1955, 

Boston & Providence 4s, 1918, . 

Buffalo, Rochester & Pittsburgh 5s, 1937, . 

Central Branch 4s, 1919 

Central Indiana 4s, 1953, .... 
Central of Georgia (M. & No. Div.) 5s, 1946, 
Central of Georgia cons. mort. 5s, 1945, 
Central of Georgia (Upper Cahaba Br.) 4s, 1911, 
Central of Georgia (Upper C. Br.) 4s, 1912, 
Central of Georgia (Upper C. Br.) 4s, 1913-14, 
Central Pacific 1st ref. mortgage 4s, 1949, . 
Central of New Jersey 5s, 1987, 
Central R.R. & Banking Co. of Ga. 5s, 1937, 
Chattanooga Station Co. 4s, 1957, 
Chesapeake & Ohio 1st cons. mort. 5s, 1939, 
Chesapeake & Ohio (Peninsular Div.) 6s, 1911, 
Chesapeake & Ohio equipment 4s, 1909, 
Chic, Burl. & Quincy gen. mort. 4s, 1958, . 
Chic, Burl. & Quincy (111. Div.) 3£s, 1949, 
Chic, Burl. & Quincy (111. Div.) 4s, 1949, . 
Chic, Burl. & Quincy (Neb. Ext.) 4s, 1927, 
Chic, Burl. & Quincy (Denver Ext.) 4s, 1922, 
Chic, Burl. & Quincy (Iowa Div.) 5s, 1919, 
Chic, Burl. & Quincy (Iowa Div.) 4s, 1919, 
Chic, Burl. & Quincy 5s, 1913, 
Chicago, Indianapolis & Louisville 5s, 1947, 
Chic, Ind. & St. L. (Short L.) 1st mort. 4s, 1953 
Chicago, Indiana & Southern 4s, 1956, 
Chic, Mil. & St. P. (Ch. & Pac, W. Div.) 5s, 1921 
Chic, Mil. & St. P. (Dub. Div.) 6s, 1920, . 
Chic, Rock Island & Pacific 4s, 1988, 
Chicago, Rock Island & Pacific 4s, 1934, 
Chicago & Alton 3s, 1949, . . 

Chicago & Alton col. notes, 5s, 1912, 
Chicago & Eastern Illinois 5s, 1937, . 
Chicago & Eastern Illinois 6s, 1934, . 
Chicago & Eastern Illinois equipment 5s, 1915, 
Chicago & Erie 1st mortgage 5s, 1982, 
Chicago & Northwestern 5s, 1933, 
Chicago & Northwestern Extension 4s, 1926, 
Chicago & Northwestern debentures 5s, 1909, 
Chicago & Western Indiana 4s, 1952, 
Chicago & Western Indiana 6s, 1932, 
Chicago & West Michigan 5s, 1921, 
Choctaw, Oklahoma & Gulf 5s, 1919, 
Choctaw & Memphis 5s, 1949, . 
Cincinnati, Dayton & Ironton 5s, 1941, 
Cincinnati, Indianapolis & Western 4s, 1953, 
Cincinnati, Sanduskv & Cleveland 5s, 1928, 
Cleve., Cin., Chicago & St. Louis 4s, 1993, . 
CI., Cin., Chic. & St. Lo. (St. Lo. Div.) 4s, 1990, 
C, C, C. & St. L. (Spring. & Col. Div.) 4s, 1940, 
C, C, C. & St. L. (Cairo, Vin. & Chic) 4s, 1939, 
CI., Col., Cin. & Indianapolis 6s, 1934, 
Cleveland Terminal & Vallev 4s, 1995, 
Colorado & Southern 4s, 1929, . 



Book Value. 


Rate. 


Market Value. 


$50,000 00 


98 


849,000 00 


47,061 88 


90 


45,000 00 


97,518 89 


101 


101,000 00 


, 148,465 27 


96 


144,000 00 


90,811 11 


92 


92,000 00 


137,595 97 


94 . 


141,000 00 


102,826 89 


100 


100,000 00 


99,750 00 


91 


91,000 00 


395,375 00 


101 


404,000 00 


70,000 00 


100 


70,000 00 


29,770 00 


100 


30,000 00 


45,375 00 


95 


47,500 00 


66,530 00 


100 


67,000 00 


20,437 34 


104 


20,800 00 


25,000 00 


96 


24,000 00 


269,500 00 


98 


269,500 00 


197,000 00 


102 


204,000 00 


55,000 00 


100 


55,000 00 


28,143 74 


116 


29,000 00 


23,505 69 


90 


27,000 00 


69,037 50 


92 


64,400 00 


47,375 00 


103 


51,500 00 


51,261 28 


108 


54,000 00 


• i r 


99 


4,950 00 


. \ 82,803 50 ^ 

• J I 


98 


19,600 00 


97 


58,200 00 


344,501 39 


97 


339,500 00 


112,388 15 


128 


128,000 00 


79,992 19 


107 


80,250 00 


186,500 00 


88 


176,000 00 


225,178 23 


115 


230,000 00 


52,388 44 


102 


51,000 00 


49,360 00 


100 


50,000 00 


95,500 00 


101 


101,000 00 


322,191 25 


92 


322,000 00 


402,199 92 


103 


412,000 00 


49,477 59 


101 


50,500 00 


39,850 00 


100 


40,000 00 


22,338 05 


105 


22,050 00 


148,587 50 


100 


150,000 00 


180,885 54 


102 


178,500 00 


4,000 00 


109 


5,450 00 


100,000 00 


98 


98,000 00 


92,875 00 


95 


95,000 00 


, 33,377 42 


110 


33,000 00 


10,304 89 


115 


11,500 00 


102,697 31 


100 


105,000 00 


193,500 00 


91 


182,000 00 


81,824 99 


79 


79,000 00 


98,370 00 


100 


100,000 00 


56,875 96 


115 


57,500 00 


21,734 38 


130 


26,000 00 


15,225 00 


100 


15,000 00 


58,359 19 


115 


57,500 00 


23,082 66 


110 


22,000 00 


139,625 00 


101 


141,400 00 


70,578 94 


101 


70,700 00 


28,800 00 


98 


29,400 00 


29,467 25 


112 


29,120 00 


9,850 00 


101 


10,100 00 


26,569 05 


103 


25,750 00 


78,385 48 


109 


76,300 00 


30,423 17 


94 


28.200 00 


74,062 50 


70 


52,500 00 


33,892 57 


108 


32,400 00 


101,119 00 


98 


98,000 00 


48,634 86 


96 


48,000 00 


9,800 00 


93 


9,300 00 


99,179 53 


95 


95,000 00 


9,750 00 


125 


12,500 00 


100,000 00 


97 


97,000 00 


91,853 90 


97 


97,000 00 



34 



JOHN HANCOCK MUTUAL LIFE INSURANCE CO. 



Commonwealth Avenue Street 5s, 1916, 

Concord & Claremont 4^-s, 1914, 

Concord & Montreal 4s,"l920, . 

Connecticut River 3-^s, 1923, 

Consolidated 4s, 1954, 

Denver & Rio Grande 4s, 1936, 

Denver & Rio Grande 4^s, 1936, 

Det., Gr. Rap. & West. 1st con. mortg. 4s, 1946, 

Erie prior lien 4s, 1996, 

Erie convertible 4s, 1953, 

Erie Pennsylvania collateral 4s, 1951, 

Fitchburg 4$s, 1928, 

Fitchburg 4s, 1925-28, 

Fitchburg 3£s, 1921, 

Fitchburg 4s, 1915, . 

Florida Central & Peninsular 5s, 1943 

Georgia & Alabama 5s, 1945, 

Hocking Valley 4*s, 1999, 

Illinois Central 4s, 1952-53, 

Illinois Central (Purchased Lines) 3-rs, 1952 

Illinois Central (Litchfield Div.) 3s, 1951, 

Illinois Cent. (St. L. Div. & Ter.) 3s, 1951, 

Illinois Central (Omaha Div.) 3s, 1951, 

Indiana, Illinois & Iowa 4s, 1950, 

Iowa, Minnesota & Northwestern 3^s, 1935 

Kanawha & Michigan 4s, 1990, 

Kansas City, Ft. Scott & Gulf 5s, 1911, 

Kansas City, Ft. Scott & Memphis 6s, 1928, 

Kansas City, Memphis & Birmingham 4s, 1934, 

Kansas City Southern 3s, 1950, 

Kan. City & Memphis Ry. & Bridge Co. 5s, 1929, 

Kansas City & Pacific 4s, 1990, 

Keokuk & fees Moines 5s, 1923, 

Lake Shore & Michigan Southern 3^-s, 1997, 

Lake Shore & Michigan South. 4s, 1928-31, 

Long Island refunding mortgage 4s, 1949, . 

Lo., New Al. & C. (C. & Indianap. Div.) 6s, 1911, 

Louisville, New Albany & Chicago 6s, 1910, 

Louisville & Jeffersonville Bridge Co. 4s, 1945, 

Louisville & Nashville 4s, 1923, 

Louisville & Nashville (St. Lo. Prop.) 5s, 1916, 

Louisville & Nashville-Southern 4s, 1952, . 

Lynn & Boston 5s, 1924, .... 

Maine Central 4s, 1912, .... 

Missouri, Kansas & Texas 1st mortg. 4s, 1990, 

Missouri Pacific 5s, 1917, .... 

Mobile & O.-Chic. & Alton jt. equip, notes 4s, 1911 

Nashville, Chattanooga & St. Louis 5s, 1928, 

New England 4s, 1945, .... 

New Orleans Terminal 4s, 1953, 

N. Y. Cen. & Hud. (Lake Shore col.) 3+s, 1998, 

N. Y. Cent. & Hud. (Mich. Cent, col.) 3|s, 1998, 

New York Central & Hudson 3^s, 1997, 

New York Central & Hudson 4s, 1934, 

New York, New Haven & Hartford 4s, 1955, 

N. Y., N. IT. & H. (Har. R.-Pt. Chester) 4s, 1954, 

New York, New Haven & Hartford 4s, 1914, 

New York, Ontario & Western 4s, 1992, 

New York, Providence & Boston 4s, 1942, . 

Norfolk & Western 4s, 1996, 

Norfolk & Western 4s, 1944, 

Norfolk & Western convertible 4s, 1932, 

Nor. & West.-Pocahontas C. & C. Co. joint 4s, 1941 

Northern Pacific 3s, 2047, 

Northern Pacific 4s, 1997, 

Northern Pacific (St. Paul-Duluth Div.) 4s, 1996, 

N. Pac -G. N. Ry. Co. (jt. C, B. & Q. col.) 4s, 1921 

Northern Pacific Terminal, Ore., 6s, 1933, . 

Old Colony 4s, 1924-25, .... 

Oregon Railroad & Navigation Co. 4s, 1946, 

Oregon Short Line 5s, 1946, 

Oregon Short Line 4s, 1929, . ... 



Book Value. 

$10,000 00 

15,101 25 

10,000 00 

55,575 00 

146,750 00 

49,367 50 

26,415 34 

91,778 75 

48,411 11 

48,000 83 

91,141 67 

155,250 00 

280,544 21 

46,285 00 

35,000 00 

54,806 41 

74,949 13 

51,846 72 

151,161 56 

89,600 00 

143,625 00 

19,906 25 

28,866 50 

48,750 00 

180,750 00 

48,741 11 

98,680 00 

43,952 50 

93,598 88 

35,935 42 

18,392 50 

46,810 28 

21,437 44 

49,500 00 

995,906 06 

49,500 00 

31,112 87 

77,446 65 

48,173 89 

192,750 00 

26,062 94 

46,076 53 

41,512 79 

25,000 00 

95,982 36 

127,920 88 

36,844 80 

54,577 40 

343,460 60 

93,000 00 

92,181 48 

90,893 89 

230,872 23 

491,000 00 

525,123 25 

299,734 27 

303,454 42 

104,231 90 

50,000 00 

98,872 77 

48,250 00 

47,866 98 

94,673 61 

34,341 25 

198,427 91 

49,937 50 

461,093 85 

8,395 47 

184,918 55 

146,019 24 

103,161 94 

192,68S 89 



Rate. 

100 

102 
99 
93 
92 
97 

101 
90 
89 
77 
86 

106 
99 
92 
99 
97 

102 

106 

100 
90 
78 
78 
78 
98 
• 92 
93 

100 

113 
90 
73 
96 
93 

103 
95 
95 
97 

102 

101 
93 
97 

100 
85 

105 

100 
99 

100 
98 

111 

101 
82 
84 
85 
95 
94 
96 

102 
98 
99 

101 
98 
94 
93 

90 
73 

103 

100 
98 

113 

100 
99 

114 
95 



Market Value. 

$10,000 00 

15,300 00 

9,900 00 

55,800 00 

138,000 00 

48,500 00 

25,250 00 

90,000 00 

44,500 00 

38,500 00 

86,000 00 

159,000 00 

277,200 00 

46,000 00 

34,650 00 

48,500 00 

71,400 00 

53,000 00 

150,000 00 

90,000 00 

136,500 00 

19,500 00 

27,300 00 

49,000 00 

184,000 00 

46,500 00 

100,000 00 

56,500 00 

90,000 00 

36,500 00 

18,240 00 

46,500 00 

20,600 00 

47,500 00 

972,800 00 

48,500 00 

30,600 00 

75,750 00 

46,500 00 

194,000 00 

25,000 00 

42,500 00 

42,000 00 

25,000 00 

99,000 00 

125,000 00 

37,240 00 

55,500 00 

343,400 00 

82,000 00 

84,000 00 

85,000 00 

237,500 00 

470,000 00 

504,000 00 

306,000 00 

294,000 00 

99,000 00 

50,500 00 

98,000 00 

47,000 00 

45,570 00 

90,000 00 

36,500 00 

206,000 00 

50,000 00 

490,000 00 

9,040 00 

18S,000 00 

150,4S0 00 

114,000 00 

190,000 00 



JOHN HANCOCK MUTUAL LIFE INSURANCE CO. 



35 



Pennsylvania Co. 3£s, 1944, 

Pennsylvania Co. 4s, 1931, 

Pennsylvania Co. 3^s, 1916, 

Pennsylvania 4s, 1948, 

Pennsylvania convertible 3^s, 1915, 

Pennsylvania convertible 3^s, 1912, 

Pennsylvania collateral notes 5s, l9l0, 

Pennsylvania Steel Rolling Stock trust 3^s, 1910, 

Pennsylvania Steel Rolling Stock trust 3-|s, 1909, 

Pennsylvania Steel Car trust 3^s, 1909, 

Pennsylvania Steel equipment trust 3^-s, 1909, 

Philadelphia, Baltimore & Washington 4s, 1943, 

Pitts., Cin., Chicago & St. Louis 4£s, 1940-42, 

Portland & Ogdensburg 4^s, 1928, 

Port Reading 5s, 1941, 

Providence & Worcester 4s, 1947, 

Reading Co. (Jersey Central col.) 4s, 1951, 

Richmond-Washington Co. 4s, 1943, 

Rio Grande Western 4s, 1939, . 

Rutland-Canadian 4s, 1949, 

Rutland 4%s, 1941, . 

St. Joseph & Grand Island 4s, 1947, 

St. L., Iron Mt. & So. (River & Gulf Div.) 4s, 1933 

St. Louis, Iron Mountain & Southern 5s, 1931, 

St. Louis, Iron Mountain & Southern 4s, 1929, 

St. Louis Southwestern 1st mortgage 4s, 1989, 

St. Louis Term. Cupples Sta. & Prop. Co. 4^s, 1917 

St. Louis & San Francisco 4s, 1951, . 

St. Paul City 5s, 1937, .... 

St. P., Minneap. & Man. (Mont. Ex.) 4s, 1937, 

St. Paul, Minneapolis & Manitoba 4^-s, 1933, 

Seaboard Air Line 5s, 1911, 

Seaboard & Roanoke 5s, 1926, 

South Bound 5s, 1941, 

Southern Pacific Co. 4s, 1910, 

Southern Pacific 4s, 1955, 

Southern Pacific of Arizona 6s, 1910, 

Southern Pacific of Arizona 6s, 1909, 

Southern Pacific of New Mexico 6s, 1911, 

Southern 5s, 1994, .... 

Southern 4s, 1956, .... 

Southern (St. Louis Division) 4s, 1951, 

Southern collateral trust 5s, 1909, 

Tarkio Valley 7s, 1920, . 

Terminal Association of St. Louis 5s, 1944, 

Terminal Association of St. Louis 4-Js, 1939, 

Union Pac. tern. 1st lien and ref . mtge. 4s, 2008, 

Union Pacific 4s, 1947, 

Utah & Northern 4s, 1933, 

Vandalia 4s, 1955, . . . 

Wabash 4s, 1954, . 

Wabash (Omaha Division) 3^s, 1941, 

Washington Terminal 3|-s, 1945, 

West End Street (Boston) 4s, 1932, 

West End Street 4s, 1915-17, . 

West End Street 4^s, 1914, 

Western Maryland 4s, 1952, 

Western New York & Pennsvlvania 5s, 1937, 

West Virginia Central & Pittsburg 6s, 1911, 

Willmar & Sioux Falls 5s, 1938, 

Miscellaneous Bonds. 
Boston Electric Light Co. 5s, 1924, . 
New England Telephone & Telegraph Co. 5s, 1916 
New Eng. Telephone & Telegraph Co. 5s, 1915, 
Somerville Electric Light Co. 5s, 1913, 
Western Union Telegraph Co. 4£s, 1950, 



Book Value. 

$46,562 50 

248,875 00 

18,457 15 

124,977 78 

484,941 72 

47,438 89 

247,500 00 

145,650 00 

146,385 00 

18,907 25 

6,667 50 

156,194 70 

62,230 34 

106,187 50 

11,140 38 

49,500 00 

92,352 08 

297,977 44 

91,314 45 

49,750 00 

107,951 41 

15,892 50 

95,666 67 

110,969 48 

93,125 00 

71,796 52 

116,454 12 

90,379 07 

9,250 00 

73,550 00 

49,000 00 

50,299 38 

26,362 42 

52,432 42 

146,255 00 

286,820 50 

25,725 43 

25,229 28 

26,143 01 

55,949 30 

140,925 00 

48,173 61 

100,000 00 

5.000 00 

20,000 00 

20,000 00 

191,344 44 

192,756 95 

97,500 00 

254,159 87 

46,625 00 

43,125 00 

182,912 50 

142,875 00 

180,710 97 

25,484 65 

83,790 00 

29,219 74 

84,237 48 

21,037 90 

10,535 17 
25,366 64 
25,255 78 
10,142 91 
25,000 00 

$28,804,146 25 



Rate. 

91 

100 

98 

104 

95 

99 

101 

99 

100 

100 

100 

100 

109 

106 

105 

100 

97 

101 

95 

91 

100 

93 

89 

112 

87 

93 

100 

86 

107 

101 

110 

92 

106 

105 

99 

95 

101 

100 

102 

107 

77 

85 

100 

104 

115 

107 

97 

103 

100 

99 

85 

79 

93 

100 

100 

102 

83 

113 

100 

116 

110 

102 

101 

104 

96 



Market Value. 

$45,500 00 

250,000 00 

18,620 00 

130,000 00 

475,000 00 

49,500 00 

252,500 00 

148,500 00 

150,000 00 

20,000 00 

7,000 00 

150,000 00 

59,950 00 

106,000 00 

10,500 00 

50,000 00 

97,000 00 

303,000 00 

95,000 00 

45,500 00 

100,000 00 

18,600 00 

89,000 00 

112,000 00 

87,000 00 

69,750 00 

115,000 00 

86,000 00 

10,700 00 

75,750 00 

55,000 00 

46,000 00 

26,500 00 

52,500 00 

148,500 00 

285,000 00 

25,250 00 

25,000 00 

25,500 00 

53,500 00 

115,500 00 

42,500 00 

100,000 00 

5,200 00 

23,000 00 

21,400 00 

194,000 00 

206,000 00 

100,000 00 

247,500 00 

42,500 00 

39,500 00 

186,000 00 

145,000 00 

180,000 00 

25,500 00 

83,000 00 

28,250 00 

80,000 00 

23,200 00 

11,000 00 
25,500 00 
25,250 00 
10,400 00 
24,000 00 

$28,859,108 94 



36 



MASSACHUSETTS MUTUAL LIFE INSURANCE CO. 



MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY, 

SPRINGFIELD. 

Incorporated May 15, 1851. Commenced business Aug. 1, 1851. 

Wm. W. McClench, President. Wheeler H. Hall, Secretary. 

Office, 500 Main Street. 
Income. 

First year's premiums on original policies, .... $716,876 49 
Dividends applied to purchase paid-up additions, . . . 85,576 94 
Consideration for supplementary contracts involving life con- 
tingencies, . . . ! 1,382 32 

Total new premiums, .... $803,835 75 
Renewal premiums, less $131,474.84 for reinsurance, . . 6,045,537 54 

Dividends applied to pay renewal premiums, .... 1,009,938 79 

Total renewal premiums, . . . $7,055,476 33 

Total premium income, . 
Consideration for supplementary contracts not involving life con- 
tingencies, ...... 

Dividends left with company to accumulate, 
Interest on mortgages, ..... 

on bonds and dividends on stocks, 
on premium notes and policy loans, 
on bank deposits, . . . 

on other debts, .... 

Discount on claims paid in advance, 
Rent, including $10,000 for occupancy of own 
buildings, ...... 

Agents' balances previously charged off, . 
Increase by adjustment in book value of bonds, 
Other sources, ...... 

Total income, ..... 

Ledger assets, Dec. 31, 1907, .... 

Total, 

Disbursements. 
Death claims and additions, .... 
Matured endowments and additions, 

Premium notes voided by lapse, 
Surrender values paid in cash, 
Dividends paid policy holders in cash, 

applied to pay renewal premiums, . 

applied to purchase paid-up additions, 

left with the company to accumulate, 

Total paid policy holders, 
Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, 
Dividends held on deposit surrendered, . 

Commissions to agents: new policies, $273,882.35; renewals, 
$406,005.04, 





$7,859,312 08 


Diving life con- 






59,998 62 




130,252 61 


$828,005 73 




869,761 94 




396,009 23 




12,042 27 




2,564 39 




207 78 




13,831 05 


2,122,422 39 




246 34 


. 


30,400 00 


. 


4,873 58 


$10,207,505 62 


. 


45,233,849 58 



$55,441,355 20 

5,342,553 97 
286,043 00 $2,628,596 97 



25,624 05 

793,961 16 

151,167 34 

1,009,938 79 

85,576 94 
130,252 61 

^4,825,117 86 

1,194 88 

50,234 92 

47,693 25 

679,887 39 



MASSACHUSETTS MUTUAL LIFE INSURANCE CO. 



37 



Salaries and allowances for agencies, .... 

Agency supervision, traveling and other agency expenses, 

Medical examiners' fees, $50,095.50; and inspections, $5,966, 

Salaries of officers and home office employees, . 

Rent, including $10,000 for occupancy of own buildings, 

Advertising, printing, postage, etc., 

Legal expenses, ..... 

Furniture and fixtures, .... 

Repairs and expenses on real estate, 

Taxes on real estate, .... 

State taxes on premiums, 

Insurance department licenses and fees, . 

All other licenses, fees and taxes, 

Decrease by adjustment in book value of ledger assets, 

Premiums on securities purchased, . 

Expenses of mortgage loan agencies, 

All other, ...... 

Total disbursements, 



Balance, ..... 

Ledger Assets. 
Book value of real estate, 
Mortgage loans on real estate, 
Loans to policy holders, 
Premium notes on policies in force, 
Book value of bonds and stocks (schedule A) , 
Cash in office, ..... 
Deposits in trust companies and banks not on interest, 
Deposits in trust companies and banks on interest, . 
Bills receivable, ....... 

Total ledger assets, . . 

Non-Ledger Assets. 
Interest due and accrued on mortgages, $251,449.69; bonds, 
$325,290.06; premium notes, $147,797.99; other assets, $76.19, 
Market value of real estate over book value, .... 
Market value of stocks and bonds over book value, . 
Due from other companies, . . . . 



$79,644 07 

8,503 87 

56,061 50 

190,777 05 

60,480 71 

93,744 97 

25 00 

24,798 37 

6,966 10 

13,268 14 

88,542 02 

5,695 45 

44,188 61 

86,940 00 

49,280 50 

17,623 92 

28,826 39 

. $6,459,494 97 

$48,981,860 23 



$1,201,956 87 

17,774,391 93 

6,634,831 00 

878,787 73 

21,727,624 00 

2,762 82 

513,459 65 

245,410 33 

2,635 90 

$48,981,860 23 



724,613 93 
25,761 92 

426,321 00 
10,000 00 



Uncollected premiums, . 
Deferred premiums, 

Total, 
Deduct loading, 

Net uncollected and deferred 
premiums, 



New Business. 

$86,381 34 
93,083 53 

$179,464 87 
45,943 00 



Renewals. 

$393,443 46 
747,135 09 

1,140,578 55 
291,988 12 



$133,521 87 $848,590 43 982,112 30 



Gross assets, . 

Bills receivable, 

Admitted assets, 



Assets not admitted. 



$51,150,669 38 

2,635 90 
$51,148,033 48 



38 



MASSACHUSETTS MUTUAL LIFE INSURANCE CO. 



Liabilities. 

Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the Actuaries' table of mor- 
tality, with interest at 4 per cent., and the American table, with 
interest at 3-| and 3 per cent., ..... 

Deduct net value of risks reinsured, .... 



Net reserve, ........ 

Present value of supplementary contracts not involving life con- 
tingencies, ......... 

Death losses in process of adjustment, . . $58,290 00 

Death losses reported, ..... 141,523 00 

Matured endowments due and unpaid, . . 769 00 

Death losses and other policy claims resisted, . 20,000 00 



$46,124,534 00 

710,811 00 

$45,413,723 00 

311,196 08 



Dividends left to accumulate and interest thereon, . 

Premiums paid in advance, . . 

Unearned interest and rent paid in advance, .... 

Miscellaneous accounts due or accrued, . . . ■ , • 

Medical examiners' and legal fees due or accrued, 
State, county and municipal taxes due or accrued, . . . 

Dividends or other profits due policy holders, .... 

Dividends apportioned on annual dividend policies, pa}rable 
during 1909, ......... 

Dividends conditionally apportioned to 20-year term policies, 
Unassigned funds (surplus), ....... 



Total liabilities, 



220,582 00 

572,790 20 

26,401 77 

118 18 

7,847 92 

14,535 00 

127,903 43 

74,589 46 

465,228 64 

9,008 86 

3,904,108 94 

$51,148,033 48 



Premium Note Account. 



Premium notes on hand Dec. 31, 1907, 
Received during 1908, old policies, . 
Restored by revival of policies, 

Used in payment of losses and claims, 
Used in purchase of surrender policies, 
Voided by lapse, ...... 

Used in payment of dividends to policy holders, 
Redeemed by maker in cash, .... 

Premium notes on hand Dec. 31, 1908, 

Exhibit of Policies. 



$824,750 07 
256,292 73 
18,524 02 $1,099,566 82 



,584 03 
35,157 33 
44,148 07 
72,843 86 
39,045 80 



220,779 09 



,787 73 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



In Force Dec. 31, 1907. 

Number. Amount. Total No. Total Amount. 

81,885 $185,119,649 00 

11,103 19,316,798 00 

3,377 10,092,330 00 

1,417,273 00 96,365 $215,946,050 00 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



Issued during the Year. 

8,091 $17,822,233 00 

1,453 2,264,361 00 

1,852 6,144,486 00 

150,465 00 



11,396 26,381,545 00 



MASSACHUSETTS MUTUAL LIFE INSURANCE CO. 



39 



Whole life, . 
Endowment, 
All other, 



Whole life, . 
Endowment, 
All other, , 



Whole life, . 
Endowment, 
All other, 



Whole life, . 
Endowment, 
All other, 



Total, 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



Old Policies revived. 

Number. Amount. 

50 $77,173 00 

2 5,000 00 

11 62,500 00 



Old Policies increased. 

$117,045 00 

4,714 00 

10,983 00 



Transfers, Deductions. 

54 $139,226 00 
26 77,299 00 

97 270,033 00 



177 $486,558 00 

Transfers, Additions. 
114 $313,832 00 
12 22,000 00 

51 150,726 00 



177 $486,558 00 

Terminated during the Year. 

4,559 $11,191,036 00 

894 1,600,143 00 

664 2,234,339 00 

• 73,560 00 



6,117 $15,099,078 00 
How terminated. 



Total No. 



Total Amount. 



63 $144,673 00 



132,742 00 



107,824 $242,605,010 00 



By death, 


909 $2,537,734 00 


maturity, 


134 286,043 00 . 


expiry, . 


15 41,000 00 


surrender, 


1,526 3,428,541 00 


lapse, 


2,170 4,407,781 00 


decrease, 


1,461,998 00 


Not taken, . 


1,363 2,935,981 00 6,117 15,099,078 00 




In Force Dec. 31, 1908. 


Whole life, . 


85.527 $192,119,670 00 


Endowment, 


11,650 19,935,431 00 


All other, 


4,530 13,956,653 00 


Reversionary add 


itions, - 1,494,178 00 101,707 $227,505,932 00 



Schedule A. Stocks and Bonds owned by the Company. 

Railroad Stocks. . Book Value. Rate. Market Value. 

1,100 shares N. Y., N. H. & Hartford, . '. 8190,634 25 161 S177,100 00 

4,000 " Pennsylvania Co., ..... 232,331 25 132 264,000 00 



40 



MASSACHUSETTS MUTUAL LIFE INSURANCE CO. 



Government Bonds. 
United States 4s, 1925, .... 
State, County and Municipal Bonds. 
Cleveland; O., 4s, 1923, .... 
Davidson County, Tenn., 4^s, 1937, op. 1925, 
Davidson County, Tenn., 4-Js, 1937, op. 1931, 
Lexington, Ky., 5s, 1918, 
Massachusetts 3s, 1918, 
Nashville, Tenn., 4£s, 1923, 
New York, N. Y., 4-^s, 1957, 
Norfolk, Va., 5s, 1924, 
Seattle, Wash., 5s, 1911, . 
Tennessee 3s, 1913, . 
Toledo, O., 4s, 1942, 
Toledo, O., 4s, 1925, 

Railroad Bonds. 
American Dock & Improvement Co. 5s, 1921, 
Atchison, Topeka & Santa Fe gen. mtge. 4s, 1995 
Atlantic & Danville 1st mortgage 4s, 1948, 
Atlantic & Yadkin 4s, 1949, 
Baltimore & Ohio prior lien 3^s, 1925, 
Baltimore & Ohio 4s, 1948, 

Bait. & O., P., L. E. & W. Va., 4s, 1941, op. 1925, 
Baltimore & Ohio, Southwestern Div., 3^s, 1925, 
Beech Creek 4s, 1936, . . . . 

Boston & Lowell 4s, 1913, 
Boston & Maine 4s, 1942, 
Boston Elevated Railway 4-^-s, 1937, . 
Buffalo, Roch. & Pitts. (R. & P.) 6s, 1922, . 
Buffalo, Rochester & Pittsburgh 5s, 1937, . 
Burlington, Cedar Rapids & Northern 5s, 1934, 
Canada Southern 1st mortgage 6s, 1913, 
Cedar Rapids, Iowa Falls & Northwestern 5s, 1921 
Central of Georgia 1st mortgage 5s, 1945, . 
Central of Ga. (Chattanooga Div.) 4s, 1951, 
Cent, of Ga., Macon & North. Div., 5s, 1946, 
Central Ohio 4is, 1930, .... 
Central Pacific 1st refunding 4s, 1949, 
Chesapeake & Ohio 1st con. mortgage 5s, 1939, 
C. & O., Rich & A. Div., 1st con mortg. 4s, 1989, 
Chicago & Alton refund, mortgage 3s, 1949, 
Chicago, Burlington & Quincy 5s, 1913, 
Chic, Burl. & Quincy (Denver Div.) 4s, 1922, 
Chic, Burl. & Quincv (111. Div.) 3^s, 1949, 
Chic, Burl. & Quincy (111. Div.) 4s, 1949, . 
Chic, Burl. & Quincy (Iowa Div.) 4s, 1919, 
Chic, Burl. & Quincy (Neb. Ext.) 4s, 1927, 
Chicago & Eastern Illinois 5s, 1937, . 
Chicago & Erie 5s, 1982, . 
Chicago, Milwaukee & St. Paul 4s, 1989, 
Chicago & Northwestern (Ext.) 4s, 1926, 
Chicago, Rock Island & Pacific 4s, 1988, 
Choctaw & Memphis 1st mortgage 5s, 1949, 
Cleve., Cin., Ch. & St. L. (St. L. Div.) 4s, 1990, 
Cleveland, Lorain & Wheeling 5s, 1933, 
Columbia & Greenville 6s, 1916, 
Denver & Rio Grande 4s, 1936, 
Duluth, South Shore & Atlantic 5s, 1937, . 
East Tennessee, Virginia & Georgia 5s, 1956, 
Georgia Midland 3s, 1946, 
Georgia Pacific 6s, 1922, . 
Grand Rapids & Indiana 4^s, 1941, . 
Hocking Valley 4^s, 1999, 
Illinois Central refunding 4s, 1955, 
Iowa Central 5s, 1938, .... 
Kansas City, Fort Scott & Memphis 6s, 1928, 
Kansas City Southern 3s, 1950, 
Lake Erie & Western 5s, 1937, . 
Lake Erie & Western 5s, 1941, . 
Lehigh Valley, N. Y., 4£s, 1940, 
Louisville, Cincinnati & Lexington 4£s, 1931, 
Louisville & Nashville unified 4s, 1940, 
Louis. & Nash. & Mobile & Mont. 4£s, 1945, 
Mahoning Coal 5s, 1934, .... 



Book Value. 
SI 0,000 00 

50,000 00 

16,000 00 

59,000 00 

50,000 00 

95,000 00 

100,000 00 

300,000 00 

100,000 00 

80,000 00 

91,000 00 

1,000 00 

75,000 00 

110,884 00 

489,491 00 

79,795 00 

22,312 50 

233,543 75 

248,575 00 

196,160 00 

90,000 00 

9,950 00 

40,000 00 

50,000 00 

150,000 00 

25,300 00 

162,000 00 

344,720 00 

100,000 00 

60,000 00 

225,500 00 

94,986 00 

50,000 00 

45,000 00 

298,600 00 

339,000 00 

200,000 00 

193,500 00 

100,000 00 

100,000 00 

90,000 00 

99,500 00 

84,150 00 

200,000 00 

57,000 00 

172,500 00 

186,000 00 

129,770 00 

300,000 00 

289,205 00 

125,000 00 

110,000 00 

74,550 00 

246,000 00 

323,793 00 

374,000 00 

69,000 00 

110,000 00 

122,000 00 

100,000 00 

150,000 00 

200,000 00 

230,000 00 

140,000 00 

156,800 00 

162,000 00 

200,000 00 

100,000 00 

450,000 00 

105,000 00 

50,000 00 



Rate. 
120 

103 
103 
104 
108 

95 
104 
112 
107 
102 

95 
105 
103 

109 

100 

90 

85 

94 

101 

96 

92 

99 

100 

96 

106 

121 

116 

115 

106 

104 

115 

90 

103 

99 

97 

115 

99 

79 

102 

100 

92 

103 

100 

101 

115 

115 

103 

101 

100 

109 

96 

110 

106 

97 

108 

112 

67 

114 

105 

106 

100 

109 

113 

73 

113 

104 

107 

106 

101 

102 

113 



00 
00 
00 
00 
00 
00 
00 
00 



Market Value. 
$12,000 00 

51,500 00 

16,480 00 

61,360 00 

54,000 00 

95,000 00 

104,000 00 

336,000 00 

107,000 00 

81,600 00 

95,000 00 

1,050 00 

77,250 00 

109,000 00 
500,000 00 

79,200 00 

21,250 00 
235,000 00 
252,500 00 
192,000 00 

92,000 00 
9,900 00 

40,000 00 

48,000 
159,000 

27,830 
174,000 
345,000 
106,000 

62,400 
235,750 

90,000 00 

51,500 00 

44,550 00 
291,000 00 
345,000 00 
198,000 00 
197,500 00 
102,000 00 
100,000 00 

92,000 00 
103,000 00 

85.000 00 
202,000 00 

57,500 00 
172,500 00 
191,580 00 
131,300 00 
300,000 00 
281,220 00 
120,000 00 
110,000 00 

74,200 00 
242,500 00 
315,360 00 
380,800 00 

67,000 00 
114,000 00 
128,100 00 
106,000 00 
150,000 00 
218,000 00 
226,000 00 
146,000 00 
158,200 00 
156,000 00 
214,000 00 
106,000 00 
454,500 00 
107,100 00 
56,500 00 



MASSACHUSETTS MUTUAL LIFE INSURANCE CO. 



41 



Maine Central 4s, 1912, .... 
Maine Central 4£s, 1917, .... 
Minneapolis, St. Paul & S. Ste. Marie 4s, 1938, 
Missouri, Kansas & Oklahoma 5s, 1942, 
Mobile & Ohio 1st mortgage 6s, 1927, 
Mobile & Ohio (Mont. Div.) 5s, 1947, 
Nashville, Chattanooga & St. Louis 7s, 1913, 
Nashville, Chattanooga & St. Louis 5s, 1928, 
Nash., Chat. & St. Louis (Tr. City Div.) 6s, 1917 
Nashville, Florence & Sheffield 5s, 1937, 
N. Y. Cent. & H. R. (Lake Sh. col.) 3£s, 1998, 
N. Y. Cent. & H. R. (Mich. C. col.) 3£s, 1998, 
New York, Chicago & St. Louis 4s, 1937, . 
New York, Lackawanna & Western 5s, 1923, 
New York, New Haven & Hartford 4s, 1947, 
N. Y., New Haven & Hartford conv. 3£s, 1956, 
N. Y., New Haven & Hartford conv. 6s, 1948, 
New York, Ontario & Western 4s, 1992, 
Northern Pacific 4s, 1997, 
Norwich & Worcester 4s, 1927, 
Old Colony 4s, 1925, 

Oregon Railroad & Navigation Co. 4s, 1946 
Oregon Short Line 6s, 1922, 
Oregon Short Line 5s, 1946, 
Pacific R.R. of Missouri 4s, 1938, 
Pennsylvania Co. 4-^s, 1921, 
Peoria & Northwestern 3^s, 1926, 
Pitts., Cin., Chicago & St. Louis 4^s, 1940, 
Pitts., Cin., Chicago & St. Louis 4^s, 1942, 
Port. & Rumford Falls 1st cons. mort. 4s, 1926, 
Princeton & Northwestern 3^s, 1926, 
Raleigh & Augusta Air Line 6s, 1926, 
Reading Co., 4s, 1997, 
Richmond & Danville 6s, 1915, 
Richmond & Danville 5s, 1927, 
. Richmond-Washington Co. 4s, 1943, 
Sioux City & Pacific 3*s, 1936, . 
South Bound 5s, 1941, 
South Carolina & Georgia 5s, 1919, 
South & North Alabama 5s, 1936, 
Southern (Mem. Div.) 5s, 1996, 
St. Louis & Cairo 4s, 1931, 

St. Louis, Iron Mountain & Southern 5s, 1931, 
St. Louis & San Francisco 6s, 1931, 
St. Louis & San Francisco 5s, 1931, 
St. Louis Southwestern 1st mortgage 4s, 1989, 
St. Paul, Minneapolis & Manitoba 4£s, 1933, 
St. P., Minn. & Man. (Montana Ext.) 4s, 1937, 
Terminal Association of St. Louis 4£s, 1939, 
Texas & Oklahoma 5s, 1943, 
Texas & Pacific 1st mortgage 5s, 2000, 
Texas & Pacific (L. Div. Br. Lines) 5s, 1931, 
Toledo & Ohio Central 1st mort. 5s, 1935, 
Toledo, St. Louis & Western 3^s, 1925, 
Union Pacific 4s, 1947, 

Utah Northern 1st extended mort. 4s, 1933 
Vandalia 4s, 1955, .... 
Vicksburg, ShreveDort & Pac. prior lien 6s, 1915, 
Virginia Midland 5s, 1936, 
Wabash 1st mortgage 5s, 1939, 
Wabash (Detroit & Chic. Ext.) 5s, 1941, 
Wabash (Toledo & Chic. Div.) 4s, 1941, 
Washington, Ohio & Western 4s, 1924, 
West End Street 4s, 1915-17, . 
Western North Carolina 6s, 1914, 
Wheeling & Lake Erie 5s, 1926, 
Willmar & Sioux Falls 5s, 1938, 
Wisconsin Central 4s, 1949, 
Woonsocket & Pascoag 5s, 1910, 

Miscellaneous Bonds. 
Masonic Hall Asso., Springfield, Mass., 4s, 1923, 



Book Value. 
$115,000 00 

50,000 00 
300,000 00 
286,000 00 
112,000 00 
130,000 00 
220,000 00 
216,000 00 

50,000 00 
207,000 00 
178,000 00 
176,000 00 
300,000 00 
124,300 00 
100,000 00 

41,000 00 

45,700 00 
100,000 00 
300,000 00 
125,000 00 
200,000 00 
298,500 00 
168,000 00 
336,000 00 
200,000 00 
100,000 00 
149,318 25 
100,000 00 
139,000 00 
100,000 00 
168,390 00 
115,000 00 
299,460 00 

33,600 00 
117,320 00 
123,000 00 

51,233 00 
105,000 00 

26,000 00 
106,000 00 
560,000 00 
150,000 00 
110,000 00 
116,000 00 
103,000 00 
285,000 00 
165,000 00 
100.000 00 
100,000 00 
100,880 00 
350,000 00 
110,000 00 
108,000 00 

90,625 00 
400,000 00 
393,562 00 
300,000 00 

37,000 00 
180,000 00 
210,000 00 
200,000 00 

95,000 00 

51,000 00 
200,000 00 
100,000 00 

54,000 00 

34,100 00 

90,085 00 

37,000 00 

70,000 00 
§21,727,624 00 



Rate. Market Value. 

100 $115,000 00 
103 51,500 00 

99 297,000 00 

108 297,000 00 
121 121,000 00 

111 144,300 00 

112 224,000 00 

111 222,000 00 

112 56,000 00 

111 222,000 00 

84 168,000 00 

85 170,000 00 

101 303,000 00 

112 126,560 00 

97 97,000 00 

98 40,180 00 
135 61,695 00 

99 99,000 00 

103 309,000 00 

98 122,500 00 

100 200,000 00 

99 297,000 00 

119 178,500 00 
114 342,000 00 

98 196,000 00 

104 104,000 00 
94 154,160 00 

109 109,000 00 

109 151,510 00 

98 98,000 00 
94 172,960 00 

116 116,000 00 

101 303,000 00 

108 34,560 00 

100 112,000 00 

101 124,230 00 

92 53,360 00 

105 105,000 00 

102 25,500 00 

110 110,000 00 
105 525,000 00 

94 141,000 00 

112 112,000 00 

120 120,000 00 

109 109,000 00 

93 279,000 00 

110 181,500 00 
101 101,000 00 
107 107,000 00 
107 103,790 00 

117 409,500 00 
107 107,000 00 
110 110,000 00 

91 91,000 00 

103 412,000 00 
100 400,000 00 

99 297,000 00 
110 40,700 00 

107 192,600 00 

113 226,000 00 

108 216,000 00 
90 90,000 00 
83 49,800 00 

100 200,000 00 

105 105,000 00 

107 53,500 00 

116 35,960 00 

90 90,000 00 

100 37,000 00 

100 70,000 00 
$22,153,945 00 



42 NEW ENGLAND MUTUAL LIFE INSURANCE CO. 



NEW ENGLAND MUTUAL LIFE INSURANCE COMPANY, BOSTON. 

Incorporated April 1, 1835. Commenced business Dec. 1, 1843. 

Alfred D. Foster, President. J. A. Barbey, Secretary. 

Office, 87 Milk Street. 

Income. 

First year's premiums on original policies, .... $545,273 86 
Dividends applied to purchase paid-up additions, . . . 132,128 60 
Surrender values applied for paid-up insurance, . . . 5,297 26 
Consideration for supplementary contracts involving life contin- 
gencies, .......... 5,055 22 

Total new premiums, .... $687,754 94 

Renewal premiums, . . . . . . . 5,032,458 65 

Dividends applied to pay renewal premiums, .... 725,359 74 

Surrender values applied to pay renewal premiums, . . . 9,661 30 

Total renewal premiums, . . . $5,767,479 69 



Total premium income, ....... $6,455,234 63 

Consideration for supplementary contracts not involving life con- 
tingencies, 34,262 00 

Interest on mortgages, . . . . . $495,593 15 

on collateral loans, .... 52,737 63 

on bonds and dividends on stocks, . 1,061,901 60 
on premium notes and policy loans, . 262,266 67 

on bank deposits, .... 11,535 59 

Discount on claims paid in advance, . . 1,006 88 

Rent, including $39,688 for occupancy of own 

buildings, 222,342 56 2,107,384 08 



Profit on sale or maturity of bonds, $4,500; stocks, $72,487.50, . 76,987 50 
Increase by adjustment in book value of real estate, $0.38; bonds, 

$0.66, 1 04 

Profit and loss, ......... 85 48 



Total income, $8,673,954 73 

Ledger assets, Dec. 31, 1907, 43,829,377 35 



Total, $52,503,332 08 

Disbursements. 
Death claims and additions, . . . $2,345,106 84 

Matured endowments and additions, . . 474,645 18 $2,819,752 02 



Premium notes voided by lapse, .... 
Surrender values paid in cash, . . 

applied to pay renewal premiums, . 
applied to purchase paid-up insurance, 
Dividends paid policy holders in cash, 

applied to pay renewal premiums, . 
applied to purchase paid-up additions, 

Total paid policy holders, .... 

Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, 



10,602 18 
818,058 17 
9,661 30 
5,297 26 
108,477 161 
725,359 74 J 
132,128 60 



54,629,336 431 
586 01 
9,932 28 



NEW ENGLAND MUTUAL LIFE INSURANCE CO. 



43 



Supplementary contracts involving life contingencies, 
Commissions to agents: new policies, $222,689.02; renewals, 

$311,265.61, 

Commuted renewal commissions, ..... 

Salaries and allowances for agencies, .... 

Agency supervision, traveling and other agency expenses, 

Medical examiners' fees, $46,989.66; and inspections, $1,452.95, 

Salaries of officers and home office employees, . 

Rent, including $39,688 for occupancy of own buildings, . 

Advertising, printing, postage, etc., 

Legal expenses, 

Furniture and fixtures, .... 

Repairs and expenses on real estate, 

Taxes on real estate, .... 

State taxes on premiums, 

Insurance department licenses and fees, . 

All other licenses, fees and taxes, . 

Decrease by adjustment in book value of ledger assets, 

Premium on bonds purchased, 

All other disbursements, 

Total disbursements, 



Balance, ..... 

Ledger Assets. 
Book value of real estate, 
Mortgage loans on real estate, 
Loans secured by collateral (schedule A), 
Loans to policy holders, 
Premium notes on policies in force, 
Book value of bonds and stocks (schedule B), 
Cash in office, ..... 
Deposits in trust companies and banks on interest, 



$5,000 00 

533,954 63 

5,895 39 
114,231 98 

7,548 33 

48,442 61 

192,054 75 

43,853 57 

59,329 89 

1,104 25 
19,621 49 
80,542 49 
46,565 78 
67,505 27 
12,356 00 
39,752 36 
77,000 94 
37,422 25 

9,389 46 

. $6,041,426 16 
$46,461,905 92 



Non-Ledger Assets. 



Total ledger assets, 

Interest due and accrued on: 

Mortgages, 

Bonds, 

Collateral loans, 

Premium notes, 

Other assets, 
Rents due and accrued, 



Market value of stocks and bonds over book value, 

New Business. 

Uncollected premiums, . . $24,667 79 

Deferred premiums, . . 79,875 86 



$2,428,380 00 

11,388,433 34 

581,000 00 

5,222,370 07 

701,740 22 

25,261,519 00 

621 54 

877,841 75 

$46,461,905 92 



Total, . 
Deduct loading, 

Net uncollected and deferred 
premiums, 

Gross assets, . 



$104,543 65 
24,264 58 



$100,761 20 

178,509 59 

2,457 57 

80,920 94 

599 55 

11,562 16 



Renewals. 

$219,615 95 
80,239 15 

$299,855 10 
69,596 36 



374,811 01 
835,848 37 



$80,279 07 $230,258 74 310,537 81 



$47,983,103 11 



44 



NEW ENGLAND MUTUAL LIFE INSURANCE CO, 



Liabilities. 

Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the Actuaries' table of 
mortality, with interest at 4 per cent., and the American table, 
with interest at 3| and 3 per cent., 

Present value of supplementary contracts not involving life con- 
tingencies, 



$42,148,550 00 



Death losses due and unpaid, 

in process of adjustment, 
reported, . 
Matured endowments due and unpaid, 
Death losses and other policy claims resisted, 



$2,580 00 

120,492 48 

94,717 00 

62,633 57 

5,000 00 



193,437 78 



Premiums paid in advance, ..... 

Unearned interest and rent paid in advance, 

Commissions to agents due or accrued, 

Miscellaneous accounts due or accrued, ■ . 

Medical examiners' fees due or accrued, . 

Legal fees due or accrued, ..... 

State, county and municipal taxes due or accrued, . 

Dividends or other profits due policy holders, . 

Dividends apportioned on annual dividend policies, payable dur 

ing 1909, . . . . ... 

Dividends apportioned on deferred dividend policies, payable dur 

ing 1909, . 
Held for 5 year dividend policies, payable after 1909, 
Cost of collection on uncollected and deferred premiums in excess 

of the loading, on new business, .... 
Unassigned funds (surplus), ..... 



Total liabilities, 



285,423 05 

51,009 06 

138 72 

30,949 21 

6,232 61 

427 00 

650 11 

105,970 10 

201,233 60 

1,200,000 00 

96,453 85 
121,731 95 

20,908 73 
3,519,987 34 

$47,983,103 11 



Premium Note Account. 



Premium notes on hand Dec. 31, 1907, 
Received during 1908, old policies, . 
Restored by revival of policies, 

Used in payment of losses and claims, 
Used in purchase of surrendered policies, 
Voided by lapse, ...... 

Used in payment of dividends to policy holders, 
Redeemed by maker in cash, . . . . 

Premium notes on hand Dec. 31, 1908, 

Exhibit of Policies. 



$662,833 06 
1,108,358 91 

1,906 00 $1,773,097 97 



$16,741 30 

13,304 81 

12,508 18 

760 00 

1,028,043 46 1,071,357 75 



$701,740 22 





In Force Dec. 31, 1907. 




Whole life, . 

Endowment, 

All other, 

Reversionary additions, 


Number. Amount. 

42,986 $98,794,700 00 

29,021 66,092,340 00 

4,140 13,492,410 00 

1,132,154 00 


Total No. Total Amount. 

76,147 $179,511,604 



NEW ENGLAND MUTUAL LIFE INSURANCE CO. 



45 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



Issued during the Year. 

Number. Amount. 

5,723 $13,199,262 00 

1,031 2,104,721 00 

1,123 3,944,910 00 

219,025 00 



Total No. Total Amount. 



7,877 $19,467,918 00 



Whole life, . 
Endowment, 
All other, . 



Whole life, . 
Endowment, 
All other, 



Whole life, . 
Endowment, 



Whole life, . 
Endowment, 
All other, 



Total, . 

Whole life, . 

Endowmient, 

All other, 

Reversionary additions, 



By death, 
maturity, 
expiry, . 
surrender, 
lapse, 
decrease, 

Not taken, . 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



Old Policies revived. 

62 $124,310 00 
14 18,137 00 
12 38,000 00 



88 



180,447 00 



Old Policies increased. 

42 $188,127 00 
8 77,949 00 
1 22,616 00 



51 



288,692 00 



Transfers, Deductions 




38 


$107,351 


00 


13 


47,330 


00 


51 


$154,681 


00 


Transfers, Additions. 




20 


$70,416 00 


3 


11,500 


00 


28 


72,765 


00 


^1 


$154,681 


no 


ox. 


\JU 


• 




. 84,163 $199,448,661 00 


"minated 


during the Year. 


2,988 


$7,248,271 


00 


1,519 


3.695,076 


00 


771 


2,840,820 


00 


— 


80,226 


00 


5,278 


$13,864,393 00 


How terminated. 




841 


$2,390,395 


00 


218 


469,528 


00 


300 


1,020,784 


00 


1,243 


2,835,875 


00 


1,870 


3,912,157 


00 


18 


1,294,969 


00 


788 


1,940,685 


00 5,278 13,864,393 00 



In Force Dec. 31, 1908. 

45,807 $105,021,193 00 

28,545 64,562,241 00 

4,533 14,729,881 00 

1,270,953 00 



78,885 $185,584,268 00 



46 



NEW ENGLAND MUTUAL LIFE INSURANCE CO. 



Schedule A. Securities held as Collateral. 



600 shares Kansas City Stock Yards Co., Mo., 

150 " General Electric Co., .... 

47 " St. Louis & San Francisco Ry., 1st preferred, 
Lackawanna Steel Co. 5s, 1923, .... 

134 shares State National Bank, Boston, 

33 " Second National Bank, Boston, . • . 

10 " Boston Safe Deposit & Trust Co., 

25 " National Copper Bank, N. Y., . 
Chic. June. Rys. & Union St. Yds. Co. col. trust 5s, 1915, 
Kansas City, Memphis & Birmingham R.R. 5s, 1934, . 
Memphis, Kansas & Colorado Ry. 1st mortgage 7s, 1910, 
187 shares New York, New Haven & Hartford R.R., . 

21 " Great Northern Ry., preferred, . 

35 " Great Northern Iron Ore Properties, . 
N. Y. Central & Hudson River R.R. (Lake Sh. col.) 3£s, 1998, 
Pennsylvania R.R. convertible 3^s, 1915, 
New York, New Haven & Hart. R.R. conv. deb. 3^s, 1956, 
Ch. June. Rys. & Union St. Yds. Co. col. trust 5s, 1915, 
Atlanta, Birming. & Atlantic R.R. 1st mortgage 5s, 
Birmingham Coal & Iron Co. 1st consol. mortgage 5s, 
Alabama Terminal Co. 1st mortgage 5s, 
Georgia Terminal Co. 1st mortgage 5s, 
203 shares New York, New Haven & Hartford R.R., 

50 " Kansas City Ry. & Light Co., preferred, 
Bangor & Aroostook R.R. (Piscataquis Div.) 5s, 1943, 
Interborough Rapid Transit Co. conv. 6s, 1911, . 
Bangor & Aroostook R.R. consol. mort. 4s, 1951, 
Kansas City, Memphis & Birmingham R.R. 5s, 1934, 
500 shares U. S. Smelting, Refining & Min. Co., common, 
250 " United Shoe Machinery Corporation, common, 
400 " Phenix National Bank, N. Y., . 
350 " American Tel. & Tel. Co., . 
200 " United Fruit Co., .... 
100 " United States Steel Corporation, preferred, 
New York, New Haven & Hartford R.R. 4s, 1956, 
Interborough Rapid Transit Co. 5s, 1910, . 
American Telephone & Telegraph Co. conv. 4s, 1936, 
200 shares Portland & Rumford Falls Ry., . 
Milwaukee Elec. Ry. & Lt. Co. 5s, 1926, . 
Rochester Ry. Co. 5s, 1930, .... 

50 shares Southern Pacific R.R., preferred, 

50 " Louisville & Nashville Ry., 

10 " Atchison, Topeka & Santa Fe Ry., common, 

26 " American Tel. & Tel. Co., 
10 " Cambridge Gas Light Co., 

Atchison, Topeka & Santa Fe Ry. adjustment 4s, 1995, 
American Tel. & Tel. Co. col. trust 4s, 1929, 
Terre Haute Electric Co. 5s, 1929, . • . 
Savannah Electric Co. 5s, 1952, 
Houghton County St. Ry. 5s, 1920, . 
Western Tel. & Tel. Co. col. trust 5s, 1932, 
Detroit, Grand Rapids & Western R.R. 4s, 1946, 
750 shares Bangor & Aroostook R.R., 



Company's 
Market Value. 

$57,000 00 
23,700 00 
3,243 00 
4,800 00 J 
21,306 00 1 
7,458 00 
3,690 00 f 
5,750 00 J 
5,000 00 
5,280 00 
5,150 00 , 
30,107 00 f 
3,087 00 
2,555 00 
12,600 00 
10,450 00 . 
8,820 00 f 
5,000 00 
33,320 00 
29,500 00 
35,720 00 
42,300 00 J 
32,683 00 
4,000 00 
27,500 00 
20,600 00 
17,400 00 
17,600 00 
20,500 00 
15,000 00 
13,200 00 
44,800 00 
26,200 00 
11,300 00 
24,000 00 
10,000 00 

9,400 00 J 

32,000 00 

10,100 00 "I 

6,300 00 I 

6,050 00 f 

6,250 00 J 

1,000 00 

3,328 

2,660 

920 

910 

970 

830 

920 

495 

450 



00 
00 
00 
00 
00 
00 
00 
00 
00 J 



Loaned 
Thereon. 

$40,000 00 
20,000 00 

31,000 00 
40,000 00 

25,000 00 

100,000 00 

20,000 00 
3,000 00 



200,000 00 



25,000 00 
17,000 00 



10,000 00 



75,000 00 ' 50,000 00 
$798,202 00 $581,000 00 



Schedule B. Stocks and Bonds 

Railroad Stocks. 

1,200 shares Boston & Albany, . 
200 " Boston & Lowell, . 
300 " Boston & Providence, 
500 " Chicago Gr. Western, debenture, 
800 " Connecticut & Passumpsic, pref., 

75 " Exeter Ry. & L. Co., N. H., pref., 
300 " Exeter Ry. & L. Co., N. H., com., 

1,500 " Fitchburg, preferred, 

1,020 " Kansas City Ry. & Light Co., pref., 



OWNED BY THE 
Book Value. 
$192,837 00 ' 
30,000 00 
45,000 00 
45,625 00 
80,000 00 

31,025 00 

168,026 00 
57,946 00 



Company. 



Rate. 
225 
224 
295 

59 
140 
100 

50 
132 

80 



Market Value. 

$270,000 00 

44,800 00 

88,500 00 

29,500 00 

112,000 00. 

7,500 00 

15,000 00 

198,000 00 

81,600 00 



NEW ENGLAND MUTUAL LIFE INSURANCE CO. 



47 



250 shares Manhattan, .... 
1,000 " Massachusetts Electric Cos., pref., 
600 " N. E. Inv. & Sec. Co., Mass., pref., 
250 " N. H. Electric Rvs., N. H., pref., 
295 " N. W. Electric Rys., N. H., com., 
300 " Newport & Fall River Street, . 

1,800 " New York Cent. & Hudson River, 

1,959 " N. Y., New Haven & Hartford, 
100 " Northern, N. H., . 
925 " Norwich & Worcester, preferred, 

2,000 " Pennsylvania, 
500 " Springfield Rys. Cos., Mass., pref., 
250 " Union Pacific, preferred, 
500 " West End Street, Boston, pref., 

Bank Stocks. 
250 shares Boston Safe Dep. & Trust Co., 
110 " City Trust Co., Boston, . 
50 " Harvard Trust Co., Cambridge, 
91 " Merchants National, Boston, . 
100 " New England National, Boston, 
400 " New England Nat., Kansas City, 
193 " N. E. Safe D. & Tr. Co., Kansas City 
200 " Second National, Boston, 
153 " State National, Boston, . 
60 " State Street Trust Co., Boston, 
100 " Webster & Atlas National, Boston, 
Miscellaneous Stocks. 
60 shares Boston Ground Rent Trust, 

1,230 " Boston Northwest R. E. Co., . 
100 " Boston Real Estate Trust, 
120 " Boston Storage Warehouse Co., 
550 " Edison Electric 111. Co., of Boston, 
325 " Fall Riv. Gas Works Co., Fall River 
32 " Mass. Title Insurance Co., common, 
450 " Western Real Estate Trustees, 
Government Bonds. 

Japanese Imperial 4-Js, 1925, op. 1910, 

Japanese Imperial 4s, 1931, op. 1921, 
State and Municipal Bonds. 

Boston, Mass., 3$s, 1930, . 

Boston, Mass., 3*s, 1940, . 

Bridgeport, Conn., 4s, 1924, 

Brookline, Mass., 4s, 1909-13, 

Cambridge, Mass., 4s, 1916, 

Cambridge, Mass., 4s, 1946, 

Cambridge, Mass., 4s, 1936, 

Chicago, III., 4s, 1913-14, 

Grand Rapids, Mich., 4^s, 1932, 

Jersey Citv, N. J., 4^s, 1928, 

Johnston, R. L, 4s, 1909-24, 

Lancaster, N. H., Fire Precinct 4s, 1910-18 

Lawrence, Kan., 5s, 1916, op. 1906, 

Lawrence, Mass., 4s, 1923, op. 1913, 

Lawrence, Mass., 4s, 1924, 

Louisville, Ky., 4s, 1947, 

Lowell, Mass., 4s, 1920, . 

Lynn, Mass., 4s, 1925-26, 

Manchester, Mass., 4s, 1909-16, 

Marietta, O., 4|s, 1912, . 

Massachusetts 3s, 1939, . 

Massachusetts 3s, 1941, . 

Medford, Mass., 4s, 1917, . ' 

Meredith, N. H., fire district 4£s, 1923, 

Meredith, N. H., fire district 4$s, 1924-26, 

Milwaukee, Wis.,. 4s, 1915-24, . 

Milwaukee, Wis., 4s, 1925, 

Minneapolis, Minn., 4s, 1917-19, 

Minneapolis, Minn., 4s, 1926, 

Morrisville, Vt., 4s, 1910-20, 

New Haven, Conn., 4s, 1929-31, 

Newton, Mass., 4s, 1936, . 



Book Value. 

$34,662 00 
70,000 00 
56,224 00 

25,000 00 [ 

37,300 00 
200,113 00 
328,706 00 

10,000 00 
143,641 00 
126,769 00 

50,750 00 
9,778 00 

37,500 00 

23,812 00 
23,500 00 

6,950 00 
13,650 00 
15,500 00 
26,388 00 
19,300 00 
38,000 00 
11,993 00 

4,500 00 
11,320 00 

58,500 00 

67,000 00 
115,683 00 

12,000 00 
124,573 00 

64,076 00 
150 00 

30,840 00 



65,909 00 

866,065 00 

50,000 00 
82,990 00 

200,850 00 

149,750 00 
100,000 00 
50,000 00 
55,000 00 
15,395 00 
44,000 00 

121,592 00 

100,000 00 
50,000 00 

125,000 00 
48,000 00 
49,000 00 

257,409 00 

98,346 00 

35,000 00 

90,000 00 

232,000 00 

30,000 00 

100,000 00 

50,000 00 



r 



Rate. 

153 

59 

78 

40 

10 

110 

125 

161 

144 

200 

132 

80 

96 

213 

369 
350 
170 
219 
145 
342 
100 
226 
159 
250 
152 

80 
40 
112 
103 
242 
267 
20 
113 

89 
81 

95 
94 
100 
100 
102 
105 
104 
100 
108 
103 
100 
100 
100 
101 
101 
100 
101 
102 
100 
102 
89 
88 
101 
105 
106 
101 
102 
102 
103 
100 
100 
102 



Market Value. 

$38,250 00 

59,000 00 

46,800 00 

10,000 00 

2,950 00 

33,000 00 

225,000 00 

315,399 00 

14,400 00 

185,000 00 

132,000 00 

40,000 00 

24,000 00 

53,250 00 

92,250 00 
38,500 00 
8,500 00 
19,929 00 
14,500 00 
136,800 00 
19,300 00 
45,200 00 
24,327 00 
15,000 00 
15,200 00 

48,000 00 

49,200 00 
112,000 00 

12,360 00 
133,100 00 

86,775 00 
640 00 

50,850 00 

43,311 85 
19,708 92 

617,500 00 

235,000 00 
50,000 00 
82,990 00 

140,760 00 
52,500 00 
26,000 00 

150,000 00 

108,000 00 
51,500 00 
55,000 00 
16,000 00 
44,000 00 
50,500 00 
75,750 00 

100,000 00 
50,500 00 

127,500 00 
48,000 00 
49,980 00 
89,000 00 

176,000 00 

110.090 00 
10,500 00 
26,500 00 
65,650 00 
25,500 00 

188,700 00 
51,500 00 
30,000 00 

100,000 00 
51,000 00 



48 



NEW ENGLAND MUTUAL LIFE INSURANCE CO. 



New York, N. Y., 3fo 1949, 
New York, N. Y., 4s, 1936, 
New York, N. Y., 4s, 1955-57, . 
New York, N. Y., 4^s, 1957, 
Norwich, Conn., 4s, 1931, 
Pawtucket, R. I., 4s, 1929, 
Portsmouth, N. H., 4s, 1927, . 
St. Albans, Vt., 4s, 1915, . 
St. Joseph, Mo., 3^s, 1921, 
St Joseph, Mo., 4s, 1928, 
St. Paul, Minn., 4£s, 1919, 
Seattle, Wash., 5s, 1911, . 
Sheboygan, Wis., 4|s, 1909, 
Spokane, Wash., bridge 4^-s, 1933, 
Trov, N. Y., 4|s, 1916-25, 
Willimantic, Conn., 4s, 1925, op. 1910, 
Woburn, Mass., 4s, 1909-10, 

Railroad Bonds. 
Atchison, Topeka & Santa Fe 4s, 1995, 
Atch., Topeka & Santa Fe conv. 4s, 1955, 
Atch., Top. & Santa Fe (E. Ok. Div.) 4s, 1928, 
Atlantic Coast Line 1st cons. mort. 4s, 1952, 
Baltimore & Ohio prior lien 3^s, 1925, 
Baltimore & Ohio 4s, 1948, 

Baltimore & Ohio (Southwest. Div.) 3£s, 1925, 
Baltimore & O. (P., Cleve. & Tol.) 6s, 1922, 
Bangor & Aroostook 4s, 1951, . 
Birmingham Ry., L. & P. Co. 4£s, 1954, op. 1909 
Boston & Maine 4s, 1937-42, . . ' 

Boston & Maine 3*s, 1923, 
Boston & Maine 4s, 1926, 
B & M. (Brookline & Pepperell) 5s, 1911, 
B. & M. (Concord & Montreal) 4s, 1920, 
B. & M. (Connecticut & Passumpsic Rs.) 4s, 1943 
B. & M. (Fitchburg) 3£s, 1920, 
B. & M. (Fitchburg) 4s, 1925, . 
B. & M. (Maine Central) 5s, 1923, 
B. & M. (Maine Central) 4£s, 1917, . 

B. & M. (Port. Un. Ry. Station Co.) 4s, 1927-29, 
Boston Elevated 4s, i935, 
Brooklyn Rapid Transit Co. 4s, 2002, 
Central of Georgia equipment trust 4^s, 1909, 
Central of Georgia equipment trust 4^s, 1910, 
Charleston Union Station Co. 4s, 1937, 
Chesapeake & Ohio equipment 4s, 1910, 
Chesapeake & Ohio equipment 4s, 1913, 
Chicago & Alton equipment assoc. 5s, 1909-10, 
Chicago & Alton (M. & O.) equipment 4s, 1909, 
Chicago & Alton (M. & O.) equipment 4s, 1910, 
Chicago & Northwestern debenUire 5s, 1909, 
Chicago & Northwestern 5s, 1933, 

C. & Nw. (I., Minn. & Nor.) 1st mort. 3£s, 1935, 
C. & Nw. (Northern Illinois) 5s, 1910, 
C. & Nw. (Ottumwa, Cedar F. & St. P.) 5s, 1909, 
Chicago & Western Indiana 4s, 1952, 
Chicago & West Michigan 5s, 1921, 
Chic, Burl. & Quincy (Neb. Ext.) 4s, 1927, 
Chic, Burl. & Quincy (111. Div.) 3£s, 1949, 
Chic, Burl. & Quincy (111. Div.) 4s, 1949, . 
Chic, Burl. & Quincy gen. mort. 4s, 1958, . 
C, B. & Q. (No. Pac-Gt. Northern) 4s, 1921, 
Ch. June Rys. & Union Stock Yds. Co. 5s, 1915, 
Chic. June Rys. & Union Stock Yds. Co. 4s, 1945, 
Ch., Mil. & St. P. (C. & P. W. Div.) 5s, 1921, . 
Ch., Mil. & St. Paul (C. & Lake S. Div.) 5s, 1921, 
Ch., Mil. & St. Paul (D. & Gt. South.) 5s, 1916, 
Chicago Rys. Co., Chicago, 5s, 1927, . 
Chicago Rys. Co., Chicago, cons. mort. 4s, 1927, 
Chicago, Rock Island & Pacific 4s, 1988, 
Chicago, Rock Island & Pacific 4s, 1910, 
Chicago, Rock Island & Pacific 4s, 1934, 
C., H. & D. (Cin., Dayton & Ironton) 5s, 1941, 



Book Value. 

$981,597 00 

30,000 00 
50,000 00 

100,000 00 

980 00 

50,000 00 

100,000 00 

100,000 00 
25,000 00 

100,000 00 

50,000 00 

50,000 00 

80,000 00 

1,000 00 



r 



i 



00 
00 
00 
00 



399,965 00 

191,000 00 
89,475 00 

146,117 00 
44,000 00 
50,000 00 
96,500 00 
44,500 00 

441,625 00 

50,000 00 
299,250 00 

60,000 00 
234,350 00 

24,969 

35,240 

74,914 

75,000 
100,000 00 

85,688 00 

33,000 00 
47,562 00 
47,691 00 
35,379 00 
54,267 00 

50,000 00 

89,875 00 
100,000 00 
50,000 00 
49,750 00 
36,463 00 

769,733 00 

143,378 00 
25,000 00 
50,000 00 
50,000 00 
48,942 00 

100,000 00 
46,625 00 
30,000 00 

436,293 00 

47,750 00 



r 



r 



L 



r 



Rate. 

90 
102 
103 
112 
100 
100 
100 
100 

95 
100 
104 
102 
100 
106 
104.7 
100 
100 

100 

103 

97 

95 

94 

101 

92 

108 

87 

93 

96 

93 

98 

101 

99 

98 

92 

99 

107 

103 

98 

100 

83 

100 

99 

96 

99 

98 

100 

100 

99 

101 

110 

92 

101 

100 

98 

101 

101 

92 

103 

101 

98 

100 

90 

' 110 

110 

106 

102 

93 

100 

98 

91 

94 



Market Value. 

$270,000 00 

255,000 00 

206,000 00 

280,000 00 

30,000 00 

50,000 00 

100,000 00 

1,000 00 

47,500 00 

100,000 00 

104,000 00 

25,500 00 

100,000 00 

53,000 00 

52,350 00 

80,000 00 

1,000 00 



275,000 

103,000 
97,000 

190,000 
94,000 

151,500 
46,000 
54,000 
87,000 
46,500 

168,000 
93,000 

166,600 
50,500 

297,000 
58,800 

220,800 
24,750 
39,590 
79,310 
73,500 

100,000 
83,000 
16,000 
16,830 
48,000 
22,770 
26,460 
36,000 
38,000 
18,810 
20,200 
33,000 
92,000 

101,000 
50,000 
49,000 
50,500 
50,500 

161,000 

334,750 

252,500 

294,000 
25,000 
45,000 
55,000 
55,000 

106,000 
51,000 
27,900 

250,000 
98,000 
91,000 
47,000 



00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 



NEW ENGLAND MUTUAL LIFE INSURANCE CO. 



49 



C, H. & D. (Cin., Ind. & Western) 4s, 1953, 

C, H. & D. (Dayton & Michigan) 5s, 1911, 

C, H. & D. (Ind., Decatur & Western) 5s, 1935, 

CI., Cin., C. & St. L. (Whitewater Val.) 4s, 1940, 

Connecticut Ry. & Lighting Co. 4^s, 1951, 

Delaware & Hudson Co. 1st refunding 4s, 1943, 

Denver City Tramway 5s, 1919, 

Duluth & Iron Range 5s, 1937, 

Georgia Ry. & Electric Co. 5s, 1932, . 

Ga. Ry. & El. Co. (Atlanta Con. St., Ga.) 5s, 1939, 

Interborough Rapid Transit Co., N. Y., 6s, 1911, 

Int. Rap. Tr. Co., N. Y. (Man.) cons. mort. 4s, 1990, 

Kan. City Ry. & L. Co. (Corrigan Cons.) 5s, 1916, 

Kan. City Ry. & L. Co. (Met. St.) 5s, 1909, 

Lehigh Valley equipment trust 4-Js, 1914, . 

Lehigh Valley equipment trust 4-^s, 1915-16, 

Louisville & Nashville unified mort. 4s, 1940, 

L. & N. (South & North Alabama) 5s, 1936, 

Mason City & Fort Dodge 4s, 1955, . 

Massachusetts Electric 4-|s, 1910, 

Mass. Elec. (Boston & Northern St.) 4s, 1954, 

Mass. Elec. (Globe St., Fall River) 5s, 1912, 

Mass. Elec. (Newport & Fall Riv. St.) 4£s, 1954, 

Mass. Elec. (Old Qolony Street) 4s, 1954, . 

Met. West Side Elev., Chic, 1st mort. 4s, 1938, 

Minn., St. Paul & Sault Ste. Marie 4s, 1938, 

Minn., St. P. & S. Ste. Marie equipment 5s, 1915, 

Missouri Pacific Equipment Association 5s, 1913 

New London Northern 4s, 1910, 

New Orleans Terminal Co. 4s, 1953, . 

N. Y. Central & Hudson R. 3£s, 1997, 

N. Y. Central & Hudson River 4s, 1934, 

N. Y. Cent. & H. R. (Lake Sh. col.) 3£s, 1998, 

N. Y. Cent. & H. R. (Mich. Cent, col.) 3£s, 1998, 

N. Y. C. & H. R. (Boston & Albany) 3^s, 1951-52 

N. Y. C. & H. R. (Boston & Albany) 4s, 1933, 

N. Y. C. & H. R. (Chic, Ind. & Southern) 4s, 1956 

N. Y. C. & H. R. (Michigan Central) 6s, 1909, 

N. Y. C. & H. R. (Michigan Central) 4s, 1940, 

N. Y. C. & H. R. (N. Y., Chic. & St. L.) 4s, 1931, 

N. Y. C. & H. R. (S., G. & St. L.) 1st mort. 3s, 1989, 

N. Y., N. H. & Hartford debenture 4s, 1947, . 

N. Y., N. H. & Hartford conv. 3£s, 1956, . 

N. Y., N. H. & H. (H. R. & P. C. Div.) 4s, 1954, 

N. Y., N. H. & H. debenture 4s, 1955, 

N. Y., N. H. & H., notes, 5s, 1912, . 

N. Y., N. H. & H. conv. 6s, 1948, 

N. Y., N. H. & H. (Boston & N. Y. Air L.) 4s, 1955 

N. Y., N. H. & H. (Boston & Prov ) 4s, 1918, 

N. Y., N. H. & H. (Housatonic) 5s, 1937, . 

N. Y., N. H. & H. (New England) 4s, 1945, 

N. Y., N. H. & H. (N. Y., Ont. & W.) 4s, 1955, 

N. Y., N. H. & H. (Nor. & Wor.) 4s, 1927, 

N. Y., N. H. & H. (Old Colony) 4s, 1925-38, 

N. Y., N. H. & H. (Prov. & Wor.) 4s, 1947, 

N. Y., N. H. & H. (The Prov. Ter. Co.) 4s, 1956, 

Norfolk & Southern 5s, 1941, . 

Norfolk & Western 4s, 1944, 

Northern Pacific 3s, 2047, 

No. Pacific (St. Paul & Duluth) 4s, 1968, . 

Omaha Street 5s, 1914, .... 

Pennsylvania equipment 4s, 1914, 

Pennsylvania convertible 3^s, 1915, . 

Penn. (Del. & Chesapeake) 4s, 1912, . . ■ 

Penn. (Long Island) refunding 4s, 1949, 

Penn. (Penn. Steel Car Trust) 3$s, 1910 

Penn. (Penn. Steel Car Trust) 3^s, 1911-12, 

Penn. (Penn. Steel Equip. Trust") 3^s, 1913, 

Penn. (Phila., Wil. & Baltimore) 5s, 1910, . 

Penn. (Phila., Wil. & Bait.) 4s, 1917, 

Penn. (Pitts., Cin., Ch. & St. Louis) 4£s, 1940-42 

Richmond-Washington Co. 4s, 1943, . 

St. Louis & San Francisco 5s, 1931, . 



Book "Value. 

$95,000 00 
50,000 00 

100,000 00 
91,000 00 
50,000 00 

100,000 00 
30,500 00 
47,500 00 
50,000 00 

120,800 00 

189,599 00 
47,875 00 
42,800 00 

192,000 00 

90,750 00 

200,000 00 

50,000 00 

45,000 00 

266,602 00 

540,500 00 

100,000 00 

47,500 00 

540,500 00 

48,875 00 

149,875 00 

00 
00 
00 



50,000 

50,000 

139,250 

288,240 

115,425 

187,695 

298,363 

189,024 

184,500 

50,000 

98,500 

44,625 

36,250 

134,494 

50,000 

200,000 

150,000 

100,000 

100,000 

396,875 

125,000 

50,000 

100,000 

98,500 

100,000 

279,810 

286,000 

250,000 

50,000 

96,000 

4,547 

9,800 

98,500 

150,000 

97,969 

108,531 

37,000 

235,481 

95,830 



00 

00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 

00 

00 



143,872 00 

150,000 00 

97,000 00 

50,000 00 



Rate. 

70 

97 

94 

92 

100 

101 

99 

114 

101 

104 

103 

99 

107 

100 

98 

97 

101 

110 

83 

100 

84 

102 

95 

82 

84 

99 

107 

99 

99 

82 

95 

94 

84 

85 

91 

101 

95 

100 

99 

92 

72 

97 

98 

102 

96 

102 

135 

102 

100 

118 

101 

93 

98 

100 

100 

100 

100 

94 

73 

93 

99 

99 

95 

99 

97 

99 

98 

97 

101 

98 

109 

101 

109 



Market Value. 

$70,000 00 

48,500 00 

94,000 00 

92,000 00 

50,000 00 

101,000 00 

36,630 00 

57,000 00 

50,500 00 

125,840 00 

206,000 00 

49,500 00 

51,360 00 

200,000 00 

19,600 00 

77,600 00 

202,000 00 

55,000 00 

41,500 00 

275,000 00 

483,000 00 

102,000 00 

47,500 00 

471,500 00 

42,000 00 

99,000 00 

53,500 00 

49,500 00 

49,500 00 

123,000 00 

193,800 00 

94,000 00 

100,800 00 

170,000 00 

280,280 00 

193,920 00 

190,000 00 

50,000 00 

99,000 00 

46,000 00 

36,000 00 

145,500 00 

49,000 00 

204,000 00 

144,000 00 

102,000 00 

135,000 00 

408,000 00 

125,000 00 

59,000 00 

101,000 00 

93,000 00 

98,000 00 

285,000 00 

300,000 00 

250,000 00 

50,000 00 

94,000 00 

9,490 00 

9,300 00 

99,000 00 

148,500 00 

95,000 00 

108,900 00 

38,800 00 

198,000 00 

49,000 00 

97,000 00 

119,180 00 

29,400 00 

163,500 00 

101,000 00 

54,500 00 



50 



STATE MUTUAL LIFE ASSURANCE CO. 



St. Louis & San Francisco col. trust 5s, 1911, 

St. L. & San Fran. (Ch. & E. 111.) 5s, 1937, 

St. L. & S. Fr. (Kan. City, Clin. & Spr.) 5s, 1925, 

St. L. & S. Fr. (K. C, Ft. S. & M.) equip. 4^s, 1912, 

St. L. & S. Fr. (K. C, Ft. S. & M.) equip. 4Js, 1913, 

St. L. & S. Fr. (K. C, Ft. S. & M.) 4s, 1936, 

St. L. & S. Fr. (K. C, Ft. S. & M.) 6s, 1928, 

St. L. & S. Fran. (Ozark Equip. Co.) 5s, 1910, 

St. Louis Cable & Western 6s, 1914, . 

St. L., Iron Mt. & So. (R. & G. Div.) 4s, 1933, 

St. L., Iron Mt. & Southern 5s, 1931, 

St. Louis Southern 4s, 1931, 

St. Paul, Minn. & Man. (Pac. Ext.) 4s, 1940, 

St. Paul Union Depot Co. 4s, 1944, . 

Southern Pacific Co. (Cen. Pac. col.) 4s, 1949, 

Southern Pacific (Cent. Pac.) 1st ref. 4s, 1949, 

Southern Pacific 4s, 1955, 

Southern Ry. (St. L. Div.) 4s, 1951, . 

Terminal Association, St. Louis 4s, 1953, 

Toledo, St. Louis & Western 3£s, 1925, 

Under. Elec. Rys. Co., London, Ltd., 4£s, 1933, 

Under. Elec. Rys. Co., London, Ltd., 6s, 1948, 

Union Elevated, Chicago, 5s, 1945, . 

Union Pacific 4s, 1947, .... 

Union Pacific convertible 4s, 1927, 

Union Pacific (Oregon Short Line) 6s, 1922, 

Union Pacific (Oregon Short Line) 4s, 1929, 

Wabash Pittsburgh Terminal 1st mort. 4s, 1954, 

Worcester Consolidated Street 5s, 1927, 

Worcester Consolidated Street 4-Js, 1920, 

Miscellaneous Bonds. 
American Telephone & Telegraph Co. 4s, 1929, 
Am. Telephone & Telegraph Co., note, 5s, 1910, 
Broadway Realty Co., N. Y., 5s, 1926, 
Central Union Tel. Co., 111., 5s, 1919, 
Denver Consolidated Gas Co. 6s, 1911, 
Georgia Elec. Light Co., Ga., 5s, 1930, 
Kansas City, Mo., Gas Co. 5s, 1922, . 
Lackawanna Steel Co., N. Y., 5s, 1923, 
Maiden Electric Light Co., Mass., 5s, 1910, 
Milwaukee Gas Light Co. 4s, 1927, 
Minneapolis Gas Light Co. 6s, 1930, . 
Minneapolis General Electric Co. 5s, 1934, 
Missouri & Kansas Telephone Co. 5s, 1929, 
Newton & Water. Gas Light Co., Mass., 4s, 1919 
Portland Gen. Elec. Co., Ore., 5s, 1935, 



J 



Seattle, 5s, 1933, . 

St. Louis, 5s, 1915, 

5s, 1929, 
1939, . 



Puget Sound Power Co., 
Simmons Warehouse Co, 
Terre Haute Electric Co 
Troy Gas Co., N. Y., 5s, 

Corporation Loans. 
Boston & Northern Street Ry. 6s, 1909, 
Manchester Electric Co. 4^s, 1909, 
Manchester Electric Co. 5s, 1909, 
Old Colony Street Ry. 6s, 1909, 
Worcester Consolidated Street Ry. 5s, 1909, 



Book Value. 

$94,500 00 

196,950 00 

41,600 00 

162,375 00 

16,000 00 
50,000 00 

224,750 00 

10,000 00 
47,500 00 
50,000 00 
90,488 00 
295,029 00 
378,167 00 
91,500 00 
92,500 00 
42,500 00 

134,827 00 

65,000 00 

180,500 00 

5,406 00 

98,500 00 

45,000 00 

119,400 00 



676,160 00 

50,000 00 
50,000 00 
37,225 00 
49,250 00 
20,000 00 
100,000 00 
7,064 00 
45,500 00 
50,000 00 
50,000 00 
25,000 00 
44,000 00 
95,000 00 
48,500 00 
49,750 00 
50,000 00 
25,000 00 

50,000 00 

65,000 00 

10,000 00 

50,000 00 

100,000 00 



f 



Rate. 

95 

115 

96 

98 

97 

84 

113 

100 

108 

89 

112 

96 

100 

100 

91 

97 

95 

85 

96 

91 

70 

20 

89 

103 

106 

119 

95 

56 

100 

96 

91 
101 
104 

94 
100 
100 

95 

96 
100 

92 
103 

98 
100 

96 
101 
100 
100 

99 
106 

100 
100 
100 
100 
100 



$25,261,519 00 



Market Value. 

$95,000 00 

230,000 00 
48,000 00 
24,500 00 
24,250 00 
84,000 00 
33,900 00 
16,000 00 
54,000 00 

178,000 00 
56,000 00 
9,600 00 
50,000 00 
50,000 00 
91,000 00 

291,000 00 

380,000 00 
85,000 00 
96,000 00 
45,500 00 
41,900 60 
20,926 00 
57,850 00 

206,000 00 

6,360 00 

59,500 00 

47,500 00 

28,000 00 

100,000 00 
19,200 00 

386,750 00 
277,750 00 
52,000 00 
47,000 00 
42,000 00 
50,000 00 
19,000 00 
96,000 00 
8,000 00 
46,000 00 
51,500 00 
49,000 00 
25,000 00 
42,240 00 
101,000 00 
50,000 00 
50,000 00 
49,500 00 
26,500 00 

50,000 00 

65,000 00 

10,000 00 

50,000 00 

100,000 00 

$26,097,367 37 



STATE MUTUAL LIFE ASSURANCE COMPANY OF WORCESTER. 

Incorporated March 16, 1844. Commenced business June 1, 1845. 

A. G. Bullock, President. Burton H. Wright, Secretary. 

84.0 Main Street. 

Income. 
First years' premiums on original policies, .... $342,616 50 



Dividends applied to purchase paid-up additions, 



124,831 77 



STATE MUTUAL LIFE ASSURANCE CO. 



51 



Consideration for life annuities, 

Consideration for supplementary contracts involving life con- 
tingencies, ........ 

Total new premiums, .... $493,432 46 

Renewal premiums, less $61,528.07 for reinsurance, . 
Dividends applied to pay renewal premiums, . 

Total renewal premiums, . . . $4,193,751 74 

Total premium income, ....... 

Consideration for supplementary contracts not involving life con- 
tingencies, ......... 

Dividends left with company to accumulate, . 

Interest on mortgages, ..... $223,905 86 

on collateral loans, .... 15,362 68 

on bonds and dividends on stocks, . 827,062 56 

on premium notes and policy loans, . 197,749 09 

on bank deposits, .... 9,515 05 

on other debts, .... 18,542 12 

Discount on claims paid in advance, , . 3,521 22 

Rent, including $20,000 for occupancy of own 
buildings, ...... 



$25,141 19 

843 00 

3,770,439 70 
423,312 04 

14,687,184 20 

26,128 84 
190,681 15 



116,072 19 1,411,730 77 



Profit on sale or maturity of bonds, $625; stocks, $362.50, 

Surrender values on reinsurance, . 

All other, .... . . 

Total income, . . . . 

Ledger assets, Dec. 31, 1907, ...... 

Total, 



987 50 
12,533 13 

2,568 85 

. $6,331,814 44 
. 29,667,561 35 

$35,999,375 79 



Disbursements. 
Death claims and additions, .... $1,384,339 47 
Matured endowments and additions, . . 579,016 84 $1,963,356 31 



Annuities involving life contingencies, .... 

Premium notes voided by lapse, . . . 

Surrender values paid in cash, . . . . 

Dividends paid policy holders in cash, .... 
applied to pay renewal premiums, . 
applied to purchase paid-up additions, 
left with the company to accumulate, 

Total paid policy holders, ..... 

Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, . 
Dividends held on deposit surrendered, .... 
Commissions to agents: new policies, $136,004.80; renewals 

$234,271.14; annuities, $603.12, 

Commuted renewal commissions, ..... 
Salaries and allowances for agencies, . . . 

Agency supervision, traveling and other agency expenses, 
Medical examiners' fees, $19,705; and inspections, $2,224.30, 
Salaries of officers and home office employees, . 
Rent, including $20,000 for occupancy of own buildings, . 
Advertising, printing, postage, etc., . . . 

Legal expenses, . . . . . . . • 



8,482 89 
1,463 00 
814,064 17 
36,318 65 
423,312 04 
124,831 77 
190,681 15 

$3,562,509 98 

827 59 

8,088 99 

17,749 12 

370,879 06 

585 38 

67,881 33 

4,865 14 

21,929 30 

95,116 81 

32,280 84 

32,812 77 

254 40 



52 



STATE MUTUAL LIFE ASSUEANCE CO. 



Furniture and fixtures, ..... 

Repairs and expenses on real estate, 

Taxes on real estate, ..... 

State taxes on premiums, .... 

Insurance department licenses and fees, . 

All other licenses, fees and taxes, 

Agents' balances charged off, 

Loss on sale or maturity of ledger assets, 

Premium on bonds purchased, 

Profit and loss, ...... 

Total disbursements, .... 

Balance, ...... 

Ledger Assets. 
Book value of real estate, .... 

Mortgage loans on real estate, . . . 

Loans secured by collateral (schedule A), 
Loans to policy holders, .... 

Premium notes on policies in force, 

Book value of bonds and stocks (schedule B), . 

Cash in office, ...... 

Deposits in trust companies and banks on interest, 
Loans on personal security, .... 



Total ledger assets, 



$3,978 74 
38,407 43 
22,677 23 
40,506 78 

5,350 66 

49,894 55 

24 06 

16,360 37 

24,381 80 

1,035 67 

. $4,418,398 00 
$31,580,977 79 

$1,683,650 00 

4,904,258 84 

29,465 00 

3,566,097 00 

71,574 00 

20,878,225 00 

3,765 85 

429,507 33 

14,434 77 

$31,580,977 79 



Non-Ledger Assets. 



Interest due and accrued on: 

Mortgages, 

Bonds, 

Collateral loans, 

Premium notes, 

Other assets, 
Rents due and accrued, 



Market value of stocks and bonds over book value, 
Due from other companies, .... 



Uncollected premiums, . 
Deferred premiums, 

Total, . . . . 

Deduct loading, 

Net uncollected and deferred 
premiums, 



New Business. 

$38,637 59 
60,436 24 



073 83 

23,282 35 



[,306 57 

269,851 33 

677 79 

53,915 95 

1,378 98 

13,679 85 



Renewals. 

$283,452 42 
350,852 27 

$634,304 69 
149,061 60 



403,810 47 

19,460 50 
5,000 00 



$75,791 48 $485,243 09 561,034 57 



Gross assets, . 

Loans on personal security, 
Premium notes, 

Admitted assets, 



Assets not admitted. 



$32,570,283 33 



,434 77 
14,314 80 28,749 57 



$32,541,533 76 



STATE MUTUAL LIFE ASSURANCE CO. 



53 



Liabilities. 

Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the Actuaries' table of mor- 
tality, with interest at 4 per cent., and the American table, with 1 



interest at 3^ and 3 per cent., 
Deduct net value of risks reinsured, 

Net reserve, ........ 

Present value of supplementary contracts not involving life con- 
tingencies, ......... 

Death losses reported, ........ 

Dividends left to accumulate and interest thereon, . 

Premiums paid in advance, ....... 

State, county and municipal taxes due or accrued, . 

Dividends or other profits due policy holders, . 

Dividends apportioned on annual dividend policies, payable dur- 
ing 1909, . " . 

Dividends apportioned on deferred dividend policies, payable dur- 
ing 1909, 

Held for 5 year dividend policies, payable after 1909, 

Extra reserve carried by company for annuities, 

Unassigned funds (surplus), ....... 



$29,103,587 00 
221,472 00 



,882,115 00 

133,622 00 

151,320 00 

172,932 03 

61,002 00 

77,500 00 

79,923 66 

104,913 68 



17,856 91 

147,624 09 

15,133 00 

2,697,591 39 



Total liabilities, 



$32,541,533 76 



Premium Note Account. 



Received during 1908, old policies, . 
Restored by revival of policies, 

Used in payment of losses and claims, 
Used in purchase of surrendered policies, 
Voided by lapse, . . . . . • 

Redeemed by maker in cash, .... 

Premium notes on hand Dec. 31, 1908, 

Exhibit of Policies. 



$245,666 00 
967 00 

$182 00 

1,988 00 

2,430 00 

170,459 00 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



In Force Dec. 31, 1907. 

Number. Amount. 

24,104 $63,039,948 00 

21,533 51,153,356 00 

2,571 7,110,152 00 

1,953,988 00 



Total No. 



$246,633 00 



175,059 00 

$71,574 00 



Total Amount. 



48,208 $123,257,444 00 



Issued during the Year. 

3,082 $7,830,992 00 

682 1,236,500 00 

552 1,725,000 00 

213,734 00 



4,316 11,006,226 00 



Whole life, . 
Endowment, 
All other, 



Old Policies revived. 

34 $79,887 00 

10 16,000 00 

4 9,000 00 



48 



104,887 00 



54 



STATE MUTUAL LIFE ASSURANCE CO. 



Whole life, . 
Endowment, 
All other, 



Whole life, . 
Endowment, 
All other, 



Whole life, . 
Endowment, 



Total, 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



By death, 
maturity, 
expiry, . 
surrender, 
lapse, 
decrease, 

Not taken, . 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 



Old Policies increased. 

Number. Amount. 

$85,802 00 

36,532 00 

5 37,357 00 



Total No. 



Transfers, Deductions. 

1 $5,500 00 

11 25,000 00 

117 310,831 00 



129 $341,331 00 

Transfers, Additions. 
107 $272,563 00 
22 68,768 00 



129 $341,331 00 

Terminated during the Year. 

1,904 $5,064,168 00 

1,202 3,247,431 00 

392 1,329,648 00 

152,986 00 



3,498 


$9,794,233 00 


How terminated. 


432 


$1,486,562 00 


206 


578,843 00 


112 


192,335 00 


1,086 


2,206,925 00 


1,151 


2,743,850 00 


80 


1,460,220 00 


431 


1,125,498 00 



In Force Dec. 31, 1908. 

25,422 $66,239,524 00 

21,034 49,238,725 00 

2,623 7,241,030 00 

2,014,736 00 



Total Amount. 



$159,691 00 



52,577 $134,528,248 00 



3,498 9,794,233 00 



49,079 $124,734,015 00 



150 shares Denholm & McKay Co., 



80 

25 

3 

3 

15 

23 

148 

Assignment of R. E. mortgage, 



Schedule A. Securities held as Collateral. 

Company's 
Market Value. 
$14,250 00 
8,800 00 
2,500 00 
390 00 
675 00 
2,415 00 
1,426 00 
12,284 00 
3,000 00 



Colwell Lead Co., preferred, 

Richardson Manufacturing Co., . 

Chicago & Eastern 111. R.R. Co., preferred, 

Boston & Albany R.R. Co., 

N. Y., New Haven & Hartford R.R. Co., 

Southern Ry. Co., preferred, 

Amalgamated Copper Co., 



Loaned 
Thereon. 

$12,000 00 

6,000 00 

465 00 



11,000 00 



$45,740 00 $29,465 00 



STATE MUTUAL LIFE ASSURANCE CO. 



55 



Schedule B. Stocks and Bonds owned by the Company. 

Railroad Stocks. 

635 shares Boston & Albany, . 

433 " Boston Elevated, . 

300 " Chic. & Eastern Illinois, preferred, 

1,000 " Chicago Gt. Western, debenture, 

400 " Chic, Mil. & St. Paul, preferred, 

215 " Chic, Mil. & St. Paul, common, 

307 " Ch., Mil. & St. P., pref. (85% paid), 

153 " Ch., Mil. & St. P., com. (85 % paid), 

100 " Chicago & Northwestern, preferred, 

692 " Chicago & Northwestern, common, 

60 " Chicago, Rock Island & Pacific, 

800 " Fitchburg, preferred, 

828 " Illinois Central, 

500 " Morris & Essex, 

1,050 " New England Inv. & Sec Co., 

500 " New London Northern, . 

360 " Newport & Fall River St., 

900 " New York Central & Hudson Riv., 

1,224 " New York, New Haven & Hart., 

900 " Norwich & Worcester, preferred, 

500 " Providence & Worcester, 

300 " West End St., Boston, Mass., pref., 

300 " West End St., Boston, Mass., com., 

Bank Stocks. 

90 shares Adams Nat., North Adams, Mass., 

50 " Commonw. Tr. Co., Boston, Mass., 

90 " Eliot National, Boston, Mass., 

57 " First National, Boston, Mass., 
100 " Minn. L. & Tr. Co., Minneapolis, 
104 " National Shawmut, Boston, Mass., 

37 " State National, Boston, Mass., 
100 " Third National, Springfield, Mass., 

25 " Webster & Atlas Nat., Boston Mass 
118 " Worcester National, Mass., 
300 " Worcester Trust Co., Mass., . . 
Miscellaneous Stocks. 
1,080 shares Am. Telephone & Telegraph Co., 
8,510 " Congress Street Associates, 
150 " Copley Square Tr., Boston, Mass.," 
150 " Lawrence Gas Co., Mass., 
235 " Lowell El. Lt. Corporation, Mass., 
306 " Worcester Elec Lt. Co., Mass., 
440 " Worcester Gas Lt. Co., Mass., 

State, County and Municipal Bonds. 
Abington, Mass., 3-Js, 1909, 
Abington, Mass., 3£s, 1912-15, . 
Abington, Mass., 3-Js, 1916-19, . 
Abington, Mass., 3£s, 1920-21, . 
Alabama 4s, 1956, . 
Allegheny (Pittsburgh) Pa., 4s, 1914, 
Allegheny County, Pa., 4s, 1934, 
Anne Arundel County, Md., 4s, 1946, 
Athol, Mass., 4s, 1928-29, 
Atlantic City, N. J., 4s, 1925, 
Baltimore, Md., 4s, 1955, . 
Bay City, Mich., 4s, 1910, 
Bay City, Mich., 4s, 1913, 
Beaver County, Pa., 4s, 1928, 
Beaver County, Pa., 4s, 1931-32, 
Boston, Mass., 3^s, 1932, . 
Boston, Mass., 4s, 1937, . 
Boston, Mass., 3£s, 1944, . 
Boston, Mass., 4s, 1946, . 
Burlington, Vt., 4s, 1926, 
Cambridge, Mass., 3-|s, 1918, 
Cambridge, Mass., 4s, 1936, 
Cambridge, Mass., 4s, 1946, 
Canton, O., 4s, 1921-22, . 



Book Value. 


Rate. 


Market Value. 


. $100,336 


00 


225 


$142,875 00 


58,740 


00 


125 


54,125 00 


36,600 


00 


130 


39,000 00 


90,000 


00 


59 


59,000 00 


68,400 


00 


164 


65,600 00 


25,100 


00 


150 


32,250 00 


26,095 


00 


160 


44,515 00 


13,005 


00 


146 


20,043 00 


14,012 


00 


225 


22,500 00 


76,700 


00 


184 


127,328 00 


6,000 


00 


115 


6,900 00 


78,070 


00 


132 


105,600 00 


92,922 


00 


149 


123,372 00 


34,450 


00 


185 


46,250 00 


95,000 


00 


78 


81,900 00 


84,977 


00 


185 


92,500 00 


45,600 


00 


110 


39,600 00 


111,687 


00 


125 


112,500 00 


184,527 


00 


161 


197,064 00 


170,981 


00 


200 


180,000 00 


76,893 


00 


255 


127,500 00 


26,100 


00 


213 


31,950 00 


24,725 


00 


175 


26,250 00 


13,122 


00 


115 


10,350 00 


6,900 


00 


160 


8,000 00 


10,575 


00 


207 


18,630 00 


8,975 


00 


314 


17,898 00 


12,000 


00 


132 


13,200 00 


15,600 


00 


295 


30,680 00 


3,700 


00 


159 


5,883 00 


10,000 


00 


215 


21,500 00 


, 3,115 


00 


152 


3,800 00 


18,865 


00 


200 


23,600 00 


67,500 


00 


250 


75,000 00 


130,387 


00 


128 


138,240 00 


851,000 


00 


95 


808,450 00 


12,450 


00 


65 


8,287 50 


22,320 


00 


182 


27,300 00 


41,360 


00 


197 


46,295 00 


64,633 


00 


238 


72,828 00 


100,670 


00 


245 


107,800 00 


2,000 


00 


100 


2,000 00 


8,000 


00 


98 


7,840 00 


6,000 


00 


97 


5,820 00 


4,000 


00 


96 


3,840 00 


100,000 


00 


105 


105,000 00 


9,000 


00 


101 


9,090 00 


50,000 


00 


103 


51,500 00 


25,000 


00 


100 


25,000 00 


29,000 


00 


100 


29,000 00 


25,000 


00 


98 


24,500 00 


50,000 


00 


108 


54,000 00 


25,000 


00 


99 


24,750 00 


24,000 


00 


98 


23,520 00 


10,000 


00 


97 


9,700 00 


40,000 


00 


96 


38,400 00 


100,000 


00 


95 


95,000 00 


100,000 


00 


103 


103,000 00 


50,000 


00 


93 


46,500 00 


50,000 


00 


103 


51,500 00 


20,000 


00 


100 


20,000 00 


48,460 


00 


98 


49,000 00 


25,000 


00 


104 


26,000 00 


50,000 


00 


105 


52,500 00 


30,000 


00 


102 


30,600 00 



56 



STATE MUTUAL LIFE ASSURANCE CO. 



Canton, O., 4s, 1926, 

Charlotte, N. C, 4£s, 1935, 

Chicago, 111., 4s, 1927, 

Cleveland, O., 4s, 1922-27, 

Colorado Springs, Col., 4s, 1921, op 1916, 

Columbus, O., 5s, 1910, . 

Columbus, O., 5s, 1913, . 

Columbus, O., 4s, 1933, op. 1913, 

Dan vers, Mass., 4s, 1909-20, 

Danville, Va., 4s, 1935, . 

Dubuque, Iowa, 4s, 1919, 

Duluth, Minn., 4^s, 1914, 

Duluth, Minn., 4s, 1921, . 

Duluth, Minn., 4s, 1928, . 

Durham, N. C, 4£s, 1941, 

Gardner, Mass., 4s, 1917-24, 

Gloucester, Mass., 4s, 1911-15, 

Gloucester, Mass., 4s, 1916, 

Gloucester, Mass., 3^s, 1918-19, 

Hennepin Co. and city Minneap., Minn., 4-|-s 

Hudson County, N. J., 4s, 1954 

Indianapolis, Ind., 3-^s, 1909, 

Indianapolis, Ind., 4s, 1927, 

Kansas City, Mo., 4s, 1924, 

Kennebec Water District, Me., 3^s, 1925, 

King County, Wash., 5s, 1928, 

Lorain, O., 4|s, 1909, 

Lorain, O., 4|s, 1910-11, . 

Lorain, O., 4|s, 1912-13, . 

Los Angeles, Cal., 4^s, 1935, 

Louisville, Ky., 3^s,"l943, 

Lynn, Mass., 4s, 1918, 

Massachusetts 3s, 1941, 

Medford, Mass., 4s, 1925, . 

Memphis, Tenn., 4s, 1933, 

Meriden, Conn., 4s, 1933-35, 

Milwaukee, Wis., 4s, 1919-21, 

Milwaukee, Wis., 4s, 1924-27, 

Minneapolis, Minn., 4s, 1938, 

Montclair, N. J., 4s, 1909-10, 

Montclair, N. J., 4s, 1911, 

Montreal, P. Q., 3£s, 1939, 

Nashville, Tenn., 4£s, 1918, 

Nashville, Tenn., 4|s, 1923, 

Natick, Mass., 4s, 1926, . 

New Bedford, Mass., 4s, 1909-16, 

New Bedford, Mass., 4s, 1957, 

New Britain, Conn., 4s, 1936, 

Newport News, Va., 4s, 1941, 

Newport News, Va., 44,-s, 1943, 

Newton, Mass., 3^s, 1922, 

New York 4s, 1958, 

New York, N. Y., 4s, 1936, 

New York, N. Y., 3£s, 1954, 

New York, N. Y., 4£s, 1957, 

North Providence, R. I., 4s, 1935, 

Norwalk, Conn., 4s, 1927, 

Norwood, Mass., 4s, 1935-47, 

Omaha, Neb., 5s, 1912, . 

Omaha, Neb., 4s, 1924, . 

Orangeburg, S. O, 4£s, 1947, 

Pawtucket, R. I., 4s, 1923-37-44, 

Peoria, 111., 4s, 1926, 

Pittsburg, Pa., 4s, 1932-35, 

Pittsfield, Mass., 3^s, 1917-20, 

Portland, Me., 4£s, 1909, . 

Princeton, Mass., 3fs, 1909-10, 

Princeton, Mass., 3fs, 1911—15, 

Quincy, 111., 4s, 1909-13, . 

Quincy, Mass., 4s, 1911, . 

Ramsey County, Minn., 3is, 1923, 

Rutherford, N. J., 4£s, 1922, . 



1921 



Book Value. 


Rate. 


Market Value. 


$20,000 00 


103 


$20,600 00 


32,250 00 


102 


30,600 00 


15,000 00 


101 


15,150 00 


150,000 00 


103 


154,500 00 


50,000 00 


95 


47,500 00 


26,250 00 


102 


25,500 00 


10,000 00 


105 


10,500 00 


129,000 00 


101 


130,290 00 


37,000 00 


100 


37,000 00 


50,000 00 


92 


46,000 00 


25,000 00 


100 


25,000 00 


31,000 00 


101 


30,300 00 


18,200 00 


98 


19,600 00 


50,000 00 


97 


48,500 00 


30,000 00 


102 


30,600 00 


84,000 00 


100 


84,000 00 


25,000 00 


99 


24,750 00 


5,000 00 


98 


4,900 00 


52,000 00 


94 


48,880 00 


51,500 00 


106 


53,000 00 


25,000 00 


100 


25,000 00 


10,000 00 


100 


10,000 00 


50,000 00 


103 


51,500 00 


100,000 00 


99 


99,000 00 


44,825 00 


91 


45,500 00 


25,000 00 


112 


28,000 00 


11,000 00 


100 


11,000 00 


22,000 00 


101 


22,220 00 


15,000 00 


102 


15,300 00 


50,000 00 


106 


53,000 00 


50,000 00 


91 


45,500 00 


45,000 00 


101 


45,450 00 


200,000 00 


88 


176,000 00 


20,000 00 


102 


20,400 00 


69,700 00 


98 


68,600 00 


60,000 00 


100 


60,000 00 


50,000 00 


101 


50,500 00 


40.000 00 


lOlf 


40,700 00 


50,000 00 


104 


52,000 00 


6,000 00 


100 


6,000 00 


3,000 00 


99 


2,970 00 


96,875 00 


91 


91,000 00 


10,000 00 


103 


10,300 00 


53,250 00 


104 


52,000 00 


4,950 00 


100 


5,000 00 


33,000 00 


100 


33,000 00 


25,000 00 


100 


25,000 00 


25,000 00 


100 


25,000 00 


25,000 00 


94 


23,500 00 


27,000 00 


102 


25,500 00 


25,000 00 


96 


24,000 00 


54,000 00 


126 


63,000 00 


100,000 00 


102 


102,000 00 


50,000 00 


90 


45,000 00 


50,000 00 


112 


56,000 00 


25,000 00 


100 


25,000 00 


25,000 00 


97 


24,250 00 


26,000 00 


105 


27,300 00 


26,250 00 


103 


25,750 00 


45,000 00 


100 


45,000 00 


22,885 00 


100 


23,000 00 


80,000 00 


100 


80,000 00 


50,000 00 


100 


50,000 00 


50,000 00 


100 


50,000 00 


40,000 00 


100 


40,000 00 


49,500 00 


100 


50,000 00 


2,400 00 


100 


2,400 00 


5,000 00 


99 


4,950 00 


25,000 00 


100 


25,000 00 


12,000 00 


100 


12,000 00 


39,300 00 


97 


38,800 00 


48,000 00 


103 


51,500 00 



STATE MUTUAL LIFE ASSURANCE CO, 



57 



Saginaw, Mich., 4s, 1915-25, . . . 

St. Joseph, Mo., 4s, 1928, 
St. Louis County, Minn., 4£s, 1918, . 
St. Paul, Minn., 4s, 1912, 
Schenectady, N. Y., 4^s, 1912-19, 
Seattle, Wash., 4s, 1925, . 
Seattle, Wash., 4£s, 1927, 
Seattle, Wash., school district 4£s, 1924, 
South Norwalk, Conn., 4s, 1925-35, . 
Springfield, Mass., 4s, 1917-24, 
Springfield, Mass., 4s, 1925-27, 
Springfield, Mass., 3£s, 1923, . 
Springfield, O., 4s, 1922, . 
Troy, N. Y., 4s, 1921-26, 
Waltham, Mass., 3£s, 1923, 
Waterbury, Conn., 4s, 1943-52, 
Westchester County, N. Y., 4^s, 1936, 
Woonsocket, R. I., 4s, 1929, 
Worcester, Mass., 4s, 1918, 
Yonkers, N. Y., 4s, 1933-35, . 
York, Pa., 4s, 1923, 

Railroad Bonds. 
Allegheny & Western 4s, 1998, . 
Atchison, Topeka & Santa F6 4s, 1958, 
Atlanta, Birmingham & Atlantic 5s, 1936, 
Atlanta Northern 5s, 1954, 
Atlantic Ave., Brooklyn, N. Y., 5s, 1909, 
Atlantic Ave., Brooklyn, N. Y., 5s, 1931, 
Atlantic Coast Line con. mort. 4s, 1952, 
Atlantic & Danville 4s, 1948, . 
Baltimore, Chesapeake & Atlantic 5s, 1934, 
Baltimore & Ohio prior lien 3£s, 1925, 
Baltimore & Ohio 4s, 1948, 
Bangor & Aroostook 5s, 1943, 
Bangor & Aroostook 4s, 1951, 
Birmingham Ry. Light & P. Co. 4£s, 1954, 
Boston & Albany 4s, 1913, 
Boston & Albany 4s, 1933, 
Boston Elevated 4s, 1935, 
Boston & Maine 4s, 1926, 
Boston & Maine 4^s, 1944, 
Boston & New York Air Line 4s, 1955, 
Boston & Northern Street 4s, 1954, . 
Boston, Revere Beach & Lynn 4-^s, 1927, 
Broadway Surface, New York City 5s, 1924 
Brooklyn City 5s, 1941, . 
Buffalo, Rochester & Pittsburgh 4^s, 1921, 
Buffalo & Susquehanna 4s, 1951, 
Buffalo & Susquehanna 4-|s, 1953, 
Burlington & Missouri River 4s, 1910, 
Central of New Jersey 5s, 1987, 
Central Indiana 4s, 1953, . 
Central New England 5s, 1919, 
Central Pacific 4s, 1954, . 
Chicago, Burlington & Quincy 5s, 1913, 
Chicago, Burlington & Quincy 4s, 1919, 
Chicago, Burlington & Quincy 4s, 1922, 
Chicago, Burlington & Quincy 4s, 1927, 
Chicago, Burlington & Quincy 3^s, 1949, 
Chicago, Burlington & Quincy 4s, 1958, 
Chicago & Eastern Illinois 4-£s, 1909, 
Chicago & Eastern Illinois 6s, 1934, . 
Chicago & Eastern Illinois 5s, 1937, . 
Chicago & Indiana Coal 5s, 1936, 
Chicago, Indiana & Southern 4s, 1956, 
Chicago Junction 4s, 1945, 
Chic. Junct. Rys. & Union Stock Yds. Co. 4s 
Chicago & Northwestern 5s, 1921, 
Chicago & Northwestern 4s, 1926, 
Chicago & Northwestern 6s, 1929, 
Chicago & Northwestern 5s, 1929, 
Chicago & Northwestern 5s, 1933, 



1940 



Book Value. 

$88,000 00 
50,000 00 
50,000 00 
27,270 00 
52,000 00 
50,000 00 
25,000 00 
50,000 00 
50,000 00 
44,000 00 
16,000 00 
40,000 00 
10,000 00 
21,000 00 
25,000 00 
50,000 00 
60,000 00 
50,000 00 
75,000 00 
30,000 00 
25,000 00 

50,000 00 
94,500 00 
90,500 00 
25,000 00 
15,675 00 
97,100 00 

150,000 00 
23,437 00 
58,000 00 
37,100 00 

100,000 00 
28,500 00 
24,000 00 
23,750 00 
49,000 00 
98,450 00 

104,000 00 
71,250 00 
51,000 00 

102,000 00 
93,000 00 
11,200 00 
42,000 00 

109,500 00 
50,000 00 
99,500 00 
72,625 00 
18,600 00 
56,500 00 
48,500 00 
52,000 00 
48,875 00 
52,335 00 
24,400 00 
39,550 00 
25,000 00 
74,375 00 
47,750 00 
50,000 00 
83,585 00 
59,700 00 
25,000 00 

118,438 00 
50,000 00 
50,000 00 

169,500 00 

103,875 00 
30,000 00 
14,000 00 
57,500 00 



Rate. 

99 
100 
100 
100 
102f 

98 
104 
104 
100 
101 
102 

96 
102 
100 

95 
100 
108 
100 
101 

98 
100 

98 

95 

98 

98 

100 

98 

95 

90 

103 

94 

101 

112 

87 

93 

100 

101 

100 

98 

104 

102 

84 

101 

102 

102 

99 

88 

93 

98 

128 

92 

102 

93 

102 

100 

100 

101 

92 

101 

100 

130 

115 

112 

95 

90 

91 

107 

101 

110 

108 

110 



Market Value. 
$85,140 00 
50,000 00 
50,000 00 
27,000 00 
53,430 00 
49,000 00 
26,000 00 
52,000 00 
50,000 00 
44,440 00 
16,320 00 
38,400 00 
10,200 00 
21,000 00 
23,750 00 
50,000 00 
64,800 00 
50,000 00 
75,750 00 
29,400 00 
25,000 00 

49,000 00 
95,000 00 
98,000 00 
24,500 00 
15,000 00 
83,300 00 

142,500 00 
22,500 00 
51,500 00 
37,600 00 

101,000 00 
28,000 00 
21,750 00 
23,250 00 
50,000 00 

101,000 00 

100,000 00 
73,500 00 
52,000 00 

102,000 00 
84,000 00 
10,100 00 
40,800 00 

102,000 00 
49,500 00 
88,000 00 
69,750 00 
19,600 00 
64,000 00 
46,000 00 
51,000 00 
46,500 00 
51,000 00 
26,000 00 
40,000 00 
25,250 00 
70,840 00 
50,500 00 
50,000 00 
97,500 00 
63,250 00 
28,000 00 

118,750 00 
45,000 00 
45,500 00 

160,500 00 

101,000 00 
33,000 00 
15,120 00 
55,000 00 



58 



STATE MUTUAL LIFE ASSURANCE CO. 



Chicago Rys. Co. 4s, 5s, 1927, . 

Chicago, Rock Island & Pacific 4s, 1988, 

Chicago, St. Paul, Minn. & Omaha 6s, 1930, 

Chicago & Western Indiana 5s, 1910, 

Chicago & Western Indiana 4s, 1952, 

Chicago & West Michigan 5s, 1921, 

Cincinnati, Hamilton & Dayton 5s, 1942, . 

Cincinnati, Indianapolis & Western 4s, 1953, 

Cincinnati & Muskingum Valley 4s, 1948, . 

Citizens Elec. St., Newburyport, Mass., 5s, 1920, 

CI., Cin., Ch. & St. Louis (St. L. Div.) 4s, 1990, 

Cleve., Columbus, Cin. & Indianapolis 7s, 1914, 

Cleveland Electric 5s, 1913, 

Cleveland, Lorain & Wheeling 5s, 1933, 

Cleveland Terminal & Valley 4s, 1995, 

Columbus Connecting & Terminal 5s, 1922, 

Columbus Consolidated 5s, 1909, 

Concord & Montreal 4s, 1920, . 

Connecticut River 3-^s, 1923, 

Consolidated, New Haven, Conn., 4s, 1954, 

Detroit United 5s, 1909, . 

East Middlesex St. 5s, 1918, 

Ellwood Short Line 5s, 1922, . 

Erie (Pennsylvania col.) 4s, 1951, '. 

Essex Electric St. 6s, 1911, 

Fitchburg 4s, 1920-25-27, 

Georgia Rv. & Electric 5s, 1932, 

Globe St., Fall River, Mass., 5s, 1912, 

Greenbrier 4s, 1940, 

Gulf & Ship Island 5s, 1952, 

Housatonic 5s, 1937, 

Houston Electric 5s, 1925, 

Illinois Central (Cairo) 4s, 1950, 

Illinois Central (Western) 4s, 1951, 

Illinois Central 4s, 1955, . 

Indiana, Illinois & Iowa 4s, 1950, 

Kansas City & Westport Belt 5s, 1926, 

Kings Countv Elevated 4s, 1949, 

Lake Erie & Western 5s, 1937, . 

Lake Erie & Western 5s, 1941, . 

Lake Shore & Michigan Southern 4s, 1928-31, 

Lehigh & New York 4s, 1945, . 

Lehigh Valley Terminal 5s, 1941, 

Long Island guar, refunding 4s, 1949, 

Long Island City & Flushing 5s, 1937, 

Louisiana & Arkansas 5s, 1927, 

Louisville & Jeffersonville Bridge 4s, 1945, 

Louisville & Nashville 4s, 1940, 

Lowell, Lawrence & Haverhill St. 5s, 1923, 

Lynn & Boston 5s, 1924, . 

Maine Central 4s, 1912, 

Maine Central 5s, 1923, 

Maine Cent. & European & No. Amer. 4s, 1933, 

Manchester Traction, Lt. & Power Co. 5s, 1921, 

Massachusetts Electric 4-^s, 1910, 

Metropolitan St., Kansas City, Mo., 5s, 1909, 

Metropolitan St., New York City 5s, 1997, 

Michigan Central 5s, 1931, 

Minn., Lyndale & Minnet. & Minn. St. 5s, 1919, 

Minn., St. Paul & Sault Ste. Marie 5s, 1909-10, 

Minn., St. Paul & Sault Ste. Marie 4s, 1938, 

Minneapolis St. & St. Paul City 5s, 1928, . 

Missouri Pacific 5s, 1917, .... 

New Bedford, Middleboro & Brockton St. 5s, 1920 

New England 4s, 1945, 

New York Central & Hudson River 4s, 1934, 

N. Y. Cent. & Hud. R. (Lake Sh. col.) 3*s, 1998, 

New York, Lackawanna & Western 6s, 1921, 

New York, Lackawanna & Western 5s, 1923, 

N. Y., New Haven & Hartford 4£s, 1911, . 

N. Y., New Haven & Hartford 6s, 1948, . 

N. Y., N. H. & H. (Har. R. & Pt. Ch. Div.) 4s, 1954, 



Book Value. 

$50,000 00 

100,000 00 
57,500 00 
24,500 00 
50,000 00 
24,312 00 
50,000 00 
49,750 00 
30,000 00 
27,000 00 

112,500 00 
19,800 00 
50,250 00 

100,000 00 
49,500 00 
47,500 00 
47,000 00 

100,000 00 

100,000 00 
49,000 00 
24,625 00 
96,075 00 
22,500 00 
47,000 00 
95,700 00 

221,925 00 
48,750 00 
29,950 00 
24,625 00 
25,000 00 
77,750 00 
14,625 00 
35,000 00 
50,000 00 
99,856 00 
72,375 00 
49,000 00 
36,900 00 
51,500 00 
45,000 00 

143,968 00 
92,250 00 
52,500 00 
99,000 00 
50,000 00 
25,000 00 
48,750 00 
50,000 00 
10,600 00 
25,750 00 
25,000 00 
26,855 00 
90,000 00 

126,875 00 
49,000 00 
29,250 00 
82,500 00 
25,000 00 
46,625 00 
99,750 00 

148,875 00 
50,000 00 
40,000 00 
26,750 00 
50,000 00 

124,000 00 
76,775 00 
46,333 00 
26,937 00 
25,000 00 
51,000 00 
100,750 00 



Rate. 

93 
100 
129 
100 

98 
101 

90 

70 

90 
100 

96 
112 

95 
110 

97 
103 
100 

99 

93 

92 
100 
104 
102 

86 
102 

99 
101 
102 

93 

98 
118 

97 
100 
100 
100 

98 

94 

81 
113 
104 

95 

96 
117 

97 
105 

97 

93 
101 
103 
105 
100 
107 

97 
100 
100 
100 

88 
114 
104 
100 

99 
104 
100 
100 
101 

94 

84 
122 
112 
100 
135 
102 



Market Value. 

$46,500 00 

100,000 00 
64,500 00 
25,000 00 
49,000 00 
25,250 00 
45,000 00 
35,000 00 
27,000 00 
25,000 00 

120,000 00 
20,160 00 
47,500 00 

110,000 00 
48,500 00 
51,500 00 
47,000 00 
99,000 00 
93,000 00 
46,000 00 
25,000 00 
93,600 00 
25,500 00 
43,000 00 
95,880 00 

217,800 00 
50,500 00 
30,600 00 
23,250 00 
24,500 00 
88,500 00 
14,550 00 
35,000 00 
50,000 00 

100,000 00 
73,500 00 
47,000 00 
33,210 00 
56,500 00 
52,000 00 

142,500 00 
96,000 00 
58,500 00 
97,000 00 
52,500 00 
24,250 00 
46,500 00 
50,500 00 
10,300 00 
26,250 00 
25,000 00 
26,750 00 
97,000 00 

125,000 00 
50,000 00 
30,000 00 
66,000 00 
28,500 00 
46,800 00 

100,000 00 

148,500 00 
52,000 00 
40,000 00 
25,000 00 
50,500 00 

117,500 00 
67,200 00 
48,800 00 
28,000 00 
25,000 00 
68,850 00 

102,000 00 



STATE MUTUAL LIFE ASSURANCE CO. 



59 



N. Y., New Haven & Hartford 4s, 1955, 

N. Y., New Haven & Hartford 3£s, 1956, . 

New York, Ontario & Western 5s, 1915, 

New York, Ontario & Western 4s, 1955, 

New York, Ontario & Western 4s, 1992, 

Norfolk &. Western 4s, 1944, 

North End St., Worcester, Mass., 5s, 1915, 

Northern Ohio 5s, 1945, .... 

No. Pac.-Gt. Nor. (C, B. & Q. col.) 4s, 1921, 

Norwich & Worcester 4s, 1927, 

Ohio River 5s, 1936, .... 

Old Colony Street 4s, 1954, 

Omaha Street 5s, 1914, .... 

Pacific of Missouri (Carondelet Br.) 4-^s, 1938, 

Pennsylvania convertible 3^s, 1915, . 

Penobscot Shore Line 4s, 1920, 

Philadelphia, Bait. & Washington 4s, 1943, 

Pitts., Cin., Chicago & St. Louis 4£s, 1942, 

Pitts., Cin., Chicago & St. Louis 3*s, 1949, 

Pitts., Cin., Chicago & St. Louis 4s, 1953-57, 

Providence Terminal 4s, 1956, . 

Rhode Island Suburban 4s, 1950, 

Richmond-Washington 4s, 1943, 

Rio Grande Western 4s, 1939, . 

Rochester 5s, 1930, . 

Rutland 4*s, 1941, 

Saginaw Valley Traction 5s, 1920, 

St. Johnsbury & Lake Champlain 5s, 1944, 

St. Louis, Iron Mt. & Southern 4s, 1933, 

St. Louis, Memphis & Southeastern 4^-s, 1909, 

St. Paul, Minneapolis & Manitoba 6s, 1933, 

St. Paul, Minneapolis & Manitoba 4^s, 1933, 

St. Paul, Minneapolis & Manitoba 4s, 1937, 

Schenectady 4^s, 1941, 

Seaboard Air Line 5s, 1911, 

Second Avenue, New York City 5s, 1948, 

Southern Pacific 4s, 1955, 

Steinway of Long Island City 6s, 1922, 

Terminal Association of St. Louis 4s, 1953, 

Terre Haute Electric 5s, 1929, . 

Terre Haute & Indianapolis 5s, 1925, 

Thirty-fourth St. Crosstown, N. Y., 5s, 1996, 

Toledo & Ohio Central gen. mort. 5s, 1935, 

Toledo, St. Louis & Western 3£s, 1925, 

Tri-City Ry. & Light, Davenport, la., 5s, 1923, 

Ulster & Delaware 5s, 1928, 

Ulster & Delaware 4s, 1952, 

Union Pacific 4s, 1947, . 

United Trac. & El., Providence, R. L, 5s, 1933, 

Wabash 4£s, 1910, 

Wabash 1st mortgage 5s, 1939, 

Wabash 4s, 1941, 

Wabash 4s, 1954, 

Wabash Pittsburgh Terminal 4s, 1954, 
West End Street, Boston, Mass., 4s, 1915-32, 
Western Pacific 5s, 1933, .... 
West Side, Milwaukee, Wis., 5s, 1909, 
Wilkesbarre & Eastern 5s, 1942, 
Worcester & Clinton St. 5s, 1919, 
Worcester Consolidated St. 4^s, 1920, 
Worcester, Nashua & Rochester 4s, 1934, . 
Worcester & Shrewsbury 5s, 1925, 
Worcester & Southbridge 4^s, 1922, . 

Miscellaneous Bonds. 
Amer. Telephone & Telegraph, notes, 5s, 1910, 
Amer. Telephone & Telegraph 4s, 1929, 
Arcade Bldg. & Rty., Seattle, Wash., 6s, 1926, 
Boston Electric Light Co. 5s, 1924, . 
Brooklyn Union Gas Co. 5s, 1945, 
Central Union Telephone Co. 6s, 1916, 
Chicago Edison Co. 5s, 1926, 
Congress Hotel Co., Chicago, 111., 4^s, 1909-41, 



Book Value. 

$153,750 00 
45,900 00 
50,000 00 
49,250 00 
50,000 00 
24,250 00 
50,500 00 
154,125 00 
207,900 00 
153,750 00 
24,375 00 
93,000 00 
49,100 00 
30,000 00 
48,000 00 
50,000 00 
25,000 00 
27,000 00 
49,500 00 
98,875 00 
75,000 00 
23,125 00 
50,000 00 
29,250 00 
56,125 00 
55,750 00 
9,200 00 
55,000 00 
89,750 00 
24,000 00 
33,000 00 
24,625 00 
21,000 00 
26,000 00 
50,000 00 

109,750 00 
72,600 00 
17,400 00 
50,000 00 
24,250 00 
25,000 00 
86,500 00 
48,000 00 
45,125 00 
24,375 00 
15,600 00 
23,250 00 
97,312 00 
50,000 00 
49,375 00 
50,000 00 
24,500 00 
91,250 00 
88,375 00 

327,000 00 
93,000 00 
50,000 00 
48,750 00 
10,575 00 

210,000 00 

104,750 00 
22,000 00 
51,250 00 

96,750 00 
48,250 00 
100,000 00 
56,000 00 
28,500 00 
58,650 00 
50,000 00 
92,000 00 



Rate. 

96 

98 

97 

93 

99 

94 

100 

110 

98 

98 

112 

82 

99 

98 

95 

98 

100 

109 

94 

100 

100 

89 

101 

95 

105 

100 

98 

85 

89 

100 

132 

110 

101 

100 

92 

82 

95 

107 

96 

97 

104 

77 

103 

91 

93 

106 

81 

103 

106 

88 

113 

90 

85 

56 

100 

90 

100 

103 

100 

96 

97 

100 

87 

101 

91 
100 
110 
105 
101 
100 

90 



Market Value. 

$144,000 00 
44,982 00 
48,500 00 
46,500 00 
49,500 00 
23,500 00 
50,000 00 
165,000 00 
205,800 00 
147,000 00 
28,000 00 
82,000 00 
49,500 00 
29,400 00 
47,500 00 
49,000 00 
25,000 00 
27,250 00 
47,000 00 
100,000 00 
75,000 00 
22,250 00 
50,500 00 
33,250 00 
52,500 00 
50,000 00 
9,800 00 
42,500 00 
89,000 00 
25,000 00 
39,600 00 
27,500 00 
20,200 00 
25,000 00 
46,000 00 
82,000 00 
71,250 00 
16,050 00 
48,000 00 
24,250 00 
26,000 00 
57,750 00 
51,500 00 
45,500 00 
23,250 00 
15,900 00 
20,250 00 
103,000 00 
53,000 00 
44,000 00 
56,500 00 
22,500 00 
85,000 00 
56,000 00 

325,000 00 
90,000 00 
50,000 00 
51,500 00 
10,000 00 

192,000 00 
97,000 00 
22,000 00 
43,500 00 

101,000 00 
45,500 00 

100,000 00 
55,000 00 
26,250 00 
55,550 00 
50,000 00 
82,800 00 



60 



STATE MUTUAL LIFE ASSURANCE CO. 



45,000 00 



Book Value. 

Congress Hotel Co., Chicago, 111., 6s, 1933, . $59,000 00 

Congress Hotel Co., Chicago, 111., 5s, 1941, 50,000 00 
Crompton & Knowles Loom Works 6s, 1909, 
Crompton & Knowles Loom Works 6s, 1910-11, 
Crompton & Knowles Loom Works 6s, 1912, 
Crompton & Knowles Loom Works 6s, 1913-14, 
Crompton & Knowles Loom Works 6s, 1915, 
Crompton & Knowles Loom Works 6s, 1916-17, 
Crompton & Knowles Loom Works 6s, 1918—19, 
Crompton & Knowles Loom Works 6s, 1920, 
Edison Elec. Ilium. Co., Brooklyn, N. Y., 4s, 1939, ' 46,250 00 

Edison El. 111. Co., New York City 5s, 1995, . 61,500 00 

Maiden Electric Co. 5s, 1917, .... 31,800 00 

Milwaukee Gas Light Co. 4s, 1927, . . . 71,000 00 

Minneapolis Gas Light Co. 5s, 1930, . . . 25,000 00 

Minneapolis Gas Light Co. 6s, 1930, . . . 50,000 00 

Minneapolis General Electric Co. 5s, 1934, . . 100,000 00 

Missouri & Kansas Telephone Co. 5s, 1929, . 76,500 00 

Montreal Light, Heat & Power Co. 4^s, 1932, . 50,000 00 

Montreal Light, Heat & Power Co. 5s, 1933, . 25,000 00 

New England Co., Cleveland, O., 4£s, 1920, . 132,000 00 

N. E. Telephone & Telegraph Co. 5s, 1915, . 26,250 00 

N. Y. Gas & Elec. Light, Heat & P. Co. 4s, 1949, 45,750 00 

New York & Westchester Light. Co. 4s, 2004, . 23,250 00 

Pawtucket Gas Co. 4s, 1932, .... 48,500 00 

Pennsylvania Telephone Co. 5s, 1918, . . 52,500 00 

Puget Sound Power Co. 5s, 1933, . . . 48,500 00 

St. Joseph Stock Yards Co. 4£s, 1930, . . 51,000 00 

St. Louis National Stock Yards 4s, 1930, . . 50,000 00 

Stand. Gas Light Co., N. Y. City 5s, 1930, . 34,200 00 

Torrington Co., 5s, 1918, 21,600 00 

United El. Lt. & P. Co., Baltimore, Md., 4^s, 1929, 46,000 00 

Western Telephone & Telegraph Co. 5s, 1932, . 26,000 00 

Western Union Telegraph Co. 4£s, 1950, . . 52,000 00 

$20,878,225 00 



Rate. 

110 

93 

100 

101 

102 

103 

104 

105 

106 

107 

88 

110 

105 

92 

100 

103 

98 

100 

98 

100 

100 

101 

85 

83 

90 

100 

100 

100 

90 

106 

100 

94 

99 

96 



00 
00 
00 
00 
00 



Market Value. 

$66,000 00 

46,500 00 

2,000 00 

3,030 

1,020 

7,210 

3,120 

7,350 

7,420 00 

18,190 00 

44,000 00 

55,000 00 

31,500 00 

69,000 00 

25,000 00 

51,500 00 

98,000 00 

75,000 00 

49,000 00 

25,000 00 

132,000 00 

25,250 00 

42,500 00 

20,750 00 

45,000 00 

50,000 00 

50,000 00 

50,000 00 

45,000 00 

31,800 00 

20,000 00 

47,000 00 

25,740 00 

48,000 00 

$20,897,685 50 



iETNA LIFE INSURANCE CO. 



61 



ABSTRACTS OF STATEMENTS OF COMPANIES OF OTHER 

STATES, 



.ETNA LIFE INSURANCE COMPANY, HARTFORD, CONN. 

Incorporated June, 1820. Commenced business October, 1850. 
Paid-up Capital, $2,000,000. 

Morgan G. Bulkeley, President. C. E. Gilbert, Secretary. 

Income. 

Life Department. 

First years' premiums, less $2,832.49 for reinsurance, . . $876,091 05 

Surrender values applied to pay first year's premiums, . . 42,877 87 



con- 



Total first year's premiums on original policies, . 
Dividends applied to purchase paid-up additions, 
Surrender values applied for paid-up insurance, 
Consideration for life annuities, ..... 
Consideration for supplementary contracts involving life 
tingencies, . ... 

Total new premiums, .... $1,383,953 84 
Renewal premiums, less $4,750.57 for reinsurance, 
Dividends applied to pay renewal premiums, 
Surrender values applied to pay renewal premiums, . 

Total renewal premiums, " $9,248,778 47 



$918,968 92 

23,908 48 

354,638 32 

72,438 12 

14,000 00 

8,916,742 93 

330,212 49 

1,823 05 



Total premium income, $10,632,732 31 

Consideration for supplementary contracts not involving life con- 
tingencies, 20,375 00 

Dividends left with company to accumulate, .... 64,315 68 



Total, 



$10,717,422 99 



Accident Department. 



Net cash premiums : 
Accident, ....... 

Health, 

Liability, . . . . 

Workmen's collective, .... 

Both Departments. 
Interest on mortgages, .... 
on collateral loans, . 
on bonds and dividends on stocks, 
on premium notes and policy loans, 
on bank deposits, 
on other debts, 



51,515,270 33 

247,432 91 

2,999,912 03 

57,580 25 $4,820,195 52 



$2,039,915 37 

63,118 17 

1,020,591 48 

442,978 19 

76,284 94 

159 41 



62 



^TNA LIFE INSURANCE CO. 



Discount on claims paid in advance, 
Rent, including $28,500 for occupancy of own 
buildings, ...... 



$3,916 18 

46,506 25 $3,693,469 



Profit on sale or maturity of real estate, $16,940.94; bonds, $390; 

stocks, $29,520.96, 

Profit from Louisville & Nashville stock, 

Total, 



46,851 
1,700 



Total income, 
Ledger assets, Dec. 31, 1907, 

Total, . 



Disbursements. 



Life Department. 
Death claims and additions, .... $3,353,962 02 
Matured endowments, 2,349,739 00 $5,703,701 



Annuities involving life contingencies, 
Premium notes voided by lapse, .... 
Surrender values paid in cash, .... 

applied to pay new premiums, 
applied to pay renewal premiums, . 
applied to purchase paid-up insurance, 
Dividends paid policy holders in cash, 

applied to pay renewal premiums, . 
applied to purchase paid-up additions, 
left with the company to accumulate, 

Total paid policy holders, .... 

Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, 
Dividends held on deposit surrendered, . 
Dividends to stockholders, ..... 
Commissions to agents: new policies, $335,927.11; renewals 

$505,711.10; annuities, $3,243.99, .... 

Commuted renewal commissions, ..... 
Salaries and allowances for agencies, .... 
Agency supervision, traveling and other agency expenses, 
Medical examiners' fees, $59,457.50; and inspections, $20,320, 
Salaries of officers and home office employees, . 
Rent, including $21,000 for occupancy of own buildings, 
Advertising, printing, postage, etc., 
Legal expenses, . . 

Furniture and fixtures, . 
Repairs and expenses on real estate, 
Taxes on real estate, 
State taxes on premiums, 
Insurance department licenses and fees, 
All other licenses, fees and taxes, 
Agents' balances charged off, 
Investment expenses, 
All other, ..... 

Total, 



99 



90 
00 



1,742,021 89 



$19,279,640 
. 84,482,457 



40 

84 



$103,762,098 24 



02 



18,435 


66 


209 


95 


. 1,420,254 81 


42,877 


87 


1,823 


05 


354,638 


32 


324,781 


00 


330,212 49 


23,908 


48 


64,315 


68 


. $8,285,158 33 


6,089 55 


21,242 


80 


22,952 


01 


200,000 


00 


! 844,882 


20 


18,806 


95 


75,504 60 


41,899 


93 


79,777 


50 


287,990 


24 


66,344 


27 


137,416 


84 


8,253 


37 


15,413 


06 


34,052 


28 


11,356 


18 


102,826 


99 


8,971 


18 


254,498 


36 


144 


79 


23,933 


70 


2,558 


79 


$10,550,073 


92 



yETNA LIFE INSURANCE CO. 



63 



Accident Department. 
Losses: accident, $591,244.58; health, $112,273.10; liability, 

$1,549,752.92; workmen's collective, $24,135.07, . 
Investigation and adjustment of claims: accident, $37,803.69 

health, $2,123.77; liability, $145,614.14, 
Commissions, less those on return premiums and reinsurance 

accident, $524,928.89; health, $81,479.28; liability, $702,545 

workmen's collective, $11,516.05, 
Dividends to stockholders, ..... 

Compensation of officers and home office employees, 
Salaries and expenses of agents and agencies, . 
Medical examiners' fees and salaries, 
Inspections, ....... 

Rents, including $7,500 for company's own occupancy, 

State taxes on premiums, . . 

Insurance department licenses and fees, . 

All other licenses, taxes and fees, .... 

Legal expenses, ....... 

Advertising, ....... 

Printing and stationery, ..... 

Postage, telegraph, telephone and express, 
Furniture and fixtures, ...... 

Profit and loss, ....... 

Investment expenses, ...... 

All other, . . . 



$2,277,405 67 
185,541 60 



1,320,469 22 

100,000 00 

181,668 49 

69,817 70 

12,245 49 

101,049 40 

59,253 67 

72,830 89 

3,193 22 

4,248 27 

4,427 76 

20,105 62 

70,404 55 

50,064 40 

23,624 10 

9,024 22 

466 56 

14,588 38 



Total, 

Both Departments. 
Profit and loss, real estate transferred to unlisted assets, 
Profit and loss, bonds transferred to unlisted assets, 
Loss on sale or maturity of stocks and bonds, . 
Decrease, by adjustment, in book value of bonds, 

Total, 

Total disbursements, ..... 

Balance, . . . . . 

Ledger Assets. 
Book value of real estate, ..... 

Mortgage loans on real estate, .... 

Loans secured by collateral (schedule A), 

Loans to policy holders, ..... 

Premium notes on policies in force, . . 

Book value of bonds and stocks (schedule B), . 
Cash in office, ........ 

Deposits in trust companies and banks not on interest, 
Deposits in trust companies and banks on interest, . 
Agents' balances (net), .....; 

Bills receivable, . . . . . 

Total ledger assets, . . 



. $4,580,429 21 



$1,373 32 
62,000 00 
37,255 50 
23,048 60 

. $123,677 42 

$15,254,180 55 



,507,917 69 



$615,132 63 

43,253,713 09 

1,316,770 65 

7,063,194 00 

235,429 73 

29,660,086 58 

76,914 20 

2,178,457 48 

3,968,590 19 

36,322 41 

103,306 73 



,507,917 69 



64 



^ETNA LIFE INSURANCE CO. 



Interest due and accrued on 

Mortgages, 

Bonds, 

Collateral loans, 

Premium notes, 

Other assets, 
Rents due and accrued, 



Non-Ledger Assets. 



,074,275 70 

384,113 64 

18,163 81 

243,932 77 

1,084 28 

475 00 $1,722,045 20 






Market value of stocks and bonds over book value, . 



511,828 96 



Uncollected premiums, . 
Deferred premiums, 

Total, . 
Deduct loading, 

Net uncollected and deferred 
premiums, 



New Business. 

$132,982 65 
57,873 48 

$190,856 13 
37,852 35 



Renewals. 

$597,966 29 
392,178 11 

$990,144 40 
182,903 01 



$153,003 78 $807,241 39 



Gross premiums in course of collection (accident dept.), 
Gross assets, . . . . • ■ . 

Assets not admitted. 

Agents' debit balances, ..... 

Bills receivable, ...... 

Premium obligations and loans in excess of net 
value of their policies, .... 

Uncollected premiums written prior to Oct. 1, 
1908 (Acct. Dept.), 

Special deposits, $4,494,898.73; liability in off- 
set, $4,494,898.73. 



960,245 17 
590,337 87 
$92,292,374 89 



r ,180 53 
103,306 73 

931 10 

114,245 71 



265,664 07 



Admitted assets, 



$92,026,710 82 



Liabilities. 



life. 



Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the Actuaries' table of mor- 
tality, with interest at 4 per cent., and the American table, with 
interest at 3^ and 3 per cent., ..... ti $75,343,738 00 

Deduct net value of risks reinsured, ... . . . 47,090 00 



Net reserve, $75,296,648 00 

Reserve for health and accident benefits contained in life policies, 12,330 00 
Present value of supplementary contracts not involving life con- 
tingencies, 238,979 00 

Surrender values claimable on terminated policies, . . . 8,079 00 

Death losses in process of adjustment, . . $125,823 00 

Death losses reported, . . . . 57,505 00 

Matured endowments due and unpaid, . . 55,205 00 

Death losses and other policy claims resisted, . 31,814.44 

Annuity claims due and unpaid, ... 64 41 270,411 85 



^ETNA LIFE INSURANCE CO. 



65 



Dividends left to accumulate and interest thereon, 

Premiums paid in advance, .... 

Unearned interest and rent paid in advance, 

Commissions to agents due or accrued, 

Miscellaneous accounts due or accrued, . 

Medical examiners' and legal fees due or accrued, 

State, county and municipal taxes due or accrued, 

Dividends or other profits due policy holders, . 

Dividends apportioned on deferred dividend policies, payable 

during 1909, ..... 
Held for 5 year dividend policies payable after 1909, 
Special reserve held by the company on term policies, 
Cost of collection on uncollected and deferred premiums, in excess 

of the loading, on new business, ...... 



Total, . 

Losses and claims : 

Accident, 

Health, 

Workmen's collective, 



$373,197 87 

50,659 38 

191,729 97 

19,202 63 

2,253 05 

10,314 00 

380,633 93 

73,240 92 

190,677 39 
337,727 54 
976,848 00 

19,984 65 

$78,452,917 18 



ACCIDENT. 

Reported 
and Unadjusted. 

$115,439 15 
6,200 22 
4,470 08 



Resisted. 

,123 89 



Totals, . . . $126,109 45 

Losses and claims on liability contracts, . 



,123 89 $214,233 34 
. 1,419,600 00 



Unpaid claims, ......... 

Unearned premiums: accident, $721,425.65; health, $128,615.93; 
liability, $1,041,766.14; workmen's collective, $13,321.21, 

Unearned premiums on reinsurance disallowed, 

Commissions on policies issued after Oct. 1 : accident, $43,666.47; 
health, $5,612.94; liability, $82,533.34; workmen's collective, 
$2,600.21, . . . 

Salaries, rent and miscellaneous accounts due or accrued, . 

State, county and municipal taxes due or accrued, . . . 



Total, . 

Cash capital, 

Unassigned funds (surplus), 



$1,633,833 34 

1,905,128 93 
107 50 



134,412 96 
10,000 00 
69,637 81 

1,753,120 54 



Both Departments. 



Total liabilities, 



. $2,000,000 00 
. 7,820,673 10 

$92,026,710 82 



Premium Note Account. 



Premium notes on hand Dec. 31, 1907, 
Received during 1908, new policies, $4,593.61; 
old policies, $7,224.78, .... 

Used in payment of losses and claims, 

Used in purchase of surrendered policies, 

Voided by lapse, . 

Used in payment of dividends to policy holders, 

Redeemed by maker in cash, .... 

Premium notes on hand Dec. 31, 1908, 



$259,709 17 

. 11,818 39 $271,527 56 



$16,388 83 

2,903 12 

209 95 

4,905 76 

11,690 17 



36,097 83 
$235,429 73 



66 



^ETNA LIFE INSURANCE CO. 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 



Endowment, 

All other, 

Reversionary additions, 



Whole life, . 
Endowment, 
All other, 



Whole life, . 
Endowment, 
All other, 



Whole life, . 
Endowment, 
All other, 



Whole life, . 
Endowment, 
All other, 



Total, . 

Whole life, . 
Endowment, 
All other, 



By death, 
maturity, 
expiry, . 
surrender, 
lapse, 
decrease, 

Not taken, . 



Exhibit of Policies. 

life. 
In Force Dec. 81, 1907. 

Number. Amount. 

29,681 $46,473,954 00 

109,520 192,079,395 00 

15,767 34,711,077 00 

6 00 154,968 $273,264,432 00 



Total No. Total Amount. 



Issued during the Year. 

10,731 $22,178,370 00 

8,965 12,941,100 00 

518 00 



Old Policies revived. 

1 $6,907 00 
55 130,508 00 
11 29,500 00 



Old Policies increased. 

$486 00 
3,000 00 
2,042 00 



Transfers, Deductions. 

11 $17,545 00 

653 1,201,634 00 
334 656,968 00 



998 $1,876,147 00 

Transfers, Additions. 

82 $145,321 00 

254 516,692 00 

662 1,214,134 00 



998 


$1,876,147 00 


Terminated during the Year, 


1,468 
8,353 

2,884 


$2,220,487 00 

17,973,518 00 

5,423,081 00 


12,705 


$25,617,086 00 


How terminated. 


1,875 
1,652 
218 
2,027 
4,204 

2,729 


$3,367,669 00 
2,353,523 00 

395,187 00 
4,910,694 00 
8,253,364 00 

949,364 00 
5,387,285 00 



19,696 35,119,988 00 



67 166,915 00 



5,528 00 



174,731 $308,556,863 00 



12,705 25,617,086 00 



JETNA LIFE INSURANCE CO. 



67 



In Force Dec. 31, 190S. 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 


Number. 

28,285 
111,554 

22,187 


Amount. Total No. Total Amount. 

$44,388,636 00 

195,732,813 00 

42,817,804 00 

524 00 162,026 $282,939,777 00 


In force Dec. 31, 1907, 
Written during the year, 


AC 


CIDENT. 

Accident. 

. $1,412,709 86 
1,958,748 81 

. $3,371,458 67 
2,004,560 52 


Health. 

$238,676 09 
335,555 98 


Totals, 
Expired and cancelled, 


$574,232 07 
317,000 22 


In force Dec. 31, 1908, 
Reinsured, 


. $1,366,898 15 
1,526 50 


$257,231 85 


Net premiums in force, 

In force Dec. 31, 1907, 
Written during the year, 


. $1,365,371 65 

Liability. 

. $2,072,990 66 
3,627,494 82 


$257,231 85 

Workmen's 
Collective. 

$19,659 81 
98,675 67 


Totals, 
Expired and cancelled, 


. $5,700,485 48 
3,616,963 60 


$118,335 48 
91,693 05 


In force Dec. 31, 1908, 


. $2,083,521 88 


$26,642 43 



Business in Massachusetts during the Year. 



ACCIDENT. 



Accident, 

Health, 

Liability, 

Totals, 



Premiums received. Losses paid. 

$100,336 71 $32,072 76 

13,572 47 8,110 05 

237,403 19 106,470 61 



5351,312 37 $146,653 42 



Schedule A. Securities held as Collateral. 



10,000 shares Russell & Erwin Manufacturing Co 
40 " Connecticut Eire Insurance Co., 

5 " Hartford Fire Insvirance Co., 

20 " National Fire Insurance Co., 

5 " Travelers' Insurance Co. 

5 " Travelers' Insurance Co. 

1,200 " Swift & Co., 

American Thread Co. 4s, 1919, . 

10,000 shares American Thread Co., 

48 " Travelers' Insurance Co., 

4,000 " English Sewing Cotton Co., 

100 " Plimpton Manufacturing Co., 

Hazardville Water Co. 5s, 1910, 

2 shares Connecticut River R.R. Co., 
5 " American Hardware Co., 
2 " The Collins Co., . 



Company's 

Market Value 

$500,000 00 

10,400 00 " 

2,500 00 

5,500 00 

2,500 00 

2,500 00 

121,200 00 

337,625 00 

40,000 00 

24,000 00 

28,000 00 

7,000 00 

8,000 00 

526 00 

575 00 

290 00 J 



Loaned 
Thereon. 

$200,000 00 



17,000 00 

100,000 00 

334,632 10 

15,000 00 
5,000 00 
5,000 00 
8,000 00 

1,100 00 



68 



.ETNA LIFE INSURANCE CO. 



25 shares -Etna Indemnity Co., . 

124 " iEtna Insurance Co., 
139 " Hartford Carpet Co., common, 
139 " Hartford Carpet Co., preferred, 

Riverside Water Co. 5£s, 
Arizona Water 1st mortgage bonds, 
Income bond, .... 
25 shares United States Bank, 

80 " .Etna Insurance Co., 
33 " Hartford Carpet Co., common, 
33 " Hartford Carpet Co., preferred, 

654 " Kellogg & Bulkeley Co., 
150 " United States Bank, 
Bond and mortgage, 

300 shares Spring Brook Ice Co., . 

15 " Adams Express Co., 
10 " Hartford Fire Insurance Co., 
10 " National Fire Insurance Co., 
10 " Travelers' Insurance Co., 

12 " N. Y., N. H. & Hartford R.R. Co. 

81 " Hartford Electric Light Co., 
50 " United States Bank, 

150 " J. B. Williams Co., 

500 " N. Y., N. H. & Hartford R.R. Co. 

4 " ./Etna Insurance Co., 

125 " Hartford Fire Insurance Co 
52 " .Etna Insurance Co., 

13 " .Etna Insurance Co., 
21 " Travelers' Insurance Co., 

139 " Travelers' Insurance Co., 

16 " .Etna Insurance Co., 
108 " Travelers' Insurance Co., 

2,375 " Colt's Arms Co., . 

50 " Travelers' Insurance Co., 
40 " Hartford Steam B. I. & I. Co 
300 " Hartford Ice Co., 

5 " National Fire Insurance Co., 
10 " Connecticut Fire Insurance Co., 

Bond and mortgage, .... 

350 shares C. S. Mersick & Co., preferred, 



Company's 

Market Value. 

$625 00 

38,440 00 

4,170 00 

15,985 00 

20,000 00 

7,044 00 

12,500 00 j 
24,800 00 
1,990 00 
3,795 00 
32,700 00 
75,000 00 
6,000 00 1 
7,500 00 j 
2,775 00 1 
5,000 00 ( 
2,750 00 f 
5,000 00 j 
1,932 00 
16,443 00 
25,000 00 
52,500 00 
80,500 00 
1,240 00 
62,500 00 
16,120 00 
4,030 00 
10,500 00 
69,500 00 
4,960 00 
54,000 00 
199,500 00 
25,000 00 
10,200 00 
7,500 00 
1,375 00 
2,600 00 
700 00 
35,000 00 



Loaned 
Thereon. 



5,444 00 



102,500 00 



6,000 00 



10,000 00 



1,700 
15,000 
20,000 
16,000 
45,000 
300 



00 
00 
00 
00 
00 
00 



30,200 00 



2,000 

5,000 

40,000 



00 
00 
00 



48,000 


00 


43,794 


55 


14,000 


00 


5,000 


00 


2,600 


00 


500 


00 


30,000 


00 



$2,037,790 00 $1,316,770 65 



Schedule B. Stocks and Bonds owned by the Company. 



250 
153 

500 

307 

199 

108 

250 

368 

514 

58 

63 

1,900 

1 

2,777 

320 

1,180 

765 

1,632 

836 

448 

25 
235 

53 
377 
773 



Railroad Stocks. 
shares C, C, C. & St. Louis, preferred, 

Chic, Mil. & St. P., com. (85% pd.) 
Chic, Mil. & St. Paul, preferred, 
Ch., Mil. & St. P., pref. (85% pd.) 
Chicago & Northwestern, 
Chicago, Rock Island & Pacific, 
Connecticut & Passumpsic, . 
Connecticut River, 
Illinois Central, 

Keokuk & Des Moines, common, 
Keokuk & Des Moines, pref., 
Louisville & Nashville, 
Mobile & Ohio, . 
N. Y., N. H. & Hartford, 
Pennsylvania, 
Union Pacific, preferred, 
Bank Stocks. 
shares .Etna National, Hartford, Conn., 
" Amer. Nat., Hartford, Conn., 
" Char. Oak Nat., Hartford, Conn., 
" Citv, Hartford, Conn., . 
" Commonwealth Tr. Co., N. Y., 
" Conn. R. Bank. Co., Hart., Conn., 
" Conn. Tr. & Safe D. Co., Hart., 
" Far. & Mech. Nat., Hart., Conn., 
" First National, Hartford, Conn., 



Book Value. 
$24,700 00 
13,005 00 
33,970 58 
26,095 00 
18,953 01 
10,800 00 
25,250 00 
39,372 25 
35,384 14 

6,533 20 

255,655 00 

9 60 

316,097 84 

17,987 50 

100,867 50 

88,086 96 

95,022 87 

97,572 25 

60,900 75 

15,000 00 

20,365 00 

19,550 00 

83,664 25 

95,460 66 



Rate. 

99 
146 
164 
160 
184 
115 
140 
260 
149 
7 

28 
125 

83 
161 
132 

96 

220 

140 

125 
95 
85 

180 

275 

113 

150 



Market Value. 

$24,750 00 

20,043 00 

82,000 00 

44,515 00 

36,616 00 

12,420 00 

35,000 00 

95,680 00 

76,586 00 

406 00 

1,764 00 

237,500 00 

83 00 

447,097 00 

21,120 00 

113,280 00 

168,300 00 

114,240 00 

104,500 00 

42,560 00 

2,125 00. 

12,690 00 

14,575 00 

42,601 00 

115,950 00 



iETNA LIFE INSURANCE CO. 



69 



66 shares First National, Suffield, Conn., 
750 " Hartford National, Conn., 
250 " Hartford Trust Co., Conn., . 
100 " Home National, Meriden, Conn., 
1,552 " National Ex., Hartford, Conn., 
250 " New Britain National, Conn., 
918 " Phoenix National, Hartford, Conn 
133 " Rockville National, Conn., 
100 " Security Co., Hartford, Conn., 
133 " United'States, Hartford, Conn., 

Miscellaneous Stocks. 
800 shares Adams Express Co., 
1,165 " iEtna Fire Insurance Co., 
5,000 " iEtna Accident & Liability Co., 
160 " Hartford Fire Insurance Co., 
550 " Hart. St. Boiler Insp. & Ins. Co., 
34 " Louisville Property Co., 
3,607 " Travelers' Insurance Co., 
2,562 " Western Union Telegraph Co. 
Government Bonds. 

British Consols 2-|s, 1913, 

United States 4s, 1925, . 

State, County and Municipal Bonds. 

Ainsworth, Neb., 6s, 1909, 

Alma, Neb., 6s, 1907, 

Alma Township, Neb., 6s, 1907, 

Arizona 5s, 1942, op. 1912, 

Atkinson, Neb., 6s, 1910, op. 1909, . 

Baxter Springs, Kan., 6s, 1919, 

Baxter Springs, Kan., 6s, 1915, 

Beatrice, Neb., 3s, 1922, op. 1909, 

Belleville City, Can., 4$s, 1930, . 

Bexar County, Tex., 5s, 1937, op. 1909, 

Bexar County, Tex , 5s, 1937, . 

Brantford, Ont., 4s, 1918, 

Bridgeport, Conn., 3*s, 1909, . 

Bridgeport, Conn., 3£s, 1910-11, 

Bridgeport, Conn., 3$s, 1912-14, 

Bridgeport, Conn., 3*s, 1915-16, 

Bridgeport, Conn., 3$s, 1917-19, 

Bridgeport, Conn., 3*s, 1920-23, 

Bridgeport, Conn., 3^s, 1924-27, 

Bridgeport, Conn., 3|s, 1928-31, 

Burlington, Conn., 4s, on demand, 

Burnside, Conn., 4s, on demand, 

Burnside, Conn., 5s, on demand, 

Burton City, Kan., 4s, 1909, 

Burton City, Kan., 4s, 1910, 

Burton City, Kan., 4s, 1911, 

Burton City, Kan., 4s, 1912, 

Burton City, Kan., 4s, 1913, 

Burton City, Kan., 4s, 1914, 

Burton City, Kan., 4s, 1915, • . 

Burton City, Kan., 4s, 1916, 

Burton City, Kan., 4s, 1917, 

Center Tp., Garfield County, Kan., 6s, 1920, 

Center Tp., Ness County, Kan., 6s, 1919, 

Cimarron City, Kan., 2s, 1920, . 

Clallam County, Wash., 4-Js, 1921, 

Clallam County, Wash., 6s, 1912, op. 1909, 

Cleveland City, O., 4s, 1912, 

Cleveland City, O., 4s, 1919, 

Coaticook, Que., 5s, 1910, 

Connecticut 3s, 1910, 

Conway Springs, Kan., 3s, 1909-10, 

Conway Springs, Kan., 3s, 1911, 

Conway Springs, Kan., 3s, 1912, 

Conway Springs, Kan., 3s, 1913, 

Conway Springs, Kan., 3s, 1914, 

Conway Springs, Kan., 3s, 1915, 

Conway Springs, Kan., 3s, 1916, 



Book Value. 
$8,375 00 

107,720 25 
27,465 00 
13,375 00 
93,729 80 
28,450 00 

124,285 50 
13,300 00 
10,000 00 
40,823 50 

80,000 00 
344,736 68 
750,000 00 

73,870 00 

120,762 50 

1,700 00 

939,247 98 

219,996 75 

457,791 56 
168,000 00 

2,000 00 

8,122 50 

5,866 25 
130,000 00 

7,000 00 
10,000 00 

5,217 50 
10,000 00 
50,000 00 
67,160 00 
30,000 00 
97,500 00 
15,000 00 
30,000 00 
45,000 00 
30,000 00 
45,000 00 
60,000 00 
30,000 
20,000 

5,000 

1,000 
700 

1,000 

1,000 

1,000 

1,000 

1,000 

1,000 00 

1,000 00 

1,000 00 
500 00 

14,860 00 

3,350 00 

30,000 00 

5,000 00 

100,000 00 

100,000 00 

21,000 00 

247,825 00 

1,000 00 

500 00 

500 00 

500 00 

500 00 

500 00 

500 00 



00 
00 
00 
00 
00 
00 
00 
00 
00 
00 



Rate. 
150 
142 
190 
125 
126 
165 
122 
112 
150 
400 

195 

304 
150 
503 
240 

59 
550 

69 

83 
120 

100 

100 

100 

102 

100 

110 

105 

80 

100 

100 

100 

94 

100 

99 

98 

97 

96 

95 

94 

93 

100 

100 

100 

99 

98 

97 

95 

94 

93 

92 

91 

90 

104 

104 

78 

103 

100 

101 

102 

101 

99 

97 

95 

94 

92 

90 

89 

88 



Market Value. 
$9,900 00 

106,500 00 
47,500 00 
12,500 00 
97,776 00 
41,250 00 

111,996 00 
14,896 00 
15,000 00 
53,200 00 

156,000 00 

354,160 00 

750,000 00 

80,480 00 

132,000 00 

2,006 00 

1,983,850 00 

176,778 00 

403,933 33 
180,000 00 

2,000 00 

9,000 00 

6,500 00 

132,600 00 

7,000 00 

11,000 00 

5,775 00 

8,000 00 

50,000 00 

64,000 00 

30,000 00 

94,000 00 

15,000 00 

29,700 00 

44,100 00 

29,100 00 

43,200 00 

57,000 00 

28,200 00 

18.600 00 

5,000 00 

1,000 00 

700 

990 

980 

970 

950 

940 

930 

920 

910 

450 

7,280 

11,440 

2,613 

30,900 

5,000 00 

101,000 00 

102,000 00 

21,210 00 

247,500 00 

970 

475 

470 

460 

450 

445 

440 



00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 



00 
00 
00 
CO 
00 
00 
00 



70 



^ETNA LIFE INSUEANCE CO. 



Conway Springs, Kan., 3s, 1917, 

Conway Springs, Kan., 3s, 1918, 

Conway Springs, Kan., 3s, 1919, 

Conway Springs, Kan., 3s, 1920, 

Conway Springs, Kan., 3s, 1921, 

Conway Springs, Kan., 3s, 1922, 

Conway Springs, Kan., 3s, 1923, 

Conway Springs, Kan., 3s, 1924, 

Conway Springs, Kan., 3s, 1925, 

C6te St., Antoine, Can., 4s, 1932, 

Dalles, Ore., 6s, 1910, 

Downs, Kan., 6s, 1918, 

East Windsor, Conn., 4s, 1926, op. 1909, 

Edmonton, Can., 4£s, 1921-22, 

Edmonton, Can., 4^s, 1923-25, 

Edmonton, Can., 4£s, 1926-29, 

Edmonton, Can., 4£s, 1930-33, 

Ellsworth, Kan., 4s, 1909, 

Ellsworth, Kan., 4s, 1910, 

Ellsworth, Kan., 4s, 1911, 

Ellsworth, Kan., 4s, 1912, 

Ellsworth, Kan., 4s, 1913, 

Ellsworth, Kan., 4s, 1914-15, 

Ellsworth, Kan., 4s, 1916, 

Ellsworth, Kan., 4s, 1917-18, 

Ellsworth, Kan., 4s, 1919, 

Ellsworth, Kan., 4s, 1920-21, 

Ellsworth, Kan., 4s, 1922-23, 

Fenwick, Conn., 4s, on demand, 

Ford, Kan., 6s, 1919, 

Gait, Ont., 4s, 1920, 

Galveston County, Tex., 5s, 1937, op. 1909, 

Glastonbury, Conn., 4s, on demand, 

Goldendale^ Wash., 6s, 1910, . 

Halifax, N. S., 4^s, 1916, . 

Hamilton, Ont., 4s, 1909-10, . 

Hartford, Conn., 3£s, 1930, 

Hartford, Conn., 3^s, 1938, 

Hartford County, Conn., 4s, on demand, 

Hartford, Conn., South school dist. 3^s, 1955, 

Hartford, Conn., South school dist. 3-^s, 1931, 

Hartford, Conn., Wash, school dist. 3-^s, 1924, 

Hartford, Conn., 3s, 1909, 

Hull, Que., 5s, 1911, 

Hunt, 111., 6s, 1909, 

Hunt, 111., 6s, 1910, 

Hunt, 111., 6s, 1911, 

Huntington, Conn., 4s, 1928, 

Killingly, Conn., 4s, demand, 

Kingston, Can., 4^s, 1908-10, . 

Kingston, Can., 4^s, 1911-15, . 

Kingston, Can., 4$s, 1916-19, . 

Klickitat County, Wash., 6s, 1916, 

Lake County, Ind., 4+s, 1909-10, 

Lake Countv, Ind., 4-|s, 1911-15, 

Lake County, Ind., 4*s, 1916-19, 

Las Animas County, Col., 6s, 1910, op. 1909, 

Lebanon, Ind., 5s, 1910, . 

Lebanon, Ind., 5s, 1909, . 

Levis, Can., 5s, 1922, 

Lewis Countv, Wash., 5+s, 1912, op. 1909, 

Lincoln, Neb., 4£s, 1918^ op. 1909, 

Lincoln, Neb., 4s, 1912-14, 

Lincoln, Neb., 4s, 1915-17, 

Lincoln, Neb., 4s, 1918-20, 

Lincoln, Neb., 4s, 1921-23, 

Lincoln, Neb., 4s, 1924, . 

London, Ont., 4£s, 1917, . 

Manchester, Conn., 4s, 1918, 

Manchester, Conn., 4s, 1910-12, 

Manchester, Conn., 4s, 1913-14, 

Manitoba Province, Can., 5s, 1910, 



Book Value. 


Rate. 


Market Value. 


$500 


00 


86 


8430 00 


500 


00 


85 


425 00 


500 


00 


84 


420 00 


500 


00 


83 


415 00 


500 


00 


82 


410 00 


500 


00 


81 


405 00 


500 


00 


80 


400 00 


500 


00 


79 


395 00 


500 


00 


77 


385 00 


98,250 


00 


93 


93,000 00 


12,500 


00 


102 


12,750 00 


10,600 


00 


100 


11,500 00 


75,000 


00 


100 


75,000 00 


• 1 


f 


93 


8,364 23 


• \ 97,637 


73 I 


92 

91 


24,463 32 
29,263 63 


" J 


I 


90 


29,159 16 


500 


00 


100 


500 00 


1,000 


00 


99 


990 00 


1,000 


00 


98 


980 00 


1,000 


00 


97 


970 00 


1,000 


00 


96 


960 00 


2,000 


00 


95 


1,900 00 


1,000 


00 


94 


940 00 


2,000 


00 


93 


1,860 00 


1,000 


00 


92 


920 00 


2,000 


00 


91 


1,820 00 


20,000 


00 


90 


18,000 00 


5,000 


00 


100 


5,000 00 


14,700 


00 


108 


16,200 00 


49,125 


00 


96 


48,000 00 


18,000 


00 


100 


18,000 00 


10,000 


00 


100 


10,000 00 


12,500 


00 


102 


12,750 00 


100,000 


00 


102 


102,000 00 


6,456 


97 


100 


6,949 92 


20,000 


00 


95 


19,000 00 


70,000 


00 


93 


65,100 00 


95,000 


00 


100 


95,000 00 


200,000 


00 


92 


184,000 00 


54,662 


50 


94 


51,700 00 


23,000 


00 


96 


22,0S0 00 


71,600 


00 


100 


79,000 00 


40,000 


00 


101 


40,400 00 


• I 


f 


100 


6,500 00 


17,750 


00 j 


101 


6,565 00 


• J 


102 


5,610 00 


37,000 


00 


100 


37,000 00 


50,000 


00 


100 


50,000 00 


30,163 


99 


100 


30,163 99 


5,700 


00 


101 


5.757 00 


5,500 


00 


102 


5,610 00 


17,000 


00 


109 


18,530 00 


4,000 


00 


100 


4,000 00 


9,754 


00 


101 


9,851 54 


2,508 


00 


102 


2,558 16 


14,300 


00 


100 


14,300 00 


1,500 


00 


101 


1,515 00 


1,500 


00 


100 


1,500 00 


15,000 


00 


100 


15,000 00 


10,750 


00 


100 


10,000 00 


20,000 


00 


100 


20,000 00 


64,500 


00 


98 


63.210 00 


79,500 


00 


97 


77,115 00 


79,500 


00 


96 


76.320 00 


36,500 


00 


95 


34,675 00 


5,000 


00 


94 


4,700 00 


75,000 


00 


100 


75,000 00 


25,000 


00 


101 


25,250 00 


15,000 


00 


100 


15,000 00 


10,000 


00 


101 


10,100 00 


149,893 


34 


101 


151,392 27 



.ETNA LIFE INSUKANCE CO. 



71 



Meadow school district, Conn., 4s, demand, 
Montreal, Can., 3$s, 1939, 
Montreal Harbor, Can., 5s, 1914, 
Montreal Harbor, Can., os, 1915, 
Montreal, Can., Protestant school 4s, 1920 
Montreal, Can., Roman Catholic sch. 4s, 1921, 
Mount Forest, Can., 5s, 1916, 
Naugatuck, Conn., 4s, 1912, 
Ness, Kan., 2s, 3s, 1909-25, 
Ness, Kan., 2s, 3s, 1926, . 
New Brunswick, Can., 4s, 1921-22, 
New London, Conn., 3£s, 1920, 
New York, N. Y., 3*s, 1954, 
North St. Paul, Minn., 6s, 1919, 
Nova Scotia Province, Can., 3s, 1922, 
Old Lvme, Conn., 4s, demand, . 
Ottawa, Can., 5s, 1917, 
Pacific Countv, Wash., 5s, 1921, 
Parkdale, Can., 4£s, 1909, 
Parkdale, Can., 4s, 1909, . 
Parkdale, Can., 4s, 1919, . 
Parke Countv, Ind., 4-J-s, 1909, . 
Parke Countv, Ind., 4^s, 1910-11, 
Parke Countv, Ind., 4*s, 1912-14, 
Parke Countv, Ind., 4*s, 1915-17, 
Parke Countv, Ind., 4^s, 1918-20, 
Parke Countv, Ind., 4*s, 1921-24, 
Patoka Twp., Pike County, Ind., Us, 1913 
Prince Edward Island, Can., 4s, 1916, 
Quebec, Can. (Prot. Hos. for Insane), 4*s, 1912, 
Quebec, Can., Harbor 4s, 1929, 
Quebec, Can., 5s, 1914, 
Quebec Province, Can., 4s, 1934, 
Roanoke, Va., Us, 1936, . 
Rockville, Conn., 4s, 1926, op. 1909, 
San Francisco, Cal., 5s, 1923, 
San Francisco, Cal., 5s, 1925, 
San Francisco, Cal., 5s, 1926-27, 
San Francisco, Cal., 5s, 193S, 
San Francisco, Cal., 5s, 1939-40, 
Sault Ste. Marie, Can., 5s, 1918-19, 
Sault Ste. Marie, Can., 5s, 1921, 
School District No. 8, Stevens Co.. Kan., 2s, 1913 
School District No. 19, Neb., 6s, 1909, 
Sherbrooke, Que., 4s, 1916, 
South Hutchinson, Kan., 4^s, 190S, 
Sprague, Conn., 5s, 1910, . 
Stamford, Conn., 5s, 1909. 
St. Hyacinthe, Que., 4+s, 1913, . 
St. Johns, New Brunswick, 4s, 1911, 
St. Johns, New Brunswick, 4s, 1930-31-37, 
St. Johns, New Brunswick, 4s, 1946, 
St. Paul, Neb., Us, 1921, op. 1909, 
Stratford, Ont., 5s, 1915, . 
St. Thomas, Can., 4i S , 1909-30, 
Tennessee 3s, 1913, . 
Three Rivers, Can., 5s, 1918, 
Toronto, Ont., 4s, 1911, . 
Toronto, Ont., 4s, 1925, . 
Toronto, Ont., 3+s, 1911, . 
Toronto, Ont., 3£s, 1944, . 
Toronto Junction, Ont., 2£s, 1943, op. 1909 
Valentine, Neb., 6s, 1909. 
Valley, Kan.. 6s, 1920, 
Vancouver, B. C, 5s, 1930, 
B. O, 5s, 1929, 

B. C, 4s, 1925, 
, Neb., 7s, 1908, 
O, 4s, 1919, . 

C, 4s, 1925, . 



^ ancouver, 
Vancouver, 
Victor Prec 
Victoria, B. 
Victoria, B. 
Virginia 3s, 



1932, op. 1909, 



Waller County, Tex., 4s, 1941, 



Book Value. 


Rate. 


Market Value. 


81,000 


00 


100 


81,000 00 


260,000 


00 


91 


236,600 00 


10,000 


00 


102 


10,200 00 


50,000 


00 


103 


51,500 00 


200,687 


60 


100 


203,000 00 


85.000 


00 


100 


85,000 00 


20,000 


00 


102 


20,400 00 


9,975 


00 


100 


10,000 00 


8,875 


00 | 


86 

77 


7,740 00 
385 00 


66,000 


00 


100 


66,000 00 


225,000 


00 


95 


213,750 00 


350,000 


00 


90 


315,000 00 


22,000 


00 


115 


25,300 00 


43.937 


50 


90 


45,000 00 


17,000 


00 


100 


17,000 00 


100,000 


00 


107 


107,000 00 


33.000 


00 


105 


34,650 00 


2.300 


00 


100 


2,300 00 


17,918 


34 


100 


17,918 34 


20,000 


00 


98 


19,600 00 


2,815 


52 


100 


2,S15 52 


5,631 


04 


99 


5,574 73 


S,446 


56 


98 


8,277 63 


8,446 


56 


97 


8,193 16 


8,446 


56 


96 


8,108 70 


11,262 


18 


95 


10.699 07 


S,800 


00 


100 


8,800 00 


97,250 


00 


100 


100,000 00 


74.000 


00 


101 


74,740 00 


40,000 


00 


98 


39,200 00 


40,000 


00 


104 


41,600 00 


94,899 


67 


100 


97,333 34 


50,000 


00 


103 


51,500 00 


50,000 


00 


100 


50,000 00 


10,000 


00 


111 


11,100 00 


50,000 


00 


112 


56,000 00 


90,000 


00 


113 


101,700 00 


10,000 


00 


117 


11,700 00 


40,000 


00 


118 


47,200 00 


11.900 


00 | 


107 
108 


7,490 00 
5,400 00 


4,000 


00 


75 


3.000 00 


5,000 


00 


100 


5,000 00 


72,750 


00 


94 


70,500 00 


3,500 


00 


100 


3,500 00 


25,000 


00 


101 


25,250 00 


50,000 


00 


100 


50,000 00 


30,000 


00 


100 


30,000 00 


4,443 


75 


99 


4,455 00 


144.931 


25 


96 


139,680 00 


49,374 


76 


95 


47,620 34 


18,500 


00 


98 


18.130 00 


19,000 


00 


100 


19,000 00 


93,636 


10 


100 


93,636 10 


25,100 


00 


95 


23,845 00 


32,500 


00 


104 


33.S00 00 


358,317 


00 | 


100 
99 


260,000 00 
101,178 00 


9S.020 


00 


99 


99,000 00 


434,350 


00 


88 


42S,266 67 


111,815 


00 


96 


111,936 00 


4,400 


00 


100 


4,400 00 


2.375 


00 


104 


2,600 00 


125.000 


00 


111 


138,750 00 


100.000 


00 


110 


110,000 00 


94,000 


00 


97 


97,000 00 


1,000 


00 


100 


1,000 00 


75,000 


00 


98 


73,500 00 


18,800 


00 


97 


19,400 00 


23,357 


94 


94 


24,646 SO 


10,000 


00 


91 


9,100 00 



72 



^ETNA LIFE INSURANCE CO. 



Warren Twp., Putnam County, Ind., 4|s, 1909-24, 

Washington County, Ind., 4-Js, 1909-15, 

Washington Twp., Pike Co., Ind., 4^s, 1912-20, 

Webster, la., 5s, 1912, 

West Hartford, Conn., 4^s, demand, 

Westmount, Que., 3£s, 1938, 

Windsor, Can., 5s, 1909, . 

Windsor, Can., 5s, 1910, . 

Winnipeg, Man., 4s, 1912, 

Wymore, Neb., 4s, 1925, op. 1915, 

Railroad Bonds. 
Atchison, Topeka & Santa Fe gen. mtge. 4s, 1995, 
Atlantic Coast Line (L. & N. col.) 4s, 1952, 
Bait. & Ohio (Pitts., L. E. & W. Va. ref .) 4s, 1941, 
Belt Ry., Chattanooga, Tenn., 5s, 1945, 
Bristol & Plainville 4$s, 1945, . 
Central of Georgia consolidated 5s, 1945, 
Central of Georgia (Chattanooga Div.) 4s, 1951, 
Central of Georgia (Mobile Div.) 5s, 1946, 
Chicago, Burlington & Quincv 3-js, 1949, 
C, O, C. & St. Louis 4s, 1993, . 
Chicago & Erie 5s, 1982, . 
Chic, Milwaukee & St. Paul (So. Minn;) 6s, 1910 
Chicago North Shore Street 6s, 1912, 
Chicago & Northwestern 3-jS, 1987, 
Chicago & Western Indiana 4s, 1952, 
Choctaw, Oklahoma & Gulf 5s, 1919, 
Cleveland Electric 5s, 1913, 
Consolidated Railways 4s, 1956, 
Consolidated Railways 4s, 1954, 
Consolidated Railways 4s, 1955, 
Delaware & Hudson Canal Co. 4s, 1916, 
Eastern of Minnesota 4s, 1948, . 
Easton & Amboy 5s, 1920, 
Elgin, Joliet & Eastern 5s, 1941, 
Elmira, Cortland & Northern 6s, 1914, 
Erie (Pennsylvania col.) 4s, 1951, 
Evansville & Terre Haute 5s, 1942, . 
Hartford, Manchester & Rockville 5s, 1924, 
Hartford Street 4^s, 1930, 
Hartford Street 4s, 1930, . 
Illinois Central refunding 4s, 1955, 
Illinois Central (Louisville Div.) 3£s, 1953, 
Illinois Central (Western Lines) 4s, 1951, 
Keokuk & Des Moines 5s,' 1923, 
Lake Shore & Michigan Southern 4s, 1928, 
Lehigh Valley 4£s, 1940, . 
Manhattan 4s, 1990, 
Metropolitan Crosstown 5s, 1920, 
Metropolitan Street 4s, 2002, 
Midland Terminal of Colorado 5s, 1925, 
Minneapolis & St. Louis 4s, 1949, 
Minneapolis, St. Paul & Sault Ste. Marie 4s, 1938, 
Mo., Kan. & Texas (St. Louis Div.) 4s, 2001, 
New England consolidated 5s, 1945, . 
New York Central & Hudson R. 3^s, 1997, 
N. Y. Cent. & Hud. R. (L. Shore col.) 3£s, 1998, 
New York Central & Hud. R., notes, 5s, 1910, 
New York, Lackawanna & Western 4s, 1923, 
N. Y., New Haven & Hart. deb. conv. 3^s, 1916, 
N. Y., N. H. & Hart. deb. conv. 6s, 1948, 
N. Y., N. H. & Hartford, notes, 5s, 1909, 
New York, Ontario & Western 4s, 1955, 
Norfolk & Western 4s, 1944, 
Nor. Pac.-Gt. Nor. (C, B. & Q. col.) 4s, 1921, 
Northern Pacific Terminal 6s, 1933, . 
Pennsylvania Co. 3-^s, 1941, 
Port Reading 5s, 1941, 
Railroad Securities Co. 4s, 1952, 
Reading (Jersey Central col.) 4s, 1951, 
Seaboard Air Line (At. & Birm. Div.) 4s, 1933, 
South Carolina & Georgia 5s, 1919, 



Book Value. 

$9,680 00 

20,860 00 

6,200 00 

15,000 00 

125,000 00 

100,000 00 

2,911 00 

60,206 03 

49,395 00 

5,000 00 

96,000 00 

285,750 00 

248,750 00 

100,000 00 

60,000 00 

188,812 50 

45,750 00 

25,000 00 

36,000 00 

94,000 00 

238,375 00 

25,000 00 

25,000 00 

636,506 81 

523,500 00 

76,675 00 

100,000 00 

500,000 00 

838,000 00 

206,870 00 

5,000 00 

266,250 00 

24,000 00 

25,000 00 

150,000 00 

467,500 00 

68,000 00 

11,000 00 

100,000 00 

206,020 00 

99,000 00 

95,000 00 

100,000 00 

15,500 00 

200,000 00 

100,000 00 

207,500 00 

25,000 00 

390,000 00 

5S,000 00 

146,250 00 

97,500 00 

69,750 00 

109.118 75 

259,687 50 

841,825 00 

99,625 00 

100,000 00 

345,000 00 

249,100 00 

150,000 00 

243,125 00 

117,215 00 

563,250 00 

94,000 00 

500,000 00 

150,000 00 

395,375 00 

189,250 00 

329,750 00 

89,000 00 



Rate. 

98 
100 
100 
102 
100 

84 
100 
101 
100 

89 

100 

86 

96 
100 
100 
108 

90 
108 

92 

98 
115 
102 

75 

93 

98 
103 

95 

91 

92 

91 
101 

96 
107 
108 
102 

86 
102 
105 
100 
100 
100 

89 
100 
103 

95 
107 

99 

75 

60 

99 

S4 

99 

86 
119 

95 

84 
101 
100 

98 
135 
100 

93 

-94 

98 

113 

91 
105 

91 

97 

SI 
102 



Market Value. 
$9,486 40 
20,860 00 

6,200 00 

15,300 00 

125,000 00 

84,000 00 

2,911 00 
60,808 09 
50,000 00 

4,450 00 

100,000 00 

258,000 00 

240,000 00 

100,000 00 

60,000 00 

216,000 00 

45,000 00 

27,000 00 

33,120 00 

98,000 00 

269,100 00 

25,500 00 

18,750 00 

589,620 00 

519,400 00 

72,100 00 

95,000 00 

455,000 00 

782,000 00 

192,010 00 

5,050 00 

240,000 00 

25,680 00 

27,000 00 

153,000 00 

430,000 00 

69,360 00 

11,550 00 

100,000 00 

209,000 00 

100,000 00 

89,000 00 

100,000 00 

15,965 00 

190,000 00 

107,000 00 

198,000 00 

18,750 00 

240,000 00 

57,420 00 

126,000 00 

99,000 00 

64,500 00 

101,150 00 

237,500 00 

722,400 00 

101,000 00 

100,000 00 

338,100 00 

336,285 00 

150,000 00 

232,500 00 

111,860 00 

568,400 00 

106,220 00 

455,000 00 

157,500 00 

364,000 00 

194,000 00 

2S3,500 00 

90,7S0 00 



CONNECTICUT GENERAL LIFE INSURANCE CO. 



73 



Southern Pacific 4», 1955, 

Southern, note, 5s, 1910, . 

Southern (St. Louis Div.) 4s, 1951, 

St. Lo., Iron Mt. & South. (R. & G. Div.) 4s, 

St. Louis, Iron Mt. & Southern 5s, 1931, 

Terminal Association of St. Louis 4s, 1953, 

Terre Haute & Peoria 5s, 1942, 

Ulster & Delaware 5s, 1928, 

Union Pacific 4s, 1947, 

United Rys. of St. Louis 4s, 1934, 

Vermont Valley 5s, 1910, . 

Wabash, Pittsburgh Terminal 1st 4s, 1954, 

Wheeling & Lake Erie 4s, 1949, 

Miscellaneous Bonds. 
Adams Express Co. 4s, 1948, 
Adams Express Co. 4s, 1947, 
Arizona Water Co. 5s, 1919, 
Arizona Water Co. income 5s, 1919, . 
C. R. B. & H. D., com., notes, 5s, 4^s and 4s, 
Hartford Electric Light Co. 5s, demand, 
Northwestern Telegraph Co. 4-^s, 1934, 
Riverside Water Co. 5£s, 1912, . 
Valley City Milling Co. 6s, 1915, 
Western Union Tel. Co. 4-|s, 1950, 



1933 



dem. 



Book Value. 


Rate. 


Market Value. 


. $242,500 


00 


95 


$237,500 00 


97,000 


00 


95 


95,000 00 


787,750 


00 


85 


680,000 00 


285,000 


00 


89 


267,000 00 


154,500 


00 


112 


168,000 00 


372,062 


50 


96 


360,000 00 


25,375 


00 


109 


27,250 00 


54,000 


00 


106 


57,240 00 


12S,750 


00 


103 


133,900 00 


86,000 


00 


83 


83,000 00 


150,750 


00 


100 


150,000 00 


307,375 


00 


56 


196,000 00 


46,750 


00 


82 


41,000 00 


86,337 


50 


91 


78,715 00 


144,000 


00 


93 


148,800 00 


21,681 


00 


10 


2,168 10 


19,000 


00 





- 


610,000 


00 


100 


610,000 00 


40,000 


00 


100 


40,000 00 


54,500 


00 


93 


50,685 00 


225,000 


00 


90 


225,000 00 


10,000 


00 


100 


10,000 00 


660,775 


00 


96 


626,880 00 


$29,660,086 


58 


130,171,915 54 



CONNECTICUT GENERAL LIFE INSURANCE COMPANY, HARTFORD, 

CONN. 

Incorporated June, 1865. Commenced business October, 1865. 
Paid-up Capital, $150,000. 

Robert W. Huntington, Jr., President. George E. Bulkley, Secretary. 

Income. 

First year's premiums, less $12,685.24 for reinsurance, . . $158,824 19 

Surrender values applied to pay first year's premiums, . . 3,254 30 



Total first year's premiums on original policies, 
Dividends applied to purchase paid-up additions, 
Surrender values applied for paid-up insurance, 
Consideration for life annuities, 

Total new premiums, .... 
Renewal premiums, less $26,186.96 for reinsurance, 
Dividends applied to pay renewal premiums, . 
Surrender values applied to pay renewal premiums, 

Total renewal premiums, . .• . $ 

Total premium income, . 
Dividends left with company to accumulate, 
Interest on mortgages, ..... 
on bonds and dividends on stocks, 
on premium notes and policy loans, 
on bank deposits, .... 
on other debts, .... 

Discount on claims paid in advance, . .' 

Rent, including $5,000 for occupancy of own 
buildings, . 



$195,530 56 



,149,944 86 



$162,078 49 

14,312 72 

11,175 26 

7,964 09 

11,095,541 56 

53,438 38 

964 92 



,345,475 42 
3,545 85 



5179,436 38 

119,283 17 

47,732 60 

2,658 23 

2,695 72 

196 35 

20,525 44 372,527 89 



Agents' balances previously charged off, .... 
Profit on sale or maturity of real estate, $97.50; bonds, $342.81, 



360 00 
440 31 



74 



CONNECTICUT GENERAL LIFE INSURANCE CO. 



Increase by adjustment in book value of bonds, 
All other, ....... 

Total income, ..... 

Ledger assets, Dec. 31, 1907, .... 



,751 75 
110 44 



Total, 



Death claims and additions, 
Matured endowments, . 



Disbursements. 



$275,263 85 
217,892 00 



Annuities involving life contingencies, 
Premium notes voided by lapse, .... 
Surrender values paid in cash, .... 

applied to pay new premiums, 
applied to pay renewal premiums, . 
applied to purchase paid-up insurance, 
Dividends paid policy holders in cash, 

applied to pay renewal premiums, . 
applied to purchase paid-up additions, 
left with the company to accumulate, 

Total paid policy holders, .... 

Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, 
Dividends held on deposit surrendered, . 
Dividends to stockholders, ..... 
Commissions to agents: new policies, $63,955.31; renewals 

$82,435.97; annuities, $398.20, .... 
Commuted renewal commissions, .... 
Allowances for agencies, ..... 

Agency supervision, traveling and other agency expenses, 
Medical examiners' fees, $10,971.50; and inspections, $1,121.01 
Salaries of officers and home office employees, 
Rent, for company's own occupancy, 
Advertising, printing, postage, etc., 
Legal expenses, .... 
Furniture and fixtures, . 
Repairs and expenses on real estate, 
Taxes on real estate, 
State taxes on premiums, 
Insurance department licenses and fees, 
All other licenses, fees and taxes, 
Loss on sale or maturity of ledger assets, 
Decrease by adjustment in book value of ledger assets, 
All other disbursements, ..... 

Total disbursements, ..... 

Balance, ....... 

Ledger Assets. 
Book value of real estate, ..... 
Mortgage loans on real estate, .... 

Loans to policy holders, ..... 

Premium notes on policies in force, .... 



51,724,211 66 
7,023,039 84 

58,747,251 50 



$493,155 85 



2,670 

23 

113,037 

3,254 

964 

11,175 

7,646 

53,438 

14,312 

3,545 



30 
96 
31 

30 
92 
26 
00 
38 
72 
85 



$703,224 85 

60 00 

1,060 00 

337 19 

12,000 00 

146,789 48 

745 11 

15,678 34 

3,016 29 

12,092 51 

54,075 49 

5,000 

7,913 

482 

188 

12,452 

3,253 

7,624 

1,243 

8,455 

2,503 83 

86,691 28 

3,673 00 



00 
63 
98 
05 
64 
06 
16 
81 
13 



$1,088,560 83 
$7,658,690 67 



$277,540 00 

3,818,512 69 

824,005 58 

56,370 23 



CONNECTICUT GENERAL LIFE INSURANCE CO. 



75 



Book value of bonds and stocks (schedule A), . ... 

Cash in office, ......... 

Deposits in trust companies and banks on interest, . 

Agents' debit balances, ........ 

Total ledger assets, ....... 

Non-Ledger Assets. 

Interest due and accrued on: mortgages, $75,838.60; bonds, 
>,912.89; premium notes, $18,162.33, 

New Business. 



$2,520,889 17 

3,046 88 

158,228 53 

97 59 

$7,658,690 67 



130,913 82 



Uncollected premiums, . 
Deferred premiums, 

Total, . 
Deduct loading, 

Net uncollected and deferred 
premiums, 



$15,922 10 
31,769 23 

$47,691 33 
9,004 77 



Renewals. 

$48,339 23 
163,777 65 

$212,116 88 
35,806 64 



$38,686 56 $176,310 24 214,996 80 



Gross assets, ......... 

Assets not admitted. 
Agents' debit balances, ..... $97 59 

Premium obligations in excess of net value of 

their policies, ...... 4,954 60 

Book value of stocks and bonds over market, . 17,008 57 



^,004,601 29 



Admitted assets, 



22,060 76 
',982,540 53 



Liabilities. 



Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the Actuaries' table of mor- 
tality, with interest at 4 per cent., and the American table, with 
interest at 3+ per cent., ....... 

Deduct net value of risks reinsured, ..... 

Net reserve, ......... 

Present value of supplementary contracts not involving life con- 
tingencies, ......... 

Surrender values claimable on terminated policies, . 

Death losses reported, $8,466 00 

Matured endowments due and unpaid, . . 1,348 00 



Dividends left to accumulate and interest thereon, . 
Premiums paid in advance, ..... 

Unearned interest and rent paid in advance, 
Miscellaneous accounts due or accrued, . 
Medical examiners' and legal fees due or accrued, 
State, county and municipal taxes due or accrued, . 
Unpaid dividends to stockholders, .... 

Dividends or other profits due policy holders, . 
Dividends apportioned on deferred dividend policies, 
Surrender values claimable in excess of reserve, 
Cost of collection on uncollected and deferred premiums, in excess 
of the loading, on new business, ...... 

All other liabilities, . . 



$7,203,916 00 


86,982 


00 


$7,116,934 00 


262 


00 


3,706 


37 


9,814 


00 


6,020 


32 


5,149 


14 


5,636 


07 


612 


65 


387 


35 


23,775 


77 


6,000 


00 


9,110 


13 


105,185 


45 


8,052 


56 


9,482 87 


110 


44 



.76 



CONNECTICUT GENERAL LIFE INSURANCE CO. 



Paid up capital, 
Unassigned funds (surplu 


s), . 

Premium Note Account. 

Dec. 31, 1907, . . $47,467 50 
Id policies, . . 32,321 49 


$150,000 00 
522,301 41 


Total liabilities, 

Premium notes on hand '. 
Received during 1908, o 


$7,982,540 53 
$79,788 99 


Used in purchase of surrendered policies, . 
Voided by lapse, ...... 

Used in payment of dividends to policy holders, 
Redeemed by maker in cash, .... 


$3,250 72 

23 96 

235 03 

19,909 05 


23,418 76 


Premium notes on hand Dec. 31, 1908, 

Exhibit of Policies. 
In Force Dec. 31, 1907. 

Number. Amount. 

Whole life, . . . 11,321 $19,439,618 00 
Endowment, . . 9,821 12,434,889 00 
All other, . . . 1,451 4,992,415 00 
Reversionary additions, - 58,232 00 


Total No. 

22,593 $ 

3,022 

28 
7 


$56,370 23 

Total Amount. 

36,925,154 00 


Whole life, . 

Endowment, 

All other, 

Reversionary additions, 


Issued during the Year. 

1,522 $3,435,649 00 

901 1,319,126 00 

599 2,623,811 00 

24,263 00 


7,402,849 00 


Whole life, . 

Endowment, 

All other, 

Reversionary additions, 


Old Policies revived. 

21 $69,385 00 

5 53,000 00 

2 10,000 00 

6 00 


132,391 00 


Whole life, . 
Endowment, 
All other, 


Old Policies increased. 

3 $25,800 00 
1 1,500 00 
3 2,565 00 


29,865 00 


Whole life, . 
Endowment, 
All other, 


Transfers, Deductions. 

107 $209,800 00 
45 63,000 00 
76 178,454 00 








Whole life, . 
Endowment, 
All other, 



Total, . 



228 $451,254 00 

Transfers, Additions. 

71 $175,574 00 

38 46,950 00 

119 228,730 00 



228 $451,254 00 



25,650 $44,490,259 00 



CONNECTICUT GENERAL LIFE INSURANCE CO. 



77 



Terminated during the Year. 



Whole life, . 
Endowment, 
All other, 
Reversionary 



additions, 



By death, 
maturity, 
expiry, . 
surrender, 
lapse, 
decrease, 

Not taken, . 



Number. 


Amount. 


Total No. 


Total Amount. 


707 


$1,562,660 00 






666 


901,928 00 






322 


1,409,325 00 






— 


3,145 00 






1,695 


$3,877,058 00 




How terminated. 






178 


$276,403 00 






179 


219,540 00 






61 


140,480 00 






347 


603,879 00 






613 


1,637,199 00 






- 


200,211 00 






317 


799,346 00 


1,695 


3,877,058 00 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



In Force Dec. 81, 1908. 

12,124 $21,373,566 00 

10,055 12,890,537 00 

1,776 6,269,791 00 

79,307 00 23,955 



$40,613,201 00 



Schedule A. Stocks and Bonds owned by the Company. 



Railroad Stocks. 

20 shares Atlanta & Charlotte Air Line, 
300 " Atlanta & West Point, 

50 " Atch., Top. & Santa Fe, preferred, 

75 " Cleveland Terminal & Vallev, . . 
150 " Georgia R.R. & Banking Co., . 
100 " Nashville, Chattanooga & St. Louis, 
400 " Pennsylvania, .... 

35 " Southwestern, .... 

Bank Stocks. 

20 shares .Etna National, Hartford, Conn., 
216 " American National, Hartford, Conn., 

52 " Charter Oak Nat., Hartford, Conn., 

34 " Citv, Hartford, Conn., 

86 " Conn. Tr. & S. D. Co., Hartford, 

12 " Far. & Meeh. Nat., Hartford, Conn., 
100 " First National, Hartford, Conn., 

40 " Fourth National, New York, N. Y., 

70 " Hartford National, . 
104 " Phoenix National, Hartford, Conn., 

50 " Security Co., Hartford, Conn., . 
Miscellaneous Stocks. 
200 " Nebraska Telephone Co., . 
200 " Northwestern Tel. Co., Wis., 

State, County and Municipal Bonds. 
Arizona 5s, 1942, op. 1912, 

Clav County, Minn., drainage district 7s, 1919, 
Colbert County, Ala., 6s, 1924, 
Evansville, Ind., 4s, 1912, 
Fort Worth, Tex., 4s, 1941, 
Gainesville, Tex., 6s, 1942, 
Greenville, Tex., 6s, 1921, 
Henderson County, N. C, 6s, 1925, 
Huron, S. D., 3s, demand, 



50 
00 
00 
00 



Book Value. 
$3,180 00 
47,212 

4.350 

1,290 
35,701 
11,000 00 
25,906 25 

3,990 00 

2,373 50 

13,538 00 
6,700 00 
3,715 00 
8,428 00 
2,250 67 

13,978 25 
4,193 00 

10,625 00 

15,853 00 
4,750 00 

20,000 00 
11,450 00 

15,000 00 

10,555 00 
5,235 00 

16,614 00 
4,950 00 
5,000 00 
5,085 00 

10,660 00 
700 00 



Rate. 
170 
144 
102 
20 
248 
122 
132 
115 

220 
140 
125 
95 
275 
113 
150 
207 
142 
122 
150 

92 
110 

102 
123 
105 
100 
96 
100 
109 
111 
100 



Market Value. 

$3,400 00 

43,200 00 

5,100 00 

1,500 00 

37,200 00 

12,200 00 

26,400 00 

4,025 00 

4,400 00 
15,120 00 

6,500 00 

3,230 00 
23,650 00 

1,356 00 
15,000 00 

8,280 00 

9,940 00 
12,688 00 

7,500 00 

18,400 00 
11,000 00 

15,300 00 

12,300 00 
5,250 00 

17,000 00 
4,800 00 
5.000 00 
5,450 00 

11,100 00 
700 00 



78 



CONNECTICUT GENERAL LIFE INSURANCE CO. 



Mecklenburg County, N. O, 6s, 1920, 
San Antonio, Tex., 6s, 1931, op. 1921, 
Winston, N. C, 6s, 1928, .... 
Winston, N. C, 6s, 1913, .... 

Railroad Bonds. 
Alabama & Vicksburg 5s, 1921, 
Ala. & V. (Vicks. & Meridian Div.) 6s, 1921, 
Ala. Gt. So. (Belt Ry. of Chattanooga) 5s, 1945, 
Alabama Great Southern 5s, 1927, 
Anderson, Ind., Electric Street 6s, 1912, 
Atch., Top. & Santa Fe gen. mort. 4s, 1995, 
Atch., Topeka & Santa Fe, Series H, 4s, 1910, 
Atlanta & West Point cert, of indebt. 6s, . 
Atlantic Coast Line: 

Ashley River 8s, 1915, .... 

Charleston & Savannah 7s, 1936, 

Norfolk & Carolina 5s, 1939, . 

Norfolk & Carolina 5s, 1946, . 

North Eastern of South Carolina 6s, 1933, 
Baltimore & Ohio: 

Central Ohio 4^s, 1930, 

Cleveland, Lorain & Wheeling 5s, 1936, . 

Cleveland Terminal & Valley 4s, 1995, . 

Monongahela River 5s, 1919, 

Southwestern Division 3^s, 1925, . 
Central of Georgia: 

Mobile Division 5s, 1946, 

Ocean Steamship Co. of Savannah 5s, 1920, 

Oconee Division 5s, 1945, . . . 

Steamship 5s, 1910, .... 
Chesapeake & Ohio: 

Craig Valley Branch 5s, 1940, 

Equipment 4s, 1913, .... 

Terminal Extension 6s, 1922, 

Warm Springs Valley Branch 5s, 1941, . 
Chicago, Indianapolis & Louisville 6s, 1947, 
Chicago & Northwestern 5s, 1929, 
Chicago, Rock Island & Pacific: 

Choctaw & Memphis 5s, 1949, 

Choctaw, Oklahoma & Gulf 5s, 1952, 

Collateral Trust 4s, 2002, 

General Mortgage 4s, 1988, . 
Cin., Indianap., St. Louis & Chicago 6s, 1920, 
Detroit Electric Ry. 5s, 1916, . 
Erie: 

Chicago & Erie 5s, 1982, 
Flint & Pere Marquette 6s, 1920, 
Great Northern: 

Minneapolis Union 6s, 1922, . 

Montana Central 6s, 1937, 

Montana Central 5s, 1937, 

St. Paul, Minneapolis & Manitoba 6s, 1933, 
Hocking Valley: 

Equipment 4s, 1916, .... 

Kanawha & Michigan 4s, 1990, 
Lake Erie & Western 5s, 1941, . 
Lake Shore & Michigan Southern 4s, 1931, 
L. S. & M. S. (Pitts. & Lake Erie) 5s, 1928, 
Lehigh & New York 4s, 1945, . 
Long Island (Brook. & Montauk) 5s, 1938, 
Louisville & Nashville: 

Atlanta, Knoxville & Northern 5s, 1946, 

First Mortgage 5s, 1937, 

St. Louis Division 6s, 1921, . 

St. Louis Property 5s, 1916, . 

South & North Alabama 5s, 1936, . 
Marquette, Houghton & Ontonagon 6s, 1925, 
Midland Terminal 5s, 1925, 
Minneapolis & St. Louis: 

First Mortgage. 7s, 1927, 

First & Refunding Mortgage 4s, 1949, 
Missouri, Kansas & Eastern 5s, 1942, 



Book Value. 


Rate. 


Market Value. 


$16,050 


00 


117 


$17,550 00 


10,665 


00 


108 


10,800 00 


5,360 


00 


116 


5,800 00 


10,200 


00 


105 


10,500 00 


10,317 


00 


103 


10,300 00 


44,370 


00 


110 


44,000 00 


15,590 


00 


100 


15,000 00 


31,105 


00 


103 


30,096 60 


5,000 


00 


100 


5,000 00 


35,710 


00 


100 


35,000 00 


14,835 


00 


99 


14,850 00 


32,615 


00 


103 


32,445 00 


565 


00 


121 


605 00 


8,266 


00 


127 


7,620 00 


6,376 


00 


111 


6,660 00 


7,971 


00 


112 


7,840 00 


11,110 


00 


118 


10,620 00 


3,000 


00 


99 


2,970 00 


26,086 


00 


105 


26,250 00 


5,000 


00 


97 


4,850 00 


17,760 


00 


105 


17,850 00 


8,840 


00 


92 


9,200 00 


42,770 


00 


108 


43,200 00 


43,830 


00 


100 


42,000 00 


20,775 


00 


104 


20,800 00 


9,930 


00 


100 


10,000 00 


4,310 


00 


108 


4,320 00 


14,403 


00 


98 


14,700 00 


18,289 


00 


115 


18,400 00 


10,725 


00 


105 


10,500 00 


36,469 


00 


128 


38,400 00 


9,520 


00 


108 


9,720 00 


7,641 


00 


109 


7,630 00 


54,335 


00 


107 


53,500 00 


12,750 


00 


78 


11,700 00 


10,000 


00 


100 


10,000 00 


23,303 


00 


102 


22,440 00 


10,210 


00 


93 


9,300 00 


17,475 


00 


115 


17,250 00 


10,877 


00 


113 


11,300 00 


5,741 


00 


110 


5,500 00 


16,651 


00 


130 


18,200 00 


4,317 


00 


114 


4,560 00 


1,225 


00 


132 


1,320 00 


13,656 


00 


97 


14,550 00 


4,260 


00 


93 


4,650 00 


37,782 


00 


104 


36,400 00 


9,150 


00 


95 


9,500 00 


1,059 


00 


101 


1,010 00 


9,280 


00 


96 


9,600 00 


8,630 


00 


105 


S,400 00 


5,690 


00 


105 


5,250 00 


12,115 


00 


115 


12,650 00 


2,235 


00 


111 


2,220 00 


14,425 


00 


100 


14.000 00 


28,705 


00 


110 


28,600 00 


17,230 


00 


114 


17,100 00 


10,000 


00 


99 


9,900 00 


19,465 


00 


123 


18,450 00 


14,445 


00 


84 


12,600 00 


33,441 


00 


110 


34,100 00 



CONNECTICUT GENERAL LIFE INSURANCE CO. 



79 



Missouri Pacific: 

Central Branch Union Pacific 4s, 1948, . 

Pacific R.R. of Mo., Caron. Br. 4$s, 1938, 

St. Louis, Iron Mt. & Southern 5s, 1931, 
Nash., Chatt. & St. Louis (Cent. Br.) 6s, 1923, 
N. Y., N. H. & Hartford: 

Convertible 3^-s, 1956, .... 

Convertible 6s, 1948, .... 

Hartford & Connecticut Western 4£s, 1923, 
Norfolk & Western: 

First consolidated 4s, 1996, 

General mortgage 6s, 1931, 
Northern Pacific: 

Duluth Short Line 1st mortgage 5s, 1916, 

General Lien Ry. & Land Grant 3s, 2047, 
Nor. Pac.-Gt. Nor. (C, B. & Q. col.) 4s, 1921, 
Northern Pacific Term. Co. of Oregon 6s, 1933, 
Peoria & Pekin Union 1st mortgage 6s, 1921, 
Pennsylvania: 

Cleveland, Akron & Columbus 5s, 1927, 

Convertible 3£s, 1912, . 

Convertible 3^s, 1915, . 

Elmira & Williamsport 5s, 2862, . 

Grand Rapids & Indiana 4^s, 1941, 

Sunbury, Hazleton & Wilkesbarre 5s, 1928, 

Sunbury, Hazleton & Wilkesbarre 6s, 1938, 

Toledo, Walhonding Valley & Ohio 4^s, 1931, 
Republican Valley, 1st mortgage 6s, 1919, . 
St. Louis & San Francisco: 

Fort Worth & Rio Grande 4s, 1928, 

Kansas City, Fort Scott & Memphis 6s, 1928, 

Refunding 4s, 1951, . . 

Seaboard Air Line: 

Raleigh & Gaston 5s, 1947, 

Seaboard & Roanoke 5s, 1926, 
Southern: 

East Tennessee, Virginia & Georgia 5s, 1956, 

Knoxville & Ohio 6s, 1925, . 

Mobile & Birmingham 4s, 1945, 

Spartanburg, Union & Columbia 4s, 1995, 

Virginia Midland 5s, 1921, 

Virginia Midland 5s, 1931, 

Virginia Midland 5s, 1936, 

Washington, Ohio & Western 4s, 1924, . 
Southern Pacific: 

Central Pacific 5s, 1939, 

Gal., Harrisb. & San An. (East Div.) 6s, 1910, 

Louisiana Western 6s, 1921, . 

Morgan's Louisiana & Texas 7s, 1918, 

Morgan's Louisiana & Texas 6s, 1920, 

Texas & New Orleans 5s, 1943, 
Toledo Terminal 4^s, 1957, 

Twin City Rap. Tr. Co., St. P. Cable cons. 5s, 1937, 
Utah & Northern con. 1st mortgage 5s, 1926, 
Vicksburg, Shrevep. & Pacific prior lien 6s, 1915, 

Miscellaneous Bonds. 
Auburn Gas Co. 5s, 1927, .... 
Central Union Gas Company 5s, 1927, 
Central Union Telephone Co. 6s, 1916, 
Central Union Telephone Co. 5s, 1919, 
Citizens' Gas & Fuel Co., Terre H., Ind., 5s, 1922, 
City Gas Company, Norfolk, Va., 6s, 1926, 
Denver Union Water Company 5s, 1914, 
Equitable Gas & Elec. Co., Utica, 5s, 1942, . 
Georgia Electric Light Co. 5s, 1930, . 
Hudson River Power Transmission Co. 5s, 1928, 
Lockport Gas & Electric Light Co. 5s, 1920, 
Memphis Light & Power Company 5s, 1931, 
Montgomery Light & Power Co. 5s, 1947, . 
New York Dock Companv 4s, 1951, . 
New York & East River Gas Co. 5s, 1944, . 
N. Y. & Queens El. L. & Power Co. 5s, 1930, 
Northern Union Gas Co. 5s, 1927, 



Book Value. 

$21,684 00 

2,000 00 

10,725 00 

4,585 00 

5,000 00 
5,600 00 
3,000 00 

18,480 00 
11,295 00 

2,056 00 

6,683 00 

33,265 00 

48,228 00 

1,130 00 

11,675 00 
4,801 00 
4,610 00 

94,350 00 
1,017 00 

43,073 00 

62,139 00 
7,135 00 
5,130 00 

8,460 00 
11,190 00 
35,410 00 

10,465 00 
20,475 00 

40,255 00 

8,624 00 

9,000 00 

89,730 00 

4,905 00 

2,219 00 

28,940 00 

924 00 

7,646 00 
10,100 00 

4,535 00 
23,785 00 
22,856 00 

7,480 00 
22,000 00 
14,445 00 

5,353 00 

6,460 00 

10,000 00 

20,290 00 

10,310 00 

15,000 00 

15,000 00 

38,385 00 

14,020 00 

15,000 00 

12,000 00 

10,170 00 

15,000 00 

10,200 00 

15,000 00 

9,230 00 

11,210 00 

20,915 00 

26,685 00 



Rate. 

91 

98 

112 

117 

98 
135 
102 

98 
127 

100 

73 

98 

113 

110 

107 
99 
95 
103 
105 
100 
123 
102 
104 

85 
113 

86 

107 
106 

112 

115 

83 

80 

105 

107 

107 

83 

112 
102 
105 
120 
111 
98 
97 
107 
106 
110 

100 

100 

101 

94 

98 

109 

93 

104 

100 

40 

95 

100 

88 

91 

107 

93 

100 



Market Value. 

$21,840 00 

1,960 00 

11,200 00 

4,680 00 

4,900 00 

7,560 00 

3,060 00 

19,600 00 

12,700 00 

2,000 00 

7,300 00 

34,300 00 

47,460 00 

1,100 00 

11,770 00 

4,950 00 

4,750 -00 

84,975 00 

1,050 00 

41,500 00 

62,730 00 

7,140 00 

5,200 00 

8,500 00 

11,300 00 

34,400 00 

10,700 00 

21,200 00 

39,200 00 

9,200 00 

8,300 00 

80,000 00 

5,250 00 

2,140 00 

29,960 00 

830 00 

7,840 00 

10,200 00 

4,200 00 

24,000 00 

22,200 00 

6,860 00 

21,340 00 

13,910 00 

5,300 00 

6,600 00 

10,000 00 

20,000 00 

10,100 00 

14,100 00 

14,700 00 

38,150 00 

13,950 00 

15,600 00 

12,000 00 

4,000 00 

14,250 00 

10,000 00 

13,200 00 

9,100 00 

10,700 00 

18,600 00 

25,000 00 



80 



THE CONNECTICUT MUTUAL LIFE INSURANCE CO. 



Portland Gas. Co., Ore., 5s, 1951, 

Sunset Telephone Co. 5s, 1929, . 

Swift & Co. 5s, 1914, 

Union Elec. L. & P. Co., St. Louis 5s, 1932, 

Wash. Water Power Co., Spokane, Wash., 5s 

Western Telephone Co. 5s, 1932, 

Western Union Telegraph Co. 4£s, 1950, 



1929, 



Book Value. 
$37,890 00 
15,730 00 
20,030 00 
25,315 00 
41,650 00 
9,918 00 
20,835 00 

$2,520,889 17 



Rate. 
101 
100 
100 
102 
102 
99 
96 



Market Value. 

$36,360 00 

15,000 00 

20,000 00 

25,500 00 

40,800 00 

9,900 00 

19,200 00 

$2,503,880 60 



THE CONNECTICUT MUTUAL LIFE INSURANCE COMPANY, 

HARTFORD, CONN. 

Incorporated June 15, 1846. Commenced business Dec. 15, 1846. 

John M. Taylor, President. William H. Deming, Secretary. 

Income. 

First year's premiums, $486,560 80 

Surrender values applied to pay first year's premiums, . . 3,856 99 



Total first year's premiums on original policies, . 
Dividends applied to purchase paid-up additions, 
Surrender values applied for paid-up insurance, 
Consideration for life annuities, ..... 
Consideration for supplementary contracts involving life contin 
gencies, ......... 

Total new premiums, .... $606,448 16 

Renewal premiums, . . . . 

Dividends applied to pay renewal premiums, . 
Surrender values applied to pay renewal premiums, . 

Total renewal premiums, . . . $5,193,133 59 



,417 79 

54 32 

77,893 05 

37,764 43 

318 57 

4,264,695 26 

926,655 33 

1,783 00 



Total premium income, ....... $5,799,581 75 

Consideration for supplementary contracts not involving life con- 
tingencies, . . . . . . . . . 13,789 75 

Dividends left with company to accumulate, .... 192,324 73 

Interest on mortgages, ..... $1,241,057 45 

on collateral loans, . . . . 381 60 

on bonds and dividends on stocks, . 1,261,960 45 
on premium notes and policy loans, . 199,687 45 

on bank deposits, .... 14,885 26 

on other debts, .... 150 57 

Discount on claims paid in advance, . . 2,616 95 

Rent, including $35,000 for occupancy of own 

buildings, . . ... . 448,592 50 3,169,332 23 



Profit on sale or maturity of real estate, 

$378.23, . . , . 

Increase by adjustment in book value of bonds, 

Total income, ... 

Ledger assets Dec. 31, 1907, .... 

Total, . . .... 

Disbursements. 
Death claims and additions, .... 
Matured endowments and additions, 



,864.85; bonds, 



34,243 08 
18,624 39 

. $9,227,895 93 
. - . 65,318,939 71 

$74,546,835 64 

1,144,548 17 
251,032 95 $4,395,581 12 



THE CONNECTICUT MUTUAL LIFE INSURANCE CO. 



81 



Annuities involving life contingencies, .... 
Premium notes voided by lapse, ..... 
Surrender values paid in cash, . . . 

applied to pay new premiums, 
applied to pay renewal premiums, . 
applied to purchase paid-up insurance, . 
Dividends paid policy holders in cash, .... 
applied to pay renewal premiums, . 
applied to purchase paid-up additions, 
left with the company to accumulate, 

Total paid policy holders, ..... 

Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, . 
Commissions to agents: new policies, $171,925.06; renewals 

$300,352.22; annuities, $217.08, 

Salaries and allowances for agencies, .... 

Agency supervision, traveling and other agency expenses, 

Medical examiners' fees, $30,483.70; and inspections, $1,195.36, 

Salaries of officers and home office employees, . 

Rent, including $35,000 for occupancy of own buildings, 

Advertising, printing, postage, etc., 

Legal expenses, .... 

Furniture and fixtures, . 

Repairs and expenses on real estate, 

Taxes on real estate, 

State taxes on premiums, 

Insurance department licenses and fees, 

All other licenses, fees and taxes, 

Loss on sale or maturity of ledger assets, 

Decrease by adjustment in book value of bonds, 

Traveling expenses, ..... 

All other disbursements, .... 

Total disbursements, .... 

Balance, . . . . . . 

Ledger Assets. 
Book value of real estate, 
Mortgage loans on real estate, 
Loans to policy holders, .... 

Premium notes on policies in force, 
Book value of bonds and stocks (schedule A), . 
Deposits in trust companies and banks on interest, 
Agents' balances (net), ..... 
Bills receivable, ...... 



Non-Ledger Assets. 



Total ledger assets, 

Interest due and accrued on: 

Mortgages, 

Bonds, 

Premium notes, 

Dividends on stocks, . 
Rents due and accrued, 



Market value of stocks and bonds over book value, 



$20,852 00 

342 00 

773,252 05 

3,856 99 

1,783 00 

77,893 05 

305,376 81 

926,655 33 

54 32 

192,324 73 

56,697,971 40 

7,107 80 

797 49 

472,494 36 

43,541 86 

39,529 03 

31,679 06 

176,361 56 

46,003 33 

68,053 12 

9,655 95 

2,300 47 

201,211 59 

129,751 03 

60,181 42 

4,706 79 

147,033 14 

235,213 12 

125,825 76 

9,547 47 

4,543 60 

58,513,509 35 

$66,033,326 29 

$8,406,478 97 

23,457,441 03 

3,501,760 00 

340,801 19 

29,324,846 25 

1,001,023 15 

203 05 

772 65 



,033,326 29 



$565,980 93 

275,037 90 

150,497 36 

4,520 50 

12,284 69 



1,008,321 38 
240,883 65 



82 



THE CONNECTICUT MUTUAL LIFE INSURANCE CO. 



Uncollected premiums, . 
Deferred premiums, 

Total, . 
Deduct loading, . 

Net uncollected and deferred 
premiums, 

Gross assets, . 



Agents' debit balances, . 

Bills receivable, 

Premium obligations and loans in excess of net 

value of their policies, .... 3,009 13 

Dividends on stocks, ..... 4,520 50 

Special deposits, $111,845; liabilities in offset, 

$111,845. 



New Business. 

$19,570 06 
49,662 72 


Renewals. 

$119,216 56 
405,040 89 


$69,232 78 
13,846 56 


$524,257 45 
104,851 49 


$55,386 22 


$419,405 96 $474,792 18 


' • 


$67,757,323 50 


rS NOT ADMITTED. 


$282 17 
772 65 



8,584 45 



Admitted assets, 



$67,748,739 05 



Liabilities. 



Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the Actuaries' table of 
mortality, with interest at 4 per cent., and the American 



table, with interest at 3 per cent., 
Present value of supplementary contracts not involving life con 

tingencies, ........ 

Surrender values claimable on terminated policies, . 
Death losses due and unpaid, 

in process of adjustment, 
reported, ..... 

Matured endowments due and unpaid, 

Death losses and other policy claims resisted, . 

Annuity claims due and unpaid, 



$57,899,049 00 



,757 80 

129,395 00 

151,001 00 

7,711 00 

10,882 00 

100 00 



13,185 
153,956 



72 
00 






357,846 80 



Dividends left to accumulate and interest thereon, 
Premiums paid in advance, .... 
Unearned interest, ..... 

State, county and municipal taxes due or accrued, 
Dividends or other profits due policy holders, . 
Real estate contingent fund carried by company, 
Unassigned funds (surplus), .... 



1,481,854 

28,354 

103,905 

61,000 

91,650 

300,000 

7,257,937 



09 
04 
46 
00 
21 
00 
73 



Total liabilities, 



$67,748,739 05 



Premium Note Account. 



Premium notes on hand Dec. 31, 1907, $374,343 68 

Used in payment o'f losses and claims, . . $11,339 22 

Used in purchase of surrendered policies, . . 2,127 95 

Voided by lapse, 342 00 

Used in payment of dividends to policy holders, 15,911 60 

Redeemed by maker in cash, . ' . . , 3,821 72 33,542 49 

Premium notes on hand Dec. 31, 1908, .... $340,801 19 



THE CONNECTICUT MUTUAL LIFE INSURANCE CO. 



83 



Whole life, . 
Endowment, 
All other, 



Exhibit of Policies. 
In Force Dec. 81, 1907. 

Number. Amount. Total No. Total Amount. 

60,676 $145,957,908 00 
11,440 25,570,732 00 
1,312 3,778,865 00 73,428 $175,307,505 00 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



Issued during the Year. 

2,854 $7,806,018 00 

2,425 5,221,750 00 

315 954,500 00 

121 00 



5,594 13,982,389 00 



Whole life, . 
Endowment, 



Old Policies revived. 
23 $66,914 00 

3 7,000 00 



26 



73,914 00 



Whole life, . 
Endowment, 
All other, 



Old Policies increased. 

1 $26,671 00 

7 10,084 00 

5,000 00 



41,755 00 



Term and other, 



Transfers, Deductions. 
87 $275,000 00 



87 $275,000 00 



Whole life, . 
Endowment, 



Total, 



Transfers, Additions. 

45 $151,000 00 
42 124,000 00 



87 $275,000 00 



79,056 $189,405,563 00 



Whole life, . 
Endowment, 
All other, 



Terminated during the Year. 

2,963 $8,043,258 00 
783 1,739,757 00 
169 538,250 00 





3,915 


$10,321,265 00 




How terminated. 


By death, 


1,702 


$4,117,089 00 


maturity, 


124 


253,049 00 


expiry, . 


- 


18,043 00 


surrender, 


836 


1,900,462 00 


lapse, 


989 


2,287,450 00 


decrease, 


- 


859,172 00 


Not taken, . 


264 


886,000 00 



3,915 10,321,265 00 



84 



THE CONNECTICUT MUTUAL LIFE INSURANCE CO. 



Whole life, . 
Endowment, 
All other, 
Reversionary 



additions, 



In Force Dec. 31, 1908. 

Number. Amount. Total No. 

60,636 $145,965,253 00 

13,134 29,193,809 00 

1,371 3,925,115 00 

121 00 



Total Amount. 



75,141 $179,084,298 00 



Schedule A. Stocks and Bonds owned by the Company. 



Railroad Stocks. 

2,000 shares Conn. & Pass. R. (guar, by Vt. Val.), 
500 " Massa. Val. (guar, by Vt. Val.), 
614 " N. Y., N. H. & Hartford, 

1,152 " Pere Marquette, 1st preferred, 
Bank Stocks. 
25 shares .ZEtna National, Hartford, 
10 " Charter Oak National, Hartford, 
80 " City Bank, Hartford, 
300 " Conn. Tr. & Safe Dep. Co., Hartford 
130 " First National, Hartford, 
294 " Phoenix National, Hartford, . 
40 " State Bank, Hartford, . 
Miscellaneous Stocks. 

3,300 " New York Dock Co., preferred, 
Government Bonds. 

U. S. of Mex. ext. gold loan of 1899 5s, 1944, 
State, County and Municipal Bonds. 

Austin, Tex., 4s, 5s, 1931, 

Duluth, Minn., 5s, 1918, . 

Galveston, Tex., 5s, 1923, 

Leavenworth County, Kan., 5s, 1915, 

Montreal, Can., 4s, 1925, . 

New York, N. Y., 4£s, 1917, 

New York, N. Y., 4|s, 1957, 

Quebec, Province of, 5s, 1912, . 

Quincy, 111., 4^s, 1910, 

St. Paul, Minn., 4£s, 1918, 

Wyandotte County, Kan., 5^s, 1919, 
Railroad Bonds. 

Atlantic Coast Line 1st con. mtge. 4s, 1952, 

Baltimore & Ohio (S. W. Div.) 3£s, 1925, . 

Burlington, Cedar Rapids & Northern 5s, 1934, 

Cedar Rapids, Iowa Falls & N. W. 5s, 1921, 

Central Pacific 1st refunding mtge. 4s, 1949, 

Central Union Depot & Ry., Cincinnati, 4Js, 1940 

Chesapeake & Ohio 1st con. mortgage 5s, 1939, 

Chesapeake & Ohio 4^s, 1992, . 

Ches. & O. 1st con. mtge. (R. & Al. Div.) 4s, 1989 

Chicago & Alton collateral notes 5s, 1912, . 

Chicago & Erie 5s, 1982, .... 

Chic, Mil. & St. Paul Terminal 5s, 1914, . 

Chicago, Rock Island & Pacific 4s, 1988, 

Chicago, St. Louis & New Orleans 5s, 1951, 

Chicago & Western Indiana 6s, 1932, 

Chicago & Western Indiana 4s, 1952, 

Chicago & Western Indiana, notes, 5s, 1910, 

Cleve., Cin., Chicago & St. Louis 4s, 1993, . 

CI., Cin., Chic. & St. L. (St. Lo. Div.) 4s, 1990, 

CI., Cin., Chic. & St. L. (Spr. & Col. Div.) 4s, 1940 ; 

Delaware & Hudson 1st and ref. mtge. 4s, 1943, 

Detroit, Grand Rapids & Western 4s, 1946, 

Easton & Amboy 5s, 1920, 

Eastern of Minn. (No. Div.) 4s, 1948, 

Elgin, Joliet & Eastern 5s, 1941, 

Erie prior lien 4s, 1996, .... 

Erie (Pennsylvania collateral) 4s, 1951, 

Hartford Street 4s, 1930, . 

Hocking Valley 4£s, 1999, 



Book Value. 

$200,000 00 

50,000 00 

66.116 00 
83,500 00 

2,500 00 

1,055 00 

8,000 00 

30,000 00 

13,000 00 

40,710 25 

4,195 00 

330,000 00 

963,625 00 

40,000 00 

128,991 00 

97,000 00 

99,836 00 

100,024 00 

151,808 00 

417,024 00 

15,108 00 

77,050 00 

127,870 00 

80,818 00 

280,446 00 
269,618 00 
112,567 00 

54.117 00 
395,545 00 
250,000 00 
680,663 00 
215,329 00 
506,429 00 
198,439 00 
543,192 00 
318,964 00 
513,607 00 
773,905 00 
972,578 00 
291,884 00 
199,029 00 
726,006 00 
542,054 00 
112,624 00 
198,520 00 

82,500 00 
408,031 00 
538,329 
635,547 
1,179,422 
236,961 
256,245 
259,271 



00 
00 
00 
00 
00 
00 



Rate. 

100 

100 

161 

33 

220 
125 
95 
275 
150 
122 
150 

75 

99 

92 
106 

99 
101 
100 
104 
112 
103 
101 
104 
104 

95 

92 

115 

104 

97 

100 

115 

105 

99 

100 

115 

104 

100 

117 

112 

98 

100 

98 

96 

93 

101 

90 

107 

96 

108 

89 

86 

100 

106 



Market Value. 

$200,000 00 
50,000 00 
98,854 00 
38,025 90 

5,500 00 

1,250 00 

7,600 00 

82,500 00 

19,500 00 

35,868 00 

6,000 00 

247,500 00 

960,300 00 

36,800 00 
132,500 00 

96,030 00 
101,000 00 
100,000 00 
156,000 00 
448,000 00 

15,450 00 

77,770 00 
128,960 00 

78,000 00 

285,000 00 
276,000 00 
115,000 00 
52,000 00 
388,000 00 
250,000 00 
690,000 00 
210,000 00 
495,000 00 
200,000 00 
575,000 00 
330,720 00 
500,000 00 
877,500 00 
965,440 00 
294,000 00 
200,000 00 
686,000 00 
576,000 00 
111,600 00 
202,000 00 
74,250 00 
411,950 00 
480,000 00 
648,000 00 
1,112,500 00 
215,000 00 
250,000 00 
265,000 00 



THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE U. S. 



85 



Illinois Central (Springfield Div.) 3£s, 1951, 

Interborough Rapid Transit 6s, 1911, 

Lake Shore & Michigan Southern 4s, 1931, 

Lehigh Valley annuity 6s, ... 

Lehigh Valley 4s, 2003, .... 

Lehigh Valley Terminal 5s, 1941, 

Long Dock Company 6s, 1935, . 

Manhattan 4s, 1990, .... 

Minneapolis & St. Louis 4s, 1949, 

Nashville, Chattanooga & St. Louis 5s, 1928, 

New England 4s, 1945, .... 

N. Y. Cent. & Hud. R. (L. Sh. col., gold) 3£s, 1998 

N. Y. Cent. & Hudson River, notes, 5s, 1910, 

New York & Greenwood Lake 5s, 1946, 

N. Y., Lackawanna & Western 4s, 1923, 

N. Y., N. H. & Hartford convertible 3£s, 1956, 

New York, New Haven & Hart., notes, 5s, 1911 

N. Y., N. H. & Hartford convertible 6s, 1948, 

Norfolk Terminal & Transportation Co. 5s, 1948, 

Norfolk & Western 4s, 1996, 

Northern Pacific 4s, 1997, 

North. Pacific (St. Paul & Duluth Div.) 4s, 1996, 

No. Pac.-Gt. Nor. Jt. (C, B. & Q. col.) 4s, 1921, 

Ogdensburg & Lake Champlain 4s, 1948, 

Pere Marquette 6s, 1912, . . . 

Philadelphia & Reading Terminal 5s, 1941, 

Philadelphia & Reading 4s, 1947, 

Port Reading 5s, 1941, 

Reading (Jersey Central collateral) 4s, 1951 

Savannah Union Station 4s, 1952, 

St. Joseph Terminal 5s, 1918, 

Southern 5s, 1994, . . 

Southern (St. Louis Division) 4s, 1951, 

Union Pacific 4s, 1947, 

Vandalia 4s, 1955, .... 

Wabash 1st con. mortgage 5s, 1939, . 

West Jersey & Sea Shore 4s, 1936, 

Willmar & Sioux Falls 5s, 1938, 

Miscellaneous Bond. 
New York Dock Co. 4s, 1951, . 



Book Value. 

$495,847 00 

300,633 00 

231,195 00 

56,485 00 
296,236 00 
1,013,166 00 
379,650 00 
694,604 00 
581,968 00 
163,887 00 

99,905 00 

89,554 00 
199,581 00 
305,543 00 
105,357 00 

24,123 00 
100,317 00 
224,484 00 
104,330 00 

31,339 00 

1,195,891 00 

601,029 00 

501,261 00 

250,000 00 

50,100 00 
1, -02 1,769 00 
203,529 00 
251,399 00 
469,178 00 
590,348 00 
350,000 00 
355,786 00 
1,232,155 00 
977,004 00 
103,169 00 
161,934 00 
101,695 00 
200,343 00 

330, 000. 00 
$29,324,846 25 



Rate. 

89 
103 

95 
148 

98 
117 
127 

99 

84 
111 
101 

84 
101 
102 
100 

98 
102 
135 
109 

98 
103 
100 

98 

91 
102 
120 
101 
105 

97 
100 
102 
107 

85 
103 

99 
113 
103 
116 

91 



00 
00 
00 
00 



Market Value. 

$445,000 00 

309,000 00 

237,500 00 

69,560 00 

294,000 

1,170,000 

414,020 

742,500 

504,000 00 

163,170 00 

101,000 00 

84,000 00 

202,000 00 

306,000 00 

100,000 00 

23,520 00 

102,000 00 

234,900 00 

109,000 00 

32,340 00 

1,339.000 00 

600,000 00 

490,000 00 

227,500 00 

51,102 00 

1,200,000 00 

202,000 00 

246,750 00 

485,000 00 

582,000 00 

357,000 00 

321,000 00 

1,062,500 00 

1,030,000 00 

99,000 00 

169,500 00 

103,000 00 

197,200 00 

300,300 00 
$29,565,729 90 



THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED 

STATES, NEW YORK, N. Y. 

Incorporated July 26, 1859. Commenced business July 28, 1859. 
Paid-up Capital, $100,000. 

Paul Morton, President. William Alexander, Secretary. 

Income. 

First year's premiums, less $108,042.54 for reinsurance, . . $2,724,451 80 

Surrender values applied to pay first year's premiums, . . 524 79 

Total first year's premiums on original policies, . 
Dividends applied to purchase paid-up additions, 
Surrender values applied for paid-up insurance, . 

Consideration for life annuities, ...... 

Consideration for supplementary contracts involving life con- 
tingencies, ......... 

Total new premiums, .... $5,720,187 84 
Renewal premiums, less $196,639.93 for reinsurance, 
Dividends applied to pay renewal premiums, .... 



$2,724,976 59 

603,042 06 

1,746,924 52 

408,259 67 

236,985 00 

46,075,220 66 

667,472 53 



86 THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE U. S. 



Surrender values applied to pay renewal premiums, 
Renewal premiums on deferred annuities, 
Total renewal premiums, 



Total premium income, . 
Consideration for supplementary contracts not involving life con- 
tingencies, ..... 
Dividends left with company to accumulate, 
Ledger assets, other than premiums, received 

panies for assuming their risks, . 
Interest on mortgages, .... 
on collateral loans, 
on bonds and dividends on stocks, 
on policy loans, 
on bank deposits, . . 

on other debts, 
Discount on claims paid in advance, 
Rent, including $369,057.49 for occupancy of 
own buildings, ..... 



Agents' balances previously charged off, . 

Profit on sale or maturity of real estate, $222,000 ; bonds, $132,036 ; 

stocks, $95,668, .... 

Increase by adjustment in book value of real estate, $28,510 

bonds, $208,740, 
Premiums received on securities, 
All other sources, ..... 



,780,262 81 



$24,303 84 
13,265 78 



from other com- 

$4,405,844 25 

384,035 61 

10,706,878 22 

2,791,217 31 

351,078 70 

306,578 80 

6,679 16 



$52,500,450 65 

134,989 06 
14,705 05 



3,480 00 



1,646,495 29 20,598,807 34 
34,777 53 



Total income, .... 

Ledger assets, Dec. 31, 1907, . 

Total, . . . 

Disbursements. 
Death claims and additions, .... 
Matured endowments and additions, 



,324,002 65 
4,830,170 10 



449,704 00 

237,250 00 

20,497 00 

9,719 97 

$74,004,380 60 
450,295,995 14 

$524,300,375 74 
,154,172 75 



Annuities involving life contingencies, .... 
Surrender values paid in cash, ..... 

applied to pay new premiums, 
applied to pay renewal premiums, . 
applied to purchase paid-up insurance, . 
Dividends paid policy holders in cash, .... 
applied to pay renewal premiums, . 
applied to purchase paid-up additions, 
left with the company to accumulate, 

Total paid policy holders, ..... 

Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, . 
Dividends held on deposit surrendered, .... 

Dividends to stockholders, ...... 

Commissions to agents: new policies, $1,221,599.96; renewals 
$3,111,170.92; annuities, $13,198.46, .... 

Commuted renewal commissions, ..... 

Salaries and allowances for agencies, .... 

Agency supervision, traveling and other agency expenses, 
Medical examiners' fees, $178,993.61 ; and inspections, $106,814.44 



1,129,295 93 

11,575,707 74 

524 79 

24,303 84 

1,746,924 52 

6,725,781 15 

667,472 53 

603,042 06 

14,705 05 

$47,641,930 36 

7,176 76 

219,597 34 

14 99 

7,000 00 

4,345,969 34 

80,391 25 

738,389 22 

593,142 55 

285,808 05 



THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE U. S. 87 



Salaries of officers and home office employees, . 

Rent, including $369,057.49 for occupancy of own buildings, 

Advertising, printing, postage, etc., 

Legal expenses, .... 

Furniture and fixtures, . 

Repairs and expenses on real estate, 

Taxes on real estate, 

State taxes on premiums, 

Insurance department licenses and fees, 

All other licenses, fees and taxes, . 

Agents' balances charged off, 

Loss on sale or maturity of ledger assets, 

Decrease by adjustment in book value of stocks and bonds, 

Traveling expenses, 

Foreign exchange, 

Commission on sale of real estate, . 

All other disbursements, 

Total disbursements, 



Balance, ..... 

Ledger Assets 
Book value of real estate, 
Mortgage loans on real estate, 
Loans secured by collateral (schedule A) , 
Loans to policy holders, 
Book value of bonds and stocks (schedule B), 
Cash in offices, ..... 
Cash in transit, ..... 
Deposits in trust companies and banks not on 
Deposits in trust companies and banks on interest, 
Agents' balances (net), .... 
Supplies, printed matter and stationery, . 



$1,436,711 19 

380,953 38 

197,223 32 

104,738 56 

20,678 59 

442,023 57 

335,067 30 

571,609 81 

5,803 01 

100,306 61 

13,279 42 

40,855 00 

3,945,473 00 

47,314 96 

13,508 89 

28,510 00 

110,723 79 

$61,714,200 26 

$462,586,175 48 



Total ledger assets, 



$27,459,417 15 

97,570,767 22 

3,972,250 00 

57,053,555 28 

259,812,291 00 

27,905 74 

884,321 09 

interest, 359,556 28 

11,735,203 12 

3,674,854 77 

36,053 83 

$462,586,175 48 



Non-Ledger Assets. 



Interest due and accrued on: 

Mortgages, 

Bonds, 

Collateral loans, 

Other assets, 
Rents due and accrued, 

Market value of real estate over book value, 



$556,018 32 

2,856,291 31 

24,727 89 

55,579 95 

272,222 01 3,764,839 48 



Uncollected premiums, . 
Deferred premiums, 

Total, . 
Deduct loading, 

Net uncollected and deferred 
premiums, 

Gross assets, . 



New Business. 

$645,162 39 
169,118 00 

$814,280 39 
183,620 23 



Renewals. 

$4,492,515 73 
2,490,710 15 

$6,983,225 88 
1,574,717 44 



923,500 00 



$630,660 16 $5,408,508 44 6,039,168 60 



$473,313,683 56 



88 THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE U. S. 



Assets not admitted. 
Supplies, printed matter and stationery, . 
Agents' debit balances, ..... 
Book value of stocks and bonds over market, . 
Special deposits, less $37,968,728.80 liability 
thereon, ....... 



$36,053 83 

4.059.092 21 
5,860,220 37 

2.650.093 25$12,605,459 66 



Admitted assets, 



$460,708,223 90 



Liabilities. 



Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the Actuaries' table of 
mortality, with interest at 4 per cent., and the American table, 



with interest at 3^ and 3 per cent., 
Deduct net value of risks reinsured, 

Net reserve, ........ 

Present value of supplementary contracts not involving 
contingencies, ......... 

Death losses due and unpaid, . . . $11,913 80 

in process of adjustment, . . 320,753 25 

reported, ..... 1,641,552 26 

Matured endowments due and unpaid, . . 659,337 29 

Death losses and other policy claims resisted, . 240,919 90 

Annuity claims due and unpaid, . . . 52,704 70 



$383,395,175 00 
434,181 00 

$382,960,994 00 
life 

. 1,704,541 00 






Supplementary contracts not involving life contingencies due and 
unpaid, ......... 

Dividends left to accumulate and interest thereon, . 

Premiums paid in advance, ...... 

Unearned interest and rent paid in advance, 

Commissions to agents due or accrued, .... 

Miscellaneous accounts due or accrued, .... 

Medical examiners' and legal fees due or accrued, 

State, county and municipal taxes due or accrued, . 

Dividends or other profits due policy holders, . 

Estimated dividends to be apportioned on annual dividend poli- 
cies during 1909, ........ 

Estimated dividends to be apportioned on deferred dividend 
policies during 1909, ........ 

Surplus funds derived from deferred dividend policies and held 
subject to contingencies for distribution to such policies upon 
completion of their dividend periods subsequent to 1909, 

Paid-up capital, ......... 

Unassigned funds (surplus), ....... 



2,927,181 20 

1,789 90 

14,909 96 

254,069 98 

1,470,799 35 

81,643 39 

90,330 66 

41,025 25 

525,753 94 

1,027,420 86 

1,640,000 00 

8,363,414 49 



Total liabilities, 



52,731,436 75 

100,000 00 

. 6,772,913 17 

$460,708,223 90 



Exhibit of Policies. 
In Force Dec. 81, 1907. 



Whole life, . 
Endowment, 
All other, 
Reversionary 



additions, 



Number. 

356,236 

146,047 

13,001 



Amount. 

5951,076,475 

353,091,233 

42,763,664 



Total No. Total Amount. 



00 
00 
00 



6,521,102 00 515,284$1,353,452,474 00 



THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE CJ. S. 89 





Issued during the Year. 




Number. Amount. 


Whole life, . 


21,708 $71,672,556 00 


Endowment, 


6,875 17,025,708 00 


All other, 


6,971 36,807,584 00 


Reversionary additions, 


938,075 00 




Old Policies revived. 


Whole life, . 


397 $1,213,025 00 


Endowment, 


313 534,170 00 


All other, 


2 1,000 00 




Old Policies Increased. 


Whole life, . 


$028,175 00 


Endowment, 


213,998 00 


All other, 


12,172 00 




Transfers, Deductions. 


Whole life, . 


197 $518,977 00 


Endowment, 


212 655,424 00 


All other, 


29 99,800 00 



Total No. 



Total Amount. 



35,554 $120,443,983 00 



712 1,748,201 00 



851,315 00 



"Whole life, • 
Endowment, 
All other, 



Total, . 

Whole life, . 
Endowment, 
All other, . 
Reversionary 



138 


$1,274,201 


00 


Transfers- 

71 

27 
340 


, Additions. 

$301,305 

98,133 
874,763 


00 
00 
00 


438 


$1,274,201 


00 



551, 550 $1,482,499,003 00 



additions, 



Terminated during the Year. 

25,256 $88,024,600 00 

10,810 32,099,458 00 

3,241 20,247,692 00 

621,467 00 



39,307 $140,993,217 00 
How terminated. 



By death, 


0,219 


$21,299,146 00 


maturity, 


1,683 


5,207,602 00 


expiry, . 


826 


4,479,845 00 


surrender, 


15,611 


42,443,097 00 


lapse, 


7,249 


21,374,735 00 


decrease, 


— 


10,105/190 00 


Not taken, . 


7,719 


36,083,302 00 



Whole life, . 

(Endowment, 

All other, 

Reversionary additions, 



3,9,3,07 140,993,217 00 



///, Force Dec. Si, 1908. 

352,959 $936,347,959 00 

142,240 338,208,120 00 

17,044 60,111,691 00 

6,837,710 00 512,243 $1,341,505,786 00 



90 THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE U. S. 



Schedule A. Securities held as Collateral. 



100 shares Lawyers' Mortgage Co., . 
1,995 " Fidelity Trust Co., Newark, N. J., . 
Central Pacific T. S. L. 4s, 1954, 
Northwestern Pacific 1st reference 4-^s, 1957 
New Orleans, La., Pub. Impt. 4s, 1950, 
Western Md. 1st 4s, 1952, 
Wabash-Pitts. Terminal 1st 4s, 1954, 
Mason City & Ft. Dodge 4s, 1955, 
Wabash 1st L. 4s, 1954, . 
Toledo & Ohio Central, Western Division, 5s, 
Toledo & Ohio Central general 5s, 1935, 
Erie convertible 4s, 1953, "B," . 
Northwestern Elevated, Chicago, 4s, 1911, 
Union Elevated, Chicago, 5s, 1945, 
New Orleans, La , Pub. Impt. 4s, 1950, 



Railroad Stocks. 
10,000 shares Atch., Top. & Santa Fe, pref., 
46,681 " Brooklyn City, 
2,000 " Chic, Mil. & St. Paul, preferred, 
8,838 " Chicago & Northwestern, com., 
5,100 " Chicago & Northwestern, pref., 
2,200 " Illinois Central, . . . 

3,069 " Interborough-Metropolitan, . 
4,600 " Long Island, 
20,000 " Manhattan, 

466 " New York & Harlem, . 
10,000 " Pennsylvania, 
20,582 " Union Pacific, preferred, 
Bank Stocks. 
400 shares Bank of Montreal, Canada, 
1,975 " Commercial Trust Co., Phila., 
14,531 " Equit. Tr. Co., New York, . 
342 " Fifth Ave. Tr. Co., New York, 
400 " Girard Trust Co., Philadelphia, 
1,000 " Hibernia Bk. & Tr. Co., New Or., 
1,803 " Inter. Bank. Corp., New York, 
5,004 " Lawyers T. I. & Tr. O, New York, 
12,941 " Mercantile Tr. Co., New York, 
50,231 " Nat. Bk. of Com., New York, 
1,000 " Union National, Newark, N. J., 

Miscellaneous Stocks. 

1,250 shares Brooklyn Life Ins. Co., N. Y., 
500 " Cafe Savarin, 

4,500 " Consolidated Gas Co., . 

100 " International Mer. Mar. Co., pref., 

1,000 " Inter. Mer. Marine Co., common, 
Government Bonds. 
Argentine Internal Credit Loan 5s, 
Austrian Gold Rentes 4s, 
Brazilian State Loan 4£s, 1911, 
British Consols 2$s, 1923, 
Cape of Good Hope 4s, 1923, . 
Cuba 5s, 1944, 
French Rentes 3s, ... 
German Government 3^-s, 1888, 
German Imperial 3s, 1892, 
Italian Rentes 3£s, 1903, . 
Italian Rentes 3fs, 1881, 
Prussian Consols 3s, 
Queensland treasury bills 4s, 1912, 
Royal Hungarian 4s, 1892, 







Company's 


Loaned 




Market Value 


Thereon. 


. 


$23,800 00 


$12,000 00 


. 




1,446,375 00 


1,010,250 00 


• 




836,070 00 1 
540,000 00 J 


> 1,000,000 00 


. 




598,000 00 


500,000 00 


. 




331,170 00 1 




. 




168,000 00 








103,750 00 








85,000 00 




35, 




106,000 00 


950,000 00 






51,500 00 




. 




. 85,000 00 




. 




204,750 00 




. 




89,000 00 




• 


624,000 00 


500,000 00 


$5,292,415 00 


$3,972,250 00 


S OWNED BY THE 


Company. 


Book Value. 


Rate. 


Market Value. 


. $1,043,400 


00 


102 


$1,020,000 00 


. 1,106,181 


00 


195 


910,279 50 


263,87£ 


» 00 


164 


328,000 00 


. 1,259,73C 


00 


184 


1,626,192 00 


. 1,156,577 


00 


225 


1,147,500 00 


361,62£ 


00 


149 


327,800 00 


124,137 


00 


18 


55,242 00 


128,80C 


00 


56 


128,800 00 


. 3,274,463 


00 


153 


3,060,000 00 


91,218 


00 


335 


78,055 00 


702,428 


00 


132 


660,000 00 


. 1,979,388 


00 


96 


1,975,872 00 


94,617 


00 


245 


98,000 00 


576,454 


00 


250 


493,750 00 


. 6,538,95C 


00 


400 


5,812,400 00 


116,455 


00 


425 


145,350 00 


272,223 


00 


752 


300,800 00 


500,00C 


00 


512 


512,000 00 


180,30C 


00 


92 


165,876 00 


. 1,225,980 


00 


245 


1,225,980 00 


. 9,442,890 


00 


750 


9,705,750 00 


. 9,774,118 


00 


196 


9,845,276 00 


364,844 


00 


375 


375,000 00 


199,605 


00 


164 


205,000 00 


50,000 


00 


100 


50,000 00 


857,812 


00 


130 


585,000 00 


3,000 


00 


25 


2,500 00 


10,000 


00 


8 


8,000 00 


45,751 


00 


90 


57,375 00 


757,076 


00 


98 


737,333 38 


103,840 


00 


85 


92,756 25 


440,949 


00 


83 


402,550 00 


51,627 


00 


104 


50,440 00 


25,237 


00 


102 


25,500 00 


741,229 


00 


. 95 


733,590 95 


24,015 


00 


94 


22,380 46 


430,698 


00 


85 


407,331 90 


8,146 


00 


104 


8,254 48 


. 1,176,949 


00 


104 


1,163,674 72 


442,950 


00 


85 


418,341 95 


48,500 


00 


100 


48,500 00 


105,815 


00 


91 


98,698 60 



THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE U. S. 91 



Russian: 

Nobles State Land Bank 3-|s, 1888, drawing, 

Nobles State Land Bank 4s, 1895, drawing, 

State Loan, 4s, 1894, drawing, 

Gold Rentes 5s, 1884, . 
Servian Rentes 4s, 1895, drawing, 
South Australian Consols 3s, 1916, 
Spanish Government External 4s, 
Swedish Government 3£s, 1940-61, 
Swiss Confederate 3s, 1952, 
Transvaal Government 3s, 1953, 
United States of Mex. 4s, 1954, drawing, 

Irrigation 35-year 4-Js, 1943, . 
Wurttemberg Gov. 3£s, 1875-1903, drawing, 

State, County and Municipal Bonds. 

Buffalo, N. Y., 7s, 1909, .... 

Chattanooga, Tenn., 4^s, 1937, . 

Columbia, S. C, 4£s, 1945, 

Canton Basle City, Switzerland, 4s, 1943, . 

Denver City & County, Col., (Mont. Pk.) 6s, 1923 

El Paso, Tex., 5s, 1935, op. 1920, 

Ithaca, N. Y., 5s, 1927, op. 1912, 

Kur-Neumark Commu'l, Ger., 3^s, 1904, drawing 

Kur-Neumark Commu'l, Ger., 4s, drawing, 

Montreal, Que., 4s, 1925-32-42, 

Montreal, Quebec, 3^s, 1933, 

Montreal, Quebec, 3-Js, 1942, 

New Orleans, La., 4s, 1950, op. 1942, 

New York County, N. Y., 3.30s, 1918-19, 

New York, N. Y., 3£s, 1929, 

New York, N. Y., 6s, 1910-11, 

Quebec, Province of, 4s, 1934, 

Quebec, Province of, 3s, 1937, 

Quebec, Que., 4s, 1927, 

Roanoke, Va., 4^s, 1936, . 

Rochester City & Town of Gates, N. Y., 6s, 1904 

Sacramento County, Cal., 4-Js, 1919, 

Sacramento County, Cal., 4^s, 1931, 

Sacramento County, Cal., 4-|s, 1925, 

St. Henri, Que., 4s, 1937, 

St. Henri, Que., 4£s, 1953, 

Tennessee, 3s, 1913, 

Toronto, Ont., 3£s, 1917, . 

Toronto, Ont., 4s, 1918, . 

Toronto, Ont., 4s, 1925, . 

Victoria, B. O, 4s, 1952-1955, 

Virginia 3s, 1932, 

Winnipeg, Manitoba, 4s, 1912-1935, 
Railroad Bonds. 

Akron & Barberton Belt 4s, 1942, drawing, 

Alabama-Gt. Southern equipment 4^s, 1911-13, 

Atchison, Topeka & Santa F6: 
Adjustment 4s, 1995, 
Convertible 4s, 1955, 
Debenture 4s, 1910-11, 
Debenture 4s, 1912-14, 
Eastern Oklahoma Division 4s, 1928, 
General 4s, 1995, .... 

Atlantic Avenue 5s, 1909, 

Atlantic Avenue 5s, 1931, 

Atlantic Coast Line: 

Central of So. Carolina 6s, 1921, 
Charleston & Savannah 7s, 1936, 
Louisville & Nashville col. trust 4s, 1952, 
Northeastern of So. Carolina 6s, 1933, 
Savannah, Fla., & Western 6s, 1934, 

Baltimore & Ohio 4s, 1948, 

Baltimore & Ohio: 

Prior Lien 3£s, 1925, . 
Pittsburg Junction & Mid. Div. 3|s, 1925 
Pitts., Lake Erie & West Va., 4s, 1941, 
Southwestern Division 3^s, 1925, . 



Book Value. 

$9,032 00 

250,933 00 

450,045 00 

37,799 00 

23,754 00 

87,615 00 

1,522,760 00 

97,909 00 

15,420 00 

101,110 00 

919,743 00 

460,000 00 

103,799 00 

102,183 00 
505,000 00 

52,500 00 

3,492 00 

335,700 00 

175,000 00 

46,061 00 

29,833 00 

11,543 00 
481,331 00 
243,169 00 

66,164 00 
241,369 00 
470,603 00 
150,665 00 
614,456 00 
101,696 00 
241,217 00 

36,865 00 

100,000 00 

1 00 

36,110 00 

25,208 00 

40,948 
122,702 
123,832 
238,448 
151,196 
333,132 
300,003 
145,000 00 

16,419 00 
519,405 00 

245,021 00 
195,609 00 

1,854,993 00 

3,019,122 00 

428,097 00 

613,575 00 

876,224 00 

3,184,669 00 

91,578 00 

467,633 00 

169,240 00 
277,643 00 

1,425,629 00 

119,848 00 

30,688 00 

2,064,538 00 

2,875,463 00 

918,991 00 

1,328,114 00 

454,310 00 



00 
00 
00 
00 
00 
00 
00 



Rate. 
71 
74 
77 
90 
75 
88 
97 
95 
88 
97 
93 
93 
94 

102 

104 

105 

100 

100 

100 

103 

93 

101 

100 

92 

91 

104 

93 

93 

104 

100 

83 

98 

103 



102 

104 

103 

96 

105 

95 

96 

99 

99 

95 

94 

100 

91 
100 

92 

103 

99 

98 

97 

100 

100 

98 

114 
127 
86 
118 
125 
101 

94 
90 
96 
92 



Market Value. 

$8,336 82 

227,935 54 

395,915 52 

35,457 30 

22,441 50 

85,360 00 

1,541,514 30 

94,433 80 

14,779 60 

98,794 50 

920,700 00 

465,000 00 

98,476 28 

102,000 00 
520,000 00 

52,500 00 

3,475 00 

335,700 00 

175,000 00 

46,350 00 

27,677 73 

11,783 67 
464,333 00 
230,000 00 

62,001 03 
274,560 00 
465,000 00 
139,500 00 
624,000 00 

99,765 00 
228,194 39 

34,790 00 
103,000 00 

36,210 00 

25,480 00 

41,200 00 

120,000 00 

131,250 00 

237,500 00 

153,600 00 

336,600 00 

289,080 00 

137,750 00 

16,074 00 

518,603 00 

227,500 00 
200,000 00 

1,840,000 00 

3,005,540 00 

427,680 00 

614,460 00 

970,000 00 

3,100,000 00 

91,000 00 

411,600 00 

171,000 00 
254,000 00 

1,290,000 00 

118,000 00 

31,250 00 

2,020,000 00 

2,820,000 00 
900,000 00 

1,296,000 00 
460,000 00 



92 THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE U. S. 



Birmingham Terminal Co. 4s, 1957, 
Brooklyn City 5s, 1941, 
Buffalo Creek 5s, 1941, 
Central of Georgia: 

Consol. 5s, 1945, . 

1st Registered 5s, 1945, 

Equipment 4^s, 1909, . 

Equipment 4-Js, 1910, . 

Equipment 4^s, 1911, 

Equipment 4£s, 1912-13, 

Equipment 4^-s, 1914, . 

Equipment 4^s, 1915-16, 
Chesapeake & Ohio: 

Equipment 4s, 1909, 

Equipment 4s, 1910, 

Equipment 4s, 1911-14, 

Equipment 4s, 1915-16, 

General Mortgage 4^s, 1992, . 

Collateral Notes 6s, 1910, 

Equipment Notes 6s, 1909, 
Chicago & Alton 3^s, 1950, 
Chicago & Alton collateral notes 5s, 1912, 
Chicago & Alton 3s, 1949, 
Chicago, Burlington & Quincy 4s, 1921, 
Chicago, Burlington & Quincy: 

Denver Division 4s, 1922, 

Hannibal & St. Joseph 6s, 1911, 

Nor. Pac.-Gt. No. joint 4s, 1921, . . 
Chicago & Eastern Illinois: 

Equipment 5s, 1909-12, 

Refunding & Improvement 4s, 1955, 
Chicago, Indianapolis & Louisville 6s, 1947, 
Chicago, Milwaukee & St. Paul: 

Chicago & Pac. West. Div. 5s, 1921, 

Hastings & Dakota Division 7s, 1910, 

Milwaukee & Northern 6s, 1913, 
Chicago & Northwestern 7s, 1915, 
Chicago & Northwestern 5s, 1909, 
Chicago & Northwestern 5s, 1921, 
Chicago & Northwestern 5s, 1933, 
Chicago & Northwestern: 

Menominee Extension 7s, 1911, 

Peoria & Northwestern 3^s, 1926, 

Princeton & Northwest 3^s, 1926, 

Sioux Citv & Pacific 3£s, 1936, 

St. Paul Eastern Grand Trunk 6s, 1913, 
Chicago, Rock Island & Pacific: 

Equipment 4-^s, 1909, . 

Equipment 4^s, 1910-11, 

Equipment 4£s, 1912-14, 

Equipment 4-Js, 1915-17, 

1st Refunding 4s, 1934, 

Notes 6s, 1909, . . 

General 4s, 1988, . 

Keokuk & Des Moines 5s, 1923, 
Chicago & Western Indiana 4s, 1952, 
Cin., New Or. & Tex. Pac. equipment 4£s, 1909, 
Cin., New Or. & Tex. Pac. equip. 4^s, 1910-11, 
Cin., New Or. & Tex. Pac. equip. 4^s, 1912-14, 
Cin., New Or. & Tex. Pac. equip. 4$s, 1915-16, 
Cleveland, Cincinnati, Chicago & St. Louis: 

C, C, C. & I. 7s, 1914, 

General 4s, 1993, 

Colorado & Southern 4s, 1929, . 

Col. & South. (Ft. Worth & Den. City) 6s, 1921, 

Colorado-Utah Construction Co. 6s, 1909, . 

Coney Is. & Brooklyn (B. City & N.) 5s, 1939, 

Coney Island & Brooklyn 4s, 1955, 

Coney Island & Brooklyn 4s, 194S, 

Delaware & Hudson Co.: 

Chateaugay Ore & Iron 4s, 1942, 

Equipment 4s, 1910-11, 

Equipment 4s, 1912-14, 

Equipment 1st lien 4^s, 1922, 



Book Value. 

$225,431 00 

106,578 00 

118,775 00 

1,741,827 00 
1,181,355 00 



380,852 00 



1,145,959 00 



J 



247,432 

41,781 

2,018,226 

1,224,974 

1,696,232 



2,659,302 00 
00 
00 
00 
00 
00 



78,136 00 

205,849 00 

104,125 00 

3,024,275 00 

495,366 00 
202,595 00 
797,722 00 

279,538 00 

88,157 00 

37,315 00 

114,517 00 

1,152,403 00 

3,600,879 00 

860,697 00 

26,590 00 

96,685 00 

67,679 00 

103,288 00 

* 173,314 00 

f 
407,492 00 

J I 

3,473,537 00 

298,799 00 

71,812 00 

33,897 00 

2,433,669 00 



f 



367,155 00 



785,472 00 

2,013,202 00 

653,055 00 

219,368 00 

100,000 00 

509,518 00 

1,500,000 00 

1,130,892 00 

954,568 00 
900,000 00 
757,975 00 



Rate. 

95 

102 

112 

108 
115 
100 
99 
98 
97 
96 
95 

100 

99 

98 

97 

105 

103 

101 

75 

100 

79 

96 

100 
104 

98 

100 
86 

128 

110 

102 
107 
116 
101 
107 
110 

105 
94 
94 
92 

105 

100 

99 

98 

97 

91 

100 

100 

103 

98 

100 

99 

98 

97 

112 
98 
97 
115 
100 
95 
75 
78 

91 

99 

98 

102 



Market Value. 

$237,500 00 
102,000 00 
112,000 00 

1,681,560 00 
1,150,000 00 
51,000 00 
50,490 00 
49,980 00 
98,940 00 
48,960 00 
72,200 00 



58, 

99, 

671, 

339, 

2,625, 

257, 

42, 

1,875, 

1,250, 

1,580, 

75, 



000 00 
000 00 
300 00 
500 00 
000 00 
500 00 
420 00 
000 00 
000 00 
000 00 
840 00 



205,000 00 

104,000 00 

2,940,000 00 

500,000 00 
215,000 00 
768,000 00 

280,500 00 

86,700 00 

37,450 00 

116,000 00 

1,156,450 00 

3,531,000 00 

825,000 00 

26,250 00 

94,000 00 

65,800 00 

98,440 00 

169,050 00 

50,000 00 

99,000 00 

147,000 00 

121,250 00 

3,640,000 00 

300,000 00 

75,000 00 

32,960 00 

2,450,000 00 

50,000 00 

99,000 00 

147,000 00 

72,750 00 

769,440 00 
1,960,000 00 
679,000 00 
230,000 00 
100,000 00 
436,050 00 
1,125,000 00 
903,240 00 

900,900 00 
396,000 00 
490,000 00 
816,000 00 



THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE U. S. 



93 



Delaware & Hudson Co. — Con. 

Hudson Coal equip. 4s, 1909, 

Hudson Coal 4s, 1910-11, 

Hudson Coal 4s, 1912-14, 

Hudson Coal 4s, 1915-16, 

Hudson Coal 4s, 1917-18, 

1st refunding 4s, 1943, . 
Del., Lack. & West. (N. Y., Lack. & W. T.) 4s, 1923 
Denver & Rio Grande 4-£s, 1936, 
Denver & Rio Grande equip. 5s, 1914-15, 
Denver & Rio Grande equip. 5s, 1916-17, 
Elgin, Joliet & Eastern 5s, 1941, 
El Paso Union Passenger Depot Co. 5s, 1916-17, 
El Paso Union Passenger Depot Co. 5s, 1918-19, 
El Paso Union Passenger Depot Co. 5s, 1920-22, 
El Paso Union Passenger Depot Co. 5s, 1923-25, 
El Paso Union Passenger Depot Co. 5s, 1926-29, 
El Paso Union Passenger Depot Co. 5s, 1930-33, 
Erie: 

Cleveland & Mahoning Valley 5s, 1938, 

Consolidated mortgage 7s, 1920, 

Long Dock 6s, 1935, 

Pennsylvania Coal col. 4s, 1951, 
Gal., Harrisb. & San An. (M. & P. Ext.) 5s, 1931, 
Gt. Northern (Montana Central) 5s, 1937, 
Hocking Valley: 

Columbus & Toledo 4s, 1955, 

Equipment 4s, 1909, 

Equipment 4s, 1910, 

Equipment 4s, 1912-13, 

Equipment 4s, 1915, 
Illinois Central 3*s, 1950, 
Illinois Central 4s, 1955, . 
Iowa Falls & Sioux City 7s, 1917, 
Indiana, Illinois & Iowa 4s, 1950, 
Interborough-Metropolitan Co. : 

Broadway & Seventh Avenue 1st con. 5s, 1943, 

Columbus & Ninth Avenue 5s, 1993, 

Collateral trust 4^s, 1956, 

Fulton Street 4s, 1995, . 

Lexington Ave. & Pavonia Ferry 5s, 1993, 

Manhattan Elevated 4s, 1990, 

Metropolitan 4s, 2002, . 

Third Avenue 4s, 2000, 

Thirty-fourth St. Crosstown 5s, 1996, 
International & Great Northern 6s, 1919, 
International Trac. Co., N. J., car tr. 6s, 1909-17, 
Kansas City Cable, Kan. City, 5s, 1911, 
Kieff-Voronesh 4^s, 1955, 
Koslov-Voronesh-Rostov 4s, 1953, 
Lehigh Valley: 

Annuity irredeemable 6s, 
• General mortgage 4s, 2003, 

Equipment 4£s, 1909, . 

Equipment 4£s, 1910-11, 

Lehigh & Lake Erie 4£s, 1957, 

Terminal 5s, 1941, 
Long Island refunding 4s, 1949, 
Long Island unified 4s, 1949, 
Louisville & Nashville: 

Atlanta, Knoxville & Cincinnati 4s, 1955, 

Collateral trust 4s, 1923, 

Mobile & Montgomery joint 4-Js, 1945, 

St. Louis Division 6s, 1921, . 

Southern Monon. col. joint 4s, 1952, 
Mexican Central, notes, 5s, 1910, 
Missouri, Kansas & Texas 5s, 1944, . 
Missouri Pacific: 

First 6s, 1920, 

Equipment 5s, 1909-10, 

Equipment 5s, 1911-15, 

Notes, 6s, 1910, . 

Pacific of Missouri 4s, 1938, 

Third mortgage 4s, 1938, 



Book Value. 

$989,989 00^ 

970,073 00 
1,321,509 00 
1,054,847 00 

226,800 00 

400,742 00 



f 



226,510 00 ^ 



26,485 00 

2,364,392 00 

393,737 00 

1,694,959 00 

590,699 00 

348,938 00 

515,134 00 

128,809 00 

898,679 00 

975,000 00 

558,941 00 

47,977 00 

333,000 00 

586,761 00 

498,395 00 

1 00 

1,413,581 00 

2,151,459 00 
500,000 00 

1,500,000 00 
342,251 00 

3,020,784 00 
225,000 00 
194,167 00 

1,211,184 00 
5,810 00 

150,000 00 
242,537 00 

386,855 00 

950,147 00 

1,176,200 00 
982,903 00 
268,679 00 

90,084 00 

1,477,280 00 

797,052 00 

308.488 00 
475,209 00 
244,209 00 
104,000 00 

2,346,950 00 
787,8S9 00 

739.489 00 
7,210 00 

389,824 00 



/ 



Rate. 

100 

99 

98 

97 

96 

101 

100 

101 

99 

98 

108 

104 

105 

106 

107 

108 

109 

108 
124 
127 
86 
112 
114 

98 

100 

99 

98 

97 

92 

100 

118 

98 

102 

99 

80 



99 

99 

60 

70 

77 

111 

100 

99 

82 

82 

148 
98 

100 
99 

100 

117 
97 
93 

95 

97 

102 

111 

85 

99 

105 

114 

100 

99 

101 

98 

90 



Market Value. 

SI 25,000 00 

222,750 00 

294,000 00 

194,000 00 

144,000 00 

1,010,000 00 

1,300,000 00 

1,010,000 00 

99,000 00 

147,000 00 

367,200 00 

24,960 00 

25,200 00 

38,160 00 

38,520 00 

51,840 00 

51,230 00 

27,000 00 

2,306,400 00 

381,000 00 

1,548,000 00 

604,800 00 

342,000 00 

490,000 00 

48,000 00 

9,900 00 

49,000 00 

24,250 00 

920,000 00 

1,000,000 00 

548,110 00 

49,000 00 

294,780 00 
495,000 00 
496,000 00 

1,197,900 00 

2,062.170 00 

600,000 00 

2,100,000 00 

231,000 00 

2,886,000 00 

225,000 00 

191,070 00 

1,130,446 26 

5,512 86 

148,000 00 
245,000 00 
100,000 00 
297,000 00 
1,000,000 00 
1,170,000 00 
970,000 00 
250,170 00 

95,000 00 
1,455,000 00 
759,900 00 
294,150 00 
425,000 00 
247,500 00 
105,000 00 

2,280,000 00 
336,000 00 
458,370 00 
757,500 00 
6,860 00 
360,000 00 



94 THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE U. S. 



Mobile & Ohio: 

Equipment 4£s, 1909-13, 

Equipment 4^s, 1914-15, 

Equipment 44-s, 1916, . 

Mobile & Ohio, Montg. Div., 5s, 1947, 
Moscow-Kazan 4s, 1945, . 
Moscow-Windau-Rybinsk 4s, 1955, 
National Rys. of Mexico 4^-s, 1957, 
New Orleans Terminal 4s, 1953, 
New Orleans Terminal, notes, 6s, 1909, 
New York Central: 

Debenture 4s, 1934, 

Lake Shore col. 3£s, 1998, 

Lake Shore & Mich. Southern 4s, 1928, 

Michigan Central col. 3-^s, 1998, 

Pitts. & Lake Erie 5s, 1928, . 

West Shore 4s, 2361, . 

Western Transit 3£s, 1923, . 
New York, Ontario & Western 4s, 1992, 
New York, Philadelphia & Norfolk 4s, 1939, 
Norfolk & Western: 

Divisional first lien 4s, 1944, . 

Equipment 4s, 1909, . . . 

Equipment 4s, 1910-11, 

Equipment 4s, 1912-14, 

First 4s, 1996, .... 

Pocahontas Coal & Coke 4s, 1941, . 
Northern Pacific 4s, 1997, 
Pennsylvania: 

Car trust 3$s, 1909, 

Car trust 3£s, 1910, 

Consolidated 4s, 1948, . 

Convertible 3*s, 1915, . 

Equipment 3£s, 1910, . 

Equipment 3^s, 1911, . 

Pennsylvania Co. 15-25 yrs. 4s, 1931, 

Pennsylvania Co. 4^s, 1921, . 

Fort Wayne col. trust 3^s, 1937, . 

Fort Wayne col. trust 3£s, 1944, 

Maryland, Delaware & Virginia 5s, 1955, 

Pennsylvania Co. 3^s, 1941, . 

Pennsylvania Co. 3^s, 1916, . 

Pittsburg, Cin., Chic. & St. Louis 3£s, 1949, 

Pittsburg, Cin., Chic. & St. Louis 4s, 1953, 

Steel equipment 3^-s, 1910, 

Steel equipment 3^s, 1911-12, 

Steel Rolling Stock trust 3|s, 1911, 

Notes, 5s, 1910, . 
Peoria & Eastern 4s, 1940, 
Philadelphia & Reading 4s, 1932, 
Railroad Securities Co. (111. Cent. Stock) 4s, 1952, 
Reading Co.: 

Atlantic City 4s, 1951, . 

Coal & Iron 4s, 1997, . 

Jersey Central col. 4s, 1951, 
Rezan Ural 4£s, 1947, 
Rezan Ural 4s", 1947, 
Riehmond-Washington 4s, 1943, 
Rio Grande Western 4s, 1949, . 
Santa Fe, Prescott & Phenix 4s, 1942, 
Seaboard Air Line (Atlanta-Birm.) 4s, 1933, 
South Eastern 4^s, 1953, . . 

So. Eastern Issues of 1897, 1898 and 1901 4s, 1953, 
Southern Railway: 

Collateral trust 5s, 1909, 

Eastern Tenn., Va. & Ga. 5s, 1938, 

Equipment 4^s, 1909, . 

Equipment 4-|s, 1910, . 

Memphis Division first 5s, 1996, 

Richmond & Danville 6s, 1915, 

Virginia Midland 6s, 1916, 

Virginia Midland 5s, 1921, 

Virginia Midland 5s, 1931, 



f 



Book Value. 

$184,363 00 

621,768 00 
132,925 00 
1,373,706 00 
468,750 00 
180,780 00 
309,278 00 

3,014,388 00 

4,946,786 00 

4,986,394 00 

1,780,471 00 

1,089,011 00 

880,075 00 

449,642 00 

1,027,098 00 

145,340 00 

3,433,982 00 

1,191,944 00 

2,029,479 00 

144,150 00 

2,352,083 00 



J 298,097 00 1 

957,688 00 

2,806,642 00 

98,840 00 

98,437 00 

1,477,455 00 

515,920 00 

344,275 00 

592,269 00 

305,103 

465,081 

1,153,269 

1,715,455 

1,031,953 

99,763 



00 
00 
00 
00 
00 
00 



402,351 00 
234,788 00 
994,720 00 
133,559 00 
331,237 00 
1,620,927 00 

482,810 00 
507,152 00 
1,944,380 00 
1,693,848 00 
871,996 00 
514,250 00 
451,039 00 
256,492 
710,412 
574,204 



00 
00 
00 



180,109 00 

450,000 00 
712,979 00 

501,288 00 

290,497 00 
771,024 00 
208,886 00 
331,278 00 
1,094,233 00 



Rate. 
98 
95 
94 

111 
72 
83 
92 
82 

100 

94 
84 
95 
85 
101 
103 
80 
99 
98 

94 
100 
99 
98 
98 
90 
103 

100 
99 

104 
95 
99 
98 

100 

104 
92 
91 
99 
91 
98 
94 

100 
99 
98 
98 

101 
92 
88 
91 

91 

101 

97 

82 

80 

101 

81 
108 
81 
82 
80 

100 
104 
100 
99 
105 
108 
106 
105 
107 



Market Value. 

$122,500 00 

47,500 00 

11,280 00 

609,390 00 

122,178 96 

1,467,830 10 
460,000 00 
164,000 00 
313,000 00 

2,820,000 00 

4,410,000 00 

4,750,000 00 

1,700,000 00 

1,010,000 00 

860,050 00 

400,000 00 

990,000 00 

147,000 00 

3,290,000 00 
250,000 00 
595,980 00 
352,800 00 

1,960,000 00 
135,000 00 

2,317,500 00 

100,000 00 

198,000 00 

1,040,000 00 

2,679,475 00 

99,000 00 

98,000 00 

1,500,000 00 

520,000 00 

368,000 00 

637,000 00 

297,000 00 

455,000 00 

1,151,500 00 

1,719,260 00 

1,000,000 00 

99,990 00 

401,800 00 

235,200 00 

1,010,000 00 

138,000 00 

304,480 00 

1,601,600 00 

455,000 00 
505,000 00 
1,891,500 00 
1,576,573 00 
890,638 40 
505,000 00 
405,000 00 
270,000 00 
607,500 00 
537,587 08 
173,168 SO 

450,000 00 
651,040 00 
300,000 00 
198,000 00 
262,500 00 
756,000 00 
203,520 00 
324,450 00 
1,058,230 00 



THE FIDELITY MUTUAL LIFE INSURANCE CO. 



95 



Southern Pacific: 

Central Pacific 1st ref. 4s, 1949, 

Central Pacific col. 4s, 1949, . 

Through Short Line 4s, 1954, 

First refunding 4s, 1955, 

Hous. & T. C. (W. & Northwest Div.) 6s, 1930, 

Collateral 4s, 1910, 
St. Louis. Iron Mountain & Southern: 

Car trust 5s, 1909-10, . 

Car trust 5s, 1911-12, . 

General Con. Ry. & L. G. 5s, 1931, 

Pine Bluff & Western 5s, 1923, 

River & Gulf Division 4s, 1933, 

Unifying & refunding 4s, 1929, 
St. Louis & San Francisco: 

Equipment 4^s, 1909, . 

Equipment 4£s, 1910, . 

Equipment 4£s, 1911, . 
St. Paul, Minneapolis & Manitoba 4-Js, 1933, 
St. Paul, Minn. & Man. (Pacific Ex.) 4s, 1940, 
Terminal R.R. Association of St. Lo. 4s, 1953, 
Texas & Pacific: 

Equipment Association 5s, 1909-10, 

Equipment Association 5s, 1911-15, 

Equipment Association 5s, 1916, 

First mortgage 5s, 2000, 

Louisiana Branch Line 5s, 1931, 
Union Pacific: 

First lien and ref. 4s, 2008, . 

First mortgage 4s, 1947, 

Oregon R.R. & Navigation Co. 4s, 1946, 

Oregon Short Line 6s, 1922, . 

Oregon Short Line 6s, 1946, . 

Oregon Short Line 4s, 1929, . 
Vandalia 4s, 1955, . 
Vandalia 4s, 1957, . 

Terre Haute & Peoria 5s, 1942, 
Wabash 1st 5s, 1939, 
Wabash 2d 5s, 1939, 

Wabash-Pittsburgh Terminal 1st 4s, 1954, . 
Wabash-Pittsburgh Terminal 2d 4s, 1954, . 
Washington Terminal Co. col. notes, 5s, 1909, 
Western Maryland 1st 4s, 1952, 
Western New York & Penn. 4s, 1943, 

Miscellaneous Bonds. 
Clairton Land Co., Penn., 4.40s, 1915-26, . 
Inter. Mercantile Marine col. trust 4^s, 1922, 
International Navigation Co. 5s, 1929, 
New Amsterdam Gas Co. 5s, 1948, 
Western Union Telegraph Co. 4-^-s, 1950, 



Book Value. 

$4,490,110 00 

660,110 00 

971,331 00 

2,389,474 00 

120,391 00 

1,141,747 00 

133,768 00 

3,376,636 00 
105,407 00 

2,376,201 00 
470,807 00 



362,608 00 

242,617 00 
580,500 00 
490,669 00 



192,547 00 

2,183,340 00 
1,060,058 00 

1,898,744 00 

3,135,734 00 

1,013,747 00 

3,152,324 00 

1,565,593 00 

2,884,416 00 

1,559,011 00 

960,076 00 

101,983 00 

1,289,942 00 

292,811 00 

150,500 00 

25,700 00 

248,196 00 

1,765,848 00 

187,315 00 

1,200,000 00 
198,406 00 
537,994 00 
333,575 00 

1,561,038 00 



Rate. 
97 
91 
93 
95 

116 
99 

100 

99 

112 

103 

89 

87 

100 

99 

97 

110 

100 

96 

100 

99 

98 

117 

107 

97 

103 

99 

119 

114 

95 

99 

99 

109 

113 

104 

56 

13 

100 

83 

95 

100 
76 
88 

103 
96 



Market Value. 

$4,365,000 00 

646,100 00 

930.000 00 

2,375,000 00 

116,000 00 

1,138,500 00 

67,000 00 

65,340 00 

3,360,000 00 

103,000 00 

2,225,000 00 

435,000 00 

150,000 00 
115,830 00 
97,000 00 
247,500 00 
581,818 00 
480,000 00 

50,000 00 
123,750 00 

24,500 00 
2,106,000 00 
1,070,000 00 

1,940,000 00 
3,090,000 00 

990,000 00 
3,120,180 00 
1,539,000 00 
2,850,000 00 
1,519,650 00 

990,000 00 

109,000 00 
1,255,430 00 

284,960 00 

168,560 00 
33,410 00 

250,000 00 
1,680,750 00 

190,000 00 

1,200,000 00 
190,000 00 
532,400 00 
309,000 00 

1,440,000 00 



$259,812,291 00 



$253,952,070 63 



THE FIDELITY MUTUAL LIFE INSURANCE COMPANY, 
PHILADELPHIA, PA. 

Incorporated Dec. 2, 1878. Commenced business Jan. 1, 1879. 

L. G. Fouse, President. W. S. Campbell, Secretary. 

Income. 

First year's premiums, less $1,641.05 for reinsurance, . . $516,195 69 

Surrender values applied to pay first year's premiums, - . . 35 32 



_ Total first year's premiums on original policies, 
Dividends applied to purchase paid-up additions, 
Surrender values applied for paid-up insurance, 
Consideration for life annuities, 
Total new premiums, . 



$621,827 61 



$516,231 01 

44,418 57 

59,582 00 

1,596 03 



96 



THE FIDELITY MUTUAL LIFE INSURANCE CO. 



Renewal premiums, less $3,095.38 for reinsurance, 
Dividends applied to pay renewal premiums, . 
Surrender values applied to pay renewal premiums, 
Renewal premiums on deferred annuities, 



Total renewal premiums, 



$3,907,201 71 



Total premium income, . . . . ■ . 

Consideration for supplementary contracts not involving life con- 
tingencies, ......... 

Dividends left with company to accumulate, .... 

Interest on mortgages, . . . . . $119,981 98 

on collateral loans, .... 14,093 36 

on bonds and dividends on stocks, . 280,432 96 

on premium notes and policy loans, . 286,860 66 

on bank deposits, .... 5,735 79 

on other debts, .... 26,690 80 

Rent, including $32,500 for occupancy of own 
buildings, 



5,825,226 74 

69,720 41 

8,668 92 

3,585 64 



t,529,029 32 

7,000 00 
1,609 99 



81,190 93 814,986 48 



Profit on sale or maturity of real estate, $172.13 ; bonds, 
Increase by adjustment in book value of bonds, 
Policy liens, ....... 

Policy fees, . . . . 

All other, . . . . . . . . 

Total income, . . . 

Ledger assets, Dec. 31, 1907, . 



5,708.15, 



Total, . 

Disbursements. 
Death claims and additions, ..... 
Annuities involving life contingencies, 
Surrender values paid in cash, .... 

applied to pay new premiums, 
applied to pay renewal premiums, 
applied to purchase paid-up insurance, 
Dividends paid policy holders in cash, 

applied to pay renewal premiums, . 
applied to purchase paid-up additions, 
left with the company to accumulate, 

Total paid policy holders, 
Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, 
Commissions to agents: new policies, $236,643.24; renewals, 

$172,389.91, . . . ' . 

Commuted renewal commissions, .... 

Salaries and allowances for agencies, 

Agency supervision, traveling and other agency expenses, 

Medical examiners' fees, $24,560.24; and inspections, $24,029.16 

Salaries of officers and home office employees, . 

Rent, including $32,500 for occupancy of own buildings, 

Advertising, printing, postage, etc., 

Legal expenses, ....... 

Furniture and fixtures, . . 

Repairs and expenses on real estate, 



3,880 28 

4,879 60 

65,619 00 

107 00 

972 25 

. $5,428,083 92 
14,798,877 83 

$20,226,961 75 



,375,449 45 

3,280 09 

382,628 15 

35 32 

8,668 92 

59,582 00 

16,813 89 

69,720 41 

44,418 57 

1,609 99 

,962,206 79 

7,131 34 

22,062 70 

409,033 15 
1,576 98 

112,391 57 
50,979 45 
48,589 40 

163,720 90 
55,784 93 
54,940 73 
12,613 43 
3,759 06 
49,959 87 



THE FIDELITY MUTUAL LIFE INSURANCE CO. 



97 



Taxes on real estate, ....... 

State taxes on premiums, ...... 

Insurance department licenses and fees, .... 

All other licenses, fees and taxes, ..... 

Loss on sale or maturity of ledger assets, 

Decrease by adjustment in book value of stocks and bonds, 

All other disbursements, ...... 

Total disbursements, ...... 



Balance, ...... 

Ledger Assets. 
Book value of real estate, .... 
Mortgage loans on real estate, 
Loans secured by collateral (schedule A), 
Loans to policy holders, .... 

Premium notes on policies in force, 
Book value of bonds and stocks (schedule B) , . 
Cash in office, . . . • . 

Deposits in trust companies and banks on interest, 
Agents' balances (net), ..... 
Bills receivable, ...... 



Total ledger assets, 



$11,178 16 

63,578 47 

6,389 85 

19,000 75 

1,029 79 

104,253 22 

9,642 34 

. $3,169,822 88 

$17,057,138 87 



51,334,604 18 

2,979,784 06 

178,281 50 

5,001,197 39 

378,773 53 

6,475,110 76 

855 16 

245,476 68 

450,062 58 

12,993 03 

$17,057,138 87 



Non-Ledger Assets. 



Interest due and accrued on: 

Mortgages, 

Bonds, 

Collateral loans, 

Premium notes, 
Rents accrued, 



Uncollected premiums, . 
Deferred premiums, 

Total, .... 
Deduct loading, . 

Net uncollected and deferred 
premiums, 



New Business. 

$84,765 71 
21,864 06 

$106,629 77 
24,631 48 



$55,969 14 
105,982 94 

997 66 
69,287 18 

333 00 

Renewals. 

$136,119 69 
294,072 37 

$430,192 06 
99,374 37 



232,569 92 



$81,998 29 $330,817 69 412,815 98 



Gross assets, 



Assets not admitted. 



Agents' debit balances, ..... 

Bills receivable, ...... 

Premium obligations and loans in excess of net 
value of their policies, .... 

Book value of stocks and bonds over market, . 
Book value of real estate over market, 

Admitted assets, . 



$17,702,524 77 



$452,824 77 
12,993 03 

248,509 66 
149,570 26 
228,304 18 1,092,201 90 



$16,610,322 87 



98 



THE FIDELITY MUTUAL LIFE INSURANCE CO. 



Liabilities. 

Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the Actuaries' table of mor- 
tality, with interest at 4 per cent., and the American table, with 
interest at 3^ per cent., . . 

Deduct net value of risks reinsured, .... 



114,964,154 00 
1,261 00 



Net reserve, 



$14,962,893 00 



Present value of supplementary contracts not involving life con- 
tingencies, 209,705 92 

Surrender values claimable on terminated policies, . . . 8,854 65 

Death losses in process of adjustment, . . $7,500 00 

reported, 70,681 00 

and other policy claims resisted, . 50,630 75 128,811 75 

Supplementary contracts not involving life contingencies due and 

unpaid, 1,500 00 

Dividends left to accumulate and interest thereon, . . . 1,634 14 

Premiums paid in advance, ....... 7,520 57 

Unearned interest and rent paid in advance, .... 73,808 72 

Commissions to agents, due or accrued, ..... 16,694 11 

Miscellaneous accounts due or accrued, ..... 9,013 91 

Medical examiners' and legal fees due or accrued, . . . 6,324 00 

State, county and municipal taxes due or accrued, . . . 44,055 35 
Dividends or other profits due policy holders, .... 11,349 84 

Dividends apportioned on annual dividend policies, payable 

during 1909, . 89,466 14 

Held for deferred dividends, payable after 1909, viz.: 
Twenty-year period policies, . . . $338,244 72 

Fifteen-year period policies, . . . 43,406 99 

Ten-year period policies, .... 14,559 17 

Five-year period policies, .... 3 53 396,214 41 

. . . . . 642,476 36 






Unassigned funds (surplus), 
Total liabilities, 



$16,610,322 87 



Premium Note Account. 

Premium notes on hand Dec. 31, 1907, . . $374,656 05 
Received during 1908, new policies, $212,530.31; 

old policies, $1,014,501.36, .... 1,227,031 67 $1,601,687 72 



Redeemed by maker in cash, .... 

Premium notes on hand Dec. 31, 1908, 

Exhibit of Policies. 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 



In Force Dec. 81, 1907. 

Number. Amount. 

31,114 $61,819,488 00 

14,669 26,963,008 00 

13,642 31,906,480 00 

6,852 00 



Total No. 



1,222,914 19 
$378,773 53 



Total Amount. 



59,425 $120,695,828 00 



THE FIDELITY MUTUAL LIFE INSURANCE CO. 



1)9 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



Issued during the Year. 

Number. Amount. 

2,845 $7,558,366 00 

3,135 7,857,128 00 

1,173 3,574,611 00 

9,794 00 



Total No. 



Total Amount. 



7,153 $18,999,899 00 



Whole life, . 
Endowment, 
All other, 


Old Policies revived. 

236 $624,096 00 
216 534,923 00 
163 447,004 00 


615 
45 


1,606,023 00 


Whole life, . 
Endowment, 
All other, 


Old Policies increased. 
29 $31,841 00 
14 41,739 00 
2 374,309 00 


447,889 00 


Whole life, . 
Endowment, 
All other, 


Transfers, Deductions. 
394 $840,549 00 
291 675,250 00 
804 1,654,255 00 




Whole life, . . 
Endowment, 
All other, 


1,489 $3,170,054 00 

Transfers, A dditions . 

806 $1,775,688 00 
124 341,567 00 
559 1,052,799 00 






1,489 $3,170,054 00 

Terminated during the Year. 

2,829 $6,881,661 00 

2,908 6,911,448 00 

2,037 5,311,510 00 

>ns, - . 34 00 




Total . 

Whole life, . 
Endowment, 
All other, 
Reversionary additic 


67,238 

7,774 
59,464 


$141,740,639 00 


By death, 

expiry, . 

surrender, 

lapse, 

decrease, 
Not taken, . 


7,774 $19,104,653 00 

How terminated. 

593 $1,417,226 00 

221 528,448 00 

1,022 2,115,792 00 

4,738 10,239,707 00 

24 794,250 00 

1,176 4,009,230 00 


$19,104,653 00 


Whole life, . 
Endowment, 
All other, 
Reversionary additic 


In Force Dec. 31, 1908. 

31,807 $64,087,269 00 

14,959 28,151,667 00 

12,698 30,389,438 00 

>ns, - 16,612 00 


$122,644,986 00 



100 



THE FIDELITY MUTUAL LIFE INSURANCE CO. 



Schedule A. Securities held as Collateral. 



58 shares Pennsylvania Salt Mfg. Co., Phila., 
108 " Pennsylvania Salt Mfg. Co., Phila., 

40 " Norristown Trust Co., 
2 " Philadelphia Casualty Co., 
Ohio River Electric Ry. & Power Co. 5s, 1924, 
125 shares Central Trust & Savings Co., Phila., 

55 " American Pipe Manufacturing Co., Phila., 
Pocono P. Ass. and Sum. Sch. of Naomi P., Pa., 5s, 1924, 
Full paid policy, New York Life Insurance Co., 
Bath Portland Cement Co. 6s, 1924, . 
Atlanta Tel. & Tel. Co. 5s, 1923, 
Union Brick Co., Shamokin, Pa., 5s, 1933, 

20 shares Philadelphia Casualty Co., 

50 " American Pipe Mfg. Co., Phila 

4 " Union National Bank, Phila., 

Philadelphia & Reading Terminal Co. 5s, 1941, 

50 shares Central Trust & Savings Co., Phila., 
Assignment of mortg. 315 N. Thirty-fourth St., Phila 
Beech Creek R.R. Co. 5s, 1936, . ' . 
Pittsburg, Bessemer & Lake Erie R.R. 5s, 1947, 
Westchester, N. Y., Lighting Co. 5s, 1950, . 
Bergner & Engle Brewing Co., Phila., 6s, 1921, 
Lakeside Ry. Co. 4s, 1923, 
Steinway Ry. Co. 6s, 1922, 
Midland Terminal Ry. Co., Col., 5s, 1925, . 
Edison Electric Light Co. 5s, 1946, . 
Lewistown & Reedsville Traction Co. 5s, 1919, 
People's Gas Co., Pottstown, Pa., 5s, 1920, 

10 shares First Nat. Bank, W. Minneap., Hop., Minn 

Susquehanna, Bloomsburg & Berwick R.R. Co. 5s, 1952 

Fairmont Coal Co. 5s, 1931, 

300 shares Central Trust & Savings Co., Philadelphia 

200 " Wm. M. Laird Co., Pittsburg, Pa., 

25 " Central Trust & Savings Co., Philadelphia 
Louisville, Ky., 4s, 1928, . 

2 shares Philadelphia Casualty Co., 

3 " Philadelphia Casualty Co., 



Ill 
50 



Central Trust & Savings Co., Philadelphia, 
Central Trust & Savings Co., Philadelphia, 



Company's 

Market Value. 

$6,235 00 

11,610 00 

7,800 00 

200 00 

9,000 00 

8,750 00 

6,600 00 

1,900 00 J 

2,874 28 

20,000 00 

20,000 00 

15,000 00 

2,000 00 I 

6,000 00 !• 

1,020 00 j 

1,200 00 \ 

3,500 00 / 

6,000 00 

1,050 00 

2,340 00 

1,060 00 

4,000 00 

5,006 25 

5,350 00 

2,970 00 

1,060 00 

2,850 00 

4,275 00 

1,150 00 

48,000 00 

920 00 

21,000 00 

12,000 00 

1,750 00 

200 00 

200 00 

300 00 

7,770 00 | 

3,500 00 



Loaned 
Thereon. 

$4,250 00 
6,550 00 

5,375 00 

6,700 00 

13,000 00 

900 00 
20,000 00 
12,000 00 

8,388 50 

2,500 00 
5,400 00 



24,000 00 



500 00 

40,000 00 

540 00 

18,000 00 \ 

1,750 00 

160 00 

268 00 

3,000 00 

2,500 00 

2,500 00 



$256,440 53 $178,281 50 



Schedule B. Stocks and Bonds owned by the Company. 

Railroad Stock. • Book Value. Rate. Market Value. ; 

222 shares Buffalo & Susquehanna, . . $13,156 25 30 $6,660 00 j 

Bank Stocks. 

200 shares Central Tr. & Sav. Co., Philadelphia, 15.740 00 140 14,000 00 

98 " Real Es. Tr. Co., Phila., preferred, . 9,800 00 93 9,114 00 

189 " Third National, Philadelphia, . . 28,358 50 215 40,635 00 | 

Miscellaneous Stocks. 

548 shares American Pipe Mfg. Co., Phila., . 80,752 50 118 64,664 00 

2,108 " Philadelphia Casualty Co., . . 252,960 00 100 210,800 00 | 

Government Bonds. 

Cuba 5s, 1944, 24,302 03 102 25,500 00 

County and Municipal Bonds. 

Aldan, Pa., 4$s, 1938, 14,000 00 - 100 14,000 00 

Birmingham, Ala., 6s, 1909, .... 10,066 68 101 10,100 00 

Birmingham, Ala., 6s, 1921, .... 24,829 41 112 25,760 00 

Birmingham, Ala., 6s, 1919, .... 2,140 68 110 2,200 00 

Birmingham, Ala., 5s, 1920, .... 15,707 43 102 15,300 00 

Brackenridge, Pa., 4s, 1928, .... 5,000 00 97 4,850 00 

Centralia and Convngham, Pa., 5s, 1923, . . 3,860 07 108 3,780 00 

Dallas, Tex., 4s, 1942, . . . . . 10,170 07 91 9,100 00 

Galveston, Tex., 5s, 1937, .... 25,757 41 98 24,500 00 

Greensboro, N. C, 6s, 1917, .... 12,167 24 111 12,487 50 



THE FIDELITY MUTUAL LIFE INSURANCE CO. 



101 



Greenville, Ala., 5s, 1931, 
Holly Beach, N. J., 6s, 1912, . 
Houston, Tex., 5s, 1941-1943, . 
Jackson County, Ind., 4s, 1912-19, 
La Junta, Col., 5s, 1921, op. 1916, 
Mayaguez, Porto Rico, 6s, 1922, op. 1912 
McKees Rocks, Pa., 5s, 1937, 
Norfolk, Va., 5s, 1911, 
North Wildwood, N. J., 6s, 1912, 
Philadelphia, Pa., 3*s, 1931-32, 
Philadelphia, Pa., 4s, 1938, 
Rochester, Pa., 4*s, 1924-35, op. 23, 
Sharon, Pa., 4s, 1933, op. 1913, 
Seattle, Wash., 5s, 1913, . 
Seattle, Wash., 5s, 1915, . 
Tacoma, Wash., 5s, 1913, 
Walla-Walla, Wash., 5s, 1930-31, 
Walla-Walla, Wash., 5s, 1932, . 
Railroad Bonds. 
Alabama Great Southern 5s, 1927, 
Allegheny, Bellevue & Perrysville 5s, 1935 
Altoona & Logan Valley Electric 4£s, 1933 
Ark., Okla. & Western 1st mtge. 6s, 1947 
Atlantic Coast Elec, Asbury Park, N. J., 5s, 1945, 
Augusta, Ga., U. S. Co. 1st mortgage 4s, 1953, 
Aurora, Elgin & Chicago 1st mortgage 5s, 1941, 
Aurora, Elgin & Chic. 1st and ref. mtge. 5s, 1946, 
Baltimore & Ohio (Southwestern Div.) 3-^s, 1925, 
Birmingham Ry., Light & Power Co. 4-^s, 1954, 
Boonville, St. Louis & Southern 6s, 1911, . 
Boonville Bridge Co. 4s, 1951, . 
Buffalo & Lake Erie Traction con. 5s, 1936, 
Buffalo & Susquehanna 4s, 1951, 
Buffalo & Susquehanna 4^s, 1953, 
Cent, of Ga. (Macon & North. Div.) 5s, 1946, 
Chesapeake & Ohio car trust 4s, 1910, 
Chesapeake & Ohio car trust 4s, 1913, 
Chicago & Milwaukee Electric 5s, 1919, 
Chicago, Cincinnati & Louisville 4-^s, 1953, 
Chicago Rys. Co. 1st mortgage 5s, 1927, 
Chicago & Eastern Illinois 4s, 1955, . 
Chic, R. Is. & Pac. (Choc, Ok. & Gulf) 4s, 1914, 
Chicago Southern 1st mortgage 5s, 1936, 
Choctaw, Oklahoma & Gulf 5s, 1952, 
Choctaw, Oklahoma & Gulf 5s, 1919, 
Cleveland, Elyria & Western 5s, 1920, 
Cleveland & Southwestern Traction 5s, 1923, 
Cin., Hamilton & Dayton equipment 4-^s, 1909, 
Columbus, London & Springfield 5s, 1920, . 
Columbia & Greenville 6s, 1916, 
Danville, Urbana & Champaign 5s, 1923, . 
Denver Tramway Power 5s, 1923, 
Detroit & Flint 5s, 1921, .... 
Detroit & Northwestern 4^s, 1921, 
Detroit, Rochester, Romeo & L. Orion 5s, 1920, 
Electric & People's Traction 4s, 1945, 
Elgin, Aurora & Southern Traction 5s, 1916, 
Elmira, Cortland & Northern 5s, 1914, 
Erie & Western Transportation 4s, 1925, 
Fort Wayne, Van Wert & Lima Tract. 5s, 1930, 
Ft. Wayne & Wabash Valley Traction 5s, 1934, 
Fort Worth & Rio Grande 4s, 1928, . 
Georgia & Alabama Terminal 5s, 1948, 
Georgia Ry. & Electric 5s, 1932, 
Grand Rapids, Holland & L. Michigan R. 5s, 1920, 
Grand Rapids 5s, 1916, 
Great Northern of Canada 4s, 1934, . 
Gulf & Ship Island 5s, 1952, 

Holmesburg, Tacony & Frankford Elec. 5s, 1925 
Indiana Northern Traction 5s, 1933, . 
Indianapolis, Columbus & Southern 5s, 1923, 
Iowa Central 4s, 1951, .... 



Book Value. 

$15,000 00 
11,653 75 
23,262 37 
35,241 12 
25,262 54 
25,822 19 
15,587 70 
10,249 01 
12,684 68 

144,531 81 
62,400 00 
50,490 94 
10,084 04 
5,108 51 
51,389 04 
5,097 66 

j 26,373 32 | 

25,492 40 
15,306 91 
95,585 87 
47,514 93 

9,504 38 
24,441 75 
24,722 07 
86,067 08 
22,037 95 
23,011 54 
11,169 34 
18,014 85 
21,507 91 
96,116 23 
24,627 57 

9,876 09 

9,862 90 
14,529 11 
30,000 00 
48,750 00 
47,344 69 
40,771 19 
24,182 54 
49,875 00 
25,569 72 
40,959 56 
32,200 00 
23,802 92 
24,848 88 
24,645 87 
10,226 33 
24,282 26 
25,158 65 
25,506 04 
24,675 07 
50,000 00 
24,169 47 
29,304 61 
24,348 73 
25,524 41 
23,778 50 
23,403 36 
22,023 18 
53,427 00 
50,432 56 
24,291 29 
50,365 15 
22,316 42 
51,189 34 

8,539 57 
32,249 71 
25,185 20 
17,273 88 



Rate. 
100 
104 
100 
100 
101 
100 
100 
101 
103 
96 
104 
108 
100 
103 
105 
103 
103 
104 

103 
104 

94 

97 

93 

95 

98 

95 

92 

93 

96 

85 

85 

88 

93 
103 

99 

98 

84 

41 
102 

86 

95 

50 
107 
103 

88 

80 

99 

95 
106 

96 

99 

91 

91 

97 

92 

99 
100 
100 

94 

87 

85 
101 
101 

90 
100 

79 

98 

87 

94 
100 

81 



Market Value. 

$15,000 00 
12,480 00 
21,000 00 
35,000 00 
25,250 00 
25,000 00 
15,000 00 
10,100 00 
13,390 00 

134,400 00 
62,400 00 
54,000 00 
10,000 00 
5,150 00 
52,500 00 
5,150 00 
15,450 00 
10,400 00 

25,750 00 
15,600 00 
94,000 00 
48,500 00 

9,300 00 
23,750 00 
24,500 00 
90,250 00 
22,080 00 
23,250 00 
10,560 00 
17,000 00 
21,250 00 
88,000 00 
23,250 00 
10,300 00 

9,900 00 
14,700 00 
25,200 00 
20,500 00 
51,000 00 
43,000 00 
23,750 00 
25,000 00 
26,750 00 
41,200 00 
29,040 00 
20,000 00 
24,750 00 
23,750 00 
10,600 00 
24,000 00 
24,750 00 
23,660 00 
22,750 00 
48,500 00 
23,000 00 
29,700 00 
25,000 00 
25,000 00 
23,500 00 
21,750 00 
21,250 00 
50,500 00 
50,500 00 
22,500 00 
50,000 00 
17,775 00 
49,000 00 

7,395 00 
32,900 00 
25,000 00 
20,250 00 



102 



THE FIDELITY MUTUAL LIFE INSUEANCE CO. 



Jackson & Battle Creek Traction 5s, 1923, . 

Jersey Central Traction 5s, 1954, 

Joplin & Pittsburg (Missouri) 5s, 1927, 

Lake Shore Electric 5s, 1923, . 

Lake Shore & Michigan Southern 4s, 1928, 

Lehigh & Hudson River 5s, 1920, 

Lehigh Valley Terminal 5s, 1941, 

Lehigh Valley 6s, 1923, .... 

Lehigh & Wilkes-Barre Coal Co. 4£s, 1910, 

Louisiana & Arkansas 5s, 1927, 

Louisville & Nashville (Pensacola Div.) 6s, 1920 

Market St. Elevated Pass. (Phila.) 4s, 1955, 

Missouri, Kansas & Oklahoma 5s, 1942, 

Missouri, Kansas & Texas 5s, 1944, . 

Missouri, Kansas & Texas (of Texas) 5s, 1942, 

Missouri, Kansas & Tex. (St. Lo. Div.) 4s, 2001, 

Montville Street 5s, 1920, 

Mount Washington Street 5s, 1933, . 

Muncie, Hartford & Ft. Wayne 1st mtge. 5s, 1935 

Muskegon Traction & Lighting 5s, 1931, 

New Bedford, Middleboro & Brockton St. 5s, 1920 

N. J. & Hudson R. Ry. & Ferry 4s, 1950, . 

New Orleans & Northeastern 6s, 1915, 

New York Central Lines equipment 5s, 1915, 

New York Central Lines equipment 5s, 1918, 

New York, Susquehanna & Western 5s, 1943, 

Norfolk & Western 4s, 1996, . '. 

Nor. & West. Ry. & Pocah. C. & C. Co. '4s, 1941, 

Norfolk & Western equipment 4s, 1910, 

Norfolk & Western equipment 4s, 1912, 

Omaha & Council Bluffs St. 5s, 1928, 

Oregon Water Power & Ry. 6s, 1932, 

Oklahoma Central 5s, 1945, 

Pennsylvania Co. col. trust 3^s, 1916, 

Pennsylvania steel equipment 3^s, 1909, 

Pennsylvania steel equipment 3^s, 1910, 

Pennsylvania steel equipment 3^s, 1911-12 

Pennsylvania steel equipment 3^s, 1913, 

Pennsylvania convertible 3£s, 1912, . 

Pennsylvania consolidated mortgage 4s, 1948, 

P. & M. V. (N. O, Pa., & Youngs., O., 5s, 1922,) 

Pennsylvania & New York Canal 4£s, 1939, 

Philadelphia Co. col. trust 5s, 1949, . 

Philadelphia Co. 5s, 1951, 

Philadelphia & Willow Grove St. 4£s, 1934, 

Pitts., Cin., Chicago & St. Louis 4s, 1957, . 

Pittsburg, Shenango & Lake Erie 5s, 1943, 

Pittsburg, Shenango & Lake Erie 5s, 1940, 

Portland Ry. (Portland, Ore.) 5s, 1930, 

Reading-Jersey Central collateral 4s, 1951, 

Rio Grande Western 4s, 1949, . 

Roanoke Ry. & Electric 5s, 1953, 

Rochester Ry. & Light Co. 5s, 1954, . 

Rockford & Freeport Electric 5s, 1923, 

Saginaw-Bay City Ry. & Light Co. 5s, 1923, 

Sandusky, Fremont and South. 1st mort. 5s, 1936 

Shamokin, Sunbury & Lewis. 2d mtge. 6s, 1925, 

Sherman, Shreveport & Southern 5s, 1943, 

St. Louis, Rocky Mountain & Pacific 5s, 1955, 

St. Lo., Iron Mt. & South. (R. & G. Div.) 4s, 1933 

Southern equipment 4^s, 1912, . 

Southern Indiana 4s, 1951, 

Springfield Ry. & Light 5s, 1933, 

Spokane & Inland Empire 5s, 1926, . 

Texas & Oklahoma 5s, 1943, 

Toledo, Fremont & Norwalk 5s, 1920, 

Toledo Terminal 4£s, 1957, 

Tri-City Ry. & Light 5s, 1923, . 

Union Pacific 4s, 1947, 

Vicksburg & Meridian 6s, 1921, 

Western New York & Penns. 4s, 1943, 

West Pennsjdvania 5s, 1931, 



Book Value. 

$24,659 93 
22,516 40 
21,250 00 
24,641 32 
25,000 00 
11,336 96 
21,458 61 
16,995 47 
35,180 42 
50,000 00 
29,680 00 

100,000 00 
34,851 68 
24,256 77 
10,470 67 
16,501 95 
15,176 29 
25,323 08 
24,090 56 
28,000 00 
15,474 24 
25,533 28 
5,291 48 
23,951 96 

24.167 43 

26.727 48 
18,733 78 
23,651 19 

34,372 28 | 

24,331 87 
76,043 12 

90.020 00 
31,217 19 

24,420 67 ] 

22,631 87 

4,800 85] 

25,501 17 

9,913 79 

9,755 02 

25,372 51 

51,025 78 

24,625 69 

17.648 79 

11.728 16 
24,755 93 

48.649 03 
23,079 40 
18,403 10 
92,500 15 

9,712 91 

47,601 06 

23,768 73 

27,911 84 

104,555 67 

45.021 52 
23,494 41 
25,159 51 
46,250 00 
47,784 34 
49,033 33 
52,545 96 
40,000 00 
27,500 00 
68,406 11 

10.168 64 
14,893 96 
24,037 23 
24,755 82 



Rate. 

95 

90 

90 

95 

95 

102 

117 

119 

100 

97 

110 

96 

108 

105 

107 

86 

103 

103 

97 

95 

100 

77 

107 

105 

106 

114 

98 

90 

99 

98 

99 

101 

83 

98 

100 

99 

98 

97 

99 

104 

101 

109 

103 

I 97 

104 

100 

112 

115 

96 

97 

81 

95 

99 

98 

78 

93 

113 

105 

92 

89 

97 

70 

95 

99 

107 

95 

97 

93 

103 

110 

95 

99 



Market Value. 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 



$23,750 
22,500 
22,500 
23,750 
23,750 
11,220 
23,400 
17,850 
35,000 
48,500 
30,800 
96,000 
37,800 
26,250 
10,700 
17,200 
15,450 
25,750 
24,250 
26,600 
15,000 
23,100 
5,350 
26,250 
26,500 
28,500 
19,600 
22,500 
14,850 
19,600 
24,750 
75,750 
83,000 
31,360 
5,000 
4,950 
9,800 
4,850 
24,750 
5,200 
25,250 
10,900 
9,270 
24,250 
52,000 
25,000 
16,800 
11,500 
24,000 
48,500 
20,250 
19,000 
99,000 
9,800 
39,000 
23,250 
28,250 
105,000 
46,000 
22,250 
24,250 
35,000 
47,500 
49,500 
53,500 
38,000 
26,675 
69,750 
10,300 
15,400 
23,750 
24,750 



HOME LIFE INSURANCE CO. 



103 



Wheeling & Lake Erie 4s, 1949, 
Wilkes-Barre & Hazleton 5s, 1951, 
Wilmington & Chester Traction 5s, 1918, 
Wilkinsburg & Verona Street 5s, 1931, 

Miscellaneous Bonds. 
Allegheny Valley Water Co. 5s, 1936, 
Atlanta Auditorium Armory Co. 5s, 1909, . 
Atlanta Auditorium Armory Co. 5s, 1910-11, 
Atlanta Auditorium Armory Co. 5s, 1912-14, 
Bergner & Engel Brewing Co. 6s, 1921, 
Bethlehem City Water Co. 6s, 1937, . 
Buffalo & Susquehanna Iron Co. 5s, 1932, . 
Catawba Power Co. 6s, 1933, 
Chattanooga Gas Co. 1st mortgage 5s, 1927, 
Chester & Darby Telford Road Co. 6s, 1912, 
Cit. E. L., H. & P. Co., Altoona, Pa. , 1st mt. 5s, 1926 
Consolidated Gas Co., Pittsburg, Pa., 5s, 1948, 
Continental Coal Co. 5s, 1952, . 
Depew & Lake Erie Water Co. 5s, 1926, . 
Detroit Edison Co. 5s, 1933, 
Edison Electric Co., Los Angeles, Cal., 6s, 1910, 
Edison Electric Co., Los Angeles, Cal., 5s, 1922, 
Great Northern Elevator Co. 5s, 1919, 
Great Western Power Co. 5s, 1946, 
Harrisburg Light, Heat & Power Co. 5s, 1924, 
Hoboken Ferry Co. 5s, 1946, 
International Navigation Co. 5s, 1929, op. 1909, 
Irvona Coal & Coke Co. 5s, 1909-16, . 
Kanawha & Hocking C. & C. Co. 5s, 1951, op. 1906 
Keystone Telephone Co., Philadelphia, 5s, 1935, 
Lynchburg Water Power Co. 5s, 1932, 
Miami Gas Co. 5s, 1936, .... 
Milwaukee Gas Light Co. 4s, 1927, 
National Gas & Construction Co. 5s, 1919, . 
New York Inter-Urban Water Co. 5s, 1931, 
North Springfield Water Co. 5s, 1928, 
Northern Electric Co., California 5s, 1955, . 
Ontario Power Co., Niagara Falls, 5s, 1943, 
Peoria Gas & Electric Co. 5s, 1923, . 
Peoria Light Co. col. trust 5s, 1936, . 
Philadelphia Electric 5s, 1948, . ■ 
Pocono Pines Assem. & Sum. Schools 5s, 1924, 
Pontiac Light Co. cons, mortgage 5s, 1927, 
Rochester & Lake Ontario Water Co. 5s, 1933, 
Selma Lighting Co. 5s, 1932, 
Shawinigan Water & Power Co. 5s, 1934, . 
Somerset Elec. Lt., Heat & Pow. Co. 5s, 1909-18 
Spring Brook Water Supply Co. 5s, 1926, . 
Springfield Water Co. 5s, 1926, 
Suburban Gas Co. of Philadelphia 5s, 1952, 
Temple Iron Co. 4s, 1925, 

Temescal Water Co., Corona, Cal., 6s, 1912-21, 
Union Elec. Lt. & Power Co., St. Louis, 5s, 1933 
United Missouri River Power Co. 6s, 1936, 
West Kentucky Coal Co. 5s, 1935, 
Wildwood, Ang. & Holly Beach Gas Co. 5s, 1935, 
Willamette Val. Co., Ore., 1st mort. 5s, 1930, 
Williamsport, Pa., Lt. Co. col. trust 5s, 1939, 



Book Value. 
$22,818 42 
24,095 73 
20,755 64 
27,031 37 



23,398 

68,787 

31,454 
16,005 
24,516 
47,560 
24,515 
10,000 
24,758 
26,619 
26,111 
19,522 
20,401 
25,000 
48,089 
10,000 
47,500 
15,000 
25,746 
25,000 
38,166 
26,115 
72,540 
18,606 
54,084 
13,875 
12,210 
24,388 
40,785 
23,755 
49,521 
50,448 
26,140 
25,177 

1,812 
14,927 
47,547 
68,796 
23,772 
40,000 
25,000 
10,367 
48,409 
15,131 
20,000 
46,523 
24,321 
23,523 

9,507 
12,815 
44,812 



90 
22 

67 

77 
30 
48 
36 
00 
40 
29 
41 
70 
41 
00 
49 
00 
00 
00 
08 
00 
19 
82 
84 
21 
38 
37 
75 
59 
45 
96 
84 
83 
78 
27 
25 
33 
57 
01 
19 
00 
00 
25 
59 
24 
00 
25 
70 
74 
96 
79 
68 



Rate. 

82 

93 

93 

104 

95 
100 

99 

98 

99 
100 

99 
100 

97 
100 
100 

99 

97 
100 
101 
101 
100 

95 

97 

94 
106 

88 
100 

98 

95 

95 

95 

92 
100 
100 
100 

90 

96 
100 

89 
101 

95 

93 

93 
100 
102 

90.4 
104 
100 

95 
101 
100 

98 

98 

95 

95 

95 

97 



$6,475,110 76 



Market Value. 

$20,500 00 

23,250 00 

18,600 00 

26,000 00 

23,750 00 

2,000 00 
22,770 00 

44,100 00 

29,700 00 

20,000 00 

24,750 00 

50,000 00 

24,250 00 

10,000 00 

25,000 00 

24,750 00 

24,250 00 

20,000 00 

20,200 00 

25,250 00 

50,000 00 

9,500 00 

48,500 00 

14,100 00 

26,500 00 

22,000 00 

40,000 00 

24,500 00 

71,250 00 

19,000 00 

57,000 00 

13,800 00 

12,000 00 

25,000 00 

44,000 00 

22,500 00 

48,000 00 

50,000 00 

25,810 00 

25,250 00 

1,805 00 

13,950 00 

46,500 00 

75,000 00 

25,500 00 

45,200 00 

26,000 00 

10,000 00 

47,500 00 

15,150 00 

20,000 00 

49,000 00 

24,500 00 

23,750 00 

9,500 00 

14,250 00 

48,500 00 

3,325,540 50 



HOME LIFE INSURANCE COMPANY, NEW YORK, N. Y. 

Incorporated April 30, 1860. Commenced business May 1, 1860. 
Paid-up Capital, $125,000. 

George E. Ide, President. Ellis W. Gladwin, Secretary. 

Income. 

First year's premiums, less $3,385.12 for reinsurance, . . $254,185 08 

Dividends applied to purchase paid-up additions, . . . 228,731 38 



104 



HOME LIFE INSURANCE CO. 



Consideration for life annuities, . . . . . 

Consideration for supplementary contracts involving life con- 
tingencies, ......... 

Total new premiums, .... $517,072 39 
Renewal premiums, less $24,239.52 for reinsurance, . 
Dividends applied to pay renewal premiums, .... 
Surrender values applied to pay renewal premiums, . 
Renewal premiums on deferred annuities, .... 

Total renewal premiums, . . . $2,850,028 68 

Total premium income, ....... 

Consideration for supplementary contracts not involving life con- 
tingencies, ......... 

Dividends left with company to accumulate, .... 

Interest on mortgages, ..... $298,005 05 

on bonds and dividends on stocks, . 423,119 76 

on premium notes and policy loans, . 162,444 12 

on bank deposits, ... . . 5,979 84 

on other debts, .... 1,380 06 

Discount on claims paid in advance, . . 98 11 

Rent, including $24,000 for occupancy of own 
buildings, ...... 



$30,921 33 

3,234 60 

2,782,303 20 

36,550 27 

208 62 

30,966 59 

$3,367,101 07 

42,525 28 

1,476 80 



99,107 15 990,134 09 



Agents' balances previously charged off, . . . 

Profit on sale or maturity of bonds, $20,942.87; stocks, $5,000, 

Increase by adjustment in book value of bonds, 

Sale of rights, ........ 

All other, . . . 

Total income, ....... 

Ledger assets, Dec. 31, 1907, . 



Total, 

Disbursements. 
Death claims and additions, .... 
Matured endowments and additions, 



1,517 94 

25,942 87 

7,133 89 

1,000 00 

582 68 

. $4,437,414 62 

. 20,233,584 70 

$24,670,999 32 



$1,000,676 10 
343,330 80 



Annuities involving life contingencies, .... 

Surrender values paid in cash, ..... 

Surrender values applied to pay renewal premiums, . 

Dividends paid policy holders in cash, .... 
applied to pay renewal premiums, . 
applied to purchase paid-up additions, 
left with the company to accumulate, 

Total paid policy holders, ..... 

Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, . 
Dividends to stockholders, . . . . . . , 

Commissions to agents: new policies, $110,218.04; renewals 
$226,681.57; annuities, $3,725.23, .... 

Commuted renewal commissions, ..... 

Salaries and allowances for agencies, .... 

Agency supervision, traveling and other agency expenses, 
Medical examiners' fees, $14,401.70; and inspections, $2,175.29, 
Salaries of officers and home office employees, . 



$1,344,006 90 

46,559 32 

465,145 27 

208 62 

22,258 58 

36,550 27 

228,731 38 

1,476 80 

$2,144,937 14 

1,171 63 

20,409 50 

15,000 00 

340,624 84 

3,901 88 

38,168 39 

10,334 35 

16,576 99 

131,150 29 



HOME LIFE INSURANCE CO. 



105 



Rent, for company's own occupancy, 

Advertising, printing, postage, etc., 

Legal expenses, .... 

Furniture and fixtures, . 

Repairs and expenses on real estate, 

Taxes on real estate, 

State taxes on premiums, 

Insurance department licenses and fees, 

All other licenses, fees and taxes, . 

Loss on sale or maturity of stocks and bonds, 

Decrease by adjustment in book value of stocks and bonds, 

Investment expenses, ..... 

Traveling expenses, 

All other disbursements, .... 

Total disbursements, .... 

Balance, ...... 

Ledger Assets. 
Book value of real estate, 
Mortgage loans on real estate, • 
Loans to policy holders, 
Premium notes on policies in force, 
Book value of bonds and stocks (schedule A), 
Cash in office, ..... 
Deposits in trust companies and banks not on interest, 
Deposits in trust companies and banks on interest, . 
Agents' balances (net), ...... 



Total ledger assets, 

Interest due and accrued on : 

Mortgages, 

Bonds, 

Premium notes, 
Rents accrued, 



Uncollected premiums, . 
Deferred premiums, 

Total, .... 
Deduct loading, . 

Net uncollected and deferred 
premiums, 

Gross assets, . 



$24,000 00 

34,629 20 

3,020 97 

1,882 50 

35,082 20 

13,477 48 

41,611 57 

5,833 67 

3,958 12 

4,678 62 

30,694 48 

20,637 25 

4,107 11 

6,870 15 

. $2,952,758 33 

$21,718,240 99 

$1,643,609 81 

6,105,030 00 

2,208,912 00 

614,855 53 

10,797,189 63 

3,422 82 

16,425 10 

300,811 60 

27,984 50 

$21,718,240 99 



Non-Ledger Assets. 



New Business. 

$25,693 32 
32,355 07 

$58,048 39 
12,138 56 



$25,400 49 
120,329 15 

8,821 74 
3,559 17 

Renewals. 

$165,728 45 
199,356 65 

$365,085 10 
87,309 73 



158,110 55 



$45,909 83 $277,775 37 323,685 20 



$22,200,036 74 



Assets not admitted. 

Agents' debit balances, $29,463 51 

Book value of stocks and bonds over market, . 231,325 63 260,789 14 



Admitted assets, 



$21,939,247 60 



106 



HOME LIFE INSURANCE CO. 



Liabilities. 
Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the Actuaries' table of mor- 
tality, with interest at 4 per cent., and the American table, with 



interest at 3^ per cent., 
Deduct net value of risks reinsured, 



$20,200,000 00 
123,148 00 



Net reserve, ........ $20,076,852 00 

Present value of supplementary contracts not involving life con- 
tingencies, 149,297 00 

Death losses reported, $73,098 11 

Matured endowments due and unpaid, . . 17,386 03 

Death losses and other policy claims resisted, . 5,000 00 95,484 14 



Dividends left to accumulate and interest thereon, . 

Premiums paid in advance, ..... 

Unearned interest and rent paid in advance, 

Commissions to agents due or accrued, 

Medical examiners' and legal fees due or accrued, 

State, county and municipal taxes due or accrued, . 

Dividends or other profits due policy holders, . ' 

Cost of collection on uncollected and deferred premiums, in 

of the loading, on new business, .... 
Paid-up capital, . . . . . 
Unassigned funds (surplus), ...... 



excess 



Total liabilities, 



1,499 80 
33,074 21 

85,448 27 

998 93 

16,798 00 

12,850 02 

4,825 56 

13,329 59 

125,000 00 

1,323,790 08 

$21,939,247 60 



Premium Note Account. 



Premium notes on hand Dec. 31, 1907, . 
Received during 1908, old policies, 
Restored by revival of policies, 

Used in payment of losses and claims, 

in purchase of surrendered policies, . 

in payment of dividends to policy holders, 

Redeemed by maker in cash, .... 

Premium notes on hand Dec. 31, 1908, 

Exhibit op Policies. 



$596,221 27 
117,341 82 
2,177 95 $715,741 04 



$27,342 29 
30,895 36 
11,988 64 
30,659 22 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 



In Force Dec. 31, 1907. 

Number. Amount. 

35,094 $63,669,701 00 

9,637 14,963,344 00 

2,700 5,681,583 00 

2,686,169 00 



Total No. 



100,885 51 
$614,855 53 



Total Amount. 



47,431 $87,000,797 00 



Issued during the Year. 

2,867 $5,992,900 00 

727 1,209,250 00 

968 2,804,155 00 

461,417 00 



4,562 10,467,722 00 



HOME LIFE INSURANCE CO. 



107 



Whole life, . 
Endowment, 
All other, 



Whole life, . 
Endowment, 



Whole life, . 
Endowment, 
All other, 



Whole life, . 
Endowment, 
All other, 



Old Policies revived. 

Number. Amount. 

103 $230,000 00 
35 43,000 00 
11 13,000 00 



Total No. 



Total Amount. 



Old Policies increased. 

$62,300 00 
9,700 00 



149 $286,000 00 



72,000 00 



Transfers, Deductions. 

. 43 $103,228 00 

. 26 49,000 00 

29 44,000 00 



98 $196,228 00 

Transfers, Additions. 

37 $70,000 00 

18 30,000 00 

43 96,228 00 





98 


$196,228 00 


Total, . 


• 


. 




Terminated 


during the Year. 


Whole life, . 


2,651 


$5,665,456 00 


Endowment, 


835 


1,399,344 00 


All other, 


564 


1,367,905 00 


Reversionary additions 




219,570 00 




4,050 


$8,652,275 00 




How terminated. 


By death, 


499 


$1,016,476 00 


maturity, 


143 


343,331 00 


expiry, . 


24 


59,065 00 


surrender, 


1,090 


1,885,608 00 


lapse, 


1,715 


3,339,295 00 


decrease, 


- 


627,000 00 


Not taken, . 


579 


1,381,500 00 



52,142 $97,826,519 00 



4,050 8,652,275 00 



Whole life, . 
Endowment, 
All other, . 
Reversionary additions, 



In Force Dec. 81, 1908. 

35,407 $64,256,217 00 

9,556 14,806,950 00 

3,129 7,183,061 00 

2,928,016 00 



48,092 $89,174,244 00 



Schedule A. Stocks and Bonds owned by the Company. 



Railroad Stocks. Book Value. Bate. 

6,000 shares Brooklyn City, .... $142,359 13 195 

500 " Canada Southern, .... 30,062 50 66 

200 " Chicago & Eastern 111., preferred, . 28,025 00 130 

500 " Chicago, Milwaukee & St. Paul, . 59,100 00 150 



Market Value. 

$117,000 00 
33,000 00 
26,000 00 
75,000 00 



108 



HOME LIFE INSURANCE CO. 



500 shares Chic, Milwaukee & St. Paul, pref., 
500 " Chicago & Northwestern, 
500 " Consolidated Traction of N. J., 
300 " Delaware & Hudson, 
500 " Hocking Vallej^ preferred, 
478 " Lincoln Traction, preferred, 
500 " Manhattan Elevated, 
1,000 " N. Y. Central & Hudson River, 

500 " N. Y., Chicago & St. L., 1st pref., 
2,000 " Pennsylvania, 
500 " Third Avenue, 

Bank Stocks. 
162 shares Am. Ex. Nat., New York, 
100 " Brooklyn Trust Co., 
100 " Corn Exchange, New York, 
400 " Nat. Bk. of Commerce, New York, 

Miscellaneous Stocks. 
300 shares American Express Co., . 
500 " Am. Telegraph & Telephone Co., 
1,000 " Brooklyn Union Gas Co., 
1,000 " Consolidated Gas Co., 
500 " Mackay Cos., preferred, . 
400 " N. Y. & N. J. Telephone Co., . 
Government Bonds. 
United States 4s, 1925, .... 
State, County and Municipal Bonds. 
Denver (City & County), Col., 6s, 1919, 
Flatbush, N. Y., 4s, 1909-15, . 
Monmouth County, N. J., 5s, 1910, 
Monmouth Countv, N. J., 5s, 1921, 
New York, N. Y., 4s, 1936, 
New York 4s, 1958, 

Railroad Bonds. 
Atch., Top. & Santa Fe gen. mortgage 4s, 1995, 
Atlantic Avenue 5s, 1931, 

Atlantic Coast Line 1st consolidated 4s, 1952, 
Baltimore & Ohio prior lien 3^s, 1925, 
Big Sandy 4s, 1944, 
Brooklyn City 5s, 1941, . 
Brooklyn City & Newtown 5s, 1939, . 
Brooklyn, Queens County & Sub. 5s, 1941, 
Buffalo, Rochester & Pittsburg 5s, 1937, 
Canada Southern 1st mort. ext. 6s, 1913, 
Canada Southern 2d mortgage 5s, 1913, 
Central of New Jersey equipment 4s, 1911, 
Central of New Jersey 5s, 1987, 
Chesapeake & Ohio 4^s, 1992, . 
Chic, Burl. & Quincy (111. Div.) 3£s, 1949, 
Chicago, Burl. & Quincy gen. mort. 4s, 1958, 
Chicago & Eastern Illinois 5s, 1937, . 
Chicago, Indiana & Southern 4s, 1956, 
Chicago, Rock Island & Pacific 4s, 1909, 
Chic, Rock Island & Pac equipment 4^s, 1909, 
Chic, Rock Island & Pac. equipment 4^s, 1911, 
Chic, Rock Island & Pac. equipment 4-|s, 1914, 
Chic, Rock Island & Pac. equip. 4^s, 1915-17, 
Chicago, Rock Island & Pacific 4s, 2002, 
Cleve., Cin., C. & St. L. (St. L. Div.) 4s, 1990, 
Cleveland, Cin., Chic & St. Louis 4s, 1993, 
Delaware & Hudson convertible 4s, 1916, . 
Delaware & Hudson (Penn. Div.) 7s, 1917, 
Delaware & Hudson 1st and refunding 4s, 1943, 
East Tennessee, Va. & Georgia 5s, 1 956, 
Erie prior lien 4s, 1996, .... 
Evansville & Terre Haute 5s, 1942, . 
Flint & Pere Marquette 4s, 1920, 
Florida East Coast 6s, 1910, 

Fortv-second St., Man. & St. Nich. Ave. 6s, 1910 
Hocking Valley 4£s, 1999, 
Illinois Central refunding 4s, 1955, 



Book Value. 
$63,312 50 

74.925 00 
38,375 00 
46,400 00 
46,312 50 
42,800 00 
70,800 00 

126,915 00 
56,566 67 

124,416 25 
61,337 50 

22,512 25 
40,045 50 

36.926 50 
61,128 74 

57,500 00 
71,924 00 
198,500 00 
194,132 50 
36,250 00 
53,348 06 

11,192 78 

10,100 00 
20,000 00 
12,200 00 
10,600 00 
102,160 00 
109,500 00 

250,298 00 
53,850 00 
95,700 00 

142,976 00 
43,875 00 
54,160 00 
54,500 00 
26,600 00 

114,840 00 
51,312 00 
52,376 00 
48,638 00 
60,686 00 

255,406 25 
46,160 00 
96,433 75 
50,280 00 
91,070 00 

100,000 00 
25,000 00 
4,916 00 
14.365 00 
51,952 00 
81,400 00 
91,900 00 

102,436 00 
10,000 00 
73,400 00 
48,500 00 

117,625 00 
44,027 50 

106,600 00 
50,605 00 
99,500 00 
15,600 00 

101,350 00 

100,000 00 



Rate. 
164 
184 

69 
180 

93 

90 
153 
125 
106 
132 

38 

252 
400 
335 
196 

207 
128 
148 
130 
70 
114 

120 

115 

100 
101 
110 
102 
126 

100 
98 
95 
94 
91 

102 
95 
93 

116 

106 

102 
99 

128 

105 
92 

101 

115 
95 

100 

100 
99 
98 
97 
78 
96 
98 

101 

121 

101 

112 
89 

102 
97 

100 
97 

106 

100 



Market Value. 

$82,000 00 
92,000 00 
34,500 00 
54,000 00 
46,500 00 
43,020 00 
76,500 00 

125,000 00 
53,000 00 

132,000 00 
19,000 00 

40,824 00 
40,000 00 
33,500 00 
78,400 00 

62,100 00 

64,000 00 

148,000 00 

130,000 00 

35,000 00 

45,600 00 

12,000 00 

11,500 00 
20,000 00 
12,120 00 
11,000 00 
102,000 00 
126,000 00 



250,000 
49,000 
95,000 

141,000 
45,500 
51,000 
47,500 
23,250 

116,000 
53,000 
51,000 
49,500 
64,000 

262,500 
46,000 

101,000 
57,500 
95,000 

100,000 
25,000 
4,950 
14,700 
53,350 
78,000 
96,000 
98,000 
10,100 
66,550 
50,500 

112,000 
44,500 

102,000 
48,500 

100,000 
14,550 

106,000 

100,000 



00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 



HOME LIFE INSURANCE CO. 



109 



Lake Erie & Western 5s, 1941, . 

Lehigh Valley Terminal 5s, 1941, 

Lehigh & Wi'lkesbarre Coal Co. 4£s, 1910, 

Lehigh & Wilkesbarre Coal Co. 5s, 1912, 

Long Island 4s, 1938, 

Louis. & Nashville Southern joint 4s, 1952, 

Louisville & Nash. (A. K. & C. Div.) 4s, 1955, 

Manhattan 4s, 1990, . . . 

Metropolitan Street 5s, 1997, 

Michigan Central (Det. & Bay City) 5s, 1931, 

Minneapolis & St. Louis 5s, 1934, 

Minneapolis & St. Louis 4s, 1949, 

Minneapolis, St. P. & S. Ste. Marie 4s, 1938, 

Minneapolis St. & St. Paul City 5s, 1928, . 

Missouri Pacific 3d mortgage 4s, 1938, 

Mobile & Ohio 1st mortgage 6s, 1927, 

Nassau Electric 5s, 1944, .... 

Newark Passenger 5s, 1930, 

New York Central & Hudson River 3$s, 1997, 

New York, Chicago & St. Louis 4s, 1937, . 

New York, Lacka. & West. 2d constr. 5s, 1923, 

New York, Ontario & Western 5s, 1915, 

New York, Ontario & Western refund. 4s, 1992, 

Norfolk & Western 6s, 1934, 

Oregon R.R. & Navigation 4s, 1946, . 

Oswego & Syracuse 5s, 1923, 

Pennsylvania convertible 3^s, 1912, . 

Pennsylvania convertible 3^s, 1915, . 

Pittsburg & Western 4s, 1917, . 

Read. Co. & P. & R. Coal & Iron Co. 4s, 1997, 

Rome, Watertown & Ogdensburg 5s, 1922, 

St. Louis, Iron Mt. & Southern 5s, 1931, 

St. Louis & San Francisco 4s, 1951, . 

St. Louis & Southwestern 1st 4s, 1989, 

St. Paul, Minn. & Manitoba 6s, 1933, 

Seaboard Air Line 4s, 1950, 

Second Avenue 5s, 1948, . . . 

Southern 5s, 1994, .... 

Southern Pacific, New Mexico, 6s, 1911, 

Steinway 1st 6s, 1922, 

Texas & Pacific 1st 5s, 2000, 

Union Elevated, Chicago, 5s, 1945, 

Union Pacific 4s, 1947, 

Union Pac. 1st lien & refunding 4s, 2008, 

Wabash 1st 5s, 1939, 

Miscellaneous Bonds. 
Adams Express Co. 4s, 1948, 
Brooklyn Union Gas convertible 6s, 1909, 
Brooklyn Union Gas 5s, 1945, . 
Central Union Gas 5s, 1927, 
Commercial Cable 4s, 2397, 
Edison Electric 111. Co., Brooklvn, 4s, 1939, 
Edison Electric 111. Co., New York, 5s, 1910, 
Equitable Gas, New York, 5s, 1932, . 
Hoboken Ferry Co. 5s, 1946, 
Jersey City Water Supplv Co. 4s, 1924, 
Kings County El. Lt. & Power Co. 6s, 1997, 
New York & New Jersey Telephone 5s, 1920, 
N. Y. & Queens El. Lt. & Power 5s, 1930, 
Standard Gas 5s, 1930, 
Temple Iron Co. 4s, 1925, 
Union Ferry Co. 5s, 1920, 
Westchester Lighting Co. 5s, 1950, 
Western Union Tel. Co. 5s, 1938, 
Western Union Tel. Co. 4^s, 1950, 



Book Value. Rate. 

$115,100 00 104 

54,000 00 117 

50,038 00 100 

50,000 00 100 

92,900 00 96 

93,980 00'. 85 

88,500 00 95 

48,250 00 99 

119,360 00 88 

49,290 00 114 

56,875 00 108 

91,000 00 84 

100,290 00 99 

106,175 00 104 

146,868 00 90 

126,100 00 121 

146,550 00 95 

56,720 00 108 

92,432 00 95 

197,872 00 101 

97,900 00 112 

103,600 00 97 

104,150 00 99 

129,375 00 127 

102,785 00 99 

51,750 00 109 

50,750 00 99 

48,800 00 95 

97,600 00 94 

235,637 50 101 

107,800 -00 111 

112,100 00 112 

130,050 00 86 

49,280 00 93 

264,800 00 132 

89,750 00 65 

55,080 00 82 

107,650 00 107 

52,800 00 102 

57,250 00 107 

216,831 25 117 

30,000 00 89 

202,280 00 103 

144,250^00 97 

156,900^00 113 

51,170 00 91 

20,000 00 146 

111,700 00 105 

106,750 00 100 

96,096 00 87 

97,000 00 88 

51,000 00 100 

56,440 00 101 

54,625 00 106 

95,500 00 91 

58,800 00 112 

52,750 00 104 

102,100 00 93 

43,150 00 106 

49,600 00 101 

25,000 00 92 

51,450 00 106 

26,450 00 98 

78,075 00 96 

$10,797,189 63 



Market Value 

$104,000 00 

58,500 00 

50,000 00 

50,000 00 

96,000 00 

85,000 00 

95,000 00 

49,500 00 

88,000 00 

51,300 00 

54,000 00 

84,000 00 

99,000 00 

104,000 00 

135,000 00 

121,000 00 

128,250 00 

54,000 00 

95,000 00 

202,000 00 

112,000 00 

97,000 00 

99,000 00 

127,000 00 

99,000 00 

54,500 00 

49,500 00 

47,500 00 

94,000 00 

252,500 00 

111,000 00 

112,000 00 

129,000 00 

46,500 00 

264,000 00 

65,000 00 

41,000 00 

107,000 00 

51,000 00 

53,500 00 

234,000 00 

26,700 00 

206,000 00 

145,500" 00 

169,500 00 

45,500 00 
29,200 00 
105,000 00 
100,000 00 
87,000 00 
88,000 00 
50,000 00 
50,500 00 
53,000 00 
91,000 00 
56,000 00 
52,000 00 
93,000 00 
42,400 00 
50,500 00 
23,000 00 
53,000 00 
24,500 00 
72,000 00 

$10,565,864 00 



110 



THE MANHATTAN LIFE INSURANCE CO. 



THE MANHATTAN LIFE INSURANCE COMPANY, NEW YORK, N. Y. 

Incorporated 1850. Commenced business August 1, 1850. 
Paid-up Capital, $100,000. 



Henry B. Stokes, President. 



M. W. Torrey, Secretary. 



Income. 



First year's premiums, less $2,196.25 for reinsurance, 
Surrender values applied to pay first year's premiums, 

Total first year's premiums on original policies, . 
Dividends applied to purchase paid-up additions, 
Surrender values applied for paid-up insurance, 
Consideration for life annuities, 



Total new premiums, 



$144,298 30 



Renewal premiums, less $18,655.76 for reinsurance, . 
Dividends applied to pay renewal premiums, . 
Surrender values applied to pay renewal premiums, 

Total renewal premiums, * $2,101,957 56 

Total premium income, . . . . 

Consideration for supplementary contracts not involving life 
contingencies, ......... 

Dividends left with company to accumulate, .... 

Interest on mortgages, ..... $436,735 29 

on collateral loans, .... 9,489 58 

on bonds and dividends on stocks, . 144,875 00 

on premium notes and policy loans, . 144,026 33 

on bank deposits, .... 10,047 20 

on other debts, .... 1,876 82 

Rent, including $61,500 for occupancy of own 
buildings, ....... 



$131,976 90 
7,239 01 

$139,215 91 

4,642 46 

244 00 

195 93 

2,062,525 56 

35,532 52 

3,899 48 



$2,246,255 86 

804 07 

734 82 



300,331 38 1,047,381 60 



Profit on sale of real estate, .... 
Increase by adjustment in book value of bonds, 
Other sources, ...... 

Total income, ..... 

Ledger assets, Dec. 31, 1907, .... 

Total, . . . ' . 

Disbursements. 
Death claims and additions, .... 
Matured endowments and additions, 



100 00 

9,732 17 

240 36 



. $3,305,248 88 
. 19,976,582 23 

$23,281,831 11 



,331,081 11 
207,078 00 



Annuities involving life contingencies, 

Premium notes voided by lapse, 

Surrender values paid in cash, 

applied to pay new premiums, 
applied to pay renewal premiums, 
applied to purchase paid-up insurance, 



1,538,159 11 

10,753 59 

13,617 69 

421,474 65 

7,239 01 

3,899 48 

244 00 



THE MANHATTAN LIFE INSUKANCE CO. 



Ill 



Dividends paid policy holders in cash, 

applied to pay renewal premiums, . 
applied to purchase paid-up additions, 
left with the company to accumulate, 

Total paid policy holders, .... 

Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, 
Dividends held on deposit surrendered, . 
Dividends to stockholders, ..... 
Commissions to agents: new policies, $57,685.51; renewals 

$113,243.96; annuities, $5.06, .... 
Commuted renewal commissions, .... 
Salaries and allowances for agencies, 
Agency supervision, traveling and other agency expenses, 
Medical examiners' fees, $10,544; inspections, $2,926. 16, 
Salaries of officers and home office employees, . 
Rent, including $61,500 for occupancy of own buildings, 
Advertising, printing, postage, etc., 
Legal expenses, .... 
Furniture and fixtures, . 
Repairs and expenses on real estate, 
Taxes on real estate, 
State taxes on premiums, 
Insurance department licenses and fees, 
All other licenses, fees and taxes, . 
Loss on sale or maturity of bonds, . 
All other disbursements, 



Total disbursements, 

Balance, .... 

Ledger Assets. 
Book value of real estate, 
Mortgage loans on real estate, 
Loans to policy holders, 
Premium notes on policies in force, 
Book value of bonds and stocks (schedule A), 
Cash in office, ..... 
Deposits in trust companies and banks not on interest, 
Deposits in trust companies and banks on interest, . 
Agents' balances (net), . 
All other ledger assets, ...... 



$73,475 26 


35,532 52 


4,642 46 


734 82 


. $2,109,772 59 


169 35 


1,350 00 


16 70 


20,000 00 


! 170,934 53 


3,960 41 


20,338 60 


19,492 79 


13,470 16 


121,642 33 


75,806 55 


22,150 32 


18,325 95 


900 43 


93,575 24 


72,271 18 


34,670 45 


6,328 92 


2,541 94 


49,646 08 


13,722 08 



Total ledger assets, 



Interest accrued on: 

Mortgages, 

Bonds, 

Premium notes, 

Other assets, 
Rents due and accrued, 



. $2,871,086 60 
$20,410,744 51 



$5,296,465 37 

8,240,075 00 

2,577,136 86 

243,692 90 

3,208,374 08 

11,105 63 

25,000 00 

773,459 99 

34,494 60 

940 08 

$20,410,744 51 



Non-Ledger Assets. 



$174,687 18 

41,305 78 

22,639 00 

4,576 90 

12,104 99 



Market value of real estate over book value, 



255,313 85 
321,493 63 



112 THE MANHATTAN LIFE INSURANCE CO. 



New Business. Renewals. 

Uncollected premiums, . . $27,392 68 $129,132 67 

Deferred premiums, . . 6,062 28 66,794 00 



Total, . . . ■ . $33,454 96 $195,926 67 

Deduct loading, . . . 7,443 73 43,593 68 



Net uncollected and deferred 

premiums, . . . $26,011 23 $152,332 99 $178,344 22 



Gross assets, $21,165,896 21 

Assets not admitted. 

Agents' debit balances, $36,272 13 

Book value of stocks and bonds over market, . . 119,459 08 155,731 21 



Admitted assets, $21,010,165 00 

Liabilities. 

Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the Actuaries' table of 
mortality, with interest at 4 per cent., and the American table, 
with interest at 3 and 3£ per cent., .... $18,483,218 00 

Deduct net value of risks reinsured, ..... 85,100 00 



Net reserve, $18,398,118 00 

Present value of supplementary contracts not involving life con- 
tingencies, 20,171 00 

Surrender values claimable on terminated policies, . . . 5,880 00 

Death losses due and unpaid, . . . $3,769 08 

in process of adjustment, . . 9,013 00 

reported, . . . ' . . 30,317 00 

Matured endowments due and unpaid, . . 2,744 09 

Death losses and other policy claims resisted, . 11,000 00 

Annuity claims due and unpaid, . . . 280 80 57,123 97 



Dividends left to accumulate and interest thereon, . . . 728 89 

Premiums paid in advance, ....... 20,739 40 

Unearned interest and rent paid in advance, .... 71,816 62 

Commissions to agents due or accrued, ..... 10,950 14 

Miscellaneous accounts due or accrued, ..... 5,500 00 

Medical examiners' and legal fees due or accrued, . . . 770 00 

State, county and municipal taxes due or accrued, . . . 30,704 29 

Dividends or other profits due policy holders, .... 16,113 73 

Dividends apportioned on annual dividend policies, payable 

during 1909, ' . . 15,450 12 

Dividends apportioned on deferred dividend policies, payable 

during 1909, . . 49,141 28 

*Held for deferred dividends, payable after 1909, viz.: 

Twenty-year period policies, . . . $1,420,703 01 
Fifteen-year period policies, . . . 65,882 93 

Ten-year period policies, .... 4,613 00 

All other policies, 5,746 78 1,496,945 72 



* Company states this item is subject to the contingencies of the business. 



THE MANHATTAN LIFE INSURANCE CO. 



Reserve for contingencies, 
Paid-up capital, . 
Unassigned funds (surplus), 



Total liabilities, 



113 

$50,000 00 
100,000 00 
660,011 84 

$21,010,165 00 



Premium Note Account. 



Premium notes on hand Dec. 31, 1907, 
Received during 1908, new policies, $25,299.53; 
old policies, $371,703. 37, .... 
Restored by revival of policies, 

Used in payment of losses and claims, 
Used in purchase of surrendered policies, . 
Voided by lapse, ...... 

Used in payment of dividends to policy holders, 
. Redeemed by maker in cash, .... 

Premium notes on hand Dec. 31, 1908. 

Exhibit op Policies. 



$260,501 28 

397,002 90 

5,460 87 $662,965 05 



[,422 53 

5,004 55 

19,078 56 

768 57 

379,997 94 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 

Whole life, . 

Endowment, 

All other, 

Reversionary additions, 

Whole life, . 

Endowment, 

All other, 

Reversionary additions, 

Whole life, . 
Endowment, 
All other, 

Whole life, . 
; Endowment, 
All other, . . . 


In Force Dec. 31, 1907. 

Number. Amount. 

29,816 $60,293,404 00 

3,612 6,420,912 00 

626 2,687,638 00 

45,610 00 


Issued during the Year. 

1,945 $3,965,298 00 

221 370,500 00 

431 1,687,856 00 

4,232 00 


Old Policies revived. 

108 $220,604 00 

21 28,602 00 

2 8,000 00 

4 00 


Old Policies increased. 

$72,602 00 

15,570 00 

126,775 00 


Transfers, Deductions. 

33 $154,514 00 
22 34,820 00 
11 29,130 00 



Total No. 



419,272 15 
$243,692 90 



Total Amount. 



34,054 $69,447,564 00 



2,597 6,027,886 00 



131 257,210 00 



214,947 00 



66 $218,464 00 



114 



THE MANHATTAN LIFE INSURANCE CO. 



Whole life, . 
Endowment, 
All other, 



Total, 



Transfers, Additions. 

Number. Amount. Total No. 

19 $42,950 00 

4 11,850 00 

43 163,664 00 



Total Amount. 



66 $218,464 00 



36,782 $75,947,607 00 





Terminated 


during the Year. 


Whole life, . 


2,282 


$5,559,393 00 


Endowment, 


446 


978,926 00 


All other, 


212 


935,584 00 


Reversionary additions 


2,940 


4,049 00 




$7,477,952 00 




How terminated. 


By death, 


520 


$1,326,701 00 


maturity, 


107 


229,664 00 


expiry, . 


22 


201,939 00 


surrender, 


1,003 


2,021,689 00 


lapse, 


865 


2,129,413 00 


decrease, 


- 


555,275 00 


Not taken, . 


423 


1,013,271 00 



2,940 7,477,952 00 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 



In Force Dec. 31, 1908. 

29,573 $58,880,951 00 

3,390 5,833,688 00 

879 3,709,219 00 

45,797 00 



33,842 $68,469,655 00 



Schedule A. Stocks and Bonds owned by the Company. 



Railroad Stock. 
1,000 shares Erie, 1st preferred, 
Bank Stocks. 
100 shares Citizens' Cent. National, New York, 
115 " Mechanics National, N. Y., 

Miscellaneous Slocks. 
500 shares Consolidated Gas Co., N. Y., 
Municipal Bonds. 
New York, N. Y., 3£s, 1953, 
New York, N. Y., 4s, 1955-56, . 
Richmond, Va., 4s, 1938, . 

Railroad Bonds. 
Ann Arbor 4s, 1995, 
Atlantic & Danville 1st 4s, 1948, 
Baltimore & Ohio (So. W. Div.) 3*s, 1925, 
Chicago, Burlington & Quincy col. joint 4s, 1921 
Chicago, Rock Island & Pacific 4s, 2002, 
Chicago, Rock Island & Pacific 4s, 1934, 
Cincinnati, Indianapolis & Western 4s, 1953, 
Duluth & Iron Range 5s, 1937, 
Fort Worth & Denver City 6s, 1921, . 
Houston, East & West Texas 5s, 1933, 
Kansas City Cable 5s, 1911, 
Kansas City Southern 3s, 1950, 
Knox & Lincoln 5s, 1921, 



Book Value. 
$82,438 75 

15,934 00 
30,430 83 

101,462 50 

100,301 00 

106,243 00 

10,617 00 

92,638 00 

93,074 00 

55,931 00 

97,763 00 

81,985 00 

90,391 00 

98,500 00 

100,342 00 

108,237 00 

91,537 00 

100,488 00 

73,698 00 

51,950 00 



Rate. 
51 

156 
255 

130 

90 
103 
102 

85 

90 

92 

98 

78 

91 

70 

114 

115 

100 

99 

73 

108 



Market Value. 
$51,000 00 

15,600 00 
29,325 00 

65,000 00 

90,000 00 

108,150 00 

10,200 00 

85,000 00 

90,000 00 

57,040 00 

98,000 00 

78,000 00; 

91,000 00, 

70,000 00' 

114,000 00 

115,000 00 

100,000 00 

99,000 00 f 

73,000 00 

54,000 00 



METROPOLITAN LIFE INSURANCE CO. 



115 



Lehigh & Wilkes-Barre Coal Co. 4Vs, 1910, 

Little Falls & Dolgeville 3s, 1932, 

Louisville, Henderson & St. Louis 5s, 1946, 

Minneapolis & St. Louis 5s, 1934, 

Morgans Louisiana & Texas 7s, 1918, 

Morgans Louisiana & Texas 6s, 1920, 

New York, Susquehanna & Western 5s, 1937, 

New York, Lake Erie & Western 7s, 1920, . 

N. Y., L. Erie & West. Docks Imp. 6s, 1913, 

Rio Grande Western 4s, 1949, . 

Southern Pacific of New Mexico 6s, 1911, . 

Southern Pacific of Arizona 6s, 1910, 

Toledo & Ohio Central 1st mortgage 5s, 1935, 

Miscellaneous Bonds. 
Continental Coal Co. 5s, 1952, . 
DeBardeleben Coal & Iron Co. 6s, 1910, 
Eqxutable Gas Light Co. of New York 5s, 1932, 
Laclede Gas Light Co. of St. Louis 5s, 1934, 
New Jersev Steamboat Co. 5s, 1921, . 
N. Y. Gas/Electric Light, Heat & P. Co. 5s, 1948, 
Western Union Telegraph Co. 5s, 1938, 



Book Value. 


Rate. 


Market Value. 


. $100,000 00 


100 


$100,000 00 


25,215 


00 


75 


56,250 00 


11,096 


00 


110 


8,250 00 


50,662 


00 


108 


54,000 00 


55,143 


00 


120 


60,000 00 


10,315 


00 


111 


11,100 00 


100,928 


00 


102 


102,000 00 


59,512 


00 


124 


62,000 00 


50,782 


00 


104 


52,000 00 


192,590 


00 


81 


162,000 00 


103,332 


00 


102 


102.000 00 


101,459 


00 


101 


101,000 00 


27,728 


00 


110 


27,500 00 


52,921 


00 


97 


48,500 00 


50,434 


00 


100 


50,000 00 


208,740 


00 


101 


202.000 00 


105,145 


00 


101 


101,000 00 


48,438 


00 


90 


45,000 00 


217,552 


00 


101 


202,000 00 


52,421 


00 


98 


49,000 00 


$3,208,374 


08 


$3,088,915 00 



METROPOLITAN LIFE INSURANCE COMPANY, NEW YORK, N. Y. 

Incorporated June, 1866. Commenced business January, 1867. 
Paid-up Capital, $2,000,000. 

John R. Hegeman, President. James S. Roberts, Secretary. 

Income. 
Ordinary Department. 



First year's premiums, . 

Surrender values applied to pay first year's premiums, 

Total first year's premiums on original policies, . 
Dividends applied to purchase paid-up additions, 
Consideration for life annuities, .... 

Total new premiums, . . . . $3,863,152 85 

Renewal premiums, less $18,344.18 for reinsurance, . 
Dividends applied to pay renewal premiums, . 
Surrender values applied to pay renewal premiums, 

Total renewal premiums, * $18,119,121 31 



$3,629,440 06 

85,281 96 

$3,714,722 02 

90,447 70 

57,983 13 

17,084,393 78 

1,008,760 48 

25,967 05 



Total premium income, ... . . $21,982,274 16 
Consideration for supplementary contracts not involving life con- 
tingencies, 12,236 00 



Total, 

Industrial Department. 

First year's premiums on original policies, 
Renewal premiums, ..... 
Dividends applied to pay renewal premiums, . 
Total renewal premiums, 

Total premium income, .... 
Agents' balances previously charged off, . 

Total, ....... 



,011,011 81 



$21,994,510 16 

. $5,256,522 95 
. 37,621,377 71 
1,389,634 10 



$44,267,534 76 
299 59 

$44,267,834 35 



116 



METROPOLITAN LIFE INSURANCE CO. 



Both Departments 
Interest on mortgages, .... 

on collateral loans, . 

on bonds and dividends on stocks, 

on premium notes and policy loans, 

on bank deposits, 

on other debts. 

Discount on claims paid in advance, 

Rent, including $512,739.86 for occupancy of 

own buildings, . . . . . . 



£4,277,952 20 

197,012 77 

3,861,068 83 

320,428 65 

139,942 73 

19,796 48 

9 26 

1,221,802 17110,038,013 09 



Profit on sale or maturity of real estate, $23,551.70; bonds, 

$98,056.66; stocks, $15,370, 

Increase by adjustment in book value of bonds, 

Agents' deposits in lieu of bonds, ..... 

Taxes refunded, ........ 

All other, . . . 

Total, 



Total income, ....... 

Ledger assets, Dec. 31, 1907, plus $222,051.51, agents and other 



136,978 36 

144,577 92 

31,263 62 

75,712 66 

43,453 08 

$10,469,998 73 

$76,732,343 24 



cash deposits deducted in 1907 report, 



Total, 



Death claims and additions, 
Matured endowments, . 



Disbursements. 



Ordinary Department 



202,550,757 36 
$279,283,100 60 



$4,032,294 75 

317,184 00 $4,349,478 75 



Annuities involving life contingencies, 
Surrender values paid in cash, 

applied to pay new premiums, 
applied to pay renewal premiums, . 
Dividends paid policy holders in cash, 

applied to pay renewal premiums, . 
applied to purchase paid-up additions, 

Total paid policy holders, .... 

Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, 
Commissions to agents: new policies, $1,230,791.06; renewals 

$1,009,196.10; annuities, $2,800.10, .... 
Agency supervision, traveling and other agency expenses, 
Medical examiners' fees, $320,905.55; and inspections, $11,704.52 
Salaries of officers and home office employees, . 
Rent, including $117,259.59 for occupancy of own buildings, 
Advertising, printing, postage, etc 
Legal expenses, 
Furniture and fixtures, . 
State taxes on premiums, 
Insurance department licenses and fees, 
All other licenses, fees and taxes, . 



151,727 03 
931,286 68 
85,281 96 
25,967 05 
25,850 94 
1,008,760 48 
90,447 70 

$6,668,800 59 

18,416 12 

5,261 99 

2,242,787 26 

46,705 62 

332,610 07 

927,049 89 

154,034 49 

184,135 57 

8,693 97 

4,733 25 

266,939 12 

80 00 

9,712 12 



METROPOLITAN LIFE INSURANCE CO. 



117 



Agents' balances charged off, 
All other disbursements, 



Total, 



Death claims, 
Matured endowments, 



$580 26 
19,071 17 

$10,889,611 49 



Industrial Department. 

. $14,321,913 71 
76,276 50 $14,398,190 21 



Premium notes voided by lapse, 
Surrender values paid in cash, 
Dividends paid policy holders in cash, 
Dividends applied to pay renewal premiums, 

Total paid policy holders, 
Investigation and settlement of policy claims, 
Commissions to agents: new policies, $788,478.45; renewals, 

$5,529,289.17, . . _ . 

Commuted renewal commissions, 
Salaries and allowances for agencies, 

Agency supervision, traveling and other agency expenses, 
Medical examiners' fees, $169,724.30; and inspections, $311,981.17 
Salaries of officers and home office employees, . 
Rent, including $395,480.27 for occupancy of own buildings, 
Advertising, printing, postage, etc., 
Legal expenses, .... 
Furniture and fixtures, . 
State taxes on premiums, 
Insurance department licenses and fees, 
All other licenses, fees and taxes, 
All other disbursements, 

Total, . 

Both Departments 

Dividends to stockholders, 

Repairs and expenses on real estate, 

Taxes on real estate, 

Interest on agents' deposits, . 

Real estate deposits -returned, 

Loss on sale or maturity of bonds, . 

Decrease by adjustment in book value of bonds, 

Total, 

Total disbursements, .... 



65,965 93 

660,754 97 

1,114,043 54 

1,389,634 10 

$17,628,588 75 

18,466 01 

6,317,767 62 

995,836 99 

2,581,475 67 

717,628 73 

481,705 47 

1,853,085 54 

680,914 22 

400,990 32 

43,991 20 

23,402 22 

679,270 29 

6,157 79 

62,116 04 

266,115 74 

$32,757,512 60 



$140,000 00 

387,865 65 

174,099 69 

6,597 69 

35,251 33 

663,599 38 

50,097 78 

. $1,457,511 52 

$45,104,635 61 



Balance, ....... 

Ledger Assets. 

Book value of real estate, 
I Mortgage loans on real estate, 

Loans secured by collateral (schedule A) , 
: Loans to policy holders, 

Premium notes on policies in force, 
I Book value of bonds and stocks (schedule B) , 
! Cash in office, ..... 



$234,178,464 99 



$22,444,627 78 
. 90,795,319 02 
. 2,192,702 00 
. 8,372,904 04 
859,443 84 
104,608,322 69 
55,811 73 



118 



METROPOLITAN LIFE INSURANCE CO. 



Deposits in trust companies and banks not on interest, 
Deposits in trust companies and banks on interest, . 
Agents' balances, ....... 

Other ledger assets, 



$60,722 

4,659,454 

40,131 

89,025 



73 
33 
40 
43 



Total ledger assets, 






$234,178,464 99 




Non-Ledger Assets. 




Interest due and accrued on : 








Mortgages, 
Bonds, 
Collateral loans, 






$1,190,808 02 

1,312,920 25 

36,649 09 




Premium notes, . 
Other assets, 
Rents due and accrued, . 




New Business. 


182,659 41 

1,400 00 

10,309 64 


2,734,746 41 




Renewals. 




Uncollected premiums, . 
Deferred premiums, 


rred 


$188,102 85 
967,945 89 


$1,154,016 76 
3,821,321 12 




Total, . 
Deduct loading, 


$1,156,048 74 
196,528 28 


$4,975,337 88 
845,807 44 




Net uncollected and defe 








premiums, 


$959,520 46 
premiums, 


$4,129,530 44 


5,089,050 90 


Net uncollected industrial 


. 


383,358 73 



Gross assets, ...... 

Assets not admitted. 

Supplies, etc., ...... 

Agents' debit balances, ..... 

Premium obligations and loans in excess of net 
value of their policies, .... 

Book value of stocks and bonds over market, . 

Special deposits. $5,223,538.76; liabilities in off- 
set, $5,223,538.76. 



$242,385,621 03 

$8,849 04 
40,131 40 

260,405 61 
5,931,620 56 6,241,006 61 



Admitted assets, _. $236,144,614 42 

Liabilities. 

Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the Actuaries' table of 
mortality, with interest at 4 per cent., and the American 
table, with interest at 3£ per cent., .... $207,447,526 00 

Deduct net value of risks reinsured, . . . . . 115,793 00 



Net reserve, $207,331,733 

Present value of supplementary contracts not involving life con- 
tingencies, ......... 

Surrender values claimable on terminated policies, . 

Death losses in process of adjustment, . . $252,518 56 

reported, 184,908 00 

and other policy claims resisted, . 54,811 90 



51,616 
106,516 



00 

00 

59. 



492,238 46 



Premiums paid in advance, 

Unearned interest and rent paid in advance, 



194,174 
65,315 



4,1 
71 



METROPOLITAN LIFE INSURANCE CO. 



119 



Commissions to agents due or accrued, ..... $65,167 89 

Miscellaneous accounts due or accrued, ..... 62,808 00 

Medical examiners' and legal fees due or accrued, . . . 189,439 92 

State, county and municipal taxes due or accrued, . . . 500,000 00 

Dividends or other profits due policy holders, .... 115,295 39 
Dividends apportioned on annual dividend policies, payable 

during 1909, . ' . . 4,037,076 38 

Dividends apportioned on deferred dividend policies, payable 

during 1909, 99,849 35 

Held for deferred dividends, payable after 1909, . . . 251,400 58 

Premiums subject to return, ....... 18,000 00 

Agents' deposits in lieu of bonds, ...... 183,522 62 

Cost of collection on uncollected and deferred premiums, in excess 

of the loading, on new business, ...... 168,000 14 

All other, , 69,141 59 

Paid-up capital, 2,000,000 00 

Unassigned fund (surplus), . . . . . . . 20,143,318 35 



Total liabilities, 



$236,144,614 42 



Premium Note Account. 



Premium notes on hand Dec. 31, 1907, 
Received during 1908, old policies, . 

Used in payment of losses and claims, 
Used in purchase of surrendered policies, . 
Voided by lapse, ...... 

Redeemed by maker in cash, .... 

Premium notes on hand Dec. 31, 1908, 

Exhibit of Policies. 
In Force Dec. 31, 1907. 

Number. Amount. 



$780,453 03 
194,044 13 

$18,852 41 

24,480 12 

65,965 93 

5,754 86 



Total No. 



$974,497 16 



115,053 32 



,443 84 



Total Amount. 



Whole life, . 
Endowment, 
All other, 
Reversionary 


additions, 
additions, 
additions, 


247,857 $250,726,476 00 

356,586 218,170,327 00 

2,511 18,148,163 00 

312,589 00 


606,954 $487,357,555 00 


Whole life, . 
Endowment, 
All other, 
Reversionary 


Issued during the Year. 

63,848 $55,870,634 00 

105,219 64,811,192 00 

1,171 5,750,495 00 

136,650 00 


170,238 126,568,971 00 


Whole life, . 
Endowment, 
All other, 
Reversionary 

Whole life, . 
All other, 


Old Policies revived. 

8,995 $8,662,989 00 

16,166 9,512,447 00 

35 185,025 00 

5,141 00 


25,196 18,365,602 00 


Old Policies increased. 

$4,625 00 
51,221 00 


55,846 00 



120 



METROPOLITAN LIFE INSURANCE CO. 



Whole life, . 
Endowment, 
All other, 



Whole life, . 
Endowment, 
All other, 



Total, 



Transfers, Deductions. 

Number. Amount. Total No. 

2,284 $2,346,944 00 

2,658 1,404,109 00 

76 522,628 00 



Total Amount. 



5,018 $4,273,681 00 

Transfers, Additions. 

2,310 $2,075,207 00 

2,608 1,226,956 00 

100 971,518 00 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 



By death, 
maturity, 
expiry, . 
surrender, 
lapse, 
decrease, 

Not taken, . 



5,018 $4,273,681 00 

Terminated during the Year. 

49,794 $44,353,364 00 

85,978 51,171,507 00 

735 4,788,852 00 

41,123 00 



136,507 $100,354,846 00 
How terminated. 



4,998 

449 

45 

18,174 

82,593 

30,248 



$4,032,295 00 

317,184 00 

306,942 00 

14,714,772 00 

58,787,357 00 

1,271,964 00 

20,924,332 00 



802,388 $632,347,974 00 



136,507 100,354,846 00 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 

Industrial policies in force, 



In Force Dec. 31, 1908. 

270,932 $270,639,623 00 

391,943 241,145,306 00 

3,006 19,794,942 00 

413,257 00 



665,881 $531,993,128 00 



9,301,001 1,334,951,425 00 



Schedule A. Securities held as Collateral. 



Underwriters' obligations secured by 1st mortgage 50 year 
gold bonds of the St. Louis, Rocky Mountain & Pacific R.R. 



Company's 
Market Value. 



5s, 1955, 
Seaboard Air Line Ry. 1st mortgage 4s, 1950, 



$531,598 15 
2,600,000 00 



Loaned 
Thereon. 



$383,932 00 
1,808,770 00 



1,131,598 15 $2,192,702 00 



Schedule B. Stocks and Bonds owned by the Company. 



Railroad Stocks. 
250 shares Baltimore & Ohio, preferred, 



160 

500 

10,000 

9,239 

300 



Buffalo. Roch. & Pitts., common, 
Buff., Roch. & Pitts., preferred, 
Chicago, Great Western, deb., 
Chicago, Gt. West., preferred B, 
Cm., Sand. & Cleve., preferred, 



Book Value. 

$17,737 50 

16,486 81 

69,837 50 

860,000 00 

263,371 60 

21,750 00 



Rate. 
93 
91 

105 
59 
14 

125 



Market Value. 

$23,250 00 

14,560 00 

52,500 00 

590,000 00 

129,346 00 

1S,750 00 






METROPOLITAN LIFE INSURANCE CO. 



121 



400 shares Detroit & Mackinac, common, 

190 " Detroit & Mackinac, preferred, 

4,966 " Lake Shore & Mich. Southern, 

300 " Lincoln Trac. Co., common, Neb., 

1,663 " Lincoln Trac. Co., pref ., Neb., 

321 " Michigan Central, 

1,500 " Mil. Elec. Ry. & Lt. Co., preferred, 

400 " Northern of New Jersey, 

1,125 " Sag.-Bay City Ry. & L. Co., Mich., 

400 " Sharon, .... 

2,660 " Southwestern, 

125 " Twin Citv Rapid Transit Co., com., 

3,500 " Twin Citv Rapid Transit Co., pref., 

400 " Ursina &' North Fork, . 

4,930 " Worcester Rys. Invest. Co., Mass., 
Bank Stocks. 

140 shares Central Trust Co., New York, 

608 " Federal Trust Co., Newark, N. J., 

750 " Franklin Tr. Co., Brooklyn, N. Y., 

i: 1,000 " Hamilton Tr. Co., Brooklyn, N. Y. 

207 " Howard Nat., Burlington, Vt., 

522 " International Bank. Corp., N. Y., 

10,432 " Metropolitan, N. Y., 

1,481 " Metropolitan Tr. Co., N. Y., . 

1,000 " People's State, Detroit, Mich., 

20 " People's Tr. Co., Brooklyn, N. Y., 

73 " U. S. Trust Co., New York' City, 
Miscellaneous Stocks. 

2,657 shares Allis-Chalmers Co., common, 

5,827 " Allis-Chalmers Co., preferred, 

250 " American Lithographic' Co., . 

165 " Mahoning Investment Co., 

120 " Massachusetts Gas Co., common, 

490 •" N. Y. Mutual Gas Light Co., 

5,000 " Northern Central Coal Co., . 

300 " Northwestern Telegraph Co., 

2,000 " Pope Mfg. Co., 1st preferred, 

1,600 " U. S. Express Co., 

State, County and Municipal Bonds. 
Albion, Ind., 6s, 1915, 
Burgettstown, Pa., 5.4s, 1910, . 
Burgettstown, Pa., 5.4s, 1915, . 
Canada. Dominion of, inscribed stock 2-g-s, 1947, 
Charter Oak, la., 6s, 1912, 
Danville, Va., 4s, 1935, . 
Fargo, N. D., 6s, 1911, 
Hartford City, Ind., 6s, 1909, . 
Hartford City, Ind., 6s, 1910, . 
Maisonneuve, Que., 4^s, 1940, . 
Manchester, Va., 4U, 1930, 
Manitoba, Province of, 4s, 1928-30-33, 
Montgomery County, Ala., 4|s, 1957, 
Montreal, Que., 4s, 1944, . 
Montreal, Que., 3$s, 1939, 
Newark, N. J., 5s, 1910, . 
New Brunswick, Province of, 3s, 1938, 
Newtown, Queens County, N. Y., 5s, 1911, 
New York, N. Y., 2£s, 1929, ■ . 
New York, N. Y., 3s, 1918, 
New York, N. Y., 3s, 1916, 
New York 4s, 1958, 

N. Bergen, N. J., Township of, funding 5s, 1938, 
Ottawa, Can., debentures 4-is, 1936-37, 
Ottawa, Can., debentures 4^s, 1938, 
Ottawa, Can., 4s, 1925-35, 
Pierre, S. D., 3s, 1922, 
Quebec, Province of, 3s, 1937, . 
Rye, N. Y., dock 5s, 1913-17, . 
Rye, N. Y., dock 5s, 1918-22, . 
Rye, N. Y., dock 5s, 1923-27, . 
Rye, N. Y., dock 5s, 1928-32, . 
Rye, N. Y., dock 5s, 1934-37, . 





Book Value. 


Rate. 


Market Value. 


$10,000 00 


44 


$17,600 00 


15,200 


00 


95 


18,050 00 


. 1,681,598 


12 


285 


1,415,310 00 


30,000 


00 


175 


52,500 00 


156,259 


50 


90 


149,670 00 


48,190 


12 


160 


51,360 00 


175,500 


00 


104 


156,000 00 


38,900 


00 


90 


36,000 00 






28 


31,500 00 


21,000 


00 


115 


23,000 00 


284,620 


00 


115 


305,900 00 


, 12,361 


87 


89 


11,125 00 


445,585 


62 


123 


430,500 00 


50,000 


00 


- 


- 


491,512 


62 


60 


295,800 00 


267,869 


42 


1,800 


252,000 00 


119,248 


25 


195 


118,560 00 


221,055 


50 


200 


150,000 00 


211,425 


00 


267 


267,000 00 


29,497 


00 


130 


26,910 00 


71,823 


09 


92 


48,024 00 


. 1,698,075 


82 


172 


1,794,304 00 


854,227 


85 


535 


792,335 00 


225,000 


00 


220 


220,000 00 


5,015 


00 


275 


5,500 00 


76,725 


00 


1,150 


83,950 00 


66,383 


50 


16 


42,512 00 


596,030 


99 


50 


291,350 00 






4 


1,000 00 






75 


12,375 00 






59 


7,080 00 


! 150,525 


00 


151 


73,990 00 


500,000 


00 





' - 


15,450 


00 


110 


16,500 00 


148,197 


06 


25 


50,000 00 


196,600 


00 


85 


136,000 00 


4,197 


60 


108 


4,320 00 


505 


65 


101 


505 00 


1,543 


95 


103 


1,545 00 


89,861 


40 


80 


77,760 00 


3,554 


95 


103 


3,605 00 


39,920 


00 


92 


3S,640 00 


2,027 


30 


104 


2,080 00 


503 


05 


101 


505 00 


1,016 


40 


103 


1,030 00 


52,160 


00 


96 


48,000 00 


122,544 


00 


102 


122,400 00 


613,470 


00 


99 


594,000 00 


252,500 


00 


93 


232,500 00 


716,100 


00 


100 


700,000 00 


492,590 


10 


91 


488,670 00 


98,940 


00 


102 


102,000 00 


92,738 


88 


83 


80,786 66 


4,929 


50 


101 


5,050 00 


100,081 


29 


81 


81,000 00 


21,255 


00 


92 


23,000 00 


43,810 


00 


94 


47,000 00 


109,210 


00 


126 


126,000 00 


108,125 


00 


113 


113,000 00 


502,042 


50 


108 


515,160 00 


105,250 


00 


109 


109,000 00 


216,536 


20 


100 


214,000 00 


550 


00 


83 


456 50 


132,889 


20 


83 


121,180 00 








f 106 
109 


3,180 00 
3,270 00 




• 15,344 


46^ 


112 
114 


3,360 00 
3,420 00 


• . 






116 


2,784 00 



122 



METROPOLITAN LIFE INSURANCE CO. 



Rye, N. Y., 5s, 1913, 

Rye, N. Y., 5s, 1914, 

Rve, N. Y., 5s, 1915-16, 

Rye, N. Y., 5s, 1917, 

Rye, N. Y., 5s, 1918, 

Rye, N. Y., 5s, 1919-24, 

Rye, N. Y., 5s, 1925-26, 

Rye, N. Y., 5s, 1927-32, 

Rve, N. Y., 5s, 1933-35, 

Rye, N. Y., 5s, 1936-38, 

Salabery, Valleyfield, Can., 4s, 1926, 

San Juan, Porto Rico, 6s, 1922, 

Toronto, Can., 4s, 1944, 

Toronto, Can., 3£s. 1944, 

Toronto, Can., 3+s, 1929, 

Toronto, Can., 4s, 1911, 

Toronto, Can., 3$s, 1909, 

Virginia 3s, 1991, . 

Winnipeg, Manitoba, 4s, 1933-41-42, 

Railroad Bonds. 
Alabama Great Southern 5s, 1927, 
At., Top. & Santa Fe (E. Ok. Div.) 4s, 1928, 
Atchison, Topeka & Santa Fe 4s, 1914, 
Atlanta, Birm. & Atlantic equipment 5s, 1911, 
Atlantic Avenue 5s, 1931, 
Atlantic & Birmingham equipment 5s, 1909, 
Atlantic & Birmingham equipment 5s, 1910, 
Atlantic & Birmingham equipment 5s, 1911, 
Atlantic & Birmingham eqtiipment 5s, 1912, 
Atlantic & Birmingham equipment 5s, 1913, 
Atlantic & Birmingham equipment 5s, 1914, 
Atlantic Coast Line con. 1st mortgage 4s, 1952, 
Atlantic Coast Line (L. & N. col.) 4s, 1952, 
Baltimore & Ohio (Pitts. Jc. & M. Div.) 3£s, 1925, 
Baltimore & Ohio (Southwestern Div.) 3$s, 1925, 
Big Sandy 4s, 1944, .... 

Brooklyn City 5s, 1941, .... 
Buffalo, Roch. & Pitts, con. mortgage 4^-s, 1957, 
Canadian Northern 4s, 1929, 
Canadian Northern 4s, 1930, 
Central Ohio 4*s, 1930, . 
Central of Georgia con. mortgage 5s, 1945, . 
Central Pacific 1st refunding mortgage 4s, 1949, 
Chesapeake & Ohio con. 1st mtge. 5s, 1939, 
Chesapeake & Ohio equipment 4s, 1909, 
Chesapeake & Ohio equipment 4s, 1910, 
Chesapeake & Ohio equipment 4s, 1911-14, 
Chesapeake & Ohio equipment 4s, 1915-16, 
Chicago & Alton collateral, notes, 5s, 1912, 
Chicago & Alton 3$s, t 1950, 
Chicago & Alton equipment 4s, 1909, 
Chicago & Alton equipment 4s, 1910, 
Chicago & Alton equipment 4s. 1911-12, 
Chicago & Alton equipment 4s, 1913, 
Chicago & Alton equipment 4s, 1914, 
Chicago & Eastern Illinois 4s, 1955, . 
Chicago, Indiana & Southern 4s, 1956, 
Chic, Mil. & St. P. (Chic. & Pac. W. Div.) 5s, 1921, 
Chicago & Northwestern Extension 4s, 1926, 
Chicago & Northwestern (Mad. Ext.) 7s, 1911, 
Chic. & Northwestern (Menominee Ext.) 7s, 1911 
Chicago & Western Indiana 5s, 1910, 
Chicago & Western Indiana 4s, 1952, 
Chicago & Western Indiana 6s, 1932, 
Chic. Rys. Co. con. mortgage, series A, 4s, 1927, 
Chic. R3^s. Co. con. mortgage, series B, 4s, 1927, 
Chicago, Rock Island & Pacific 4s, 2002, . 
Chicago, Rock Island & Pacific 4s, 1934, 
Cincinnati, Dayton & Chicago 4s, 1942, 
Cincinnati, Indianapolis & Western 4s, 1953, 
Cleveland Terminal & Valley 4s, 1995, 



Book Value. 



- $111,861 44 < 



50,315 00 

634,200 00 

691,191 72 

1,093,782 72 

512,260 15 

48,344 11 

50,126 87 

10,488 98 

427,781 80 

262,016 02 

182,260 00 

48,795 00 

95,075 00 

502,065 00 



[ 



196,758 00<! 



148,274 
1,900,800 
457,800 
895,800 
218,750 
215,320 
500,990 
107,019 
276,485 
326,952 
245,433 
575,250 
85,972 



10 
00 
00 
00 
00 
00 
00 
70 
06 
40 
00 
00 
50 



f 



722,560 00 { 



247,050 
426,850 



00 
00 



• 481,261 60 



418,000 00 

1,384,750 00 

205,620 00 

99,500 00 
128,587 50 

77,160 00 
494,700 00 
229,275 00 

64,745 40 
329,691 40 
344,881 00 
415,140 00 
448,300 00 
477,650 00 
396,720 00 
396,120 00 



Rate. 

104 

105 

106 

107 

108 

110 

112 

114 

116 

117 

91 

110 

98 

88 

91 

100 

100 

93 

100 

103 

97 

98 

98 

98 

99 

97 

95 

94 

92 

91 

95 

86 

90 

92 

91 

102 

106 

98 

100 

99 

108 

97 

115 

100 

99 

98 

97 

100 

75 

100 

99 

98 

97 

96 

86 

95 

110 

101 

105 

105 

100 

98 

112 

93 

85 

78 

91 

79 

70 

97 



Market Value. 

$18,599 99 

18,778 84 

25,684 61 

6,790 38 

6,853 84 

10,153 84 

4,049 23 

10,523 07 

8,610 76 

5,399 99 

45,500 00 

660,000 00 

717,855 22 

1,070,666 66 

487,153 33 

47,535 56 

50,126 67 

18,600 00 

446,000 00 

269,586 23 

194,000 00 

49,000 00 

98,000 00 

441,000 00 

39,600 00 

29,100 00 

38,000 00 

37,600 00 

36,800 00 

9,100 00 

162,450 00 

1,720,000 00 

450,000 00 

920,000 00 

227,500 00 

204,000 00 

530,000 00 

97,771 33 

272,533 33 

289,080 00 

248,400 00 

582,000 00 

86,250 00 

100,000 00 

99,000 00 

392,000 00 

145,500 00 

250,000 00 

375,000 00 

114,000 00 

98,010 00 

137,200 00 

85,360 00 

50,880 00 

430,000 00 

1,425,000 00 

220,000 00 

101,000 00 

131,250 00 

78,750 00 

500,000 00 

245,000 00 

64,960 00 

310,620 00 

300,050 00 

390,000 00 

455,000 00 

395,000 00 

280,000 00 

388.000 00 



METROPOLITAN LIFE INSURANCE CO. 



123 



Coal River 4s, 1945, . . . 

Detroit & Mackinac mortgage gold 4s, 1995, 

Detroit & Toledo Shore Line 4s, 1953, 

Detroit Southern (Ohio South. Div.) 4s, 1941, 

Detroit United 5s, 1909, .... 

Detroit United 4is, 1932, 

Dry Dock, E. Broadway & Battery 5s, 1914, 

Duluth & Iron Range 5s, 1937, 

Elwood Short Line 5s, 1922, 

Fargo & Southern 6s, 1924, 

Fort Worth & Denver City 6s, 1921, . 

Galveston Electric Co., Tex., 5s, 1940, 

Galveston Terminal 6s, 1938, . 

Houston & Texas Central 6s, 1930, 

Imperial Rolling Stock Co., Ltd., 4*s, 1909, 

Imperial Rolling Stock Co., Ltd., 4*s, 1910, 

Imperial Rolling Stock Co., Ltd., 4|s, 1912-13, 

Imperial Rolling Stock Co., Ltd., 4-i-s, 1914, 

Imperial Rolling Stock Co., Ltd., Us, 1915-16, 

Indiana, Decatur & Western 5s, 1935, 

Indiana Harbor Belt 4s, 1957, . 

Interborough Rapid Transit 6s, 1911, 

Iowa, Minnesota & Northwestern 3^s, 1935, 

Iron Mountain Car trust 5s, 1909-10, 

Iron Mountain Car trust 5s, 1911-14, 

Kan. City, Ft. Scott & Memp. equip. 4-|s, 1909, 

Kan. City, Ft. Scott & Memp. equip. 4-^-s, 1910, 

Kentucky Central 4s, 1987, 

Lake Shore & Michigan Southern 4s, 1928-31, 

Lehigh & Wilkes-Barre Coal Co. 4*s, 1910, 

Lincoln Traction Co., Lincoln, Neb., 5s, 1920, 

Long Island City & Flushing 6s, 1911, 

Louisville & Jeffersonville Bridge Co. 4s, 1945, 

Louisville & Nashville 4s, 1923, 

Louis. & Nash. (N. O. & Mob. D.) 2d mtge. 6s, 1930 

Manchester, N. H., Trac, L. & P. Co. 5s, 1921, 

Massachusetts Electric Co., notes, 4-jS, 1910, 

Metropolitan Street 5s, 1997, 

Minneapolis & St. Louis 5s, 1934, 

Minneapolis & St. Louis 4s, 1949, 

Minneapolis & St. Paul Suburban 5s, 1924, 

Minneapolis, Lvndale & Minnetonka 5s, 1919, 

Minneapolis, St. P. & S. S. Marie equip. 5s, 1909-14 

Minneapolis, St. Paul & S. S. Marie 4s, 1938, 

Minneapolis St. & St. Paul City 5s, 1928, . . 

Minneapolis Street & St. Paul City 5s, 1911, 

Minnesota Transfer 4s, 1916, 

Minnesota Transfer 5s, 1916, 

Missouri, Kansas & Oklahoma 5s, 1942, 

Missouri Pacific collateral 5s, 1920, 

Missouri Pacific 5s, 1917, .... 

M. & Ohio equip (guar, by A. C. & F. Co.) 5s, 1913 

Mobile & Ohio equipment 4s, 1910, 

Mobile & Ohio equipment 4s, 1911, 

Mobile & Ohio equipment 4s, 1912, 

Mobile & Ohio 1st mortgage 6s, 1927, 

Nassau Electric 4s, 1951, .... 

New Orleans, La., Terminal Co. 4s, 1953, 

N. Y., N. H. & H. (Harlem R. & Port.) 4s, 1954, 

Norfolk & Southern 5s, 1941, . 

North Hudson County 5s, 1924, 

Ohio River 5s, 1936, .... 

Pacific of Missouri (Carondelet Br.) 44s, 1938, 

Pennsylvania 4s, 1948, .... 

Peoria & Pekin Union 4^s, 1921, 

Pine Bluff & Western 5s, 1923, . 

Pittsburg Terminal & Coal Co. 5s, 1942, 

Rio Grande Western 4s, 1949, . 

Saginaw-Bay City Ry. & Light Co. 5s, 1923,^ 

San Antonio & Aransas Pass 4s, 1943, 

Savannah, Florida & Western 6s, 1934, 



Book Value. 
1,203,237 00 

25,000 00 
728,785 20 
325,728 00 
628,173 00 
944,500 00 
115,498 02 
174,526 30 

24,165 00 

60,500 00 
497,160 00 

70,721 80 
534,037 50 

94,500 00 

r 

1,213,182 80 ' 



708,019 

967,075 

1,997,700 

62,986 



20 
00 
00 
00 



I 



304,701 40 



f 211,670 

20,433 

385,346 

1,005,000 

109,054 

39,516 
175,106 
542,575 

22,586 
407,440 
642,655 
260,275 

89,277 
202,500 
418,000 
197,469 
354,000 
2,203,882 
2,295,900 
254,400 
390,640 
130,225 
321,480 
773,581 
468,990 

28,548 



20 

60 
00 
00 
00 
20 
80 
00 
25 
00 
00 
00 
50 
00 
00 
00 
00 
20 
00 
00 
00 
00 
00 
60 
00 
00 



80,249 50 

40,354 10 

522,356 00 

1,034,550 00 

497,900 00 

79,117 50 
105,540 00 
105,054 20 
117,144 40 

48,080 00 
369,030 21 

95,997 50 

2,328,432 00 

471,350 00 

150,000 00 

179,000 00 

61,311 60 



Rate. 

90 

90 

83 

83 

100 

79 

55 

114 

102 

122 

115 

95 

106 

116 

100 

99 

97 

96 

95 

94 

95 

103 

92 

100 

99 

100 

99 

97 

95 

100 

98 

104 

93 

97 

117 

100 

100 

88 

108 

84 

105 

104 

100 

99 

104 

100 

90 

100 

108 

100 

100 

98 

98 

97 

95 

121 

80 

82 

102 

100 

102 

112 

98 

104 

97 

103 

97 

81 

78 

89 

125 



Market Value. 

$1,150,200 00 

22,500 00 

668,980 00 

291,330 00 

630,000 00 

790,000 00 

62,315 00 

192,660 00 

25,500 00 

61,000 00 

517,500 00 

70,300 00 

535,300 00 

92,800 00 

40,000 00 

1,980 00 

405,460 00 

325,920 00 

428,450 00 

631,680 00 

959,500 00 

2,060,000 00 

64,400 00 

28,000 00 

269,280 00 

140,000 00 

74,250 00 

21,340 00 

380,000 00 

1,000,000 00 

107,800 00 

39,520 00 

173,910 00 

533,500 00 

22,230 00 

400,000 00 

650,000 00 

220,000 00 

88,560 00 

210,000 00 

420,000 00 

192,400 00 

354,000 00 

2,200,770 00 

2,340,000 00 

250,000 00 

360,000 00 

125,000 00 

324,000 00 

748,000 00 

450,000 00 

29,400 00 

29,400 00 

20,370 00 

32,300 00 

40,535 00 

480,000 00 

902,000 00 

510,000 00 

75,000 00 

102,000 00 

122,080 00 

119,560 00 

52,000 00 

380,240 00 

97,850 00 

2,102,960 00 

405,000 00 

117,000 00 

178,000 00 

67,500 00 



124 



METROPOLITAN LIFE INSURANCE CO, 



Book Value. 



Seaboard Air Line equipment 4^s, 1909, 

Seaboard Air Line equipment 4^s, 1910, 

Seaboard Air Line equipment 4^-s, 1911, 

Seaboard Air Line equipment 4-^s, 1912, 

Seaboard Air Line equipment 5s, 1914, 

Seaboard Air Line equipment 5s, 1915, 

Seaboard Air Line 5s, 1911, 

Seaboard & Roanoke 6s, 1916, . 

South Pacific Coast 4s, 1937, . . 

Southern Pacific Branch 6s, 1937, 

Southern Pacific Co. 4s, 1910, . 

Southern Pacific 4s, 1955, 

Stafford Springs, Conn., Street 5s, 1956, 

St. Louis & San Francisco equipment 4-^s, 1913, 

St. Louis, Iron Mt. & Southern 5s, 1931, 

St. Lo., Iron Mt. & So. (R. & G. Div.) 4s, 1933, 

St. Louis, Iron Mt. & Southern 4s, 1929, 

St. Paul City 5s, 1937, .... 

Texas & Pacific 1st mortgage 5s, 2000, 

Third Avenue 4s, 2000, .... 

Thirty-fourth St. Crosstown 5s, 1996, 

Toledo, St. Louis & Western 3$s, 1925, 

Toledo Terminal 4*s, 1957, 

Ulster & Delaware 5s, 1928, 

Underground Electric of London, Ltd., 4^s, 1933 

Underground Electric of London, Ltd., 6s, 1948, 

Union Elevated, Chicago, 111., 5s, 1945, 

Union Pacific 4s, 2008, .... 

Union, N. Y. City, 5s, 1942, 

United R.R. of San Francisco 4s, 1927, 

United Rv. & Electric Co., Bait,, Md., 4s, 1949, 

United Rys. Co., St. Louis, Mo., 4s, 1934, . 

Wabash-Pittsburg Terminal 1st mtge. 4s, 1954, 

Wabash-Pittsburg Terminal 2d mtge. 4s, 1954, 

Wabash, notes, 4-^s, 1910, 

Wabash 4s, 1954, 

Wabash 4s, 1956, 

Western Maryland 4s, 1952, 

Western Pacific 5s, 1933, . 

Wheeling & Lake Erie 4s, 1949, 

Worcester, Mass., Cons. St. 4^s, 1920, 

Worcester & Connecticut Eastern 4-2-s, 1943, 

Miscellaneous Bonds. 
American Hide & Leather Co. 6s, 1919, 
American Lithographic Co. 5s, 1921, . 
American Tel. &'Tel. Co. 4s, 1929, 
Artesian Water Co., Memphis, Tenn., 5s, 1909, 
Beech Creek Coal & Coke Co. 5s, 1944, 
Brooklvn Union Gas Co. 5s, 1945, 
Central Leather Co. 5s, 1925, . 
Clevelnnd Electric Illuminating Co. 5s, 1927, 
Detroit Edison Co. 5s, 1933, 
Edison Elec. Ilium. Co., Brooklyn, N. Y., 4s, 1939 
Edison Elec. Ilium. Co., N. Y. City, 5s, 1995, 
Edison Elec. Ilium. Co., N. Y. City, 5s, 1910, 
Equitable Gas Light Co., N. Y. City, 5s, 1932, 
Fairmount Coal Co. 5s, 1931, . . 

General Rubber Co. 4^s, 1915, . 
Kings County Electric Light & Power Co. 5s, 1937 
Kings Countv Elec. Light & Power Co. 6s, 1997, 
Lincoln, Neb., Ht., Lt. & Power Co. 5s, 1932, 
Louisville Lighting Co. 5s, 1953, 
Maison Blanche, Ltd., New Orleans, La., 5s, 1926 
Memphis Cons. Gas & Elec. Co. 5s, 1943, 
Milwaukee Gas Light Co. 4s, 1927, 
Mutual Fuel Gas Co. 5s, 1947, . 
New Amsterdam Gas Co. 5s, 1948, 
New York & East River Gas Co. 5s, 1944, 
New York & East River Gas Co. 5s, 1945, 
N. Y. & Queens Elec. Light & Power Co. 5s, 1930, 
N. Y. & N. J. Telephone Co. 5s, 1920, 
N. Y. & Richmond Gas Co. 5s, 1921, 



f 



$249,4S6 00 



> 248,630 00 

1,052,415 00 

10,391 04 

62,475 00 

18,007 50 

247,500 00 

1,412,500 00 

439,200 00 

95,680 00 

145,796 00 

1,723,166 50 

870,770 00 

120,820 70 

1,616,355 00 

220,175 00 

22,413 48 

1,819,800 00 

89,560 00 

99,910 00 

73,262 85 

38,500 00 

259,272 00 

959,375 00 

228,820 00 

231,038 20 

100,000 00 

451,300 00 

1,777,820 00 

198,660 00 

2,829,777 80 

1,789,400 00 

45,223 35 

2,009,920 00 

2,797,500 00 

747,385 60 

263,800 00 

506,250 00 

196,060 00 
100,000 00 
844,050 00 

50,206 00 
243,915 00 
208,620 00 
250,560 00 
128,887 50 
745,950 00 
547,687 50 
155,238 40 
101,810 00 
499,940 00 
668,316 00 

94,950 00 

45,067 50 
483,747 65 

23,348 50 
590,760 00 
1,462,500 00 
500,193 75 
955,800 00 
9,444 00 
335,887 50 
418,162 50 
212,240 00 

55,755 00 
106,632 90 
454,185 00 



Rate. 
99 
97 
94 
92 
91 
90 
92 

100 
86 

126 
99 
95 

105 
97 

112 
89 
87 

107 

117 
70 
77 
91 
97 

106 
70 
20 
89 
97 
92 
73 
85 
83 
56 
13 
88 
85 
74 
83 
90 
82 
96 

103 

97 

68 

91 

99 

83 

105 

97 

103 

101 

88 

110 

100 

101 

92 

92 

104 

112 

90 

96 

98 

85 

92 

101 

103 

107 

97 

93 

104 

99 



Market Value. 

$97,020 00 

97,000 00 

40,420 00 

9,200 00 

73,710 00 

152,100 00 

966,000 00 

9,600 00 

60,200 00 

17,640 00 

247,500 00 

1,425,000 00 

420,000 00 

97,000 00 

156,800 00 

1,693,670 00 

826,500 00 

127,330 00 

1,579,500 00 

175,000 00 

15,400 00 

1,820,000 00 

97,000 00 

106,000 00 

70,041 09 

35,000 00 

213,600 00 

970,000 00 

184,000 00 

205,130 00 

85,000 00 

415,000 00 

1,128,960 00 

60,060 00 

2,504,480 00 

1,700,000 00 

55,500 00 

1,826,000 00 

2,700,000 00 

682,240 00 

240,000 00 

515,000 00 

194,000 00 

68,000 00 
773,500 00 

49,500 00 
207,500 00 
210,000 00 
242,500 00 
128,750 00 
757,500 00 
506,000 00 
140,800 00 
100,000 00 
431,270 00 
617,320 00 

92,000 00 

52,000 00 
448,000 00 

22,050 00 

576,000 00 

1,470,000 00 

446,250 00 

920,000 00 

10,100 00 
334,750 00 
401,250 00 
194,000 00 

54,870 00 
102,960 00 
445,500 00 



THE MUTUAL LIFE INSURANCE CO. OF NEW YORK. 



125 



N. Y. & Westchester Lighting Co. 4s, 2004, 

N. Y. Gas, Elec. Lt., Ht. & Power Co. 4s, 1949, 

Pacific Coast Co. 5s, 1946, 

People's Gas Lt. & Coke Co., Chic, III., 6s, 1943, 

People's Gas Lt. & Coke Co., Chic, 111., 5s, 1947, 

Pittsburg Co. 4£s, 1919, . 

Rochester Gas & Elec. Co., N. Y., 5s, 1912, . 

Rochester Gas & Electric Co., N. Y., 4£s, 1921, 

St. Joseph Stock Yards Co., Mo., 4£s, 1930, 

Utica Knitting Co. 5s, 1920, . 

Western Pocahontas Corporation 4-|s, 1945, 



Book Value. 


Rate. 


Market Value. 


. $452,714 25 


83 


$423,300 00 


762,877 50 


85 


701,250 00 


835,950 00 


109 


817,500 00 


249,270 00 


120 


252,000 00 


. 2,136,330 00 


103 


2,163,000 00 


59,850 00 


90 


56,700 00 


251,800 00 


99 


247,500 00 


683,307 00 


96 


662,400 00 


736,525 20 


100 


724,000 00 


56,000 00 


100 


56,000 00 


337,227 00 


100 


330,000 00 


$104,608,322 69 


$98,676,702 13 



THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK, 

NEW YORK, N. Y. 

Incorporated April 12, 1842. Commenced business Feb. 1, 1843. 

^ A -r, D -j * William J. Easton, 

Charles A. Peabody, President. William F Dix 

Income. 

First year's premiums, less $794.40 for reinsurance, . 
Surrender values applied to pay first year's premiums, 



Secretaries. 



,815,716 32 
37,457 62 



con- 



Total first year's premiums on original policies, . 
Dividends applied to purchase paid-up additions, 
Consideration for life annuities, ..... 
Consideration for supplementary contracts involving life 
tingencies, ......... 

Total new premiums, .... *6,441,548 21 
Renewal premiums, less $107,395.48 for reinsurance, 
Dividends applied to pay renewal premiums, .... 
Surrender values applied to pay renewal premiums, . 
Renewal premiums on deferred annuities, .... 

Total renewal premiums, . . . $48,120,289 72 



$2,853,173 94 

*2,455,572 18 

585,055 60 

547,746 49 

47,155,649 39 

78,306 65 

865,253 31 

21,080 37 



Total premium income, ...... ^$54,561,837 93 

Consideration for supplementary contracts not involving life con- 
tingencies, ......... 366,872 52 

Dividends left with company to accumulate, . 6,789 05 

Interest on mortgages, . . . .-■•'. 

on collateral loans, 
on bonds and dividends on stocks, 
on premium notes and policy loans, 
on bank deposits, .... 

on other debts, .... 

Rent, including $359,184.86 for occupancy of 
own buildings, ...... 



$5,983,008 28 

634,886 43 

12,596,285 53 

3,085,590 56 

190,989 01 

139,136 72 



1,670,663 41 24,300,559 94 



* Note by the Company. — At the request of the Massachusetts Insurance Department, 
the annual statement of this company is amended in respect to certain items relating to 
dividends, and it consequently differs from the reports furnished other States and from what 
appears on its own books. The difference consists of the exclusion of dividends applied to 
purchase paid-up additions, in those cases where such additions are then or subsequently 
surrendered within the calendar year for cash. Such additions are in force until the sur- 
renders are executed, and if death occurs within the days of grace or .even on the anniversary 
of the policy on which the dividend is allotted the additional insurance is duly paid by the 
company. Unless otherwise specified in the contract, the dividends of the company, be- 
ginning with its first dividend in 1848, have always been applied according to this system, 
pursuant to the long-standing custom then and 'still followed by the principal British com- 
panies, though the American companies have since followed the cash dividend system. 
Corresponding changes are made in " Disbursements " and in the " Exhibit of Policies." 



126 



THE MUTUAL LIFE INSURANCE CO. OF NEW YORK. 



Agents' balances previously charged off, .... 
Profit on sale or maturity of real estate, $38,637.88; bonds 

$107,804.09; stocks, $462,925.78, . ... 

Increase by adjustment in book value of bonds, 
Other sources, ........ 



$25,869 03 

609,367 75 
337,895 04 
238,020 19 



Total income, . . . . 

Ledger assets, Dec. 31, 1907, . 

Total, 

Disbursements. 
Death claims and additions, .... 
Matured endowments and additions, 



*$80,447,211 45 
495,158,421 46 



^$575,605,632 91 



$21,664,819 77 
5,140,930 60 



Annuities involving life contingencies, 
Surrender values paid in cash, 

applied to pay new premiums, 
applied to pay renewal premiums, 
Dividends paid policy holders in cash, 

applied to pay renewal premiums, . 
applied to purchase paid-up additions, 
left with the company to accumulate, 

Total paid policy holders, 
Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, . 
Dividends held on deposit surrendered, .... 
Commissions to agents: new policies, $1,212,792.08; renewals 

$788,910; annuities, $23,594.84, ..... 
Commuted renewal commissions, 
Salaries and allowances for agencies, 

Agency supervision, traveling and other agency expenses, 
Medical examiners' fees, $211,010.35; and inspections, $36,786.81 
Salaries of officers and home office employees, . 
Rent, including $359,184.86 for occupancy of own buildings, 
Advertising, printing, postage, etc., 
Legal expenses, .... 
Furniture and fixtures, . 
Repairs and expenses on real estate, 
Taxes on real estate, 
State taxes on premiums, 
Insurance department licenses and fees, 
All other licenses, fees and taxes, 
Agents' balances charged off, 
Loss on sale of real estate, 

Decrease by adjustment in book value of ledger assets, 
Deposits on account of pending insurance, 
Examination by public accountants and State department 
Election expenses, 
Traveling expenses, 
All other disbursements, 



Total disbursements, 
Balance, 



,805,750 37 



2,736,925 49 

*9,473,242 99 

37,457 62 

865,253 31 

*5,770,588 01 

78,306 65 

*2,455,572 18 

6,789 05 



,229,885 67 

42,197 55 

296,560 55 

19 19 



2,025,296 92 

5,046 24 

1,049,355 36 

808,272 37 

247,797 16 

1,195,943 54 

540,148 28 

465,253 68 

44,325 53 

29,086 98 

461,538 83 

380,496 15 

639,719 82 

16,548 59 

81,367 41 

51,398 31 

4,072 61 

3,483,024 30 

68,331 66 

16,104 45 

13,816 06 

69,084 80 

58,763 60 



*$60,323,455 61 

$515,282,177 30 



* Taken from an amended statement filed by the company at the request of this Department. 



THE MUTUAL LIFE INSURANCE CO. OF NEW YORK. 



127 



Ledger Assets. 
Book value of real estate, 
Mortgage loans on real estate, 
Loans secured by collateral (schedule A), 
Loans to policy holders, 
Book value of bonds and stocks (schedule B), 
Cash in office, ..... 

Deposits in trust companies and banks not on interest, 
Deposits in trust companies and banks on interest, . 
Agents' balances, ....... 

Suspense account, ...... 

Supplies, ........ 



Total ledger assets, 



$26,196,029 54 

126,120,961 39 

. 2,500,000 00 

. 63,048,558 17 

293,297,068 71 

70,631 16 

724,999 11 

. 3,130,991 77 

95,003 20 

67,778 99 

30,155 26 

$515,282,177 30 



Non-Ledger Assets. 



Interest due and accrued on: 

Mortgages, 

Bonds, 

Collateral loans, 

Policy loans, 

Other assets, 
Rents due and accrued, 



Market value of stocks and bonds over book value, 



New Business. 

$581,408 59 
152,441 38 

$733,849 97 
173,173 24 



$560,676 73 



Uncollected premiums, . 
Deferred premiums, 

Total, .... 
Deduct loading, 

Net uncollected and deferred 
premiums, 

Gross assets, . 



Assets not admitted. 
Supplies, 

Agents' debit balances, . 
Cash advanced to officers or agents, 
Suspense account, 
Special deposits, less $19,491 
thereon, . 



51,686,146 64 

1,869,639 10 

67,500 00 

30,162 78 

9,806 11 

187,510 40 



Renewals. 

53,205,339 69 
2,180,504 15 

>5,385,843 84 
1,400,319 40 



3,850,765 03 
17,070,388 02 



5,985,524 44 4,546,201 17 



Admitted assets, 



081.34 liabilities 



$540,749,531 52 



$30,155 26 

95,003 20 

8,320 23 

59,458 76 

1,700,106 66 1,893,044 11 



,856,487 41 



Liabilities. 



Net value of all outstanding policies, as computed by the 
Massachusetts Insurance Department on the Actuaries' table 
of mortality, with interest at 4 per cent., and the American 



table, with interest at 3 and 3| per cent., 
Deduct net value of risks reinsured, 

Net reserve, ..... 



$432,613,611 00 
44,161 00 

$432,569,450 00 



128 



THE MUTUAL LIFE INSURANCE CO. OF NEW YORK. 



Present value of supplementary contracts not involving life con- 
tingencies, ......... 

Surrender values claimable on terminated policies, . 
Death losses due and unpaid, . . . $442,055 08 

in process of adjustment, . . 963,350 21 

reported, . . . ' - . . 895,305 00 

Matured endowments due and unpaid, . . 132,064 48 

Death losses and other policy claims resisted, . 527,843 51 

Annuity claims due and unpaid, . . . 181,561 81 

Supplementary contracts not involving life contingencies due and 
unpaid, .......... 

Dividends left to accumulate and interest thereon, . 

Premiums paid in advance, ....... 

Unearned interest and rent paid in advance, .... 

Commissions to agents due or accrued, . . . 

Miscellaneous accounts due or accrued, ..... 

Medical examiners' and legal fees due or accrued, 

State, county and municipal taxes due or accrued, . 

Dividends or other profits due policy holders, .... 

Dividends apportioned on annual dividend policies, payable 
during 1909, 

Dividends apportioned on deferred dividend policies, payable 
during 1909, 

Held for deferred dividends, payable after 1909, viz.: 
Twenty-year period policies, . . . $62,274,606 61 

Fifteen-year period policies, . . . 4,490,499 82 
Ten-year period policies, . . . . 1,545,127 30 
Five-year period policies, .... 1,163,355 50 
All other policies, 201,538 30 



$2,202,326 11 
39,938 93 



3,142,180 09 

1,335 53 

6,769 86 

517,700 95 

1,308,991 52 

3,882 54 

13.720 06 

12,412 60 

631,853 07 

191,222 41 

1,484,648 38 

9,607,634 00 



69,675,127 53 



Net amount of uncollected and deferred premiums 

reserve held therefor, .... 

Deposits on account of pending insurance, 
Collections and deposits held in trust, 
Unassigned funds (surplus), .... 



in excess of 



Total liabilities, 



Whole life, . 

Endowment, 

All other, ... 

Reversionary additions, 



52,087 30 

82,440 35 

809,204 53 

. 16,503,561 65 

$538,856,487 41 



Total No. 



Exhibit of Policies. 
In Force Dec. 31, 1907. 

Number. Amount. 

518,013 $1,178,942,927 00 

118,825 239,942,117 00 

6,990 22,488,381 00 

18,388,625 00 643,828 



Total Amount. 



$1,459,762,050 00 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



Issued during the Year. 

29,670 $72,236,250 00 

6,031 11,840,919 00 

9,063 32,906,898 00 

*3,709,403 00 



44,764 *120,693,470 00 



* Taken from an amended statement filed by the company at the request of this Department. 



THE MUTUAL LIFE INSURANCE CO. OF NEW YORK. 



129 



Old Policies revived. 





Number. 


Amount. 


Total No. 


Total Amount. 


Whole life, . 


514 


$1,136,603 00 






Endowment, 


202 


382,508 00 






All other, 


13 


57,100 00 






Reversionary additions, 


Old Poh 


430 00 


729 


$1,576,641 00 




cies increased. 




Whole life, . 


43 


- 






Endowment, 


12 


- 






All other, 


4 


- 


59 


— 




Transfers, Deductions. 




Whole life, . 


654 


$2,177,286 00 






Endowment, 


218 


916,164 00 






All other, 


617 


1,640,834 00 








1,489 


$4,734,284 00 





Whole life, . 
Endowment, 
All other, 



Total, 



Transfers, Additions. 

696 $1,728,337 00 
311 857,241 00 

482 2,148,706 00 



1,489 $4,734,284 00 



689,380 *$l,582,032,16i;00 



Terminated during the Year. 



Whole life, . 
Endowment, 
All other, 
Reversionary 


additions, 


33,007 
9,263 
2,776 


$92,588,475 00 
22,348,616 00 
13,242,209 00 

.*2,690,004 00 


By death, 
maturity, 
expiry, . 
surrender, 
lapse, 
decrease, 

Not taken, . 






45,046 *$130,869,304 00 

How terminated. 

7,194 $21,502,165 00 

1,723 4,995,533 00 

324 2,703,458 00 

17,819 *42,300,144 00 

9,424 21,743,383 00 

9,398,164 00 

8,562 28,226,457 00 45,046 *130,869,304 00 


Whole life, . 
Endowment, 
All other, 
Reversionary- 


additions 


In Force Dec. 31, 1908. 

. 515,275 $1,159,278,356 00 
. 115,900 229,758,005 00 
. 13,159 42,718.042 00 

19,408,454 00 644,334 $1,451,162,857 00 













Taken from an amended statement filed by the company at the request of this Department. 



130 



THE MUTUAL LIFE INSURANCE CO. OF NEW YORK. 



Schedule A. Securities held as Collateral. 



Southern Pacific R.R. 1st consolidated 5s, 1937, . 
Northwestern Pacific R.R. 1st and ref. 4is, 1957, 
City of New Orleans, La., imp. 4s, 1959, " . 
San Pedro, Los Angeles and Salt L. R.R. 1st 4s, 1953, 



Company's 

Market Value 

$267,399 99 

1,895,999 99 

941, 259 99 

1,699,999 99 



Loaned 
Thereon. 

SI, 599,999 99 

599,999 00 
599,999 99 



$4,313,559 99 $2,599,999 99 



Schedule B. Stocks and Bonds owned by the Company 



Railroad Stocks. 
124,799 shares Brooklyn City, . 

5,999 " Chicago & Northwestern, pref., 
19,999 " Chic, Mil. & St. P., preferred, 
29,999 " Cleve. & Pittsburg betterment, 
8,799 " Del., Lackawanna & Western, 
1,999 " Georgia R.R. & Banking Co., 
5,599 " Illinois Central, . 

359 " Massowippi V. (C, T. & S. D. cert.' 
9,999 " Morris & Essex, . 
5,650 " N. Y. Cent. & Hudson River, 
19,999 " New York & Harlem, . 
35,649 " N. Y., New Haven & Hartford, 
75,999 " Pennsylvania, 
6,999 " Pitts., Ft. Wayne & Chicago, 
8,999 " Rensselaer & Saratoga, 
2,999 " Sixth Avenue, . 
16,634 " Worces., Nash. & Rochester. 
Bank Stocks. 
2,999 shares American Ex. Nat., N. Y., N. Y., 
5,999 " Bk. of Cal., San Francisco, . 

718 " Brooklvn Tr. Co., N. Y., 
1,339 " Central Tr. Co., New York, N. Y., 
1,999 " Chemical Nat., New York, N. Y., 
1,999 " Commer'l Tr. Co., Jersev City, N. J 
1,999 " First Nat,, New York, N. Y., 
1,599 " Gallatin Nat., New York, N. Y., 
599 " GirardTr. Co., Philadelphia, Pa., 
S,64S " Guaranty Tr. Co., New York, N. Y 
1,999 " Industrial Tr. Co., Prov., R. L, 
4,665 " Lawyers' T. Ins. and Trust Co., N.Y 
599 " Metropolitan Tr. Co., N. Y., N. Y. 
1,759 " Morristown Trust Co., N. J., 
2,999 " Morton Tr. Co., New York, N. Y., 
36,988 " Nat. Bk. of Com., N. Y., N. Y., 
5,999 " Title Guar. & Tr. Co., N. Y., N. Y 
9,536 " U. S. Mort. & Tr. Co., N. Y., N. Y 
Miscellaneous Stocks. 
15,999 shares Cons. Gas Co. of New York, 

1,115 " Nat. Safe Deposit Co., New York, 
17,875 " New York Dock Co., preferred, 
Government Bonds. 
Austrian rentes 4s, perpetual, 
British consols 2+s, op. 1923, 
Cape of Good Hope 3-K 1949, op. 1929, 
German Imperial loan 3s, perpetual, 
Italian rentes 3fs, 3is perpetual, 
Prussian consols 3s, perpetual, . 
Queensland stock 3s, 1947, op. 1922, 
Republic of Cuba 5s, 1944, 
South Australian stock 3s, op. 1916, 
South Australian stock 3 is, 1929, 
South Australian treasury 4s, 1999, 
South Australian scrip certificates 3-i-s, 1936 
Spanish rentes 5s, 1959, . 
Tasmanian stock 34s, 1921, 
United States of Mexico 5s, 1945, 
United States of Mexico 4s, 1954, 
Victorian stock 3s, 1917, . 



50 

00 

79 
20 
09 



Book Value. 

$2,409,219 23 

533,10s 70 
1,893,935 
1,957,700 
1,071,952 

194,532 

742,797 

35,900 00 

734,555 03 

7S9,819 27 

1,971,456 31 

5,755,472 66 

4,643,371 37 

1,997,541 39 

1 422 222 22 

254^751 44 

2,162,445 14 

343,114 26 

1,994,916 79 

2S4,163 85 

1,528,559 61 

396,185 18 

300,000 00 

443,450 00 

292,748 49 

274 222 22 

1,265^920 44 

299,999 99 

, 1,469,394 24 

175,500 00 

525,000 00 

500,000 00 

4,441,400 17 

1,120,975 91 

1,479,971 94 

2,797,596 45 
111,315 63 
715,090 00 

3,225,247 70 

31,692 99 

48,914 28 

162,864 

3,991,163 

663,174 

48,865 

S54,299 

12,144 

34,698 

• 24,335 39 

19,664 81 

159,997 19 

24,359 00 

1,823,643 17 

3,544,81S 00 

24,293 99 



63 
25 

\ 1 
r.» 
00 
56 

17 



Rate. 
195 
225 
164 
199 
555 
248 
149 
199 
1S5 
1 25 
335 
161 
132 
175 
199 
127 
13S 

252 
372 
499 
1,899 
425 
317 
895 
359 
752 
555 
249 
245 
535 
599 
459 
196 
435 
372 

139 
117 

75 

OS 

83 
95 

85 

194 

85 

86 

192 

8S 

99 

199 

97 

ss 

07 

99 

93 

90 



Market Value. 

$2,431,650 00 

1,125,000 00 

3,116,000 00 

1,000,000 00 

2,414,250 00 

248,000 00 

819,500 00 

35,000 00 

832,500 00 

706,250 00 

1,675,000 00 

5,738.040 00 

4,950,000 00 

1,050,000 00 

1,592,000 99 

254,000 00 

2,295,492 00 

504,000 00 

1,860,000 00 

287,200 00 

2,394,000 00 

425,000 00 

317,000 00 

805,000 00 

262,500 00 

376,000 00 

4,799,640 00 

240,000 00 

1,142,925 00 

267,500 00 

875,000 00 

900,000 00 

7,073,248 00 

2,175,000 00 

3,547,392 90 

1,959,000 00 

130,455 00 

1,340,625 00 

3,166,203 60 
26,273 65 
46.265 
156,337 

3,31S,142 
613,110 
43,557 28 

1,020,000 00 
11,399 70 
33,749 19 
24,359 00 
10,392 5S 
164,159 36 
23,619 59 

1,829,371 59 

3,664,200 00 
21,915 00 



oo 
44 

10 
01 



THE MUTUAL LIFE INSURANCE CO. OF NEW YORK. 



131 



Western Australia stock 3is, 1910, 
Western Australia stock 4s, 1923, 
Western Australia stock 4s, 1924, 
Western Australia stock 34s, 1935, 

State, County and Municipal Bonds 
Arizona 5s, 1942, op. 1912, 
Atchison County, Kan., 5s, 1916, 
Brooklyn, N. Y., 3ks, 1925, 
Chatham County, Ga., 5s, 1909-19, 
Duluth, Minn., 5s, 1913, . 
Duluth, Minn., 4s, 1936, . 
Guelph, Ont., 5s, 1910, . 
Guelph, Ont., 5s, 1917-1920, . 
Manitoba, Province 4s, 1929, 
Memphis, Tenn., 4is, 1926, 
Memphis, Tenn., 6s, 1915, 
Montreal, Que., 3^s, 1939, 
Montreal, Que., 4s, 1925-27-33, 
Nashville, Tennessee, 6s, 1911, . 
Nashville, Tenn., 6s, 1913, 
New Brunswick, Province 4s, 1921-30-32, 
New York, N. Y., 6s, 1909, 
New York, N. Y., 3£s, 1927, . 
Nova Scotia, Province 4s, 1919-20, 
Ottawa, Ont., 5s, 1909, . 
Richmond, Va., 4s, 1924, . 
Richmond, Va., 4s, 1926, . 
Salt Lake City, Utah, 4s, 1925, 
Savannah, Ga., dep. on purchase 4^-s, 1959, 
Topeka, Kan., 4s, 1924, . 
Toronto, Ont., 4s, 1910-11, 
Toronto, Ont., 4s, 1918, . 

Railroad Bonds. 
Alabama Great Southern equipment 44s, 1909, 
Alabama Great Southern 5s, 1927, 
Atchison, Topeka & Santa Fe 4s, 1909, 
Atchison, Topeka & Santa Fe 4s, 1910-11, 
Atchison, Topeka & Santa Fe 4s, 1912-14, 
Atchison, Topeka & Santa F6 general 4s, 1995, 
A., T. & Santa Fe Tr. Short L. 1st 4s, 1958, 
Atlanta & Charlotte Air Line 4|s, 1910, 
Atlantic & Yadkin 4s, 1949, 
Atlantic Coast Line 1st cons. 4s, 1952, 
Atlantic Coast Line (L. & N. col.) 4s, 1952, 
Atlantic Coast Line equipment 4s, 1911, 
Atlantic Coast Line equipment 4s, 1913, 
Atlantic Coast Line equipment 4s, 1914, 
Atlantic Coast Line equipment 4s, 1916, 
Baltimore & Ohio prior lien 3 is, 1925, 
Baltimore & Ohio (Southwestern Div.) 3*s, 1925 
Bait. &0. (P., L. E. & W. Va. Div.) 4s,~1941, 
Broadwav & Seventh Avenue 5s, 1943, 
Brook., Queens County & Sub. 5s, 1941, op. 1916 
Buffalo, Rochester & Pittsburgh cons. 4^s, 1957, 
Canada Southern 1st extended 6s, 1913, 
Canada Southern 5s, 1913, 
Central of Georgia 1st 5s, 1945, 
Central of Georgia, notes 5s, 1912, 
Central Pacific, 1st refunding 4s, 1949, 
Central of New Jersey equipment 4s, 1909, 
Central of New JerseA r equipment 4s, 1910, 
Chesapeake & Ohio 4£s, 1992, . 
Chesapeake & Ohio equipment 4s, 1909, 
Chesapeake & Ohio equipment 4s, 1910, 
Chesapeake & Ohio equipment 4s, 1911-13, 
Chicago & Alton 3s, 1949, 
Chicago & Alton col. 5s, 1912, . 
Chicago & Alton Equip. Assoc. 4s* 1909, 
Chicago & Alton Equip. Assoc. 4s, 1910, 
Chicago & Alton Equip. Assoc. 4s, 1911-12, 
Chicago & Alton Equip. Assoc. 4s, 1913, 
Chicago & Alton Equip. Assoc. 4s, 1914-15, 



Book Value. 

$55,511 13 

4,854 42 

6,795 50 

29,385 64 

15,010 50 

70,012 80 

103,060 00 

28,008 75 

50,620 00 

275,000 00 

18,124 20 

109,612 78 

220,740 00 

770,175 00 

55,291 50 

416,840 00 

573,359 50 

35,287 00 

50,700 00 

219,180 00 

2,000,000 00 

9,894 00 

405,725 00 

40,192 00 

9,954 00 

950 20 

1,006,000 00 

10,000 00 

297,300 00 

261,006 60 

978,638 SO 

147,289 60 

257,306 45 

401,839 20 

1,7S9,395 00 

1,566,656 50 

4,650,000 00 

940,700 00 

1,186,894 60 

341,810 00 

470,798 80 

2,829,000 00 

24,492 50 

189,320 00 

280,845 00 

9.404 00 

6,164,950 00 

2,309,776 00 

1,922,115 00 

1,878,000 00 

920,552 00 

617,251 20 

452,737 20 

726,440 55 

2,413,908 00 

640,315 00 

6,460,020 69 

79,904 00 

61,628 00 

1,974,600 00 

99,395 00 

49,255 00 

240,680 00 

4,266,500 00 

1,964,600 00 

109,590 00 

99,245 00 

197,155 00 

97,950 00 

194,735 00 



Rate. 
100 
100 
100 
97 

102 
102 

94 
100 
103 

96 
101 
104 

99 
105 
111 

91 
100 
104 
108 
100 
102 

94 
100 
100 
101 
102 

97 

94 

100 

99 

100 

103 

100 

99 

9S 

100 

95 

98 

85 

95 

86 

98 

97 

96 

95 

94 

92 

96 

102 

99 

106 

106 

102 

115 

100 

97 

100 

99 

105 

100 

99 

98 

79 

100 

100 

99 

98 

97 

96 



Market Value. 

$55,566 70 

4,870 00 

6,818 00 

29,240 94 

15,300 00 

69,360 00 

94,000 00 

27,500 00 

51,500 00 

264,000 00 

18,180 00 

110,656 00 

198,000 00 

787,500 00 

61,050 00 

364,000 00 

565,136 71 

36,400 00 

54,000 00 

219.000 00 

2,040,000 00 

9,400 00 

400,000 00 

40,000 00 

10,100 00 

1,020 00 

970,000 00 

10,000 00 

282,000 00 

261,000 00 

988,020 00 

148,000 00 

250,805 00 

402,000 00 

1,796,850 00 

1,574,860 00 

5,000,000 00 

950,000 00 

1,166,200 00 

297,500 00 

475,000 00 

2,580,000 00 

24,500 00 

194,000 00 

288,000 00 

9,500 00 

6,110,000 00 

2,313,800 00 

1,872,000 00 

2,040,000 00 

910,800 00 

636,000 00 

470,640 00 

721,140 00 

2,S9S,000 00 

650,000 00 

6,305,000 00 

80.000 00 

61,380 00 

2,100,000 00 

100,000 00 

49,500 00 

245,000 00 

3,950,000 00 

2,000,000 00 

110,000 00 

99,000 00 

196,000 00 

97,000 00 

192,000 00 



132 



THE MUTUAL LIFE INSURANCE CO. OF NEW YORK. 



Chicago & Northwestern 5s, 1909, 

Chicago & Northwestern 5s, 1921, 

Chicago & Northwestern 5s, 1933, 

Ch., Burl. & Quincy (Southwest. Div.) 4s, 1921, 

Chicago, Burlington & Quincy 5s, 1913, 

Chicago & Western Indiana 4s, 1952, 

Chicago & Western Indiana 5s, 1910, 

Chicago, Indiana & Southern 4s, 1956, 

Chic, Rock Island & Pac. col. trust 4s, 1909, 

Chic, Rock Island & Pac col. trust 4s, 1910-11, 

Chic, Rock Island & Pac col. trust 4s, 1912, 

Chic, Rock Island & Pac. col. trust 4s, 1913, 

Chic, Rock Island & Pac. col. trust 4s, 1914-15, 

Chic, Rock Island & Pac col. trust 4s, 1916, 

Chic, Rock Island & Pac col. trust 4s, 1917-18, 

Chic, Rock Island & Pac. 4s, 1934, . 

Chic, St. Paul, Minn. & Omaha 3^s, 1930, 

Choctaw, Oklahoma & Gulf 5s, 1952, 

Christopher & Tenth Street 4s, 1918, 

Cin., New Orleans & Tex. Pac. equip. 4£s, 1909, 

Cin., New Orleans & Tex. Pac. equip. 4£s, 1910-11, 

Cin., New Orleans & Tex. Pac equip. 4|s, 1912-14, 

Cin., New Orleans & Tex. Pac. equip. 4^s, 1915—16, 

Cincinnati, Sandusky & Cleveland 5s, 1928, 

Cleveland, Cin., Chicago & St. Louis 4s, 1993, 

Columbia & Greenville 6s, 1916, 

Columbus Consolidated Street 5s, 1909, 

Delaware & Hudson Co. 1st lien equip. 4Js, 1922 

Delaware & Hudson Co. 1st refunding 4s, 1943, 

Duluth Union Depot Co., Minn., 1st 5s, 1930, 

East Tenn., Va. & Ga. 5s, 1930 

El Paso & Rock Island 5s, 1951 

Erie Car Trust 4s, 1909, . 

Erie Car Trust 4s, 1910, . 

Erie Car Trust 4s, 1911, . 

Erie Car Trust 4s, 1912, . 

Erie Car Trust 4s, 1913, . 

Erie Car Trust 4s, 1914-15, 

Erie Car Trust 4s, 1916, . 

Erie (Pennsylvania Coal Co.) 4s, 1951, 

Erie 1st consolidated 7s, 1920, 

Florida East Coast col. trust 6s, 1910, 

Ft. Street Union Depot, Detroit, Mich., 4£s, 1941 

Galveston, Harrisburgh & San Antonio 6s, 1910, 

Georgia Pacific 6s, 1922, .... 

Georgia R.R. & Banking 5s, 1922, 

Hocking Vallev Car Trust 4*s, 1909-11, 

Hudson Coal Co. 4s, 1909, 

Hudson Coal Co. 4s, 1910-11, 

Hudson Coal Co. 4s, 1912-14, 

Hudson Coal Co. 4s, 1915-16, 

Hudson Coal Co. 4s, 1917, 

Illinois Central refunding 4s, 1955, 

Indianapolis & St. Louis 7s, 1919, 

Interborough Rapid Transit 6s, 1911, 

Kansas City, Fort Scott & Memphis 6s, 1928, 

Knoxville & Ohio 6s, 1925, 

Lehigh & Lake Erie 4*s, 1957, . 

Lehigh Vallev 4s, 2003, .... 

Lehigh & Wilkesbarre Coal Co. 4£s, 1910, . 

Lehigh & Wilkesbarre Coal Co. 5s, 1912, , 

Long Island refunding 4s, 1949, 

Louisville & Nashville 4s, 1923, 

Louisville & Nash. (Atl., K. & C. Div.) 4s, 1955, 

Louisville & Nash. (So., Monon. col.) 4s, 1952, 

Louisville, New Albany & Chicago 6s, 1910, 

L., New Albany & Ch. (C. & Ind. Div.) 6s, 1911, 

Manitoba & Southeastern 4s, 1929, 

Metropolitan Street 4s, 2002, 

Metropolitan Street 5s, 1997, 

Minn. & St. Louis (Iowa Ext.) 7s, 1909, 

Minneapolis Street 6s, 1913, 



Book Value. 

$25,180 00 

1,709,002 50 

594,328 00 

429,040 50 

571,521 60 

913,S00 00 

496,100 00 

4,505,000 00 

308,351 10 

1,757,190 40 

901,692 90 

324,984 00 

359,003 10 

126,932 00 

247,993 00 

3,427,050 00 

599,105 00 

1,097,100 00 

208,509 00 

63,776 00 

129,395 90 

289,499 70 

93,577 60 

528,287 40 

231,475 00 

212,930 00 

5,988 00 

2,371,250 00 

1,925,000 00 

306,840 00 

106,130 00 

526,542 50 

92,684 00 

90,526 70 

88,501 00 

86,602 20 

84,816 20 

164,725 60 

88,590 80 

3,873,621 00 

532,523 40 

1,485,050 00 

51,030 00 

828,415 00 

519,105 40 

1,000,000 00 

92,098 20 

100,000 00 

200,000 00 

300,000 00 

200,000 00 

50,000 00 

1,950,400 00 

401,475 00 

249,450 00 

602,700 00 

58,605 00 

1,902,200 00 

1,718,925 00 

2,231,007 50 

615,103 50 

2,412,750 00 

4,744,500 00 

739,912 76 

2,026,200 00 

51,075 00 

16,579 20 

173.636 93 

800,000 00 

1,500,000 00 

197,925 90 

185,287 50 



Rate. 

101 

107 

110 

96 

102 

98 

100 

95 

100 

98 

97 

96 

95 

94 

93 

91 

93 

107 

80 

100 

99 

98 

97 

108 

98 

106 

100 

102 

101 

105 

108 

102 

100 

99 

98 

97 

96 

95 

94 

86 

124 

100 

97 

102 

114 

105 

100 

100 

99 

98 

97 

96 

100 

124 

103 

113 

115 

100 

98 

100 

100 

97 

97 

95 

85 

101 

102 

98 

60 

88 

100 

106 



Market Value. 

$25,250 00 

1,792,250 00 

616.000 00 

417,600 00 

579.360 00 

980,000 00 

500,000 00 

4,750,000 00 

309,000 00 

1,750,280 00 

899,190 00 

316,800 00 

347,700 00 

122,200 00 

237,150 00 

3,640,000 00 

604,500 00 

1,070,000 00 

168,000 00 

64,000 00 

129,690 00 

291,060 00 

94,090 00 

554,040 00 

245,000 00 

210,940 00 

6,000 00 

2,550,000 00 

2,020.000 00 

315,000 00 

108,000 00 

510,000 00 

94,000 00 

93,060 00 

92,120 00 

91,180 00 

90,240 00 

178,600 00 

97,760 00 

3,620,600 00 

554,280 00 

1,500,000 00 

48,500 00 

833,340 00 

516,420 00 

1,050,000 00 

96,000 00 

100,000 00 

198,000 00 

294,000 00 

194,000 00 

48,000 00 

2,000,000 00 

465,000 00 

257,500 00 

565,000 00 

57,500 00 

2,000,000 00 

1,715,000 00 

2,225,000 00 

605,000 00 

2,425,000 00 

4,S50,000 00 

788,500 00 

1,870,000 00 

50,500 00 

16,320 00 

171,813 60 

1,200,000 00 

1,320,000 00 

197,000 00 

193,9S0 00 



THE MUTUAL LIFE INSURANCE CO. OF NEW YORK. 



133 



Missouri Pacific 5s, 1917, . 

Mobile & Ohio 1st 6s, 1927, 

Mobile & Ohio equipment 5s, 1909, . 

Mobile & Ohio equipment 5s, 1910-11, 

Mobile & Ohio equipment 5s, 1913, 

Morgan's Louisiana & Texas 7s, 1918, 

Nashville, Chattanooga & St. Louis 7s, 1913, 

Nashville, Chat. & St. L. (Lebanon Br.) 6s, 1917, 

Nashville, Chat. & St. L. (McMinne Br.) 6s, 1917, 

New England 5s, 1945, . 

New England 4s, 1945, . 

New Haven & Northampton Co. 4s, 1956, . 

New Orleans & Northeastern equip. 4-|-s, 1909-10, 

New Orleans & Northeastern equip. 4^s, 1911-13, 

N. Y. Cent. & Hudson R. (L. S. col.) 3-i-s, 1998, 

New York Central & Hudson R. 4s, 1934, . 

New York Central & Hudson River 3£s, 1997, 

New York Central Lines equipment 5s / 1919-20, 

New York Central Lines equipment 5s, 1921-22, 

N. Y., New Haven & Hartford con. 3^s, 1956, 

N. Y., N. H. & H. (H. R.-Pt. Chester) 4s, 1954, 

New York, Ontario & Western 5s, 1909, 

New York, Ontario & Western 5s, 1910-11, 

New York, Ontario & Western 5s, 1912, 

New York, Ontario & Western 4s, 1955. 

Norfolk & West. (Pocah. C. & C.) joint 4s, 1941, 

Nor. Pacific-Gt. North. (O, B. & Q. col.) 4s, 1921 

Oregon Short Line 4s, 1929, 

Pennsylvania Co. 3*s, 1941-42-44, . . . 

Pennsylvania Co. 15-25-year 4s, 1931, 

Pennsylvania convertible 3^-s, 1915, . 

Pennsylvania consolidated 4s, 1948, . 

Pennsylvania equipment 3^-s, 1909, 

Pennsylvania equipment 3^s, 1910, 

Pennsylvania equipment 3is, 1911-12, 

Pitts, Cm., Chic. & St. Louis 4s, 1953-57, . 

Reading Co. (Jersev Central col.) 4s, 1951, . 

Richmond & Danville 5s, 1927, 

Richmond & Danville 6s, 1915, 

Richmond, York River & Chesapeake 5s, 1910, 

Rochester & Pittsburgh 6s, 1922, 

Rock Island-Frisco Terminal 5s, 1927, 

Rutland 4*s, 1941, 

St. Louis, Iron Mt. & Southern 4s, 1929, . 

St. Paul & Duluth 2d 5s, 1917, . 

St. Paul & Northern Pacific 6s, 1923, 

St Paul City 6s, 1934, . 

Second Avenue 5s, 1948, .... 

Southern Pacific 4s, 1955, 

Southern Pacific collateral 4s, 1910, . 

Southern Pacific of Arizona 6s, 1909, 

Southern Pacific of Arizona 6s, 1910, 

Southern collateral trust 5s, 1909, 

Southern 5s, 1994, 

Southern (E. Tenn. Reorganization) 5s, 1938, 
Southern (Memphis Division) 5s, 1996, 
Southern (Mobile & Ohio col.) 4s, 1938, 
Southern equipment 4-is, 1920, . 
Third Avenue 4s, 2000^ .... 
Tidewater Co. first lien 6s, 1913, 
Toledo & Ohio Central car trust 4s, 1912, . 
Toledo & Ohio Central car trust 4s, 1913, . 
Toledo & Ohio Central car trust 4s, 1914-15, 
Union Pacific first lien and refunding 4s, 2008, 
Union of New York 5s, 1942, . , 
Utah & Northern 1st extended 4s, 1933, 
Vandalia 4s, 1955-1957, . 
Wabash 1st 5s, 1939, . . * 

Washington Ry. & Electric 4s, 1951, . 
Washington Terminal 5s, 1909, 
Western Alabama 4is, 191S, 



Book Value. 
$1,033,300 00 

799,614 80 

104,451 00 
69,002 00 
24,257 50 

258,425 00 

686.239 00 
55,345 00 

204,705 90 
6,697,350 00 
2,681,250 00 

498,750 00 

135,776 30 

166,739 50 
9,760,000 00 

958,500 00 
5,430,441 50 
1.452,825 00 
1,864,300 00 
1,312,309 35 

487,750 00 
60,000 00 

120,000 00 
60,000 00 

424,300 00 
2,319,000 00 
5,S3S,600 00 
2,872,800 00 
4,161,618 10 
1,675,350 00 
5,945,861 90 

95S,000 00 

701.529 50 
789,280 00 

1,35S,907 50 

1,991.800 00 

1,335,600 00 

207,300 00 

524,046 00 

391,951 20 

378,746 80 

372,932 00 

389,360 00 

1,047,630 00 

187,827 50 

268,847 40 

299,370 10 

587,300 00 

5,241,100 00 

297,150 00 

451,811 80 

446,688 90 

3,996,000 00 

5,561,850 00 

756,096 80 

1,545,870 00 

283,613 00 

478.530 00 
1,184,000 00 

491,100 00 

11,280 00 

52,071 60 

29,099 60 

1,901,800 00 

403.240 00 
965,200 00 

3,011,650 00 
2,140,277 40 
1,202,012 50 
248,950 00 
1,352,160 00 



Rate. 

100 

121 

100 

99 

98 

120 

112 

112 

112 

119 

101 

99 

100 

99 

84 

94 

95 

107 

108 

98 

102 

100 

99 

98 

93 

90 

98 

95 

91 

100 

95 

104 

100 

99 

98 

100 

97 

100 

108 

100 

121 

101 

100 

87 

104 

121 

118 

82 

95 

99 

100 

101 

100 

107 

104 

105 

87 

92 

70 

101 

98 

97 

96 

97 

92 

100 

99 

113 

88 

100 

100 



Market Value. 

81,000,000 00 

830,060 00 

105,000 00 

69,300 00 

24,500 00 

300,000 00 

704,480 00 

56,000 00 

211,680 00 

6,545,000 00 

2,525,000 00 

495,000 00 

137,000 00 

168,300 00 

8,400,000 00 

940,000 00 

5,434,000 00 

1,605,000 00 

2,160,000 00 

1,309,770 00 

510,000 00 

60,000 00 

118,800 00 

58,800 00 

465,000 00 

2,250,000 00 

5,880,000 00 

2,850,000 00 

4,079,530 00 

1,700,000 00 

5,750,350 00 

1,040,000 00 

705,000 00 

792,000 00 

1,367,100 00 

2,000,000 00 

1,455,000 00 

200,000 00 

541,080 00 

394,000 00 

394,460 00 

383,800 00 

400,000 00 

1,022,250 00 

182,000 00 

292.820 00 

354,000 00 

410,000 00 

5,225,000 00 

297,000 00 

451,000 00 

445 410 00 

4,000,000 00 

5,323,250 00 

690,560 00 

1,522,500 00 

, 256,650 00 

460,000 00 

1,657,600 00 

505,000 00 

11,760 00 

54,320 00 

30,720 00 

1,940,000 00 

368,000 00 

1,000,000 00 

2,970,000 00 

2,366,220 00 

1,430,000 00 

250,000 00 

? ,1,350,000 00 



134 



THE MUTUAL BENEFIT LIFE INSURANCE CO. 



Miscellaneous Bonds. 
Brooklyn & New York Ferry Co. 6s, 1911, . 
Brooklvn Union Gas Co. 5s, 1945, 
Columbia College 3s, 1909, 
Equitable Gas Light Co., N. Y., 5s, 1932, . 
Hoboken Ferry Co. 5s, 1946, 
International Merc. Marine col. trust 4£s, 1922, 
Jefferson & Clearfield Coal & Iron Co. 5"s, 1926, 
Laclede Gas Light Co., St. Lo., Mo., 1st 5s, 1919, 
Long Branch Water Supply Co. 5s, 1913, . 
N. Y. & East River Gas Co. 5s, 1944, 
New York Dock Co. 4s, 1951, . 
Ocean Steamship Co. 5s, 1920, . 
Palace Hotel Co. of San Francisco 6s, 1928, 
Philadelphia Bourse 5s, 1913, 
United States Mortgage & Trust Co. 4s, 1917-22, 
Western Union Telegraph Co. col. trust 5s, 1938, 



Book Value. 


Rate. 


Market Value. 


. $194,173 


85 


97 


$182,845 00 


. 2,144,200 


00 


105 


2,100,000 00 


250,000 


00 


100 


250,000 00 


523,200 


00 


101 


505,000 00 


. 1,495,000 


00 


106 


1,590,000 00 


876,750 


00 


76 


1,140,000 00 


500,262 


00 


103 


531,480 00 


934,800 


00 


103 


1,030,000 00 


100,000 


00 


100 


100,000 00 


247.575 


00 


107 


267,500 00 


. 2,335,810 


75 


91 


2,315,950 00 


497,652 


60 


100 


498,000 00 


550,000 


00 


101 


555.500 00 


277,557 


50 


98 


269,500 00 


. 4,247,170 


00 


100 


4,248,000 00 


. 1,035,900 


00 


98 


980,000 00 


$293,297,068 


71 


$310,367,456 73 



THE MUTUAL BENEFIT LIFE INSURANCE COMPANY, 

NEWARK, N. J. 

Incorporated Jan. 31, 1845. Commenced business April, 1845. 

J. W. Johnson, Secretary. 



Fred'k Frelinghuysen, President. 

Income. 
First year's premiums on original policies, .... 

Dividends applied to purchase paid-up additions, 

Consideration for life annuities, ...... 

Total new premiums, .... $2,473,004 01 

Renewal premiums, . . . . 

* Dividends applied to pay renewal premiums, .... 

Surrender values applied to pay renewal premiums, . 
Renewal premiums on deferred annuities, 



Total renewal premiums, 



$14,871,894 49 



$1,911,275 43 
411,146 09 
150,582 49 

13,239,163 24 

1,614,241 14 

13,358 53 

5,131 58 



Total premium income, $17,344,898 50 

f Consideration for supplementary contracts not involving life 

contingencies, ...... . 1,172,010 47' 

Interest on mortgages, ..... 

on collateral loans, .... 

on bonds, ..... 

on premium notes and policy loans, 

on bank deposits, .... 

on other debts, .... 

Discount on claims paid in advance, 
Rent, . . . . . . . 



52,719,398 26 

65,659 93 

1,374,753 79 

1,093,340 62 

24,918 91 

1,774 36 

1 387 18 

135^290 29 5,416,523 34 



Profit on sale or maturity of real estate, $19,610.44; bonds, 
$1,000, 

Total income, ....... 

Ledger assets, Dec. 31, 1907, ...... 



20,610 44 

$23,954,042 75 
109,161,963 80 



Total, 



$133,116,006 55 



* Includes $204,743.37 of " dividends applied upon the accelerative endowment plan " to shorten endow- 
ment or premium paying period. 

t Including commuted value of claims incurred prior to 1908 under supplementary contracts, not 
involving life contingencies and not heretofore included in disbursements, viz., death claims, $609,013.57; 
endowments, $332,728.10; surrendered policies, $4,322.15. 



THE MUTUAL BENEFIT LIFE INSURANCE CO. 



135 



Disbursements. 

* Death claims and additions, . . 

* Matured endowments and additions, 



$5,828,498 21 
1,899,245 28 $7,727,743 



49 



Annuities involving life contingencies, 
Premium notes voided by lapse, .... 
* Surrender values paid in cash, .... 
Surrender values applied to pay renewal premiums, . 
Dividends paid policy holders in cash, 

f applied to pay renewal premiums, . 
applied to purchase paid-up additions, 

Total paid policy holders, .... 

Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, 
Commissions to agents: new policies, $736,950.06; renewals 

$969,748.41; annuities, $7,788.77, 
Commuted renewal commissions, .... 

Salaries and allowances for agencies, 

Agency supervision, traveling and other agency expenses, 

Medical examiners' fees, $118,849; and inspections, $1,807.06, 

Salaries of officers and home office employees, . 

Rent, ........ 

Advertising, printing, postage, etc., 

Legal expenses, ...... 

Furniture and fixtures, ..... 

Repairs and expenses on real estate, 

Taxes on real estate, ..... 

State taxes on premiums, .... 

Insurance department licenses and fees, . 

All other licenses, fees and taxes, 

Loss on sale of real estate, .... 

Decrease by adjustment in book value of real estate, 

Expenses of mortgage investments, 

Premium on bonds purchased, . . 

All other disbursements, .... 



173,600 42 

7,545 05 

2,490,819 42 

13,358 53 

381,856 21 

1,614,241 14 

411,146 09 

$12,820,310 35 

. 2,298 92 

172,952 35 

1,714,487 24 

7,392 10 

27,129 83 

20,749 05 

120,656 06 

414,877 55 
27,850 17 

125,367 27 
43,396 80 
15,132 49 
44,921 66 
56,417 40 

179,653 07 
13,759 50 

161,526 13 
20,562 89 

174,000 00 
50,698 58 
81,613 85 
84,400 66 



Total disbursements, .... 

Balance, ...... 

Ledger Assets. 
Book value of real estate, 
Mortgage loans on real estate, 
Loans secured by collateral (schedule A), 
Loans to policy holders, 
Premium notes on policies in force, 
Book value of bonds (schedule B), . 
Cash in office, ..... 
Deposits in trust companies and banks not on interest, 



$16,380,153 92 
$116,735,852 63 



$3,688,053 54 

54,240,785 55 

2,552,400 00 

15,922,056 24 

5,398,049 46 

33,578,840 71 

7,342 50 

164,365 52 



* Including commuted value of claims incurred prior to 1908 under supplementary contracts, not in- 
volving life contingencies and not heretofore included in disbursements, viz., death claims, $609,013.57; 
endowments, $332,728.10; surrendered policies, $4,322.15. 

t Includes $204,743.37 of " dividends applied upon the accelerative endowment plan" to shorten endow- 
ment or premium paying period. 



136 THE MUTUAL BENEFIT LIFE INSURANCE CO. 

Deposits in trust companies and banks on interest, . . . $1,149,368 69 

Agents' balances (net), . . . . . . . . 34,590 42 



Total ledger assets, $116,735,852 63 

Nox-Ledger Assets. 
Interest due and accrued on: mortgages, $1,262,686.52; bonds, 

$291,517.96; premium notes, $615,516.12, . . . . 2,169,720 60 

Market value of bonds over book value, ..... 884,024 80 

New Business. Renewals. 

Uncollected premiums, . . $195,975 85 $573,108 68 

Deferred premiums, . . 166,858 16 986,345 87 



Total, . . . . $362,834 01 $1,559,454 55 

Deduct loading, . . . 72.566 80 311,890 91 



Net uncollected and deferred 

premiums,. . . . $290,267 21 $1,247,563 64 1,537,830 85 



Gross assets, $121,327,428 88 

Assets not admitted. 
Agents' debit balances, ......... 36,105 84 



Admitted assets, $121,291,323 04 

Liabilities. 

Net value of all outstanding policies, as computed by the 
Massachusetts Insurance Department on the Actuaries' table 
of mortality, with interest at 4 per cent., and the American 
table, with interest at 3 per cent., .... $109,038,31500 
Present value of supplementary contracts not involving life con- 
tingencies, . . 1,042,137 07 

Death losses in process of adjustment, . . $142,985 66 

Death losses reported, . . . . . 300,000 00 

Matured endowments due and unpaid, . . 55,983 00 

Death losses and other policy claims resisted, . 60,906 88 559,875 54 



95,137 40 

23,735 94 

7,489 00 

50,000 00 

47,850 00 

300,000 00 

336,108 75 



Premiums paid in advance, ..... 

Unearned interest and rent paid in advance, 

Commissions to agents due or accrued, 

Miscellaneous accounts due or accrued, . 

Medical examiners' and legal fees due or accrued, 

State, county and municipal taxes due or accrued, . 

Dividends or other profits due policy holders, . 

Dividends apportioned on annual dividend policies, payable 

during 1909, . 2,603,721 02 

Cost of collection on unpaid premiums in excess of the loading 

on new business, ........ 67,341 99 

Unassigned funds (surplus), . . . . . . . . 7,119,611 33 

Total liabilities, $121,291,323 04 

Premium Note Account. 

Premium notes on hand Dec. 31, 1907, . . $5,157,557 54 

Received during 1908, new policies, $6,620.80; 

old policies, $1,047,927.31, . . . . 1,054,548 11 $6,212,105 65 



THE MUTUAL BENEFIT LIFE INSURANCE CO. 



137 



Used in payment of losses and claims, . . $185,970 91 

Used in purchase of surrendered policies, . . 270,742 93 

Voided by lapse, ...... 7,545 05 

Used in payment of dividends to policy holders, 6,393 94 

Redeemed by maker in cash, .... 343,403 36 

Premium notes on hand Dec. 31, 1908, 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 



Whole life, . 
Endowment, . 

All other, 
Reversionary additions, 



Whole life, . 
Endowment, 
All other, 



Whole life, . 

Endowment, 
All other, 



Whole life, . 
Endowment, 
All other, 



Total, . 

Whole life, . . 

Endowment, 
All other, 
Reversionary additions, 



Exhibit of Policies. 
In Force Dec. 31, 1907. 

Number. Amount. 

152,103 $352,759,120 00 

33,043 70,888,341 00 

6,486 14,627,944 00 

7,436,550 00 



Issued during the Year. 

20,680 $49,713,948 00 

2,630 5,346,583 00 

1,673 5,683,950 00 

702,730 00 



Old Policies revived. 

130 $287,900 00 

33 93,552 00 

5 14,205 00 

8,396 00 



Old Policies increased. 

17 $91,474 00 

58,574 00 

1 4,000 00 



Transfers, Deductions. 
3,909 $7,267,612 00 
631 1,104,791 00 
27 128,000 00 



4,567 $8,500,403 00 

Transfers, Additions. 

42 $155,500 00 

51 123,650 00 

4,474 8,221,253 00 



4,567 $8,500,403 00 



Terminated during the Year. 

8,341 $20,012,304 00 

2,344 5,400,705 00 

3,323 7,552,856 00 

461,744 00 



Total No. 



$814,056 19 
$5,398 049 46 



Total Amount. 



191,632 $445,711,955 00 



24,983 61,447,211 00 



168 



404,053 00 



18 



154,048 00 



216,801 $507,717,267 00 



14,008 $33,427,609 00 



138 



THE MUTUAL BENEFIT LIFE INSURANCE CO. 





How terminated. 






Number. 


Amount. 


Total No. Total Amount 


By death, 


2,111 


$5,191,806 00 




maturity, 


658 


1,592,399 00 




expiry, . 


2,309 


4,555,602 00 




surrender, 


3,412 


8,480,908 00 




lapse, 


2,540 


5,151,714 00 




decrease, 


- 


457,967 00 




Not taken, . 


2,978 


7,997,213 00 


14,008 $33,427,609 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



In Force Dec. 31, 1908. 

160,722 $375,728,026 00 

32,782 70,005,204 00 

9,289 20,870,496 00 

7,685,932 00 



202,793 $474,289,658 00 



common, 



Schedule A. Securities held as Collateral. 

Company's 
Market Value 
$4,350 00 
120,000 00 
81,250 00 
90,600 00 
36,600 00 
90,600 00 
36,600 00 
90,600 00 
36,600 00 
20.200 00 
13,200 00 
8,500 00 
24,000 00 
21,800 00 
25,800 00 
5.600 00 
10,000 00 
8,400 00 
3,750 00 
75.500 00 
54,900 00 
14,700 00 1 
77,900 00 I 
42,000 00 f 
8,000 00 J 
33,000 00 
9,200 00 
26,460 00 
13,200 00 
12,000 00 
5,750 00 
12,000 00 \ 
5,750 00 
6,050 00 
4,400 00 
4,600 00 
6,180 00 
2,970 00 
10.900 00 1 
10,000 00 ! 
17,700 00 I 
13,200 00 f 
31,000 00 | 
48,500 00 J 
117,600 00 } 
42,600 00 [ 
7,800 00 ! 



Fort Worth & Rio Grande Rv. 4s, 1928, 

500 shares Rapid Transit St. Ry., Newark, N. J., 

500 " National Newark Banking Co., 

600 " Chicago, Milwaukee & St. Paul Ry 

200 " Union Pacific R.R., common, . 

600 " Chicago, Milwaukee & St. Paul Ry., common, 

200 " Union Pacific R.R., common, . 

600 " Chicago, Milwaukee & St. Paul Ry., common, 

200 " Union Pacific R.R.. common, . 

200 " Atchison, Topeka & Santa F6 Ry., preferred, 

100 " Minneapolis, St. Paul & S. Ste. Marie Ry., com 

100 " Norfolk & Western Ry., common, 

200 " Southern Pacific Co., common, 
Canada Southern Rv. Extended 6s, 1913, . 
Chicago, St. Paul, Minneapolis & Omaha Ry. 6s, 1930, 
Chicago & Western Indiana R.R. 6s, 1932, 
Chicago & Western Indiana R.R. 4s, 1952, 
Kansas City, Fort Scott & Memphis Ry. 4s, 1936, 
Wabash R.R. 4s, 1956, 

500 shares Chicago, Milwaukee & St. Paul Ry., common, 

300 " Union Pacific R.R., common, . 

100 " Great Northern Ry., preferred, 

475 " Consolidated Gas Co. of New York, . 
Brooklyn Union Gas Co. 5s, 1945, .... 
Interborough-Metropolitan Co. of New York 4£s, 1956, 

300 shares Baltimore & Ohio R.R., common, 



common, 



100 " Baltimore & Ohio R.R., preferred, 

180 " Great Northern Rv., preferred, 

100 " Minn., St. P. & Sault Ste. Marie R\ 

100 " Southern Pacific Co., common, 
Chicago & Erie R.R. 5s, 1982, . 

Interborough-Metropolitan Co. of New York 4£s, 1956, . 
Northern Pacific Terminal Co. 6s, 1933, 
Oregon Short Line Ry. 6s, 1922, .... 

St. Louis & San Francisco R.R. 4s, 1951, 
Wisconsin Central Ry. 4s, 1949, .... 

Laclede Gas Light Co. of St. Louis 5s, 1919, 
Lehigh & Wilkesbarre Coal Co. 5s, 1912, . 

100 shares Atlantic Coast Line R.R , common, 

100 " Atchison, Topeka & Santa Fe Ry., common, 

100 " Canadian Pacific Rv., common, 

200 " Pennsylvania R.R.,' 

500 " Southern Ry., preferred, 

500 " Twin City Rapid Transit Co., Minn., common, 

800 " Great Northern Rv., preferred, 

300 " Northern Pacific Ry., .... 
Chicago, Rock Island & Pacific R.R. 4s, 2002, . 



Loaned 

Thereon. 

82,400 00 

100,000 00 

50,000 00 

100,000 00 
100,000 00 
100,000 00 



100,000 00 

100,000 00 
100,000 00 



100,000 00 



100,000 00 



100,000 00 



THE MUTUAL BENEFIT LIFE INSURANCE CO. 



139 



25 
139 
500 
75 
25 
50 
50 
76 
10 



400 shares Chicago, Milwaukee & St. Paul Ry., common, 
400 " Union Pacific R.R., common, . 
300 " Baltimore & Ohio R.R., common, 
100 " Canadian Pacific Ry., common, 
200 " Colorado & Southern Ry., 1st preferred, . 
200 " Minn., St. Paul & Sault" Ste. Marie Ry., com., 
200 " Reading Co., common, .... 
400 " Twin City Rapid Transit Co. of Minneap., com. 
300 " Atlantic Coast Line R.R., common, 
100 " Atchison, Topeka & Santa Fe Ry., common, 
200 " Atchison, Topeka & Santa Fe Ry., preferred, 
100 " Baltimore & Ohio R.R., common, 
100 " Minneap., St. Paul & Sault Ste. Marie Ry., com. 
100 " Reading Co., common, .... 
200 " Twin City Rapid Tran. Co. of Minneap., com., 
100 " Union Pacific R.R., common, . 
Wabash R.R. 4s, 1956, 

Atch., Topeka & Santa Fe Ry., common, 

Chicago & Northwestern Ry., common, 

Evansville & Terre Haute R.R., common, 

Great Northern Ry., preferred, 

Illinois Central R.R., . 

New York, Ontario & "Western Ry., common, 

Northern Pacific Ry., .... 

Pennsylvania R.R., . . . 

Southern Pacific Co., preferred, 
Atchison, Topeka & Santa Fe Ry. 4s, 1955, 
Baltimore & Ohio R.R. 4s, 1948, .... 

Chicago, Rock Island & Pacific R.R. 4s, 2002, . 
Evansville & Indianapolis R.R. 6s, 1926, 
Greenbav & Western R.R. debentures "A," 

Iowa Central Ry. 5s, 1938, 

New York, Susquehanna & Western R.R. 5s, 1940, 
St. Louis & San Francisco R.R. 4s, 1951, 
200 shares Great Northern Rv., preferred, 
700 " Northern Pacific Ry., 
Atchison, Topeka & Santa Fe Ry. 4s, 1995, 
700 shares Northern Pacific Ry., .... 
900 " Union Pacific R.R., common, . 
100 " Delaware & Hudson Co., 
400 " Great Northern Ry., preferred, 
500 " Northern Pacific Ry., . 
Atchison, Topeka & Santa Fe Ry. 4s, 1995, 
500 shares Great Northern Ry., preferred, 
500 " Northern Pacific Ry., .... 
Atlantic Coast Line R.R. (Louis. & Nashville col.) 4s, 1952, 
300 shares Great Northern Ry., preferred, 

Northern Pacific Ry., .... 

Atlantic Coast Line R.R., common, 

Louisville & Nashville R.R., . 

Minneapolis, St. P. & S. Ste. Marie Ry., common 

Twin City Rapid Transit Co. of Minneap., com. 

Central R.R. of New Jersey, . 

Louisville & Nashville R.R., . 

United New Jersey R.R. & Canal Co., 

Adams Express Co., 

Chesapeake & Ohio Ry., 

Northern Pacific Ry., .... 

Union Pacific R.R., common, . 

Chic, Mil. & St. Paul Ry., pref., 85% paid, 

Union Pacific R.R., common, . 



700 
100 
400 
200 
400 
166 
166 
100 
300 
900 
300 
200 
1,000 
600 



Company's 

Market Value. 

$60,400 00 1 

73,200 00 / 

33,000 00 

17,700 00 

15,200 00 

26,400 00 

14,200 00 

38,800 00 

32,700 00 } 

10,000 00 

20,200 00 

11,000 00 

13,200 00 

7,100 00 

19,400 00 

18,300 00 

7,500 00 

2,500 00 

25,437 00 

15,000 00 

11,025 00 

3.700 00 

2,300 00 

7,100 00 

5,016 00 

1,220 00 

1,030 00 

5,050 00 

12,480 00 

22,200 00 

1,680 00 

2,180 00 

12,350 00 

880 00 I 
29,400 00 1 
99.400 00 \- 
15,150 00 j 
99,400 00 1 
164,700 00 / 
18,100 00 ] 
58,800 00 
71,000 00 

5,050 00 J 
73,500 00 } 
71,000 00 [ 
8,600 00 J 
44,100 00 " 
99,400 00 I 
10,900 00 
50,000 00 
26,400 00 
38,800 00 J 
37,848 00 
20,750 00 
25,000 00 f 
57,000 00 I 
51,300 00 1 
42,600 00 \- 
36,600 00 i 
145,000 00 1 
109.800 00 / 



Loaned 
Thereon. 

$100,000 00 



100,000 00 



100,000 00 



100,000 00 



100,000 00 
200,000 00 

100,000 00 

100,000 00 
100,000 00 

100,000 00 

100,000 00 

100,000 00 
200,000 00 



$3,501,356 00 $2,552,400 00 



Schedule B. Bonds owned by the Company. 

Government Bonds. Book Value. Rate. Market Value. 

District of Columbia 3 . 65s, 1924, . . . $100,000 00 110 $110,000 00 
County and Municipal Bonds. 

Bayonne, N. J., 4s, 1917, 12,500 00 99 12,375 00 

Bavonne, N. J., 5s, 1928, 100,000 00 110 110,000 00 

Bloomfield, N. J., 4s, 1910, . . . . 7,000 00 100 7,000 00 



140 



THE MUTUAL BENEFIT LIFE INSURANCE CO. 



Doniphan County, Kan., 5s, 1922, op. 1912.. 
East Orange, N. J., 4s, annually, 
Elizabeth, N. J., 4s, 1922, 
Elizabeth, N. J., 4s, 1956, 
Elizabeth City County, Va., 6s, 1911, 
Elizabeth City County, Va., 5s, 1928, 
Essex County, N. J., 4s, annually, 
Essex County, N. J., 4s, 1943, 
Essex County, N. J., 4s, 1948, 
Millburn, N. J., 4s, annually, 
Montclair, N. J., 5s, 1909, 
Montclair, N. J., 5s, 1910, 
Montclair, N. J., 5s, 1911-12, 
Montclair, N. J., 5s, 1913, 
Montclair, N. J., 5s, 1914-15, 
Montclair, N. J., 5s, 1916-17, 
Montclair, N. J., 5s, 1918, 
Nashville, Tenn., 4^s, 1935, 
Newark, N. J., 4s, 1909, 
Newark, N. J., 4s, 1922-23, 
Norfolk, Va., 4s, 1928, 
Perth Amboy, N. J., 4s, 1909, 
Perth Amboy, N. J., 4£s, 1918, 
Perth Ambov, N. J., 4^s, 1924, 
Pittsburgh, Pa., 4s, 1926, 
Rahway, N. J., 4s, 1922, . 
Sedalia, Mo., 4£s, 1927, . 
Summit, N. J., 6s, 1909, . 
Summit, N. J., 5s, 1909, . 
Trenton, N. J., 4s, 1914, . 
West Hoboken, N. J., 4*s, 1938, 
Railroad Bonds. 
Akron & Barberton Belt 4s, 1942, 
Alabama Midland 5s, 1928, 
Allegheny Valley 7s, 1910, 
Allegheny Valley 4s, 1942, 
Amer. Dock & Improvement Co. 5s, 1921, 
Atch., Top. & Santa Fe gen. mort. 4s, 1995, 
Atch., Top. & Santa Fe (E. Ok. Div.) 4s, 1928, 
Atch., Top. & Santa Fe (Tr. Sh. L.) 4s, 1958, 
Atlantic Coast Line con. mortgage 4s, 1952, 
Baltimore & Ohio prior lien 3-^s, 1925, 
Baltimore & Ohio (South. Div.) 3*s, 1925, 
Baltimore & Potomac 6s, 1911, 
Baltimore & Potomac (Tunnel) 6s, 1911, 
Beech Creek 4s, 1936, 
Belvidere-Delaware 4s, 1925, 
Belvidere-Delaware 4s, 1927, 
Bergen County 6s, 1911, . 
Bleecker St. & Fulton Ferry, N. Y., 4s, 1950, 
Broadway Surface, New York, 5s, 1924, 
Burlington, Cedar Rapids & Northern 5s, 1934, 
Canada Southern 1st mortgage 6s, 1913, 
Canada Southern 5s, 1913, 
Central Ohio 4^s, 1930, .... 
Central Pacific 1st refunding mort. 4s, 1949, 
Central of New Jersey 5s, 1987, 
Chesapeake & Ohio 6s, 1911, 
Chesapeake & Ohio 1st cons. mort. 5s, 1939, 
Chicago & Eastern Illinois 5s, 1937, . 
Chicago & Erie 5s, 1982, .... 
Chicago & Northwestern (Ext.) 4s, 1926, . 
Chicago & Northwestern 5s, 1929, 
Chicago & St. Louis 6s, 1915, . 
Chicago & West Michigan 5s, 1921, . 
Chicago & Western Indiana 4s, 1952, 
Chic, Burl. & Quincy gen. mort. 4s, 195S, . 
Chic, Burl. & Quincy (111. Div.) 4s, 1949, . 
Chic, Burl. & Quincy (111. Div.) 3*s, 1949, 
Chic, Burl. & Quincy (Iowa Div.) 4s, 1919, 
Chic, Indianapolis & Louisville 6s, 1947, 
Chic, Indianapolis & Louisville 5s, 1947, 



Book Value. 

$370,000 00 

10,000 00 

500,000 00 

88,000 00 

12,000 00 

10,000 00 

22,500 00 

390,000 00 

300,000 00 

22,000 00 

10,000 00 

15,000 00 

30,000 00 

15,000 00 

30,000 00 

30,000 00 

15,000 00 

125,000 00 

100,000 00 

980,000 00 

10,000 00 

15,000 00 

49,000 00 

19,000 00 

100,000 00 

49,401 33 

50,000 00 

35,000 00 

20,000 00 

18,000 00 

50,000 00 

250,000 00 

50,000 00 

100,000 00 

175,000 00 

85,000 00 

350,000 00 

250,000 00 

250,000 00 

250,000 00 

250,000 00 

300,000 00 

44,000 00 

53,000 00 

50,000 00 

500,000 00 

250,000 00 

50,000 00 

10,000 00 

5,000' 00 

325,000 00 

100,000 00 

82,000 00 

100,000 00 

400,000 00 

450,000 00 

213,000 00 

380,000 00 

150,000 00 

70,000 00 

600,000 00 

32,000 00 

33,000 00 

40,000 00 

250,000 00 

300,000 00 

300,000 00 

150,000 00 

264,000 00 

50,000 00 

10,000 00 



Rate. 

100 

100 

100 

100 

103 

103 

100 

102 

103 

100 

100 

101 

102 

103 

104 

105 

106 

106 

100 

101 

95 
100 
102 
103 
100 

85 
100 
100 
100 
100 
104 

91 

107 

103 
99 

109 

100 
97 
95 
95 
94 
92 

103 

103 
99 
99 
98 

102 
68 

102 

115 

106 

102 
99 
97 

128 

102 

115 

115 

115 

101 

10S 

109 

101 
98 

101 

103 
92 

100 

128 

109 



Market Value. 

$370,000 00 

10,000 00 

500,000 00 

88,000 00 

12,360 00 

10,300 00 

22,500 00 

397,800 00 

309,000 00 

22,000 00 

10,000 00 

15,150 00 

30,600 00 

15,450 00 

31,200 00 

31,500 00 

15,900 00 

132,500 00 

100,000 00 

989,800 00 

9,500 00 

15,000 00 

49,980 00 

19,570 00 

100,000 00 

41,991 13 

50,000 00 

35,000 00 

20,000 00 

18,000 0U 

52,000 00 

227,500 00 

53,500 00 

103,000 00 

173,250 00 

92,650 00 

350,000 00 

242,500 00 

237,500 00 

237,500 00 

235,000 00 

276,000 00 

45,320 00 

54,590 00 

49,500 00 

495,000 00 

245,000 00 

51,000 00 

6,800 00 

5,100 00 

373,750 00 

106,000 00 

83,640 00 

99,000 00 

388,000 00 

576,000 00 

217,260 00 

437,000 00 

172,500 00 

80,500 00 

606,000 00 

34,560 00 

35,970 00 

40,400 00 

245,000 00 

303,000 00 

309,000 00 

138,000 00 

264,000 00 

64,000 00 

10,900 00 



THE MUTUAL BENEFIT LIFE INSURANCE CO. 



141 



Chicago, Milwaukee & St. Paul 4s, 1989, . 

Chicago, Milwaukee & St. Paul 3£s, 1989, . 

Ch., Mil. & St. P. (Ch. & Pac. W. Div.) 5s, 1921 

Ch., Mil. & St. P. (Wis. & Minn. Div.) 5s, 1921, 

Chicago, Rock Island & Pacific 6s, 1917, 

Chicago, Rock Island & Pacific 4s, 1988, 

Chicago, St. Louis & New Orleans 5s, 1951, 

Chicago, St. Louis & Pittsburgh 5s, 1932, . 

Cin., Indianap., St. Louis & Chicago 4s, 1936, 

Cin., Indianapolis & Western 4s, 1953, 

Cleve., Cin., Chic. & St. Louis 4s, 1993, 

CI., Cin., Ch. & St. L. (O, W. & M. Div.) 4s, 1991 

CI., Cin., Ch. & St. L. (St. L. Div.) 4s, 1990, 

CI., Cin., C. & St. L. (W. W. V. Div.) 4s, 1940, 

Columbus & Toledo 4s, 1955, . 

Dakota & Great Southern 5s, 1916, 

Delaware & Bound Brook 3^s, 1955, . 

Detroit, Grand Rapids & Western 4s, 1946, 

Duluth Short Line 5s, 1916, 

Easton & Amboy 5s, 1920, 

Erie 7s, 1920, . . . . . 

Evansville & Terre Haute 6s, 1921, . 

Evansville & Terre Haute 5s, 1942, . 

Flint & Pere Marquette 6s, 1920, 

Flint & Pere Marquette 4s,_ 1920, 

Freehold & Jamesburg Agricultural 4s, 1909, 

Fremont, Elkhorn & Missouri Valley 6s, 1933, 

Georgia & Alabama 5s, 1945, 

Illinois Central (Louis. Div. & Ter.) 3*s, 1953, 

Illinois Central (purchased lines) 3^s, 1952, 

Indiana, Bloomington & Western 4s, 1940, 

Indiana, Decatur & Western 5s, 1935, 

Indianapolis & St. Louis 7s, 1919, 

International & Great Northern 6s, 1919, 

Iowa Falls & Sioux City 7s, 1917, 

Jefferson 5s, 1919, .... 

Kansas City, Mo., Elevated 6s, 1922, 

Lake Shore & Michigan Southern 3^s, 1997, 

Lake Shore & Michigan Southern 4s, 1928, 

Lehigh Valley of New York 4^s, 1940, 

Lehigh Valley Terminal 5s, 1941, 

Long Dock Co. 6s, 1935, . 

Long Island 5s, 1931, 

Long Island 4s, 1931, 

Louisville & Jeffersonville Bridge 4s, 1945, 

Louisville & Nashville 6s, 1910, 

Louisville & Nashville 4s, 1923, 

Louisville & Nashville 6s, 1930, 

Louisville & Nashville unified mort. 4s, 1940, 

Louisville & Nashville (St. L. Div.) 6s, 1921, 

Louisville, New Albany & Chicago 6s, 1910, 

Louis., New Albany & Ch. (C. & I. Div.) 6s, 1911 

Maine Central 7s, 1912, . 

Maine Central 4s, 1912, . 

Michigan Central 5s, 1931, 

Michigan Central 3^s, 1952, 

Midland of New Jersey 6s, 1910, 

Minneapolis, Lvndale & Minnetonka 5s, 1919, 

Minn., St. Paul & Sault Ste. Marie 4s, 1938, 

Missouri, Kansas & Oklahoma 5s, 1942, 

Missouri Pacific 6s, 1920, . 

Missouri Pacific 3d mortgage 4s, 1938, 

Mobile & Ohio 1st mortgage 6s, 1927, 

Morris & Essex 7s, 1915, . 

Morris & Essex 3^s, 2000, 

Nashville, Chat. & St. Louis 7s, 1913, 

Newark Passenger 5s, 1930, . \ 

New Jersey & New York 6s, 1910, 

New Jersey Junction 4s, 1986, . 

New Williams. & Flatbush 4^s, 1941, op. 1916, 

New York & Rockaway Beach 5s, 1927, 

New York Central & Hudson River 3^s, 1997, 



Book Value. 

$200,000 00 

100,000 00 

100,000 00 

150,000 00 

60,000 00 

400,000 00 

150,000 00 

17,000 00 

250,000 00 

50,000 00 

150,000 00 

11,000 00 

263,000 00 

37,000 00 

100,000 00 

150,000 00 

500,000 00 

100,000 00 

100,000 00 

56,000 00 

100,000 00 

58,000 00 

50,000 00 

30,000 00 

93,000 00 

100,000 00 

16,000 00 

125,000 00 

50,000 00 

400,000 00 

270,000 00 

65,000 00 

100,000 00 

100,000 00 

40,000 00 

10,000 00 

230,000 00 

125,000 00 

200,000 00 

300,000 00 

234,000 00 

310,000 00 

59,000 00 

41,000 00 

70,000 00 

16,000 00 

100,000 00 

184,000 00 

250,000 00 

33,000 00 

100,000 00 

196,000 00 

50,000 00 

50,000 00 

25,000 00 

250,000 00 

345,000 00 

100,000 00 

400,000 00 

25,000 00 

200,000 00 

250,000 00 

89,000 00 

300,000 00 

150,000 00 

40,000 00 

200,000 00 

47,000 00 

250,000 00 

33,500 00 

25,000 00 

400,000 00 



Rate. 

103 

92 

110 

110 

113 

100 

117 

115 

99 

70 

98 

94 

96 

92 

98 

106 

94 

90 

100 

107 

124 

111 

102 

113 

97 

100 

132 

102 

89 

90 

93 

94 

124 

111 

118 

105 

106 

95 

95 

107 

117 

127 

110 

98 

93 

102 

97 

118 

101 

111 

101 

102 

109 

100 

114 

92 

102 

104 

99 

108 

114 

90 

121 

118 

94 

112 

108 

100 

94 

98 

100 

95 



Market Value. 

$206,000 00 

92,000 00 

110,000 00 

165,000 00 

67,800 00 

400,000 00 

175,500 00 

19,550 00 

247,500 00 

35,000 00 

147,000 00 

10,340 00 

252,480 00 

34,040 00 

98,000 00 

159,000 00 

470,000 00 

90,000 00 

100,000 00 

59,920 00 

124,000 00 

64,380 00 

51,000 00 

33.900 00 

90,210 00 

100,000 00 

21,120 00 

127,500 00 

44,500 00 

360,000 00 

251,100 00 

61,100 00 

124,000 00 

111,000 00 

47,200 00 

10,500 00 

243,800 00 

118,750 00 

190,000 00 

321,000 00 

273,780 00 

393,700 00 

64,900 00 

40,180 00 

65,100 00 

16,320 00 

97,000 00 

217,120 00 

252,500 00 

36,630 00 

101,000 00 

199,920 00 

54,500 00 

50,000 00 

28,500 00 

230,000 00 

351,900 00 

104,000 00 

396,000 00 

27,000 00 

228,000 00 

225,000 00 

107,690 00 

354,000 00 

141,000 00 

44,800 00 

216,000 00 

47,000 00 

235,000 00 

32,830 00 

25,000 00 

380,000 00 



142 



THE MUTUAL BENEFIT LIFE INSURANCE CO. 



N. Y. Cent. & H. R. (Lake Sh. col.) 3^s, 1998, 

N. Y., Lackawanna & Western 5s, 1923, 

N. Y., Lackawanna & Western 4s, 1923, 

N. Y., L. Erie & West. Docks & Imp. Co. 6s, 1913 

N. Y., Ontario & Western 4s, 1992, . 

N. Y., Pennsylvania & Ohio 4£s, 1935, 

N. Y., Susquehanna & Western 5s, 1937, 

N. Y., Susquehanna & Western 5s, 1943, 

Norfolk & Western 4s, 1996, 

North Hudson County 5s, 1928, 

Northern Pacific 4s, 1997, 

Ogdensburgh & Lake Champlain 4s, 1948, . 

Oregon R.R. & Navigation Co. 4s, 1946, 

Oregon Short Line 5s, 1946, 

Oregon Short Line 6s, 1922, 

Oswego &. Svracuse 5s, 1923, 

Pacific R.R.'of Missouri 4s, 1938, 

Paterson, N. J., 6s, 1931, . 

Pennsylvania Co. 3^s, 1916, 

Pennsylvania steel equipment trust 3^s, 1912, 

Pennsylvania con. mortgage 4s, 1948, 

Philadelphia & Erie 4s, 1920, . 

Philadelphia, Wilmington & Baltimore 4s, 1922, 

Pitts., Cin., Chicago & St. Louis 4£s, 1940, 

Pitts., Cin., Chicago & St. Louis 4£s, 1942, 

Pitts., Cin., Chicago & St. Louis 4s, 1945, . 

Rapid Transit St., Newark, N. J., 5s, 1921, 

Rio Grande Western 4s, 1939, . 

Rochester & Pittsburgh 6s, 1921, 

Rome, Watertown & Ogdensburgh 5s, 1922 

St. Louis & Cairo 4s, 1931, 

St. Louis & San Francisco 6s, 1931, 

St. Louis & San Francisco 5s, 1931, . 

St. Louis, Iron Mt. & Southern 5s, 1931, 

St. Paul & Duluth 1st mortgage 5s, 1931, 

St. Paul & Duluth 2d mortgage 5s, 1917, 

St. Paul & Duluth 4s, 1968, 

St. Paul & Sioux City 6s, 1919, 

St. Paul City, Minn., 5s, 1937, . 

St. Paul, Minneapolis & Manitoba 4£s, 1933, 

St. Paul, Minneap. & Man. (Dakota Ext.) 6s, 1910, 

St. P., Minneap. & Man. (Montana Ext.) 4s, 1937, 

St. P., Minneap. & Man. (Pac. Ext.) 4s, 1940, 

Shamokin, Sunburv & Lewisburg 5s, 1912, 

Sioux City & Pacific 3£s, 1936, . 

South & North Alabama 5s, 1936, 

South Carolina & Georgia 5s, 1919, 

Southern Pacific 4s, 1955, op. 1910, . 

Southern Pacific of Arizona 6s, 1909, 

Southern Pacific of Arizona 6s, 1910, 

Steubenville & Indiana 5s, 1914, 

Terminal Association of St. Louis 4is, 1939, 

Terre Haute & Logansport 6s, 1910, . 

Toledo & Ohio Central 1st mortgage 5s, 1935, 

Toledo & Ohio Central (Western Div.) 5s, 1935, 

Toledo, Walhonding Vallev & Ohio Us, 1931-33, 

Toledo, Walhonding Valley & Ohio 4s, 1942, 

Union Pacific 4s, 1947, 

United N. J. R.R. & Canal Co. 4s, 1923, 

United N. J. R.R. & Canal Co. 4s, 1929, 

Utah & Northern 1st mortgage 4s, 1933, 

Vandalia 4s, 1955-57, 

Virginia Midland 5s, 1936, 

Wabash 1st mortgage 5s, 1939, 

Washington Terminal 3£s, 1945, 

West Jersey & Seashore 4s, 1936, 

West Jersey & Seashore 3£s, 1936, 

West Shore 4s, 2361, 

Wilkesbarre & Eastern 5s, 1942, 

Wilkesbarre & Scranton 4£a, 1938, . 

Miscellaneous Bonds. 
Brooklyn Union Gas Co. 5s, 1945, 
Davenport Water Co. 4s, 1922, op. 1912, 



00 
00 
00 
00 



Book Value. 

$200,000 00 

200,000 00 

164,000 00 

200,000 00 

265,000 00 

100,000 00 

111,000 00 

180,000 00 

200,000 00 

140,000 00 

350,000 00 

40,000 00 

250,000 00 

220,000 00 

95,000 00 

60,000 00 

100,000 00 

48,000 00 

280,000 00 

100,000 00 

100,000 00 

500,000 00 

250,000 00 

79,000 

46,000 

45,000 

100,000 

216,000 00 

49,000 00 

150,000 00 

100,000 00 

100,000 00 

150,000 00 

425,000 00 

100,000 00 

80.000 00 

50,000 00 

100,000 00 

125,000 00 

450,000 00 

3,000 00 

150,000 00 

193,939 38 

40,000 00 

94,000 00 

220,000 00 

100,000 00 

100,000 00 

83,000 00 

24,000 00 

100,000 00 

131,000 00 

31,000 00 

43,000 00 

28,000 00 

85,000 00 

100,000 00 

350,000 00 

100,000 00 

100,000 00 

100,000 00 

500,000 00 

130,000 00 

100,000 00 

500,000 00 

400,000 00 

150,000 00 

350,000 00 

10,000 00 

100,000 00 

160,000 00 
425,000 00 



Rate. 

84 
112 
100 
104 

99 
100 
102 
114 

98 
105 
103 

91 

99 
114 
119 
109 

98 
118 

98 

98 
104 
100 
100 
109 
109 
100 
105 

95 
119 
111 

94 
120 
109 
112 
109 
104 

93 
117 
107 
110 
103 
101 
100 
100 

92 
110 
102 

95 
100 
101 
102 
107 
100 
110 
106 
102 

95 
103 
103 
104 
100 

99 
107 
113 

93 
103 

95 
103 
103 
107 

105 

100 



Market Value. 

$168,000 00 

224,000 00 

164,000 00 

208,000 00 

262,350 00 

100,000 00 

113,220 00 

205,200 00 

196,000 00 

147,000 00 

360,500 00 

36,400 00 

247,500 00 

250,800 00 

113,050 00 

65,400 00 

98,000 00 

56,640 00 

274,400 00 

98,000 00 

104.000 00 

500,000 00 

250,000 00 

86,110 00 

50.140 00 

45,000 00 

105,000 00 

205,200 00 

58,310 00 

166.500 00 

94,000 00 

120,000 00 

163,500 00 

476,000 00 

109,000 00 

83,200 00 

46,500 00 

117,000 00 

133,750 00 

495,000 00 

3,090 00 

151,500 00 

193,939 38 

40,000 00 

86,480 00 

242.000 00 

102,000 00 

95,000 00 

83,000 00 

24,240 00 

102.000 00 

143,380 00 

31,000 00 

47,300 00 

29,680 00 

86,700 00 

95,000 00 

360,500 00 

103,000 00 

104,000, 00 

100,000 00 

495,000 00 

139,100 00 

113,000 00 

465,000 00 

412,000 00 

142,500 00 

360,500 00 

10,300 00 

107,000 00 

168,000 00 
425,000 00 



NATIONAL LIFE INSURANCE CO. 



143 



Elizabethtown Gas Light Co. 4£s, 1913, 
Elizabethtown Water Co. 4s, 1919, . 
Newark Gas Co. 6s, 1944, 
New York & East River Gas Co. 5s, 1944, 
University of City of New York 4s, 1920, 



Book Value. 


Rate. 


Market Value. 


$100,000 00 


101 


$101,000 00 


175,000 00 


100 


175,000 00 


175,000 00 


130 


227,500 00 


58,000 00 


107 


62,060 00 


40,000 00 


98 


39,200 00 


$33,578,840 71 


$34,462,865 51 



NATIONAL LIFE INSURANCE COMPANY, MONTPELIER, 

VERMONT. 

Incorporated Nov. 13, 1848. Commenced business Feb. 1, 1850. 

Joseph A. De Boer, President. Osman D. Clark, Secretary. 

Income. 
First year's premiums, 



Surrender values applied to pay first year's premiums, 

Total first year's premiums on original policies, . 
Dividends applied to purchase paid-up additions, 
Consideration for life annuities, 

Total new premiums, . , . $875,318 27 

Renewal premiums, .... 
Dividends applied to pay renewal premiums, 
Renewal premiums on deferred annuities, 

Total renewal premiums, . . . $5,098,764 19 



$428,863 62 
148 02 

$429,011 64 

12,178 83 

434,127 80 

4,913,735 79 

183,702 72 

1,325 68 



Total premium income, . . . . , . 

Consideration for supplementary contracts not involving life con 
tingencies, ........ 

Dividends left with company to accumulate, .... 

Interest on mortgages, ..... $841,651 12 

on bonds, 646,343 00 

on premium notes and policy loans, . 364,181 71 

on bank deposits, .... 17,985 64 

on other debts, .... 9,590 58 

Discount on claims paid in advance, . . 150 24 

Rent, including $7,000 for occupancy of own 

buildings, 



. $5,974,0S2 46 



11,000 00 
51 97 



35,982 81 1,915,885 10 



Agents' balances previously charged off, ..... 
Profit on sale or maturity of real estate, $415; bonds, $23,579.70, 
Other sources, ......... 



Total income, ..... 

Ledger assets, Dec. 31, 1907, .... 

Total, . . . 

Disbursements. 
Death claims and additions, .... 
Matured endowments and additions, 

Annuities involving life contingencies, 

Surrender values paid in cash, 

Surrender values applied to pay new premiums, 



27,337 10 

23,994 70 
6,217 23 

. $7,958,568 56 
. 39,279,362 86 

$47,237,931 42 



$1,483,587 32 

554,641 73 $2,038,229 05 



277,890 26 

853,997 95 

148 02 



144 



NATIONAL LIFE INSUKANCE CO. 



Dividends paid policy holders in cash, 

applied to pay renewal premiums, . 
applied to purchase paid-up additions, 
left with the company to accumulate, 

Total paid policy holders, ..... 

Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, . 
Commissions to agents: new policies, $186,852.74; renewals 

$340,147.33; annuities, $21,823.49, .... 
Commuted renewal commissions, ..... 
Salaries and allowances for agencies, .... 
Agency supervision, traveling and other agency expenses, 
Medical examiners' fees, $34,760; and inspections, $3,500.19, 
Salaries of officers and home office employees, . 
Rent, including $7,000 for occupancy of own buildings, 
Advertising, printing, postage, etc., 
Legal expenses, . ... 

Furniture and fixtures, . 
Repairs and expenses on real estate, 
Taxes on real estate, 
State taxes on premiums, 
Insurance department licenses and fees, 
All other licenses, fees and taxes, 
Agents' balances charged off, 
Loss on sale of real estate, .... 
Decrease by adjustment in book value of real estate, 
Investment expenses, ..... 
Premium on bonds purchased, 
All other disbursements, .... 

Total disbursements, .... 

Balance, ...... 

Ledger Assets. 
Book value of real estate, 
Mortgage loans on real estate, 
Loans to policy holders, 
Premium notes on policies in force, 
Book value of bonds (schedule A), . 
Cash in office, .... 
Deposits in trust companies and banks not on interest, 
Deposits in trust companies and banks on interest, . 
Agents' balances (net), ...... 



$83,874 62 

183,702 72 

12,178 83 

51 97 



$3,450,073 42 


162 


25 


7,413 


60 


548,823 


56 


7,527 


09 


71,686 


69 


15,402 


35 


38,260 


19 


138,824 84 


48,217 


32 


68,289 


08 


390 


30 


3,394 


94 


13,137 


51 


7,649 


73 


106,727 


22 


4,867 


66 


39,658 


30 


16,540 


01 


8,719 


38 


31,500 


00 


25,908 


64 


45,888 


18 


11,496 


93 


$4,710,559 


19 


$42,527,372 


23 


$450,500 


00 


17,421,651 


85 


5,476,012 


47 


1,630,729 


31 


16,418,211 


24 


701 


59 


20,000 


00 


1,108,013 


10 


1,552 


67 



Total ledger assets, 



$42,527,372 23 



Non-Ledger Assets. 



Interest due and accrued on : 

Mortgages, 

Bonds, 

Premium notes, . 

Other assets, 
Rents due and accrued, 



Market value of bonds over book value, 



$366,579 96 

241,296 89 

227,845 32 

2,133 00 

2,620 21 



840,475 38 
45,344 34 



NATIONAL LIFE INSURANCE CO. 145 







New Business. 


Renewals. 




Uncollected premiums, . 
Deferred premiums, 


irred 


$46,906 30 
45,156 87 


$362,385 99 
433,019 02 

$795,405 01 
168,444 49 




Total, . 
Deduct loading, 


$92,063 17 
22,216 09 




Net uncollected and defe 






premiums, 


• 


$69,847 08 


$626,960 52 


$696,807 60 


Net consideration for annuities, 


. 


. 


41,567 04 


Gross assets, . 




. 


$44,151,566 59 




Assets not admitted. 






Agents' debit balances, . 
Premium obligations and 
value of their policies, 


loans 


in excess of net 


$3,287 02 
78 20 


3,365 22 


Admitted assets, 


$44,148,201 37 






Liabilities. 







Net value of all outstanding policies, as computed by the 
Massachusetts Insurance Department on the Actuaries' table 
of mortality, with interest at 4 per cent., and the American 
table, with interest at 3 per cent., .... $37,668,963 00 
Present value of supplementary contracts not involving life con- 
tingencies, 75,109 00 

Surrender values claimable on terminated policies, . . . 6,392 79 

Death losses in process of adjustment, . . $11,000 00 

Death losses reported, ..... 74,616 00 

Matured endowments due and unpaid, . . 3,796 00 

Death losses and other policy claims resisted, . 18,000 00 

Annuity claims due and unpaid, . . . 7,878 98 115,290 98 



Dividends left to accumulate and interest thereon, ... 51 97 

Premiums paid in advance, . . . . . . . 8,904 58 

Unearned interest and rent paid in advance, .... 398 45 

Miscellaneous accounts due or accrued, ..... 15,000 00 

Medical examiners' and legal fees due or accrued, . . . 4,584 50 

State, county and municipal taxes due or accrued, . . . 144,860 53 

Dividends or other profits due policy holders, .... 17,980 46 

Dividends apportioned on annual dividend policies, payable 

during 1909, . 228,172 82 

Dividends apportioned on deferred dividend policies, payable 

during 1909, . . 307,837 23 

Held for deferred dividends, payable after 1909, viz. : 

Twenty-year period policies, . . . $3,383,329 84 

Fifteen-year period policies, . . . 219,424 73 

Ten-year period policies, ... . . 124,595 93 

Five-year period policies, .... 25,084 23 

All other policies, . . ' . . . 4,606 38 3,757,041 11 



Dividends on life rate endowment policies, .... . 204,586 82 

Cost of collection on unpaid premiums in excess of the loading on 

new business, . . . . . . . . 18,076 55 

Unassigned funds (surplus) , ....... 1,574,950 58 

Total liabilities, $44,148,201 37 



146 



NATIONAL LIFE INSURANCE CO. 



Premium Note Account. 



Premium notes on hand Dec. 31, 1907, . . ! 

Received during 1908, old policies, 

Used in payment of losses and claims, 
Used in purchase of surrendered policies, . 
Redeemed by maker in cash, .... 

Premium notes on hand Dec. 31, 1908, 

Exhibit of Policies. 



483 941 93 

'459',029 89 $1,942,971 82 



$43,320 95 
137,576 45 
131,345 11 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 


In Force Dec. 31, 1907. 

Number. Amount. 

44,893 $91,280,701 00 

27,281 46,118,699 00 

6,952 15,946,831 00 

121,241 00 


Whole life, . 
Endowment, 
All other, 
Reversionary additions, 


Issued during the Year. 

3,018 $6,453,730 00 

1,312 1,974,120 00 

3,582 9,133,513 00 

22,288 00 


Whole life, . 

Endowment, 

All other, 

Reversionary additions, 


Old Policies revived. 

99 $199,733 00 

55 70,232 00 

41 101,620 00 

34 00 


Whole life, . 
All other, 


Old Policies increased. 

$4,415 00 
1,007 00 


Whole life, . 
Endowment, 
All other, 


Transfers, Deductions. 
544 $456,373 00 
349 482,049 00 
195 318,531 00 



Whole life, . 
Endowment, 
All other, 



Total, . 



Whole life, . 
Endowment, 



1,088 $1,256,953 00 

Transfers, Additions. 
182 $234,661 00 
55 54,700 00 

851 967,592 00 



1,088 $1,256,953 00 

Terminated during the Year. 

2,815 $6,475,140 00 
1,822 3,111,791 00 



Total No. 



312,242 51 
,630,729 31 



Total Amount. 



79,126 $153,467,472 00 



7,912 17,583,651 00 



195 371,619 00 



5,422 00 



87,233 $171,428,164 00 



NATIONAL LIFE INSURANCE CO. 



147 



All other, 

Reversionary additions, 



By death, 
maturity, 
expiry, . 
surrender, 
lapse, 
decrease, 

Not taken, . 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 



Number. 

2,445 



Amount. 

$6,081,530 00 
4,664 00 



Total No. 



Total Amount. 



7,082 


$15,673,125 00 


How terminated. 


633 


$1,515,972 00 


397 


558,297 00 


552 


1,125,472 00 


1,369 


3,249,671 00 


2,666 


5,365,072 00 


555 


- 2,024,598 00 


910 


1,834,043 00 


In Force Dec. 31, 1908. 


44,833 


$91,241,727 00 


26,532 


44,623,911 00 


8,786 


19,750,502 00 


— 


138,899 00 



7,082 $15,673,125 00 



80,151 $155,755,039 00 



Schedule A. Bonds owned by the Company. 



Government Bonds. 
United States 4s, 1925, 

State, County and Municipal Bonds 
Ada County, Idaho, 4£s, 1911-20, 
Adams County, Iowa, 4^s, 1923, op. 1908, 
Akron, O., school district 4s, 1909-11, 
Akron, O., school district 4s, 1912-16, 
Alamance County, N. C, 5s, 1933, 
Alameda, Cal., 4£s, 1919-23, 
Alameda, Cal., 4s, 1929-32, 
Alameda, Cal., 4s, 1933-39, 
Albany, Mo., 4s, 1920, op. 1905, 
Albany County, New York, 4s, 1927, 
Albion, Mich., 3^s, 1909-1914, . 
Albuquerque, N. M., school district 6s, 1921, 
Alcona County, Mich., 5s, 1917, 
Allegheny, Pa., 4s, 1926-31, 
Allegheny County, Pa., 4s, 1925, 
Allegheny County, Pa., 4s, 1934, 
Allegheny County, Pa., 4s, 1938, 
Altoona, Pa., 4s, 1934, op. 1914, 
Ames City, la., 5s, 1916, . 
Ames, la., school district, 4^s, 1915, op. 1910, 
Amherst County, Va., 4-^-s, 1918, 
Anne Arundel County, Md., 4s, 1926-31, 
Antigo, Wis., 4s, 1909-10, 
Antigo, Wis., 4s, 1911-15, 
Antigo, Wis., 4s, 1916-21, 
Appanoose County, la., 4s, 1914, op. 1909, 
Appanoose County, la., 4s, 1915, 
Arapahoe County, Col., 4s, 1917, op. 1907, 
Arizona 5s, 1912, 
Arizona 5s, 1942, op. 1912, 
Arlington, Vt., 4s, 1909-10, 
Arlington, Vt., 4s, 1911-15, . • 
Ashtabula, O., 4s, 1909-1911, . 
Atchison County, Kan., 4s, 1929, op. 1914, 
Atchison, Kan., school district 6s, 1913, 
Atlantic City, N. J., 4^s, 1911, . 
Atlantic City, N. J., 4^s, 1916, . 
Audubon, la., school district 4-|-s, 1913, op. 1908, 
Auglaize County, O., 5s, 1911-14, 
Auglaize County, O., 5s, 1916, . 



Book Value. 
$10,000 00 

14,700 00 
15,000 00 
35,000 00 
40,000 00 
50,000 00 
25,000 00 

8,500 00 
16,500 00 

8,000 00 
50,000 00 
12,000 00 
20,000 00 
10,000 00 
23,500 00 
25,000 00 
75,000 00 
50,000 00 
25,000 00 
15,000 00 

7,000 00 
40,000 00 
50,000 00 

6,000 00 
15,000 00 
10,000 00 
35,000 00 
35,000 00 
25,000 00 
30,000 00 
55,000 00 

4,000 00 
10,000 00 

5,000 00 
14,000 00 
10,000 00 
21,000 00 
10,000 00 
18,500 00 

8,000 00 

2,000 00 



Rate. 
120 

100 
100 
100 
101 
107 
101 

94 

93 

99 
100 

98 
109 
105 
103 
102 
103 
104 
101 
104 
100 

98 
100 
100 

99 

98 
100 
100 

93 
102 
102 
100 

99 
100 

90 
110 
101 
102 
100 
1041 
108 



Market Value. 
812,000 00 

14,700 00 
15,000 00 
35,000 00 
40,400 00 
53,500 00 
25,250 00 

7,990 00 
15,345 00 

7,920 00 
50,000 00 
11,760 00 
21,800 00 
10,500 00 
24,205 00 
25,500 00 
77,250 00 
52,000 00 
25,250 00 
15,600 00 

7,000 00 
39,200 00 
50,000 00 

6,000 00 
14,850 00 

9,800 00 
35,000 00 
35,000 00 
23,250 00 
30,600 00 
56,100 00 

4,000 00 

9,900 00 

5,000 00 
12,600 00 
11,000 00 
21,210 00 
10,200 00 
18,500 00 

8,360 00 

2,160 00 



148 



NATIONAL LIFE INSURANCE CO. 



Baker City, Ore., 5s, 1921, 

Baltimore, Md., 4s, 1955, . 

Barbour County, Ala., 4£s, 1929, 

Barre, Vt., 4s, 1909, 

Barton, Vt., 4s, 1927, op. 1907, 

Barton, Vt,, 4s, 1935, op. 1915, 

Battle Creek, Mich., 4s, 1919-23, 

Bay County, Mich., 4s, 1921, . 

Beatrice Precinct, Neb., 5s, 1920, op. 1910, 

Beaver County, Pa., 4s, 1909-10, 

Beaver County, Pa., 4s, 1911-1913, 

Beaver Borough, Pa., 5s, 1909, 

Beaver Borough, Pa., 5s, 1910, 

Beaver Borough, Pa., 5s, 1911-12, 

Belding, Mich., 4s, 1910, . 

Belding, Mich., 4s, 1935, op. 1925, 

Bellevue, Pa., 4*s, 1920, . 

Bellevue, Pa., 4-|s, 1922-1930, 

Bennington, Vt., 4s, 1917, 

Bennington, Vt., 4|s, 1909-10, 

Bennington, Vt., 4±s, 1911-14, 

Bennington, Vt., school district 3fs, 1909-10, 

Bergen County, N. J., 4£s, 1910-11, 

Bergen County, N. J., 4$s, 1912-14, 

Bergen County, N. J., 4£s, 1915-17, 

Berlin, N. H., 4s, 1910-17, 

Beverly, Mass., 4s, 1909-1917, . 

Blackhawk County, la., 4s, 1913, 

Bloom, 111., 3|s, 1909, 

Bloom, 111., 3fs, 1910, 

Bloom, 111., 3|s, 1911-12, 

Bloom, 111., 3|s, 1914-17, . 

Bloom, 111., 3fs, 1919, 

Blue Springs Precinct, Neb., 5s, 1920, op. 1910, 

Boise City, Idaho, sch. dist. 5s, 1921, op. 1911, 

Boone County, la., 4s, 1915, op. 1910, 

Boston, Mass., 3^s, 1936, . 

Boston, Mass., 3|s, 1933, . 

Boston, Mass., 3-|s, 1924, . 

Boston, Mass., 3-^s, 1945, . 

Boulder, Col., 4$s, 1920, . 

Bourbon County, Ky., 4^s, 1909-13, . 

Bradford, Vt., 4s, 1918, op. 1903, 

Bradford, Vt., 4s, 1920, op. 1905, 

Brandon, Vt., fire district 4s, 1916-20, 

Brattleboro, Vt., 4s, 1911, op. 1901, . 

Brattleboro, Vt., school district 4s, 1912, 

Bridgeport, Conn., 4s, 1918-27, 

Bridgeport, O., 5s, 1909-10, 

Bridgeport, O., 5s, 1911-13, 

Brighton, Vt., 4£s, 1913, op. 1903, . 

Bristol, R. I., 3£s, 1930, . 

Brockton, Mass., 4s, 1909-23, . 

Brookfield City, Mo., 5s, 1926, op. 1916, 

Brookline, Mass., 4s, 1909-26, . 

Brooklyn, N. Y., 3*s, 1924, 

Bryan, O., 5s, 1909, 

Brvan, O., 5s, 1910-11, 

Brvan, O., 5s, 1912-14, 

Bryan, O., 5s, 1915-16, 

Bryan, O., 5s, 1917-18, 

Buchanan, Mich., 5s, 1923, op. 1908, 

Buffalo, N. Y., 3is, 1914-15, . 

Buffalo, N. Y., 3£s, 1916-19, . 

Buffalo, N. Y., 3^s, 1921-24, . 

Buffalo, N. Y., 4s, 1926, . 

Burlington, la., 4s, 1917-19, 

Burlington, Vt., 4s, 1928, 

Butler, Ind., school district 5s, 1909, 

Butler, Ind., school district 5s, 1910-11, 

Butler, Ind., school district 5s, 1912-14, 

Butler, Ind., school district 5s, 1915, 



Book Value. 

$20,000 00 

150,000 00 

31,000 00 

45,000 00 

30,000 00 

10,000 00 

28,000 00 

20,000 00 

20,000 00 

23,000 00 

27,000 00 

1,000 00 

1,000 00 

6,300 00 

10,000 00 

15,000 00 

5,000 00 

20,000 00 

50,000 00 

4,000 00 

7,000 00 

7,000 00 

16,000 00 

24,000 00 

10,000 00 

40,000 00 

60,000 00 

29,000 00 

2,000 00 

2,000 00 

4,000 00 

7,000 00 

500 00 

10,000 00 

25,500 00 

12,000 00 

50,000 00 

20,000 00 

30,000 00 

100,000 00 

25,000 00 

18,000. 00 

35,000 00 

4,000 00 

10,000 00 

2,000 00 

20,000 00 

50,000 00 

5,000 00 

7,500 00 

12,500 00 

51,000 00 

46,000 00 

4,500 00 

50,000 00 

50,000 00 

2,000 00 

4,000 00 

6,000 00 

4,000 00 

4,000 00 

10,000 00 

10,000 00 

20,000 00 

20,000 00 

50,000 00 

30,000 00 

51,000 00 

1,000 00 

2,500 00 

5,500 00 

2,500 00 



Rate. 

105 

108 

100 

100 

100 

100 

100 

100 

100 

100 

99 

100 

101 

102 

99 

96 

102 

103 

100 

100 

101 

100 

101 

102 

103 

100 

100 

100 

100 

99 

98 

97 

96 

100 

102 

100 

94 

95 

96 

93 

98 

100 

100 

100 

100 

100 

100 

100 

100 

101 

100 

93 

100 

103 

100 

94 

100 

101 

102 

103 

104 

100 

98 

97 

96 

102 

100 

100 

100 

101 

102 

103 



Market Value. 

$21,000 00 

162,000 00 

31,000 00 

45,000 00 

30,000 00 

10,000 00 

28,000 00 

20,000 00 

20,000 00 

23,000 00 

26,730 00 

1,000 00 

1,010 00 

6,426 00 

9,900 00 

14,400 00 

5,100 00 

20,600 00 

50,000 00 

4,000 00 

7,070 00 

7,000 00 

16,160 00 

24,480 00 

10,300 00 

40,000 00 

60,000 00 

29,000 00 

2,000 00 

1,980 00 

3,920 00 

6,790 00 

480 00 

10,000 00 

26,010 00 

12,000 00 

47,000 00 

19,000 00 

28,800 00 

93,000 00 

24,500 00 

18,000 00 

35,000 00 

4,000 00 

10,000 00 

2,000 00 

20,000 00 

50,000 00 

5,000 00 

7,575 00 

12,500 00 

47,430 00 

46,000 00 

4,635 00 

50,000 00 

47,000 00 

2,000 00 

4,040 00 

6,120 00 

4,120 00 

4,160 00 

10,000 00 

9,800 00 

19,400 00 

19,200 00 

51,000 00 

30,000 00 

51,000 00 

1,000 00 

2,525 00 

5,610 00 

2,575 00 



NATIONAL LIFE INSURANCE CO. 



149 



1911 



, op. 1905, 
1909, 



Butler County, O., 4s, 1918, 

Cadillac, Mich., 4s, 1914-15, 

Cadillac, Mich., 4s, 1916-17, 

Cambridge, Mass., 3*s, 1925, 

Cambridge, Mass., 4s, 1926-27, 

Cambridge, Mass., 4s, 1946, 

Cambridge, Mass., 4s, 1937, 

Camden County, N. J., 4s, 1944, 

Canton, O., school district 4s, 1916, 

Cape Girardeau, Mo., sch. dist. 4*s, 1926, op 

Carbondale, Pa., 4s, 1923, op. 1909-1922, 

Carroll Countv, la., 4*s, 1917, . 

Carroll, la., 4*s, 1928, op. 1918, 

Carthage, Mo., 4s, 1911, op. 1908, 

Cedar Rapids, la., sch. dist. 3*s, 1910 

Centerville, la., sch. dist. 4s, 1914, op 

Charleston, W. Va., 4s, 1922, op. 1912, 

Charleston, W. Va., 4*s, 1918, . 

Charlotte, Mich., 4s, 1917, 

Charlotte, Mich., 4s, 1918-21, . 

Charlotte, Mich., 4s, 1922-25, . 

Chattanooga, Tenn., 4*s, 1937, . 

Chelsea, Mass., 5s, 1909-12, 

Cheyenne, Wyo., 5s, 1931, op. 1911, 

Chicago, 111., 4s, 1912-14-17, . 

Chicago, 111., 4s, 1924, 

Chicago, 111., 4*s, 1915, . 

Chicago, 111., 4*s, 1916-18, 

Chicago, 111., city 4^s, 1919-21, 

Chicago, 111., 4*s, 1922, . 

Chicago, 111., 4*s, 1925-27, 

Chicago, 111., sanitary district 4s, 1911, 

Chicago Heights, 111., sch. dist. 4s, 1920, 

Chicopee, Mass., 4s, 1909-35, . 

Chillicothe, Mo., school district 4s, 1909-13 

Cincinnati, O., 3*s, 1952, op. 1932, 

Clarinda, la., 4|s, 1926, . 

Clay County, Ind., 6s, 1909-10, 

Clermont County, O., 5s, 1912, . 

Clermont, County, O., 5s, 1913, 

Clermont County, O., 5s, 1914-18, 

Cleveland, O., 4s, 1912, . 

Cleveland, O., school district 4s, 1920, 

Cleveland, O., school district 4s, 1922, 

College Hill, Pa., Borough 4.4s, 1909-11, 

College Hill, Pa., Borough 4.4s, 1912-26, op 

Collinsville, 111., 5s, 1909-13, 

Collinsville, 111., 5s, 1914-15, . 

Collinsville, 111., 4*s, 1923-26, . 

Collinwood, O., school district 5s, 1909-15, 

Colorado Springs, Col., 4s, 1925, op. 1916, 

Columbia, Mo., 4*s, 1925, op. 1910, . 

Columbiana County, O., 5s, 1909-14, 

Columbus, Neb., school dist. 4*s, 1918, op. 1908, 

Columbus, O., 3*s, 1922, op. 1912, 

Columbus, O., 4s, 1932, op. 1912, 

Cook County, 111., 4s, 1911, 

Cook County, 111., 4s, 1922-24, . 

Cordele, Ga., 5s, 1934, 

Corinth, Miss., 5*s, 1909, . 

Corinth, Miss., 5*s, 1911-19, 

Corinth, Miss., 5*s, 1921, . 

Corinth, Miss., 5*s, 1923-24, 

Corning, la., 4*s, 1915, op. 1910, 

Corning, la., 4*s, 1918, 

Costilla County, Col., 4*s, 1922, op. 1912, 

Crawford County, la., 4s, 1915, op. 1910, 

Creston, la., 4*s, 1917, 

Creston, la., school dist. 3.8s, 1912, op. 1907, 

Crystal Falls, Mich., 5s, 1922, . 

Cumberland County, Me., 3*s, 1921, 

Cuyahoga County, O., 4s, 1919, 



1911 



Book Value. 

$20,000 00 

11,000 00 

14,000 00 

50,000 00 

71,000 00 

30,000 00 

49,000 00 

40,000 00 

25,000 00 

20,000 00 

15,000 00 

20,000 00 

22,500 00 

6,000 00 

25,000 00 

10,000 00 

60,000 00 

25,000 00 

1,750 00 

17,000 00 

7,000 00 

50,000 00 

40,000 00 

25,000 00 

139,000 00 

86,000 00 

5,000 00 

26,000 00 

28,000 00 

3,000 00 

13,000 00 

25,000 00 

12,000 00 

54,000 00 

15,000 00 

42,000 00 

27,000 00 

6,000 00 

2,000 00 

2,000 00 

10,000 00 

50,000 00 

30,000 00 

70,000 00 

1,500 00 

7,500 00 

7,000 00 

6,000 00 

15,000 00 

7,000 00 

40,000 00 

10,000 00 

24,000 00 

22,000 00 

25,000 00 

50,000 00 

30,000 00 

70,000 00 

10,000 00 

100 00 

500 00 

100 00 

26,600 00 

4,000 00 

9,000 00 

8,000 00 

40,000 00 

12,000 00 

33,000 00 

15,000 00 

59,000 00 

52,000 00 



Rate. 
102 

99 

98 

97 
103 
105 
104 
100 
101 
101 
100 
104 
104 

99 

99 
100 

95 
100 

99 

98 

97 
104 
101* 
102 
100 
101 
103 
104 
105 
106 
107 
100 

98 
100 
100 

96 
100 

101* 

104 

105 

107 

101 

102 

103 

100 

100 

102 

104 

103 

103 

94 
100 
103* 
100 

97 
101 
100 
101 
108 
100 
104 
107 
108 
100 
102 

98 
100 
104 

99 
105 

96 
102 



Market Value. 

$20,400 00 

10,890 00 

13,720 00 

48,500 00 

73,130 00 

31,500 00 

50,960 00 

40,000 00 

25,250 00 

20,200 00 

15,000 00 

20,800 00 

23,400 00 

5,940 00 

24,750 00 

10,000 00 

57,000 00 

25,000 00 

1,732 50 

16,660 00 

6,790 00 

52.000 00 

40,600 00 

25,500 00 

139,000 00 

86,860 00 

5,150 00 

27,040 00 

29,400 00 

3,180 00 

13,910 00 

25,000 00 

11,760 00 

54,000 00 

15,000 00 

40,320 00 

27,000 00 

6,090 00 

2,080 00 

2,100 00 

10,700 00 

50,500 00 

30,600 00 

72,100 00 

1,500 00 

7,500 00 

7,140 00 

6,240 00 

15,450 00 

7,210 00 

37,600 00 

10,000 00 

24,840 00 

22,000 00 

24,250 00 

50,500 00 

30,000 00 

70,700 00 

10,800 00 

100 00 

520 00 

107 00 

28,728 00 

4,000 00 

9,180 00 

7,840 00 

40,000 00 

12,480 00 

32,670 00 

15,750 00 

56,640 00 

53,040 00 



150 



NATIONAL LIFE INSURANCE CO, 



Dallas County, la., 4s, 1909-12, 
Dallas County, la., 4^s, 1924, op. 1914, 
Dallas, Tex., 4s, 1940, .... 
Dallas, Tex., 4s, 1944, op. 1914-43, . 
Dandy Creek, Wis., drainage 6s, 1914-18, . 
Danville, Vt., fire district 4s, 1918, op. 1908, 
Darke County, O., 5s, 1909, 

Davenport, la., school district 4s, 1914, op. 1909 
Davenport, la., sch. dist. 4s, 1916, op. 1911, 
Davidson County, Tenn., 4^s, 1937, op. 1922-25, 
Dawson County, Neb., sch. dist. 7s, 1909, . 

Dayton, O., 4s, 1909, 

Dayton, O.. 4s, 1915, .... 

Dayton, O., 4s, 1919, .... 

Decatur, 111., school district 4s, 1923. op. 1913, 

Decorah, la., school district 44s, 1910, 

Decorah, la., school district 44s, 1911-15, . 

Decorah, Ta., school district 44s, 1916-17, . 

De Kalb Countv, 111., school dist. 4s, 1909-12, 

De Kalb Countv, 111., school dist. 4s, 1913-20, 

Delavan, Wis., 5s, 1910-12, 

Delavan, Wis., school district 4s, 1914-16, 

Delta County, Col., 5s, 1922, op. 1912, 

Denton, Tex., 4s, 1941, op. 1911, 

Denver, Col. (City and Countv), 5s, 1919, 

Des Moines, la., Center sch. dist. 44s, 1914, op. 1909 

Dickinson County, la., 4s, 1925, 

Dixon, Lee County, 111., 4s, 1909-19, 

Dorset, Vt., 4s, 1909-13, . 

Douglas County, Kan., 44s, 1924, 

Douglas County, Wis., 4s, 1921-25, 

Dowagiac, Mich., 5s, 1909, 

DuBois, Pa., 4^s, 1915, op. 1905, 

Duluth, Minn., school district 5s, 1922, 

Duluth, Minn , school district 5s, 1921, 

Duquesne, Pa., 44s, 1914-15, . 

Duquesne, Pa., 4-^s, 1922-23, . 

Durand, Mich., 5s, 1909, . 

Durham, N. C, 4^s, 1926, 

Eagle Grove, la., 4s, 1913-22, . 

East Liverpool, O., 4s, 1925, 

East Providence, R. I., fire district 44js, 1922, 

East Providence, R. I., 4i s , 1932, 

E. St. Louis, 111., school district 5s, 1913, 

E. Waterloo, la., sch. dist. 44s, 1913, op. 190S, 

E. Waterloo, la., sch. dist. 44s, 1917, op. 1912, 

Edwardsville, Pa., school district 5s, 1916-21, 

Edwards ville, Pa,, school district 5s, 1922-24, 

El Paso Countv, Col., sch. dist. 5s, 1916, op. 1906, 

El Paso County. Col., sch. dist. 44s, 1917, op. 1907 

Elvria, O., 5s, 1909, 

Elyria, O., 5s, 1910, 

Elvria, O., 4s, 1909-12, . 

Elyria, O., 4s, 1913-23, . 

Emporia, Kan., 4-Js, 1929. 

Enfield, Conn., 4s, 1920, . 

Euglewood, N. J., 34s, 1930, 

Escanaba, Mich., 4s, 1909-13, . 

Eureka, Cal., school district 4-ls, 1909-19, 

Eureka, Cal., school district 44s, 1920, 

Everett, Mass., 4s, 1916-24, 

Fairfield, la,, 5s, 1917, op. 1907, 

Fairfield, la., 5s, 1917, op. 1912, 

Fairfield, Vt., 3fs, 1909, . 

Fairmont, W. Va,, 44s, 1922, op. 1907, 

Fairmont, W. Va., 44s, 1936, op. 1912, 

Fall River, Mass., 4s, 1917, 

Fall River, Mass., 4s, 1927. 

Favette County, la., 4£s, 1909, . 

Fayette Countv, la., 44s, 1910-12, 

Favette County, la., 44s, 1913-14, 

Fayette Countv, la., 44s, 1915-16, 



Book Value. 
$33,000 00 
67,000 00 
20,000 00 
30,000 00 
25,000 00 

7,000 00 
15,000 00 
13,000 00 
17,000 00 
50,000 00 

1,200 00 

9,000 00 
10,000 00 

7,000 00 
25,000 00 

1,000 00 
10,000 00 

5,000 00 

7,000 00 
16,000 00 

2,000 00 
30,000 00 
15,500 00 
11.500 00 
50,000 00 
13,500 00 
10,000 00 
11,000 00 
25,000 00 
50,500 00 
25,000 00 

5,000 00 
21,000 00 
20,000 00 
14,000 00 
10,000 00 
10,000 00 

1,000 00 
33,000 00 
10,000 00 
20,000 00 

4,000 00 
23,000 00 
17,000 00 
24,000 00 
18,000 00 

6.000 00 

6,000 00 
21,000 00 
15,000 00 

4,000 00 

2,500 00 
10,000 00 
35,000 00 
20,000 00 
13,000 00 
15,000 00 
12,500 00 
14,000 00 

3.000 00 
45,000 00 

6,000 00 

5,000 00 

2,000 00 
10,000 00 
10,000 00 
50,000 00 
50,000 00 

4,000 00 
14,000 00 
10,000 00 
12,000 00 



Rate. 
100 
102 

92 

91 
100 
100 
101 
100 
100 
103 
101 
101 
100 
102 

99 
100 
101 
102 
100 

99 
102 
100 
101 

88 
106 
100 
100 
100 
100 
100 
100 
100 
100 
108 
107 
101 
103 
100 
102 
100 
100 
104 
106 
102 
100 
102 
106 
108 
100 

98 
101 
102 
100 
101 

95 
100 

86 

98 
100 
101 
101 
100 
102 
100 
100 
101 
101 
102 
100 
101 
102 
103 



Market Value. 
$33,000 00 
5,340 00 
,,400 00 
r,300 00 
>,000 00 
',000 00 
5,150 
5,000 

,000 
1,500 
L,212 
),090 
,,000 
\140 
.,750 

.000 00 
,,100 00 
>,100 
7 ,000 
,,840 
>,040 
),000 
-,655 
,,120 
,,000 
5,500 
,,000 
.,000 
,,000 
),500 
,,000 
,,000 

.000 
.,600 
.,980 
,,100 
),300 
.,000 
,,660 
),000 
,,000 
t,160 
.,380 
7 ,340 

.000 
-,360 
,,360 
,,480 
1,000 
t,700 
t,040 
.,550 
),000 00 
>,350 00 
,,000 
,,000 
.,900 
.,250 
.,000 
,,030 
»,450 
5,000 
,,100 00 
.,000 00 
,,000 
),100 

.500 
.,000 
t,000 
.,140 
,,200 
.,360 



68, 

18, 

27, 

25, 

7, 

15. 

L 

17, 

51, 

1, 

9, 

10, 

24^ 

1, 

10, 

5, 

7, 

15, 

2, 

30, 

15, 

10, 

53, 

13, 

10, 

11, 

25, 

50, 

25, 

5, 

21. 

21, 

14, 

10, 

10, 

1, 

33, 

10, 

20, 

4, 

24, 

17, 

24. 

18, 

6, 

6, 

21, 

14, 

4, 

2 

l5' 

35, 

19, 

13, 

12, 

12, 

14, 

3, 

45, 

6, 

5, 

2, 

io! 

10, 
50. 
51, 
4, 
14, 
10, 
12, 



00 
00 
00 
00 
00 
00 
00 
00 
00 



00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 



00 
00 
00 
00 
00 
00 
00 
00 



00 
00 
00 
00 
00 
00 
00 
00 



NATIONAL LIFE INSURANCE CO. 



151 



Favette County, la., 4$s, 1917-19, 

Favette County, la., 4*3, 1920, 

Fayette County, Ky., 4K 1919-21, . 

Fayette County, Ky., 4Js. 1922-24, . 

Findlay, C, school district 4s, 1909-13, 

Findlav, O., school district 4s, 1914-23, 

Fond du Lac, Wis., 4$s, 1917, op. 1907, 

Fond du Lac, Wis., 3£s, 1920, . 

Franklin, Ind., 5s, 1909-12, 

Franklin, Ind., 5s, 1913-16, 

Franklin, Ind., 5s, 1917, . 

Franklin Countv, O., 4s, 1909-11, 

Franklin County, O., 4s, 1912-15, 

Franklin County, O., 4s, 1916, . 

Franklin, Pa., 4s, 1909-10, 

Freedom, Pa., school district 4s, 1909-10, 

Freedom, Pa., school district 4s, 1911-15, 

Freedom, Pa., school district 4s, 1916-21, 

Freedom, Pa., school district 4s, 1922-29, 

Freedom, Pa., school district 4s, 1930-31, 

Fresno, Cal., 4£s, 1909-21, 

Gainesville, Ga., 4s, 1932, 

Galena, 111., 4s, 1909, 

Gallatin, Mo., 4^s, 1918, op. 1903, 

Gloucester, Mass., 4s, 1909, 

Gloucester, Mass.. 4s, 1913-15, . 

Gloucester, Mass., 4s, 1916-20, . 

Gloucester County, N. J., 4s, 1909, 

Gloucester County, N. J., 4s, 1910-11, 

Goldsboro, N. C, school district 4*s, 1921, 

Grand Haven, Mich., 4£s, 1920-25", . 

Greeley, Col., 4*s, 1914-29, op. 1908-16, 

Green Bay, Wis., 5s, 1909, 

Green Bay, Wis., 5s, 1910-12, . 

Green Bay, Wis., 4s, 1909-22, . 

Greene County, Ind., 4+s, 1909-20, . 

Greensburg, Pa., school district 4s, 1934, op. 1914 

Greenville, S. C, school district 5s, 1923, 

Greenwich, Conn., 4s, 1935. 

Grinnell, la., school district 4*s, 1913, op. 1908, 

Grossdale, 111, 4s, 1909-12, 

Grove City, Pa., 4s, 1918-23-28, 

Guilford Countv, N. C, 5s, 1933, 

Halifax County, Va., 4^s, 1928, op. 1918, 

Hamilton, O., school district 4s, 1910-12, 

Hamilton, O., school district 4s, 1913-22, 

Hamilton County, Tenn., 5s, 1909, 

Hancock Countv, O., 4£s, 1909-10, 

Hancock County, O., 4*s, 1913-15, 

Hancock County, O., 4*s, 1916-17, 

Hancock County, O., 5s, 1909, . 

Hancock. County, O., 5s, 1910, . 

Hancock County, O., 5s, 1911-12, 

Hancock County, O., 5s, 1913, . 

Hancock County, O., 5s, 1914—15, 

Hannibal, Mo., school district 4s, 1917-23, 

Hanover Twp., Pa., school district 4s, 1922, 

Hanover Township, Pa., school dist. 4s, 1932, 

Hardwick, Vt., 4s, 1917, op. 1902, 

Harrisburg, 111., 5s, 1917-24, op. 1916, 

Harrisburg, 111., 5s, 1909, .... 

Harrisburg, 111., 5s, 1910-16, 

Harrison Countv,v la., 4s, 1909-13, \ 

Hartford City, Ind., 4*s, 1909-10, 

Hartford City, Ind., 4*s, 1911-14, 

Hartford, Vt., fire district 4s, 1915, op. 1905, 

Haverhill, Mass., 4s, 1909-13, . 

Haverhill, Mass., 4s, 1914-17, . 

Hazleton, Pa., 4s, 1927-33, 

Hedrick, la., school district 4s, 1912, op. 1907, 

Helena, Mont., 4£s, 1926, op. 1916, . 

Henry County, O", 4s, 1909-10, 



00 
00 
00 
00 



Book Value. 

$20,000 00 

8,000 00 

16,000 00 

24,000 00 

5,000 00 

12,000 00 

13,000 00 

30.000 00 

4,000 00 

8,000 00 

2,000 00 

45,000 00 

65,000 00 

10,000 00 

3,000 00 

800 00 

2,000 00 

2,800 00 

5,000 00 

1,800 00 

26,000 00 

20,000 00 

2,000 00 

21,000 00 

1,000 00 

3,000 

5,000 

3,000 

6,000 

25,000 00 

22,000 00 

14,500 00 

2,000 00 

3,000 00 

18,000 00 

10,000 00 

20,000 00 

20,000 00 

50,000 00 

30,000 00 

5,100 00 

10,000 00 

61,000 00 

18,000 00 

3.000 00 

29,000 00 

25,000 00 

3,000 00 

9,000 00 

4.000 00 

3,500 00 

3,500 00 

3,500 00 

1,000 00 

2,000 00 

34,000 00 

4,000 00 

20,000 00 

15,000 00 

7 500 00 

1,000 00 

7,000 00 

30,000 00 

8,000 00 

18,000 00 

10,000 00 

11.000 00 

21,000 00 

38.000 00 

7,000" 00 

50,000 00 

8,000 00 



Rate. 
104 
105 
102 
103 
100 
101 
100 

93 
101 
102*- 
104 " 
100 
101 
102 
100 
100 

99 

98 

97 

96 
100 

93 
100 
100 
100 

99 

98 
100 

99 

95 
100 
100 
100 
102 
100 
100 
100 
108 
100 
100 
100 
100 
104 

97 
100 
101 
100 
100 
101 
102 
100 
101 
102 
103 
104 
100 

97 

96 
100 
105 
100 
103 
100 
100 
101 
100 
100 
101 
100 

99 
101 
100 



00 
00 
00 
00 
00 



00 
00 
00 
00 



Market "Value. 

$20,800 00 

8,400 00 

16,320 00 

24,720 00 

5,000 00 

12,120 00 

13,000 00 

27,900 00 

4,040 00 

8,200 00 

2,080 00 

45,000 00 

65,650 00 

10,200 00 

3,000 00 

800 

1,980 

2,744 

4,850 

1,728 

26,000 00 

18,600 00 

2,000 00 

21,000 00 

1,000 00 

2,970 

4,900 

3,000 

5,940 

23,750 00 

22,000 00 

14,500 00 

2,000 00 

3,060 00 

18,000 00 

10,000 00 

20,000 00 

21,600 00 

50,000 00 

30,000 00 

5,100 00 

10.000 00 

63,440 00 

17,460 00 

3,000 00 

29,290 00 

25,000 00 

3,000 00 

9,090 00 

4,080 00 

3,500 00 

3,535 00 

3,570 00 

1,030 00 

2,080 00 

34,000 00 

3,880 00 

19,200 00 

■ 15.000 00 

7,875 00 

1,000 00 

7,210 00 

30,000 00 

8,000 00 

18,180 00 

10,000 00 

11,000 00 

21,210 00 

38,000 00 

6,930 00 

50,500 00 

8,000 00 



152 



NATIONAL LIFE INSURANCE CO. 



Henrv County, O., 4s, 1911-13, 

Henry County, O., 4*s, 1910, . 

Henry County, O., 4fs, 1911-12, 

Henry County, O., 4£s, 1913, . 

Henry County, O., 4|s, 1914, . 

Higginsville, Mo., 4$s, 1909-10, 

Higginsville, Mo., 4£s, 1911-15, 

Higginsville, Mo., 4^s, 1916-18, 

Higginsville, Mo., 4Js, 1924, 

Highgate, Vt., 4$s, 1910, . 

Hillsdale, Mich., school district 4s, 1909-14 

Hinds County, Miss., 5s, 1927, op. 1907, 

Hinds County, Miss., Us, 1928, 

Hocking County, O., 4£s, 1914-18, 

Hocking County, O., 4£s, 1919-20, 

Holland, Mich., 4s, 1915-16, 

Holland, Mich., 4s, 1917-20, 

Holt County, Neb., school district 7s, 1909, 

Holyoke, Mass., 4s, 1909-13, . 

Holvoke, Mass., 4s, 1914-27, 

Holyoke, Mass., 4s, 1928-37, 

Hudson County, N. J., 4s, 1945-46, 

Hudson County, N. J., 4*s, 1948, 

Huntington, W. Va., 6s, 1923, . 

Hyde Park, Vt., 4s, 1917, op. 1902, 

Independence, la., 4s, 1915, op. 1907-14, 

Independence, la., 4s, 1915, 

Independence, Mo., 4*s, 1926, op. 1911, 

Independence, Mo., 4*s, 1926, op. 1912-16, 

Indianola, la., Us, 1928, op. 1918, . 

Ingram, Pa., school district 4s, 1909, 

Ingram, Pa., school district 4s, 1914, 

Ingram, Pa., school district 4s, 1919, 

Ingram, Pa., school district 4s, 1924, 

Iowa City, la., 4is, 1917-21, 

Iowa City, la., 4^s, 1922-24, 

Iowa Falls, la., 4s, 1925, op. 1915, . • 

Ironton, O., 4s, 1909-18, . 

Jackson County, Ala., 5s, 1930-32, op. 1920-22, 

Jefferson County, Ala., 5s, 1920, 

Jefferson County, Ala., 4-i-s, 1931, 

Jefferson Countv, Ga., 5s, 1933, 

Jefferson City, Mo., 4s, 1925, op. 1915, 

Jefferson County, O., 4s, 1915, . 

Johnson County, Neb., school dist. 5s, 1910 

Johnson, Vt., 4s, 1910-11-17, op., 

Joplin, Mo., school district 4^s, 192S, op. 1918, 

Joplin, Mo., school district 4s, 1920, op. 1910, 

Kalamazoo, Mich., 4s, 1909-12, 

Kalamazoo, Mich., Us, 1913, 

Kalamazoo, Mich., school district 4s, 1914, 

Kansas City, Kan., 6s, 1909, 

Kansas City, Kan., 6s, 1910, 

Kearney, Neb., school district 5s, 1912, 

Kirksvi'lle, Mo., 4s, 1926, op. 1912-25, 

Knox Countv, Ind., 4^-s, 1913-15, 

Knox Countv, Ind., 4^s, 1916-21, 

Knox Countv, Ind., 4^s, 1922, . 

La Crosse, Wis., 3£s, 1920, op. 1910, 

La Crosse, Wis., 4s, 1924-26, op. 1914-16, 

La Grange, 111., 5s, 1909, . 

La Grange, 111., 5s, 1910, . 

La Grange, 111., 5s, 1911-12, 

La Junta, Col., 5s, 1921, op. 1916, 

La Salle, 111., 5s, 1909-14, 

Lawrence, Mass., 4s, 1909-12, . 

Lawrence, Mass., 4s, 1913-24, . 

Lawrence, Mass., 4s, 1925-29, . 

LeMars, la., school district 4-2-s, 1914, op. 1909, 

Leon, la., school district 4s, 1912, op. 1907, 

Lewis & Clarke Co., Mont., sch. dist. 4|s, 1922, 

Lewis & C. Co., Mont., sch. dist. 4^s, 1922, op. 1912, 



Book Value. 


Rate. 


Market Value. 


$10,500 00 


101 


$10,605 00 


2,000 00 


101 


2,020 00 


10,000 00 


102 


10,200 00 


5,000 00 


103 


5,150 00 


3,000 00 


104 


3,120 00 


1,000 00 


100 


1,000 00 


2,500 00 


101 


2,525 00 


1,500 00 


102 


1,530 00 


500 00 


103 


515 00 


3,000 00 


101 


3,030 00 


23,000 00 


100 


23,000 00 


65,000 00 


100 


65,000 00 


50,000 00 


100 


50,000 00 


15,000 00 


102 


15,300 00 


10,000 00 


103 


10,300 00 


4,000 00 


99 


3,960 00 


8,000 00 


98 


7,840 00 


3,000 00 


101 


3,030 00 


15,000 00 


100 


15,000 00 


31,000 00 • 


101 


31,310 00 


5,000 00 


102 


5,100 00 


100,000 00 


100 


100,000 00 


50,000 00 


110 


55,000 00 


47,000 00 


116 


54.520 00 


10,000 00 


100 


10,000 00 


8,000 00 


100 


8,000 00 


2,000 00 


100 


2,000 00 


5,000 00 


100 


5,000 00 


10,000 00 


100 


10,000 00 


20,000 00 


100 


20,000 00 


5,000 00 


100 


5,000 00 


5,000 00 


99 


4,950 00 


5.000 00 


98 


4,900 00 


5,000 00 


97 


4,850 00 


20,000 00 


102 


20,400 00 


12,000 00 


103 


12,360 00 


13,000 00 


100 


13,000 00 


5,000 00 


100 


5,000 00 


50,000 00 


102 


51,000 00 


35,000 00 


102 


35,700 00 


32,000 00 


97 


31,040 00 


44,000 00 


107 


47,080 00 


25,000 00 


94 


23,500 00 


26,000 00 


100 


26,000 00 


4,000 00 


101 


4,040 00 


16,500 00 


100 


16,500 00 


25,000 00 


102 


25,500 00 


15,000 00 


98 


14,700 00 


16,000 00 


TOO 


16,000 00 


24,500 00 


102 


24,990 00 


25,000 00 


100 


25,000 00 


2,500 00 


101 


2,525 00 


6,000 00 


103 


6,180 00 


30,000 00 


100 


30,000 00 


30,000 00 


94 


28,200 00 


4,700 00 


101 


4.747 00 


14,100 00 


102 


14,382 00 


2,350 00 


103 


2,420 50 


20,000 00 


95 


19,000 00 


70,000 00 


100 


70.000 00 


3,000 00 


100 


3,000 00 


3,000 00 


101 


3,030 00 


6,000 00 


102 


6,120 00 


25,000 00 


101 


25,250 00 


6,000 00 


102 


6,120 00 


18,000 00 


100 


18,000 00 


64,000 00 


101 


64,640 00 


17,500 00 


102 


17,850 00 


25,000 00 


100 


25,000 00 


12,500 00 


100 


12,500 00 


10,000 00 


103 


10,300 00 


11,000 00 


101 


11,110 00 



NATIONAL LIFE INSURANCE CO. 



153 



Lexington, Kv., school district 4s, 1933, 

Lexington, Mo., 4s, 1925, op. 1910, . 

Liberty, O., 4s, 1915-19, . 

Lima, O., 3*s, 1930, op. 1925, . 

Lima, O., 3^s, 1909, 

Lima, O., 3*s, 1910-11, . 

Lima, O., school district 5s, 1909-20, 

Limestone County, Ala., 4^s, 1937, 

Lincoln, Neb., 4s, 1916-25, op. 1916, 

Little Falls, Minn., 5s, 1922, 

Logansport, Ind., school dist. 5s. 1913, op. 1903, 

Long Branch, N. J., 5s, 1913, op. 1898, 

Los Angeles, Cal., 4s, 1910-11, . 

Louisville, O., 5s, 1909-14, 

Lowell, Mass., 4*s, 1909, . 

Lowell, Mass., 4*s, 1910-14, 

Lowell, Mass., 4*s, 1915-17, 

Lucas County, O., 4*s, 1909, 

Lucas County, O., 4*s, 1910-13, 

Lucas County, O., 4*s, 1914-23, 

Lucas County, O., 4*s, 1924, 

Ludington, Mich., 4s, 1910-28, . 

Lynn, Mass., 4*s, 1917, 

Lyon County, Minn., school dist. 5s, 1909, 

McCracken County, Ky., 4s, 1934, 

Macon, Mo., school district 4*s, 1924, op. 1906-19 

Madison County, Ga., 4*s, 1909-31, . 

Madison, Wis., 4s, 1918, op. 1908, 

Madison, Wis., 4s, 1924-26, 

Mahaska County, la., 4*s, 1914-15, . 

Mahaska County, la., 4*s, 1916-17, . 

Maiden, Mass., 3*s, 1920, 

Maiden, Mass., 4s, 1909-10, 

Maiden, Mass., 4s, 1913-24, 

Mamaroneck, N. Y., sch. dist. 4*s, 1930-39 

Manchester, Conn., 4s, 1915-23, 

Manchester, Conn., 4s, 1926-29-31, . 

Manchester, la., school district 4s, 1915, 

Manchester, N. H., 4s, 1927, 

Mansfield, O., 4*s, 1909, . 

Mansfield, O., 4*s, 1910-11, 

Mansfield, O., 4*s, 1912-14, 

Mansfield, O., 4*s, 1915, . 

Mansfield, O., school district 4s, 1909-10, 

Marengo, la., 4s, 1914, 

Marinette, Wis., 4s, 1916-17, 

Marion, 111., school district 4s, 1909-16, 

Marion County, la., 4s, 1909, 

Marion County, la., 4s, 1925, op. 1915, 

Marion, la., 5s, 1909-14, . 

Marion, la., school district 4s, 1914, op. 1909 

Marion County, O., 4s, 1909-16, 

Marion Countv, O., 4s, 1916, 

Marshall, Mo.," 4^s, 1909-10, 

Marshall, Mo., 4*s, 1911-15, 

Marshall, Mo., 44s, 1916-21, 

Marshall. Mo., 4*s, 1922-24, 

Marshalltown, la., 4*s, 1910-14, 

Marshalltown, la., school dist. 4s, 1912, op. 1907 

Martins Ferry, O., sch. dist. 5s, 1916-24, 

Martins Ferry, O., sch. district 5s, 1925, 

Martins Ferry, O., school district 5s, 1926, 

Massachusetts 3s, 1941, 

Massachusetts 3^s, 1943, . 

Massillon, O., school district 4s, 1909-32, 

Memphis, Tenn., 4*s, 1939, 

Mercer County, N. J., 4s, 1909-10, . 

Mercer County, O., 5s, 1909-12, 

Merrill, Wis., 5s, 1909, 

Merrill, Wis., 5s, 1910, 

Middletown, O., school district 4s, 1922, 

Middletown, O., school district 4s, 1923, 



Book Value. 


Rate. 


Market Value. 


$31,000 


00 


100 


$31,000 (JO 


20,000 


00 


97 


19,400 00 


8,000 


00 


100 


8,000 00 


20,000 


00 


94 


18,800 00 


1,900 


00 


100 


1,900 00 


3,800 


00 


99 


3,762 00 


12,000 


00 


105* 


12,660 00 


50,000 


00 


100 


50,000 00 


20,000 


00 


95* 


19,100 00 


9,000 


00 


105 


9,450 00 


16,000 


00 


100 


16,000 00 


20,000 


00 


100 


20,000 00 


75,000 


00 


100 


75,000 00 


6,000 


00 


102* 


6,150 00 


7,200 


00 


100 


7,200 00 


36,000 


00 


102 


36,720 00 


21,600 


00 


104 


22,464 00 


2,500 


00 


100 


2,500 00 


10,000 


00 


102 


10,200 00 


25,000 


00 


106 


26,500 00 


2,000 


00 


109 


2,180 00 


40,000 


00 


100 


40.000 00 


24,000 


00 


104 


24,960 00 


2,000 


00 


100 


2,000 00 


50,000 


00 


86 


43,000 00 


42,000 


00 


100 


42,000 00 


19,000 


00 


100 


19,000 00 


23,000 


00 


100 


23,000 00 


69,500 


00 


100 


69,500 00 


20,000 


00 


102 


20,400 00 


30,000 


00 


103 


30,900 00 


15,000 


00 


97 


14,550 00 


4,000 


00 


100 


4,000 00 


34,000 


00 


101 


34,340 00 


25,000 


00 


104 


26,000 00 


20,000 


00 


101 


20,200 00 


15,000 


00 


102 


15,300 00 


11,000 


00 


100 


11,000 00 


50,000 


00 


100 


50,000 00 


2,000 


00 


100 


2,000 00 


4,000 


00 


101 


4,040 00 


6,000 


00 


102 


6,120 00 


2,000 


00 


103 


2,060 00 


7,000 


00 


100 


7,000 00 


4,000 


00 


99 


3,960 00 


20,000 


00 


98 


19,600 00 


8,000 


00 


100 


8,000 00 


4,000 


00 


100 


4,000 00 


25,000 


00 


100 


25,000 00 


6,000 


00 


102* 


6,150 00 


25,000 


00 


100 


25,000 00 


45,000 


00 


100 


45,000 00 


1,000 


00 


101 


1,010 00 


4,000 


00 


100 


4,000 00 


5,000 


00 


101 


5,050 00 


10,000 


00 


102 


10,200 00 


6,000 


00 


103 


6,180 00 


12,000 


00 


101 


12,120 00 


44,000 


00 


99 . 


43,560 00 


8,500 


00 


109 


9,265 00 


1,000 


00 


112 


1,120 00 


500 


00 


113 


565 00 


100,000 


00 


88 


88,000 00 


95,000 


00 


98 


93,100 00 


24,000 


00 


100 


24,000 00 


100,000 


00 


106 


106,000 00 


20,000 


00 


100 


20,000 00 


8,000 


00 


102* 


S,200 00 


1,500 


00 


100 


1,500 00 


1,000 


00 


101 


1,010 00 


3,000 


00 


101 


3,030 00 


2,000 


00 


102 


2,040 00 



154 



NATIONAL LIFE INSURANCE CO. 



Milledgeville, Ga., 5s, 1909-26, . 
Milwaukee, Wis., 3£s, 1915-16, 

Milwaukee, Wis., 4s, 1912, 

Milwaukee, Wis., 4s, 1913-21, . 

Missouri Valley, la., sch. dist. 4s, 1911, op. 1906 

Monroe County, Ind., 5s, 1909, 

Montgomery, Mo., 5s, 1910-11, 

Montgomery, Mo., 5s, 1912-14, 

Montgomery, Mo., 5s, 1915-16, 

Montgomery County, Tenn., 4-^s, 1935, op. 1920, 

Mont. County, Va., 4s, 1922-23, op. 1912-13, 

Montpelier, Vt., 3s, 1919, op. 1904, . 

Montpelier, Vt., 4s, 1917, op. 1907, . . . 

Montpelier, Vt., 3.2s, 1920, op. 1910, 

Morgantown, W. Va., sch. district 5s, 1914, 

Morgantown, W. Va., sch. dist. 5s, 1915-16, 

Morgantown, W. Va., sch. dist. 5s, 1917-20, 

Morgantown, W. Va., school dist. 5s, 1921-23, 

Mount Clemens, Mich., 5s, 1909, 

Mount Clemens, Mich., 5s, 1910-13, 

Mount Clemens, Mich., 4s, 1910, 

Mount Clemens, Mich., 4s, 1911-14, 

Mount Pleasant, Mich., 4s, 1909-20, 

Muscatine County, la., 4s, 1915-21, 

Muskingum County, O., 4£s, 1922-23, 

Nassau County, N. Y., 4s, 1909, 

Nevada, Mo., 4£s, 1915, . 

Nevada, Mo., school dist. 4s, 1926, op. 1916, 

Newark, O., 4s, 1913-20, . . 

Newark, O., school district 4^s, 1909, 

Newark, O., school district 4is, 1910-11, 

Newark, O., school*district 4^s, 1912-14, 

Newark, O., school district 4^s, 1915-16, 

Newark, O., school district 4^s, 1917-19, 

Newark, O., school district 4Jrs, 1920, 

New Bedford, Mass., 3£s, 1920, 

New Cherokee, la., s. dist. 4-|-s, 1918, op. 1909-12, 

New Cherokee, la., s. dist. 4^s, 1918, op. 1913-17, 

New Cherokee, la., s. dist. 4^s, 1918, 

Newfane, Vt., 4s, 1914, 

New Hampshire 3*s, 1909-10, 

New Hampshire 3^s, 1912-15, 

New Hampshire 3^s, 1916, 

New Hanover County, N. C, 4s, 1930, 

New London, Conn., 4s, 1927, 

New Mexico 4s, 1933, op. 1923, 

New Mexico 5s, 1925, op. 1905, 

Newport News, Va., 4^s, 1928, op. 1918, 

Newton County, Ind., 4^s, 1912-21, . 

Newton, la., school dist. 4^s, 1917, op. 1912, 

New York, N. Y., 3^s, 1920, 

New York, N. Y., 3^s, 1941, 

New York, N. Y., 3^s, 1952-54, 

New York 4s, 1958, 

Niles, Mich., 4*s, 1915-21, 

Norfolk Countv, Va., 5s, 1910, , 

Norfolk County, Va., sch. dist. 5s, 1921, op. 1911, 

Norfolk County, Va., sch. dist. 5s, 1922, op. 1912, 

Northfield, Vt., 4s, 1917, op. 1907, 

North Providence, R. I., 4s, 1935, 

North Trov, Vt., 4s, 1912, op. 1897, 

Norwalk, O., 5s, 1909-11, 

Norwalk, O., 5s, 1912-22, 

Norwood, Mass., 4$s, 1920-27, . 

Oakland, Cal., school district 4s, 1923-30, 

Oakland, Cal., school dist. 4s, 1931, 

Oelwein, la., 5s, 1915, 

Ogden, Utah, school district 4s, 1928, op. 1913, 

Omaha, Neb., 4±s, 1912-14, 

Orange, Conn., 4s, 1925, . 

Otero County, Col., 6s, 1909, op. 1899, 

Otero County, Col., sch. dist. 5^s, 1916, op. 1906, 



Book Value. 

$18,000 00 

40,000 00 

6,000 00 

54,000 00 

5,500 00 

5,000 00 

3,000 00 

1,500 00 

1,000 00 

37,500 00 

28,000 00 

40,000 00 

5,000 00 

45,000 00 

1,000 00 

2,000 00 

8,000 00 

9,000 00 

1,000 00 

4,000 00 

5,000 00 

20,000 00 

14,000 00 

50,000 00 

40,000 00 

20,000 00 

10,000 00 

25,000 00 

15,000 00 

2,000 00 

5,000 00 

9,000 00 

6,000 00 

8,600 00 

2,000 00 

40,000 00 

4,000 00 

5,000 00 

7,000 00 

3,000 00 

13,000 00 

11,000 00 

4,000 00 

50,000 00 

40,000 00 

30,000 00 

10,000- 00 

35,000 00 

22,706 20 

40,000 00 

20,000 00 

30,000 00 

400,000 00 

100,000 00 

20,000 00 

7,000 00 

39,000 00 

10,000 00 

1,000 00 

27,500 

12,000 

1,500 

5,500 

20,000 00 

42,000 00 

8,000 00 

14,000 00 

25,000 00 

60,000 00 

30,000 00 

4,000 00 

10,000 00 



00 
00 
00 
00 



Rate. 
103J 

98 
100 
101 
100 
100 
101 
102 
103 
100 

95 

91 
100 

93 
102 
103 
104 
105 
100 
102 
100 

99 
100 
100 
103 
100 
100 

94 
100 
100 
101 
102 
103 
104 
105 

95 
100 
101 
101 
100 
100 

99' 

98 

93 
100 

97 
100 
101 
100 
100 

95 

91 

90 
126 
100 
101 
101 
102 
100 
100 
100 
101 
107 
1051 

97 

96 
104 

99' 
102 
100 
100 
100 



Market Value. 

$18,630 00 

39,200 00 

6,000 00 

54,540 00 

5,500 00 

5,000 00 

3,030 00 

1,530 00 

1,030 00 

37,500 00 

26,600 00 

36,400 00 

5,000 00 

41,850 00 

1,020 00 

2,060 00 

8,320 00 

9,450 00 

1,000 00 

4,080 00 

5,000 00 

19,800 00 

14,000 00 

50,000 00 

41,200 00 

20,000 00 

10,000 00 

23,500 00 

15,000 00 

2,000 00 

5,050 00 

9,180 00 

6,180 00 

8,944 00 

2,100 00 

38,000 00 

4,000 00 

5,050 00 

7,070 00 

3,000 00 

13,000 00 

10,890 00 

3,920 00 

46,500 00 

40,000 00 

29,100 00 

10,000 00 

35,350 00 

22,706 20 

40,000 00 

19,000 00 

27,300 00 

360,000 00 

126,000 00 

20,000 00 

7,070 00 

39,390 00 

10,200 00 

1,000 00 

27,500 00 

12,000 00 

1,515 00 

5,885 00 

21,100 00 

40,740 00 

7,680 00 

14,560 00 

24.750 00 

61,200 00 

30,000 00 

4,000 00 

10,000 00 



NATIONAL LIFE INSURANCE CO. 



155 



Ottawa, O., school district 5s, 1909, . 

Ottawa, O., school district 5s, 1910-11, 

Ottawa, O., school district 5s, 1912-19, 

Owen County, Ind., 4£s, 1909-10, 

Owen County, Ind., 4-|-s, 1911-13, 

Owosso, Mich., 4s, 1909-13, 

Owosso, Mich., 4s, 1921, . 

Owosso, Mich., 4s, 1920, . 

Owosso, Mich., 4s, 1917, . 

Painesville, O., 5s, 1909-13, 

Paris, 111., 5s, 1910, . 

Paris, Tex., 5s, 1929, op. 1909, 

Paris, Tex., 4£s, 1945, op. 1925, 

Parkersburg, W. Va., 5s, 1917, 

Parkersburg, W. Va., 4s, 1923, op. 1913, 

Parsons, Kan., school district 4£s, 1909-11, 

Passaic, N. J., 4$s, 1938, . 

Peabody, Mass., 4s, 1910-19, . 

Pekin, 111., school district 4s, 1909-25, 

Pella, la., school district 4£s, 1913, op. 1908 

Peoria, 111., 4s, 1923-26, . 

Perry, la., 4£s, 1924, 

Perry County, Miss., 5s, 1909, . 

Perry County, Miss., 5s, 1910-11, 

Perry County, Miss., 5s, 1912-14, 

Perry County, Miss., 5s, 1915, . 

Perth Amboy, N. J., 4|s, 1928, . 

Petoskey, Mich., 4s, 1930, op. 1920, 

Petoskey, Mich., school district 4s, 1909-14 

Philadelphia, Pa., 3£s, 1934, 

Pierce County, Wis., 4s, 1912-15, 

Pike County, Ala., 4U, 1935, 

Pittsburgh, Pa., 4s, 1916-35, 

Pittsburgh, Pa., 4£s, 1928, 

Pittston, Pa., school district 4s, 1912, 

Plainfield, N. J., 4$s, 1920, 

Plainfield, N. J., 4£s, 1921-25, 

Plainfield, N. J., 4^s, 1926-31, 

Plainfield, N. J., 4$s, 1932, 

Piano, 111., 5s, 1909, 

Piano, 111., 5s, 1910-11, . 

Plymouth, Mass., 4£s, 1909, 

Plymouth, Mass., 4£s, 1910-11, 

Plymouth, Mass., 4$s, 1912-14, 

Plymouth, Mass., 4£s, 1915-16, 

Plymouth, Mass., 4£s, 1917, 

Pocomoke, Md., 5s, 1932, 

Polk County, la., 3£s, 1909, 

Polk County, la., 3£s, 1910, 

Polk County, la., 4s, 1915-19, 

Pontiac, 111., 4£s, 1917-22, 

Pontiac, Mich., school district 5s, 1911, 

Poplar Bluff, Mo., 4s, 1922, op 1912, 

Poplar Bluff, Mo., 4s, 1921, op. 1911, 

Port Huron, Mich., 4s, 1922, 

Portland, Ind., school district 5s, 1909-16, 

Portsmouth, O., 4s, 1909-10, . 

Pueblo, Col., 4£s, 1914, op. 1909, 

Pueblo, Col., school district 4^s, 1917, op. 1907, 

Quincy, 111., school district 5s, 1909, 

Quincy, Mass., 4s, 1909-47, 

Quincy, Mich., 5s. 1909, . 

Racine, Wis., 4s, 1909-19, 

Ramsey County, Minn., 4s, 1910-11, 

Ramsey County, Minn., 4s, 1912-13,. 

Randolph, Vt., 4s, 1915-25, op. 1914, 

Randolph, Vt., 4s, 1909-15, 

Rankin, Pa., school district 4s, 1909-34, 

Red Oak Jc, la., sch. dist, 4£s, 1918, op. 1909-17 

Rhinelander, Wis., 5s, 1914, 

Richford, Vt., 4s, 1910, op. 1901, 

Richland County, O., 5s, 1909-15, 



Book Value. 


Rate. 


Market Value. 


$1,000 00 


100 


$1,000 00 


2,000 00 


101 


2,020 00 


8,000 00 


103 


8,240 00 


2,060 64 


100 


2,060 64 


3,434 40 


101 


3,46S 74 


15,000 00 


99 


14,850 00 


10,000 00 


96 


9,600 00 


15,000 00 


97 


14,550 00 


15,000 00 


97 


14,550 00 


7,500 00 


102 


7,650 00 


5,000 00 


101 


5,050 00 


19,000 00 


100 


19,000 00 


21,000 00 


96 


20,160 00 


25,000 00 


104 


26,000 00 


40,000 00 


95 


38,000 00 


11,000 00 


100 


11,000 00 


25,000 00 


104 


26,000 00 


45,000 00 


100 


45,000 00 


17,000 00 


98 


16,660 00 


19,000 00 


100 


19,000 00 


41,000 00 


100 


41,000 00 


4,000 00 


106 


4,240 00 


3,000 00 


100 


3,000 00 


6,000 00 


101 


6,060 00 


9,000 00 


102 


9,180 00 


3,000 00 


103 


3,090 00 


35,000 00 


103 


36,050 00 


20,000 00 


100 


20,000 00 


6,000 00 


100 


6,000 00 


150,000 00 


96 


144,000 00 


31,000 00 


100 


31,000 00 


50,000 00 


96 


48,000 00 


93,000 00 


100 


93,000 00 


50,000 00 


107 


53,500 00 


8,000 00 


99 


7,920 00 


1,000 00 


103 


1,030 00 


10,000 00 


104 


10,400 00 


12,000 00 


105 


12,600 00 


2,000 00 


106 


2,120 00 


1,000 00 


100 


1,000 00 


1,500 00 


101 


1,515 00 


4,000 00 


100 


4,000 00 


8,000 00 


101 


8,080 00 


11,000 00 


102 


11,220 00 


7,000 00 


103 


7,210 00 


4,000 00 


104 


4,160 00 


11,500 00 


104 ' 


11,960 00 


8,000 00 


100 


8,000 00 


8,000 00 


99 


7,920 00 


40,000 00 


101 


40,400 00 


18,000 00 


100 


18,000 00 


29,000 00 


101 


29,290 00 


6,000 00 


100 


6,000 00 


8,000 00 


100 


8,000 00 


8,000 00 


96 


7,680 00 


8,000 00 


101J 


8,150 00 


8,000 00 


100 


8,000 00 


10,000 00 


99 


9,900 00 


21,000 00 


99 


20,790 00 


4,000 00 


100 


4,000 00 


48,000 00 


100 


48,000 00 


6,000 00 


100 


6,000 00 


36.000 00 


100 


36,000 00 


14,000 00 


100 


14,000 00 


21,000 00 


101 


21,210 00 


11.000 00 


100 


11,000 00 


13,000 00- 


100 


13,000 00 


23,500 00 


100 


23,500 00 


17,000 00 


100 


17,000 00 


25,000 00 


102 


25,500 00 


3,000 00 


100 


3,000 00 


35,000 00 


103 


36,050 00 



156 



NATIONAL LIFE INSURANCE CO, 



Ringgold County, la., 4|s, 1913, op. 1908, 

Ringgold County, la., 4s, 1915, op. 1910, 

Roane County, Tenn , 4s, 1921, 

Rochester, Pa., 5s, 1909-10, 

Rock Island, 111., school district 5s, 1909-14, 

Rock Rapids, la., 4^s, 1909-16, op. 1907, 

Rock Rapids, la., school dist, 4|s, 1912, op. 1907, 

Rock Rapids, la., school dist. 4^s, 1916, op. 1911, 

Russell County, Va., 4*s, 1916-27, 

St. Albans, Vt.. 4s, 1909, . 

St. Johnsburv, Vt., 4s, 1909-11, 

St. Joseph, Mich., 5s, 1922, op. 1907, 

St. Joseph, Mich., 4s, 1918-21, . 

St. Joseph, Mich., 4|s, 1924, op. 1914, 

St. Joseph, Mo., school district 4s, 1924-28, 

St. Louis, Mo., 4s, 1928, . 

Saginaw, Mich., 4s, 1923, . 

Saline County, Neb., school district 5s, 1909, 

Salt Lake County, U., 4is, 1926, 

San Diego, Cal., 4H 1909, 

San Diego, Cal., 4^s, 1917-21, . 

Sandusky, O., 4s, 1920, . 

Santa Barbara, Cal., 4^s, 1912-16, 

Santa Barbara, Cal., 4£s, 1917-23, 

Santa Barbara, Cal., 4-Vs, 1924-32, 

Santa Barbara, Cal., 44-s, 1933-41, 

Sault Ste. Marie, Mich., 4s, 1921, 

Sault Ste. Marie, Mich., 4£s, 1928, 

Sault Ste. Marie, Mich., school dist. 4s, 1911, 

Savanna Twp., 111., school district 4s, 1912-21, 

Schenectady, N. Y., 4*s, 1916, . 

Schenectadv, N. Y., 4^s, 1917-19, 

Schenectady, N Y., 4-|-s, 1920-22, 

Schenectady, N. Y., 4*s, 1923-26, 

Schenectadv, N. Y., 4-i-s, 1927-28, 

Scott County, Mo., 6s, 1911, 

Scott County, Mo., 6s, 1912, 

Scott County. Mo., 6s, 1909-10, 

Scott County, Mo., 6s, 1913, 

Scott County, Mo., 6s, 1914-16, 

Scott County, Mo., 6s. 1917-18, 

Scott County, Mo., 6s, 1919, 

Scranton, Pa., 4s, 1917-22, 

Scranton, Pa., 4s, 1923-24, 

Seattle, Wash., 5s, 1910, . 

Seattle, Wash., 5s, 1911, . 

Seattle, Wash., 4s, 1925, . 

Seattle, Wash., school district 5s, 1910, 

Seattle, Wash., school district 4s, 1922, 

Sedalia, Mo., 4fo 1927, op. 1907, 

Sewickley, Pa., 4s, 1913, . 

SewickleV, Pa., 4s, 1933, . 

Sharpsville, Pa., H-s, 1922-27, . 

Sharpsville, Pa., 43ks, 1909-10, . 

Sharpsville, Pa., 4*s, 1916-21, . 

Shelbv County, Tenn., 4s, 1925, 

Shenandoah, la., 5s, 1912, op. 1908-11, 

Sheraden, Pa., school district 4s, 1934, 

Sherman, Tex., 4£s, 1912-30, . 

Shiawassee County, Mich., 4s, 1915-18, 

Sioux Countv, la., 4s, 1909, 

Sioux City, la., 4s, 1919, op. 1914, 

Sioux Falls, S. D., 5s, 1910, 

Smythe Countv, Va., 4*s, 1915-20, 

Somerville, Mass., 4s, 1909-37, . 

South Bend, Wash., 4s, 1927, . 

South Omaha, Neb., sch. dist. 5s, 1923, 

Spartanburg County, S. C, 4s, 1922, 

Spokane, Wash., 4*s, 1933, 

Spokane, Wash., school district 4s, 1920-21 

Spokane, Wash., school district 4^s, 1928, 

Springfield, Mass., 3-J-s, 1925, 



Book Value. 

$7,000 00 

10,000 00 

32,000 00 

2,000 00 

12,000 00 

7,000 00 

6,500 00 

8,500 00 

12,000 00 

5,000 00 

12,000 00 

7,000 00 

30,000 00 

15,000 00 

100,000 00 

150,000 00 

33,500 00 

1,000 00 

50,000 00 

15,000 00 

25,000 00 

21,000 00 

7,000 00 

9,500 00 

13,500 00 

13,500 00 

19,000 00 

25,000 00 

25 000 00 

15,000 00 

1,000 00 

6,000 00 

9,000 00 

36,000 00 

8,000 00 

8,000 

4,000 

4,000 

3,000 

12,000 00 

8,000 00 

2,000 00 

42,000 00 

8,000 00 

20,000 00 

20,000 00 

50,000 00 

10,000 00 

50,000 00 

50,000 00 

8,000 00 

15,000 00 

9,000 00 

2,000 00 

7,500 00 

50,000 00 

10,000 00 

20,000 00 

20,000 00 

12,000 00 

10,000 00 

185,000 00 

20,000 00 

25,000 00 

58,000 00 

24,000 00 

30,000 00 

25,000 00 

30,000 00 

20,000 00 

25,000 00 

50,000 00 



00 
00 
00 
00 



Rate. 
100 
100 

98 
100^ 
102^ 
100 
100 
100 
100 
100 
100 
100 
100 
101 
100 
103 

99 
100 
102 
100 
102 
102 
101 
102 
103 
104 

98 
105 

99 
100 
103 
104 
105 
106 
107 
104 
105 
101 1 
107 
109 
112 
114 
102 
103 
101 
102 

98 
101 

98 
100 

98 

93 
103 
100 
102 
100 
100 

92 
100 
100 
100 
100 
101 
100 
100 

94 
108 

97 
106 

99 
105 

95 



Market Value. 

$7,000 00 

10,000 00 

31,360 00 

2,010 00 

12,300 00 

7,000 00 

6,500 00 

8,500 00 

12,000 00 

5,000 00 

12,000 00 

7,000 00 

30,000 00 

15,150 00 

100,000 00 

154,500 00 

33,165 00 

1,000 00 

51,000 00 

15,000 00 

25,500 00 

21,420 00 

7,070 00 

9,690 00 

13,905 00 

14,040 00 

18,620 00 

26,250 00 

24,750 00 

15,000 00 

1,030 00 

6,240 00 

9,450 00 

38,160 00 

8,560 00 

8,320 

4,200 

4,060 

3,210 

13,080 00 

8,960 00 

2,280 00 

42,840 00 

8,240 00 

20,200 00 

20,400 00 

49,000 00 

10,100 00 

49,000 00 

50,000 00 

7,840 00 

13,950 00 

9,270 00 

2,000 00 

7,650 00 

50,000 00 

10,000 00 

18,400 00 

20,000 00 

12,000 00 

10,000 00 

185,000 00 

20,200 00 

25,000 00 

58,000 00 

22,560 00 

32,400 00 

24,250 00 

31,800 00 

19,800 00 

26,250 00 

47,500 00 



00 
00 
00 
00 



NATIONAL LIFE INSURANCE CO. 



157 



Springfield, Vt., 4s, 1933-37, , 

Stanley, Wis., 5s, 1909-10, 

Stanley, Wis., 5s, 1911-14, 

Stark Countv, O., 6s, 1909, 

Stillwater, Minn., 5s, 1911-12, . 

Stockton, Cal., 4s, 1909, . 

Stockton, Cal., 4s, 1910-12, 

Stockton, Cal., 4s, 1913-16, 

Stockton, Cal., 4s, 1917-20, 

Stonington, Conn., 4s, 1928, 

Suffield, Conn., 4s, 1909-22, 

Suffolk County, N. Y., 4-|s, 1909-24, 

Sullivan, Ind., 5s, 1916, 

Summit Count}', O., 4s, 1909-12, 

Tacoma, Wash., 5s, 1913, 

Talbot County, Md., 4s, 1913-17, 

Tama, la., 4£s, 1917-21, op 1915, 

Taylor, Pa., school district 41s, 1914, 

Tecumseh, Mich., 5s, 1909, 

Tecumseh, Mich., 5s, 1910, 

Telfair County, Ga., 5s, 1917, . 

Telfair Countv, Ga., 5s, 1918-19, 

Telfair Countv, Ga., 5s, 1920-21, 

Telfair Countv, Ga., 5s, 1922-23, 

Telfair County, Ga., 5s, 1924-26, 

Telfair County, Ga., 5s, 1927 30, 

Telfair County, Ga., 5s, 1931-32, 

Tennessee 3s, 1913, op. 1397, . 

Ticonderoga, N. Y., school district 4.4s, 1917-24, 

Toledo, O., 4s, 1919, 

Topeka, Kan., 3|s, 1919, . 

Topeka, Kan., 5s, 1909, 

Topeka, Kan., 5s, 1910-11, 

Trenton, Mo., 4£s, 1918, op. 1908, 

Trenton, Mo., 4^s, 1918, op. 1913, 

Trenton, Mo., 4£s, 1918, . 

Trenton, Mo., 4|s, 1920, op. 1908-14, 

Trenton, Mo., school district 4-|s, 1926, op. 1916 

Tripoli, la., school district 4s, 1911, op. 1906, 

Troy, N. Y., 4s, 1918-26, .... 

Ulster County, N. Y., 4s, 1924-27, . 

Union County, la., 4s, 1909-17, 

Union County, la., 4£s, 1918-21, 

Union, la., school district 4-1-s, 1909-10, 

Union, la., school district 4^s, 1911-14, 

Union, la., school district 4+s, 1915, op. 1910, 

Union City, Mich., 5s, 1909," 

Union City, Mich., 5s, 1910-11, 

Union City, Mich., 5s, 1912-13, 

Valparaiso, Ind., 4s, 1919, op. 1914, . 

Vergennes, Vt., school district 4^s, 1915, op. 1905 

Vernon County, Mo., 4^s, 1918, op. 1908, 

Vicksburg, Miss.. 4*s, 1909-11, . 

Vicksburg, Miss., 4*s, 1913-17, . 

Vicksburg, Miss., 4 is, 1920-22, . 

Villisca, la., school district 4s, 1912, op. 1907, 

Vincennes, Ind., 4s, 1911-12, 

Vincennes, Ind., 4s, 1913, 

Wake County, N. £., 5s, 1923, . 

Walden, Vt., 4s, 1909-10, 

Walden, Vt., 4s, 1911-15, 

Walden, Vt., 4s, 1916, 

Walla Walla Countv, Wash., 4s, 1921, op 1911, 

Walla Walla, Wash., 4£s, 1919, 

Wallingford, Conn., sch. dist. 4s, 1936, op. 1926, 

Walpole, Mass., 4*s, 1909-20, . 

Walpole, Mass., 4^-s, 1921, 

Waltham, Mass., 4s, 1909-27, . 

Wapakoneta, O., 5s, 1909, 

Wapakoneta, O., 5s, 1910, 

Wapakoneta, O., 5s, 1911-12, . 

Wapakoneta, O., 5s, 1913, 



Book Value. 

$25,000 00 

5,000 00 

10,000 00 

12,000 00 

41,000 00 

1,300 00 

3,900 00 

5,200 00 

5,200 00 

25,000 00 

25,000 00 

80,000 00 

18,000 00 

51,000 00 

50,000 00 

5,000 00 

5,000 00 

20,000 00 

1,000 00 

1,000 00 

1,000 00 

2,000 00 

2,000 00 

3,000 00 

6,000 00 

8,000 00 

3,000 00 

100,000 00 

16,000 00 

50,000 00 

8,000 00 

8,000 00 

16,000 00 

10,000 00 

10,000 00 

7,000 00 

7,000 00 

12,500 00 

8,500 00 

50,000 00 

20,000 00 

37,000 00 

20,000 00 

3,000 00 

6,000 00 

1,500 00 

2,000 00 

4,000 00 

4,000 00 

15,000 00 

5,000 00 

25,000 00 

6,000 00 

15,000 00 

12,000 00 

8,000 00 

6,000 00 

1,000 00 

20,000 00 

4,000 00 

10,000 00 

1,000 00 

25,000 00 

20,000 00 

25,000 00 

36,000 00 

2,000 00 

55,000 00 

1,500 00 

• 2,000 00 

4,000 00 

2,000 00 



Rate. 

100 

100 

101 

101 

102 

100 

99 

98 

97 
100 
100 
103* 
103 
100 
103 
100 
100 
100 
100 
101 
105 
106 
107 
108 
109 
110 
111 

95 
100 
102 

93 
100 
101 
100 
100 
100 
100 
100 
100 
100 
100 
100 
104-J 
100 
101 
100 
100 
101 
102 
100 
100 
100 
100 
101 
102 
100 
100 

99 
105 
100 

99 

98 

95 

98 
100 
101 
102 
100 
100 
101 
102 
103 



00 
00 
00 
00 
00 



Market Value. 

$25,000 00 

5,000 00 

10,100 00 

12,120 00 

41,820 00 

1,300 00 

3,861 00 

5,096 00 

5,044 00 

25,000 00 

25,000 00 

82,600 00 

13,540 00 

51,000 00 

51,500 00 

5,000 00 

5,000 00 

20,000 00 

1,000 00 

1,010 

1,050 

2,120 

2,140 

3,240 

6,540 00 

8,800 00 

3,330 00 

95,000 00 

16,000 00 

51,000 00 

7,440 00 

8,000 00 

16,160 00 

10,000 00 

10,000 00 

7,000 00 

7,000 00 

12,500 00 

8,500 00 

50,000 00 

20,000 00 

37,000 00 

20,900 00 

3,000 00 

6,060 00 

1,500 00 

2,000 00 

4,040 00 

4,080 00 

15,000 00 

5,000 00 

25,000 00 

6,000 00 

15,150 00 

12,240 00 

8,000 00 

6,000 00 

990 00 

21,000 00 

4.000 00 

9,900 00 

980 00 

23,750 00 

19,600 00 

25,000 00 

36,360 00 

2,040 00 

55,000 00 

1,500 00 

2,020 00 

4,080 00 

2,060 00 



158 



NATIONAL LIFE INSURANCE CO. 



Wapakoneta, O., 5s, 1914-15, . 

Wapakoneta, O., 5s, 1916-17, . 

Wapakoneta. O , 5s, 1918-19, . 

Wapakoneta, O., 5s, 1920-21, . 

Warren Count v, Ta., 4s, 1909-10, 

Warren County, la., 4s, 1918-19, 

Washington County, Pa., 4s, 1910-25, 

Washington County, Pa., 4^s, 1922-23, 

Washington County, Pa., 4|s, 1924-27, 

Washington County, Pa., 4-^s, 1928, 

Waterbury, Vt., 4s, 1909-11, . 

Waterbury, Vt., 4s, 1916-17, op. 1901-2, 

Waterloo, la., 4s, 1909-10, 

Waterloo, la., 4s, 1911-12, 

Waterloo, la., 4is, 1917, op. 1912, 

Waterloo, la., school district 4s, 1913, op. 1908, 

Wausau, Wis., 4s, 1917-20, 

Wayne County, Ind., 5s, 1911-12, 

Webb City, Mo., 5s, 1913, op. 1908, 

Webster City, la., 4*s, 1923, op. 1913 

Wellston, O., 5s, 1909, 

Wellston, O., 5s, 1910, 

Wellston, O., 5s, 1911-12, 

Wellston, O., 5s, 1913, 

Wellston, O., 5s, 1914-15, 

Wellston, O., 5s, 1916-17, 

Wellston, O., 5s, 1923-24, 

Wellston, O., 5s, 1925, 

Wellston, O., school dist. 4£s, 1909-20, 

Westchester County, N. Y., 4|s, 1962-63, 

W. Des Moines, la., sch. dist. 4s, 1911, op. 1906, 

West Plains, Mo., sch. district 4^s, 1924, op. 1909 

Whatcom County, Wash., 4^s, 1922, op. 1912, 

Wilkesbarre, Pa., school district 4s, 1917—18, 

Wilmington, Del., 4s, 1929, 

Wilmington, Vt., 4£s, 1909, 

Wilmington, Vt., 4£s, 1910-11, . 

Winnebago County, la., 4s, 1909-15, 

Winneshiek County, la., 4s, 1909-12, 

Winooski, Vt., 4s, 1918, op. 1908, 

Woburn, Mass., 4s, 1924-28, 

Wood County, O., 5s, 1909, 

Woodbury County, la., 4s, 1920, op. 1910, 

Worcester, Mass., 4s, 1916, 

Wright County, la., 4^s, 1911, . 

Wright County, la., 4^s, 1912-14, 

Wright County, la., 4^s, 1915-16, 

Wright County, la., 4£s, 1917-18, 

Wyandot County, O., 5s, 1909, 

Wyandotte, Mich., 4£s, 1934, . 

Xenia, O., 4s, 1920, 

Xenia, O., school district 4$s, 1925-27, 

Xenia, O., school district 4£s, 1928-30, 

Yonkers, N. Y., 5$s, 1910, 

Yonkers, N. Y., 4s, 1925, 

Yonkers, N. Y., 4$s, 1916, 

Yonkers, N. Y., 4£s, 1917-20, . 

Yonkers, N. Y., 4£s, 1921-25, . 

Yonkers, N. Y., 4$s, 1926-28, . 

Youngstown, O., school district 4s, 1918—20, 

Zanesville, O., 4s, 1914-15, 

Zanesville, O., school district 4s, 1915, op. 1905, 



Book Value. 

$4,000 00 

4,000 00 

7,000 00 

9,000 00 

10,000 00 

16,000 00 

65,000 00 

12,000 00 

28,000 00 

10,000 00 

6,500 00 

29,000 00 

6,000 00 

6,000 00 

20,000 00 

24,000 00 

32,000 00 

19,000 00 

5,710 00 

13,000 00 

1,000 00 

1,000 00 

2,000 00 

2,000 00 

4,000 00 

4,000 00 

4,000 00 

1,000 00 

12,000 00 

40,000 00 

20,000 00 

10,000 00 

40,000 00 

20,000 00 

50,000 00 

1,600 00 

3,200 00 

7,000 00 

34,000 00 

14,000 00 

15,000 00 

10,000 00 

20,000 00 

30,000 00 

3,000 00 

10,000 00 

9,000 00 

13,000 00 

2,400 00 

40,000 00 

30,000 00 

2,500 00 

8,000 00 

35,000 00 

40,000 00 

1,000 00 

8,000 00 

10,000 00 

6,000 00 

45,000 00 

61,000 00 

50,000 00 



Bate. 

104 

105 

106 

107 

100 

100 

100 

105 

106 

107 

100 

100 

100 

99 
100 

99 
100 
102 
100 
101 
100 
101 
102 
103 
104 
105 
108 
109 
101* 
111 
100 
100 
100 
100 
100 
100 
101 
100 
100 
100 
100 
100 
100 
101 
101 
102 
103 
104 
100 
104 
100 
106 
107 
102 

99 
102 
103 
104 
105 
102 
101 
100 



Market Value. 

$4,160 00 

4,200 00 

7,420 00 

9,630 00 

10,000 00 

16,000 00 

65,000 00 

12,600 00 

29,680 00 

10,700 00 

6,500 00 

29,000 00 

6,000 00 

5,940 00 

20,000 00 

23,760 00 

32,000 00 

19,380 00 

5,710 00 

13,130 00 

1,000 00 

1,010 00 

2,040 00 

2,060 00 

4,160 00 

4,200 00 

4,320 00 

1,090 00 

12,150 00 

44,400 00 

20,000 00 

10,000 00 

40,000 00 

20,000 00 

50,000 00 

1,600 00 

3,232 00 

7,000 00 

34,000 00 

14,000 00 

15,000 00 

10,000 00 

20,000 00 

30,300 00 

3,030 00 

10,200 00 

9,270 00 

13,520 00 

2,400 00 

41,600 00 

30,000 00 

2,650 00 

8,560 00 

35,700 00 

39,600 00 

1,020 00 

8,240 00 

10,400 00 

6,300 00 

45,900 00 

61,610 00 

50,000 00 



$16,418,211 24 



$16,463,555 58 



NEW YORK LIFE INSURANCE CO. 159 



NEW YORK LIFE INSURANCE COMPANY, NEW YORK, N. Y. 

Incorporated 1841. Commenced business 1845. 

Darwin P. Kihgsley, President. ^^BaLlakd, } SeeretaHes - 

Income. 

First year's premiums on original policies, .... $5,424,856 35 

Dividends applied to purchase paid-up additions, . . . 479,212 80 

Consideration for life annuities, ...... 436,221 51 

Consideration for supplementary contracts involving life con- 
tingencies, . 48,821 00 

Total new premiums, . . . $6,389,111 66 

Renewal premiums, less $125,393.77 for reinsurance, . . 71,331,005 25 

Dividends applied to pay renewal premiums, .... 699,996 44 
Surrender values applied to pay renewal premiums, . . . 16,611 55 

Renewal premiums on deferred annuities, .... 22,200 40 

Total renewal premiums, . . . $72,069,813 64 



Total premium income, $78,458,925 30 

Consideration for supplementary contracts not involving life 

contingencies, ......... 272,954 78 

Dividends left with company to accumulate, .... 1,258 65 

Interest on mortgages, ..... $2,363,915 99 

on collateral loans, . 34,861 11 

on bonds, 15,238,937 53 

on premium notes and policy loans, . 4,414,464 94 

on bank deposits, .... 264,222 12 

on other debts, . . . . 2,378 44 

Discount on claims paid in advance, . . 667 18 

Rent, including $267,845.22 for occupancy of 

own buildings, 1,032,739 55 23,352,186 86 



Agents' balances previously charged off, ..... 50,346 35 
Profit on sale or maturity of real estate, $8,375.78; bonds, 

$19,154.35, 27,530 13 

Increase by adjustment in book value of bonds, . . . 196,414 18 

Policy fees, 30,539 29 

Award from city of New York for damages, . . . . 35,125 00 

Doubtful debts recovered, ....... 10,713 75 



Total income, $102,435,994 29 

Ledger assets, Dec. 31, 1907, 503,681,718 38 

Total, $606,117,712 67 

Disbursements. 
Death claims and additions, .... $22,131,290 77 
Matured endowments and additions, . . 6,460,520 57 $28,591,811 34 



Annuities involving life contingencies, ...... 1,739,250 24 

Surrender values paid in cash, ...... 12,801,190 82 

Surrender values applied to pay renewal premiums, . . . 16,611 55 



160 



NEW YORK LIFE INSURANCE CO. 



Dividends paid policy holders in cash, 

applied to pay renewal premiums, . 
applied to purchase paid-up additions, 
left with the company to accumulate, 

Total paid policy holders, .... 

Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, 
Commissions to agents: new policies, $2,434,531.10; renewals, 

$987,740.58; annuities, $12,978.02, .... 
Commuted renewal commissions, ..... 
Salaries and allowances for agencies, .... 
Agency supervision, traveling and other agency expenses, . 
Medical examiners' fees, $238,007.64; and inspections, $62,690.01 
Salaries of officers and home office employees, . 
Rent, including $267,845 . 22 for occupancy of own buildings, 
Advertising, printing, postage, etc., 
Legal expenses, .... 
Furniture and fixtures, . 
Repairs and expenses on real estate, 
Taxes on real estate, 
State taxes on premiums, 
Insurance department licenses and fees, 
All other licenses, fees and taxes, 
Agents' balances charged off, . 
Loss on sale or maturity of ledger assets, 
Decrease by adjustment in book value of ledger assets, 
Paid agents under Nylic contracts, in lieu of renewal commissions 
Doubtful debts charged off, . 
Restaurant, . . ... 

Custody of securities, 
Expenses of trustees' election, 
Department examination, 
Legislative expenses, 
Association of life insurance presidents, 
All other disbursements, 



$4,861,926 56 

699,996 44 

479,212 80 

1,258 65 

$49,191,258 40 

28,994 02 

154,801 80 

3,435,249 70 

82,746 41 

1,630,045 04 

392,222 27 

300,697 65 

1,401,672 08 

545,838 66 

534,867 90 

35,233 37 

86,623 98 

296,506 97 

168,697 83 

788,280 19 

16,849 95 

138,330 08 

7,081 93 

341 69 

242,157 89 

494,882 03 

19,880 82 

37,339 23 

14,993 07 

34,736 02 

18,925 03 

12,710 07 

14,535 32 

45,509 85 



Total disbursements, ..... 

Balance, . . . . 

Ledger Assets. 
Book value of real estate, ..... 
Mortgage loans on real estate, .... 

Loans secured by collateral (San Pedro, Los Angeles & Salt 

1st 4s), 

Loans to policy holders, ..... 

Premium notes on policies in force, 

Book value of bonds (schedule A), . 

Cash in office, ....... 

Cash in company's branch offices, .... 

Deposits in trust companies and banks not on interest, 
Deposits in trust companies and banks on interest, . 
Branch office balances (net), . . . 

Total ledger assets, ..... 



$60,172,009 25 
$545,945,703 42 



Lake 



$12,645,993 
58,706,413 

500,000 

82,631,137 

4,685,504 

377,518,182 

10,085 

113,759 

1,579,417 

7,553,918 

1,291 



97 
36 

00 
09 
35 
19 
54 
16 
61 
45 
70 



$545,945,703 42 






NEW YOKK LIFE INSURANCE CO. 



101 



NonvLedger Assets. 



Interest due and accrued on: 

Mortgages, 

Bonds, 

Collateral loans, 

Premium notes, 

Other assets, 
Rents due and accrued, 



Uncollected premiums, . 
Deferred premiums, 

Total, . 
Deduct loading, . 

Net uncollected and deferred 
premiums, 



New Business. 

.,128,065 49 
500,354 00 

.,628,419 49 
407,104 87 



$485,833 17 

5,294,353 26 

20,000 00 

211,997 20 

34,042 79 

16,620 42 

Renewals. 

54,726,256 10 
4,745,179 00 

59,471,435 10 

2,367,858 78 



1,062,846 84 



,221,314 62 $7,103,576 32 8,324,890 94 



Gross assets, 



$560,333,441 20 



Assets not admitted. 
Branch office debit balances, .... $134,341 02 
Book value of bonds over market value, . . 2,129,367 30 2,263,708 32 

Special deposits, $83,679,133.87; liabilities in off- 
set, $83,679,133.87. 



Admitted assets, 



$558,069,732 88 



Liabilities. 



Net value of all outstanding policies, as computed by the 
Massachusetts Insurance Department on the Actuaries' table 
of mortality, with interest at 4 per cent., and the American 



table, with interest at 3 per cent., 
Deduct net value of risks reinsured, 

Net reserve, .... 

Present value of supplementary contracts not involving life 
contingencies, . . . . . ... 

Surrender values claimable on terminated policies, . 

Death losses in process of adjustment, . . $765,446 13 

Death losses reported, . . . ' . . 1,888,427 63 

Matured endowments due and unpaid, . . 328,881 10 

Death losses and other policy claims resisted, . 231,780 62 

Annuity claims due and unpaid, . . . 141,435 83 



$457,728,680 00 
142,678 00 

$457,586,002 00 



2,319,830 24 
267,687 36 



3,355,971 31 



Supplementary contracts not involving life contingencies due 
and unpaid, ...... 

Dividends left to accumulate and interest thereon, 

Premiums paid in advance, 

Unearned interest and rent paid in advance, 

Commissions to agents due or accrued, 

Miscellaneous accounts due or accrued, . 

Medical examiners' fees due or accrued, . 

Legal fees due or accrued, 

State, county and municipal taxes due or accrued, 



199 38 

1,277 52 

812,888 13 

1,950,242 71 

59,159 82 

161,324 86 

17,502 34 

11,322 69 

762,673 63 



162 



NEW YORK LIFE INSURANCE CO. 



Dividends or other profits due policy holders, . ... . $412,617 76 

Dividends apportioned on annual dividend policies, payable 
during 1909, ... ..... 1,665,027 00 

Dividends apportioned on deferred dividend policies, payable 

during 1909, . # 5,937,878 16 

Held for deferred dividends, payable after 1909, viz. : 

Twenty-year period policies, . . . . $59,472,661 00 
Fifteen-year period policies, . . . 6,266,207 00 
Ten-year period policies, .... 699,422 00 

Five-year period policies, .... 347,841 00 

All other policies, 395,430 00 67,181,561 00 



Due agents under Nylic contracts, ...... 

Reserve for Nylic contracts, ....... 

Additional reserve held by company in excess of Massachusetts 
standard, ... ..... 

Unassigned funds (surplus) , . 



Total liabilities, 



26,770 01 
557,081 00 

5,663,709 25 
. 9,319,006 71 

$558,069,732 88 



Premium Note Account. 



Premium notes on hand Dec. 31, 1907, . . ! 

Received during 1908, old policies, . 
Restored by revival of policies, 

Used in payment of losses and claims, 

in purchase of surrendered policies, . 

in payment of dividends to policy holders, 

Redeemed by maker in cash, .... 

Premium notes on hand Dec. 31, 1908, 

Exhibit of Policies. 



^4,142,391 58 
1,211,103 53 

55,482 44 $5,408,977 55 



55,372 57 

180,637 23 

492 83 

486,970 57 



723,473 20 
t,685,504 35 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



W T hole life, . 
Endowment, 
All other, 
Reversionary additions, 



Whole life, . . 
Endowment, 
All other, 



In Force Dec. 81, 1907. 

Number. Amount. Total No. Total Amount. 

616,537 $1,270,715,177 00 

337,183 627,095,205 00 

40,297 132,535,852 00 

3,849,950 00 994,017 $2,034,196,184 00 



Issued during the Year. 

60,042 $147,931,100 00 
22,519 40,438,300 00 

2,228 8,880,200 00 
540,555 00 



84,789 197,790,155 00 



Old Policies revived. 

1,176 $2,958,600 00 

738 1,434,500 00 

58 119,200 00 

528 00 1,972 



4,512,828 00 



Old Policies increased. 

$3,094,972 00 
3,784,647 00 
6,523,161 00 



- 13,402,780 00 



NEW YORK LIFE INSURANCE CO. 



163 



Whole life, . 
Endowment, 
All other, 



Whole life, . 
Endowment, 
All other, 



Transfers, Deductions. 

Number. Amount. 

$22,143,100 00 

10,167,600 00 

6,062,400 00 



Total No. 



Total Amount. 



10,868 
6,566 
4,119 



21,553 


$38,373,100 00 


Transfers, Additions. 


988' 
539 
20,026 


$671,400 00 

425,100 00 

37,276,600 00 



Total, 



Whole life, . 

Endowment, 

All other, . . . 

Reversionary additions, 



By death, 
maturity, 
expiry, . 
surrender, 
lapse, 
decrease, 

Not taken, . 



21,553 $38,373,100 00 

. . 1,080,778 $2,249,901,947 00 

Terminated during the Year. 

44,392 $118,710,216 00 

24,684 56,366,165 00 

22,197 53,595,057 00 

636,908 00 



91,273 $229,308,346 00 

How terminated. 

9,033 $22,300,900 00 

2,628 6,527,929 00 

20,175 42,271,546 00 

21,749 47,640,191 00 

15,258 35,164,071 00 
15,717,809 00 

22,430 59,685,900 00 



91,273 229,308,346 00 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 



In Force Dec. 81, 1908. 
623,483 $1,284,517,933 00 
329,729 606,643,987 00 
36,293 125,677,556 00 

3,754,125 00 989,505 $2,020,593,601 00 



Schedule A. Bonds owned by the Company. 



Government Bonds. 
Argentine Internal loan 5s, drawings, 
Austrian rentes 4s, perpetual, . 
Austrian Hungarian rentes 4s, perpetual, 
Austrian Kronen rentes 4s, perpetual, 
Brazilian general 5s, drawings, . 
British consols 2£s, 1923, . 
Cape of Good Hope 3|s, 1949, op. 1929, 
French rentes 3s, perpetual, 
French rentes 3s, red. by drawings until 1953, 
French West Africa (gen. govt, of) guar, by French 

Govt. 3s, by drawings until 1957, . 
German Imperial 3s, drawings, . 
German Imperial 3^s, drawings, 
Guadeloupe (Colony of) 4s, by drawings until 

1933, op. 1919, ..... 
Hungarian gold rentes of 1887, 4s, perpetual, 
Hungarian Kronen rentes 4s, perpetual, 



Book Value. 

1,562,964 78 

5,277,731 69 

1,104,945 76 

1,084,599 98 

523,000 94 

5,306,705 79 

49,094 00 

3,818,157 27 

94,232 31 

415,900 12' 

774,154 81 

1,163,072 57 

95,555 84 

102,548 25 

396,788 70 



Bate. 
90 
98 
95 
95 
103 
83 
95 
95 
97 

91 

85 
94 

99 
91 
91 



Market Value. 
1,548,000 00 
4,435,168 36 
1,060,675 00 
1,041,390 00 
542,810 00 
5,231,075 00 

49,400 00 
3,807,109 95 

93,605 00 

423,795 19 

753,264 05 

1,133,566 87 

95,535 00 

91,227 50 

369,460 00 



164 



NEW YORK LIFE INSURANCE CO. 



Italian 3s, 3^s, 3fs, drawings, . 

Japanese New Imperial loan of 1906 5s, by draw^ 

ings until 1936, op. 1911, ■ . 

Madagascar, Colony of, 3s, by drawings until 1962 
Madagascar, Colony of, 2-|s, by draw, until 1957, 
Mexican 4s, by drawings until 1954, . 
Mexican exter. cons, gold 5s, by draw, until 1945 
Mexican internal debt cons. 5s, by drawings, 
New Zealand debentures 4s, 1909, 
New Zealand debentures 4s, 1912, 
New Zealand debentures 4s, 1924, 
Prussian consolidated 3s, drawings, 
Prussian consolidated 3^s, drawings, 
Prussian consolidated 4s, 1918, 
Queensland debentures 3^s, 1950, 
Russian rentes 4s, by drawings, 
Russian Agrarians 4s, drawings, 
Servian State loan 4s, by drawings, 
South Australian cons. 3s, 1916, 
South Australian Treasury 4s, 1912, 
South Australian Treasury Bills 3^s, 1913-14, 
South Australian Treasury Bills 3fs, 1913, 
Spanish Interior 4s, perpetual, . 
Swedish State 3^s, by drawings, 
Swiss loan of 1883 (Cantonal Bank, Berne), 4s, 
Swiss loan of 1897 and 1903, 3s, by drawings, 
Tunisian loan of 1902, 3s, by drawings, 
United States 4s, 1925, . 
Victorian 3s, 1917, .... 
Wurtemberg Shs, by drawings, . 

State, County, and Municipal Bonds. 
Arizona 5s, 1942, op. 1912, 
Atlanta, Ga., 4s, 1923, 
Atlanta, Ga., 4^s, 1916, 
Augsburg, Ger., loan of 1907, 4s, drawings, op. 1915 
Baltimore, Md., 4s, 1955, . 
Berlin, Germany, loan of 1904, 4s, 1939, 
Boston, Mass., 3^s, 1924, . 
Boston, Mass., 3£s, 1934, . 
Boston, Mass., 3|s, 1935-44-45, 
Boston, Mass., 3|s, 1919, . 
Boston, Mass., 4s, 1936, . 
Bremen, Germany, 3£s, 1909, 
Buffalo, N. Y., 3|s, 1909, 
Buffalo, N. Y., 3*s, 1911, 
Buffalo, N. Y., 3*s, 1913-15, . 
Buffalo, N. Y., 3£s, 1917-19, . 
Butler County, O., 4^s, 1921, . 
Butler County, O., 4|s, 1924, . 
Chicago, 111., '4s, 1909-17, 
Chicago, 111., 4s, 1918-24, 
Crefeld, Germany, loan of 1907 4s, by drawings, 
Dallas, Tex., 6s, 1917, 
Dallas, Tex., 5s, 1928, 
Dallas, Tex., 5s, 1931, 
Danzig, Germany, 4s, by drawings, 
Dortmund, Germany, 4s, by drawings, 
Essex County, N. J., 3.65s,' 1915-20, 
Essex County, N. J., 3.65s, 1925, 
Fort Worth, Tex., 6s, 1922, 
Galveston, Tex., 5s, 1923-27, . 
Havana, Cuba, 6s, 1939, . 
Hudson County, N. J., 4s, 1946, 
Jefferson County, Ala., 6s, 1921, 
Jefferson County, Ala., 6s, 1917, 
Jersey City, N. J., 5s, 1916, 
Jersey City, N. J., 5s, 1921, 
Jersey City, N. J., 7s, 1913, 
Lucerne, Switzerland, 4s, by drawings, 
Madison County, Ala., 5s, 1919-29, op. 1909-19, 
Massachusetts 3s, 1915, 
Massachusetts 3s, 1929, 
Massachusetts 3s, 1936-1939, . 



Book Value. 


Rate. 


Market Value. 


£2,071,227 88 


104 


$2,218,484 56 


63,231 82 


89 


70,028 76 


6,222 27 


91 


6,234 87 


2,470 85 


82 


2,532 16 


1,822,271 54 


93 


1,804,200 00 


1,982,718 82 


99 


1,979,658 45 


716,239 55 


97 


709,748 22 


24,332 50 


100 


24,332 50 


24,332 50 


100 


24,332 50 


24,332 50 


100 


24,332 50 


1,611,415 75 


85 


1,569,787 31 


2,465,748 81 


93 


2,305,765 18 


2,350,161 00 


102 


2,427,600 00 


48,292 68 


99 


48,178 35 


388,171 26 


77 


300,685 00 


2,081,439 24 


74 


1,675,138 00 


14,208 95 


75 


15,488 25 


22,865 40 


88 


21,412 60 


3,649 88 


101 


3,686 38 


4,136 53 


99 


4,095 16 


2,189 93 


100 


2,189 92 


123,475 21 


83 


160,190 00 


87,012 36 


95 


87,952 90 


19,842 98 | 


100 
93 


3,860 00 
15,256 65 


68,246 56 


88 


67,936 00 


1,254,560 41 


120 


1,200,000 00 


24,332 50 


90 


21,899 25 


43,735 38 


93 


42,054 60 


15,064 52 


102 


15,300 00 


128,915 41 


99 


130,680 00 


5,047 87 


102 


5,100 00 


237,390 00 


100 


238,000 00 


99,866 70 


108 


108,000 00 


231,895 13 


101 


235,572 40 


101,890 10 


96 


96,000 00 


606,557 89 


95 


570,000 00 


2,622,379 13 


93 


2,419,860 00 


43,084 45 


97 


43,650 00 


1,028,646 32 


103 


1,030,000 00 


117,593 22 


92 


109,480 00 


[ 


100 


16,666 66 


70,007 01 1 


99 

98 


16,499 99 
22,866 65 


I 


97 


12,933 34 


31,143 62 | 


107 
109 


10,700 00 
21,800 00 


1,743,530 47 j 


100 
101 


1,168,000 00 
580,750 00 


293,349 72 


100 


300,118 00 


98,273 88 


111 


105,450 00 


103,302 48 


106 


111,300 00 


243,282 28 


107 


267,500 00 


1,040,282 48 


100 


1,059,100 00 


930,369 51 


100 


952,000 00 


197,000 00 | 


98 
97 


65,660 00 
126,100 00 


200,000 00 


104 


208,000 00 


169,000 00 


99 


167,310 00 


21,464 24 


106 


26,796 59 


504,875 91 


100 


500,000 00 


102,586 27 


112 


112,000 00 


194,163 74 


109 


207,100 00 


791,000 00 | 


105 
107' 


728,700 00 
103,790 00 


39,000 00 


111 


43,290 00 


75,084 07 


100 


75,077 00 


60,000 00 


100 


60,000 00 


f 


97 


194,000 00 


4,903,000 00 \ 


91 


668,850 00 


I 


89 


3,531,520 00 



NEW YORK LIFE INSURANCE CO. 



165 



Book Value. 
$5,447 15 
101,421 28 
.50,189 54 

439,838 92 

393,064 22 
94,056 75 

206,729 07 



Mecklenburg County, N. C, 6s, 1920, 

Memphis, Tenn., 6s, 1915, . 

Middletown, Conn., 4s, 1915, op. 1910, . . 

Milwaukee, Wis., 4s, 1909-12, . . . . ) 

Milwaukee, Wis., 4s, 1913-24, . . . . !- 

Milwaukee, Wis., 4s, 1925-26, . . . . j 
Milwaukee County, Wis., 4s, 1909-25, . . 

Mobile, Ala., 4£s, 1937, 

Montgomery, Ala., 6s, 1918, . ... . ) 

Montgomery, Ala., 6s, 1921, . . . . . [ 
Montgomery, Ala., 6s, 1924, . ... .J 

Montreal, Canada, 4s, 1944, . . ... 101,891 79 

Morris County, N. J., 4s, 1935, 310,000 00 

Nashville, Tenn., 4s, 1919-1924, ... . 756,237 74 

New York, N. Y., 3£s, 1914, . ... . 500,219 68 

New York, N. Y., 3£s, 1929, . . . . ... 1,152,322 45 

New York, N. Y., 3^s, 1942, . . . . . \ no7 010 QQ 

New York, N. Y., 3*s, 1953, . . . . J *W>*u «» 

New York, N. Y., 3£s, 1954, .... 5,077,344 32 

New York, N. Y., 3s, 1924, 400,000 00 

New York, N. Y. (Mor. & West Farms) 7s, 1909-2147, 24,396 50 

New York, N. Y. (Corlear's Hook Pk.), 3*s, 1913, 101,051 22 

New York, N. Y., 3s, 1913, .... 300,000 00 

New York, N. Y., 3s, 1916, . ... . 500,000 00 

North Knoxville, Tenn., 5s, 1919, ... . 100,000 00 

Norwalk, Conn., 3^s, 1918, . . ... 250,000 00 

Ontario (Prov.), Canada, 3£s, 1936, . . . 45,686 85 

Philadelphia, Pa., 3£s, 1934, .... 2,540,361 22 

Quebec, Canada, 3$s, 1933, 64,562 52 

Quebec, Canada, 4^s, 1914, . ... . 50,000 00 

Quebec, Canada, 4£s, 1922, 150,000 00 

Quebec, Canada, 3|s, 1930-31, 604,148 45 

Richmond, Va., 4s, 1925-26, .... 127,517 19 

Rome, Ga., 4$s, 1926, 162,935 30 

Rotterdam, Holland, 4s, bv drawings, . . 395,680 63 

St. Joseph, Mo., school board 4s, 1914, . . 183,693 84 

St. Louis, Mo., 4s, 1928, 507,305 05 

Salt Lake Citv, Utah, school district 5s, 1913, . 50,000 00 

Salt Lake Citv, Utah, 5s, 1914, . ... 297,369 73 

Seattle, Wash., 5s, 1912, . . . . . 499,992 18 

Shelby County, Tenn., 4s, 1955, . . . 509,747 31 

Spokane County, Wash., sch. dist. 6s, 1910, . 90,436 45 

Stockholm, Sweden, 4s, by drawings, . . . 213,257 95 

Toronto, Canada, 3£s, 1913-14, . . . 619,763 56 

West Chicago, 111., 5s, 1910, .... 144,501 59 

Railroad Bonds. 

Adirondack 4-is, 1942, . . . . • . 664,691 44 

Am. Dock & Imp. Co. 5s, 1921, . . . 400,315 68 

Atch., Top. & Santa Fe adjustment 4s, 1995, . 403,370 11 

Atch., Topeka & Santa Fe 4s, 1909, . . . ) 

Atch., Topeka & Santa Fe 4s, 1910-11, . . f 5,835,707 71 

Atch., Topeka & Santa Fe 4s, 1912-14, . . J 

Atch., Top. & Santa Fe (E. Ok. Div.) 4s, 1928, . 438,794 91 

Atch., Topeka & Santa Fe gen. mtge. 4s, 1995, . 3,536,844 59 

Atch., Top. & Santa Fe (Trans. Sh. Line) 4s, 1958, 470,052 97 

Atlantic Coast Line 1st con. mortgage 4s, 1952, . 2,182,041 83 

Atlantic Coast Line (Louis. & Nash, col.) 4s, 1952, 4,682,974 67 

Baltimore & Ohio 4s, 1948, .... 3,926,870 20 

Baltimore & Ohio (P., L. E. & W. Va.) 4s, 1941, . 2,317,778 56 

Baltimore & Ohio prior lien 3$s, 1925, . . 1,018,535 39 

Baltimore & Ohio (So. West. Div.) 3^s, 1925, . 2,626,434 76 

Beech Creek Ext. 3£s, 1951, . . . . 416,622 45 

Big Sandy 4s, 1944, . . .. • . . 215,800 46 

Boston & N. Y. Air Line 4s, 1955, . . . 466,201 17 

Buffalo, N. Y. & Erie 7s, 1916, . . . . 56,424 70 

Buffalo, Rochester & Pitts, con. mtge. 4£s, 1957, . 53,750 00 

Burl., Cedar Rapids & Northern 5s, 1934, . . 1,192,264 13 

Canada Southern 1st mortgage ext. 6s, 1913, . 67,000 00 

Canada Southern 5s, 1913, .... 72,986 02 

Canadian Northern 4s, 1929, .... 956,691 65 

Canadian Northern 4s, 1930, .... 1,946,666 67 

Cedar Rapids, Iowa Falls & No. W. 5s, 1921, . 465,160 31 

Central Pacific 1st reference 4s, 1949, . . 4,925,033 92 



f 



f 



Rate. 

117 

111 

100 

100 

101 

102 

100 

98 

108 

110 

112 

100 

100 

99 

98 

93 

91 

90 

90 

89 

165 

98 

96 

94 

104 

94 

96 

96 

90 

102 

104 

91 

102 

97 

103 

100 

103 

103 

104 

103 

100 

103 

100 

97 

101 

103 
109 

92 
100 

99 

98 

97 
100 

95 

95 

86 
101 

96 

94 

92 

80 

91 
102 
115 
106 
115 
106 
102 

98 
100 
104 

97 



Market Value. 

$5,850 00 
111,000 00 

50,000 00 

160,000 00 

271,690 00 

9,180 00 

382,500 00 

98,000 00 

98,280 00 
104,500 00 

15,680 00 

100,000 00 

310,000 00 

792,000 00 

490,000 00 

1,069,500 00 

364,000 00 

1,440,000 00 

4,500,000 00 

356,000 00 

37,950 00 

98,000 00 
288,000 00 
470,000 00 
104,000 00 
235,000 00 

48,000 00 
2,400,000 00 

63,000 00 

51,000 00 
156,000 00 
568,750 00 
132,600 00 
158,110 00 
407,020 98 
187,000 00 
515,000 00 

51,500 00 
312,000 00 
515,000 00 
500,000 00 

92,700 00 
215,585 95 
615,950 00 
145,440 00 

669,500 00 

436,000 00 

736,000 00 

500,000 00 

1,485,000 00 

3,920,000 00 

485,000 00 

4,000,000 00 

475,000 00 

2,179,300 00 

4,300,000 00 

3,974,350 00 

2,239,680 00 

1,034,000 00 

2,670,760 00 

352,000 00 

227,500 00 

483,480 00 

57,500 00 

53,000 00 

1,265,000 00 

71,020 00 

73,440 00 

953,853 60 

1,946,666 67 

509,600 00 

4,850,000 00 



166 



NEW YORK LIFE INSURANCE CO. 



Central Pacific 3£s, 1929, . . ... 

Central of Georgia equipment 4-^s, 1910, 

Central R.R. & Banking Co., Ga., 5s, 1937, 

Central of New Jersey equipment 4s, 1909, 

Central of New Jersey equipment 4s, 1910-11, 

Central of New Jersey equipment 4s, 1912, . 

Central of New Jersey 5s, 1987, 

Charleston & Savannah 7s, 1936, 

Chesapeake & Ohio equipment 4s, 1909, 

Chesapeake & Ohio equipment 4s, 1910, 

Chesapeake & Ohio equipment 4s, 1911, 

Chesapeake & Ohio 1st consolidated 5s, 1939, 

Chesapeake & Ohio 4-|s, 1992, . 

Chicago & Alton 3s, 1949, 

Chic, Burl. & Quincy (111. Div.) 3^s, 1949, 

Chic, Burl. & Quincy (111. Div.) 4s, 1949, . 

Chicago & Eastern 111. 6s, 1934, 

Chicago & Eastern Illinois 5s, 1937, . 

Chicago, Indiana & Southern 4s, 1956, 

Chicago, Indianapolis & Louisville 5s, 1947, 

Chicago, Indianapolis & Louisville 6s, 1947, 

Chic, Indianap. & St. Lo. Short Line 4s, 1953, 

Chicago, Milwaukee & St. Paul 3£s, 1989, . 

Chic, Mil. & St. Paul (H. & D. Div.) 5s, 1910, 

Chic, Mil. & St. Paul (H. & D. Div.) 7s, 1910, 

Chicago & Northwestern 5s, 1921, 

Chicago & Northwestern 3^s, 1987, 

Chicago & Northwestern 6s, 1929, 

Chicago, Rock Island & Pacific 4s, 1988, 

Chicago & St. Louis 6s, 1915, 

Chicago, St. Paul, Minn. & Om. 6s, 1930, . 

Chicago & Western Indiana 4s, 1952, 

Chicago & Western Indiana 6s, 1932, op. at 105, 

Chinese Eastern guar. Russian Gov. 4, drawings, 

Cin., Hamilton & Dayton 5s, 1942, 

Cin., Indianap., St. Lo. & Chicago 4s, 1936, 

Cin., Sanduskv & Cleveland 5s, 1928, 

Cleve., Cin., Chic & St. Louis 4s, 1993, 

Cleve., Col., Cin. & Inds. 7s, 1914, 

Cleve., Col., Cin. & Inds. 6s, 1934, 

Cleve., Lor. & Wheeling 5s, 1933, 

Colorado & Southern 4s, 1929, . . . 

Consolidated guar. Russian Gov. 4s, drawings, 

Denver & Rio Grande 4s, 1936, 

Denver & Rio Grande 4£s, 1936, 

Detroit & Mackinac gold mort. 4s, 1995, 

Duluth & Iron Range 5s, 1937, .... 

East. Ry. Co., guar, by Fr. gov. 3s, drawings, 

Eastern of Minn. 4s, 1948, 

East Tenn., Virginia & Georgia 5s, 1956, . 

Elgin, Joliet & Eastern 5s, 1941, 

El Paso & Rock Island 5s, 1951, 

Em. Eliz., guar, by Aus. gov. 5f s, draw, until 1946, 

Em. Eliz., guar, by Aus. gov. 5^s, draw, until 1954, 

Em. Eliz., guar, by Aus. gov. 5s, draw, until 1962, 

Erie 7s, 1920, 

Erie (Perm, col.) 4s, 1951, 

Erie general lien 4s, 1996, 

Evansville & Indianapolis 6s, 1924-26, 

Evansville & Terre Haute 6s, 1921, . 

Evansville & Terre Haute 5s, 1942, . 

Flint & Pere Marquette 6s, 1920, 

Florida Southern 4s, 1945, 

Fremont, Elkhorn & Missouri Val. 6s, 1933, 

Georgia Southern & Florida 5s, 1945, 

Greenbrier 4s, 1940, .... 

Hocking Vallev 4^s, 1999, 

Houston, E. & W. Texas 5s, 1933, 

111. Central (Louisville Div. & Term.) 3|s, 1953, 

Illinois Central (Omaha Div.) 3s, 1951, 

Illinois Central (St. L. Div. & Term.) 3^s, 1951, 

Illinois Central (Main Line) 3^s, 1951, 



Book Value. 

$80,325 00 

98,660 15 

905,519 22 

415,338 86 

2,415,402 26 
455,268 53 

248,574 82 

1,110,460 48 

2,999,400 00 

5,111,076 42 

2,040,818 58 

2,600,281 57 

252,365 53 

1,573,119 62 

1,818,117 95 

118,237 87 

260,979 93 

789,521 95 

1,437,440 00 

114,737 19 

534,144 77 

2,034,121 02 

929,100 00 

455,630 01 

522,015 82 

260,900 82 

2,361,307 22 

2,309,927 78 

949,937 87 

42,168 75 

985,873 07 

221,077 33 

588,139 24 

2,894,592 76 

532,767 22 

1,126,239 64 

319,839 18 

468,876 59 

6,816,369 70 

687,340 71 

. 736,759 59 

47,048 28 

57,928 49 

' 997,851 58 

1,739,702 78 

564,842 87 

208,241 34 

420,420 96 

28,716 13 

8,884 78 

52,822 80 

2,894,048 33 

3,299,446 52 

208,391 40 

526,077 53 

320,121 19 

57,358 63 

106,548 02 

96,764 01 

1,209,494 98 

99,473 96 

954,288 59 

2,188,700 00 

218,373 83 

3,083,608 27 

332,047 83 

2,771,319 58 

976,071 64 



Rate. 
89 
99 
107 
100 
99 
98 
128 
127 
100 
99 
98 
115 
105 
79 
92 
103 
130 
115 
95 
109 
128 
98 
92 
101 
102 
107 
93 
110 
100 
109 
129 
98 
112 
67 
90 
99 
108 
98 
112 
125 
110 
97 
83 
97 
101 
90 
114 
88 
96 
112 
108 
102 
114 
107 
105 
124 
86 
75 
111 
111 
102 
113 
94 
132 
108 
93 
106 
100 
89 
78 
89 
92 



Market Value. 

$80,100 00 

99,000 00 

1,070,000 00 

105,000 00 

207,900 00 

102,900 00 

3,072,000 00 

410,210 00 

100,000 00 

99,000 00 

49,000 00 

1,239,700 00 

3,150,000 00 

4,218,600 00 

2,070,000 00 

2,626,500 00 

292,500 00 

1,633,000 00 

1,900,000 00 

117,720 00 

259,840 00 

784,000 00 

1,472,000 00 

116,150 00 

544,680 00 

2,140,000 00 

930,000 00 

463,100 00 

525,000 00 

272,500 00 

2,580,000 00 

2,295,160 00 

1,042,720 00 

28,977 50 

900,000 00 

225,720 00 

617,760 00 

2,940,000 00 

548,800 00 

1,312,500 00 

357,500 00 

485,000 00 

6,715,296 56 

776,000 00 

707,000 00 

72,900 00 

59,280 00 

1,019,040 00 

1,632,000 00 

621,600 00 

199,S00 00 

408,000 00 

27,770 40 

8,688 40 

51,156 00 

3,100,000 00 

3,010,000 00 

194,250 00 

735,930 00 

333,000 00 

76,500 00 

113,000 00 

94,940 00 

1,320,000 00 

108,000 00 

930,000 00 

2,279,000 00 

250,000 00 

2,775,910 00 

325,260 00 

2,517,810 00 

920,000 00 



NEW YORK LIFE INSURANCE CO. 



167 



Illinois Cential ref. mortgage 4s, 1955, 

Ind., Decatur & Western equip. 4s, 1909-10, 

Ind., Decatur & Western equip. 4s, 1911, . 

Indianapolis & St. Louis 7s, 1919, 

Indo-China & Yunnan Ry. 3s, drawings, 

International & Gt. Northern equip. 5s, 1909, 

International & Gt. Northern equip. 5s, 1910, 

International & Gt. Northern equip. 5s, 1911, 

International & Gt. Northern equip. 5s, 1912, 

International & Gt. Northern equip. 5s, 1913, 

International & Gt. Northern 6s, 1919, 

Iowa, Minn. & Northwest. 1st mtge. 3^s, 1935, 

Kanawha & Hocking Coal Co. 5s, 1951, 

Kansas City Cable 5s, 1911, 

Kansas City, Ft. Scott & Memphis 4s, 1936 

Lake Erie & Western 5s, 1941, . 

Lake Shore & Michigan Southern 4s, 1928, 

Lake Shore & Michigan Southern 3-jS, 1997 

Lehigh Valley of New York 4^s, 1940, 

Lehigh Vallev Terminal 5s, 1941, 

Lehigh & Wilkes Barre Coal Co. 4^s, 1910, 

Lehigh & Wilkes Barre Coal Co. 5s, 1912, 

Lerouville-Sedan annuities 5s, drawings, 

Long Dock Co. 6s, 1935, . 

Long Island ref. mortgage 4s, 1949, . . 

Louisiana Western 6s, 1921, 

Louisv. & Nashv. (At., Knox & Cin. Div.) 4s, 1955 

Louisville & Nashville 5s, 1931, 

Louisville & Nashville 4s, 1923, 

Louis. & Nash. (Mob. & Montg.) 4*s, 1945, 

Louisville & Nash. (N. O. & Mob. Div.) 6s, 1930, 

Louisville & Nash. (St. Louis Div.) 6s, 1921 

Louisville & Nashville (Southern) 4s, 1952 

Louisville & Nashville unified 4s, 1940, 

Mahoning Coal 5s, 1934, . 

Manitoba & S. Eastern 4s, 1929, 

Metropolitan St., N. Y., 5s, 1997, 

Michigan Central 3^s, 1952, 

Mich. Cent. (J., Lans. & Sag. Div.) 3+s, 1951, 

Mich. Cent. (Joliet & No. Indiana Div.) 4s, 1957, 

Midland of New Jersev 6s, 1910, 

Milwaukee Elec. Ry. & Lt. Co. 5s, 1926, 

Milwaukee & Northern 6s, 1910, 

Minn., St. Paul & Sault Ste. Marie 4s, 1938 

Minneapolis Union 5s, 1922, 

Mobile & Ohio 1st mortgage 6s, 1927, 

Mobile & Ohio (Montgomery Div.) 5s, 1947 

Mohawk & Malone 3^s, 2002, . 

Montana Central 5s, 1937, 

Morgan's La. & Texas 7s, 1918, 

Mos., Jar. & Arch. Ry. guar. Russ. Gov. 4s, draw., 

Mos., Kaz. Ry. guar. Rus. Gov. 4s, draw, until 1945, 

Mos., Kazan Ry. guar. Rus. Gov. 4s, drawings, 

Mos., Kiew &.Wor. Ry. guar. Rus. Gov. 4s, draw. 

Mos.-Riasan Ry. guar. Rus. Gov. 4s, drawings, 

M., W. & R. Rv. guar. Rus. G. 4s, draw, until 1955 

Nash., Chat. & St. Louis 5s, 1928, 

Nash., Chat. & St. Louis 7s, 1913, 

New England 5s, 1945, 

New England 4s, 1945, 

N. H. & Northampton 4s, 1956, 

New Orleans Terminal 4s, 1953, 

New York Central & Hudson River 4s, 1934, 

New York Central & Hudson River 3*s, 1997, 

N. Y. Cent. & H. R. (L. Shore col.) 3fs, 1998, 

N. Y. Cent. & H. R. (Mich. Cent, col.) 3$s, 1998, 

New York & Harlem 3£s, 2000, 

New York & Jersey 1st mortgage 5s, 1932, 

N. Y., L. E. & W. D. & I. Co. 6s, 1913, . . 

N. Y., N. H. & Hart. (Har. R. & Port.) 4s, 1954, 

New York, Ontario & W. 5s, 1909, . 

New York, Ontario & W. 5s, 1910-11, 



Book Value. 

$487,504 72 

74,290 14 

149,369 39 
3,981 07 

223,736 74 



1,253,050 

433,736 

565,808 

519,805 

167,133 

922,778 

4,865,504 

4,138,707 

806,989 

150,913 

1,757,130 

376,681 

13,266 

1,197,170 

3,304,115 

308,370 

1,221,177 

169,325 

3,377,3S1 

1,032,435 

266,349 

215,664 

2,345,796 

2,791,493 

368,565 

196,081 

1,007,400 

5,122,344 

189,216 

975,255 

320,602 

244,105 

51,080 

2,038,363 

510,752 

123,249 

252,691 

2,478,280 

1,449,760 

822,197 

201,146 

873,652 

430,915 

20,989 

12,116 

855,805 

578,982 

609,305 

641,567 

3,242,621 

995,039 

2,793,232 

2,998,031 

169,739 

1,469,484 

327,160 

4,880,450 

250,000 

1,522,148 

2,220,356 



98 
45 
51 
58 
27 
84 
76 
13 
25 
90 
06 
52 
21 
42 
35 
24 
93 
73 
07 
17 
61 
40 
94 
60 
57 
24 
00 
07 
22 
36 
76 
09 
54 
85 
09 
65 
35 
00 
47 
36 
64 
49 
94 
47 
08 
98 
73 
04 
21 
70 
14 
23 
59 
23 
60 
00 
40 
00 
22 
14 



494,743 78 



Rate. 

100 

98 

95 

124 

83 

99 

98 

97 

96 

95 

111 

92 

98 

99 

84 

104 

95 

95 

107 

117 

100 

100 

112 

127 

97 

105 

95 

109 

97 

102 

123 

111 

85 

101 

113 

98 

88 

92 

91 

100 

102 

101 

102 

99 

100 

121 

111 

• 88 

114 

120 

80 

72 

72 

82 

80 

83 

111 

112 

119 

101 

99 

82 

94 

95 

84 

85 

97 

100 

104 

102 

100 

99 



00 
00 
66 
00 



Market Value. 

$500,000 00 

50,960 00 

21,850 

174,840 

3,924 

49,500 

49,000 00 

48,500 00 

48,000 00 

23,750 00 

1,209,900 00 

460,000 00 

529,200 00 

511,830 00 

168,000 00 

936,000 00 

4,750,000 00 

4,275,000 00 

856,000 00 

175,500 00 

1,765,000 00 

380,000 00 

13,293 84 

1,291,590 00 

3,249,500 00 

315,000 00 

1,327,150 00 

163,500 00 

3,395,000 00 

1,020,000 00 

259,530 00 

204.240 00 
2,154,750 00 
2,801,740 00 

452,000 00 

195,539 99 

880,000 00 

4,716,840 00 

' 196,560 00 

1,000,000 00 

326,400 00 

252,500 00 

51,000 00 

2,009,700 00 

510,000 00 

121,000 00 

244,200 00 

2,464,000 00 

1,413,600 00 

900,000 00 

166,878 40 

824.241 60 
320,328 00 

19,218 75 
9,900 80 
733,916 71 
624,930 00 
612,640 00 
595,000 00 

3,282,500 00 
990,000 00 

2,460,000 00 

2,820,000 00 
185,250 00 

1,502,760 00 
340,000 00 

5,020,720 00 
250,000 00 

■1,560,000 00 

2,261,340 00 
190,000 00 
297,000 00 



168 



NEW YORK LIFE INSURANCE CO. 



New York, Ontario & W. 4s, 1955, . 

New York, Ontario & W. 4s, 1992, . 

New York, Susquehanna & Western 5s, 1937, 

N. Y., Susquehanna & W. Terminal 5s, 1943, 

Nicholas Ry. guar. Russian Gov. 4s, drawings, 

Norfolk & Western 4s, 1996, 

Norfolk & Western 6s, 1931, 

Norfolk & Western-Pocahontas joint 4s, 1941, 

No. Pacific-Gt. No. (C, B. & Q. col.) 4s, 1921, 

No. Pacific (St. P. & Dul. Div.) 4s, 1996, . 

No. Pacific Terminal 6s, 1933, op. at 110, . 

N. Ry. Co., " S. B," guar, by F. G. 3s, draw'gs, 

No. West. Elevated 4s, 1911, op. at 102^, . 

No. West. Gr. Trunk (in Mich.) 6s, 1910, . 

Ohio, Ind. & West. 5s, 1938, . ... 

Oregon R.R. & Navigation 4s, 1946, . 

Oregon Short Line 5s, 1946, 

Oregon Short Line 6s, 1922, 

Orleans-Chalons annuities 5s, drawings, 

Pacific of Missouri 4s, 1938, ... 

P., L. & Med. Ry. guar, by Fr. Gov. 2-|s, drawings 

Pennsylvania Co. 3^s, 1941-44, . . . 

Pennsylvania Co. 3^s, 1916, 

Pennsylvania equipment trust 3^s, 1909, 

Pennsylvania equipment trust 3^s, 1910, 

Pennsylvania equipment trust 3^s, 1911-12, 

Pennsylvania consolidated 4s, 1948, . 

Pennsylvania convertible 3^s, 1915, . 

Pennsylvania car trust 3^s, 1909, 

Phila., Baltimore & Washington 4s, 1943, . 

Pine Creek 6s, 1932, .... 

Pitts., Cin., Chic. & St. Louis 4^s, 1940, 

Pitts., Cin., Chic. & St. Louis 3|s, 1949, 

Pitts., Cin., Chic. & St. Louis 4s, 1953, 

Pitts. & Lake Erie 1st mortgage 6s, 1928, . 

Providence Terminal 4s, 1956, . 

Raleigh & Gaston 5s, 1947, 

Reading Co. (Jersey Cent, col.) 4s, 1951, 

Riasan-Oural'Ry. guar. Russian Gov. 4s, draw'gs. 

Richmond-Washington 4s, 1943, 

Rio Grande June. 5s, 1939, 

Rio Grande Western 4s ; 1949, . . 

Rio Grande Western 4s, 1939, . ... 

Rochester & Pittsburg 6s, 1922, 

Rochester & Pittsburg 6s, 1921, 

Rybinsk Ry., guar. Russian Gov. 4s, drawings, 

St. Lawrence & Adirondack 5s, 1996, 

St. Louis Bridge Co. 7s, 1929, . 

St. Louis, Iron Mt. & Southern 5s, 1931, 

St. Louis, Iron Mt. & So. (R. G. Div.) 4s, 1933, 

St. Louis & San Francisco equip. 4s, 1909-11, 

St. Louis & San Francisco 5s, 1931, . 

St. Louis & San Francisco 6s, 1931, . 

St. Louis & San Francisco 4s, 1951, . 

St. Paul, Minn. & Manitoba 4|s, 1933, 

St. Paul, Minn. & Manitoba 6s, 1933, 

St. Paul, Minn. & Man. (Mont. Ex.) 4s, 1937, 

St. Paul, Minn. & Man. (Pac. Ex.) 4s, 1940, 

St. Paul & N. Pacific 6s, 1923, . 

Santa Fe, Prescott & Phoenix 5s, 1942, 

Savannah, Fla. & Western 6s, 1934, . 

Savannah, Fla. & Western 5s, 1934, . 

Second Avenue, N. Y., 5s, 1948, 

South & North Alabama 5s, 1936, 

South Carolina & Georgia 5s, 1919, 

Southeastern Ry. guar. Russian Gov. 4s, draw'gs, 

Southeastern Ry. guar. Russian Gov. 4s, draw'gs, 

Southern Pacific 4s, 1955, 

Southern Pacific 5s, 1937, 

Southern Pac. of New Mexico 6s, 1911, 

Southern Ry. (E. Tenn. Div.) 5s, 1938, 

Southern Ry. 5s, 1994, 



Book Value. 

$1,663,482 78 

1,547,180 40 

342,502 07 

28,979 17 

90,704 44 

957,629 19 

127,704 7i 

449,794 73 

12,152,207 85 

1,167,369 60 

524.606 11 
515,511 42 
988,992 88 

42,000 00 

306,544 48 

1,380,254 21 

1,153,630 14 

1,128,606 09 

23,845 72 

170,000 00 

407,259 98 

2,970,523 35 

1,393,794 68 

1,984,080 69 

957,743 60 
3,189,692 60 
99,816 99 
1,061,552 03 
1,424,995 54 
1,003,239 63 
1,004,710 73 
2,069,205 72 

199,946 79 
2,569,130 45 

300,000 00 
1,885,839 99 

544,038 33 
3,962,194 37 

126,961 55 
1,661,331 56 

261,647 57 

110,566 88 
75,113 78 

107,313 65 

250,000 00 

364.607 97 
4,409,919 67 

932,030 10 

388,094 95 

351,188 09 

361,431 28 

442,084 94 

1,000,000 00 

1,204,256 38 

552,640 77 

496,448 50 

1,250,916 14 

234,626 00 

543,158 21 

502,425 33 

272,200 27 

442,869 80 

192,168 95 

1,962,272 84 

97,831 28 

1,927,196 80 

170,852 58 

410,185 52 

280,466 24 

7,372,032 00 



Rate. 

93 

99 

102 

114 

87 

98 

127 

90 

98 

100 

113 

89 

91 

100 

100 

99 

114 

119 

122 

98 

79 

91 

98 

100 

99 

98 

104 

95 

100 

100 

122 

109 

94 

100 

124 

100 

107 

97 

80 

101 

105 

81 

95 

121 

119 

80 

110 

133 

112 

89 

98 

109 

120 

86 

110 

132 

101 

100 

121 

108 

125 

109 

82 

110 

102 

80 

80 

95 

110 

102 

104 

107 



Market Value. 
$1,745,610 00 

1,597,860 00 

357,000 00 

28,500 00 

81,519 00 

980,000 00 

127,000 00 

450,000 00 

12,250,000 00 

1,244,000 00 
589,860 00 
515,310 00 
910,000 00 
42,000 00 
300,000 00 

1,351,350 00 

1,140,000 00 

1,156,680 00 

23,899 19 

166,600 00 

409,381 95 

2,748,200 00 

1,382,780 00 
500,000 00 
594,000 00 
882,000 00 

1,040,000 00 

3,063,750 00 
100,000 00 

1,000,000 00 

1,342,000 00 

1,090,000 00 
940,000 00 

1,988,000 00 
199,640 00 

2,600,000 00 
321,000 00 

1,940,000 00 
457,069 40 

4,040,000 00 
119,700 00 

1,453,950 00 
261,250 00 
121,000 00 
83,300 00 
88,821 60 
275,000 00 
363,090 00 

4,468,800 00 
890,000 00 
385,140 00 
381,500 00 
390,000 00 

. 430,000 00 

1,100,000 00 

1,452,000 00 
572,670 00 
500,000 00 

1,452,000 00 
232,200 00 
625,000 00 
545,000 00 
205,000 00 
489,500 00 
215,220 00 

1,624,800 00 
80,824 80 

1,900,000 00 
162,800 00 
408,000 00 
254,800 00 

7,447,200 00 



NORTHWESTERN MUTUAL LIFE INSURANCE CO. 



169 



Southern Ry. (St. L. Div.) 4s, 1951, . 

Southwestern Ry. guar. Russian Gov. 4s, draw'gs, 

Swiss Federal Ry. guar, by Swiss Gov. 3^s, draw., 

Taylor's Falls & L. S. 6s, 1914, 

Terminal of St Louis 5s, 1944, . 

Terminal of St. Louis 4s, 1953, op. 1910, . 

Texas & Pacific (La. Div.) 5s, 1931, . 

Third Avenue, NY., 4s, 2000, . 

Thirty-fourth St. Crosstown, N. Y., 5s, 1996, 

Tol., Can. So. & Det.lst mort. 4s, 1956, . 

Toledo & Ohio Cen.(W. Div.) 5s, 1935, 

Toronto, Ham. & Buffalo 4s, 1946, . 

Union Pacific 4s, 1947, .... 

Union, N. Y., 5s, 1942, .... 

U. S. A., L. & C. I. guar, by Aus. G. 5s, drawings 

Utah & Northern 4s, 1933, 

Vandalia 4s, 1955-1957, .... 

Wabash 1st mortgage 5s, 1939, 

Washington Terminal 3^s, 1945, 

West Algerian guar, by French Gov. 3s, draw'gs 

Western Transit 3£s, 1923, 

West Shore 4s, 2361, .... 

Wilmar & S. F. 5s, 1938, .... 

Wladikawkas Ry. guar. Russian Gov. 4s, draw'gs, 

Miscellaneous Bonds. 
Brooklyn Union Gas Light Co. 5s, 1945, 
Commercial Cable Co. 4s, 2397, 
Consumers Gas Light Co., Chicago, 111., 5s, 1936, 
Credit Foncier de France, loan of 1883, 3s, draw. 
Flatbush (N. Y.) Water Works Co. 6s, 1911, 
International Mer. Marine col. tr. 4^s, 1922, 
Kansas City, Mo., Gas Light Co. 5s, 1922, . 
Mut. Fuel Gas Co. 5s, 1947, 
Paterson & Passaic Gas & Elec. Co. 5s, 1949, 
People's Gas Lt. & Coke Co., Chicago, 6s, 1943, 
Provident Loan Society of N. Y. 4-^s, 1921, 
St. Paul, Minn., Gas Light Co. 6s, 1918, 
St. Paul, Minn., Gas Light Co. 5s, 1944, 
St. Paul, Minn., Gas Light Co. 6s, 1915, 
Sundav Creek Co. col. trust 5s, 1944, 
Western Union Tel. Co. 5s, 1938, 
Western Union Tel. Co. 4$s, 1950, 



Book Value. 
£2,468,098 91 
12,042 73 
74,749 83 

210,800 90 

331,763 16 
4,037,187 43 

796,116 75 
1,115,470 60 

170,415 00 
1,276,063 73 

248,968 85 

493,927 62 

3,114,447 09 

49,766 65 

176,851 91 
1,812,074 10 
2,287,466 59 

259,286 05 
1,491,301 18 

492,444 98 

98,249 17 

1,344,360 45 

481,844 32 
3,211,533 27 

528,381 56 

93,786 38 

160,137 95 

20,136 77 

19,938 29 

2,155,520 00 

245,664 22 

118,033 52 

509,243 89 

115,621 43 

190,672 27 

196,097 43 

385,918 29 

202,513 96 

445 98 

429,161 70 

922,292 24 



$377,518,182 19 



Rate. 
85 
80 
97 

100 

115 
96 

107 
70 
77 
96 

106 
88 

103 
92 

118 

100 
99 

113 
93 
86 
80 

103 

116 
86 

105 
87 

103 
87 

100 
76 
95 

101 

102 

120 
94 

106 
97 

107 
72 
98 
96 



Market Value. 

52,125,000 00 

9,450 00 

74,884 00 

210,000 00 

327,750 00 

3,840,000 00 

809,990 00 

1,855,000 00 

134,750 00 

1,248,000 00 

265,000 00 

440,000 00 

3,399,000 00 

46,000 00 

167,678 00 

1,877,000 00 

2,227,500 00 

282,500 00 

1,441,500 00 

497,940 00 

83,200 00 

1,379,170 00 

580,000 00 

2,822,616 32 

525,000 00 

87,000 00 

154,500 00 

20,149 20 

20,000 00 

2,432,000 00 

237,500 00 

126,250 00 

510,000 00 

120,000 00 

188,000 00 

212,000 00 

460,750 00 

214,000 00 

97,200 00 

432,180 00 

864,000 00 



$375,388,814 89 



NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY, 

MILWAUKEE, WIS. 

Incorporated March, 1857. Commenced business Nov. 25, 1858. 

George C. Markham, President. A. S. Hathaway, Secretary. 

Income. 
First year's premiums on original policies, .... 

Dividends applied to purchase paid-up additions, 
Consideration for life annuities, ...... 

Consideration for supplementary contracts involving life con- 
tingencies, ..... 

Total new premiums, 
Renewal premiums, . . 

Dividends applied to pay renewal premiums, 
Renewal premiums on deferred annuities, 
Total renewal premiums, 



$4,688,859 38 



$30,606,187 39 



$3,457,622 29 

1,092,207 11 

137,699 79 

1,330 19 

26,210,102 78 

4,393,890 95 

2,193 66 



Total premium income, . . . . . . $35,295,046 77 

Consideration for supplementary contracts not involving life 

contingencies, 167,989 14 



170 - 



NORTHWE STERN MUTUAL LIFE INSURANCE CO. 



Dividends left with company to accumulate, 
Interest on mortgages, .... 

on bonds, .... 

on premium notes and policy loans, 

on bank deposits, 

on other debts, 
Discount on claims paid in advance, 
Rent, including $55,696.66 for occupancy 
own buildings, ..... 



of 



41 

55,831,533 36 
3,131,117 85 
1,619,250 98 
. 46,576 64 
249,398 80 
14,206 14 

244,750 18 11,136,833 95 



Profit on sale or maturity of real estate, $29,258.84; bonds, 

$1,965.35, . 

Increase by adjustment in book value of bonds, 
Profit and loss, . . . . . . . 



Total income, ..... 

Ledger assets, Dec. 31, 1907, .... 

Total, 

Disbursements. 
Death claims and additions, .... 
Matured endowments and additions, 

Annuities involving life contingencies, 

Premium notes voided by lapse, 

Surrender values paid in cash, 

Dividends paid policy holders in cash, 

applied to pay renewal premiums, . 
applied to purchase paid-up additions, 
left with the company to accumulate, 

Total paid policy holders, 
Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, . 
Commissions to agents: new policies, $1,479,407.90; renewals 
$2,052,406.93; annuities, $491.85, .... 

Salaries and allowances for agencies, . ... 

Agency supervision, traveling and other agency expenses, . 
Medical examiners' fees, $177,965.53 ; and inspections, $18,315 . 80 
Salaries of officers and home office employees, . 
Rent, including $55,696.66 for occupancy of own buildings, 
Advertising, printing, postage, etc., .... 

Legal expenses, . . . 

Furniture and fixtures, ....... 

Repairs and expenses on real estate, .... 

Taxes on real estate, . . . . 

State taxes on premiums, ...... 

Insurance department licenses and fees, . 

All other licenses, fees and taxes, ..... 

Decrease by adjustment in book value of ledger assets, 
Loan expenses, ........ 

All other disbursements, ...... 



31,224 19 

34,422 23 

759 31 

$46,667,164 00 
229,749,766 83 

$276,416,930 83 



J8,674,491 36 

1,966,469 27 $10,640,960 63 



72,381 82 
8,198 39 
6,798,004 22 
3,941,146 28 
4,393,890 95 
1,092,207 11 
41 



Total disbursements, 
Balance, 



$26,947,677 81 

3,975 17 

158,221 99 

3,532,306 68 

6,166 62 

1,699 00 

196,281 33 

690,379 61 

62,648 76 

234,370 98 

3,674 47 

11,249 93 

100,030 80 

51,145 17 

385,668 32 

23,310 35 

400,636 53 

148,455 61 

159,859 15 

1,563 83 

$33,119,322 11 



$243,297,608 72 



NORTHWESTERN MUTUAL LIFE INSURANCE CO. 



171 



Ledger Assets. 
Book value of real estate, 
Mortgage loans on real estate, 
Loans to policy holders, 
Premium notes on policies in force, 
Book value of bonds (schedule A), . 
Cash in office, .... 
Deposits in trust companies and banks on interest, 



Total ledger assets, 



Non-Ledger Assets. 



Interest due and accrued on: 

Mortgages, 

Bonds, 

Premium notes, 
Rents accrued, 



Uncollected premiums, . 
Deferred premiums, 

Total, . . . . 

Deduct loading, 

Net uncollected and deferred 
premiums, 



$2,112,626 68 

129,213,585 24 

33,440,200 51 

533,804 13 

74,814,688 95 

104,665 41 

3,078,037 80 



$243,297,608 72 



51,884,368 13 
1,093,496 26 
1,063,361 11 

14,553 76 4,055,779 26 



New Business. 

$262,543 46 
269,681 00 

$532,224 46 
117,089 38 



Renewals. 

$1,404,108 04 
1,670,120 00 

$3,074,228 04 
676,330 17 



$415,135 08 $2,397,897 87 2,813,032 95 



Gross assets, 



$250,166,420 93 



Assets not admitted. 

Book value of bonds over market value, . . $1,951,178 95 

Special deposits, less $106,066 liability thereon, 13,934 00 1,965,112 95 



Admitted assets, 



$248,201,307 98 



Liabilities. 
Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the Actuaries' table of 
mortality, with interest at 4 per cent., and the American 



table, with interest at 3 per cent., 



$210,920,863 00 



Present value of supplementary contracts not involving life 

contingencies, ......... 1,270,245 00 

Surrender values claimable on terminated policies, . . . 5,948 34 

Death losses due and unpaid, ... $67,464 03 

in process of adjustment, . . 196,364 74 

reported, . . . ' . . 206,621 49 

Matured endowments due and unpaid, . . 140,317 96 

Death losses and other policy claims resisted, . 123,698 46 

Annuity claims due and unpaid, . . . 568 80 735,035 48 



Supplementary contracts not involving life contingencies due 
and unpaid, ......... 

Dividends left to accumulate and interest thereon, 
Premiums paid in advance, . . . ... 

Unearned interest and rent paid in advance, .... 



2,167 20 

903 66 

37,380 28 

679 93 



172 



NORTHWESTERN MUTUAL LIFE INSURANCE CO. 



Commissions to agents due or accrued, ..... $82,787 88 

Miscellaneous accounts due or accrued, . . . . . 18,707 84 

Medical examiners' and legal fees due or accrued, . . . 49,810 75 

State, county and municipal taxes due or accrued, . . . 256,622 56 

Dividends or other profits due policy holders, .... 699,411 56 

Dividends apportioned on annual dividend policies, payable 

during 1909, . . . . . . . . . 6,520,551 27 

Dividends apportioned on deferred dividend policies, payable 

during 1909, 3,979,448 73 

Held for deferred dividends, payable after 1909, viz.: 
Twenty-year period policies, . . . $15,905,057 00 

Fifteen-year period policies, . . . 855,658 00 

Ten-year period policies, . . . . 86,285 00 16,847,000 00 



Unassigned funds (surplus), 



Total liabilities, 



. 6,773,744 50 

$248,201,307 98 



Premium Note Account. 



Premium notes on hand Dec. 31, 1907, . . $365,876 02 

Received during 1908, old policies, . . . 409,029 01 

Restored by revival of policies, . . . 3,646 52 

Used in payment of losses and claims, . . $14,861 91 

Used in purchase of surrendered policies, . . 25,006 69 

Voided by lapse, 11,844 91 

Used in payment of dividends to policy holders, 77,542 87 

Redeemed by maker in cash, .... 115,491 04 

Premium notes on hand Dec. 31, 1908, .... 

Exhibit of Policies. 



Total No. 



,551 55 



Whole life, . 
Endowment, 
All other, 
Reversionary 


additions, 
additions, 
additions, 


In Force Dec. 31, 1907. 

Number . Amount . 

236,258 $576,684,000 00 

97,469 211,008,395 00 

30,024 90,830,774 00 

- 11,786,423 00 


Whole life, . 
Endowment, 
All other, 
Reversionary 


Issued during the Year. 

27,738 $77,075,858 00 

6,045 12,770,296 00 

9,821 36,275,296 00 

2,843,377 00 


Whole life, . 
Endowment, 
All other, 
Reversionary 


Old Policies revived. 

335 $875,378 00 

110 196,660 00 

137 500,600 00 

301 00 


Whole life, . 
Endowment, 
All other, 


Old Policies increased. 

208 

33 

101 



244,747 42 
$533,804 13 



Total Amount. 



363,751 $890,309,592 00 



43,604 128,964,827 00 



582 1,572,939 00 



342 



NORTHWESTERN MUTUAL LIFE INSURANCE CO. 



173 



Whole life, . 
Endowment, 
All other, 



Whole life, . 
Endowment, 
All other, 



Transfers, Deductions. 

Number. Amount. 

1,099 $2,289,787 00 

694 1,186,138 00 

1,218 3,555,908 00 



Total No. 



Total Amount. 



3,011 $7,031,833 00 

Transfers, Additions. 
1,248 $3,705,265 00 



Total, 



Whole life, . 
Endowment, 
All other, 
Reversionary 



additions, 



321 
1,442 


917,973 00 
2,408,595 00 


3,011 


$7,031,833 00 


Terminated 

14,295 

5,788 
3,389 


. 408,279 

during the Year. 

$39,886,970 00 

14,301,821 00 

11,931,480 00 

1,715,467 00 





23,472 


$67,835,738 00 








How terminated. 






By death, 


3,172 


$8,605,435 00 






maturity, 


875 


2,036,308 00 






expiry, . 


127 


1,571,422 00 






surrender, 


7,263 


17,533,035 00 






lapse, 


7,848 


17,912,760 00 






decrease, 


- 


3,481,410 00 






Not taken, . 


4,187 


16,695,368 00 


23,472 


67,835,738 00 




In Force Dec. SI, 1908. 






Whole life, . 


250,393 $616,163,744 00 






Endowment, 


97,496 


209,405,365 00 






All other, 


36,918 


114 527,877 00 






Reversionary additio 


ns, - 


12,914,634 00 


384,807 $953,011,620 00 



Schedule A. Bonds owned by the Company. 



Government Bonds. Book Value. 

United States 4s, 1925, $126,66146 

State, County and Municipal Bonds. 

Albion, Mich., 5s, 1919, 53,897 07 

Allen County, Ind., 4s, 1910, 

Allen County, Ind., 4s, 1911-15, 

Allen County, Ind., 4s, 1916-21, . . . \ 343,220 93 ■ 

Allen County, Ind., 4s, 1923-30, 

Allen County, Ind., 4s, 1931-35, 

Anderson County, Kan., 5s, 1911-31, . . . 115,271 47 

Arapahoe County, Col., 4Js, 1920, op. 1910, . 75,147 89. 

Athens County, O., 5s, 1930, 

Athens County, O., 5s, 1931-32, 

Athens County, O., 5s, 1933-35, . . . \ 113,788 60 

Athens County, O., 5s, 1936-38, . . . [ 

Athens County, O., 5s, 1939, . . . . .J 

Atlantic City, N. J., 4£s, 1926, .... 105,145 57 



Rate. 
120 

106 

100 

99 

98 

97 

96 

100 

94 

114 

115 

116 

117 

118 

104 



Market Value. 
$120,000 00 

53,000 00 

10,000 00 

52,470 00 

69,580 00 

86,330 00 

104,640 00 

106,000 00 

70,500 00 

11,400 00 

23,000 00 

34,800 00 

35,100 00 

11,800 00 

104,000 00 



174 



NORTHWESTERN MUTUAL LIFE INSURANCE CO. 



Bay County, Mich., 5s, 1909, 

Bay County, Mich., 4s, 1922-1927, . 

Beatrice, Neb., 6s, 1909, . 

Beatrice, Neb., 5s, 1911, . 

Berkley, Va., 6s, 1926, 

Blackford County, Ind., 5s, 1909, 

Blackford County, Ind., 5s, 1910, 

Blackford County, Ind., 5s, 1911-12, 

Blackford County, Ind., 5s, 1913, 

Blackford County, Ind., 5s, 1914-15, 

Buncombe County, N. C., 4^s, 1935, . 

Canton Union school district 5s, 1909, 

Canton Union school district 5s, 1910-11, 

Canton Union school district 5s, 1912-14, 

Canton Union school district 5s, 1915, 

Cedar Rapids, la., 4s, 1909-19, 

Cerro Gordo County, la., 3£s, 1910, op. 1905 

Chatham County, N. O, 5s, 1915, 

Chatham County, N. C, 5s, 1916-17, 

Chatham County, N. O, 5s, 1918-19, 

Chatham County, N. O, 5s, 1920-21, 

Chatham County, N. C, 5s, 1922-24, 

Clay County, Minn., 5s, 1915, 

Colorado 4s, 1922, op. 1912, 

Davidson Countv, Tenn., 5s, 1913, 

Dayton, O., 5s, 1912, 

Dayton, O., 5s, 1913, 

Dayton, O., 5s, 1914, 

Dayton, O., 5s, 1909, 

Dearborn County, Ind., 5s, 1915, 

Deerfield Twp., Lake County, 111.. 4s, 1909-16, 

Dodge County, Ga., 5s, 1917-20, 

Dodge County, Ga., 5s, 1921-23, 

Dodge County, Ga., 5s, 1924-28, 

Dodge County, Ga., 5s, 1929-33, 

Dodge County, Ga., 5s, 1934-36, 

Duluth, Minn., 5s, 1924, . 

El Paso, Tex., school 5s, 1947, op. 1927, 

Evanston, 111., 4s, 1910-18, 

Frankfort, Ind., 5s, 1909, 

Frankfort, Ind., 5s, 1910, 

Franklin, Tenn., 4^s, 1935, op. 1925, 

Freeport, 111., 5s, 1918, 

Galveston, Tex., 5s, 1931, op. 1911, 

Gaston County, N. C, 4s, 1935, 

Greene County, Ind., 4£s, 1915, op. 1905, 

Greenfield, Ind., 6s, 1909, 

Greenfield, Ind., 6s, 1910, 

Greenfield, Ind., 6s, 1911, 

Greenfield, Ind., 6s, 1912, 

Greenfield, Ind., 6s, 1913, 

Greenfield, Ind., 6s, 1914, 

Hale County, Ala., 4£s, 1927, . 

Hamblen County, Tenn., 5s, 1925, op. 1905 

Hamilton, O., 5s, 1914-15, 

Hamilton, O., 5s, 1916, . 

Hamilton, O., 5s, 1917, 

Hamilton, O., 5s, 1918, . 

Hancock County, Ind., 4-§-s, 1909-10, 

Hancock County, Ind., 4-Js, 1916, 

Henrico County, Va., 5s, 1936, . 

Jasper County, Ind., 4is, 1921-1926, op. 1911 

Jasper County, Ind., 4-Js, 1927, 

Jasper County, Ind., 4^s, 1932, 

Jasper County, Ind., 4^s, 1920, 

Jeffersonville, Ind., 5s, 1922, 

Jennings County, Ind., 5s, 1909, 

Jennings County, Ind., 5s, 1910-11, 

Jennings County, Ind., 5s, 1912-14, 

Jennings County, Ind., 5s, 1915-16, 

Jennings County, Ind., 5s, 1917-20, 

Jennings County, Ind., 5s, 1921-23, 

Jennings County, Ind., 5s, 1924, 



Book Value. 


Rate. 


Market Value. 


$39,176 18 


100 


$39,000 00 


46,000 00 


100 


46,000 00 


50,000 00 


100 


50,000 00 


13,000 00 


100 


13,000 00 


25,000 00 


103 


25,750 00 




f 100 


10,000 00 




101 


10,100 00 


76,833 52 


102 


20,400 00 




103 


15,450 00 




104 


20,800 00 


20,626 75 


100 


20,000 00 




f 100 


2,000 00 


14,000 00 < 


101 
102 


4,040 00 
6,120 00 




103 


2,060 00 


63,744 33 


100 


63,000 00 


9,987 52 


99 


9,900 00 




f 104 


2,080 00 




105 


4,200 00 


21,179 46- 


106 


4,240 00 




107 


4,280 00 




108 


6,480 00 


40,000 00 


104 


41,600 00 


189,916 84 


98 


184,240 00 


102,224 55 


104 


104,000 00 




f 104 


26,000 00 


46,380 60- 


105 


19,950 00 




106 


1,060 00 


3,006 61 


101 


3,030 00 


24,000 00 


104 


24,960 00 


16,091 20 


100 


16,000 00 




r 104 


12,480 00 




105 


11,550 00 


106,432 52 < 


106 


23,320 00 




107 


33,170 00 




108 


25,920 00 


160,172 05 


108 


162,000 00 


25,500 00 


100 


24,000 00 


35,228 52 


100 


35,000 00 


6,000 00. 


r ioo 

l 101 


3,000 00 
3,030 00 


67,304 37 


100 


65,000 00 


25,788 87 


107 


25,680 00 


49,654 88 


98 


49,000 00 


100,000 00 


91 


91,000 00 


20,000 00 


100 


20,000 00 




101 


2,020 00 




102 


2,040 00 


14,000 00 < 


104 
105 


3,120 00 
3,150 00 




106 


3,180 00 




107 


1,070 00 


30,746 55 


97 


29,100 00 


13,500 00 


100 


13,500 00 




r 106 

107 
108 


21,200 00 


52,108 60 < 


10,700 00 
10,800 00 




109 


10,900 00 


28,000 00 < 


100 
101 


18,000 00 
10,100 00 


54,796 62 


108 


54,000 00 


83,120 62 


101 


83,325 00 


31,709 63 < 


103 
104 


15,450 00 
15,600 00 


15,730 30 


102 


15,300 00 


78,884 39 


105 


77,175 00 




100 


2,500 00 




101 


5,050 00 




102 


7,650 00 


41,682 77- 


103 


5,150 00 




104 


10,400 00 




105 


7,875 00 




106 


2,650 00 



NORTHWESTERN MUTUAL LIFE INSURANCE CO, 



175 



Kansas City, Kan., 5s, 1913, op. 1908, 

Kansas City, Kan., 5^s, 1910, . 

Kansas City, Kan., 5^s, 1911, . 

Kearney, Neb., 5s, 1926, op. 1911, 

Kenton, O., 6s, 1909, 

Kenton, O., 6s, 1910, 

Kenton, O., 6s, 1911, 

Kenton, O., 6s, 1912, 

Kenton, O., 6s, 1913, 

Kenton, O., 6s, 1914, 

Kenton, O., 6s, 1915, 

Knox County, Tenn., 5s, 1911, . 

Knox County, Tenn., 5s, 1916, . 

Knox County, Tenn., 5s, 1921, . 

Knox County, Tenn., 5s, 1926, . 

Las Animas County, Col., 5s, 1914, op. 1904, 

Lebanon Village, O., 5s, 1914-15, 

Lebanon Village, O., 5s, 1916-17, 

Lebanon Village, O., 5s, 1918-19, 

Lebanon Village, O., 5s, 1920-21, 

Lebanon Village, O., 5s, 1922, . 

Lorain County, O., 4s, 1909-12, 

Lorain County, O., 4s, 1913-16, 

Lyon County, la., 4^-s, 1909, 

Lyon County, la., 4^s, 1910, 

Madison County, Ala., 5s, 1920, 

Madison County, Ky., 4^s, 1909-18, 

Mahoning County, O., 4^s, 1909, 

Mahoning County, O., 4^s, 1910-11, 

Mahoning County, O., 4fs, 1912-14, 

Mahoning County, O., 4-Js, 1915-16, 

Mahoning County, O., 4^s, 1917, 

Manchester, Va., 5s, 1928, op. 1904, 

Marion County, Kan., 5£s, 1920, op. 1910, 

McCracken County, Ky., 5s, 1933, op. 1923 

Menominee, Mich., 5s, 1915, 

Milwaukee, Wis., 4s, 1909, 

Montgomery County, Ala., 5s, 1935, op. 1915-34, 

Morgan County, Ga., 4^s, 1916-20, 

Morgan County, Ga., 4-|s, 1921-30, 

Morgan County, Ga., 4^s, 1931-35, 

Morrison County, Minn., 5s, 1915, 

Nashville, Tenn., 4^s, 1916, op. 1906, 

Nashville, Tenn., 4±s, 1923, 

Neenah, Wis., 5s, 1913, . 

Newark Twp., Licking County, O., 5s, 1909, 

Newark Twp., Licking County, O., 5s, 1910, 

Newark Twp., Licking County, O., 5s, 1911, 

New York, N. Y., 4^s, 1957, 

Omaha, Neb., school district 5s, 1912, 

Ottawa, 111., 4£s, 1909-10, 

Ottawa, 111., 4i S , 1911-12, 

Ottawa, 111., 5s, 1914, 

Ottawa, Kan., 4^s, 1919-31, 

Ottumwa, la., 4£s, 1917, op. 1912-14, 

Ottumwa, la., 4^-s, 1917, op. 1915, 

Owen County, Ky., 5s, 1917, op. 1912, 

Owen County, Ky., 5s, 1927, op. 1922, 

Owen County, Ky., 5s, 1937, op. 1927, 

Paris, 111., Union school district 5s, 1909, 

Paris, 111., Union school district 5s, 1910-11, 

Paris, 111., Union school district 5s, 1912-14, 

Paris, 111., Union school district 5s, 1915-16, 

Parkersburg, W. Va., 5s, 1914, . 

Pierce County, Wash., 5s, 1925, op. 1915, 

Pittsylvania County, Va., 6s, 1916, 

Pulaski County, Ind., 5s, 1909, 

Red Wing, Minn., 5s, 1909, 

Red Wing, Minn., 5s, 1910-11, 

Red Wing, Minn., 5s, 1912, 

Red Wing, Minn., 5s, 1913, 

Richmond County, N. C, 5s, 1935, 

Richmond, Va., 4s, 1929, . 



Book Value. 
$25,000 00 

100,000 00 

46,630 81 



17,500 00 

186,880 78 { 
119,500 00 

30,000 00 

69,766 35 

45,167 54 

22,500 00 
57,039 05 

142,804 24 



32,500 00 
43,522 25 

108,254 21 
45,307 56 
54,000 00 

108,915 88 

42,601 72 

25,000 00 
100,000 00 
103,192 27 

20,000 00 

8,000 00 

723,107 71 
34,000 00 

12,000 00 

61,889 58 
40,611 32 

35,000 00 
109,684 61 



r 



8,000 00 

28,000 00 

279,686 08. 

62,029 30 

40,000 00 

24,000 00 

27,751 70 
100,000 00 



f 



Rate. 

100 

102 

103 

100 

101 

103 

105 

106 

108 

110 

111 

102 

105 

107 

109 

100 

104 

105 

106 

107 

108 

100 

101 

100 

101 

100 

100 

100 

101 

102 

103 

104 

100 

101 

100 

103 

100 

101 

102 

103 

104 

104 

100 

104 

103 

100 

101 

102 

112 

103 

100 

101 

104 

100 

102 

103 

102 

102 

110 

100 

101 

102 

103 

102 

104 

107 

101 

100 

101 

102 

103 

108 

102 



00 
00 
00 
00 
00 
00 



Market Value. 

§525,000 00 

51,000 00 

51,500 00 

46,000 00 

2,525 00 

2,575 

2,625 

2,650 

2,700 

2,750 

2,775 

35,700 00 

42,000 00 

48,150 00 

59,950 00 

119,500 00 

4,680 00 

6,825 00 

8,480 00 

8,560 00 

3,240 00 

34,000 00 

35,350 00 

20,000 00 

25,250 00 

22,500 00 

55,000 00 

5,000 00 

30,300 00 

45,900 00 

36,050 00 

26,000 00 

32,500 00 

43,430 00 

100,000 00 

45,320 00 

54,000 00 

101,000 00 

5,100 00 

20,600 00 

15,600 00 

26,000 00 

100,000 00 

104,000 00 

20,600 00 

3,000 00 

3,030 00 

2,040 00 

728,000 00 

35,020 00 

6,000 00 

6,060 00 

62,400 00 

40,000 00 

30,600 00 

5,150 00 

25,500 00 

25,500 00 

55,000 00 

1,000 00 

2,020 00 

3,060 00 

2,060 00 

28,560 00 

278,720 00 

61,525 00 

40,400 00 

5,000 00 

10,100 00 

5,100 00 

4,120 00 

27,000 00 

102,000 00 



176 



NORTHWESTERN MUTUAL LIFE INSURANCE CO. 



Riverside, 111., 4|s, 1917, op. 1907, 

Rush County, Ind., 5s, 1909, 

Rush County, Ind., 5s, 1910, 

Rush County, Ind., 5s, 1911-12, 

Rush County, Ind., 5s, 1913, 

Rush County, Ind., 5s, 1914-15, 

Rush County, Ind., 5s, 1916, 

San Antonio, Tex., 6s, 1931, op. 1921, 

San Antonio, Tex., 4£s, 1946, op. 1926, 

Seattle, Wash., 5s, 1915, . 

Seymour, Ind., 5s, 1909, . 

Seymour, Ind., 5s, 1910, . 

Spokane, Wash., 6s, 1911, 

St. Croix County, Wis., 5s, 1909, 

St. Croix County, Wis., 5s, 1910, 

St. Croix County, Wis., 5s, 1911, 

St. Croix County, Wis., 5s, 1912, 

Steubenville, O., 5s, 1909, 

Steubenville, O., 5s, 1910, 

St. Louis Co., Minn., 5s, 1923, op. 1913, 

Tipton County, Ind., 5s, 1909, . 

Tipton County, Ind., 5s, 1914, . 

Tipton County, Ind., 5s, 1919, . 

Tipton County, Ind., 5s, 1924, . 

Tuscola, 111., 5s, 1911, op. 1901, 

Utah 4s, 1916, 

Utah 5s, 1912, 

Vincennes, Ind., 5s, 1909, 

Vincennes, Ind., 5s, 1910, 

Vincennes, Ind., 5s, 1911, 

Vincennes, Ind., 5s, 1912, 

Vincennes, Ind., 5s, 1913-14, 

Vincennes, Ind., 5s, 1915, 

Vincennes, Ind., 5s, 1916-17, 

Waco, Tex., 4s, 1930, 

Waco, Tex., 5s, 1921, 

Waco, Tex., 6s, 1912, 

Wapello County, la., 4|s, 1909, 

Washington County, Neb., 5s, 1910, 

Waupun, Wis., 5s, 1909-12, 

Wayne County, Ind., 4-|s, 1914-15, 

Wayne County, Ind., 4£s, 1916, 

West Chicago, 111., 5s, 1911, 

West Chicago, 111., 5s, 1915, 

West Chicago, 111., 5s, 1917, 

White County, Ind., 4^s, 1913-15, 

Wichita, Kan., 4£s, 1919-36, . 

Williamson County, III., 4|s, 1909, 

Williamson County, 111., 4£s, 1910-11, 

Williamson County, 111., 4^s, 1912-14, 

Winston, N. C, 5s, 1924, . 

Woodford County, Ky., 4s, 1909, 

Woodford County, Ky., 4s, 1910-11, 

Woodford County, Ky., 4s, 1912-14, 

Woodford County, Ky., 4s, 1915-18, 

Wyandotte County, Kan., 5s, 1919, op. 1909, 

Railroad Bonds. 
Atch., Top. & Santa Fe gen. mort. 4s, 1995, 
Atch., Top. & Santa Fe (E. Ok. Div.) 4s, 1928, 
Atlantic Citv 5s, 1919, .... 
Atlantic & Danville 4s, 1948, . 
Central of Georgia (Chatt. Div.) 4s, 1951, . 
Central Pacific 1st ref. mortgage 4s, 1949, . 
Central Pacific Through Short Lines 4s, 1954, 
Chesapeake & Ohio 1st con. mortgage 5s, 1939, 
Chicago & Erie 5s, 1982, . 

Chic, Mil. & St. Paul (C. & P. W. Div.) 5s, 1921, 
Chic, Mil. & St. Paul (C. & Mo. R. Div.) 5s, 1926, 
Chic, Mil. & St. Paul (La C. & D. Div.) 5s, 1919, 
Chic, Mil. & St. Paul (M. Pt. Div.) 5s, 1910, 
Chic, Mil. & St. Paul (So. Minn. Div.) 6s, 1910, 



Book Value. 
$16,000 00 



81,872 37 



12,000 00 
102,636 59 
315,095 74 

5,000 00 

521,413 75 

20,000 00 

10,000 00 
51,165 52 

85,353 86 

4,000 00 

72,244 13 

216,523 14 



18,000 00 



47,243 72 
30,000 00 
43,038 81 

7,016 34 
76,016 83 

7,000 00 

\ 61,273 96 [ 

78,044 50 

230,524 28 

163,625 20 

14,000 00 

36,137 77 

| 30,000 00 | 

60,000 00 

25,174 09 

94,000 00 

2,982,067 04 

1,821,399 49 

227,077 34 

538,799 92 

667,499 26 

3,301,227 37 

588,264 68 

1,287,160 50 

1,186,734 39 

2,193,857 98 

375,378 70 

200,042 17 

274,105 84 

115,372 27 



Rate. 
100 
100 
101 
102 
103 
104 
105 
108 
93 
105 
100 
101 
104 
100 
101 
102 
103 
100 
101 
102 
100 
104 
106 
109 
100 
100 
103 
100 
101 
102 
103 
104 
105 
106 
95 
106 
105 
100 
101 
100 
101 
102 
102 
106 
107 
101 
100 
100 
101 
102 
102 
100 
99 
98 
97 
100 

100 
97 

108 
90 
90 
97 
93 

115 

115 

110 

112 

108 

101 

102 



00 
00 
00 
00 



00 
00 
00 
00 
00 
00 



Market Value. 
$16,000 00 
10,000 00 
10,100 00 
20,400 00 
10,300 00 
20,800 00 
10,500 00 
12,960 00 
93,000 00 
315,000 00 

2,500 00 

2,525 00 
520,000 00 

5,000 00 

5,050 00 

5,100 

5,150 

5,000 

5,050 
51,000 00 

7,000 00 
10,400 00 
31,800 00 
35,970 00 

4,000 00 

71,000 00 

214,240 00 

2,000 00 

2,020 

2,040 

2,060 

4,160 

2,100 

4,240 
46,550 00 
31,800 00 
43,050 00 

7,000 00 
76,760 00 

7,000 00 
40,400 00 
20,400 00 
79,560 00 
239,560 00 
171,200 00 
14,140 00 
35,000 00 

5,000 00 
10,100 00 
15,300 00 
61,200 00 

2,500 00 

4,950 00 

7,350 00 

9,700 00 
94,000 00 

3,000,000 00 

1,843,000 00 

226,800 00 

522,000 00 

648,000 00 

3,249,500 00 

558,000 00 

1,299,500 00 

1,150,000 00 

2,145,000 00 

361,760 00 

194,400 00 

271,690 00 

115,260 00 



NORTHWESTERN MUTUAL LIFE INSURANCE CO. 



177 



Chic, Mil. & St. Paul (Has. & Dak. Div.) 7s, 1910, 

Chic, St. Lo. & New O. (Memph. Div.) 4s, 1951, 

Cincinnati, Dayton & Chicago 4s, 1942, 

Cincinnati, Findlay & Ft. Wayne 4s, 1923, 

Cincinnati, Indianapolis & Western 4s, 1953, 

Cleveland, Akron & Columbus 5s, 1927, 

C, C, C. & St. L. (C, Vin. & Chic) 4s, 1939, 

C, C, C. & St. L. (C, W. & Mich.) 4s, 1991, 

Cleveland, Lorain & Wheeling 5s, 1933, 

Dakota & Great Southern 5s, 1916, . 

Denver & Rio Grande 4s, 1936, 

Denver & Rio Grande 4^s, 1936, 

Des Moines & Fort Dodge 4s, 1935, . 

Detroit, Grand Rapids & Western 4s, 1946, 

Elgin, Joliet & Eastern 5s, 1941, 

Erie prior lien 4s, 1996, .... 

Flint & Pere Mar. (Pt. Huron Div.) 5s, 1939, 

Gulf & Ship Island 5s, 1952, 

Illinois Cent. (Louis. Div. &Term.) mtg. 3£s, 1953 

Indiana, Decatur & Western 5s, 1935, 

Indiana, Illinois & Iowa 4s, 1950, 

Iowa Central 5s, 1938, 

Iowa, Minnesota & Northwestern 3-js, 1935, 

Kentucky Central 4s, 1987, 

Lake Erie & Western 5s, 1937, . 

Lehigh Valley of New York 4^s, 1940, 

Lehigh Valley Terminal 5s, 1941, 

Louisville, Henderson & St. Louis 5s, 1946, 

Louisville & Nashville unified 4s, 1940, 

Milwaukee & Northern 6s, 1910, 

Minneapolis & St. Louis 4s, 1949, 

Minn., St. Paul & Sault Ste. Marie 4s, 1938, 

Missouri, Kansas & Texas 1st mort. 4s, 1990, 

New York, Chicago & St. Louis 4s, 1937, 

New York, Ontario & Western 4s, 1992, 

Norfolk & Western 4s, 1996, 

Northern Ohio 5s, 1945, . 

Northern Pacific 4s, 1997, 

Northern Pacific (St. Paul-Duluth Div.) 4s, 1996, 

Oregon R.R. & Navigation 4s, 1946, . 

Peoria & Eastern 4s, 1940, 

Pere Marquette of Indiana 4s, 1943, . 

Rutland 4^s, 1941, .... 

Seaboard Air Line (Atl.-Birm. Div.) 4s, 1933, 

Sherman, Shreveport & Southern 5s, 1943, 

South Bound 5s, 1941, . . • . 

Southern 5s, 1994, . . . 

St. Louis, Iron Mt. & Southern 5s, 1931, 

St. Louis, Iron Mt. & So. (R. & G. Div.) 4s, 1933, 

St. Louis, Memphis & Southeastern 4-Js, 1909, 

St. Paul, Minn. & Man. (Dak. Ext.) 6s, 1910, 

St. Paul, Minneapolis & Manitoba 6s, 1909, 

Texas & Oklahoma 5s, 1943, 

Texas & Pacific 1st mortgage 5s, 2000, 

Toledo, St. Louis & Western 3£s, 1925, 

Union Pacific 4s, 1947, 

Union Pacific 4s, 2008, 

Wabash (Des Moines Div.) 4s, 1939, . 

Wabash (Omaha Division) 3^-s, 1941, 

Wabash (Toledo & Chicago Div.) 4s, 1941, 

Wisconsin Central 4s, 1949, 



Book Value. 

$525,866 38 

887,318 54 
504,255 20 
426,874 21 

1,401,186 87 
157,954 35 

118,106 28 

21,377 24 

523,105 21 

248,486 34 

1,209,044 34 

341,727 35 

309,007 05 

. 294,296 49 

743,309 00 

1,950,360 08 

271,862 68 

205,768 41 

1,221,927 07 

199,640 06 

546,999 32 

1,260,833 58 

315,132 62 

178,192 48 

750,659 16 

627,127 88 

1,135,844 35 

447,474 01 

2,162,026 31 

735,158 85 

1,837,307 89 

963,017 35 

485,981 49 

813,671 18 

1,937,306 07 

1,929,677 58 

691,051 07 

1,019,774 72 

1,077,174 59 

198,465 77 

1,311,447 04 

189,630 82 

654,956 35 

259,329 62 

575,298 65 

316,936 44 

2,478,933 96 

1,924,327 12 

2,277,968 98 

797,524 35 

252,539 47 

82,123 50 

197,082 90 

425,231 27 

1,579,176 78 

2.544.620 82 
289,500 00 
837,141 99 
830,752 76 

1,105,303 38 

1.002.621 58 



Rate. 

102 

100 

79 

80 

70 

107 

95 

94 

110 

106 

97 

101 

90 

90 

108 

89 

107 

98 

89 

94 

98 

109 

92 

97 

113 

107 

117 

110 

101 

102 

84 

99 

99 

101 

99 

98 

110 

103 

100 

99 

92 

90 

100 

81 

105 

105 

107 

112 

89 

100 

103 

102 

107 

117 

91 

103 

97 

87 

79 

90 

90 



Market Value. 

$520,200 00 

839,000 00 

414,750 00 

362,400 00 

1,014,300 00 
149,800 00 
114,950 00 
20,680 00 
510,400 00 
244,860 00 

1,192,130 00 
324,210 00 
283,500 00 
270,000 00 
708,480 00 

1,780,000 00 
267,500 00 
196,000 00 

1,157,000 00 
172,020 00 
539,000 00 

1,249,140 00 
322,000 00 
175,570 00 
728,850 00 
632,370 00 

1,184,040 00 
440,000 00 

2,194,730 00 
728,280 00 

1,599,360 00 
990,000 00 
495,000 00 
796,890 00 

1,881,000 00 

1,960,000 00 
654,500 00 

1,030,000 00 

1,116,000 00 
198,000 00 

1,230,040 00 
180,000 00 
620,000 00 
243,000 00 
588,000 00 
315,000 00 

2,300,500 00 

1,960,000 00' 

2,180,500 00 
800,000 00 
251,320 00 
82,620 00 
214,000 00 
409,500 00 

1,646,190 00 

2,575,000 00 
291,000 00 
759,510 00 
769,460 00 

1,017,900 00 
999,000 00 



$74,814,688 95 



$72,863,510 00 



178 



THE PENN MUTUAL LIFE INSURANCE CO. 



THE PENN MUTUAL LIFE INSURANCE COMPANY, 
PHILADELPHIA, PA. 

Incorporated Feb. 24, 1847. Commenced business May 25, 1847. 

George K. Johnson, President. John Humphreys, Secretary. 

Income. 

First year's premiums, less $18,653 . 93 for reinsurance, 



Surrender values applied to pay first year's premiums, 

Total first year's premiums on original policies, . 
Dividends applied to purchase paid-up additions, 
Surrender values applied for paid-up insurance, 
Consideration for life annuities, ..... 
Consideration for supplementary contracts involving life con 
tingencies, ........ 

Total new premiums, .... $2,274,600 
Renewal premiums, less $66,995.51 for reinsurance, . 
Dividends applied to pay renewal premiums, . 
Surrender values applied to pay renewal premiums, . 
Renewal premiums on deferred annuities, 

Total renewal premiums, . . . $13,945,951 



21 



41 



$1,629,882 38 
2,162 05 

$1,632,044 43 
125,527 41 
238,362 86 
272,437 04 

6,228 47 

12,795,919 39 

1,120,430 64 

20,564 24 

9,037 14 



Total premium income, ...... $16,220,551 62 

Consideration for supplementary contracts not involving life 

contingencies, 280,828 58 

Interest on mortgages, ..... $1,931,427 29 

on collateral loans, .... 97,834 44 

on bonds and dividends on stocks, . 1,605,600 36 " 

on premium notes and policy loans, . 732,196 08 

on bank deposits, .... 31,949 36 

on other debts, .... 15,608 05 

Discount on claims paid in advance, . . 3,312 64 

Rent, including $47,800 for occupancy of own 

buildings, ....... 



148,621 90 4,566,550 12 



Agents' balances previously charged off, . 

Profit on sale or maturity of real estate, $500 ; bonds, 

Bonuses on mortgage and collateral loans, 

All other sources, . . . . 

Total income, ..... 

Ledger assets, Dec. 31, 1907, .... 



,045.65, 



Total, 

Disbursements. 
Death claims and additions, .... 
Matured endowments and additions, 



118 20 
30,545 65 

12,738 47 
546 66 

$21,111,879 30 
. 89,065,678 35 



$110,177,557 65 



$4,317,447 38 
1,185,029 98 $5,502,477 36 



Annuities involving life contingencies, 

Premium notes voided by lapse, 

Surrender values paid in cash, 

applied to pay new premiums, 
applied to pay renewal premiums, 
applied to purchase paid-up insurance, 



266,774 07 

65,790 56 

1,433,507 95 

2,162 05 

20,564 24 

238,362 86 



THE PENN MUTUAL LIFE INSURANCE CO. 



179 



Dividends paid policy holders in cash, 

applied to pay renewal premiums, . 
applied to purchase paid-up additions, 

Total paid policy holders, .... 

Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, 
Commissions to agents: new policies, $726,380.58; renewals, 
$ $859,095.70; annuities, $12,868.83, .... 
Commuted renewal commissions, ..... 
Salaries and allowances for agencies, .... 
Agency supervision, traveling and other agency expenses, . 
Medical examiners' fees, $112,405.05; and inspections 

$12,002.54, 

Salaries of officers and home office employees, . 

Rent, including $47,800 for occupancy of own buildings, . 

Advertising, printing, postage, etc., 

Legal expenses, . . . 

Furniture and fixtures, . 

Repairs and expenses on real estate, 

Taxes on real estate, * . 

State taxes on premiums, 

Insurance department licenses and fees, 

All other licenses, fees and taxes, . 

Agents' balances charged off, . 

Loss on sale of real estate, 

Decrease by adjustment in book value of bonds, 

All other disbursements, .... 

Total disbursements, 

Balance, ...... 

Ledger Assets. 
Book value of real estate, 
Mortgage loans on real estate, 
Loans secured by collateral (schedule A), 
Loans to policy holders, .... 

Premium notes on policies in force, 

Book value of bonds and stocks (schedule B), . 

Cash in office, ...... 

Deposits in trust companies and banks on interest, 
Agents' balances (net), ..... 

Bills receivable, ...... 

Temporary notes taken for premiums, 



. $237,797 


25 


. 1,120,430 


64 


125,527 


41 


. $9,013,394 39 


6,062 


77 


167,329 


79 


. 1,598,345 


11 


46,697 


92 


108,768 


26 


11,783 


76 


! 124,407 


59 


349,153 


54 


121,623 


83 


106,154 


73 


10,939 


93 


9,821 


81 


68,841 


10 


30,120 


05 


233,183 


67 


14,175 


76 


224,887 


18 


7,846 


70 


165 


00 


494,153 


30 


56,769 


13 



$12,804,625 32 
$97,372,932 33 



Total ledger assets, 



$2,155,708 22 

39,345,534 93 

2,426,892 56 

12,727,957 00 

1,991,548 61 

37,741,097 78 

5,862 30 

566,453 11 

10,649 65 

297,738 73 

103,489 44 

$97,372,932 33 



Non-Ledger Assets. 



Interest due and accrued on: 

Mortgages, . . . 

Bonds, 

Collateral loans, 

Premium notes, 

Other assets, 
Rents due and accrued, 



$621,576 05 

570,740 59 

22,330 50 

4,799 55 

2,454 23 

2,057 11 



1,223,958 03 



180 THE PENN MUTUAL LIFE INSURANCE CO. 

New Business. Renewals. 

Uncollected premiums, . . $436,566 01 $1,190,447 73 

Deferred premiums, . . 133,458 14 1,039,700 79 



Total, .... $570,024 15 $2,230,148 52 
Deduct loading, . . . 120,845 12 472,791 49 



Net uncollected and deferred 

premiums, . . . $449,179 03 $1,757,357 03 $2,206,536 06 



Consideration for annuities, . . . . . . . 5,135 83 

Secured profits on real estate, ...... 2,950 00 



Gross assets, $100,811,512 25 

Assets not admitted. 

Agents' debit balances, $10,745 21 

Bills receivable, 297,738 73 

Temporary notes taken for premiums, . . 103,489 44 

Book value of stocks and bonds over market, . 258,139 19 670,112 57 



Admitted assets, . . . . . . . $100,141,399 68 

Liabilities. 

Net value of all outstanding policies, as computed by the 
Massachusetts Insurance Department on the Actuaries' table 
of mortality, with interest at 4 per cent., and the American 
table, with interest at 3^- and 3 per cent., . . . $81,417,455 00 

Deduct net value of risks reinsured, . . . . . 123,079 00 



Net reserve, $81,294,376 00 

Present value of supplementary contracts not involving life 

contingencies, ......... 1,796,522 00 

Death losses in process of adjustment, . . $448,440 68 

Matured credits awaiting proof, . . . 31,252 00 

Death losses and other policy claims resisted, . 7,510 00 487,202 68 

Premiums paid in advance, ....... 50,468 72 

Unearned interest and rent paid in advance, .... 433,299 98 

Commissions to agents due or accrued, ..... 31,533 87 

Medical examiners' and legal fees due or accrued, . . . 11,683 00 

State, county and municipal taxes due or accrued, . . . 515,501 79 

Dividends or other profits due policy holders, .... 230,590 06 

Dividends apportioned on annual dividend policies, payable 

during 1909, . . 2,600,000 00 

Dividends apportioned on deferred dividend policies, payable 

during 1909, 243,130 44 

Held for deferred dividends, payable after 1909, viz.: 
Twenty-year period policies, . . . $4,882,588 43 

Life rate endowment, .... 520,528 52 

All other policies, 1,215,410 40 6,618,527 35 

Trust deposits, 6,562 00 

Special 3^ per cent, reserve held by the company, . . . 1,905,640 00 

Unassigned funds (surplus), ....... 3,916,361 79 

Total liabilities, $100,141,399 68 



THE PENN MUTUAL LIFE INSURANCE CO. 



181 



Premium Note Account. 

Premium notes on hand Dec. 31, 1907, . . $1,624,236 09 

Received during 1908, new policies, $18,439.70; 

old policies, $645,279.26, .... 663,71896 

Restored by revival of policies, . . . 7,218 11 $2,295,173 16 



Used in payment of losses and claims, 
Used in purchase of surrendered policies, 
Voided by lapse, ..... 
Used in payment of dividends to policy holders 
Redeemed by maker in cash, . 



Premium notes on hand Dec. 31, 1908, 

Exhibit of Policies. 



,352 64 
47,108 67 
73,008 67 
77,613 55 
43,541 02 



303,624 55 
$1,991,548 61 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 



In Force Dec. 31, 1907. 

Number. Amount. Total No. Total Amount. 

99,584 $232,604,833 00 

41,351 84,429,249 00 

34,838 116,689,878 00 

1,568,461 00 175,773 $435,292,421 00 





Issued during the Year. 






Whole life, . 
Endowment, 
All other, 


10,694 $31,652,581 00 
2,979 7,673,645 00 
8,139 37,255,366 00 

Old Policies revived. 


21,812 


76,581,592 00 


Whole life, . 

Endowment, 

All other, 

Reversionary additions, 


786 $1,643,413 00 

361 518,721 00 

3,409 7,366,919 00 

204,981 00 


4,556 


9,734,034 00 




Old Policies increased. 




Whole life, . 
Endowment, 
All other, 


128 $392,454 00 

90 311,132 00 

470 1,461,933 00 


688 


2,165,519 00 




Transfers, Deductions. 




Whole life, . 
Endowment, 
All other, 


128 $392,454 00 

90 311,132 00 

470 1,461,933 00 







Whole life, . 
Endowment, 
All other, 



Total, 



688 $2,165,519 00 

Transfers, Additions. 

544 $1,711,245 00 
68 152,726 00 

76 301,548 00 



688 $2,165,519 00 



202,829 $523,773,566 00 



182 



THE PENN MUTUAL LIFE INSURANCE CO. 



Terminated during the Year. 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 


Number. 

8,555 
4,120 
9,615 


Amount. 

$23,461,428 00 

9,206,971 00 

32,832,545 00 

112,438 00 


Total No. 


Total Amount 



By death, 
maturity, 
expiry, . 
surrender, 
lapse, 
decrease, 

Not taken, . 



22,290 $65,613,382 00 

How terminated. 

1,605 $4,387,748 00 

512 1,195,398 00 

1,390 3,546,266 00 

3,932 9,493,685 00 

9,499 25,583,256 00 

728 3,186,558 00 

4,624 18,220,471 00 



22,290 $65,613,382 00 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



In Force Dec. 81, 1908. 

103,053 $244,150,644 00 

40,639 83,567,370 00 

36,847 128,781,166 00 

1,661,004 00 



180,539 $458,160,184 00 



Schedule A. Securities held as Collateral. 

Company's 
Market Value. 
$27,500 00 
26,000 00 
40,000 00 
45,600 00 
4,250 00 
14,700 00 
6,880 00 
4,600 00 
28,000 00 
5,000 00 
4,940 00 
4,600 00 
9,300 00 
5,000 00 
9,650 00 
4,650 00 
2,610 00 
2,610 00 
4,280 00 
5,050 00 
10,000 00 
5,000 00 
22,500 00 ] 
160,000 00 
40,000 00 !• 
247,500 00 
11,700 00 
34,800 00 
19,350 00 
24,180 00 
12,500 00 
4,700 00 
13,130 00 
5,820 00 
2,060 00 
17,000 00 J 



200 shares Camden Horse R.R. Co., 
2,000 " Camden & Suburban Ry. Co., . 

400 " Middletown, Highspire & Steelton St. Ry. Co., 

600 " Lehigh Valley R.R. Co., 
St. Louis Transit Co. Improvement 5s, 1924, 
Union Electric Light & Power Co. 5s, 1933, 
St. Louis & San Francisco R.R. Co. 4s, 1951, 
Pennsylvania Coal & Coke Co. 5s, 1932, 
Baltimore Electric Co. 5s, 1947, ... 

Penn Mutual Life Insurance Co. 5s, 

38 shares Douglas County Bank, Alexandria, Minn., 

200 " Norfolk & Portsmouth Traction Co., 

100 " United Gas Improvement Co., 

200 " Philadelphia Rapid Transit Co., 

100 " Lehigh Coal & Navigation Co., 
Fairmount & Clarksburg Traction Co. 5s, 1938, . 
Fort Wayne & Wabash Valley Traction Co. 5s, 1934, 
St. Louis, Iron Mt. & Southern Ry. Co. 4s, 1929, 
Lehigh Valley R.R. Co. of New York 4£s, 1940, . 
Georgia Ry. & Electric Co. 5s, 1932, . 
Connecticut Ry. & Lighting Co. 4s, 1951, . 
North Springfield Water Co. 1st mortgage 5s, 1928, 

225 shares Indianapolis & Northwest. Trac. Co., preferred 
4,000 " Terre Haute, Indianapolis & E. Trac. Co., pref., 
4,000 " Terre Haute, Indianapolis & E. Trac. Co., com., 
Terre Haute, Indianapolis & Eastern Traction Co. 5s, 1932, 
Indianapolis & Martinsville Rapid Transit Co. 5s, 1932, 
2,900 shares Philadelphia Electric Co., 
iv.200 " Lehigh Coal & Navigation Co. trust cert., 
FT 260 " United Gas Improvement Co., 
.1500 " Philadelphia Rapid Transit Co., 
FU00 " Reading Co., 2d preferred, 
North East Pennsylvania R.R. Co. 5s, 1920, 
Philadelphia Co. 5s, 1951, .... 

Pitts., McKeesport & Connellsville Ry. Co. 5s, 1931, 
Consolidated Gas, Elec. Light & Power Co. (Bait.) 4£s, 1935, 



Loaned 
Thereon. 

$40,000 00 
25,000 00 

50,000 00 

5,000 00 
25,000 00 

5,000 00 
2,880 00 



30,000 00 



19,000 00 



184,000 00 



100,000 00 



THE PENN MUTUAL LIFE INSURANCE CO. 



183 



100 shares American Woolen Co., common, 

100 " United Gas Improvement Co., 
1,700 " Philadelphia Electric Co., 

120 " Guarantee Trust Co., Atlantic City, N. J. 

120 " Guarantee Trust Co., Atlantic City, N. J. 
Chicago, Rock Island & Pacific Ry. Co. 4s, 1934, 

489 shares United Gas Improvement Co., 

500 " Union Traction Co., 
Union Passenger Ry. Co. (Philadelphia) 5s, 1911, 
45 shares United Gas Improvement Co., 

500 " Lehigh Valley R.R. Co., 
1,000 " Philadelphia Rapid Transit Co., 

Kansas City Viaduct & Terminal Ry. Co. 4^s, 1934, 

Missouri Pacific Ry. Co. 4s, 1945, 

Western Maryland R.R. Co. 4s, 1952, 

Lake Shore & Michigan Southern Ry. Co. 4s, 1928, 

Central Branch Ry. Co. 4s, 1919, 

Pennsylvania R.R. Co. convertible 3^s, 1915, 

St. Louis & San Francisco R.R. Co. col. trust 5s, 1911, 

St. Louis & San Francisco R.R. Co., notes, 4^s, 1912, 

Chicago, Milwaukee & St. Paul Ry. Co. 3^s, 1989, 

4,500 shares American Snuff Co., preferred, 

2,250 shares American Iron & Steel Mfg. Co., preferred, 

Phcenix Gas & Electric Co. 5s, 1951, . 

200 shares Union Traction Co., 

100 " Union Traction Co., 
50 " United Gas Improvement Co., 
United Rys. 4s, trust certificates of 1949, . 
Union Traction Co. of Indiana 5s, 1919, 
Omaha & Council Bluffs St. Ry. Co. 5s, 1928, 
United States Steel Corporation 5s, 1963, . 
Retsof Mining Co. 5s, 1925, . . . . 

2,000 shares Newark Consolidated Gas Co., 

200 " United Gas Improvement Co., 
Philadelphia Co. 5s, 1951, 
Lehigh Valley Transit Co. 5s, 1935, . 

50 shares "Norfolk & Western R.R. Co., common, 

500 " Philadelphia Rapid Transit Co., 

870 " United Gas Improvement Co., 

400 " Lehigh Valley R.R. Co., 

500 " Philadelphia Rapid Transit Co., 

300 " Lehigh Valley R.R. Co., 

800 " Lehigh Valley R.R. Co., 
37 " Interborough-Metropolitan Co., preferred, 

200 " Philadelphia Electric Co., 

260 " United Gas Improvement Co., 

500 " Philadelphia Electric Co., 
Lehigh Valley Transit Co. 4s, 1935, . 
1,750 shares Westinghouse Air Brake Co., . 
Mortgages assigned, ..... 



Company's 
Market Value. 
$3,000 00 

9,300 00 
20,400 00 j 
26,400 00 
26,400 00 
63,700 00 
41,477 00 
25,750 00 

5,000 00 

4,185 00 
38,000 00 
25,000 00 

87,780 00 

3,900 00 

35,690 00 

4,750 00 

9,000 00 

9,500 00 

9,500 00 

1,960 00 

138,000 00 

423,000 00 

106,875 00 

89,200 00 

10,300 

5,150 

4,650 

3,800 
10,010 

7,920 

4,080 

4,620 

186,000 

18,600 

2,910 

8,640 

4,300 
12,500 
80,910 
30,400 
12,500 
22,800 
60,800 

1,702 

2,400 
24,180 

6,000 

1,600 
196,000 
853,800 



00 

00 

00 

00 

00 

00 

00 

00 J 

00 

00 

00 

00 j 

00 

00 

00 

00 J 

00 

00 

00 

00 

00 

00 J 

00 1 

00 / 

00 

00 



Loaned 
Thereon. 

$25,000 00 

10,000 00 

9,000 00 

50,000 00 

40,000 00 



50,000 00 

67,912 56 
6,300 00, 



50,000 00> 



150,000 00' 

67,500 00 

45,000 0O 

22,500 00 

6,000 00 

9,000 00 



15,000 00 

100,000 00 
25,000 00 

100,000 00 

25,000 00 
50,000 00 

19,000 00 

5,000 00 

140,000 00 
853,800 00 

$3,669,799 00 $2,426,892 56 



Schedule B. Stocks and Bonds owned by the Company. 



475 
700 
100 

1,000 
800 

1,000 
250 

76 

222 
500 
332 



Railroad Stocks. 
shares Chic. City Ry. Underwr. Syndicate, 
" Cleveland & Pittsburgh, 
" Frankford & So. Phila. City Pas., 
" Grand Rapids & Indiana, 
" Midland Valley, 
" Philadelphia Traction Co., 
" Pitts., Fort Wayne & Chicago, 
Bank Stocks. 
shares Bank of North America, Phila., 

Miscellaneous Stocks. 
shares Cramp & Sons, Wm., 
" Delaware Insurance Co., 
" Lake Superior Corporation, 



Book Value. 

$95,800 00 

64,750 00 

42,158 00 

5,000 00 

95,980 37 
46,250 00 

10,168 00 



18,718 75 



Rate. 
185 

176 

780 
50 

182 
175 

287 

12 

230 

16 



Market Value. 

$87,875 00 

61,600 00 

39,000 00 

50,000 00 

91,000 00 
43,750 00 

21,812 00 

2,664 00 

11,500 00 

5,312 00, 



184 



THE PENN MUTUAL LIFE INSURANCE CO. 



550 shares New York Dock Co., preferred, 
50^ " New York Dock Co., common, 

State, County and Municipal Bonds. 
Abington, Pa., 4$s, 1924, .... 
Abington, Pa., school dist. 4s, 1936, op. 1911, 
Altoona, Pa., 4s, 1936, op. 1911, 
Atlantic City, N. J., 5s, 1925, . 
Austin, Tex., 4% certs, of beneficial int., series A 
Birmingham, Ala., 5s, 1938, 
Cape May, N. J., 4£s, 1922, 
Charleroi, Pa., school district 4-^s, 1914-34, 
Chel'h'm Tp., Mont. Co., Pa., 4^s, 1915, op. 1910 
Chester, Pa., 4s, 1937, op. 1917, 
Chester, Pa., common school 4s, 1914, 
Du Bois, Pa., 4|s, 1927, op. 1909-20, 
Durham, N. C, 6s, 1921, op., . 
Fernandina. Fla., 6s, 1909, 
Glenolden, Pa., 4s, 1934, op. 1914, 
Greensburg, Pa., Improvement 4s, 1938, 
Harrisburg, Pa., 4s, 1926-27, . 
Harrisburg, Pa., 4s, 1928-32, . 
Hazleton, Pa., school district 4s, 1925, op. 1915, 
Lorain, O., 5s, 1914, op. 1909, . 
Lynchburg, Va., 4£s, 1927, 
Mahanoy City, Pa., 4s, 1928, . 
Martin's Ferry, O., 5s, 1931-44, 
Martin's Ferry, O., 5s, 1909-20, 
Martin's Ferry, O., 5s, 1921-22, 
Martin's Ferry, O., 5s, 1923-24, 
Martin's Ferry, O., 5s, 1925-29, 
McKeesport, Pa., sch. dist. 4^s, 1924, 
McKeesport, Pa., school district 4s, 1911-34, 
Middletown, Pa., school district 4s, 1918, op., 
Montgomery, Ala., 4^s, 1928, 
Mt. Pleasant, Pa., 5s, 1922, op. 1909-22, 
Mt. Pleasant, Pa., 5s, 1916, op., 
New Brighton, Pa., 5s, 1909, . 
New Brighton, Pa., 5s, 1910-11, 
New Brighton, Pa., 5s, 1912-14, 
Norfolk, Va., 4s, 1932, 
Norristown, Pa., 4s, 1938, op. 1913, 
Philadelphia, Pa., 3$s, 1914, 
Philadelphia, Pa., 4s, 1937-38, . 
Pittsburg, Pa., Frank, sch. sub-dist. 4s, 1925, 
Pittsburg, Pa., Moor, sub-sch. dist. 4s, 1935, 
Raleigh, N. C, 5s, 1919, . 
Ravenna, O., 5s, 1909-11, 
Scranton poor dist. of Lacka. Co., Pa., 4s, 1909-21 
Scranton, Pa., 4s, 1909-11, 
Scranton, Pa., 4s, 1912-16, 
Scranton, Pa., 4s, 1917-22, 
Scranton, Pa., 4s, 1923-29, 
Scranton, Pa., 4s, 1930-33, 
Toledo, O., 4£s, 1909, 
Upper Darby, Pa., 5s, 1922, 
Virginia 3s, 1932, . . 

Warren, Warren County, Pa., 4s, 1927-28, 
Warren, Warren Countv, Pa., sch. dist. 4s, 1927, 
Washington, Pa., 4s, 1921-30, . 
Washington, Pa., sch. district 4^s, 1909-10, 
Washington, Pa., sch. district 4is, 1911-12, 
Washington County, Pa., 4s, 1911—30, 
Wilkinsburg, Pa., 4£s, 1909-24, 
Winston, N. C, 5s, 1924, . 

Railroad Bonds. 
Alabama, Great Southern 5s, 1927, 
Allegheny Valley 4s, 1942, 
Allegheny Valley 7s, 1910, 
Atch., Top. & Santa Fe gen. mort. 4s, 1995 
Atlantic Avenue 5s, 1931, 
Atlantic Coast Line equipment 4s, 1910, 
Atlantic Coast Line equipment 4s, 1912, 



Book Value. 

$24,200 00 

501 00 

18,000 00 
34,000 00 

200,000 00 
40,000 00 
13,560 75 

101,560 00 
74,000 00 
25,000 00 
24,500 00 

200,000 00 
60,000 00 
38,000 00 
20,000 00 
16,660 00 
28,000 00 
50,000 00 
72,000 00 

159,000 00 

3,000 00 

49,000 00 

50,000 00 

30,000 00 

25,875 00 

12,000 00 

2,000 00 

2,000 00 

5 000 00 

57,000 00 

200,000 00 
12,500 00 

'50,000 00 

17,500 00 

15,000 00 

900 00 

1,900 00 

3,200 00 

50,000 00 

150,750 00 

100,000 00 

509,687 50 

100,000 00 

121,221 50 

25,000 00 

9,000 00 

107,000 00 
21,000 00 
35,000 00 
42,000 00 
43,000 00 
20,000 00 
35,000 00 

103,000 00 

9,075 00 

25,000 00 

51,000 00 

100,000 00 
7,500 00 
8,500 00 

125,000 00 
32,000 00 
65,000 00 

97,500 00 

161,822 50 

100,000 00 

90,000 00 

125,000 00 

95,270 00 



Rate. 
75 
30 



100 
100 
100 
110 

52 
104 

95 
104 
100 
102 
101 
100 
100 
100 

98 
100 
102 
103 
100 
100 
100 

97 
117.16 
105 
110 
111 
113 
103 

97.02 
100 

95 
100 
100 
100 
101 
102 

95 

96 

99 
104 
100 
100 
104 
100$ 
100 
100 
101 
102 
103 
104 
100 
105 

94 

97 

97 

97.1 
100 
101 
100 
101| 
102 

103 • 

99 
103 
100 

98 

99 

98 



Market Value. 

$41,250 00 

1,503 00 

18,000 00 

34,000 00 

200,000 00 

44,000 00 

13,369 59 

104,000 00 

70,300 00 

26,000 00 

24,500 00 

204,000 00 

60,600 00 

38,000 00 

20,000 00 

17,000 00 

27,440 00 

50,000 00 

73,440 00 

163,770 00 

3,000 00 

49,000 00 

50,000 00 

29,100 00 

29,290 00 

12,600 00 

2,200 00 

2.220 00 

5,650 00 

58,710 00 

194,040 00 

12,500 00 

47,500 00 

17,500 00 

15,000 00 

900 00 

1,919 00 

3,264 00 

47,500 00 

144,000 00 

99,000 00 

520,000 00 

100,000 00 

115,000 00 

26,000 00 

9,060 00 

107,000 00 

21,000 00 

35,350 00 

42,840 00 

44,290 00 

20,800 00 

35,000 00 

108,150 00 

9,400 00 

24,250 00 

49,470 00 

97,100 00 

7,500 00 

8,585 00 

125,000 00 

32,520 00 

66,300 00 

100,425 00 
148,500 00 
103,000 00 
100,000 00 
122,500 00 
59,400 00 
39,200 00 



THE PENN MUTUAL LIFE INSURANCE CO. 



185 



Baltimore & Annapolis Short Line 5s, 1946, 

Baltimore & Ohio prior lien 3£s, 1925, 

Bait. & Ohio (Pitts. Jc. & Mid. Div.) 3£s, 1925, 

Baltimore & Ohio (Southw. Div.) 3£s, 1925, 

Bait. & Ohio (Pitts., L. E. & W. Va. sys.) 4s, 1941 

Bangor & Aroostook equipment 5s, 1909, 

Beaver Valley Traction Co. 5s, 1950, 

Beech Creek 3$s, 1951, 

Brooklyn Union Elevated 5s, 1950, 

Buffalo & Southwestern 5s, 1918, 

Buffalo & Susquehanna 4-^s, 1953, 

Burlington, la., Ry. & Light Co. 5s, 1917, 

California Pacific 4+s, 1912, 

California Pacific 4^s, 1911, 

Central Branch Union Pacific 4s, 1948, 

Central Crosstown, New York, 5s, 1909, 

Central Electric, Kansas City, Mo., 5s, 1914, 

Central New England 5s, 1919, 

Central of Georgia (Upper Cah. Br.) 4s, 1915-19 

Central of Georgia equip assoc. 4^s, 1909-12, 

Central Pacific 3£s, 1929, .... 

Central Pacific 1st refunding 4s, 1949, 

Central of Peoria, 111., 5s, 1915, 

Central Traction Co., Pittsburgh, Pa., 5s, 1929, 

Central Vermont 4s, 1920, 

Chattanooga Rys. Co. 5s, 1956, 

Chesapeake & Ohio 4|s, 1992, . 

Chesapeake & Ohio car trust 4s, 1909, 

Chesapeake & Ohio car trust, series L, 4s, 1910-12, 

Chesapeake & Ohio car trust, series M,4s, 1911—12, 

Chicago & Alton 3s, 1949, 

Chicago & Erie 5s, 1982, . 

Chicago & Milwaukee Electric 5s, 1919, 

Chicago & Western Indiana 4s, 1952, 

Chicago & Western Indiana 5s, 1910, 

Chicago, Cincinnati & Louisville 4fe, 1953, 

Chicago City 5s, 1927, op. 1912, 

Chicago, Hammond & Western 6s, 1927, 

Chicago North Shore Street 6s, 1912, 

Chicago Rys. Co. 5s, 1927, 

Chic. Rys. Co. cons, mort., series A, 4s, 1927, 

Chic. Rys. Co. cons, mort., series B, 4s, 1927, 

Chicago, Rock Island & Pacific 4s, 1988, 

Choctaw & Memphis 5s, 1949, . 

Choctaw, Oklahoma & Gulf 5s, 1919, 

Choctaw, Oklahoma & Gulf 4*s, 1910, 

Cicero & Proviso Street 5s, 1915, 

O, H. & D. pur. monev col. tr., notes, 4s, 1913, 

Cin., New Or. & Tex. Pac. equip. 4|s, 1909, 

Cm., New Or. & Tex. Pac. equip. 4£s, 1910-11, 

Citizens' Street, Indianapolis, Ind., 5s, 1933, 

Citizens' Traction Co., Oil City, Pa., 5s, 1935, 

Cleveland, O., Citv Cable 5s, 1909, . 

Cleveland, O., Electric 5s, 1913, 

Cleveland, Elyria & Western 5s, 1920, 

Cleveland, Lorain & Wheeling 5s, 1936, 

Col., Buckeye L. & Newark Trac. Co. 5s, 1921, 

Columbus, Newark & Zanesville Elec. 5s, 1924, 

Connecticut Ry. & Lighting Co. 4^s, 1951, . 

Consolidated Traction Co., N. J., 5s, 1933, . 

Danville, Urbana & Champaign 5s, 1923, 

Delaware River R.R. & Bridge Co. 4s, 1936, 

Denver & Rio Grande equipment 5s, 1912, 

Detroit & Flint 5s, 1921, . 

Detroit & Toledo Shore Line 4s, 1953 

Detroit, Mich., United 4^s, 1932, 

Duquesne Traction Co. 5s, 1930, 

East Cleveland 5s, 1910, . 

East McKeesport Street 5s, 1929, 

Easton Consolidated Electric 5s, 1949 

Easton, Palmer & Bethlehem Street 5s, 1919, 

Electric & People's Traction Co. 4s, 1945, 



00 
20 
50 
40 
00 



Book Value. 

$97,500 00 

474,784 75 

174,500 00 

89,500 00 

194,890 00 

24,549 84 

106,000 00 

180,000 00 

100,375 00 

98,500 00 

98,287 50 

49,000 00 

84,912 50 

48,000 00 

93,000 00 

90,000 00 

75,000 00 

16,650 00 

96,137 50 

49,146 25 

94,000 00 

96,000 00 

52,000 00 

65,000 00 

92,500 00 

94,000 00 

157,750 

38,134 

95,568 

142,063 

44,625 

55,187 50 

100,000 00 

94,500 00 

196,000 00 

75,000 00 

190,750 00 

100,000 00 

100,000 00 

192,500 00 

45,000 00 

75,000 00 

103,000 00 

46,000 00 

100,000 00 

48,000 00 

95,000 00 

187,300 00 

49,025 00 

105,500 00 

49,500 00 

144,900 00 

150,000 00 

198,250 00 

104,000 00 

99,500 00 

187,000 00 

195,000 00 

211,375 00 

145,375 00 

258,187 50 

47,508 06 

97,750 00 

72,600 00 

127,300 00 

75,000 00 

34,000 00 

100,000 00 

78,750 00 

50,000 00 

75,000 00 



Rate. 

96 

94 

90 

92 

96 
100 
105 

80 
101 
103 

93 
102 
100 
100 

91 

95 

98 
102 

95 

98i 

89 

97 
100 
105 

81 

93 
105 
100 

98^ 

98 

79 
115 

84 

98 
100 

41 
104 
123 

75 
102 

93 

85 
100 
109 
103 

99 

65 

92 
100 

99 
108 

97 

95 

95 

88 
105 

98 

93 
100 
104 

96 

94 

99 

91 

83 

79 
105 

98 

100 

101 

98 

92 



Market Value. 
$96,000 00 
483,160 00 
180,000 00 
92,000 00 
192,000 00 
25,000 00 
105,000 00 
160,000 00 
101,000 00 
103,000 00 
93,000 00 
51,000 00 
85,000 00 
48,000 00 
91,000 00 
95,000 00 
73,500 00 
17,340 00 
95,000 00 
49,250 00 
93,450 00 
97,000 00 
52,000 00 
68,250 00 
81,000 00 
93,000 00 
157,500 00 
39,000 00 
98,500 00 
147,000 00 
39,500 00 
57,500 00 
84,000 00 
98,000 00 
200,000 00 
41,000 00 
208,000 00 
123,000 00 
75,000 00 
204,000 00 
41,850 00 
63,750 00 
100,000 00 
54,500 00 
103,000 
47,520 
65,000 
184,000 
5,000 
44,550 00 
108,000 00 
48,500 00 
137,750 00 
142,500 00 
176,000 00 
105,000 00 
98,000 00 
186,000 00 
200,000 00 
208,000 00 
144,000 00 
235,000 00 
49,500 00 
91,000 00 
66,400 00 
118,500 00 
78.750 00 
33,320 00 
100,000 00 
75,750 00 
49,000 00 
69,000 00 



00 
00 
00 
00 
00 



186 



THE PENN MUTUAL LIFE INSURANCE CO. 



Elgin, Aurora & Southern Traction Co. 5s, 1916, 

Elgin, Joliet & Eastern 5s, 1941, 

Erie & Pittsburgh 3£s, 1940, 

Erie (Pennsylvania col.) 4s, 1951, 

Erie prior lien 4s, 1996, 

Erie car trust, series H, 4s, 1909-11, 

Erie car trust, series I, 4s, 1909, 

Erie car trust, series I, 4s, 1910, 

Erie car trust, series I, 4s, 1911, 

Erie car trust, series I, 4s, 1912, 

Erie car trust, series I, 4s, 1913, 

Erie car trust, series I, 4s, 1914-15, 

Erie car trust, series I, 4s, 1916, 

Evans. & Terre Haute equip., ser. B, 4£s, 1909-12, 

Evans. & Terre Haute equip., ser. C, 4£s, 1909, 

Evansville Electric 4s, 1921, 

Fairmount Park Transportation Co. 5s, 1912, 

Federal St. & Pleasant Valley Pass. 5s, 1942, 

Florida Southern 4s, 1945, 

Fort Pitt Traction Co. 5s, 1935, 

Fort Wayne & Wabash Valley Trac. Co. 5s, 1934 

Ft. Wayne, Van Wert & Lima Trac. Co. 5s, 1930, 

Ft. Worth & Denver C. equip., ser. A, 5s, 1909-10, 

Ft. Worth & Denver C. equip., ser. B, 5s, 1910, 

Ft. Worth & Denver C. equip., ser. B, 5s, 1911-13 

Gal., Harrisb. & San An. (M. & P. Ex.) 5s, 1931, 

Georgia Ry. & Electric Co. 5s, 1932, . 

Grand Rapids 5s, 1916, .... 

Heston., Mantua & Fairmount Passenger 5s, 1924, 

Huntingdon & Broad Top Mountain 4£-s, 1910-11, 

Illinois Central stock interest certificates 4s, 1952, 

Illinois Central Traction Co. 5s, 1933, 

Indiana, Columbus & Eastern Trac. Co. 5s, 1926, 

Indiana, Decatur & Western 5s, 1935, 

Indianap., Col. & Southern Trac. Co. 5s, 1923, 

Indianapolis & Eastern 5s, 1927, 

Indianapolis Northern Traction Co. 5s, 1932, 

Indianapolis (Ind.) Trac. & Term. Co. 5s, 1933, 

International & Gt. Northern 2d mtge. 5s, 1909, 

International & Great Northern equip. 5s, 1909, 

International & Great Northern equip. 5s, 1910, 

Iron Mountain car trust 5s, 1910, 

Iron Mountain car trust 5s, 1911, 

Jacksonville Electric Co. 5s, 1927, 

Jersey City, Hoboken & Paterson St. 4s, 1949, 

Kansas City, Ft. Scott & Memphis 4s, 1936, 

Kansas City (Mo.) Ry. & Light Co 5s, 1913, 

Kings County Elevated 4s, 1949; 

Knoxville (Tenn.) Ry. & Light Co. 5s, 1945, 

Lake Erie & Western 5s, 1937, . 

Lake Shore & Michigan Southern 4s, 1928, 

Lake Shore & Michigan Southern 3Js, 1997, 

Lake Shore Electric 5s, 1923, 

Lehigh & Hudson River equipment 4£s, 1909, 

Lehigh Valley 4s, 2003, . 

Lehigh Valley 4£s, 1923, 

Lehigh Valley collateral 4s, 1910, 

Lehigh Valley collateral 4s, 1913-14, . 

Lehigh Valley collateral 4s, 1917-23, . 

Lehigh Valley equipment 4^s, 1911, . 

Lehigh Valley equipment 4-is, 1912, . 

Lehigh Valley Transit Co. 5s, 1935, . 

Lehigh & Wilkes-Barre Coal Co. 4As, 1910, 

Lewiston, Brunswick & Bath Street 5s, 1918, 

Louisville & Nashville 4s, 1923, 

Market Street Elevated Passenger 4s, 1955, 

Mason City & Fort Dodge 4s, 1955, . 

Mason City & Fort Dodge Syndicate 4s, 

Metropolitan Street 5s, 1997, 

Michigan Traction Co. 5s, 1921, 

Middlesex & Somerset Traction Co. 5s, 1950, 

Midland Valley 5s, 1954, .... 



Book Value. 

$193,000 00 

102,500 00 

204,762 50 

93,750 00 

97,500 00 

148,254 40 



106,612 18 



49,000 
90,317 
89,000 
100,000 
59,937 
69,487 
81,000 
78,305 
92,000 
99,750 



100,000 

145,375 

100,000 

47,375 

49,500 

94,375 

97,000 

188,000 

100,000 

200,000 

96,000 

87,000 

96,500 

138,000 



00 
50 
00 
00 
50 
50 
00 
00 
00 
00 



96,101 00 



00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 



10,972 50 

99,040 00 

45,000 00 

79,750 00 

126,755 00 

193,000 00 

92,500 00 

90,000 00 

113,968 75 

199,750 00 

580,130 45 

97,500 00 

19,834 00 

343,000 00 

50,000 00 

304,852 01 

189,808 00 

100,000 00 

100,000 00 

96,875 00 

97,020 00 

198,000 00 

133,750 00 

39,899 86 

139,500 00 

46,500 00 

89,775 00 

140,000 00 



Rate. 

99 
108 

92 

86 

89 

99.52 
100 

99 

98 

97 

96 

95 

94 

98f 
100 

83 

83 
106 

94 
106 

87 

94 

99 

99 

97 
112 
101 
100 
106 

99 

91 

96 

93 

94 
100 

94 

89 

95 

86 

99 

98 
100 

99 

97 

72 

84 

97 

81 
102 
113 

95 

95 

95 

99 

98 

95 

99 

96 

95 

99 

98 

96 
100 

97 

97 

96 

83 

83 

88 

93 

89 

80 



Market Value. 

$198,000 00 

108,000 00 

197,800 00 

86,000 00 

89,000 00 

149,280 00 

5,000 00 

34,650 00 

4,900 00 

7,760 00 

3,840 00 

38,000 00 

16,920 00 

48,370 00 

91,000 00 

83,000 00 

83,000 00 

53,000 00 

70,500 00 

79,500 00 

87,000 00 

94,000 00 

99,000 00 

9,900 00 

87,300 00 

112,000 00 

151,500 00 

100,000 00 

53,000 00 

49,500 00 

91,000 00 

96,000 00 

186,000 00 

94,000 00 

200,000 00 

94,000 00 

89,000 00 

95,000 00 

129,000 00 

9,900 00 

980 00 

40,000 00 

59,400 00 

48,500 00 

72,000 00 

126,000 00 

194,000 00 

81,000 00 

102,000 00 

113,000 00 

190,000 00 

604,200 00 

95,000 00 

19,800 00 

343,000 00 

47,500 00 

9,900 00 

17,280 00 

266,000 00 

118,800 00 

78,400 00 

96,000 00 

100,000 00 

97,000 00 

97,000 00 

192,000 00 

124,500 00 

38,180 00 

132,000 00 

46,500 00 

84,550 00 

140,000 00 



THE PENN MUTUAL LIFE INSURANCE CO. 



187 



Milwaukee Electric Ry. & Light Co. 5s, 1926, 

Minneapolis, St. Paul & Sault Ste. Marie 5s, 1912, 

Minneapolis Street & St- Paul City 5s, 1928, 

Missouri, Kansas & Oklahoma 5s, 1942, 

Mo., Kansas & Texas (St. Lo. Div.) 4s, 2001, 

Missouri, Kansas & Texas 4s, 2004, . 

Missouri Pacific 6s, 1920, .... 

Missouri Pacific 5s, 1917, .... 

Missouri Pacific equip, association 5s, 1911-12, 

Mobile & Ohio equipment 4^s, 1909, . 

Mt. Washington Street 5s, 1933, 

Nassau Electric 4s, 1951, .... 

Newark Passenger 5s, 1930, 

New Orleans Terminal Co. 4s, 1953, . 

New Orleans Terminal Co. 6s, 1909, . 

New York Central Lines equipment 5s, 1915, 

New York Short Line 4s, 1957, 

Norfolk & Western 4s, 1996, 

Nor. & West. & Pocah. Coal & Coke Co. jt. 4s, 1941 

Norfolk & Western 4s, 1944, 

Norfolk & Western equipment 4s, 1911, 

Norfolk Ry. & Light Co. 5s, 1949, 

Northern Central 5s, 1926, 

Northern Ohio Traction Co. 5s, 1919, 

Northern Pacific (St. Paul-Duluth Div.) 4s, 1996 

North Side Elec. St. of Chicago (111.) 6s, 1915, 

Ogdensburg & Lake Champlain 4s, 1948, 

Ogden Street (Chicago, 111.) 6s, 1916, 

Ohio Connecting 4s, 1943, 

Omaha & Council Bluffs Street 5s, 1928, 

Ozark & Cherokee Central 5s, 1913, . 

Pennsylvania & New York Canal 5s, 1939, 

Pennsylvania & New York Canal 4s, 1939, 

Pennsylvania Co. 3-|s, 1937, 

Pennsylvania Co. 3^s, 1916, 

Pennsylvania col. trust 4-Js, 1913, 

Pennsylvania convertible 3^s, 1915, . 

Pennsylvania con. mortgage 4s, 1948, 

Pa. Steel equip, trust, series C, 3^s, 1909-11, 

Pa. Steel equip, trust, series D, 3£s, 1910, 

Pa. Steel equip, trust, series H, 3^s, 1909, . 

Pa. Steel Rolling Stock, series A, 3|s, 1909-11, 

People's L., P. & Ry. Co. (Paducah, Ky.) 6s, 1917 

People's Passenger 4s, 1943, 

People's Street of Luzerne County, Pa., 6s, 1921 

People's Street of Luzerne County, Pa., 6s, 1918, 

Pere Marquette 4s, 1951, . 

Pere Marquette 4s, 1955, . 

Philadelphia & Erie 5s, 1920, . 

Philadelphia & Erie 4s, 1920, . 

Philadelphia & Reading 4s, 1937, 

Philadelphia & Reading 4s, 1947, 

Philadelphia, Baltimore & Wash. 4s, 1943, 

Philadelphia Co. col. trust 5s, 1949, 

Philadelphia Co. 5s, 1951, 

Pittsburgh & Charleroi Street 5s, 1932, 

Pittsburgh, Cin., Chic. & St. Louis 4£s, 1940, 

Pitts., Cin., Chicago & St. Louis 4^s,~1942, 

Pitts., Cin., Chicago & St. Louis 4s, 1945, . 

Pitts., Cin., Chicago & St. Louis 4s, 1957, . 

Pittsburgh, McKeesport & Connellsville 5s, 1931, 

Pittsburgh, McKeesport & Greensburgh 5s, 1931, 

Pittsburgh (Pa.) Rys. Co. 5s, 1909, . 

Pittsburgh, Shenango & Lake Erie 5s, 1940, 

Pittsburgh, Youngstown & Ashtabula 4s, 1948, 

Portland (Ore.) 5s, 1930, .... 

Public Service Corporation of N. J. 5s, 1909, 

Reading & Columbia 5s, 1912, . 

Read. Co. & PhJla. & Read. C. & I. Co. 4s, 1997, 

Reading Co. (Jersey Central col.) 4s, 1951, . 

Rio Grande Western 4s, 1939, . 

Rio Grande Western 4s, 1949, . 



Book Value. 

$50,000 00 
99,750 00 

100,000 00 

198,250 00 
42,000 00 
89,000 00 
40,000 00 

100,000 00 
96,715 95 
24,757 50 

100,000 00 

172.165 00 
128,000 00 
189,500 00 

99,000 00 

191,000 00 

306,000 00 

134,455 00 

93,750 00 

96,500 00 

47,980 00 

92,000 00 

105,000 00 

200,000 00 

50.000 00 

25,000 00 

50,000 00 

90,000 00 

103,750 00 

194,500 00 

48.750 00 

115,100 00 

101,000 00 

240,555 00 

53,468 75 

50,000 00 

111,828 58 

38,400 00 

56,912 50 

8,595 00 

98,250 00 

145,680 25 

55,000 00 

149,655 00 

20,000 00 

25,000 00 

90,125 00 

75,000 00 

25,000 00 

60,000 00 

139.166 25 
102,062 50 
104,250 00 

21,500 00 

209,500 00 

100,000 00 

27,250 00 

76,000 00 

103,000 00 

99,000 00 

100,000 00 

55,230 00 

10,000 00 

114,150 00 

199,375 00 

192,000 00 

150,350 00 

40,000 00 

236,980 00 

92,839 60 

46,000 00 

141,375 00 



Rate. 

101 

100 

104 

108 

86 

85 
114 
100 

99 
100 
103 

80 
108 

82 
100 
105 
103 

98 

90 

94 

99 

96 
110 

96 
100 

75 

91 

75 
100 

99 

93 
115 

98 

92 

98 
101 

95 
104 

99i 

99 
100 

99 
100 

98 
110 
108 

83 

76 
109 
100 

99 
101 
100 
103 

97 
103 
109 
109 
100 
100 
103 

96 
100 
115 
101 

96 

99 
100 
101 

97 

95 

81 



Market Value. 

$50,500 00 

100,000 00 

104,000 00 

216,000 00 

43,000 00 

85,000 00 

45,600 00 

100,000 00 

99,000 00 

25,000 00 

103,000 00 

160,000 00 

138,240 00 

164,000 00 

100,000 00 

210,000 00 

309,000 00 

147,000 00 

90,000 00 

94,000 00 

49,500 00 

96,000 00 

121,000 00 

192,000 00 

50,000 00 

18,750 00 

45,500 00 

75,000 00 

100,000 00 

198,000 00 

46,500 00 

115,000 00 

98,000 00 

218,040 00 

53,900 00 

50,500 00 

109,250 00 

41,600 00 

59,550 00 

8,910 00 

100,000 00 

148,500 00 

55,000 00 

147,000 00 

22,000 00 

27,000 00 

83,000 00 

76,000 00 

27,250 00 

60,000 00 

138,600 00 

101,000 00 

100,000 00 

20,600 00 

194,000 00 

103,000 00 

27,250 00 

81,750 00 

100,000 00 

100,000 00 

103,000 00 

57,600 00 

10,000 00 

115,000 00 

202,000 00 

192,000 00 

153,450 00 

40,000 00 

252,500 00 

97,000 00 

47,500 00 

121,500 00 



188 



THE PENN MUTUAL LIFE INSURANCE CO. 



Roxb., Chestnut Hill & Norristown 5s, 1926, 

Rutland-Canadian 4s, 1949, 

St. Jos. (Mo.) Ry., Lt., Ht. & Po. Co. 5s, 1937, 

St. Louis & San Francisco 4s, 1951, 

St. Louis & San Francisco 4^s, 1912, . 

St. Louis & San Francisco col. trust 5s, 1911, 

St. Louis & San Francisco equip. 4^s, 1910, 

St. Louis, Iron Mt. & Southern 5s, 1931, 

St. Louis, Iron Mt. & Southern 4s, 1929, 

St. Lo., Iron Mt. & So. (R. & G. Div.) 4s, 1933, 

St. Louis (Mo.) Merchants' Bridge Co. 6s, 1929, 

St. Lo. (Mo.) Ter. Cup. Sta. & Prop. Co. 4^s, 1917 

Saginaw Valley Traction Co. 5s, 1920, 

San Antonio & Aransas Pass. 4s, 1943, 

Schuylkill River East Side 4s, 1925, . 

Scranton (Pa.) 5s, 1932, . 

Seaboard Air Line 4s, 1950, 

Seaboard Air Line 5s, 1911, 

Seaboard Air Line equipment 5s, 1910, 

Seaboard Air Line equipment 5s, 1911, 

Seaboard Air Line equipment 5s, 1912, 

Seaboard & Roanoke 5s, 1926, . 

Second Ave. Trac. Co., Pitts., Pa., 5s, 1934 

Second Avenue, New York, 5s, 1948, 

Southern Boulevard 5s, 1945, 

Southern Indiana 4s, 1951, 

Southern Pacific of New Mexico 6s, 1911, 

Southern Pacific Co. (Cent. P. col.) 4s, 1949, 

Southern 5s, 1994, .... 

Southern (Memphis Div.) 5s, 1996, 

Southern convertible 6s, 1911, . 

Southern equipment 4s, 1909, 

Southern equipment 4s, 1910, 

Southern equipment 4s, 1911-15, 

Southern equipment 4^s, 1911, . 

Steinway of Long Island City 6s, 1922, 

Steubenville Traction & Light Co. 5s, 1926, 

Texas & Oklahoma 5s, 1943, 

Texas & Pacific (La. Div. Br. Lines) 5s, 1931, 

Texas & Pacific equip, assoc. 5s, 1909, 

Texas & Pacific equip, assoc. 5s, 1911-13, 

Thirteenth & Fifteenth Sts. Pass. 5s, 1934, 

Toledo & Ohio Central car trust 4s, 1911-12, 

Toledo & Ohio Cent. Ext. 3s, 1938, . 

Toledo. Fremont & Norwalk 5s, 1920, 

Tri-City Ry. & Light Co. 5s, 1923, 

28th & 29th Streets Crosstown 5s, 1996, 

Union Elevated (Chicago, 111.), 5s, 1945, 

Union Traction Co. of Indiana 5s, 1919, 

Union Traction Co. (Philadelphia, Pa.) 4s, 1952, 

United Rys. & El. Co., Baltimore, Md., 4s, 1949 

United Rys. Co. of St. Louis, Mo., 4s, 1934, 

United Traction Co. of Pittsburgh, Pa., 5s, 1997, 

Wabash Pitts. Ter. 1st mort. 4s, 1954, 

Wabash (Des Moines Div.) 4s, 1939, . 

Wash., Alexandria & Mt. Vernon 5s, 1955, 

West Liberty St. (Pittsburgh, Pa.) 5s, 1930, 

West Side (Elmira, N. Y.) 5s, 1914, . 

Wilkinsburg & East Pittsburgh St. 5s, 1929, 

Wilmington & Chester Traction Co. 5s, 1918, 

Wilmington & Northern 4s, stock trust certs., 

Wisconsin Central (Marsh. & So. Div.) 4s, 1951, 

Miscellaneous Bonds. 
Akron (O.) Gas. Co. 5s, 1947, . 
Altoona (Pa.) Gas Co. 5s, 1932, 
Atlantic City (N. J.) Electric Co. 5s, 1938, 
Central Coal & Coke Co. 6s, 1910-11, 
Central Iron & Steel Co. 5s, 1925, 
Chattanooga (Tenn.) Gas Co. 5s, 1927, 
Cherokee Construction Co. 6s, 1912, . 
Consolidated Gas Co. of Pittsburgh (Pa.) 5s, 1948, 



Book Value. 

$50,000 00 

100,000 00 

100,000 00 

36,465 00 

56,840 00 

95,360 00 

96,737 30 

100,000 00 

179,375 00 

91,500 00 

75,000 00 

100,000 00 

97,750 00 

42,750 00 

97,500 00 

50,000 00 

37,500 00 

100,000 00 

244,726 50 

100,000 00 

49,250 00 

90,000 00 

69,750 00 

187,000 00 

100,000 00 

91,750 00 

97,015 00 

119,344 44 

192,000 00 

162,428 83 

99,000 00 
50,000 00 
46,750 00 
98,750 00 
150,000 00 

50,644 95 

58,500 00 

66,707 00 

40,161 26 

200,000 00 

135,650 00 

25,000 00 

108,250 00 

199,000 00 

102,000 00 

98,250 00 

85,663 50 

49,837 50 

72,000 00 

97,000 00 

196,500 00 

200,000 00 

100,000 00 

100,000 00 

200,000 00 

98,500 00 

43,725 00 

48,750 00 

50,000 00 

104,875 00 

100,000 00 

98,148 00 

75,000 00 

59,850 00 

156,687 50 



r 



Rate. 

106 
91 

100 
86 
98 
95 
99 

112 
87 
89 

112 

100 
98 
89 

101 
94 
65 
92 
97 
95 
94 

106 

106 
82 
70 
70 

102 
91 

107 

105 

100 

99 

98 

94 

98 

107 

103 

107 

107 

100 

99 

109 

98 

30 

95 

93 

30 

89 

91 

93 

85 

83 
105 

56 

87 

96 
105 
102 
104 

93 
100 

90 

100 

98 

94 
100 

95 

97 

95 

99 



Market Value. 
$53,000 00 
91,000 00 
100,000 00 
33,540 00 
56,840 00 
95,000 00 
99,000 00 
112,000 00 
174,000 00 
89,000 00 
84,000 00 
100,000 00 
98,000 00 
44,500 00 
101,000 00 
47,000 00 
32,500 00 
92,000 00 
24,250 00 
99,750 00 
122,200 00 
106,000 00 
53,000 00 
82,000 00 
52,500 00 
140,000 00 
102,000 00 
91,000 00 
107,000 00 
126,000 00 
200,000 00 
19,800 00 
29,400 00 
112,800 00 
98,000 00 
53,500 00 
51,500 00 
107,000 00 
160,500 00 
12,000 00 
39,600 00 
54,500 00 
70,560 00 
37,500 00 
190,000 00 
139,500 00 
30,000 00 
89,000 00 
182,000 00 
93,000 00 
85,000 00 
83,000 00 
52,500 00 
56,000 00 
87,000 00 
192,000 00 
210,000 00 
102,000 00 
104,000 00 
186,000 00 
100,000 00 
45,000 00 

50,000 00 

49,000 00 

117,500 00 

100,000 00 

95,000 00 

72,750 00 

59,850 00 

148,500 00 



PHCENIX MUTUAL LIFE INSUKANCE CO. 



189 



Cramp & Sons, William, 5s, 1909-10, 

Cramp & Sons, William, 5s, 1911-12, 

Cramp & Sons, William, 5s, 1913-14, 

Cramp & Sons, William, 5s, 1915-17, 

Cramp & Sons, William, 5s, 1918-21, 

Cramp & Sons, William, 5s, 1922-23, 

Duquesne Club (Pittsburgh, Pa.) 5s, 1909, 

Edison Elec. Co. of Los Angeles (Cal.) 5s, 1922, 

Edison Elec. 111. Co. of Brooklyn 4s, 1939, . 

Edison El. 111. Co. of Lancaster (Pa.) 5s, 1925, 

Equitable Gas Light Co. of New York 5s, 1932, 

Equitable 111. G. Lt. Co. of Philadelphia 5s, 1928 

Erie & West. Trans. Co. 4s, 1925, 

Gas Light Co. of Augusta (Ga.) 5s, 1935-36, 

Greenwich Coal & Coke Co. 5s, 1924, 

Haverhill (Mass.) Gas Securities Co. 5s, 1929, 

Hudson County (N. J.) Gas Co. 5s, 1949, . 

Illinois Midland Coal Co. 5£s, 1909, . 

Illinois Midland Coal Co. 5£s, 1910-11, 

Illinois Midland Coal Co. 5^s, 1912-13, 

International Navigation Co. 5s, 1929, 

Joliet (111.) Gas Light Co. 5s, 1938, . 

Kelly Estate, Eugene 5s, 1915, . 

Keystone Coal & Coke Co. (Pa.) 4s, 1910-12, 

Kingsland Estate, Daniel C, 5s, 1922-24, . 

Laclede Gas Light Co. 5s, 1934, 

La Crosse (Wis.) Gas & Electric Co. 5s, 1921, 

Lake Superior Corporation 5s, 1924, . 

Merion & Radnor Gas & Electric Co. 5s, 1954, 

Middletown (Pa.) Gas Light Co. 5s, 1920, . 

Monongahela Riv. Cons. C. & C. Co. 4$s, 1909, 

Newark (N. J.) Consol. Gas Co. 5s, 1948, . 

New York Dock Co. 4s, 1951, . 

New York Interurban Water Co. 5s, 1931, . 

Omaha (Neb.) Gas Co. 5s, 1917, 

Omaha (Neb.) Water Co. 5s, 1916, . 

Pennsylvania Coal & Coke Co. 5s, 1932, 

Pennsylvania Steel Co. 5s, 1932, 

Peoria (111.) Gas & Electric Co. 5s, 1923, . 

Philadelphia Electric Co. 5s, 1948, 

Pitts. & Westmoreland Coal Co. 5s, 1925, . 

Pittsburgh Coal Co. 4^s, 1909-10, 

Potomac Electric Power Co. 5s, 1929, 

Quincy (111.) Gas & Electric Co. 5s, 1929, . 

Red Jacket Consol. Coal & C. Co. 5s, 1944, 

Savannah (Ga.) Gas Co. 5s, 1923, 

Somerset Coal Co. 5s, 1932, 

Spring Brook Water Supply Co. 5s, 1926, . 

Stewart Estate, Ferdinand C, 4s, 1944, 

Tyrone (Pa.) Gas & Water Co. 6s, 1917, . 

United Gas & Electric Co. (Cal.) 5s, 1932, . 

United Gas & Electric Co. (N. J.) 5s, 1922, 

Watkins, Thomas H., 5s, 1924, 

Westchester Lighting Co. 5s, 1950, 

Westinghouse Elec. & Mfg. Co. 5s, 1913, . 

White Dental Manufacturing Co. 5s, 1921, . 





Book Value. 


Rate. 


Market Value. 


. • 


f 

l 


100 


$10,000 00 




99 


8,910 00 




• $85,500 00 | 


98 
97 


12,740 00 
18,430 00 


:. 


I 


96 


26,880 00 


95 


15,200 00 


100,000 00 


100 


100,000 00 


192,000 00 


100 


200,000 00 


97,375 00 


88 


88,000 00 


100,000 00 


105 


105,000 00 


110,000 00 


101 


101,000 00 


, 81,000 00 


103 


83,430 00 


100,000 00 


100 


100,000 00 


88,500 00 


93 


93,000 00 


99,750 00 


100 


100,000 00 


88,000 00 


93 


81,840 00 


100,500 00 


102 


102,000 00 


. \ 90,210 00 ^ 

■ J I 


100 


6,000 00 


99 


20,790 00 


98 


64,680 00 


92,500 00 


88 


88,000 00 


100,000 00 


94 


94,000 00 


20,000 00 


100 


20,000 00 


97,478 00 


98£ 


98,200 00 


215,942 50 


100 


216,000 00 


98,000 00 


101 


101,000 00 


50,000 00 


99 


49,500 00 


1,696 00 


42 


1,470 00 


104,750 00 


103 


103,000 00 


35,000 00 


100 


35,000 00 


15,944 00 


100 


16,000 00 


48,500 00 


105 


52,500 00 


50,299 00 


91 


50,050 00 


100,000 00 


100 


100,000 00 


95,000 00 


95 


95,000 00 


50,000 00 


100 


50,000 00 


96,000 00 


92 


92,000 00 


104,500 00 


100 


100,000 00 


99,000 00 


100 


100,000 00 


99,519 20 


101 


101,000 00 


88,696 40 


91 


91,000 00 


19,925 00 


100 


20,000 00 


99,500 00 


109 


109,000 00 


50,000 00 


93 


46,500 00 


92,500 00 


80 


80,000 00 


118,000 00 


102 


120,360 00 


94,000 00 


92 


92,000 00 


50,000 00 


104 


52,000 00 


300,000 00 


100 


300,000 00 


27,000 00 


100 


27,000 00 


99,500 00 


96 


96,000 00 


96,000 00 


94 


94,000 00 


66,000 00 


90 


59,400 00 


202,625 00 


106 


212,000 00 


84,000 00 


97 


81,480 00 


76,000 00 


100 


76,000 00 


$37,741,097 78 


$37,482,958 59 



PHGENIX MUTUAL LIFE INSURANCE COMPANY, 
HARTFORD, CONN. 

Incorporated May, 1851. Commenced business May, 1851. 

John M. Holcombe, President. Silas H. Cornwell, Secretary. 

Income. 
First year's premiums, less $10,976.72 for reinsurance, . . $453,857 97 

Surrender values applied to pay first year's premiums, . . 2,566 80 

Total first year's premiums on original policies, . . . $456,424 77 



190 



PHCENIX MUTUAL LIFE INSURANCE CO. 



Dividends applied to purchase paid-up additions, 

Surrender values applied for paid-up insurance, 

Consideration for life annuities, ...... 

Consideration for supplementary contracts involving life con- 
tingencies, ......... 

Total new premiums, .... $684,155 77 
Renewal premiums, less $32,791.61 for reinsurance, . 
Dividends applied to pay renewal premiums, .... 
Surrender values applied to pay renewal premiums, . 

Total renewal premiums, . . . $3,530,412 68 

Total premium income, ....... 

Consideration for supplementary contracts not involving life con- 
tingencies, ...... 

Dividends left with company to accumulate, 
Interest on mortgages, ..... 

on bonds and dividends on stocks, 
on premium notes and policy loans, 
on bank deposits, .... 

on other debts, .... 

Discount on claims paid in advance, 
Rent, including $10,000 for occupancy of own 
buildings, ...... 



$740,387 29 
277,235 52 
40 
41 
76 
85 



$115,536 00 
82,883 00 
15,324 00 

13,988 00 

3,201,246 79 

318,208 83 

10,957 06 



L,214,568 45 

6,500 00 

38,895 38 



141,! 

12,281 

294 

634 



42,432 48 1,215,164 71 



Agents' balances previously charged off, . 
Profit on sale or maturity of bonds, 
Increase by adjustment in book value of bonds, 
Other sources, . . . . . 

Total income, ..... 

Ledger assets, Dec. 31, 1907, .... 

Total, 

Disbursements. 
Death claims and additions, .... 
Matured endowments and additions, 



6,973 08 

50 00 

1,989 00 

354 13 



. $5,484,494 75 
. 23,226,408 70 

$28,710,903 45 



,242,571 17 
270,149 35 



Annuities involving life contingencies, .... 
Premium notes voided by lapse, ..... 
Surrender values paid in cash, ..... 

applied to pay new premiums, 
applied to pay renewal premiums, . 
applied to purchase paid-up insurance, . 
Dividends paid policy holders in cash, .... 
applied to pay renewal premiums, . 
applied to purchase paid-up additions, 
left with the company to accumulate, 

Total paid policy holders, ..... 

Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, . 
Dividends held on deposit surrendered, .... 
Commissions to agents: new policies, $213,003.94; renewals 

$181,853.92; annuities, $541.20, 

Commuted renewal commissions, ..... 
Salaries and allowances for agencies, .... 



,512,720 52 

12,632 32 

643 02 

401,612 02 

' 2,566 80 

10,957 06 

82,883 00 

9,441 16 

318,208 83 

115,536 00 

38,895 38 

$2,506,096 11 

441 64 

4,857 67 

5,332 60 

395,399 06 

453 17 

120,291 54 



PHCENIX MUTUAL LIFE INSURANCE CO. 



191 



Agency supervision, traveling and other agency expenses, 

Medical examiners' fees, $32,841.45; and inspections, $4,875.82, 

Salaries of officers and home office employees, . 

Rent, including $10,000 for occupancy of own buildings, 

Advertising, printing, postage, etc., 

Legal expenses, .... 

Furniture and fixtures, . 

Repairs and expenses on real estate, 

Taxes on real estate, 

State taxes on premiums, 

Insurance department licenses and fees, 

All other licenses, fees and taxes, 

Agents' balances charged off, 

Loss on sale or maturity of ledger assets, 

Decrease by adjustment in book value of bonds, 

All other disbursements, .... 

Total disbursements, 

Balance, . . . . . . 

Ledger Assets. 
Book value of real estate, 
Mortgage loans on real estate, 
Loans to policy holders, 
Premium notes on policies in force, 
Book value of bonds and stocks (schedule A), 
Cash in office, ..... 
Deposits in trust companies and banks on interest, 



Total ledger assets, ...... 

Non-Ledger Assets. 
Interest due and accrued on: mortgages, $288,660.18; bonds, 
$49,970.31; premium notes, $11,339.87, . 



$11,325 37 

37,717 27 

131,186 16 

11,642 28 

44,390 68 

2,081 47 

8,183 14 

21,687 96 

4,543 46 

43,408 60 

5,897 71 

60,782 94 

4,299 87 

2,117 50 

5,480 83 

9,032 13 

. $3,436,649 16 

$25,274,254 29 



$508,406 03 

15,035,407 00 

2,661,948 82 

132,895 79 

6,386,859 72 

614 26 

548,122 67 

$25,274,254 29 



349,970 36 



Uncollected premiums, . 
Deferred premiums, 

Total, . 
Deduct loading, 

Net uncollected and deferred 
premiums, 



New Business. 

$39,677 64 
35,414 00 

$75,091 64 
18,080 26 



Renewals. 

$181,244 49 
200,707 41 

$381,951 '90 
83,236- 26 



$57,011 38 $298,715 64 355,727 02 



Gross assets, ...... 

Assets not admitted. 

Premium obligations and loans in excess of net 
value of their policies, .... 

Book value of stocks and bonds over market, . 

Special deposits, less $120,344.80; liabilities in 
offset, $120,344.80. 

Admitted assets, . . ... 



$25,979,951 67 



£8,317 00 
8,164 92 



16,481 92 



$25,963,469 75 



192 



PHOENIX MUTUAL LIFE INSURANCE CO. 



Liabilities. 

Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the Actuaries' table of 
mortality, with interest at 4 per cent., and the American table, 



with interest at 3^ and 3 per cent., 
Deduct net value of risks reinsured, 



$24,234,599 00 
124,187 00 



Net reserve, ........ 

Present value of supplementary contracts not involving life 
contingencies, ......... 

Surrender values claimable on terminated policies, . 

Death losses in process of adjustment, . . $2,690 00 

Death losses reported, ..... 40,000 00 



Dividends left to accumulate and interest thereon, 

Premiums paid in advance, .... 

Unearned interest and rent paid in advance, 

Medical examiners' and legal fees due or accrued, 

State, county and municipal taxes due or accrued, 

Dividends or other profits due policy holders, . 

Dividends apportioned on annual dividend policies, payable 

during 1909, 

Dividends apportioned on deferred dividend policies, payable 

during 1909, 

Dividends apportioned, payable to policy holders after 1909, 
Cost of collection on unpaid premiums in excess of loading on 

new business, ....... 

Special reserve held by company for paid-up option, . 
Unassigned funds (surplus), ..... 



,110,412 00 

22,275 00 
21,777 00 

42,690 00 

59,303 00 
49,473 00 
69,590 00 
3,406 00 
43,408 00 
40,119 00 

165,194 00 

33,747 00 
129,004 00 



Total liabilities, 



15,713 00 

10,000 00 

1,147,358 75 

$25,963,469 75 



Premium Note Account. 



Premium notes on hand Dec. 31, 1907, 
Received during 1908, old policies, . 
Restored by revival of policies, 

Used in payment of losses and claims, 
Used in purchase of surrendered policies, . 
Voided by lapse, ...... 

Used in payment of dividends to policy holders, 
Redeemed by maker in cash, .... 



$156,596 73 
3,386 00 
180 00 $160,162 73 



$18,140 99 

1,929 36 

823 02 

1 85 

6,371 72 



Premium notes on hand Dec. 31, 1908, 

Exhibit of Policies. 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



Whole life, . 
Endowment, 



In Force Dec. 31, 1907. 

Number. Amount. 

16,907 $30,727,655 00 

35,774 61,395,550 00 

5,646 11,588,750 00 

1,010,427 00 



Total No. 



27,266 94 
$132,895 79 



Total Amount. 



58,327 $104,722,382 00 



Issued during the Year. 

85 $327,216 00 
5,598 9,063,060 00 



PHXENIX MUTUAL LIFE INSURANCE CO. 



193 



All other, 
Reversionary additions, 



Number. Amount. Total No. Total Amount. 

1,581 $6,795,923 00 

186,798 00 7,264 $16,372,997 00 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



Old Policies revived. 
5 $11,045 

52,789 



42 
6 



26,503 
2,264 



00 
00 
00 
00 



53 



92,601 00 



Whole life, . 
Endowment, 
All other, 



Old Policies increased. 

$10,100 00 
27,250 00 
13,407 00 



50,757 00 



Whole life, . 
Endowment, 
All other, 



Whole life, . 
Endowment, 
All other, 



Transfers, Deductions. 

Ill $196,261 00 
410 548,900 00 

266 534,463 00 



787 $1,279,624 00 

Transfers, Additions. 

57 $125,210 00 
284 509,451 00 

446 644,963 00 





787 $1,279,624 00 

Terminated during the Year. 

712 $1,701,584 00 

3,570 6,439,833 00 

968 2,895,464 00 

60,342 00 




Total, . 

Whole life, . 
Endowment, 
All other, 
Reversionary additions 


65,644 $121,238,737 00 


By death, 
maturity, 
expiry, . 
surrender, 
lapse, 
decrease, 

Not taken, . 


5,250 $11,097,223 00 

How terminated. 

743 $1,249,268 00 

139 268,585 00 

161 275,342 00 

1,090 2,085,974 00 

2,089 4,516,207 00 

478,546 00 

1,028 2,223,301 00 


5,250 11,097,223 00 


Whole life, . 
Endowment, 
All other, 
Reversionary additions 


In Force Dec. SI, 1908. 

16,231 $29,303,381 00 

37,718 64,059,367 00 

6,445 15,639,619 00 

1,139,147 00 


60,394 $110,141,514 00 



194 



PHCENIX MUTUAL LIFE INSURANCE CO. 



Schedule A. Stocks and Bonds owned by the Company. 



Railroad Stocks. 
700 shares Ft. Wayne & Jackson, preferred, 
100 " New York, New Haven & Hartford, 

28 " St. Jos., So. Bend & So., pref., . 
100 " St. Jos., So. Bend & So., com., . 
Bank Stocks. 

35 shares iEtna National, Hartford, Conn., 
644 " American National, Hartford, Conn., 
200 " Charter Oak Nat., Hartford, Conn., 

78 " Fa. & Mech. Nat., Hartford, Conn., 
200 " First National, Hartford, Conn., 
109 " Hartford National, Conn., 
362 " Nat. Exchange, Hartford, Conn., 
525 " Phoenix National, Hartford, Conn., 
100 " Security Co., Hartford, Conn., . 

50 " United States, Hartford, Conn., 

Miscellaneous Stocks. 
550 shares New York Dock Co., preferred, . . 

State, County and Municipal Bonds. 
Beatrice, Neb., 4s, 1911, ..... 
Colfax, Whitman Co., Wash., sch. dist. 6s, 1911, 
Greensboro, N. O, 6s, 1917, 

Humboldt, Rich. Co., Neb., 6s, 1911, op. yearly, 
Los Angeles, Cal., Water Works, 4^s, 1930, 
Middlesex Co., Prov. of Ontario, 4-Js, 1910, 
Nelson, Nuckolls Co., Neb., sch. dist. 6s, yearly, 
Niagara Falls, Ont., 4s, 1927, . 
Seattle, Wash., 5s, 1910, .... 
Superior, Neb., school district, 6s, 1909, 
Urbana, O., 4£s, 1911, 
Virginia 3s, 1932, 

Railroad Bonds. 
Atch., Top. & Santa Fe (Okla. Div.) 4s, 1928, 
Atlantic Coast Line (L. & N. col.) 4s, 1952, 
Atlantic & Danville 1st mortgage 4s, 1948, 
Baltimore & Ohio 4s, 1948, . 

Baltimore & Ohio (So. Div.) 3£s, 1925, 
Belt Ry. of Chattanooga 5s, 1945, 
Brockton St. 5s, 1924, .... 
Brooklyn Union Elevated 5s, 1950, 
Burlington, Cedar Rapids & Northern 5s, 1934, 
Cedar Rapids, la. Falls & Northw. 5s, 1921, 
Central of Georgia cons, mortgage 5s, 1945, 
Central of Georgia (Oconee Div.) 5s, 1945, . 
Central of New Jersey 5s, 1987, 
Chesapeake & Ohio 4|s, 1992, . 
Chesapeake & Ohio 1st cons. mort. 5s, 1939, 
Chicago & Atlantic Terminal 5s, 1918 
Chicago & Cincinnati 5s, 1952, . 
Chicago & Eastern Illinois 5s, 1937, 
Chicago & Erie 5s, 1982, . 
Chicago & Indiana Coal 5s, 1936, 
Chic, Mil. & St. Paul (So. Minn. Div.) 6s, 1910, 
Chicago North Shore St. 6s, 1912, 
Chicago & Northwestern 6s, 1929, 
Chicago & Northwestern 5s, 1929, 
Chicago, Peoria & St. Louis 4-§s, 1930 
Chicago Rys. Co. cons, mort., series A, 4s, 1927, 
Chicago Rys. Co. cons, mort., series B, 4s, 1927, 
Chicago & Western Indiana 6s, 1932, 
Cincinnati, Dayton & Chicago 4s, 1942, 
Cincinnati, Dayton & Ironton 5s, 1941, 
Cincinnati, Findlay & Ft. Wayne 4s, 1923, 
Cin., H. & D. pur. money col. tr., notes, 4s, 1913 
Cin., Indian., St. Louis & Chicago 6s, 1920, 
Cincinnati & Indiana Western 5s, 1952, 
Cincinnati, Richmond & Muncie 5s, 1950, . 
Cleve., Cin., Chicago & St. Louis 4s, 1940, . 
CI., Cin., Chic. & St. L. (St. L. Div.) 4s, 1990, 



Book Value. 

$84,000 00 

12,000 00 

2,520 00 

4,000 00 

7,000 00 

38.640 00 
24,000 00 

7,800 00 
26,000 00 
13,085 00 
21,720 00 
60,375 00 
10,000 00 
15,000 00 

35,750 00 

4,000 00 

30,000 00 

4,500 00 

4,000 00 

25.641 00 
30,314 00 

5,000 00 

102,210 00 

25,000 00 

2,008 00 
25,000 00 
11,389 00 

45,288 00 
47,990 00 

94.116 00 
73,178 00 
89,934 00 
27,680 00 
41,000 00 

50.117 00 
25,430 00 
51,934 00 
25,494 00 
27,619 00 

111,111 00 

53,511 00 

55,931 00 
46,595 00 

26,452 00 

55,071 00 

52,542 00 

42,748 00 

50,026 00 

50,949 00 

98,188 00 

20,094 00 

50,868 00 

12,500 00 

12,500 00 

105,973 00 

47,811 00 

52,672 00 

24,224 00 

23,879 00 

19,895 00 

27,581 00 

54,026 00 

45,017 00 

35,897 00 



Rate. 
135 
161 
100 
40 

220 
140 
125 
113 
150 
142 
126 
122 
150 
400 

75 

100 
102 
111 
100 
105 
100 
100 

91 
101 
100 
100 

94 

97 

86 

90 

101 

92 

100 

100 

101 

115 

104 

108 

104 

128 

105 

115 

100 

75 

115 

115 

112 

102 

75 

110 

108 

90 

93 

85 

112 

79 

94 

80 

92 

102 

75 

75 

93 

96 



Market Value. 

$94,500 00 

16,100 00 

2,800 00 

4,000 00 

7,700 00 
45,080 00 
25,000 00 

8,814 00 
30,000 00 
15,478 00 
22,806 00 
64,050 00 
15,000 00 
20,000 00 

41,250 00 

4,000 00 
30,600 00 

4,995 00 

4,000 00 
26,250 00 
30,000 00 

5,000 00 
90,344 80 
25,250 00 

2,000 00 
25,000 00 
14,100 00 

48,500 00 
43,000 00 
90,000 00 
75,750 00 
92,000 00 
25,000 00 
41,000 00 
50,500 00 
28,750 00 
52,000 00 
27,000 00 
26,000 00 

128,000 00 
52,500 00 
57,500 00 
44,000 00 
18,750 00 
57,500 00 
57,500 00 
42,560 00 
51,000 00 
37,500 00 
96,800 00 
20,520 00 
45,000 00 
11,625 00 
10,625 00 

106,400 00 
39,500 00 
47,000 00 
20,000 00 
23,000 00 
19,380 00 
18,750 00 
37,500 00 
46,500 00 
38,400 00 



PHCENIX MUTUAL LIFE INSURANCE CO. 



195 



Cleveland, Lorain & Wheeling 5s, 1936, 
Cleveland, Lorain & Wheeling 4^s, 1930, 
Des Moines & Fort Dodge 4s, 1935, . 
Detroit Ry. 5s, 1924, .... 

Detroit & Mackinac 1st lien mortgage 4s, 1995, 
Easton & Amboy 5s, 1920, 
Elgin, Joliet & Eastern 5s, 1941, 

Erie 7s, 1920, 

Evansville & Indianapolis 6s, 1924, . 

Flint & Pere Marquette 5s, 1939, 

Georgia & Alabama 5s, 1945, 

Georgia, Carolina & Northern 5s, 1929, 

Georgia Southern & Florida 5s, 1945, 

Hartford & Connecticut Western 4^s, 1923, 

Hocking Valley 4£s, 1999, . ' . 

Interborough Rapid Transit 6s, 1911, 

Iowa Central 5s, 1938, .... 

Lake Erie & Western 5s, 1941, 

Lake Shore & Michigan Southern 4s, 1931, ' 

Lehigh Valley (New York) 4*s, 1940, 

Lehigh Valley Terminal 5s, 1941, 

Long Island unified mortgage 4s, 1949, 

Louisville, Henderson & St. Louis 5s, 1946, 

Louisville & Jeffersonville Bridge 4s, 1945, 

Louisville & Nashville unified mortgage 4s, 1940, 

Louisville & Nashville (St. L. property) 5s, 1916, 

Louis. & Nash. (Ev., Hen. & N. Div.) 6s, 1919, 

Louis., New Albany & C. (C. & I. Div.) 6s, 1911, 

Minneapolis & St. Louis 5s, 1934, 

Missouri, Kansas & Eastern 5s, 1942, 

Missouri Pacific 5s, 1917, . 

Missouri Pacific col. 5s, 1920, 

Mobile & Ohio (Montgomery Div.) 5s, 1947, 

Nashville, Chattanooga & St. Louis 6s, 1923, 

N. Y. Cent. & H. R. (Lake Sh. col.) 3£s, 1998, 

N. Y. Cent. & Hud. R. (Mich. Cent, col.) 3£s, 1998, 

New York, New Haven & Hart. con. deb. 6s, 1948, 

N. Y., N. H. & Hartford con. deb. 3£s, 1911, 

New York, Ontario & Western 4s, 1955, 

Northern Ohio 5s, 1945, . 

Nor. Pac.-Gt. Nor. jt. (O, B. & Q. col.) 4s, 1921, 

Northern Pacific Terminal 6s, 1933, . 

Ohio & Little Kanawha 5s, 1950, 

Oregon Short Line 5s, 1946, 

Port Reading 5s, 1941, 

Philadelphia, Baltimore & Wash, serial 4s, 1915, 

Philadelphia & Reading Term. 5s, 1941, 

Pittsburg Term. R.R. & Coal Co.'s 5s, 1942 

Raleigh & Gaston 5s, 1947, 

Rochester & Pittsburg 6s, 1922, 

Rutland 4$s, 1941, .... 

St. Louis, Iron Mt. & Southern 5s, 1931, 

St. Louis, Iron Mt. & Southern 4s, 1929, 

St. Lo., Iron Mt. & So. (R. & Gulf Div.) 4s, 1933, 

St. Louis & San Francisco 4s, 1951, . 

St. Louis & San Francisco 5s, 1931, . 

St. Louis Southern 4s, 1931, 

St. Paul & Northern Pacific 6s, 1923, 

Seaboard Air Line (At. & Birmingham) 4s, 1933, 

Seaboard & Roanoke 5s, 1926, . 

Southern Pacific 4s, 1955, 

Southern (St. Louis Division) 4s, 1951, 

Southern (Memphis Division) 5s, 1996, 

South & North Alabama 5s, 1936, 

Tarkio Valley 7s, 1920, . 

Texas & Pacific (Louisiana Division) 5s, 1931, 

Ulster & Delaware 5s, 1928, 

United Rys. Co. of St. Louis 4s, 1934, 

Utah & Northern 1st mortgage 5s, 1926, 

Virginia Midland 5s, 1921, 

Virginia Midland 5s, 1936, 

Wabash 1st mortgage 5s, 1939, 



Book Value. 

850,888 00 
10,140 00 
17,623 00 
53,791 00 
49,381 00 
51,773 00 
51,508 00 
50,495 00 
30,037 00 
50,000 00 
55,231 00 
53,827 00 
10,044 00 
50,000 00 
52,698 00 
50,000 00 
25,775 00 

110,164 00 
44,328 00 
50,505 00 
67,568 00 
23,484 00 
55,559 00 
28,174 00 
50,566 00 
59,870 00 
24,953 00 
25,524 00 

110,030 00 
66,622 00 
52,255 00 
51,693 00 
80,565 00 
41,964 00 
39,752 00 
43,901 00 
41,123 00 
3,908 00 
21,655 00 

107,536 00 
97,944 00 

120,746 00 
25,364 00 
56,338 00 
51,116 00 
24,669 72 
51,097 00 
54,772 00 
32,923 00 
33,253 00 
26,500 00 
53,592 00 
47,224 00 
47,535 00 
22,380 00 
78,638 00 
19,875 00 
16,530 00 
47,326 00 
25,571 00 
48,663 00 
47,867 00 
58,538 00 
53,953 00 
9,552- 00 
53,730 00 
31,760 00 
43,522 00 
15,586 00 
32,343 00 
27,512 00 
77,350 00 



Rate. 

105 

102 

90 

90 

96 
107 
108 
124 
111 
106 
102 
104 
108 
102 
106 
103 
109 
104 

95 
107 
117 

93 
110 

93 
101 
100 
110 
102 
108 
110 
100 
100 
111 
117 

84 

85 
135 

98 

93 
110 

98 
113 
105 
114 
105 

99 
120 

97 
107 
121 
100 
112 

87 

89 

86 
109 

96 
121 

81 
106 

95 

85 
105 
110 
104 
107 
106 

83 
106 
105 
107 
113 



Market Value. 

$52,500 00 
10,200 00 
18,000 00 
45,000 00 
48,000 00 
53,500 00 
54,000 00 
62,000 00 
31,080 00 
53,000 00 
51,000 00 
52,000 00 
10,800 00 
51,000 00 
53,000 00 
51,500 00 
27,250 00 

104,000 00 
47,500 00 
53,500 00 
76,050 00 
23,250 00 
55,000 00 
29,760 00 
50,500 00 
60,000 00 
25,300 00 
25,500 00 

108,000 00 
64,900 00 
50,000 00 
50,000 00 
83,250 00 
44,460 00 
42,000 00 
42,500 00 
50,760 00 
3,822 00 
23,250 00 

107,800 00 
98,000 00 

119,780 00 
26,250 00 
57,000 00 
52,500 00 
24,750 00 
60,000 00 
48,500 00 
33,170 00 
36,300 00 
25,000 00 
56,000 00 
43,500 00 
44,500 00 
21,500 00 
81,750 00 
20,160 00 
18,150 00 
40,500 00 
26,500 00 
47,500 00 
42,500 00 
52,500 00 
55,000 00 
9,360 00 
53,500 00 
30,740 00 
41,500 00 
15,900 00 
33,075 00 
26,750 00 
84,750 00 



196 



PROVIDENT LIFE AND TRUST CO. OF PHILADELPHIA. 



Wabash (Detroit & Chic. Extension) 5s, 1941, 
Wabash (Omaha Division) 3^s, 1941, 
Wabash (Toledo & Chicago Div.) 4s, 1941, 
Western Maryland 4s, 1952, 
Wheeling & Lake Erie 5s, 1926, 
Wheeling & Lake Erie 4s, 1949, 
Wheeling & Lake Erie 5s, 1930, 
Wilmar & Sioux Falls 5s, 1938, 

Miscellaneous Bonds. 
Akron Gas Co. of Ohio 5s, 1947, 
Auburn Gas Co. 5s, 1927, .... 
Columbus Gas Co., O., 5s, 1932, 
Consumers' Gas Co. of Chicago, 111., 5s, 1936, 
Joliet Gas Light Co. of Illinois 5s, 1938, 
New York Dock Co. 4s, 1951, . 
Northwestern Telegraph Co. 4|s, 1934, 
People's Gas Light & Coke Co., Chic, 5s, 1947, 
St. Paul Gas Light Co. 6s, 1918, . . ■ 

Western Union Telegraph Co. 4£s, 1950, 



Book Value. 


Rate. 


Market Value. 


$27,421 


00 


108 


$27,000 00 


44,250 


00 


79 


39,500 00 


99,817 


00 


90 


94,500 00 


43,850 


00 


83 


41,500 00 


50,946 


00 


107 


53,500 00 


46,929 


00 


82 


41,000 00 


10,783 


00 


100 


10,000 00 


26,206 


00 


116 


29,000 00 


24,414 


00 


100 


25,000 00 


20,413 


00 


100 


20,000 00 


25,470 


00 


92 


23,000 00 


25,929 


00 


103 


25,750 00 


20,000 


00 


94 


18,800 00 


51,065 


00 


91 


50,050 00 


51,617 


00 


93 


46,500 00 


26,101 


00 


103 


25,750 00 


10,351 


00 


106 


10,600 00 


25,825 


00 


96 


24,000 00 


$6,386,859 


72 


$6,378,694 80 



PROVIDENT LIFE AND TRUST COMPANY OF PHILADELPHIA, 

PHILADELPHIA, PA. 

Incorporated March 22, 1865. Commenced business June, 1865. 
Paid-up Capital, $1,000,000. 



Asa S. Wing, President. 

Income. 

First year's premiums on original policies, 
Dividends applied to purchase paid-up additions, 
Surrender values applied for paid-up insurance, 
Consideration for life annuities, 

Total new premiums, .... 
Renewal premiums, ..... 
Dividends applied to pay renewal premiums, . 
Renewal premiums on deferred annuities, 

Total renewal premiums, .... 



C. W. Borton, Secretary. 

. $638,153 64 

198,540 75 

91,887 00 

76,553 19 



,005,134 58 



.,747,948 48 



Total premium income, ....... 

Consideration for supplementary contracts not involving life 
contingencies, ......... 

Interest on mortgages, $722,844 46 

on collateral loans, .... 193,245 29 

on bonds and dividends on stocks, . 1,594,160 98 

on premium notes and policy loans, . 381,020 04 

on bank deposits, .... 3,037 17 

on other debts, . . . . 311 95 

Discount on claims paid in advance, . . 102 12 

Rent, including $35,000 for occupancy of own 

buildings, ....... 



5,991,386 47 

756,194 21 

367 80 



$7,753,083 06 
121,786 85 



Profit on sale or maturity of real estate, 
,733.93; stocks, $33,525.50, . 



196,710 34 3,091,432 35 
83,816 01 



>,556. 58; bonds, 



Total income, 
Ledger assets, Dec. 31, 1907, 

Total, . 



511,050,118 27 
59,052,857 40 



,102,975 67 



PEOVIDENT LIFE AND TRUST CO. OF PHILADELPHIA. 



197 



Disbursements. 
Death claims and additions, .... 
Matured endowments and additions, 



$1,836,666 71 
2,608,793 59 



Annuities involving life contingencies, 

Surrender values paid in cash, ...... 

Surrender values applied to purchase paid-up insurance, . 
Dividends paid policy holders in cash, .... 

applied to pay renewal premiums, . 

applied to purchase paid-up additions, 

Total paid policy holders, 
Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, . 
Commissions to agents: new policies, $238,567.22; renewals 
$389,185.31; annuities, $2,632.49, .... 

Salaries and allowances for agencies, .... 

Agency supervision, traveling and other agency expenses, . 
Medical examiners' fees, $34,986 . 17 ; and inspections, $1,005 . 36 
Salaries of officers and home office employees, . 
Rent, including $35,000 for occupancy of own buildings, . 
Advertising, printing, postage, etc., .... 

Legal expenses, . . . • . 

Furniture and fixtures, ....... 

Repairs and expenses on real estate, .... 

Taxes on real estate, ....... 

State taxes on premiums, . . . . l . 

Insurance department licenses and fees, .... 

All other licenses, fees and taxes, ..... 

Loss on sale of real estate, ...... 

Decrease by adjustment in book value of stocks and bonds, 
All other disbursements, . . . . . . 

Total disbursements, ...... 



Balance, ...... 

Ledger Assets. 
Book value of real estate, . . . . 

Mortgage loans on real estate, 
Loans secured by collateral (schedule A), 
Loans to policy holders, 
Premium notes on policies in force, 
Book value of bonds and stocks (schedule B), . 
Deposits in trust companies and banks on interest, 



Non-Ledger Assets. 



Total ledger assets, 

Interest due and accrued on: 

Mortgages, 

Bonds, 

Collateral loans, 

Premium notes, 
Rents due and accrued, 



Market value of stocks and bonds over book value, 



^,445,460 30 

84,841 69 
671,340 07 

91,887 00 
148,986 36 
756,194 21 
198,540 75 

1,397,250 38 
225 00 

44,712 87 

630,385 02 
24,255 76 
16,835 02 
35,991 53 
332,634 39 
60,850 26 
75,245 76 

4,715 00 
18,941 65 
46,769 89 
47,591 71 
99,670 89 

7,039 99 
13,589 11 

2,815 00 
45,008 86 
36,321 18 

. $7,940,849 27 

$62,162,126 40 

$2,219,662 60 

14,504,746 41 

2,671,092 65 

6,810,904 00 

2,568 17 

35,751,151 76 

202,000 81 

$62,162,126 40 



$221,936 36 

483,572 92 

25,477 92 

85,136 30 

8,499 95 



824,623 45 
3,457,408 24 



198 



PROVIDENT LITE AND TRUST CO. OF PHILADELPHIA. 



Uncollected premiums, . 
Deferred premiums, 

Total, . 
Deduct loading, 

Net uncollected and deferred 
premiums, 

Gross assets, . 



New Business. 

$65,174 01 
82,480 36 

$147,654 37 
27,759 02 



Renewals. 

$337,531 75 
832,567 55 

1,170,099 30 

219,978 67 



$119,895 35 $950,120 63 $1,070,015 98 



Liabilities. 



$67,514,174 07 



Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance department on the Actuaries' table of 
mortality, with interest at 4 per cent., and the American table, 
with interest at 3^ per cent., ..... 

Present value of supplementary contracts not involving life 
contingencies, ......... 

Surrender values claimable on terminated policies, . 

Death losses due and unpaid, . . . $77,695 37 

Death losses reported, ..... 55,493 00 

Matured endowments due and unpaid, . . . 11,896 00 

Annuity claims due and unpaid, . . . 1,001 90 



$56,693,851 00 

499,272 00 
191,782 00 



Premiums paid in advance, ...... 

Unearned interest and rent paid in advance, 
Commissions to agents due or accrued, .... 

Miscellaneous accounts due or accrued, .... 

Medical examiners' and legal fees due or accrued, 

State, county and municipal taxes due or accrued, . 

Dividends or other profits due policy holders, . 

Dividends apportioned on annual dividend policies, payable 

during 1909, 

Paid-up capital, ........ 

Unassigned funds (surplus), ...... 



Total liabilities, 



146,086 27 

360,222 56 

281 37 

7,599 32 

84 25 

3,515 00 

111,483 44 

106,636 00 

635,000 00 
1,000,000 00 
7,758,360 86 

$67,514,174 07 



Premium Note Account. 



Premium notes on hand Dec. 31, 1907, 
Received during 1908, old policies, . 

Used in payment of dividends to policy holders, 
Redeemed by maker in cash, .... 

Premium notes on hand Dec. 31, 1908, 

Exhibit of Policies. 



1,382 83 
338 45 



$676 36 
476 75 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



In Force Dec. 31, 1907. 

Number. Amount. 

7,706 $25,618,372 00 

56,709 139,033,108 00 

7,596 28,011,645 00 

2,278,702 00 



Total No. 



$3,721 28 



1,153 11 
52,568 17 



Total Amount. 



72,011 $194,941,827 00 



PEOVIDENT LIFE AND TRUST CO. OF PHILADELPHIA. 



199 



Issued during the Year. 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 


Number. Amount. 

784 $2,199,587 00 

5,149 11,081,230 00 

2,172 8,914,219 00 

309,079 00 


Total No. 

8,105 
336 


Total Amount. 

$22,504,115 00 


Whole life, . 
Endowment, 
All other, 
Reversionary additions, 


Old Policies revived. 

43 $126,870 00 

243 495,863 00 

50 228,766 00 

2,218 00 


853,717 00 


Whole life, . 
Endowment, 
All other, 


Old Policies increased. 

$5,433 00 

22,500 00 

7,500 00 


35,433 00 


Whole life, . 
Endowment, 
All other, 


Transfers, Deductions. 

29 $76,867 00 
89 261,750 00 
56 164,464 00 





Whole life, . 
Endowment, 
All other, 



174 $503,081 00 

Transfers, Additions. 

39 $101,998 00 

120 330,983 00 

15 70,100 00 





174 $503,081 00 

Terminated during the Year. 

418 $1,445,297 00 

3,391 8,453,159 00 

1,037 4,344,948 00 

ns, - 192,783 00 






Total, . 

Whole life, . 
Endowment, 
All other, 
Reversionary additic 


80,452 I 

4,846 
75,606 I 


^218,335,092 00 


By death, 
maturity, 
surrender, 
lapse, 
decrease, 

Not taken, . 


4,846 $14,436,187 00 

How terminated. 

596 $1,854,684 00 

883 2,601,388 00 

1,070 2,904,334 00 

2,139 5,765,076 00 

756,492 00 

158 554,213 00 


14,436,187 00 


Whole life, . 
Endowment, 
All other, 
Reversionary additic 


In Force Dec. 31, 1908. 

8,125 $26,530,096 00 

58,741 142,248,775 00 

8,740 32,722,818 00 

ins, - 2,397,216 00 


^203,898,905 00 



200 



PROVIDENT LIFE AND TRUST CO. OF PHILADELPHIA. 



Schedule A. Securities held as Collateral. 



700 shares The American Rys. Co., 

300 " Atchison, Topeka & Santa Fe Ry. Co., 

700 " Cambria Steel Co., 

700 " Philadelphia Electric Co. ($13.50 paid), 

100 " The United Gas Improvement Co., 

200 " Lehigh Valley R.R. Co., 

Reading Co. & Phila. & Read. C. & I. Co. 4s, 1997, 

Adams Express Co. col. trust 4s, 1948, 
100 shares Texas & Pacific Ry. Co., 
500 " The American Rys. Co., 
300 " Atchison, Topeka & Santa Fe Ry. Co., 
400 " Pennsylvania R.R. Co., 
200 " Lehigh Valley R.R. Co., 
200 " Texas & Pacific Ry. Co., 
100 " Erie R.R. Co., 2d preferred, . 
200 " Cambria Steel Co., 

400 " Philadelphia Electric Co. ($13.50 paid), 
400 " Union Traction Co. of Philadelphia, 
200 " Union Traction Co. of Ind., preferred, 
400 " The United Gas Improvement Co., 
100 " Lehigh Coal & Navigation Co., trust cert 
200 " Welsbach Co., .... 
100 " Pennsylvania R.R. Co., 

99 " Indianapolis Street Ry. Co., . 
600 " Reading Co., .... 

Indiana, Columbus & Eastern Traction Co. 5s, 1926, 
50 shares Southern Pacific Co., 
1,181 " The United Gas Improvement Co., 
200 " Essex & Hudson Gas Co , 
150 " Finance Co. of Pa., 1st preferred, . 
100 " Cambria Steel Co., . . 

200 " Rock Island Co., .... 
100 " Lehigh Valley R.R. Co., 
100 " Union Traction Co. of Ind., preferred, 
300 " Lehigh Coal & Navigation Co. trust cert 

Manhattan Ry. Co. 4s, 1990, .... 

American Tobacco Co. 6s, 1944, 

Lehigh Valley R.R. Co. col. trust 4s, 1919, . 

60 shares Finance Co. of Pa., 1st preferred, . 
500 " The United Gas Improvement Co., 
2,000 " Philadelphia Electric Co. ($13.50 paid), 
24 " Pennsylvania R.R. Co., 
700 " Hudson County Gas Co., 
250 *i North Pennsylvania R.R. Co., 
200 " Essex & Hudson Gas Co., 
200 " Union Traction Co. of Philadelphia, 

Manhattan Ry. Co. 4s, 1990, .... 

American Tobacco Co. 6s, 1944, 

United Rys. Investment Co. col. 5s, 1926, . 

Bethlehem Steel Co. 6s, 1998, . 

Indiana, Columbus & Eastern Traction Co. 5s, 1926, 
100 shares United Rys. Investment Co., 
200 " East St. Louis & Suburban Co., preferred, 
100 " Missouri, Kansas & Texas Ry. Co., preferred, 
300 " Hudson County Gas Co., 
2,000 " The United Gas Improvement Co., 
400 " Essex & Hudson Gas Co., 
100 " Lehigh Valley R.R. Co., 

56 " Northern Central Ry. Co., 
100 " Finance Co. of Pennsylvania, 1st preferred, 

Indianapolis St. Ry. Co. 4s, 1933, .... 

Public Service Corporation interest bearing certificates, 

Harrisburg Gas Co. 5s, 1928, ..... 

Manhattan Ry. Co. 4s, 1990, 

American Tobacco Co. 6s, 1944, .... 

Western, New York & Pa. R.R. 4s, 1943, . 

Omaha Gas Co. 5s, 1917, ...... 

Indianapolis-Northern Traction Co. 5s, 1932, 



Company's 


Loaned 


Market Value 


Thereon. 


$32,200 00 




30,000 00 




27,300 00 




7,700 00 




9,200 00 


- $100,000 00 


15,200 00 




2,000 00 




9,200 00 




3,600 00 




23,000 00 




30,000 00 




26,400 00 




15,200 00 




7,200 00 


100,000 00 


4,000 00 




7,800 00 




4,400 00 




20,400 00 




16,800 00 




36,800 00 




9,700 00 




5,400 00 
6,600 00 


> 100,000 00 


10,890 00 




42,600 00 




13,500 00 




6,050 00 " 




108,652 00 




22,800 00 




15,000 00 




3,900 00 




4,800 00 
7,600 00 


> 200,000 00 


8,400 00 




29,100 00 




24,750 00 




7,560 00 




4,850 00 




6,000 00 i 




46,000 00 




22,000 00 




1,584 00 




79,800 00 




25,250 00 




22,800 00 


► 200,000 00 


10,200 00 




14,850 00 




5,400 00 




2,550 00 




5,800 00 




13,500 00 




3,700 00 : 




16,000 00 




7,300 00 




34,200 00 




184,000 00 




45,600 00 




7,600 00 




5,656 00 




10,000 00 


300,000 00 


4,250 00 




11,100 00 




2,060 00 




9,900 00 




16,200 00 




4,800 00 




3,800 00 




5,400 00 





PROVIDENT LIFE AND TRUST CO. OF PHILADELPHIA. 



201 



1,000 shares Union Traction Co. of Philadelphia, 
1,000 " The United Gas Improvement Co., 
1,000 " Cambria Steel Co., 
100 " Frankford & Southwark P. C. Pass. Ry. 
200 " Pennsylvania Steel Co., preferred, . 
500 " U. S. Steel Corporation, 
6,000 " Union Traction Co. of Philadelphia, 
1,300 " Philadelphia Traction Co., 
1,100 " Lehigh Coal & Navigation Co. trust cert. 
Westinghouse Electric & Manuf. Co. con. 5s, 1931, 
United Rys. Investment Co. col. 5s, 1926, . 
400 shares Lehigh Valley R.R. Co., 
621 " The United Gas Improvement Co., 
400 " Reading Co., 2d preferred, 
200 " Union Traction Co. of Philadelphia 
Baltimore & Ohio R.R. Co. prior lien 3-Js, 1925, 
Norfolk & Western Ry. divisional 4s, 1944, 
75 shares The American Rys. Co., 
500 - " Cambria Steel Co., 
700 " Lehigh Valley R.R. Co., 
1,000 " Union Traction Co. of Philadelphia 
Electric & People's Traction Co. 4s, 1945, . 
Consolidated Traction Co. (N. J.) 5s, 1933, 
200 shares Lehigh Valley R.R. Co., 
200 " U. S. Steel Corporation, preferred, 
300 " The United Gas Improvement Co., 
700 " Lehigh Coal & Navigation Co. trust cert, 
5 " Philadelphia National Bank, 
92 " Franklin National Bank, 
Chicago, Rock Island & Pacific Ry. Co. 4s, 1934, 
300 shares Pullman's Palace Car Co., 



Co. 



265 
565 



813 

563 

1,400 



$200,000 00 

300,000 00 
100,000 00 

100,000 00 

100,000 00 

100,000 00 
100,000 00 

100,000 00 

68,375 00 
48,875 00 

100,000 00 

50,000 00 

146,966 67 

107,726 67 

49,149 31 

$3,733,096 00 $2,671,092 65 

Schedule B. Stocks and Bonds owned by the Company. 



N. Y., New Haven & Hartford R.R. Co., 

St. Louis and San Francisco tr. ctf s. for Chicago 

and E. 111. pref., 
Westinghouse Air Brake Co., 
Westinghouse Air Brake Co., 
Lehigh Valley R.R. Co., 
Philadelphia Electric Co. col. 5s, 1948, 
Philadelphia Electric Co. col. 4s, 1950, 

400 shares The United Gas Improvement Co., 
200 " Lehigh Coal & Navigation Co 
100 " Lehigh Valley R.R. Co., 
Philadelphia Co. 5s, 1949, 

400 shares Standard Oil Co., 
350 " Standard Oil Co., 
1,400 " Reading Co., 



trust cert. 



Company's 

Market Value. 

$51,000 00 

92,000 00 

39,000 00 

38,000 00 

20,600 00 

26,500 00 

306,000- 00 

118,300 00 

106,700 00 

11,160 00 

8,500 00 
30,400 00 
57,132 00 
18,400 00 
10,200 00 

5,700 00 

1,900 00 

3,450 00 
19,500 00 
53,200 00 
51,000 00 

4,650 00 
57,200 00 
15,200 00 
22,600 00 
27,600 00 J 
67,900 00 

1,585 00 
27,692 00 
27,600 00 j 
51,000 00 
42,665 00 



Loaned 
Thereon. 



67,800 00 J 
89,430 00 
61,930 00 
106,400 00 
5,050 00 
10,360 00 J 
36,800 00 
19,400 00 
7,600 00 
6,240 00 J 
277,600 00 
242,900 00 
99,400 00 



Railroad Stocks. 
888 shares Buffalo & Susquehanna, 
425 " Chic. Rys. Co. part, cert., series 3, 
156 " Chic. Rys. Co. part, cert., series 4, 
2,250 " Interborough-Metrop. Co., pref., 
1,237 " Inter. -Metro. Co. com. vtg. tr. cert. 
414 " North Pennsylvania, 
300 " Saginaw-Bay City Ry. & Lt. Co., 
Miscellaneous Stocks. 
2,500 shares Hudson Cos., preferred, 

992 " Massachusetts Gas Cos., preferred, 

1,077 " Massachusetts Gas Cos., common, 

15,168 " The United Gas Improvement Co., 

Government Bonds. 
United States of Mexico 4s, 1954, 

State, County and Municipal Bonds. 
Allegheny County, Pa., 4s, 1934, 
Boston, Mass., 3$s, 1929, .... 
Boston, Mass., 3£s, 1937, .... 
Boston, Mass., 3£s, 1944-45, . . 



Book Value. 

$53,280 00 

4,250 00 

624 00 

40,500 00 

8,659 00 

40,158 00 

6,000 00 

250,000 00 

76,384 00 

38,100 00 

1,052,754 00 

330,000 00 

150,480 00 
179,000 00 
175,000 00 
430,000 00 



Rate. 
30 
32 

14 
46 

18 

205 

28 

90 

89 

59 

186 

93 

103 
95 
94 
93 



Market Value. 

$26,640 00 

13,600 00 

2,184 00 

103,500 00 

22,266 00 

42,435 00 

8,400 00 

225,000 00 

88,288 00 

63,543 00 

1,410,624 00 

348,750 00 

156,560 00 
190,000 00 
188,000 00 
465,000 00 



202 



PROVIDENT LIFE AND TRUST CO. OF PHILADELPHIA. 



Chicago, 111., sanitary district 4s, 1909-12, 

Cincinnati, O., 3£s, 1952, op. 1932, 

Gloucester, N. J., 4s, 1919-24, 

Gloucester, N. J., 4s, 1933, 

Lynchburg, Va., 4£s, 1927, 

Massachusetts 3£s, 1934, . 

Mobile, Ala., 4£s, 1939, . 

New York, N. Y., 3s, 1909, 

New York, N. Y., 4s, 1909, 

New York, N. Y., 3*s, 1918, 

New York, N. Y., 3*s, 1953-54, 

New York, N. Y., revenue 3$s, 1909, 

New York, N. Y., 4s, 1955-57, . 

Philadelphia, Pa., 3s, 1910, 

Philadelphia, Pa., 3s, 1915, 

Philadelphia, Pa., 3£s, 1924, 

Portland, Ore., 4s, 1934, . 

Port of Portland, Ore., 5s, 1922, 

Richmond, Va., 5s, 1921, . 

Salt Lake City, Utah, school district 5s, 1913, 

Salt Lake City, U., 4s, 1918, 

Salt Lake City, IT., 4*s, 1924, 

San Diego, Cal., 4|s, 1915, 

San Diego, Cal., 4|s, 1919-21, 

San Diego, Cal., 4|s, 1922-29, 

San Diego, Cal., 4£s, 1931-33, 

Railroad Bonds. 
Altoona & Logan Valley Electric 4£s, 1933, 
Atchison, Topeka & Santa F6 4s, 1909, 
Atchison, Topeka & Santa F£ 4s, 1995, 
Atch., Top. & Santa Fe (E. Ok. Div.) 4s, 1928, 
Atlantic Coast Line 1st con. mortgage 4s, 1952, 
Atlantic Coast Line (L. & N. col.) 4s, 1952, 
Baltimore & Ohio 4s, 1948, 
Baltimore & Ohio prior lien 3£s, 1925, 
Baltimore & Ohio (P. June. & M. Div.) 3£s, 1925, 
Bait. & O. (Pitts., L. E. & W. Va. Sys.) 4s, 1941, 
Baltimore & Ohio (Southw. Div.) 3^s, 1925, 
Baltimore & Ohio 5s, 1909, 
Buffalo & Susquehanna 4s, 1951, 
Buffalo & Susquehanna 4^s, 1953, 
Central of Georgia con. mortgage 5s, 1945, 
Cent, of Georgia (G. & N. M. L.) 4s, 1909, 
Cent, of Georgia (G. & N. M. L.) 4s, 1910-11, 
Cent, of Georgia (G. & N. M. L.) 4s, 1912, . 
Central of Georgia (Upper Cah. Br.) 4s, 1909, 
Central of Georgia (Upper Cah. Br.) 4s, 1910-11, 
Central of Georgia equipment 4£s, 1911, 
Central of Georgia equipment 4^s, 1912-13, 
Central of Georgia equipment 4-|s, 1914, 
Central Pacific 1st ref. mortgage 4s, 1949, . 
Central Pacific 3^s, 1929, .... 
Central Pacific (Through Short Line) 4s, 1954, 
Central of New Jersey equipment 4s, 1909, 
Central of New Jersey equipment 4s, 1910, 
Central of New Jersey equipment 4s, 1912, 
Chesapeake & Ohio 1st con. mortgage 5s, 1939, 
Chesapeake & Ohio 4^s, 1992, . 
Chesapeake & Ohio equipment 4s, 1909, 
Chesapeake & Ohio equipment 4s, 1910, 
Chesapeake & Ohio equipment 4s, 1911—12, 
Chicago & Alton 3s, 1949, 
Chicago & Alton 3£s, 1950, 
Chicago & Eastern Illinois 4s, 1955, . 
Chicago & Eastern Illinois equipment 4£s, 1909, 
Chicago & Eastern Illinois equipment 4^s, 1910, 
Chic, Indianap. & St. Lo. Short Line 4s, 1953, 
Chic. Rys. Co. con. mortg., ser. B, 4s and 5s, 1927 
Chicago, Rock Island & Pacific 4s, 1934, 
Chicago, Rock Is. & Pacific equip. 4^s, 1911, 
Chicago, Rock Is. & Pacific equip. 4-§s, 1912-14, 
Chicago, St. Louis & New Orleans 3-§s, 1951, 
Chicago & Western Indiana 4s, 1952, . 



Book Value. 


Rate. 


Market Value. 


$34,020 00 


100 


$35,000 00 


190,000 00 


96 


192,000 00 


186,710 00 


99 


204,930 00 


13,680 00 


98 


15,680 00 


35,280 00 


100 


36,000 00 


276,000 00 


98 


294,000 00 


31,360 00 


98 


31,360 00 


192,000 00 


100 


200,000 00 


300,000 00 


100 


300,000 00 


90,000 00 


96 


96,000 00 


759,770 00 


90 


827,100 00 


34,000 00 


100 


34,000 00 


655,000 00 


103 


669,500 00 


13,510 00 


99 


13,860 00 


11,425 00 


96 


12,000 00 


90,500 00 


97 


97,000 00 


141,000 00 


98 


147,000 00 


4,000 00 


107 


4,280 00 


100,000 00 


111 


111,000 00 


73,875 00 


103 


77,250 00 


92,000 00 


98 


98,000 00 


95,000 00 


103 


103,000 00 


2,925 00 


101 


3,030 00 


10,110 00 


102 


10,710 00 


26,685 00 


103 


28,840 00 


8,030 00 


104 


8,840 00 


23,000 00 


94 


23,500 00 


96,000 00 


100 


100,000 00 


161,780 00 


92 


184,000 00 


584,406 25 


97 


679,000 00 


280,303 89 


95 


314,450 00 


375,000 00 


86 


430,000 00 


191,000 00 


101 


202,000 00 


453,750 00 


94 


470,000 00 


20,000 00 


90 


22,500 00 


420,000 00 


96 


480,000 00 


103,750 00 


92 


115,000 00 


198,750 00 


100 


200,000 00 


91,000 00 


88 


88,000 00 


91,000 00 


93 


93,000 00 


463,050 00 


108 


529,200 00 


14,650 00 


100 


15,000 00 


57,950 00 


99 


59,400 00 


23,900 00 


98 


24,500 00 


29,400 00 


100 


30,000 00 


19,400 00 


99 


19,800 00 


48,595 00 


98 


49,980 00 


167,400 00 


97 


171,690 00 


127,741 20 


96 


133,440 00 


450,000 00 


97 


485,000 00 


206,700 00 


89 


231,400 00 


160,000 00 


93 


186,000 00 


9,600 00 


100 


10,000 00 


9,350 00 


99 


9,900 00 


4,450 00 


98 


4,900 00 


100,000 00 


115 


115,000 00 


611,940 00 


105 


690,900 00 


19,260 00 


100 


20,000 00 


42,170 00 


99 


43,560 00 


86,550 00 


98 


90,160 00 


180,000 00 


79 


197,500 00 


155,000 00 


75 


187,500 00 


80,000 00 


86 


86,000 00 


98,500 00 


100 


100,000 00 


87,050 00 


99 


89,100 00 


328,000 00 


98 


392,000 00 


102,000 00 


85 


144,500 00 


44,375 00 


91 


45,500 00 


47,500 00 


99 


49,500 00 


138,500 00 


98 


147,000 00 


126,000 00 


90 


135,000 00 


462,400 00 


98 


533,120 00 



PROVIDENT LIFE AND TRUST CO. OF PHILADELPHIA. 



203 



Chicago & West. Indiana col., notes, 5s, 1910, 

Cleve., Cincinnati, Chicago & St. Lo. 4s, 1993, 

Cleveland Electric 5s, 1913, 

Cleveland Terminal & Valley 4s, 1995, 

Connecticut Ry. & Lighting Co. 4£s, 1951, . 

Consolidated Traction Co. (N. J.) 5s, 1933, 

Easton & Amboy 5s, 1920, 

Elgin, Joliet & Eastern 5s, 1941, 

Erie prior lien 4s, 1996, 

Erie general lien 4s, 1996, 

Erie (Pennsylvania col.) .4s, 1951, 

Evansville & Terre Haute 5s, 1942, 

Greenbrier 4s, 1940, 

Hocking Valley 4£s, 1999, 

Hocking Valley equipment 4s, 1911, 

Hocking Valley equipment 4s, 1912-14, 

Hocking Valley equipment 4s, 1915-16, 

Hudson Cos. 6s, 1910, .... 

Hudson & Manhattan 4^s, 1957, 

International & Gt. Northern 2d mortg. 5s, 1909, 

Jersey City & Bergen 4£s, 1923, 

Kanawha & Hocking Coal & Coke Co. 5s, 1951, 

Kansas City Ry. & Light Co. 5s, 1913, 

Kansas City, Ft. Scott & Memphis 6s, 1928, 

Kansas City, Ft. Scott & Memphis 4s, 1936, 

Kansas City Southern 3s, 1950, 

Lake Shore & Michigan Southern 4s, 1928-31, 

Lehigh Coal & Navigation Co. 4s, 1948, 

Lehigh Valley 4s, 2003, .... 

Lehigh Valley col. trust 4s, 1910, 

Lehigh Valley col. trust 4s, 1911, 

Lehigh Valley col. trust 4s, 1913-14, . 

Lehigh Valley col. trust 4s, 1917-23, . 

Lehigh Valley equipment 4^-s, 1909, . 

Lehigh Valley equipment 4^s, 1917, . 

Long Island ref. mortgage 4s, 1949, . 

Louisville & Nashville unified mortg. 4s, 1940, 

Louisville & Nashville 4s, 1923, 

Louis. & Nash. -South. (Monon. col.) joint 4s, 1952 

Manhattan 4s, 1990, .... 

Market Street Elevated Passenger 4s, 1955, 

Mason City & Fort Dodge 4s, 1955, . 

Metropolitan Street 4s, 2002, 

Metropolitan W. Side Elevated 1st mtge. 4s, 1938 

Minneapolis, St. Paul & Sault Ste. M. 4s ; 1938, 

Missouri Pacific 5s, 1917, . 

Missouri Pacific col. 5s, 1920, 

Nassau Electric 4s, 1951, .... 

New Orleans Terminal Co. 6s, 1909, . 

New York Central & Hudson R. 3£s, 1997, 

New York Central & Hudson River 4s, 1934, 

N. Y. Cent. & Hud. R. (L. Sh. col.) 3£s, 1998, 

N. Y. Cent. & Hudson R. (Mich. C. col.) 3^s, 1998, 

New York Central & Hudson R., notes, 5s, 1910, 

New York & Erie 3d mortgage 4£s, 1923, . 

New York & Erie 5s, 1920, 

New York, New Haven & Hart., notes, 5s, 1910, 

New York, New Haven & Hart., notes, 4-|s, 1911 

Norfolk & Western 4s, 1996, 

Norfolk & Western 4s, 1944, 

Nor. & West.-Pocah. C. & C. Co. joint 4s, 1941, 

Northern Pacific 3s, 2047, 

Nor. Pac. (St. Paul-Duluth Div.) 4s, 1996, . 

Nor. Pac.-Gt. Nor. (C, B. & Q. col.) joint 4s, 1921 

Oregon Short Line 4s, 1929, 

Passaic & Newark Electric Traction 5s, 1937, 

Pennsylvania Co. 15-25 year 4s, 1931, 

Pennsylvania & New York Canal 4s, 1939, 

Pennsylvania con. mortgage 3^s, 1945, 

Pennsylvania conv. 3^s, 1915, . 

Pennsylvania, notes, 5s, 1910, . 

Pere Marquette 4s, 1955, .... 

Philadelphia & Baltimore Central 5s, 1911, 



Book Value. 

$340,000 00 

370,000 00 

23,500 00 
122,180 00 
184,000 00 
295,500 00 

20,000 00 
300,000 00 
243,593 69 
560,000 00 
280,000 00 

75,600 00 

204,120 00 

128,925 00 

9,350 00 

195,250 00 

93,100 00 
121,875 00 
245,000 00 

88,000 00 

69,000 00 

85,000 00 
186,000 00 

43,000 00 
170,000 00 

22,800 00 

1,017,260 00 

233,025 00 

172,000 00 

9,800 00 

82,025 00 

86,715 00 
116,190 00 

99,000 00 

89,400 00 
177,000 00 
325,500 00 
420,000 00 
146,000 00 
180,000 00 
113,050 00 
204,000 00 

58,500 00 

79,000 00 
176,000 00 
124,880 00 
455,000 00 

70,000 00 
296,937 50 
410,640 00 
543,500 00 
316,625 00 
276,950 00 
193,000 00 
4,000 00 
7,000 00 
120,000 00 

47,000 00 

45,750 00 
205,000 00 
267,750 00 
135,000 00 
256,000 00 
230,000 00 
422,500 00 
188,000 00 
338,242 23 
186,000 00 

80,000 00 
126,000 00 
803,750 00 
210,000 00 
108,900 00 



Rate. 

100 

98 

95 

97 

100 

104 

107 

108 

89 

75 

86 

102 

93 

106 

99 

98 

97 

99 

88 

86 

96 

98 

97 

113 

84 

73 

95 

99 

98 

99 

98 

96 

95 

100 

97 

97 

101 

97 

85 

99 

96 

83 

60 

84 

99 

100 

100 

80 

100 

95 

94 

84 

85 

101 

103 

105 

101 

100 

98 

94 

90 

73 

100 

98 

95 

102 

100 

98 

92 

95 

101 

76 

100 



Market Value. 

$350,000 00 

392,000 00 

23,750 00 
144,530 00 
200,000 00 
312,000 00 

21,400 00 
324,000 00 
264,330 00 
600,000 00 
344,000 00 

81,600 00 
225,990 00 
143,100 00 
9,900 00 
212,660 00 
102,820 00 
123,750 00 
220,000 00 

86,000 00 

66,240 00 

98,000 00 
194,000 00 

48,590 00 
210,000 00 

27,740 00 

1,090,600 00 

236,610 00 

196,000 00 

9,900 00 

83,300 00 

87,360 00 
123,500 00 
100,000 00 

97,000 00 
194,000 00 
353,500 00 
485,000 00 
170,000 00 
198,000 00 
127,680 00 
199,200 00 

90,000 00 

84,000 00 
198,000 00 
136,000 00 
500,000 00 

80,000 00 
300,000 00 
448,400 00 
564,000 00 
357,000 00 
324,700 00 
202,000 00 
4,120 00 
7,350 
121,200 

47,000 

49,000 
235,000 
315,000 00 
146,000 00 
320,000 00 
245,000 00 
475,000 00 
191,760 00 
380,000 00 
196,000 00 

92,000 00 
136,800 00 
828,200 00 
228,000 00 
110,000 00 



00 
00 
00 
00 
00 



204 



THE PRUDENTIAL INSURANCE CO. OF AMERICA. 



Philadelphia & Reading 4s, 1932, 
Pitts., Cin., Chicago & St. Louis 4s, 1945, . 
Public Service Corporation of N. J. 5s, 1909, 
Read. Co. & Phila. & Read. C. & I. Co. 4s, 1997, 
Reading Co. (Jersev Central col.) 4s, 1951, . 
Rio Grande Western 4s, 1939, . 
Rio Grande Western 4s, 1949, . 
Saginaw-Bay City Ry. & Light Co. 5s, 1923, 
St. Lo., Iron Mt. & So. (R. & G. Div.) 4s, 1933, 
St. Louis, Memphis & Southeastern 4^s, 1909, 
St. Louis & San Francisco 4s, 1951, . 
Seaboard Air Line equipment 5s, 1913, 
Seaboard Air Line eqviipment 5s, 1914, 
Seaboard Air Line equipment 5s, 1915, 
Second Avenue of New York 5s, 1948, 
Southern Pacific 4s, 1955, 
Southern (St. Louis Div.) 4s, 1951, 
Springfield Ry. & Light Co. 5s, 1933, 
Terminal R.R. Association of St. Louis 4s, 1953, 
Terre Haute & Peoria 5s, 1942, 
Union Traction Co. of Indiana 5s, 1919, 
Union Traction Co. of Philadelphia 4s, 1952, 
Wabash Pittsburgh Terminal 4s, 1954, 
Wabash 1st mortgage 5s, 1939, 
Wabash col., notes, 5s, 1909, 
Washington Terminal Co. 3^s, 1945, . 
Washington Terminal 5s, 1909, 
West Jersey & Seashore 3^s, 1936, 
Western Maryland 4s, 1952, • . 
Wilmington & Northern stock tr. certs. 4s, 
Wisconsin Central 4s, 1949, 

Miscellaneous Bonds. 
American Telephone & Telegraph Co. 4s, 1929, 
Cons. Gas, Elec. Lt. & Power Co. (Bait.) 4|s, 1935 
Continental Coal Co. 5s, 1952, . 
East Pittsburgh Improvement Co. 5s, 1931, 
Elgin American Gas Co. 5s, 1950, 
Fairmont Coal Co. 5s, 1931, 
Gloucester Ferry Co. 5s, 1928, . 
Omaha Gas Co. 5s, 1917, . 
Pittsburgh Coal Co. 4*s, 1909, . 
Rockford Gas Light & Coke Co. 5s, 1950, 
Welsbach Co. 5s, 1930, 
Westinghouse Elec. & Manuf. Co. 5s, 1913, 



Book Value. 
S102,820 00 
,S50 
,000 
,S12 
,750 
,000 
,000 
,200 
,500 
,000 
,470 
,889 

'99 
,012 
,000 
,500 
,500 
,500 
,000 
,000 
,000 00 
,000 00 

'50 00 
,000 00 
,000 00 
,375 00 
,000 00 
,000 00 
,000 00 
,500 00 
,000 00 



41 

190 

236 

607 

SI 

73 

49 

202 

450 

101 

59 

US 

95 

170 

432 

166 

42 

425 

99 

44 

285 

190 

250 

270 

144 

392 

90 

248 

70 

78 



79 

69 

127 

92 

152 

174 

226 

95 

21 

23 

64 

197 



00 
00 
50 
00 
00 
00 
00 
00 
00 
00 
05 
20 
25 
00 
00 
00 
00 
00 
00 



000 00 
000 00 
500 00 
000 00 
000 00 
000 00 
100 00 
000 00 
450 00 
750 00 
000 00 
200 00 



Rate. 

ss 

100 
99 

101 
97 
95 
81 
78 
S9 

100 
86 
92 
91 
90 
S2 
95 
85 
95 
96 

109 
91 
93 
56 

113 

100 
93 

100 
95 
83 

100 
90 

91 
85 
97 
97 

100 
92 

100 
95 

100 

100 
74 
97 



Market Value. 



S93 

45 

198 

252 

693 

95 

SI 

46 

222 

500 

119 

59 

US 

94 

164 

475 

191 

47 

4S0 

109 

45 

279 

196 

282 

300 

162 

400 

95 

332 

75 

90 

91 

85 

145 

97 

160 

184 

238 

95 

22 

25 

74 

225 



2S0 
000 
000 
500 
550 
000 
000 
S00 
500 
000 
540 
S00 
300 
500 
000 
000 
250 
500 
000 
000 
500 
000 
000 
500 
000 
750 



00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 
00 



000 00 
000 00 
000 00 
000 00 
000 00 

000 00 
000 00 
500 00 
000 00 
000 00 
000 00 
000 00 
000 00 
000 00 
000 00 
000 00 
040 00 



$35,751,151 76 



$39,208,560 00 



THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, 

NEWARK, N. J. 

Incorporated 1873. Commenced business 1876. 
Paid-up Capital, §2,000,000. 

John F. Dryden, President. Edward Gray, Secretary. 

Income. 

Ordinary Department. 

First year's premiums, less $6,069.09 for reinsurance, . . $2,516,574 16 

Surrender values applied to pay first year's premiums, . . 5,328 11 



Total first year's premiums on original policies, . 
Dividends applied to purchase paid-up additions, 
Surrender values applied for paid-up insurance, 
Consideration for life annuities, ...... 

Consideration for supplementary contracts involving life con- 
tingencies, ......... 

Total new premiums, .... $3,045,321 61 



!,521,902 27 

67,787 02 

410,735 94 

43,958 95 

937 43 



THE PRUDENTIAL INSURANCE CO. OF AMERICA. 



205 



Renewal premiums, less $146,508. 14 for reinsurance, . $16,294,259 46 

Dividends applied to pay renewal premiums, .... 249,877 28 
Surrender values applied to pay renewal premiums, . . . 13,422 73 

Renewal premiums on deferred annuities, .... 790 63 

Total renewal premiums, . . . $16,558,350 10 



Total premium income, ...... $19,603,671 71 

Consideration for supplementary contracts not involving life 

contingencies, ......... 59,611 00 



Total, 


$19,663,282 71 


Industrial Department 

First year's premiums on original policies, 
Surrender values applied for paid-up insurance, 
Total new premiums, .... 
Renewal premiums, ..... 


. $4,112,942 33 
777,440 86 
$4,890,383 19 

. 28,736,231 73 


Total premium income, .... 


$33,626,614 92 


Both Departments. 
Interest on mortgages, . . . . 

on collateral loans, .... 
on bonds and dividends on stocks, 
on premium notes and policy loans, 
on bank deposits, .... 
on other debts, .... 
Rent, including $421,215.80 for occupancy of 
own buildings, ...... 


$1,330,755 88 

428,869 83 

3,699,650 86 

478,182 21 

289,327 75 

16,653 39 

789,984 97 $7,033,424 89 


Profit on sale or maturity of real estate, $5,787.20; bonds, 

$7,867.50, 13,654 70 

Conscience fund, ......... 62 20 



Total, . . . . 

Total income, 
Ledger assets, Dec. 31, 1907, . 



57,047,141 79 



Total, 



),337,039 42 
145,817,990 18 

$206,155,029 60 



Death claims and additions, 
Matured endowments and additions, 



Disbursements. 
Ordinary Department. 



1,100,019 45 
208,160 67 



t,308,180 12 



Annuities involving life contingencies, 
Surrender values paid in cash, .... 

applied to pay new premiums, 
applied to pay renewal premiums, . 
applied to purchase paid-up insurance, 
Dividends paid policy holders in cash, 

applied to pay renewal premiums, . 
applied to purchase paid-up additions, 

Total paid policy holders, .... 

Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, 



66,799 


60 


. 1,214,822 


69 


5,328 


11 


13,422 


73 


410,735 


94 


677,671 


18 


249,877 


28 


67,787 


02 


. $7,014,624 67 


4,005 


54 


36,126 


97 



206 



THE PRUDENTIAL INSURANCE CO. OF AMERICA. 



Commissions to agents: new policies, $963,183.63; renewals, 

$732,057.48; annuities, $2,269.37, 
Commuted renewal commissions, 

Salaries and allowances for agencies, .... 
Agency supervision, traveling and other agency expenses, . 
Medical examiners' fees, $245,254; and inspections, $29,436.30 
Salaries of officers and home office employees, . 
Rent, including $67,212 . 84 for occupancy of own buildings, 
Advertising, printing, postage, etc., 
Legal expenses, .... 
Furniture and fixtures, . 
State taxes on premiums, 
Insurance department licenses and fees, 
All other licenses, fees and taxes, 
All other disbursements, 

Total, 



,697,510 48 

67,804 00 

77,306 60 

71,938 36 

274,690 30 

511,596 84 

119,096 57 

272,184 54 

1,770 45 

6,710 49 

269,637 89 

15,085 02 

110,271 94 

14,097 35 

$10,564,458 01 



Industrial Department. 

Death claims and additions, .... $10,302,139 65 

Matured endowments, ...... 24,726 10 $10,326,865 75 



Annuities involving life contingencies, 
Surrender values paid in cash, .... 

Surrender values applied to purchase paid-up insurance, 
Dividends paid policy holders in cash, 

Total paid policy holders, .... 

Investigation and settlement of policy claims, . 
Commissions to agents: new policies, $1,748,996.07; renewals, 

$4,309,972.07, . . . . ' . 

Salaries and allowances for agencies, .... 
Agency supervision, traveling and other agency expenses, 
Medical examiners' fees, $301,551.50; and inspections, $2, 
Salaries of officers and home office employees, . 
Rent, including $354,002 . 96 for occupancy of own buildings, 
Advertising, printing, postage, etc., 
Legal expenses, 
Furniture and fixtures, . 
State taxes on premiums, 
Insurance department licenses and fees, 
All other licenses, fees and taxes, 
All other disbursements, 

Total, . . 

Both Departments. 

Repairs and expenses on real estate, 

Taxes on real estate, 

Dividends to stockholders, 

Investment expenses, 

Loss on sale or maturity of ledger assets, 

Decrease by adjustment in book value of real estate, 

Total, 

Total disbursements, .... 

Balance, ...... 



2,200 00 

287,561 79 

777,440 86 

1,087,425 45 

$12,481,493 85 

11,506 32 

6,058,968 14 

2,655,733 05 

267,717 35 

301,553 50 

1,365,247 26 

577,829 28 

430,992 62 

32,171 88 

79,581 06 

471,532 63 

13,678 85 

181,829 73 

105,381 12 

$25,035,216 64 



. $253,350 98 


187,859 


04 


200,000 00 


23,879 


18 


243,467 


19 


120,114 


92 


. $1,028,671 


31 



$36,628,345 96 
$169,526,683 64 



THE PRUDENTIAL INSURANCE CO. OF AMERICA. 



207 



Ledger Assets. 
Book value of real estate, 
Mortgage loans on real estate, 
Loans secured by collateral (schedule A), 
Loans to policy holders, 
Premium notes on policies in force, 
Book value of bonds and stocks (schedule B), 
Cash in office, ... 
Deposits in trust companies and banks not on interest, 
Deposits in trust companies and banks on interest, . 



Total ledger assets, 



$12,110,144 80 

31,565,741 39 

7,052,840 00 

8,590,781 86 

1,470,293 03 

97,337,107 75 

98,111 53 

462,208 67 

10,839,454 61 



$169,526,683 64 



Non-Ledger Assets. 



Interest due and accrued on : 

Mortgages, 

Bonds, 

Collateral loans, 

Premium notes, 

Other assets, 
Rents due and accrued, 



Uncollected premiums, . 
Deferred premiums, 

Total, . 
Deduct loading, 

Net uncollected and deferred 
premiums, 



New Business. 

$280,436 63 
514,807 30 

$795,243 93 
119,345 54 



$613,518 73 

1,254,663 40 

49,562 03 

25,823 13 

1,190 00 

13,309 90 

Renewals. 

$921,155 71 
2,846,302 23 

£3,767,457 94 
715,583 39 



1,958,067 19 



$675,898 39 $3,051,874 55 3,727,772 94 



Net uncollected industrial premiums, 
Stationery and printed matter, 
Furniture, fixtures and safes, . 
Law libraries, .... 



Gross assets, 



230,619 24 

10,000 00 

50,000 00 

6,889 55 

$175,510,032 56 



Assets not admitted. 



Supplies, printed matter and stationery, . 

Furniture, fixtures and safes, . 

Book value of stocks and bonds over market, 

Law libraries, ..... 

Deposited in suspended bank, 

Special deposits, . . 



$10,000 00 

50,000 00 

25,266 75 

6,889 55 

76 39 

117,600 00 



209,832 69 



Admitted assets, 



$175,300,199 87 



Liabilities. 



Net value of all outstanding policies, as computed by the 
Massachusetts Insurance Department on the Actuaries' table 
of mortality,. with interest at 4 per cent., and the American 



table, with interest at 3^ and 3 per cent., 
Deduct net value of risks reinsured, 

Net reserve, ..... 



$135,874,677 00 
533,713 00 

$135,340,964 00 



208 



THE PRUDENTIAL INSURANCE CO. OF AMERICA. 



Reserve for health and accident benefits contained in life policies, 
Present value of supplementary contracts not involving life 
contingencies, ...... 

Surrender values claimable on terminated policies, 

Death losses in process of adjustment, 

Death losses reported, ..... 

Matured endowments due and unpaid, 

Death losses and other policy claims resisted, . 



$166,903 

458,328 

12,558 

65,802 



18 
97 
90 
53 



$368 00 

437,271 10 
409,877 00 



703,593 58 



involving 



life 



contingencies 



due 



Supplementary contracts not 

and unpaid, 
Premiums paid in advance, 
Unearned interest and rent paid in advance, 
Commissions to agents due or accrued, 
Miscellaneous accounts due or accrued, . 
Medical examiners' and legal fees due or accrued, 
State, county and municipal taxes due or accrued, 
Dividends or other profits due policy holders, . 
Dividends apportioned on annual dividend policies, payable 

during 1909, 
Dividends apportioned on deferred dividend policies, payable 

during 1909, 

Held for deferred dividend policies, payable after 1909, 
Net amount due for reinsurance, ..... 

Special reserve held by the company for industrial policies, 
Due other companies for reinsurance, .... 

Paid-up capital, ........ 

Unassigned funds (surplus) , . 



Total liabilities, 



1,325 00 
487,175 38 
244,597 90 
10,952 70 
34,S40 16 
113,135 69 
962,382 74 
130,688 66 

26,422 74 

267,631 99 

14,623,279 37 

271,191 00 

1,000,000 00 

455 47 

2,000,000 00 

18,234,047 39 

.75,300,199 87 



Premium Note Account. 



Premium notes on hand Dec. 31, 1907, 
Received during 1908, old policies, . 
Restored by revival of policies, 

Used in payment of losses and claims, 

in purchase of surrendered policies, . 

in payment of dividends to policy holders, 

Redeemed by maker in cash, .... 



$1,153,452 10 
1,229,965 49 

51,927 80 $2,435,345 39 



$18,659 09 

302,857 59 

1,459 19 

642,076 49 



Premium notes on hand Dec. 31, 1908, 

Exhibit of Policies. 
In Force Dec. SI, 1907. 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



Number. Amount. 

307,796 $366,439,772 00 

116,700 106,976,767 00 

19,937 30,855,979 00 

489,432 00 



Total No. 



965,052 36 
,470,293 03 



Total Amount. 



444,433 $504,761,950 00 



Issued during the Year. 
65,978 $82,052,752 00 
22,901 20,494,816 00 
4,283 11,597,063 00 

130,407 00 93,162 114,275,038 00 



THE PRUDENTIAL INSURANCE CO. OF AMERICA. 



209 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 


Old Policies revived. 

Number. Amount. 

2,283 $2,131,317 00 

1,457 871,801 00 

96 295,180 00 

8 00 


Total No. 
3,836 


Total Amount. 

83,298,306 00 


Whole life, . 
Endowment, 
All other, 


Old Policies increased. 

8210,200 00 

371,165 00 

91,537 00 


672,902 00 


Whole life, . 
Endowment, 
All other, 


Transfers, Deductions. 

22,989 $27,374,846 00 

6,805 6,469,402 00 

12,659 15,412,611 00 





Whole life, . 
Endowment, 
All other, 



42,453 $49,256,859 00 

Transfers, A dditions . 

9,391 $12,039,590 00 

3,284 3,394,817 00 

29,778 33,822,452 00 





42,453 


$49,256,859 


00 






Total, .. 


541,431 $623,008,196 00 




Terminated during the Year. 






Whole life, . 


29,335 


$32,410,323 


00 






Endowment, 


13,538 


12,060,035 


00 






All other, 


15,995 


23,402,733 


00 






Reversionary additions 




13,693 


00 








58,868 


$67,886,784 


00 






How terminated. 








By death, 


3,505 


$4,039,928 00 






maturity, 


240 


204,367 


00 






expiry, . 


14,589 


18,153,927 


00 






surrender, 


3,569 


5,918,349 


00 






lapse, 


19,375 


16,543,941 


00 






decrease, 


- 


1,664,022 


00 






Not taken, . 


17,590 


21,362,250 


00 


58,868 


67,886,784 00 




In Force Dec. 31, 1908 


) 




Whole life, . 


333,124 $403,088,462 


00 






Endowment, 


123,999 


113,579,929 


00 






All other, 


25,440 


37,846,867 


00 






Reversionary additions 




606,154 


00 


482,563 


$555,121,412 00 



Industrial policies in force, 



7,258,704 891,057,438 00 



210 



THE PRUDENTIAL INSURANCE CO. OF AMERICA. 



Schedule A. Securities held as Collateral. 

Company's 
Market Value. 
$166,870 00 
6,000 00 
9,600 00 J 
94,250 00 
58,000 00 ] 
7,200 00 ! 
2,180 00 
6,450 00 
4,160 00 J 
13,750 00 
55,000 00 
58,000 00 

7,740 00 j 

48,000 00 

58,500 00 

5,250 00 

11,287 50 j 

120,000 00 

254,700 00 

2,150 00 

12,000 00 

6,525 00 

2,600 00 

7,500 00 

5,500 00 

15,552 00 

11,900 00 

7,500 00 

970 00 

7,245 00 

900 00 

9,375 00 

1,500 00 

2,312 50 

20,000 00 

3,000 00 

2,300 00 

4,970 00 

11,640 00 

18,700 00 

6,750 00 

6,050 00 

12,000 00 

5,088 00 

10,750 00 

10,800 00 

10,875 00 

2,550 00 

1,960 00 

11,625 00 

14,550 00 

355 00 

26,000 00 

19,150 00 

10,200 00 

33,280 00 

5,200 00 

7,100 00 

4,500 00 

1,880 00 J 

38,000 00 

126,000 00 

101,200 00 

40,787 50 

24,000 00 

75,000 00 

48,000 00 \ 

14,500 00 / 



451 shares Union National Bank, Newark, N. J , 

50 " South Jersey Gas, Electric & Tr. Co., N. J., 
100 " Public Service Corporation of N. J., 
650 " Essex County National Bank, Newark, N. J., 
400 " Essex County National Bank, Newark, N. J., 
300 " American Insurance Co., Newark, N. J., . 
Central of Georgia Ry. Co. consolidated 5s, 1945, 
Fremont, Elkhorn & Missouri Valley R.R. Co. 6s, 1933, 
Consolidated Traction Co. of N. J. 5s, 1933, 
200 shares Western Union Telegraph Co., 
200 " Delaware, Lackawanna & Western R.R. Co., 
400 " Essex County National Bank, Newark, N. J., 
Fremont, Elkhorn & Missouri Valley R.R. Co. 6s, 1933, 
200 shares Paterson National Bank, N. J., 
130 " Paterson Safe Deposit & Trust Co., N. J., 

10 " Hanover National Bank, N. Y., 
100 " United States Steel Co., preferred, . 
320 " Trust Co. of N. J., Hoboken, N. J., . 
Public Service Corp. of N. J., perpetual int. -bear, certs., 
10 shares Manufacturers' Nat. Bank, Newark, N. J., 
100 " South Jersey Gas, Elec. & Trac. Co., N. J., 
45 " Essex County National Bank, Newark, N. J., 
20 " Newton Trust Co., N. J., . . ' . 

20 " Trust Co. of New Jersey, Hoboken, N. J., 
100 " New Brunswick Lt., Ht. & Power Co., N. J., 
162 " Public Service Corporation of N. J., 
Gas & Electric Co. of Bergen County, N. J., 5s, 1954, . 
New Brunswick Light, Heat & Power Co., N. J., 4s, 1939, 
South Jersey Gas, Electric & Traction Co., N. J., 5s, 1953, 
Public Service Corp., N. J., perpetual int. -bearing certificates, 
5 shares West Side Trust Co., Newark, N. J., 
25 " Trust Co. of N. J., Hoboken, N. J., . 

5 " First National Bank, Jersey City, N. J., . 
25 " National State Bank, Newark, N. J., 
100 " New Brunswick Trust Co., N. J., 
15 " Essex County Trust Co., East Orange, N. J., 
10 " Union County Trust Co., Elizabeth, N. J., 
United Electric Co. of N. J., 4s, 1949, 

South Jersey Gas, Electric & Traction Co., N. J., 5s, 1953, 
Gas & Electric Co. of Bergen County, N. J , 5s, 1954, . 
New Brunswick Light, Ht. & Power Co., N. J., 4s, 1939, 
110 shares New Brunswick Lt., Ht. & Power Co., N. J., 
100 " So. Jersey Gas, Elec. & Traction Co., N. J., 
53 " Public Service Corporation of N. J., 
50 " Manufacturers' National Bank, Newark, N. J., 
Jersey City, Hoboken & Paterson St. Ry. Co., N. J., 4s, 1949, 
Public Ser. Cor. of N. J. perpetual int. -bearing certs., . 
Gas & Elec. Co. of Bergen County, N. J., 5s, 1954, 
Public Ser. Cor. of N. J. convertible, notes, 5s, 1909, . 
New Brunswick Lt., Ht. & Power Co., N. J., 4s, 1939, 
So. Jersey Gas, Elec. & Trac. Co., N. J., 5s, 1953, 
United Electric Co., N. J., 4s, 1949, .... 
Newark Gas Co., N. J., 6s, 1944, .... 

Lackawanna Steel Co. 5s, 1923, 

United States Steel Co. 5s, 1963, .... 

Consolidated Traction Co., N. J., 5s, 1933, . 
Trenton Gas & Electric Co., N. J., 5s, 1949, 
United Electric Co., N. J., 4s, 1949, .... 
Orange & Passaic Valley R.R. Co., N. J., 5s, 1938, 
Oregon Short Line R.R. Co. 4s, 1929, 

200 shares Federal Trust Co., Newark, N. J., . 
1,000 " Essex & Hudson Gas Co., N. J., 
1,100 " Newark Consolidated Gas Co., N. J., 
251 " National Newark Banking Co., N. J., 
1,000 " American Insurance Co., Newark, N. J., . 
Public Ser. Cor., N. J., perpetual int. -bearing certificates, 
200 shares Merchants National Bank, Newark, N. J., 
100 " Essex County National Bank, Newark, N. J., 



Loaned 
Thereon. 


.140,000 


00 


50,000 


00 


62,500 


00 


85,000 


00 


100,000 


00 


100,000 
187,000 


00 
00 



56,100 00 



66,100 00 



67,200 00 



2,000 00 

100,000 00 

100,000 00 

40,000 00 
50,000 00 



THE PRUDENTIAL INSURANCE CO. OF AMERICA. 



211 



207 shares Essex County National Bank, Newark, N. J., 
3,668 " American Insurance Co., Newark, N. J., 

25 " Merchants National Bank, Newark, N. J , 
Newark Consolidated Gas Co., N. J., 5s, 1948, 
1,000 shares Essex & Hudson Gas Co., N. J., 
Gas & Electric Co. of Bergen County, N. J., 5s, 1954, . 
Pub. Ser. Corp., N. J., perpetual int.-bearing certificates, 
South Jersey Gas, Elec. & Trac. Co., N. J., 5s, 1953, . 
Eliza., Plain. & Cent. Jersey St. Ry. Co., N. J., 5s, 1950, 

278 shares Manufacturers National Bank, Newark, N. J., 
Gas & Electric Co. of Bergen County, N. J., 5s, 1954, . 
Elizabeth, N. J., adjustment 4s, 1922, 

85 shares Trust Co. of N. J., Hoboken, N. J., . 
New Brunswick Lt., Ht. & Power Co., N. J., 4s, 1939, 
Public Ser. Corp. of N. J. convertible, notes, 5s, 1909, 
Gas & Electric Co. of Bergen County, N. J., 5s, 1954, . 
Bergen Turnpike Co., N. J., 5s, 1951, 

180 shares Paterson Savings Institution, N. J., 
Pdre Marquette R.R. Co. consolidated 4s, 1951, . 
Kansas City, Fort Scott & Memphis R.R. Co. 4s, 1936, 
Kansas City, Fort Scott & Memphis R.R. Co. 4s, 1936, 
100 shares Lehigh Valley R.R. Co., 
100 " Newark Consolidated Gas Co., N. J., 
200 " Essex & Hudson Gas Co., N. J., 
Public Ser. Corp., N. J., perpetual int.-bearing certificates, 
United Electric Co. of N. J., 4s, 1949, 
1,725 shares Newark Consolidated Gas Co., N. J., 
1,000 " Essex & Hudson Gas Co., N. J., 
Orange & Passaic Valley Ry. Co., N. J., 5s, 1938, 
Public Ser. Corp., N. J., convertible, notes, 5s, 1909, 
100 shares Public Service Corporation of N. J., 
225 " Trust Co. of N. J., Hoboken, N. J., . 
25 " Trenton Trust & Safe Deposit Co., N. J. 
2,325 " So. Jersey Gas, Elec. & Trac. Co., N. J., 

195 " Trust Co. of N. J., Hoboken, N. J., . 
Peoples Brewing Co. of Trenton, N. J., 6s, 1939, 
90 shares Trust Co. of N. J., Hoboken, N. J., . 
54 " Trust Co. of N. J., Hoboken, N. J., . 
10 " Mercantile Trust Co., Jersey City, N. J., 
25 " Trust Co. of N. J., Hoboken, N. J., . 
90 " Trust Co. of N. J., Hoboken, N. J., . 
5 " New Brunswick Trust Co., N. J., 
Jersey City, Hoboken & Paterson St. Ry. Co., N. J., 4s, 1949, 
Eliza., Plain. & Central Jersey St. Ry. Co., N. J., 5s, 1950, 
Gas & Electric Co. of Bergen County, N. J., 5s, 1949, . 
South Jersey Gas, Elec. & Traction Co., N. J., 5s, 1953, 
Public Ser. Corp., N. J-, perpetual int.-bearing certificates, 
Gas & Electric Co., Bergen County, N. J., 5s, 1954, 
Public Ser. Corp., N. J., convertible, notes, 5s, 1909, . 
200 shares Mortgage Bond Co., N. Y., 
130 " Lawyers Mortgage Insurance Co., N. Y., . 
115 " Lawyers Title Insurance & Trust Co., N. Y., 
37 " First National Bank, Paterson, N. J., 
30 " Silk City S. D. & Tr. Co., Paterson, N. J., 
20 " New Brunswick Trust Co., N. J., 
50 " Gas & Elec. Co. of Bergen County, N. J., 
Elizabeth & Raritan Riv. St. Ry. Co., N. J., 5s, 1954, 
Middlesex & Somerset Traction Co., N. J., 5s, 1950, 
1,300 shares So. Jersey Gas, Elec. & Trac. Co., N. J., . 
600 " Public Service Corporation of N. J., 
30 " Essex County Trust Co., East Orange, N. J., 
40 " Union County Trust Co. of Elizabeth, N. J., 
2,000 " Essex & Hudson Gas Co., N. J., 

30 " Lawyers Mortgage Insurance Co., N. Y., . 
50 " Union National Bank, Newark, N. J., 
Public Ser. Corp., N. J., perpetual int.-bearing certificates, 
Central Electric Co. of N. J. 5s, 1940, 
Public Ser. Corp., N. J., perpetual int.-bearing certificates, 

100 shares South Jersey Gas, Elec. & Trac. Co., N. J., 
Southern Pacific Ry. Co. (Cent. Pacific col.) 4s, 1949, . 
Kansas City, Ft. Scott & Memphis Ry. Co. 4s, 1936, . 



Company's 
Market Value 

$30,015 00 
88,032 00 

6,000 00 ' 
63,000 00 
126,000 00 
17,850 00 
18,750 00 
17,460 00 

7,120 00 J 
59,770 00 

3,400 00 

2,000 
31,875 
14,250 

3,920 

1,700 

950 

88,200 



00 
00 
00 
00 
00 
00 
00 



20,375 

8,375 

17,587 

7,600 

9,200 

25,200 

21,000 

48,990 



00 
00 
50 
00 
00 
00 
00 
00 



158,700 00 
126,000 00 
9,000 00 f 
2,940 00 J 
9,600 00 1 
84,375 00 j 
5,000 00 1 
279,000 00 
73,125 00 
120,000 00 J 
33,750 00 
20,250 00 "1 
1,550 00 J 
9,375 00 
33,750 00 
1,000 00 
36,000 00 
3,560 00 
4,000 00 
1,940 00 
7,500 00 
850 00 
• 1,960 00 
20,000 00 
30,550 00 
26,450 00 
10,360 00 
6,000 00 
4,000 00 
3,050 00 
67,160 00 
6,300 00 
156,000 00 
57,600 00 
6,000 00 
9,200 00 J 
252,000 00 
7,050 00 
18,500 00 
28,500 00 
4,500 00 J 
165,000 00 
12,000 00 
13,500 00 
41,875 00 J 



Loaned 
Thereon. 
$26,000 00 
50,000 00 

50,000 00 

100,000 00 

46,500 00 



51,500 00 

45,000 00 

70,000 00 
20,000 00 
10,000 00 

75,000 00 

235,000 00 
82,500 00 

345,000 00 

20,000 00 

19,440 00 

7,000 00 
28,500 00 

40,000 00 



73,300 00 

50,000 00 

160,000 00 

175,000 00 

42,000 00 

105,000 00 
45,000 00 



212 



THE PRUDENTIAL INSURANCE CO. OF AMERICA. 



Company's 

Market Value. 

Central Electric Co. of N. J. 5s, 1940, . . _ . . $48,600 00 

Public Ser. Corp. N. J., perpetual int. -bearing certificates, . 1,500 00 

189 shares Merchants National Bank, Newark, N. J., . 45,360 00 

25 " North Ward National Bank, Newark, N. J., . 8,250 00 

100 " National State Bank, Newark, N. J., . . 9,250 00 

50 " Federal Trust Co., Newark, N. J., . . . 9,500 00 J 

100 " Lawyers Title Insurance & Trust Co., N. Y., . 23,000 00 

270 " Lawyers Mortgage Insurance Co., N. Y., . . 63,450 00 

100 " New Brunswick Trust Co., N. J., . . . 20,000 00 

15 " National Bank of N. J., New Bruns., N. J., . 3,375 00 

50 " First National Bank of Jersey City, N. J., . 15.000 00 

20 " Essex County Trust Co., East Orange, N. J., . 4,000 00 

5 " Union County Trust Co., Elizabeth, N. J., . 1,150 00 

35 " Federal Trust Co., Newark, N. J., . . . 6,650 00 

25 " Manufacturers National Bank, Newark, N. J., . 5,375 00 

50 " So. Jersey Gas, Elec. & Trac. Co., N. J., . . 6,000 00 

5 " Southern Pacific Ry. Co., common, . . . 600 00 

Gas & Electric Co. of Bergen County, N. J., 5s, 1954, . . 11,900 00 

South Jersey Gas, Elec. & Trac. Co., N. J., 5s, 1953, . . 5,820 00 

United Electric Co. of N. J. 4s, 1949, . . . . 355 00 

1,000 shares Newark Consolidated Gas Co., N. J., . . 92,000 00 

300 " National Newark Banking Co., N. J., . . 48,750 00 

200 " South Jersey Gas, Electric & Trac. Co., N. J., . 24,000 00 

50 " Consolidated Traction Co., N. J., . . 3,750 00 

10 " Empire Trust Co., N. Y., . . . . 2,400 00 

100 " Public Service Corporation of N. J., . . 9,600 00 

40 " Hudson County Gas Co., N. J., 4,600 00 

Public Service Corporation, N. J., con., notes, 5s, 1909, . 9,800 00 

Public Service Corporation, N. J., perp. int. -bear, certificates, 30,000 00 

550 shares South Jersey Gas, Elec. & Trac. Co., N. J., . 66,000 00 

135 " Fidelity Trust Co., Newark, N. J., . . . 94,500 00 

165 shares Paterson Savings Institution, N. J., . . 80,850 00 

50 " Manufacturers Nat. Bank, Newark, N. J., . 10,750 00 

South Jersey Gas, Electric & Traction Co., N. J., 5s, 1953, . 28,130 00 

Bergen Turnpike Co., N. J., 5s, 1951, .... 38,000 00 

United Electric Co. of N. J. 4s, 1949, 27,690 00 

1,016 shares Lackawanna Steel Co., ..... 49,784 00 

83 " National Newark Banking Co., Newark, N. J., . 13,487 50 

Pere Marquette R.R. Co. 6s, 1912, 18,400 00 

Public Service Corp., N. J., convertible notes, 5s, 1909, . 34,300 00 

Cincinnati, Hamilton & Dayton R.R. Co., notes, 4s, 1913, . 139,425 00 

Colorado Midland Ry. Co. 4s, 1947, 48,000 00 

Pere Marquette R.R. Co. 4s, 1955, 7,350 00 

Allis-Chalmers Co. 5s, 1936, 141,100 00 

Chicago, Rock Island & Pacific R.R. Co. 4s, 2002, . . 80,850 00 

Baltimore & Ohio R.R. Co. 4s, 1948, 19,000 00 

Cleve., Cin., Chicago & St. Louis R.R. Co. 4s, 1993, . . 107,800 00 

350 shares New Jersey Zinc Co., 105,000 00 

500 " Missouri, Kansas & Texas Ry. Co., preferred, . 36,500 00 

739 " Lackawanna Steel Co., 36,211 00 

100 " Delaware, Lackawanna & Western R.R. Co., . 27,500 00 

Public Service Corp., N. J., convertible notes, 5s, 1909, . 93,100 00 

Wabash Ry. Co. notes 4£s, 1910, 90,000 00 

Cincinnati, Hamilton & Dayton R.R. Co., notes, 4s, 1913, . 211,250 00 

American Telephone & Telegraph Co. con. 4s, 1936, . . 71,610 00 

494 shares New Jersey Zinc Co., 148,200 00 

Pere Marquette R.R. Co. 6s, 1912, 13,800 00 

Public Service Corp., N. J., convertible notes, 5s, 1909, . 117,600 00 

Cincinnati, Hamilton & Dayton R.R. Co., notes, 4s, 1913, . 177,450 00 

Chicago, Rock Island & Pacific R.R. Co. 4s, 2002, . . 77,000 00 

Milwaukee, Lake Shore & Western 6s, 1911, . . . 10,200 00 

Pere Marquette R.R. Co. 4s, 1955, \ 19,110 00 

Wabash Ry. Co. 1st mortgage and ex. 4s, 1956, . . . 7,350 00 

Allis-Chalmers Co. 5s, 1936, 16,600 00 

American Telephone & Telegraph Co. con. 4s, 1936, . . 25,110 00 

Union Pacific R.R. Co. reg. 4s, 1947, ..... 20,300 Q0 

City of New Orleans, La., 4s, 1950, . . . . . 10,587 50 

Cleve., Cin., Chicago & St. Louis R.R. Co. 4s, 1993, . . 9,800 00 

j. i 400 shares National Newark Banking Co., N. J., . . 65,000 00 

pi 600 " Lackawanna Steel Co., J . " . . . . 29,400 00 

r 700 " New Jersey Zinc Co., 210,000 00 

Public Service Corporation, N. J., conv. notes, 5s, 1909, . 34,300 00 . 



Loaned 
Thereon. 

$40,000 00 
50,000 00 



121,200 00 



100,000 00 



55,000 00 



117,000 00 
65,000 00 

77,000 00 



500,000 00 



500,000 00 



500,000 00 



250,000 00 



THE PRUDENTIAL INSURANCE CO. OF AMERICA. 



213 



500 shares Allis-Chalmers Co., preferred, . 

1,000 " New Jersey Zinc Co., 

Pere Marquette R.R. Co. 6s, 1912, 

Cin., Hamilton & Dayton R.R. Co., notes, 4s, 1913, 

Public Service Corp., N. J., convertible notes, 5s, 1909, 

Chicago, Rock Island & Pacific R.R. Co. 4s, 2002, 
100 shares Lackawanna Steel Co., . 
455 " New Jersey Zinc Co., 
500 " Public Service Corporation of N. J., 
700 " Chicago June. Ry. & Union St. Yds. Co., com., 

Cincinnati, Hamilton & Dayton R.R. Co., notes, 4s, 1913, 

Wabash Ry. Co., notes, 4£s, 1910, .... 

Pere Marquette R.R. Co. 6s, 1912, .... 

Colorado Midland Ry. Co. 4s, 1947, .... 

Public Service Corp., N. J., convertible notes, 5s, 1909, . 

Pere Marquette R.R. Co. 4s, 1955, .... 

Kansas City, Ft. Scott & Memphis Ry. Co. 4s, 1936, . 

Chicago, Rock Island & Pacific R.R. Co. 4s, 2002, 

Allis-Chalmers Co. 5s, 1936, ..... 
100 shares United Gas & Improvement Co., Phila., Pa., 
400 " Public Service Corporation of N. J., 
400 " Missouri, Kansas & Texas R.R. Co., pref., 

1,000 " New Jersey Zinc Co., .... 
300 " Allis-Chalmers Co., preferred, . 

Illinois Central R.R. Co. 4s, 1951, 

Colorado Midland Ry. Co. 4s, 1947, .... 

N. Y. Gas & Electric Light, Heat & Power Co. 4s, 1949, 

Public Service Corporation, N. J., convertible notes 5s, 1909 

Cincinnati, Hamilton & Dayton R.R. Co., notes, 5s, 1913, 

American Telephone & Telegraph Co. convertible 4s, 1936, 

Pere Marquette R.R. Co. 4s, 1955, 

Cleve., Cin., Chicago & St. Louis R.R. Co. 4s, 1993, 



Company's 

Market Value. 

$24,500 00 

300,000 00 

9,200 00 

105,625 00 

176,400 00 

61,600 00 J 

4,900 00 

136,500 00 

48,000 00 

102,900 00 

33,800 00 

13,500 00 

27,600 00 

24,000 00 

133,280 00 

67,620 00 

5,025 00 

61,600 00 

8,300 00 

9,300 00 

38,400 00 

29,200 00 

300,000 00 

14,700 00 

5,150 00 

16,000 00 

16,800 00 

93,100 00 

84,500 00 

18,600 00 

22,050 00 

19,600 00 



Loaned 
Thereon. 



$500,000 00 



500,000 00 



500,000 00 



$9,710,847 00 $7,052,840 00 
Schedule B. Stocks and Bonds owned by the Company. 



Bank Stocks. 
4,800 shares Fidelity Trust Co., Newark, N. J., 
4,501 " Union National, Newark, N. J., 

Government Bonds. 
United States 2s, 1930, . 

State, County and Municipal Bonds. 
Alabama 4s, 1956, .... 
Asbury Park, N. J., 5s, 1927, . 
Atlantic City, N. J., 5s, 1925, . 
Baltimore, Md., 3$s, 1980, 
Bordentown, N. J., 4s, 1934-35, op. 1915, 
Boston, Mass., 3^s, 1928-33, 
Boston, Mass., 3^s, 1936, . 
Boston, Mass., 3^s, 1935-45, 
Boston, Mass., 4s, 1937-46-47, . 
Camden, N. J., 4|s, 1928, 
Cape May, N. J., 5s, 1934-37-38, 
Chatham, N. J., 4s, 1926, . 
Chatham, N. J., 4s, 1917-21, 
Chatham, N. J., school district 4|s, 1914-15, 
Chatham, N. J., school district 4-|s, 1916-21, 
Chatham, N. J., school district 4|s, 1922-29, 
Chatham, N. J., school district 4|s, 1930-43, 
Chatham, N. J., school district 4^s, 1944-47, 
Collingswood, N. J., 4s, 1934, . 
Essex County, N. J., 4s, 1947-48, 
East Orange, N. J., 4s, 1948, 
East Orange, N. J., 4s, 1938, 
Elizabeth, N. J., 4s, 1922, 
Hartford, Conn., Conn. R. Br. 3£s, 1954-55, 
Jersey City, N. J., 5s, 1924, 
Lodi, N. J., 5s, 1927, 
Long Branch, N. J., 4s, 1935-36, 
Los Angeles, Cal., 4^s, 1944, 
Los Angeles, Cal., 4^s, 1945-47, 



Book Value. 

$1,775,000 00 

1,080,240 00 

105,000 00 

104,400 00 

49,275 00 

281,562 50 

462,250 00 

51,000 00 

129,119 63 

11,290 80 

264,768 80 

344,702 58 

106,750 00 

237,417 20 

11,000 00 

60,000 00 

2,000 00 

6,000 00 

14,000 00 

22,000 00 

4,000 00 

96,425 00 

839,320 00 

15,000 00 

36,000 00 

340,373 75 

189,000 00 

53,625 00 

13,800 00 

372,210 00 

62,196 00 

186,732 00 



Rate. 
725 
375 

103 

105 

109 

110 

96 

96 

95 

94 

93 

103 

107 

100 

97 

98 

101 

102 

103 

104 

105 

96 

103 

95 

96 

100 

92 

108 

106 

96 

106 

107 



Market Value. 

$3,480,000 00 

1,687,875 00 

103,000 00 

105,000 00 

49,050 00 

275,000 00 

480,000 00 

48,000 00 

129,200 00 

11,280 00 

262,260 00 

344,020 00 

107,000 00 

218,000 00 

10,670 00 

58,800 00 

2,020 00 

6,120 00 

14,420 00 

22,880 00 

4,200 00 

91,200 00 

849,750 00 

14,250 00 

34,560 00 

345,000 00 

184,000 00 

54,000 00 

12,720 00 

355,200 00 

63,600 00 

192,600 00 



214 



THE PRUDENTIAL INSURANCE CO. OF AMERICA, 



Massachusetts 3^s, 1941-42-44, 
Mobile, Ala., 4^s, 1937, . 
New York 4s, 1958, 
Newark, N. J., 4s, 1922, . 
Newark, N. J., 3£s, 1929, . 
Newark, N. J., school 4s, 1957-58, 
Newark, N. J., 34s, 1955, . 
New Orleans, La., 4s, 1950, op. 
New York, N. Y., 3£s, 1915, 
New York, N. Y., 4s, 1916, 
New York, N. Y., 4*s, 1917, 



New York, N. Y. 
New York, N. Y. 
New York, N. Y. 
New York, N. Y. 



3s, 1920, 

3$s, 1922, 

3£s, 1926-27, 

2£s, 1929, op. 1909 
New York, N. Y., 3£s, 1928-29-30, 
New York, N. Y., 4s, 1936, 
New York, N. Y., 3*s, 1940-41, 
New York, N. Y., 3s, 1941, 
New York, N. Y., 4s, 1956-57, 
North Bergen, N. J., 5s, 1911-12, 
North Bergen, N. J., 5s, 1913, . 
North Bergen, N. J., 5s, 1914-15, 
North Bergen, N. J., 5s, 1916-17, 
North Bergen, N. J., 5s, 1918-19, 
North Bergen, N. J., 5s, 1920-21, 
North Bergen, N. J., 5s, 1922-23, 
Nutley, N. J., 5s, 1917, op. 1910, 
Orange, N. J., 6s, 1929, . 
Orange, N. J., 6s, 1930-31, 
Orange, N. J., 6s, 1932-33, 
Orange, N. J., 4$s, 1913-14, 
Perth Amboy, N. J., 4s, 1934, 
Pittsburg, Pa., 4£s, 1933, 
Pittsburg, Pa., 4£s, 1938, . 
Providence, R. I., 4s, 1936, 
Virginia 3s, 1991, . 
Westchester County, N. Y., reg. 4£s, 1937, 

Railroad Bonds. 
Alabama Great Southern 1st 5s, 1927, 
Alabama Midland 5s, 1928, 
Atch., Top. & Santa Fe gen. mort. 4s, 1995, 
Atlantic Coast Line 1st con. mort. 4s, 1952, 
Atlantic & Danville 1st mortgage 4s, 1948, 
Baltimore & Ohio 4s, 1948, 
B. & O. (Pitts. June. & Mid. Div.) 3|s, 1925, 
B. & O. (Pitts., L. E. & W. Va.) 4s, 1941, 
Baltimore & Ohio prior lien 3-^s, 1925, 
Baltimore & Ohio (Southwestern Div.) 3£s, 1925 
Belleville & Eldorado 7s, 1910, . 
Birmingham Belt 4s, 1922, 
Brooklyn & Montauk 5s, 1911, . 
Brunswick Traction 5s, 1926, 
Buffalo, New York & Erie 7s, 1916, 
Bur., Cedar Rapids & Northern 5s, 1934, 
Central of Georgia 1st mortgage 5s, 1945, 
Central Pacific refunding 4s, 1949, 
Central of New Jersey 5s, 1987, 
Chattanooga, Rome & Southern 5s, 1947, 
Chesapeake & Ohio (Peninsular Ext.) 6s, 1911, 
Chesa. & O. (R. & A. Rv. Div.) 1st con. mt. 4s, 1989, 
Chicago & Alton 3s, 1949, 
Chic, Burl. & Quincy (111. Div.) 4s, 1949, . 
Chicago & Eastern Illinois 5s, 1937, . 
Chicago & Eastern Illinois 4s, 1955, . 
Chicago & North Michigan 5s, 1931, . 
Chicago & Northwestern Extension 4s, 1926, 
Chicago & St. Louis 6s, 1915, 
Chicago & West Michigan 5s, 1921, . 
Chicago, Indianapolis & Louisville 5s, 1947, 
Chic, Mil. & St. P. (Ch. & P. W. Div.) 5s, 1921, 
Chicago, Milwaukee & St. Paul 4s, 1989, 



Book Value. 

8306,950 25 

96,750 00 

327,625 00 

601 00 

9,357 00 

1,070,937 50 

2,015,342 80 

140,375 00 

9,537 50 

39,600 00 

22,550 00 

79,966 25 

45,750 00 

3,655 00 

77,000 00 

198,105 00 

440,010 00 

163,372 50 

28,612 50 

1,518,437 50 

4,360 00 

2,180 00 

4,360 00 

4,360 00 

4,360 00 

4,360 00 

3,270 00 

25,000 00 

2,000 00 

10,000 00 

45,000 00 

50,000 00 

160,590 00 

177,853 50 

257,224 00 

52,150 00 

50,925 00 

54,270 00 

94,697 50 

334,143 75 

667,425 00 

140,297 50 

44,752 50 

1,236,057 50 

83,861 25 

975,875 00 

958,735 00 

499,136 88 

2,152 50 

548,465 00 

27,455 75 

4,900 00 

35,670 00 

179,928 75 

417,311 25 

1,039,588 75 

253,600 00 

42,043 75 

18,283 65 

38,882 50 

825,727 90 

97,375 00 

1,196,173 75 

996,500 00 

134,935 00 

991,247 50 

170,997 50 

107,750 00 

185,763 75 

39,430 00 

61,436 40 



Rate. 

98 

98 

126 

101 

95 

103 

92 

104 

97 

101 

104 

91 

95 

94 

81 

93 

102 

91 

82 

103 

102 

103 

104 

105 

106 

107 

108 

101 

124 

125 

126 

101 

96 

108 

109 

102 

93 

108 

103 

107 

100 

95 

90 

101 

90 

96 

94 

92 

103 

95 

100 

95 

115 

115 

115 

97 

128 

105 

102 

99 

79 

103 

115 

86 

100 

101 

109 

101 

109 

110 

103 



Market Value. 

$312,620 00 

98,000 00 

378,000 00 

606 00 

9,500 00 

1,081,500 00 

1,794,000 00 

156,000 00 

9,700 00 

40,400 00 

22,880 00 

82,810 00 

47,500 00 

3,760 00 

81,000 00 

200,880 00 

441,660 00 

164,710 00 

28,700 00 

1,545,000 00 

4,080 00 

2,060 00 

4,160 00 

4,200 00 

4,240 00 

4,280 00 

3,240 00 

25,250 00 

2,480 00 

12,500 00 

56,700 00 

50,500 00 

152,640 00 

178,200 00 

256,150 00 

51,000 00 

51,150 00 

54,000 00 

91,670 00 
314,580 00 
670,000 00 
144,400 00 

42,300 00 
1,249,370 00 

82,800 00 
960,000 00 
960,680 00 
501,400 00 
2,060 00 
545,300 00 

27,000 00 
4,750 00 

33,350 00 

181,700 00 

405,950 00 

1,006,860 00 

273,920 00 

36,750 00 

17,340 00 

39,600 00 
804,220 00 
103,000 00 
1,186,800 00 
903,000 00 
122,000 00 
1,010,000 00 
165,680 00 
101,000 00 
176,580 00 

39,600 00 

61,800 00 



THE PRUDENTIAL INSURANCE CO. OF AMERICA, 



215 



Chicago, Milwaukee & St. Paul Term. 5s, 1914, 

Chicago, Rock Island & Pacific 6s, 1917, 

Chicago, Rock Island & Pacific 4s, 1988,* 

Chicago, Rock Island & Pacific 4s, 1934, 

Chicago, St. Louis & New Orleans 5s, 1951, 

Chicago, St. Louis & Pittsburg 5s, 1932, 

Chicago, St. Paul, Minn. & Omaha 6s, 1930 

Chicago, Wisconsin & Minnesota 6s, 1916, 

Cincinnati, Dayton & Ironton 5s, 1941, 

C. H. & D. purchase money coll. trust notes 4s, 1913 

Cin., Ind., St. Louis & Chicago 4s, 1936, 

Cincinnati, Sandusky & Cleveland 5s, 1928, 

Cleve., Cin., Chicago & St. Louis 4s, 1993, 

CI., Cin., Ch. & St. L. (St. L. Div.) 4s, 1990 

Cleve., Col., Cin. & Indianapolis 7s, 1914, 

Cleve., Col., Cin. & Indianapolis 6s, 1934, 

Cleveland, Lorain & Wheeling 5s, 1933, 

Colorado & Southern 4s, 1929, . 

Connecticut Ry. & Lighting Co. 4-^s, 1951, 

Consolidated Traction Co., N. J., 5s, 1933, 

Detroit, Grand Rapids & Western 4s, 1946, 

Duluth Short Line 5s, 1916, 

East Jersey Street Ry., N. J., 5s, 1944, 

East Tennessee, Virginia & Georgia 5s, 1956, 

East Tennessee, Virginia & Georgia 5s, 1930, 

Elizabeth & Raritan River Street 5s, 1954, 

Elizabeth, Plainfield & Central Jersey 5s, 1950, 

Erie & Western Transportation 4s, 1925, 

Erie 7s, 1920, .... 

Evansville & Terre Haute 6s, 1921, 

Flint & Pere Marquette 5s, 1939, 

Flint & Pere Marquette 6s, 1920, 

Flint & Pere Marquette 4s, 1920, 

Gal., Har. & San Ant. (M. & P. Ex.) 5s, 1931, 

Illinois Central refunding mortgage 4s, 1955, 

Indianapolis & St. Louis 7s, 1919, 

Indianapolis Belt R.R. & St. Yd. Co. 6s, 1911, 

International & Great Northern 6s, 1919, . 

Jersey City, Hoboken & Paterson St. 4s, 1949, 

Kansas City, Fort Scott & Memphis 4s, 1936, 

Kansas City, Memphis & Birmingham 4s, 1934, 

Lake Erie & Western 5s, 1937, . 

Lehigh Valley of New York 4^s, 1940 

Lehigh Valley Terminal 5s, 1941, 

Long Island City & Flushing 6s, 1911 

Long Island 5s, 1931, 

Long Island 4s, 1931, 

Long Island 7s, 1918, 

L. & N. (At., Knox. & Cin. Div.) 4s, 1955, 

Mason City & Fort Dodge 4s, 1955, . 

Minneapolis & St. Louis (Iowa Ext.) 7s, 1909, 

Minneapolis & St. Louis (Pac. Ext.) 6s, 1921, 

Minneapolis & St. Louis 5s, 1934, 

Minneapolis, St. P. & S. Ste. Marie 4s, 1938, 

Minneapolis Union 6s, 1922, 

Minneapolis Union 5s, 1922, 

Missouri Pacific 6s, 1920, . 

Missouri Pacific 3d mortgage 4s, 1938, 

Mobile & Ohio 1st mortgage 6s, 1927, 

Montana Central 5s, 1937, 

Montana Central 6s, 1937, 

Morgan's Louisiana & Texas 7s, 1918, 

Morgan's Louisiana & Texas 6s, 1920, 

Morris & Essex 7s, 1914, . 

Morris & Essex 7s, 1915, . 

Nashville, Chattanooga & St. Louis 5s, 1928, 

Nashville, Chattanooga & St. Louis 7s, 1913, 

New Orleans & Northeastern 6s, 1915, 

New York & Greenwood Lake 5s, 1946, 

N. Y., Brooklyn & Manhattan Beach 5s, 1935, 

New York, Lackawanna & Western 5s, 1923, 

N. Y., Lackawanna & Western 4s, 1923, 



50 
00 
50 
75 



Book Value. 
S46,452 50 

73,275 00 

724,268 75 

962,500 00 

1,260,873 25 

88,403 75 
268,022 50 

42,757 50 

98,887 
800,000 
658,762 

28,718 

1,290,097 50 

209,175 00 

41,644 95 
227,985 30 

56,375 00 
238,750 00 
468,000 00 

32,852 50 
138,865 00 

21,300 00 

30,380 00 
1,310,741 25 
530,686 25 
878,880 00 
568,968 76 
103,250 00 
743,227 50 
388,530 70 
223,707 50 
227,282 50 

52,275 

78,712 
256,750 
2,640 
264,437 
405,812 26 
426,425 00 
1,306,562 50 
314,710 00 

79,587 50 
620.517 

15,405 

49,875 
256,557 50 
175,500 00 

65,701 25 

517,950 00 

235,940 00 

2,500 00 

105,755 00 

52,000 00 
994,905 00 

81,796 20 

33,525 00 

1,360,427 55 

490,132 65 

249,210 10 

45,700 00 

67,000 00 
648,600 00 
162,850 00 

16,185 00 

66.285 00 
762,655 00 
486,119 62 
184,342 50 

68,695 00 
132,007 50 
191,097 75 
594,145 00 



00 
50 
00 
60 
50 



50 
00 
00 



Rate. 

104 

113 

100 

91 

117 

115 

129 

104 

94 

92 

99 

108 

98 

96 

112 

125 

110 

97 

100 

104 

90 

100 

92 

112 

108 

90 

89 

100 

124 

111 

106 

113 

97 

112 

100 

124 

103 

111 

72 

84 

90 

113 

107 

117 

104 

110 

98 

118 

95 

83 

100 

109 

108 

99 

110 

100 

114 

90 

121 

114 

130 

120 

111 

114 

118 

111 

112 

107 

102 

104 

112 

100 



Market Value. 
845,760 00 

73,450 00 

710,000 00 

910,000 00 

1,205,100 00 

87,400 00 
261,870 00 

39,520 00 

81,780 00 
920,000 00 
650,430 00 

27,000 00 

1,264,200 00 

198,720 00 

38,080 00 
215,000 00 

55,000 00 
242,500 00 
500,000 00 

31,200 00 
134,100 00 

20,000 00 

28,520 00 
1,240,960 00 
497,880 00 
828,000 00 
540,230 00 
100,000 00 
696,880 00 
352,980 00 
221,540 00 
207,920 00 

49,470 00 

78,400 00 
259,000 00 
2,480 00 
231,750 00 
372,960 00 
405,360 00 
1,302,000 00 
294,300 00 

81,360 00 
612,040 00 

15,210 00 

47,840 00 
244,200 
163,660 

61,360 

522,500 00 

221,610 00 

2,000 00 

99,190 00 

54,000 00 
990,000 00 

72,600 00 

30,000 00 

1,301,880 00 

450,000 00 

243,210 00 

44,460 00 

65,000 00 
602,400 00 
152,070 00 

15,960 00 

66,080 00 
748,140 00 
458,080 00 
175,480 00 

59,160 00 
120,640 00 
189,280 00 
572,000 00 



00 
00 
00 



216 



THE PKUDENTIAL INSURANCE CO. OF AMERICA. 



N. Y., Lake Erie & Western 7s, 1920, 

New York, Ontario & Western 4s, 1992, 

New York, Susquehanna & Western 5s, 193 

Norfolk & Western 6s, 193-4, 

Norfolk & Western 6s, 1931, 

North Jersey Street, N. J., 4s, 194S, 

Orange & Passaic Valley 5s, 193S, 

Oregon & Navigation 4s, 1946, . 

Oregon Short Line 6s, 1922, 

Oswego & Rome 5s, 1915, 

Pacific of Missouri 4s, 1938, 

Pacific of Missouri 5s, 1938, 

Peoria & Eastern 4s, 1940, 

Pere Marquette 4s, 1951, . 

Pere Marquette equipment 6s, 1909, . 

Pere Marquette equipment 6s, 1910-11, 

Pere Marquette equipment 6s, 1912, . 

Pitts., Cin., Chicago & St. Louis 4Jrs, 1940, 

Pitts., Cin., Chicago & St. Louis 4^s, 1942, 

Pitts., Cin., Chicago & St. Louis 4s, 1945, . 

Pitts., Cin., Chicago & St. Louis 4s, 1953, . 

Pitts., Cin., Chicago & St. Louis 4s, 1957, . 

Pittsburg, Cleveland & Toledo 6s, 1922, 

Plainfield, N. J., Street 5s, 1922, 

Public Service Corp of N. J. 5s, 195S, 

Read. Co. & Phila. & R. C. & I. Co. 4s, 1997, 

Richmond & Danville 6s, 1915, 

Rio Grande Western 4s, 1939, . 

San Francisco & San Joaquin Val. 5s, 1940, 

Savannah, Florida & Western 5s, 1934, 

Savannah, Florida & Western 6s, 1934, 

South & North Alabama 5s, 1936, 

South Carolina & Georgia 5s, 1919, 

Southern 5s, 1994, . . 

Southern Pacific of California 5s, 1937, 

Southern Pacific 4s, 1955, 

So. Jersey Gas, Elec. & Trac. Co., N. J., 5s, 1953 

Steubenville & Indiana 5s, 1914, 

St. Louis & San Francisco 6s, 1931, 

St. Louis & San Francisco 5s, 1931, . 

St. Louis & San Francisco 4s, 1951, . 

St. Louis, Iron Mt. & Southern 5s, 1931, 

St. L., Iron Mt. & So. (R. & G. Div.) 4s, 1933, 

St. Paul & Duluth 1st mortgage 5s, 1931, . 

St. Paul & Duluth 2d mortgage 5s, 1917, . 

St. Paul, Minn. & Manitoba 6s, 1933, 

St. Paul, Minn. & Manitoba 4^s, 1933, 

St. P., Minn. & Man. (Mont. Ext.) 4s, 1937, 

St. Paul & Northern Pacific 6s, 1923, 

St. Paul & Sioux City 6s, 1919, 

Terminal Association of St. Louis 4-^-s, 1939, 

Terre Haute & Indianapolis 5s, 1925, 

Texas & Pacific 1st mortgage 5s, 2000, 

Toledo & Ohio Cent. 1st mortgage 5s, 1935, 

Toledo, St. Louis & Western 3*s, 1925, 

Toledo, Walhonding Val. & Ohio 4£s, 1931, 

Toledo, Walhonding Val. & Ohio 4^s, 1933, 

Toledo, Walhonding Val. & Ohio 4s, 1942, . 

Trenton, Hamilton & Ewing Trac. Co. 5s, 1955, 

Trenton, N. J., Street 5s, 1938, 

Union Pacific 4s, 1947, .... 

Utah & Northern 1st mort. extended 4s, 1933, 

Vandalia 4s, 1955, ..... 

Vandalia 4s, 1957, ..... 

Virginia Midland 6s, 1911, 

Virginia Midland 6s, 1916, 

Wabash 1st mortgage 5s, 1939, 

Washington Terminal 3-^-s, 1945, 

Western New York & Pennsylvania 5s, 1937, 

West Shore 4s, 2361, 

West Virginia Central & Pittsburg 6s, 1911, 



Book Value. 
$90,203 75 
804,153 75 
228,692 50 
1,177,792 50 
582,087 50 
1,287,006 25 
92,750 00 
209,492 50 
377,198 75 
109,730 00 
117,166 25 
476,472 50 
116,596 25 
2,598,750 00 
125,000 00 
249,062 50 
124,062 50 
692,720 50 
367,920 25 
24,375 00 
694,677 50 
879,500 00 
12,500 00 
7,200 00 
2,980,250 00 
1,010,530 00 
330,949 65 
632,586 25 
145,326 25 
72,753 75 
208,148 13 
161,036 25 
159,650 00 
1,289,435 00 
S,7S0 00 
771,300 00 
4,568,900 00 
81,215 00 
282,995 00 
95,993 75 
889,250 00 
1,368,318 00 
140,681 25 
7,934 50 
558,373 75 
299,805 00 
521,475 00 
10,375 00 
1,080,502 00 
159,448 40 
272,500 00 
33,457 50 
1,074,982 39 
100,944 40 
362,041 45 
128,704 75 
12,893 75 
276,233 75 
175,500 00 
118,500 00 
383,936 25 
449,782 50 
759,687 50 
192,318 75 
44,660 00 
296,250 00 
12,645 00 
535,458 75 
1,032,940 00 
63,000 00 
20,S40 00 



Rate. 
124 
99 
102 
127 
127 
74 
90 
99 
119 
102 
98 
110 
92 
83 
100 
101 
102 
109 
109 
100 
100 
100 
108 
95 
91 
101 
108 
95 
114 
109 
125 
110 
102 
107 
110 
95 
97 
102 
120 
109 
86 
112 
89 
109 
104 
132 
110 
101 
121 
117 
107 
104 
117 
110 
91 
102 
102 
95 
100 
98 
103 
100 
99 
99 
102 
106 
113 
93 
113 
103 
100 



Market Value. 
$84,320 00 
780,120 00 
204,000 00 
1,143,000 00 
568,960 00 
1,207,680 00 
S7,300 00 
212,850 00 
374,850 00 
102,000 00 
106,820 00 
451,000 00 
117,760 00 
2,282,500 00 
125,000 00 
252,500 00 
127,500 00 
671,440 00 
356,430 00 
25,000 00 
672,000 00 
900,000 00 
10,800 00 
7,600 00 
2,980,250 00 
1,014,040 00 
319,680 00 
631,750 00 
151,620 00 
68,670 00 
197,500 00 
156,200 00 
153,000 00 
1,159,880 00 
8,800 00 
774,250 00 
4,497,890 00 
78,540 00 
267,600 00 
91,560 00 
860,000 00 
1,342,880 00 
137,950 00 
7,630 00 
523,120 00 
297,000 00 
- 515,900 00 
10,100 00 
1,043,020 00 
154,440 00 
267,500 00 
31,200 00 
1,051,830 00 
99,000 00 
369,460 00 
120,360 00 
12,240 00 
262,200 00 
180,000 00 
115,640 00 
391,400 00 
458,000 00 
742,500 00 
193,050 00 
40,800 00 
265,000 00 
13,560 00 
544,980 00 
994,400 00 
61,800 00 
20,000 00 



THE PRUSSIAN LIFE INSURANCE STOCK CO. 



217 



Miscellaneous Bonds. 
Buffalo City (N. Y.), Gas Co. 5s, 1947, 
Columbus, O., Gas Co. 5s, 1932, 
Des Moines Gas Co. 1st mortgage 5s, 1926, 
Dover, N. J., Electric Light Co. 4s, 1921, . 
Equitable Gaslight Co. of New York 5s, 1932, 
Gas & Electric Co. of Bergen Co., N. J., 5s, 1949, 
Gas & Electric Co. of Bergen Co., N. J., 5s, 1954, 
Hackensack Water Co. 4s, 1952, 
Hudson County (N. J.) Gas Co. 5s, 1949, . 
Lackawanna Iron & Steel Co. 5s, 1926, 
Milwaukee Gaslight Co. 4s, 1927, 
New Amsterdam Gas Co., N. Y., 5s, 1948, . 
Newark Consolidated Gas Co. 5s, 1948, 
Newark Gas Co., 6s, 1944, 
New Bruns. (N. J.) Lt., Ht. & P. Co. 4s, 1939, 
New Jersey Zinc Co. 4s, 1926, . 
New York & Westchester Light. Co. 5s, 1954, 
Passaic (N. J.) Water Co. 5s, 1937, . 
Plainfield (N. J.) Gas & El. Lt. Co. 5s, 1940, 
Somerset, Union & Middlesex Lt. Co. 4s, 1943, 
Trenton Gas & Electric Co. 5s, 1949, 
United Elec. Co. of New Jersey 4s, 1949, 
United Water Supply Co., N. J., 5s, 1922, 
Westchester Lighting Co., 5s, 1950, 
Western Union Telegraph Co. 4£s, 1950, 



Book Value. 

$191,000 00 

200,812 50 

384,000 00 

38,000 00 
147,000 00 
347,000 00 
807,240 00 
292,500 00 

28,080 00 
349,175 00 
234,250 00 
532,950 00 
477,625 00 
5,535 00 

19,000 00 

750,000 00 

1,636,250 00 

100,000 00 

54,320 00 

601,600 00 

355,000 00 

1,126,670 00 

51,600 00 
882,830 00 
107,500 00 



Rate. 

63 

92 

104 

100 

101 

100 

88 

86 

102 

96 

92 

103 

105 

130 

75 

94 

100 

102 

99 

70 

104 

72 

100 

106 

96 



00 
00 
00 
00 
00 



897,337,107 75 



Market Value. 
$126,000 00 

184,000 00 
416,000 00 

38,000 00 
126,250 
343,000 
751,520 
258,000 

27,540 
321,600 00 
230,000 00 
515,000 00 
488,250 00 
5,850 00 

18,750 00 

705,000 00 

1,750,000 00 

102,000 00 

55,440 00 

554,400 00 

364,000 00 

1,139,040 00 

51,600 00 
894,640 00 

96,000 00 

$97,311,841 00 



UNITED STATES BRANCH OF THE PRUSSIAN LIFE INSURANCE 
STOCK COMPANY, BERLIN, GERMANY. 

Deposit Capital, $200,000. 

Wm. C. Scheide, U. S. Manager. 

Office, 84 William Street, New York, N. Y. 
Income. 

First year's premiums, less $968 . 67 for reinsurance, . . . $36,179 37 

Renewal premiums, less $309 . 30 for reinsurance, . . . 47,527 00 

Total premium income, . 
Loading on premiums, . 

Interest on bonds, . . . $10,091 78 

Interest on bank deposits, .... 1,720 62 



Received from home office, 

Total income, 
Ledger assets, Dec. 31, 1907, . 

Total, 

Disbursements. 
Death claims and additions, . 
Investigation and settlement of policy claims, 
Salaries of officers and home office employees, 
Rent, advertising, printing, postage, etc., 
State taxes on premiums, 
Insurance department licenses and fees, . 
Remitted to home office, 

Total disbursements, 

Balance, ..... 



,706 37 
10,390 15 

11,812 40 

11,417 47 

$117,326 39 
352,232 75 

$469,559 14 

$11,765 60 

250 00 

10,221 31 

5,501 48 

62 69 

293 15 

55,444 69 

$83,538 92 

$386,020 22 



218 



THE PKUSSIAN LIFE INSURANCE STOCK CO. 



Ledger Assets. 

Book value of bonds (schedule A), . 
Deposits in trust companies and banks not on interest, 
Deposits in trust companies and banks on interest, . 
Due from other companies, ..... 



Non-Ledger Assets. 



Total ledger assets, 

Interest accrued on bonds, 

Gross assets, ......... 

Assets not admitted. 
Cash not in control of trustees, . . . $33,953 03 

Book value of bonds over market value, . . 26,692 71 



Admitted assets, . . - . 

Liabilities. 

Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the Actuaries' table of 
mortality, with interest at 4 per cent., and the American table, 
with interest at 3^- per cent., 

Deduct net value of risks reinsured, 



Net reserve, .... 
Death losses in process of adjustment, 
Death losses reported, . 



$341,292 71 

647 90 

33,305 13 

10,774 48 


$386,020 22 
2,108 33 


$388,128 55 
60,645 74 


$327,482 81 



Deposit capital, 
Unassigned funds (surplus), 

Total liabilities, 



Term, . 

Term, . 
Total, 

Term, . 



By death, 


6 


expiry, . 


103 


lapse, 


149 


decrease, 


60 


Not taken, . 


181 



Exhibit of Policies. 
In Force Dec. 31, 1907. 

Issued during the Year. 



Terminated during the Year. 

Number. Amount. 

499 $2,402,367 00 
How terminated. 

$16,600 00 
373,551 00 
648,772 00 
306,705 00 
1,056,739 00 



• 


$44,680 00 
434 00 


' $14,343 40 
491 00 


$44,246 00 
14,834 40 


. 


200,000 00 
68,402 41 




$327,482 81 


Total No. 


Total Amount. 


1,047 


$6,068,192 00 


1,012 


4,541,893 00 



2,059 $10,610,085 00 



In Force Dec. 31, 1908. 



Term, 



499 ' 2,402,367 00 



1,560 $8,207,718 00 



THE TRAVELERS INSURANCE CO. 



219 



Schedule A. Bonds owned by the Company. 



Municipal Bonds. 
Boston, Mass., 4s, 1923, . 
New York, N. Y., Rapid Transit 3£s, 1951, 
New York, N. Y., 3£s, 1954, . 



Book Value. 
$30,675 00 
258,878 47 

51,739 24 

$341,292 71 



Rate. 

102 
92 
90 



Market Value. 

$30,600 00 

230,000 00 

54,000 00 

$314,600 00 



SECURITY MUTUAL LIFE INSURANCE COMPANY, 
BINGHAMTON, N. Y. 

Incorporated Nov. 6, 1886. Commenced business Jan. 3. 1887. 

Fredric W. Jenkins, President. Charles A. La Due, Secretary. 

[See Index.] 



THE TRAVELERS INSURANCE COMPANY, HARTFORD, CONN. 

Incorporated June 17, 1863. Commenced business July 1, 1866. 
Paid-up Capital, $2,000,000. 

Sylvester C. Dunham, President. Louis F. Butler, Secretary. 

Income. 

Life Department. 
First year's premiums, less $12,427.51 for reinsurance, . . $784,23132 



Surrender values applied to pay first year's premiums, 

Total first year's premiums on original policies, 
Dividends applied to purchase paid-up additions, 
Consideration for life annuities, 

Total new premiums, .... $834,234 91 

Renewal premiums, less $137,643.76 for reinsurance, 
Dividends applied to pay renewal premiums, . 
Surrender values applied to pay renewal premiums, 
Renewal premiums on deferred annuities, 

Total renewal premiums, . . . . $5,436,326 75 

Total premium income, ....... 

Consideration for supplementary contracts not involving life 
contingencies, ......... 



135 14 



Total, . 

Net cash premiums : — 
Accident, . 

Health, . . • . 

Liability, . 

Workmen's collective, 
Total, . 

Interest on mortgages, . 

on collateral loans, 



$784,366 46 
19,931 00 
29,937 45 

5,397,638 92 

35,050 42 

3,145 83 

491 58 



$6,270,561 66 
738,023 92 

$7,008,585 58 



Accident Department. 



Both Departments. 



$3,135,324 60 

364,551 58 

4,763,468 13 

11,288 09 



$758,745 93 
64,135 14 



^,274,632 40 



220 



THE TRAVELERS INSURANCE CO. 



Interest on bonds and dividends on stocks, 
on premium notes and policy loans, 
on bank deposits, 
on other debts, 
Discount on claims paid in advance, 
Rent, including $78,957.11 for occupancy 
own buildings, ..... 



of 



,493,534 72 

294,904 10 

42,641 67 

1,455 47 

3,704 38 

130,375 68 $2,789,497 09 



Agents' balances previously charged off, ..... 

Profit on sale or maturity of real estate, $48,850.50; bonds, 

$6,244.70; stocks, $55,250, 

Total, 



325 84 
110,345 20 

>2,900,16S 13 



Total income, $18,183,386 11 

Ledger assets, Dec. 31, 1907, plus $1,000,000 increase in capital, 58,154,350 27 



Total, 



Death claims and additions, 
Matured endowments, . 



$76,337,736 38 



Disbursements. 
Life Department. 



$2,289,123 57 
762,013 92 



1,051,137 49 



Annuities involving life contingencies, .... 

Surrender values paid in cash, ..... 

applied to pay new premiums, 
applied to pay renewal premiums, . 

Dividends applied to pay renewal premiums, . 

Dividends applied to purchase paid-up additions, 

Total paid policy holders, ..... 

Investigation and settlement of policy claims, . 
Supplementary contracts not involving life contingencies, . 
Dividends to stockholders, ...... 

Commissions to agents : new policies, $290,650 . 42 ; renewals 

$235,031.23; annuities, $824.99, . . 

Commuted renewal commissions, . . 

Salaries and allowances for agencies, .... 

Agency supervision, traveling and other agency expenses, . 

Medical examiners' fees, $43,875. 72; and inspections, $11,579. 99 

Salaries of officers and home office employees, . 

Rent, including $23,687 . 06 for occupancy of own buildings, 

Advertising, printing, postage, etc., 

Legal expenses, .... 

Furniture and fixtures, . 

Repairs and expenses on real estate, 

Taxes on real estate, 

State taxes on premiums, 

Insurance department licenses and fees, 

All other licenses, fees and taxes, . 

Agents' balances charged off, . 

All other disbursements, 

Total, 



28,600 80 


522,268 


42 


135 


14 


3,145 


83 


35,050 42 


19,931 


00 


. $3,660,269 10 


2,357 


11 


327,944 


27 


50,000 00 


526,506 


64 


23,784 21 


155,164 


62 


49,744 32 


, 55,455 


71 


158,295 


38 


71,512 


37 


83,713 


68 


3,693 


16 


19,602 


89 


80,744 


02 


28,818 


93 


87,679 


39 


6,078 


00 


15,396 


14 


521 


59 


16,502 32 



$5,423,783 85 



THE TRAVELERS INSURANCE CO. 



221 



Accident Department. 

Losses: accident, $1,225,898.90; health, $156,631.51; liability, 
$1,783,791.79; workmen's collective, $4,175.94, . ' . 

Investigation and adjustment of claims: accident, $41,803.80 
health, $4,321.81; liability, $923,589.52, . 

Commissions, less those on return premiums and reinsurance 
accident, $935,986.90 ; health, $92,023.66 ; liability, $1,082,096.95 
workmen's collective, $2,381.13, .... 

Dividends to stockholders, ..... 

Compensation of officers and home office employees, 

Salaries and expenses of agents and agencies, . 

Medical examiners' fees and salaries, 

Inspections, ........ 

Rents, including $55,270.05 for occupancy of own building, 

State taxes on premiums, ..... 

Insurance department licenses and fees, . 

All other taxes, licenses and fees, .... 

Legal expenses, ....... 

Advertising, ....... 

Printing and stationery, ..... 

Postage, telegraph, telephone and express, 

Furniture and fixtures, ...... 

Agents' balances charged off, ..... 

Interest on advance payments for subscriptions to capital stock, 

All other disbursements, ..... 

Total, 

Both Departments. 

Loss on sale or maturity of ledger assets, 

Decrease by adjustment in book value of ledger assets, 



$3,170,498 14 
969,715 13 



2,112,488 64 

250,000 00 

365,745 41 

427,470 50 

29,394 62 

133,089 85 

114,000 38 

130,685 48 

13,326 60 

70,078 65 

2,742 74 

39,112 52 

60,197 99 

61.368 55 

35,515 64 

3,045 74 

37,812 27 

36,680 89 



5,062,969 74 



Total, 

Total disbursements, .... 

Balance, ...... 

Ledger Assets. 
Book value of real estate, 
Mortgage loans on real estate, 
Loans secured by collateral (schedule A), 
Loans to policy holders, 
Premium notes on policies in force, 
Book value of bonds and stocks (schedule B), 
Cash in offices, ..... 

Deposits in trust companies and banks not on interest, 
Deposits in trust companies and banks on interest, . 
Agents' balances, ....... 

Bills receivable, ....... 



Total ledger assets, 



$8,515 51 
. . 302,775 00 

. $311,290 51 

$13,798,044 10 

$62,539,692 28 



$1,366,632 00 

15,676,676 03 

969,416 53 

6,057,390 70 

4 173 13 

36,847^36 07 

52,170 16 

198,598 33 

1,321,302 24 

38,084 36 

7,812 73 

$62,539,692 28 



Non-Ledger Assets. 



Interest due and accrued on: mortgages, $236,360.40; bonds, 

$472,393.27; collateral loans, $15,079.98, .... 723,83365 



222 



THE TRAVELERS INSURANCE CO. 



New Business. 

$82,721 95 
80,514 35 

$163,236 30 
26,933 99 



Uncollected premiums, . 
Deferred premiums, 

Total, . 
Deduct loading, 

Net uncollected and deferred 
premiums, 

Gross assets, . 



Assets not admitted. 
Agents' debit balances, ..... 

Bills receivable, ...... 

Book value of stocks and bonds over market, . 
Special deposits, $2,481,732.40; liabilities in 
offset, $2,481,732.40. 

Admitted assets, . . ... 



Renewals. 

$358,797 88 
501,709 90 

$860,507 78 
94,655 86 



$136,302 31 $765,851 92 $902,154 23 



$64,165,680 16 



,084 36 
7,812 73 
68,335 44 



114,232 53 



$64,051,447 63 



Liabilities. 

Life Department. 

Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the Actuaries' table of 
mortality, with interest at 4 per cent., and the American table, 
with interest at 3£ per cent., ..... 

Deduct net value of risks reinsured, .... 



$42,678,350 00 
913,987 00 



Net reserve, $41,764,363 00 

Reserve for health and accident benefits contained in life policies, 14,000 00 

Present value of supplementary contracts not involving life 

contingencies, 3,042,582 00 

Surrender values claimable on terminated policies, . . . 20,000 00 

Death losses in process of adjustment, . . $15,172 74 

Death losses reported, ..... 76,121 74 

Matured endowments due and unpaid, . . 779 00 

Death losses and other policy claims resisted, . 27,500 00 



Supplementary contracts not involving life contingencies due 

and unpaid, ...... 

Premiums paid in advance, .... 

Unearned interest and rent paid in advance, 

Miscellaneous accounts due or accrued, . 

Medical examiners' and legal fees due or accrued, 

State, county and municipal taxes due or accrued, 

Dividends or other profits due policy holders, . 

Dividends apportioned on annual dividend policies, payable 

during 1909, 

Dividends apportioned, payable to policy holders after 1909, 



119,573 48 



1,333 34 

69,350 52 

147,452 05 

18,272 87 

4,621 31 
88,925 00 

4,282 65 

3,529 52 
55,725 00 



Total, 



$45,354,010 74 



Losses and claims: 



Accident Department. 



THE TRAVELERS INSURANCE CO. 



223 



Accident, 

Health, 

Workmen's collective, 



Adjusted, Reported 
and Unadjusted. 

$140,892 06 

21,886 64 

1,282 50 



Totals, . ... $164,061 20 

Losses and claims on liability contracts, . 



Resisted. 

892,100 00 



$92,100 00 $256,161 20 
. 4,090,529 55 



Unpaid claims and expenses of settlement, 

Unearned premiums: accident, $1,760,487.71 ; health, $179,157.63 

liability, $1,763,155.12; workmen's collective. $5,299.65, 
Unearned premiums on reinsurance disallowed, 
Salaries, rent and miscellaneous accounts due or accrued, . 
State, county and municipal taxes due or accrued, . 
Special reserves carried by the company, 



Total, . 

Paid-up capital, . 
Unassigned funds (surplus), 



Both Departments. 



Total liabilities, ...... 

Premium Note Account. 
Premium notes on hand Dec. 31, 1907, 
Used in purchase of surrendered policies, . 
Redeemed by maker in cash, .... 



$15 78 
2,830 81 



Premium notes on hand Dec. 31, 1908, 

Exhibit of Policies. 



$4,346,690 75 

3,708,100 11 

1,534 64 

59,635 00 

157,104 00 

269,761 21 

. $8,542,825 71 

. $2,000,000 00 

. 8,154,611 18 

$64,051,447 63 

$7,019 72 

2,846 59 

$4,173 13 



Whole life, . 
Endowment, 
All other, 
Reversionary 


additions, 
additions, 
additions, 


LIFE. 

In Force Dec. 31, 1907. 

Number. Amount. 

46,489 $119,619,125 00 

20,799 44,127,018 00 

8,072 19,752,169 00 

77,303 00 


Total No. Total Amount. 

75,360 $183,575,615 00 


Whole life, . 
Endowment, 
All other, 
Reversionary 


Issued during the Year. 

6,927 $19,302,999 00 

1,786 3,180,873 00 

3,235 8,756,226 00 

36,233 00 


11,948 31,276,331 00 


Whole life, . 
Endowment, 
All other, 
Reversionary 


Old Policies revived. 

189 $476,292 00 

79 141,811 00 

28 69,585 00 

181 00 


296 687,869 00 


Whole life, . 
Endowment, 
All other, 


Old Policies increased. 

$12,148 00 

1,000 00 

58,139 00 


71,287 00 



224 



THE TKAVELERS INSURANCE CO. 



Whole life, . 
Endowment, 
All other, 



Whole life, . 
Endowment, 
All other, 



Transfers, 

Number. 

408 
167 
201 


Deductions. 

Amount. 

$861,525 00 
275,038 00 
545,492 00 


776- 

Transfers 

176 

54 

546 


$1,682,055 00 

, Additions. 

$495,943 00 

91,423 00 

1,094,689 00 



Total No. 



Total Amount. 



776 $1,682,055 00 



Total, 



Terminated during the Year. 
Whole life, . . . 3,934 $11,187,531 00 

Endowment, . . 1,780 3,675,733 00 

All other, . , 1,321 3,755,474 00 

Reversionary additions, - 5,934 00 



By death, 
maturity, 
expiry, . 
surrender, 
lapse, 
decrease, 

Not taken, . 



7,035 


$18,624,672 00 


How terminated. 


775 


$2,162,608 00 


301 


761,138 00 


223 


560,808 00 


1,438 


3,568,204 00 


2,376 


5,494,532 00 


- 


199,907 00 


1,922 


5,877,475 00 



87,604 $215,611,102 00 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 



7,035 18,624,672 00 



In Force Dec. 31, 1908. 

49,439 $127,857,451 00 

20,771 43,591,354 00 

10,359 25,429,842 00 

107,783 00 80,569 $196,986,430 00 



EXHIBIT OF PREMIUMS ACCIDENT DEPARTMENT. 



In force Dec. 31, 1907, . 
Written during the year, 

Totals, . 
Expired and canceled, . 

In force Dec. 31, 1908, . 
Reinsured, . 

Net premiums in force, 



Accident. 

* $2,456,119 01 
3,812,627 59 

$6,268,746 60 
3,526,852 35 

$2,741,894 25 
22,553 86 



Health. Liability. 

$286,519 84 $3,224,724 29 
462,216 96 5,720,409 44 



$748,736 80 $8,945,133 73 
387,378 09 5,437,723 74 



$361,358 71 $3,507,409 99 
3,043 45 



$2,719,340 39 $358,315 26 $3,507,409 99 



* Includes Workmen's Collective. 



THE TRAVELERS INSURANCE CO. 



225 



Written during the year, 
Expired and canceled, . 

In force Dec. 31, 1908, . 



Business in Massachusetts during the Year. 



ACCIDENT. 



Accident, 

Health, 

Liability, 

Totals, 



Premiums received. 

8215,058 44 

33,312 40 

488,828 35 



Workmen's 
Collective. 

$17,381 70 
6,782 40 

810,599 30 



Losses paid. 

898,894 01 

13,235 08 

237,436 89 



8737,199 19 8349,565 98 



4 shares Eagle Lock Co., Terryville, Conn., 



Schedule A. Securities held as Collateral. 

Company's 
Market Value. 
$292 00 \ 

708 
3,800 
7,704 
8,496 
3,059 
136,042 
3,500 
3,750 
12,500 



Co., 



6 " Southern New England Telephone Co., 
20 " Hartford Trust Co., 

36 " Phoenix Insurance Co., Hartford, Conn., 
72 " Southern New England Telephone Co., 

19 " New York, New Haven & Hartford R.R. 
Mortgages on real estate, assigned, 

25 shares City National Bank, Anniston, Ala., 
30 " Anniston Banking & Loan Co., Ala., 
50 " National Fire Insurance Co., Hart., Conn., 
125 " Hartford Electric Light Co., . 
10 " Adams Express Co., 

3 " New York, New Haven & Hartford R.R. Co., 
65 " Guarantee Title & Trust Co., Cleveland, O., 
25 " National Bank of Commerce, N. Y., 
10 " Hartford Steam Boiler Inspec. & Insurance Co. 
Southern Ry. Co. 4s, 1938, .... 

Aurora, Elgin & Chicago Ry. Co. 5s, 1941, . 

25 shares N. Y. Central & Hudson River R.R. Co. 
5 " Citizens' Central National Bank, N. Y., 
50 " Cleveland Savings & Loan Co., 

20 " Union National Bank, Cleveland, O., 
110 " .5Ctna Life Insurance Co., 
260 " Union Trust Co., Providence, R. I., 

1,000 " Starkweather & Shepley Co., Inc., Prov., R. I. 
50 " Corn Exchange Bank, N. Y., 

100 " Lowry National Bank, Atlanta, Ga., 
24 " Union National Bank, Cleveland, O., 
10 " First National Bank, Cleveland, O., 

168 " Guarantee Title & Trust Co., Cleve., O., 

60 " Union Building & Loan Co., Cleveland, O., 
82 " Cuyahoga Lumber Co., Cleveland, O., 

61 _ [' Cleveland Ry. Co., O., . 
Life Policies of Travelers Insurance Co., assigned, 

100 shares Southern Pacific Co., common, 
100 " Union Pacific R.R. Co., common, . 
50 " Northern Pacific R.R. Co., . 
Mortgage on real estate, Brainerd, Minn., assigned, 
Hartford City Gas Light Co. 4s, 1935, 

150 shares Merchants' Loan & Trust Co., Chicago, 
Gulf & Ship Island R.R. Co. 6s, 1910, 
Dakota Central Telephone Co. 5s, 1915, 
2,500 shares Phoenix National Bank, N. Y., 
150 shares iEtna Life Insurance Co., 

5 " Phcenix National Bank, Hartford, Conn., 
50 " Hartford National Bank, Conn., 
91 " iEtna Insurance Co., Hartford, Conn., 
40 " Phcenix Insurance Co., Hartford, Conn., 
23 " Conn. Fire Insurance Co., Hartford, 
9 " Hartford Fire Insurance Co., Conn., 
3 " yEtna Life Insurance Co., Hartford, Conn., 



00 
00 
00 
00 
00 
28 
00 
00 
00 



25,000 00 
1,810 00 

483 
5,200 

4,875 
2,500 
4,200 

4,887 



00 
00 
00 
00 
00 
50 



3,143 75 

800 00 

5,500 00 

3,520 00 

48,400 00 

35,100 00 

100,000 00 

17,000 00 

19,000 00 

4,224 00 

2,000 00 

13,440 00 

5,700 00 

8,200 00 

4,575 00 

21,086 55 

12,000 00 

18,300 00 

7,112 50 

15,000 00 

163,350 00 

57,000 00 

25,250 00 J 

9,000 00 

80,000 00 

66,000 00 

610 00 ) 

7,125 00 

27,300 00 

8,560 00 J 

6,325 00 

4,500 00 

1,320 00 



Loaned 
Thereon. 

§450 00 



15,000 00 

60,000 00 

4,000 00 

10,000 00 
20,000 00 

1,500 00 

4,313 40 

3,600 00 

8,853 13 

5,000 00 

33,000 00 

69,740 00 

10,000 00 
15,000 00 



34,410 00 

20,000 00 

10,000 00 

200,000 00 

7,500 00 
50,000 00 
50,000 00 

50,000 00 



226 



THE TRAVELERS INSURANCE UO. 



Iowa Central R.R. Co. 4s, 1951, 

St. Paul, Minn., Gas Light Co. 5s, 1944, 

South St. Paul Stock Yard 5s, 1916, 

10,000 " P. & F. Corbin, New Britain, Conn 

Chesapeake & Ohio Ry. Co. 4s, 1989, 

90 shares Chelsea Exchange Bank, N. Y., 

37 " .Etna Life Insurance Co., 
Dayton, O., Lighting Co. 5s, 1937, 

40 shares Home Insurance Co., N. Y., . 

30 " Hartford Fire Insurance Co., 

11 " iEtna Insurance Co., 

40 " iEtna Life Insurance Co., 
4 " iEtna Insurance Co., 
1 " Phcenix Insurance Co., 
Bait. & O. R.R. Co. (Pitts., L. Erie & W. Va.) 4s, 1941, 
N. Y., N. H. & H. R.R. Co. convertible 3fa 1956, 
Adams Express Co. 4s, 1947, .... 





Company's 


Loaned 


Market Value. 


Thereon. 


. $2,430 


00 ) 






2,880 


00 \ 


$10,000 00 




9,000 


00 J 






1,500,000 


00 


200,000 00 




1,000 


00 


750 00 




18,000 


00 


13,000 00 




16,280 


00 


4,400 00 




4,500 


00 


2,500 00 




17,800 


00 


10,000 00 




15,000 


00 


10,000 00 




3,300 


00 


2,300 00 




17,600 


00 


14,000 00 




1,200 
214 


00 \ 
00 I 


1,100 00 




11,520 


00 1 
00 [ 






9,000 


19,000 00 




1,820 


00 J 





>,660,792 58 $969,416 53 



Schedule B. Stocks and Bonds owned by the Company. 

Railroad Stocks. Book Value. Rate. Market Value. 

112 shares Baltimore & Ohio, preferred, . $7,383 25 93 $10,416 00 

300 " Central of New Jersey, . . . 31,375 00 228 68,400 00 

1,800 " Chic, Mil. & St. Paul, preferred, . 230,768 75 164 295,200 00 

1,414 " Chic, Mil. & St. P., pref. (85% pd.), 120,190 00 160 205,030 00 

1,029 " Chic, Mil. & St. Paul, common, . 99,217 50 150 154,350 00 

707 " Chic, Mil. & St. P., com. (85% pd.), 60,095 00 146 92,617 00 

2,215 " Chicago & Northwestern, com., . 232,025 00 184 407,560 00 

200 " Chicago & Northwestern, pref., . 23,268 75 225 45,000 00 

2,500 " Chicago, Great Western, deb., . 228,375 00 59 147,500 00 

300 " Delaware & Hudson, . . . 34,806 25 180 54,000 00 

500 " Delaware, Lackawanna & Western, 33,656 25 555 138,750 00 

150 " Exeter (N. H.) Rv. & Light., pref., . 15,000 00 100 15,000 00 

600 " Exeter (N. H.) Rv. & Light., com., . 47,000 00 50 30,000 00 

56 " Georgia R.R. & Banking, . . 11,993 12 248 13,888 00 

1,150 " Illinois Central, .... 121,739 52 149 171,350 00 

400 " Illinois Central leased line, . . 39,394 00 99 39,600 00 

552 " Manhattan Elevated, . . . 55,400 00 153 84,456 00 

3,390 " N. Y. Central & Hudson River, . 337,514 85 125 423,750 00 

1,855 " New York, New Haven & Hartford, 375,388 48 161 298,655 00 

400 " Oswego & Syracuse, . . . 40,600 00 225 45,000 00 

11,109 " Pennsylvania, .... 663,655 92 132 733,194 00 

1,000 " Pitts., Ft. Wavne & Chicago, . 173,250 00 175 175,000 00 

600 " Rensselaer & Saratoga, . . 106,800 00 199 119,400 00 

500 " St. Jo., So. Bend & South., com., . 20,000 00 40 20,000 00 
425 " Southern preferred, . . . 14,237 50 62 26,350 00 

1,339 " Southwestern R.R. Co. of Georgia, . 137,568 00 115 153,985 00 

100 " Southern Pacific, preferred, . . 10,000 00 121 12,100 00 

300 " Union Pacific, preferred, . . 23,165 00 96 28,800 00 

Bayik Stocks. 

200 shares Am. Ex. Nat., New York, N. Y., . 21,413 00 252 50,400 00 

700 " American Nat., Hartford, Conn., . 44,054 00 140 49,000 00 

348 " ^Etna National, Hartford, Conn., . 44,261 62 220 76,560 00 

250 " Charter Oak Nat., Hart., Conn., . 30,216 25 125 31,250 00 

501 " Citv, Hartford, Conn., . . . 55,101 75 95 47,595 00 
350 " Conn. Tr. & S. D. Co., Hart., Conn., 29,400 00 275 96,250 00 
368 " Far. & Mech. Nat., Hart., Conn., . 48,806 87 113 41,584 00 
250 " First National, Hartford, Conn., . 26,636 63 150 37,500 00 
200 " First National, Middletown, Conn., 21,097 00 95 19,000 00 
300 " First National, Wallingford, Conn., 31,800 00 125 37,500 00 

1,200 " Hartford Nat., Wallingford, Conn., 189,290 75 142 170,400 00 

500 " Hartford Trust Co., Walling., Conn., 49,878 15 190 95,000 00 

266 " Home National, Meriden, Conn., . 36,467 67 125 33,250 00 

240 " Mer. Ex. National, N. Y., . . 11,912 79 165 19,800 00 

330 " Metropolitan, N. Y., . . . 54,125 00 172 58,760 00 

125 " Nat. Bk. of Com., New York, N. Y., 17,475 00 196 24,500 00 

580 " National Exchange, Hart., Conn., . 41,846 50 126 36,540 00 

140 " New Britain Nat., New Britain, Conn., 17,540 00 165 23,100 00 

817 " Phcenix Nat., Hartford, Conn., . 117,085 00 122 99,674 00 



THE TRAVELERS INSURANCE CO. 



227 



140 shares Security Co., Hartford, Conn., 
302 " Thames Nat., Norwich, Conn., 

Miscellaneous Stocks. 
840 shares Hart. Gas Sec. Co., preferred, 
15 " Hart. S. B. Insp. & Insurance Co., 
2,000 " Northwestern Telegraph Co., 
4,955 " Travelers Indemnity Co., 
1,280 " Western Union Telegraph Co., 

Government Bonds. 
United States of Mexico 5s, 1944, op. 1909, 
United States of Mexico 4s, 1954, 

State, County and Municipal Bonds. 
Asheville, N. C, 6s, . 
Bastrop, Tex., 6s, 1922, op. 1912, 
Bayonne, N. J., 4-Js, 1918, 
Brandon, Man., 5s, 1921, . 
Brantford, Ont., 4s, 1918, 
Canon City, Col., 4£s, 1923, op. 1913, 
Cartersville, Ga., 5s, 1923, 
Cedartown, Ga., 6s, 1908-09, . 
Cedartown, Ga., 6s, 1910-16, . 
Cedartown, Ga., 6s, 1917-18, . 
Cedartown, Ga., 6s, 1919, 
Cedartown, Ga., 6s, 1920, 
Cheyenne, Wyo., 4$s, 1922, op. 1912, 
Cheyenne, Wyo., 4fcs, 1932, op. 1912, 
Coaticook, Quebec, 5s, 1910, 
Cumberland County, N. C, 5s, 1927, op. 1917, 
Dalton, Ga., 6s, 1913, 

De Kalb County, Ala., 6s, 1911, op. 1896, 
Durham, N. C, 6s, 1928, . 
East Chicago, Ind., 5s, 1909, 
East Chicago, Ind., 5s, 1910, 
East Chicago, Ind., 5s, 1911-12, 
East Chicago, Ind., 5s, 1913, 
East Chicago, Ind., 5s, 1914-15, 
Edgar, Neb., 5s, 1918, op. 1913, 
El Paso, Tex., 5s, 1948, op. 1928, 
Farmersville, Tex., 6s, 1921, op. 1911, 
Fayetteville, N. C, 5s, 1926, 
Fort William, Ont., 5s, 1938, 
Fort Worth, Tex., 4s, 1941, 
Greensboro, N. C, 6s, 1913, 
Guelph, Ont., 5s, 1917, 
Guelph, Ont., 5s, 1938, . 
Hamblen County, Tenn., 6s, 1912, 
Hartford, Conn., Northwest S. D. 4s, 1938, 
Hartford, Conn., Washington S. D. 4s, 1932, 
Henderson County, N. O, 6s, 1925, 
Howard, Kan., 8s, 1910, . 
Hull, Quebec, 5s, 1914, . 
Iberville, Que., 5s, 1909, . 
Kansas City, Mo., certs. Ind. 7s, 
Lancaster, Kan , 6s, 1912, 
Laramie County, Wyo., 4s, 1921, op. 1911, 
Lexington, Ky., 5s, 1917, op. 1897, 
Los Angeles, Cal., 4JrS, 1923, 
Los Angeles, Cal., 4^s, 1925-26, 
Los Angeles, Cal., 4^s, 1931-32, 
Los Angeles, Cal., 4^s, 1941, 
Lucas County, O., 4s, 1944, op. 1924, 
Maisonneuve, Quebec, 4-jVs, 1948, 
Mecklenburg, County, N. C, 6s, 1920, 
Montreal Harbor, Quebec, 5s, 1914, 
Montreal Harbor, Quebec, 4s, 1917, 
Montreal Harbor, Quebec, 4s, 1918, 
Montreal Harbor, Quebec, 4s, 1925, 
Nashville, Tenn., 4£s, 1928, 
New York, N. Y., 4s, 1957, 
Ogden, Utah, school district 4s, 1928, op. 1913, 
Orange, Tex., 5s, 1936, .... 



Book Value. 


Rate. 


Market Value. 


$14,736 


25 


150 


$21,000 00 


42,492 


00 


165 


49,830 00 


34,035 


01 


164 


34,440 00 


3,300 


00 


240 


3,600 00 


106,842 


50 


11*0 


110,000 00 


619,375 


00 


120 


594,600 00 


91,503 


25 


69 


88,320 00 


384,263 


08 


99 


383,159 70 


137,250 


00 


93 


136,710 00 


10,076 


66 


100 


10,076 66 


15,525 


00 


100 


15.000 00 


94,950 


00 


102 


91,800 00 


25,000 


00 


102 


25,500 00 


53,102 


50 


94 


51,700 00 


39,070 


00 


102 


40,800 00 


24,375 


00 


103 


25,750 00 


5,000 


00 


101 


5,050 00 


17,500 


00 


105 


18,375 00 


5,000 


00 


109 


5,450 00 


2,500 


00 


110 


2,750 00 


2,500 


00 


111 


2,775 00 


15,600 


00 


101 


15,150 00 


88,400 


00 


101 


85,850 00 


25,375 


00 


101 


25,250 00 


85,000 


00 


102 


86,700 00 


6,575 


00 


105 


7,875 00 


1,000 


00 


100 


1,000 00 


58,000 


00 


121 


60,500 00 






f 100 


4,000 00 






101 


4,040 00 


• 28,200 


00 


102 


8,160 00 






103 


4,120 00 






104 


8,320 00 


7,935 


00 


100 


8,000 00 


53,025 


00 


100 


50,000 00 


7,930 


00 


102 


8,670 00 


6,370 


00 


103 


6,695 00 


30,000 


00 


108 


32,400 00 


17,980 


80 


96 


15,360 00 


17,680 


00 


106 


18,020 00 


81,522 


20 


104 


75,920 00 


29,211 


30 


108 


29,160 00 


15,000 


00 


103 


15,450 00 


100,050 


00 


102 


102,000 00 


100,250 


00 


102 


102,000 00 


68,100 


00 


111 


68,820 00 


20,441 


43 


100 


24,000 00 


10,200 


00 


101 


10,100 00 


10,325 


00 


100 


10,000 00 


284,244 


08 


100 


236,058 88 


7,215 


00 


102 


8,160 00 


51,000 


00 


93 


46,500 00 


26,600 


00 


100 


26,000 00 


23,715 


30 


103 


23,690 00 


27,921 


80 


104 


28,080 00 


67,441 


50 


105 


68,250 00 


36,554 


00 


106 


37,100 00 


51,000 


00 


103 


51,500 00 


46,399 


41 


96 


44,543 43 


56,862 


50 


117 


58,500 00 


15,450 


00 


102 


15,300 00 


3,853 


20 


97 


3,880 00 


2,880 


30 


96 


2,880 00 


4,477 


50 


100 


4,500 00 


36,645 


00 


105 


36,750 00 


101,750 


00 


103 


103,000 00 


28,492 


50 


99 


28,710 00 


10.320 


00 


100 


11,000 00 



228 



THE TRAVELERS INSURANCE CO. 



Parker, Kan., 6s, 1917, 

Parkdale, Ont., 6s, 1915, . 

Paw Paw, Kan., 8s, 1910, 

Port Arthur, Ont., 5s, 1921, 

Port Hope, Ont., 4£s, 1909, 

Province of Manitoba, Canada, 5s, 1910, 

Province of Quebec, Canada, 3s, 1937, 

Provo City, Utah, 4£s, 1922, op. 1912, 

Quitman, Ga., 6s, 1909, 

Quitman, Ga., 6s, 1910, 

Quitman, Ga., 6s, 1911-13, 

Quitman, Ga., 6s, 1914, 

Quitman, Ga., 6s, 1915, 

Quitman, Ga , 6s, 1916-18, 

Quitman, Ga., 6s, 1919, 

Quitman, Ga., 6s, 1920, 

Quitman, Ga., 6s, 1921-22, 

Quitman, Ga., 6s, 1923, 

Quitman, Ga., 6s, 1924, . 

Quebec, Que., 4£s, 1914, . 

Quebec, Que., 5s, 1914, 

Reidsville, N. C, 6s, 1921, 

Richmond, Va., 4s, 1920, . 

Richmond, Va., 4s, 1927, . 

Rio Grande Countv, Col., 4s, 1919, op. 1909, 

St. Jean Bapt. de Mont. Par., Que., 4fs, 1949, 

Salisbury, N. C. 5s, 1911-1921, 

Salt Lake City, Utah, 4^s, 1924, 

Salt Lake City, Utah, 4s, 1920. op. 1910, 

Sault Ste. Marie, Ont., 5s, 1930, 

Seattle, Wash., 6s, 1913, op., . 

Sherbrooke, Que., 5s, 1911, 

Sioux City) la., 4s, 1919, . 

St. Hyacinthe, Que., 4^s, 1913, 

St. Jo, Tex , 6s, 1932, op. 1902, 

Stratford, Ont., 5s, 1909, . 

Suffield, Conn., 5£s, demand, 

Toronto, Ont., 4s, 1911, . 

Toronto, Ont., 3*s, 1915-1917, . 

Union Countv, S. C , 6s, 1925, op. 1915, 

Vancouver, B. C, 3£s, 1943-1944, 

Vancouver, B. C, 4s, 1943, 

Vancouver, B. C, 5s, 1929, 

Wavcross, Ga., 6s, 1924, . 

Waco, Tex., 4s, 1933, 

Waco, Tex., 5s, 1934, 

Westmount, Que., 4s, 1945, 

Whitesboro, Tex., 6s, 1942, op. 

Wilson, N. C, 6s, 1916, . 

Winnipeg, Man., 4s, 1909-12-16- 

Winona, Minn., 5s, 1909, . 

Winona, Minn., 5s, 1910, . 

Winona, Minn., 5s, 1911-12, 

Winona, Minn., 5s, 1913, . 

Winona, Minn., 5s, 1914-15, 

Winona, Minn., 5s, 1916-17, 

Winston, N. C, 6s, 1913, . 

Winston, N. C, 6s, 1928, . 

Railroad Bonds. 
Albany & Susquehanna con. (D. 
Atch., Top. & Santa Fe (E. Okla.) 4s, 1928, 
Atch., Top. & Santa F6 gen. mort. 4s, 1995, 
Atch., Top. & Santa Fe 4s, 1910, 
Atlantic & Danville 4s, 1948, . 
Baltimore & Ohio 4s, 1948, 
Baltimore & Ohio 3^s, 1925, 
Baltimore & Ohio (S. W. Div.) 3£s, 1925, 
Bait, & O. (P. June & Mid. Div.) 3^s, 1925, 
Baltimore, Sp. Pt- & Chesapeake 4-|s, 1953, 
Bangor & Aroostook 1st mortgage 5s, 1943, 
Bangor & Aroostook (V. B. Ext.) 5s, 1943, 
Bangor & Aroostook (Piscat. Div.) 5s, 1943, 



1912, 
-31-32, 



& H.) 3*s ; 1946, 



00 
00 
00 
00 
00 



00 
00 
19 
00 



Book Value. 

$24,500 00 
11,765 00 
6,813 50 
43,000 00 
60,600 00 
79,443 47 
47,449 83 

68.525 00 
500 00 

1,000 00 
3,000 00 
1,000 00 
1,000 00 
3,000 00 
1,000 
1,000 
2,000 
1,000 
1,000 

49,000 00 
3,525 00 

25,000 00 

30,937 50 

22,440 

8,500 

117,421 

25,086 

49.526 25 
53,037 50 
50,995 00 
10,260 00 
30,750 00 
30,000 00 
10,150 00 

1,890 00 

11,182 50 

3,000 00 

50,000 00 

188,365 40 

97,113 25 

109,872 50 

24,510 00 

10,920 00 

25,000 00 

48,250 00 

56,000 00 

91,250 00 

4,798 22 

12,000 00 

224,437 50 

3,000 00 

4,000 00 

6,000 00 

4,000 00 

7,000 00 

6,000 00 

35,396 40 

17,199 00 

7,000 00 

235,000 00 

94,527 50 

240,000 00 

189,500 00 

196,816 67 

183,000 00 

224,469 06 

217,487 50 

47,312 50 

65,671 60 

58,625 00 

14,340 00 



Rate. 
101 
110 
100 
105 
100 
101 
83 
100 
101 
102 
105 
108 
109 
112 
115 
116 
117 
118 
119 
102 
104 
114 
101 
102 
92 
91 

10H 
103 

98 
112 
100 
100 
100 
100 
100 
100 
100 
100 

96 
105 

86 

96 
110 
114 

94 
110 

91 
102 
108 
100 
100 
101 
102 
103 
104 
105 
105 
116 

99 

97 
100 

99 

90 
101 

94 

92 

90 

93 
112 
103 
*110 



00 
00 
00 
00 
00 
00 
00 



00 
00 
00 
00 
00 
00 



Market Value. 

$25,250 00 

11,000 00 

8,000 00 
45,150 00 
60,000 00 
75,696 14 
46,856 26 
67,000 00 
505 00 

1,020 

3,150 

1,080 

1,090 

3,360 

1,150 

1,160 

2,340 00 

1,180 00 

1,190 
51,000 

3,120 
28,500 
30,300 
24,480 

7,820 00 
106,853 28 
30,450 00 
48,410 00 
51,940 00 
56,000 00 
10,000 00 
30,000 00 
30,000 00 
10,000 00 

2,000 00 
10,500 00 

3,000 00 
50,000 00 
192,000 00 
92,820 00 
107,500 00 
24,000 00 
11,000 00 
28,500 00 
47,000 00 
55,000 00 
91,000 00 

5,610 00 

12,960 00 

225,000 00 

3,000 00 
4,040 

6,120 
4,120 

7,280 

6,300 
34,650 



00 
00 
00 
00 
00 
00 



18,560 00 

6,930 00 

242,500 00 

100,000 00 

247,500 00 

180,000 00 

202,000 00 

188,000 00 

230,000 00 

225,000 00 

46,500 00 

61,600 00 

51,500 00 

13,200 00 



THE TRAVELERS INSURANCE CO, 



229 



Bangor & Aroostook con. ref. mort. 4s, 1951, 
Black Rocks & Salisbury Beach St. 5s, 1911, 
Brooklyn, Union, Elevated 5s, 1950, . 
Buffalo, Rochester & Pittsburgh 4$s, 1921, 
Buffalo & Susquehanna 5s, 1913-15, . 
Burl., Cedar Rapids & Northern 5s, 1934, 
Canada & Atlantic 5s, 1909, 
Canadian Northern 4-|s, 1917, . 
Canadian Northern 4s, 1930, 
Canada Southern 5s, 1913, 
Central of New Jersey 5s, 1987, 
Central of New Jersey equipment 4s, 1912-13, 
Central of New Jersey equipment 4s, 1909, 
Central of New Jersey equipment 4s, 1910-11, 
Central Branch 4s, 1919, . 
Central Pacific 1st refunding 4s, 1949, 
Central of Georgia 4s, 1951, 
Central of Georgia equipment 4^s, 1910, 
Central of Georgia equipment 4^-s, 1912-13, 
Central of Georgia equipment 4-|s, 1914, 
Central New England 5s, 1919, 
Chesapeake & Ohio 5s, 1939, 
Chesapeake & Ohio 4£s, 1992, . 
Chesapeake & Ohio 6s, 1910, 
Chesapeake & Ohio equipment 4s, 1916, 
Chesapeake & Ohio equipment 4s, 1914, 
Chicago & Alton 3s, 1949, 

Chicago, Burl. & Quincv (111. Div.) 3£s, 1949, 
Chicago, Burl. & Quincy (la. Div.) 4s, 1919, 
Chicago, Burlington & Quincy 4s, 1958, 
Chicago & Eastern Illinois 5s, 1937, . 
Chicago & Eastern 111. equipment 5s, 1909-10, 
Chicago & Eastern Illinois 4s, 1955, . 
Chicago & Eastern 111. equipment 4.85s, 1912, 
Chicago & Erie 5s, 1982, .... 
Chicago, Hammond & Western 6s, 1927, . 
Chicago, Indiana & Southern 4s, 1956, 
Chicago, Indianapolis & Louisville 6s, 1947, 
Chicago, Indian. & St. Louis Sh. L. 4s, 1953, 
Chicago & Milwaukee Electric 5s, 1919, 
Chic, Mil. & St. P. (W., Val. Div.) 6s, 1920, 
Chicago & Northwestern 5s, 1929, 
Chicago & Northwestern 5s, 1933, 
Chicago North Shore Street 6s, 1912, 
Chicago Rys. Co. series A 4s, 1927, 
Chicago Rys. Co. series B 4s, 1927, 
Chicago, Rock Island & Pacific 4s, 1988, 
Chicago, Rock Island & Pacific 4s, 1934, 
Chicago, Rock Island & Pacific 6s, 1917, 
Chicago & Western Indiana 6s, 1932, 
Chicago & Western Indiana 4s, 1952, . 
Choctaw & Memphis 5s, 1949, . 
Choctaw, Oklahoma & Gulf 5s, 1919, 
Cicero & Proviso Street, Chicago, 5s, 1915, 
Cincinnati & Hamilton Electric 6s, 1918, 
Cincinnati, Hamilton & Dayton 4^s, 1908, 
Cincinnati, Hamilton & Dayton 4s, 1913, 
Cincinnati & Muskingum Valley 4s, 1948, 
Cincinnati, Dayton & Ironton 5s, 1941, 
Cincinnati, Findlay & Ft. Wayne 4s, 1923, 
Cincinnati, Ind., St. Louis & Chicago 4s, 1936, 
Cincinnati, Ind. & Western 4s, 1953, . 
Cleveland, Akron & Columbus 5s, 1927, 
Cleve., Cin., Chicago & St. Louis 4s, 1993, 
Cleve., Cin., Chicago & St. Louis 5s, 1911, 
Cleve., Col., Cin. & Indianapolis 7s, 1914, 
Cleveland, Lorain & Wheeling 5s, 1933, 
Cleveland, O., Electric 5s, 1913, 
Colorado & Southern 4s, 1929, . 
Connecticut Ry. & Lighting 4^-s, 1951, 
Consolidated, New Haven, Conn., 4s, 1955—56, 
Cons. L. & Ry. Co., Huntington, W. Va., 6s, 1922, 



Book Value. 

$95,000 00 

22,500 00 

104,117 50 

103,750 00 

92,868 50 

141,325 00 

213,510 00 

87,980 00 

50,878 57 

267,191 25 

112,125 00 

43,474 70 

9,750 00 

19,500 00 

94,250 00 

250,000 00 

135,290 00 

49,500 00 

49,487 50 

23,829 00 

104,250 00 

226,805 55 

267,312 50 

98,750 00 

46,065 50 

92,510 35 

90,000 00 

15,750 00 

148,750 00 

97,250 00 

114,000 00 

24,975 00 

71,812 50 

100,632 88 

238,466 85 

182,050 00 

182,000 00 

333,000 00 

150,000 00 

50,000 00 

12,700 00 

290,865 00 

52,500 00 

26,500 00 

35,600 00 

66,650 00 

312,000 00 

140,250 00 

57,076 25 

381,042 50 

278,500 00 

58,187 50 

106,812 50 

50,000 00 

55,343 75 

97,750 00 

94,000 00 

99,250 00 

123,375 00 

47,550 00 

94,000 00 

99,000 00 

114,250 00 

193,250 00 

97,375 

118,202 

162,375 

256,075 00 

94,456 00 

100,500 00 

359,210 00 

98,000 00 



00 
50 
00 



Rate. 

87 
100 
101 

99 
100 
115 
100 

94 
100 
102 
128 

98 
100 

99 

90 

97 

90 

99 

97 

96 
102 
115 
105 
103 

97 

98 

79 

92 
100 
101 
115 
100 

86 
100 
115 
123 

95 
128 

98 

84 
114 
108 
110 

75 

93 

85 
100 

91 
113 
112 

98 
109 
103 

65 
107 

60 

92 

90 

94 

80 

99 

70 
107 

98 
100 
112 
110 

95 

97 
100 

91 
100 



Market Value. 

$87,000 00 

25,000 00 

101,000 00 

99,000 00 

100,000 00 

143,750 00 

210,000 00 

94,000 00 

50,126 67 

255,000 00 

128,000 00 

43,120 00 

10,000 00 

19,800 00 

90,000 00 

242,500 00 

135,000 00 

49,500 00 

48,500 00 

24,000 00 

102,000 00 

230,000 00 

262,500 00 

103,000 00 

48,500 00 

98,000 00 

79,000 00 

19,320 00 

150,000 00 

101,000 00 

115,000 00 

25,000 00 

64,500 00 

100,632 88 

230,000 00 

184,500 00 

190,000 00 

320,000 00 

147,000 00 

42,000 00 

11,400 00 

290,520 00 

55,000 00 

18,750 00 

32,550 00 

55,250 00 

300,000 00 

136,500 00 

56,500 00 

364,000 00 

294,000 00 

54,500 00 

103,000 00 

32,500 00 

53,500 00 

60,000 00 

92,000 00 

90,000 00 

103,400 00 

40,000 00 

99,000 00 

70,000 00 

107,000 00 

196,000 00 

100,000 00 

112,000 00 

165,000 00 

237,500 00 

97,000 00 

100,000 00 

330,330 00 

100,000 00 



230 



THE TRAVELERS INSURANCE CO. 



Delaware & Hudson conv. 4s, 1916, . 

Delaware & Hudson 4^s, 1922, . 

Denver City Tramway 5s, 1919, 

Des Moines & Fort Dodge 4s, 1935, . 

Detroit, Rochester, Romeo & L. Orion 5s, 1920, 

Detroit, Mich., Electric 5s, 1916, 

Duluth, South Shore & Atlantic 5s, 1937, 

Elgin, Joliet & Eastern 5s, 1941, 

Erie prior lien 4s, 1996, 

Flint & Pere Marquette 5s, 1939, 

Flint & Pere Marquette 6s, 1920, 

Fort Worth & Denver City 6s, 1921, . 

Galveston, Har. & San Antonio 5s, 1931, 

Georgia R.R. & Banking Co. 6s, 1910, 

Georgia R.R. & Banking Co. 6s, 1922, 

Georgia R.R. & Banking Co. 5s, 1922, 

Grand Rapids, Mich., Street 5s, 1916, 

Hartford, Conn., Street 4s, 1930, 

Hereford, Can., 4s, 1930, . 

Hocking Vallev 4$s, 1999, 

Hocking Valley 4s, 1916, . 

Houston, East & West Texas 5s, 1933, 

Illinois Central 4s, 1955, . 

Iowa Central 4s, 1951, 

Iowa Central 5s, 1938, 

Kanawha & Michigan 4s, 1990, 

Kansas City, Mo., Cable 5s, 1911, 

Kansas City & Pacific 4s, 1990, 

Keokuk & Des Moines 5s, 1923, 

Knoxville & Ohio 6s, 1925, 

Lake Shore & Michigan South. 4s, 1928-31, 

Lake Shore & Michigan South. 5s, 1910, 

Leamington & St. Clair 4s, 1945, 

Lehigh Valley 6s, irredeemable, 

Lehigh Vallev Terminal 5s, 1941, 

Lehigh Valley of New York 4|s, 1940, 

Louisville, Henderson & St. Louis 5s, 1946, 

Louisville & Nashville 4s, 1923, 

Louisville & Nashville 6s, 1930, 

Louisville & Nash. & So. joint 4s, 1952, 

Manchester, N. H., Trac, Lt. & P. Co. 5s, 1921, 

Manitoba & Southeastern 4s, 1929, 

Metropolitan, N. Y., 5s, 1997, . 

Metropolitan, N. Y., 4s, 2002, . 

Metropolitan Cross Town, N. Y., 5s, 1920, 

Michigan Central 5s, 1910, 

Minneapolis & St. Louis 5s, 1934, 

Minneapolis & St. Louis (Iowa Div.) 7s, 1909, 

Minneapolis & St. Louis 4s, 1949, 

Minneapolis Street & St. Paul City 5s, 1928, 

Minneap., St. Paul & Sault Ste. Marie 5s, 1913-14 

Missouri Pacific 6s, 1920, . 

Missouri Pacific 5s, 1917, . 

Missouri Pacific 5s, 1920, . 

Missouri, Kansas & Texas 4s, 2001, 

Missouri & North Arkansas 5s, 1941, . 

Montana Central 6s, 1937, 

Monongahela River 5s, 1919, 

Nashville, Chattanooga & St. Louis 7s, 1913, 

Nashville, Chattanooga & St. Louis 6s, 1917, 

New York Central & Hudson River 4s, 1934, 

New York Central & Hudson River 5s, 1910, 

New York, New Haven & Hartford 4s, 1914, 

N. Y., N. H. & Hartford convertible 6s, 1948, 

N. Y., N. H. & Hartford con. deb. 3£s, 1956, 

New Orleans Terminal 4s, 1953, 

New Orleans & North Eastern 6s, 1915, 

Norfolk & Western 4s, 1910, 

Norfolk & Western 4s, 1996, 

Northern Ohio 5s, 1945, .... 

No. Pac.-Gt. No. joint (C, B. & Q. col.) 4s, 1921, 

Northern Pacific Terminal 6s, 1933, . 

Northwestern Elevated, Chicago, 4s, 1911, . 



Book Value. 
$10,000 00 
142,125 00 
120,710 00 
146,750 00 

50,000 00 
104,750 00 

83,992 50 
276,435 00 

46,812 50 
106,170 00 

58,845 00 
164,845 83 
163,148 75 

28,711 25 
123,500 00 

61.118 75 

51,250 00 
103,000 00 

50,000 00 
260,000 00 

22,402 50 

43.750 00 

99,000 00 
140,062 50 
111,880 70 

43,656 25 

75,850 00 
180,030 00 
105,927 50 
299,660 00 
675,062 50 

99,500 00 

25,000 00 
143,000 00 
172,437 50 
108,000 00 
166,625 00 
537,826 39 
163,095 00 

92,875 00 
104,750 00 

81,691 85 
137,600 00 
243,125 00 
106,875 00 

99,078 12 
114,678 75 

22,453 75 
193,437 50 
199,500 00 

99,750 00 
118,000 00 
265,875 00 

53,500 00 
128,156 25 

25,000 00 

56,750 00 

27,375 00 
168,493 75 

27,125 00 
187,000 00 

99,265 63 

96,075 00 
106,030 62 

88,753 00 

47,375 00 
175,125 00 

97,755 00 
126,625 00 
110,650 00 
298,900 00 
196,047 50 
145,437 50 



Rate. 

101 

102 

99 

90 

97 

93 
108 
108 

89 
106 
113 
115 
112 
103 
115 
105 
100 
100 

97 
106 

97 
100 
100 

81 
109 

93 

99 

93 
103 
115 

95 
101 

90 
148 
117 
107 
110 

97 
118 

85 
100 

98 

88 

60 

75 
101 
108 
100 

84 
104 
100 
114 
100 
100 

86 

64 
130 
105 
112 
112 

94 
101 

98 
135 

98 

82 
107' 

99 

98 
110 

98 
113 

91 



Market Value. 
$10,100 00 
153,000 00 
115,830 00 
135,000 00 

48,500 00 

93,000 00 

81,000 00 
270,000 00 

44,500 00 
106,000 00 

56,500 00 
172,500 00 
168,000 00 

25,750 00 
115,000 00 

57,750 00 

50,000 00 
100,000 00 

48,500 00 
265,000 00 

24,250 00 

50,000 00 
100,000 00 
121,500 00 
109,000 00 

46,500 00 

73,260 00 
186,000 00 
105,060 00 
287,500 00 
665,000 00 
101,000 00 

22,500 00 
148,000 00 
175,500 00 
107,000 00 
165,000 00 
533,500 00 
161,660 00 

85,000 00 
100,000 00 

73,447 73 
101,200 00 
150,000 00 

75,000 00 
101,000 00 
108,000 00 

22,000 00 
168,000 00 
208,000 00 
100,000 00 
114,000 00 
250,000 00 

50,000 00 
129,000 00 

16,000 00 

65,000 00 

26,250 00 
168,000 00 

28,000 00 
188,000 00 
101,000 00 

98,000 00 
135,000 00 

89,180 00 

41,000 00 
160,500 00 

99,000 00 
122,500 00 
110,000 00 
298,900 00 
188,710 00 
136,500 00 



THE TRAVELERS INSURANCE CO, 



231 



Ogden Street, Chicago, 6s, 1916, 

Ogdensburg & Lake Champlain 4s, 1948, 

Oregon R.R. & Navigation 4s, 1946, . 

Oregon Short Line 4s, 1929, 

Peekskill Lighting & R.R. 5s, 1930, . 

Pennsylvania 3-^s, 1915, . 

Pennsylvania & New York Canal 4s, 1939, 

Pennsylvania & New York Canal 4^s, 1939, 

Pennsylvania Co. trust deb. 3-Js, 1916, 

Peoria & Eastern 4s, 1940, 

Pitts., Cin., Chicago & St. Louis 4s, 1945, 

Port Reading 5s, 1941, 

Pontiac, Oxford & Northern 6s, 1916, 

Raleigh & Gaston 5s, 1947, 

Reading 4s, 1997, .... 

Rio Grande Junction 5s, 1939, . 

Rio Grande Western 4s, 1949, . 

Rutland (Canadian Division) 4s, 1949, 

St. Lo., Iron Mt. & So. (G., C. & L. G.) 5s, 1931, 

St. Lo., Iron Mt. & So. (R. & G. Div.) 4s, 1933, 

St. Louis, Memphis & Southeastern 4^s, 1909, 

St. Lo. Merchants Bridge Terminal 5s, 1930, 

St. touis Southwestern 1st mortgage 4s, 1989, 

Seaboard & Roanoke 5s, 1926, . 

Seaboard Air Line 5s, 1911, 

Seaboard Air Line equipment 4^s, 1913, 

Seaboard Air Line equipment 5s, 1913, 

Seaboard Air Line equipment 5s, 1914, 

Second Ave., New York City, 5s, 1948, 

Southern 5s, 1994, .... 

Southern (St. Louis Division) 4s, 1951, 

Southern Pacific 4s, 1910, 

Southern Pacific 4s, 1955, 

Southern Pacific (Cent. Pac. col.) 4s, 1949, 

Southern Pacific of New Mexico 6s, 1911, 

Terre Haute & Logansport 6s, 1910, . 

Terre Haute & Peoria 5s, 1942, 

Texas & Pacific 1st mortgage 5s, 2000, 

Toledo, O., Electric 5s, 1912, . 

Toledo, O., Traction Co. 5s, 1909, 

Toledo, St. Louis & Western 3^s, 1925, 

Toledo & Ohio Central 1st mortgage 5s, 1935, 

Toledo & Ohio Central gen. mortgage 5s, 1935, 

Toronto, Hamilton & Buffalo 4s, 1946, 

United Traction, Pittsburgh, Pa., 5s, 1997, 

Union Pacific 4s, 1947, 

Union Pacific 4s, 2008, 

Utah & Northern 4s, 1933, 

Vermont Valley 5s, 1910, . 

Washington Central 4s, 1948, 

Western Maryland 4s, 1952, 

Wheeling & Lake Erie 4s, 1949, 

Wheeling & Lake Erie (L. Erie Div.) 5s, 1926, 

Wheeling & L. Erie (Wheeling Div.) 5s, 1928, 

Wilkinsburg & East Pittsburg 5s, 1929, 

Willmar & Sioux Falls 5s, 1938, 

Winnipeg Electric 5s, 1935, 

Wladikawkas 4s, 1957, .... 

Miscellaneous Bonds. 
American Telephone & Telegraph Co. 5s, 1910, 
American Telephone & Telegraph Co. 4s, 1929, 
Galveston Wharf Co. 5s, 1940, . 
Montreal Board of Trade 4£s, 1922, . 
Montreal Light, Heat & Power Co. 4-|s, 1932, 
New York Dock Co 4s, 1951, . 
Northwestern Telegraph Co. 4-Js, 1934, 
Northern Westchester Lighting Co. 5s, 1955, 
Penn Telephone Co. 5s, 1918, . 
Prov., Fall R. & Newport Steamboat Co. 5s, 1916 
Western Union Telegraph Co. 5s, 1938, 
Western Union Telegraph Co. 4-Js, 1950, 



Book Value. 

$179,820 00 

50,000 00 

39,642 22 

243,125 00 

2,000 00 

243,221 25 

48,125 00 

69,950 00 

163,875 00 

49,000 00 

30,000 00 

51,000 00 

117,000 00 

105,188 75 

8,000 00 

101,125 00 

189,125 00 

48.750 00 

110.218 75 

187,500 00 

192,375 00 

50,450 00 

188,212 50 

103,000 00 

101,500 00 

11,151 60 

12,326 60 

23,601 25 

171,875 00 

201,856 25 

145,118 75 

73,500 00 

145,125 00 

10,500 00 

111,000 00 

15,225 00 

20,400 00 

99,725 00 

22,125 00 

101,250 00 

223,417 36 

56,378 75 

107,602 50 

47,417 00 

115,000 00 

92,375 00 

144,447 22 

49,875 00 

50,500 00 

47,500 00 

320,250 00 

234,375 00 

113,073 75 

113,371 25 

56,250 00 

52,500 00 

106,000 00 

99,125 00 

97,000 00 

97,500 00 

50,000 00 

194,000 00 

255,000 00 

125,960 00 

152,875 00 

3,000 00 

52,500 00 

50,000 00 

99,287 50 

157,635 00 

$36,847,436 07 



Rate. 

75 

91 

99 

95 

98 

95 

98 

109 

98 

92 

100 

105 

75 

107 

101 

105 

81 

91 

112 

89 

100 

107 

93 

106 

95 

90 

92 

91 

82 

107 

85 

99 

95 

91 

102 

100 

109 

117 

80 

80 

91 

110 

103 

88 

105 

103 

97 

100 

100 

94 

83 

82 

107 

102 

104 

116 

101 

86 

101 

91 

109 

100 

98 

91 

93 

85 

100 

75 

98 

96 



Market Value. 

$121,500 00 

45,500 00 

39,600 00 

237,500 00 

1,960 00 

237,500 00 

49,000 00 

70,850 00 

168,560 00 

46,000 00 

30,000 00 

52,500 00 

75,000 00 

102,720 00 

10,100 00 

105,000 00 

162,000 00 

45,500 00 

112,000 00 

178,000 00 

200,000 00 

53,500 00 

186,000 00 

106,000 00 

95,000 00 

10,800 00 

11,960 00 

22,750 00 

123,000 00 

214,000 00 

127,500 00 

74,250 00 

142,500 00 

11,375 00 

102,000 00 

15,000 00 

21,800 00 

117,000 00 

20,000 00 

80,000 00 

227,500 00 

55,000 00 

103,000 00 

44,000 00 

105,000 00 

103,000 00 

145,500 00 

50,000 00 

50,000 00 

47,000 00 

290,500 00 

205,000 00 

107,000 00 

102,000 00 

52,000 00 

58,000 00 

101,000 00 

86,000 00 

101,000 00 

91,000 00 

54,500 00 

200,000 00 

245,000 00 

125,125 00 

139,500 00 

2,550 00 

50,000 00 

37,500 00 

98,000 00 

144,000 00 

$36,779,100 63 



232 



THE UNION CENTRAL LIFE INSURANCE CO. 



THE. UNION CENTRAL LIFE INSURANCE COMPANY, 
CINCINNATI, OHIO. 

Incorporated 1867. Commenced business 1867. 
* Paid-up Capital, $500,000. 

Jesse R. Clark, President. John D. Sage, Secretary. 

Income. 

First year's premiums, less $6,588.95 for reinsurance, . . $1,019,632 12 

Dividends applied to purchase paid-up additions, . . . 245,149 69 

Surrender values applied for paid-up insurance, . . . 70,567 05 

Consideration for life annuities, ...... 12,183 37 

Total new premiums, .... $1,347,532 23 

Renewal premiums, less $193,175.32 for reinsurance, . . 7,613,540 48 

Dividends applied to pay renewal premiums, .... 562,926 30 

Surrender values applied to pay renewal premiums, . . . 107, 44§ 33 

Total renewal premiums, . . . . $8,283,910 11 



Total premium income, . ...•■. . . . $9,631,442 34 

Consideration for supplementary contracts not involving life 

contingencies, ......... 54,600 00 

Interest on mortgages, $3,216,857 06 



on bonds, 
on premium notes and policy loans, 
on bank deposits, .... 
on other debts, .... 

Rent, including $12,000 for occupancy of own 
buildings, ....... 



200 00 

611,139 65 

10,340 19 

580 09 

17,975 57 3,857,092 56 



Profit on sale of real estate, ...... 

Surrender values received on reinsurance, 

Profit from compromise and readjustment of mortgage loans, 

Total income, ....... 

Ledger assets, Dec. 31, 1907, ..... 



Total, 

Disbursements. 
Death claims and additions, .... 
Matured endowments and additions, 



1,467 15 

2,670 80 

35,793 52 

$13,583,066 37 

. 59,690,937 31 

$73,274,003 68 



!,137,586 00 
702,885 09 $2,840,471 09 



Annuities involving life contingencies, 
Premium notes voided by lapse, .... 
Surrender values paid in cash, .... 

applied to pay renewal premiums, . 
applied to purchase paid-up insurance, 
Dividends paid policy holders in cash, 

applied to pay renewal premiums, . 
applied to purchase paid-up additions, 

Total paid policy holders, .... 

Investigation and settlement of policy claims, . 



25,506 


23 


239,491 


37 


467,707 


94 


107,443 


33 


70,567 


05 


358,683 


38 


562,926 


30 


245,149 


69 


. $4,917,946 38 


1,703 


66 



* Increased during 1908 by stock dividend of $>400,000, the validity of which is in litigation in the Ohio 
courts. See text of report. 



THE UNION CENTRAL LIFE INSURANCE CO. 



233 



Supplementary contracts not involving life contingencies, . 
Dividends to stockholders, ...... 

Commissions to agents: new policies, $403,690.47; renewals 
$542,287.76; annuities, $1,009.16, .... 

Commuted renewal commissions, ..... 

Salaries and allowances for agencies, .... 

Agency supervision, traveling and other agency expenses, . 

Medical examiners' fees, $51,553.50; and inspections, $1,829.39 

Salaries of officers and home office employees, . 

Rent, including $12,000 for occupancy of own buildings, . 

Advertising, printing, postage, etc., 

Legal expenses, .... 

Furniture and fixtures, . 

Repairs and expenses on real estate, 

Taxes on real estate, 

State taxes on premiums, 

Insurance department licenses and fees, 

All other licenses, fees and taxes, . 

Loss on sale of real estate, 

Mortgage loan expenses, 

Profit and loss, .... 

Total disbursements, 

Balance, .... 

Ledger Assets. 
Book value of real estate, ..... 

Mortgage loans on real estate, .... 

Loans to policy holders, ..... 

Premium notes .on policies in force, 

Book value of bonds owned (United States 2s, 1930), 

Cash in office, ....... 

Deposits in trust companies and banks not on interest, 
Deposits in trust companies and banks on interest, . 
Agents' balances, . . . . . ' . 



Total ledger assets, 



$64,746 00 
30,000 00 

946,987 39 

30,970 39 

34,907 31 

49,337 91 

53,382 89 

257,358 29 

37,374 81 

105,848 50 

22,574 32 

8,718 94 

3,711 78 

7,741 71 

158,160 68 

15,203 87 

966,537 26 

554 73 

251,797 55 

47,499 01 

$8,013,063 38 

565,260,940 30 

$457,999 55 

53,296,444 94 

8,917,902 69 

2,067,772 70 

25,000 00 

6,413 30 

33,982 62 

440,229 80 

15,194 70 

$65,260,940 30 



Non-Ledger Assets. 



Interest due and accrued on: 

Mortgages, . . . . . 

Bonds, ....... 

Premium notes, ..... 

Rents due and accrued, 

Market value of bonds over book value, . 

New Business. 

Uncollected premiums, . . $91,015 72 

Deferred premiums, . . 13,226 57 



.,981,723 94 

50 00 

372,207 65 

539 45 2,354,521 04 



Total, . 
Deduct loading, 

Net uncollected and deferred 
premiums, 

Gross assets, . 



$104,242 29 
20,848 46 



Renewals. 

$308,547 19 
95,904 67 

$404,451 86 
80,890 37 



750 00 



,393 83 $323,561 49 406,955 32 



,023,166 66 



234 THE UNION CENTRAL LIFE INSURANCE CO. 



Assets not admitted. 

Agents' debit balances, $15,194 70 

Book value of real estate over market value, . 3,256 89 $18,451 59 



Admitted assets, $68,004,715 07 

Liabilities. 

Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the Actuaries' table of 
mortality, with interest at 4 per cent., and the American table, 
with interest at 3| per cent., ..... $55,515,359 00 

Deduct net value of risks reinsured, ..... 519,903 00 



Net reserve, $54,995,456 00 

Present value of supplementary contracts not involving life 

contingencies, . . . . . .' . . 451,745 00 

Death losses in process of adjustment, . . $75,839 42 

Death losses reported, ..... 51,744 00 

Matured endowments due and unpaid, . . 3,778 00 

Death losses and other policy claims resisted, . 40,439 58 171,801 00 



Premiums paid in advance, ....... 146,142 01 

Commissions to agents due or accrued, ..... 252,407 53 

State, county and municipal taxes due or accrued, . . . 332,129 47 

Dividends or other profits due policy holders, .... 42,663 38 

Held for deferred dividends, payable after 1909, viz.: 

Twenty-year period policies, . . . $447,066 00 

All other policies, ..... 8,679,410 00 9,126,476 00 



Reinsurance premiums due other companies, . • . . . 28,414 65 

Paid-up capital, . . . *500,000 00 

Unassigned funds (surplus) , ....... 1,957,480 03 



Total liabilities, $68,004,715 07 

Premium Note Account. 

Premium notes on hand Dec. 31, 1907, . . $2,053,465 00 
Received during 1908, new policies, $769,669.05; 

old policies, $4,785,998.14, . . . 5,555,667 19 

Restored by revival of policies, . . . 31,209 54 $7,640,341 73 



Used in payment of losses and claims, . . $25,335 64 

Used in purchase of surrendered policies, . 42,652 34 

Voided by lapse, . . . . . . 270,700 91 

Used in payment of dividends to policy holders, 1,653 03 

Redeemed by maker in cash, . . . . 5,232,227 11 5,572,569 03 

Premium notes on hand Dec. 31, 1908, . . . . $2,067,772 70 

Exhibit of Policies. 
In Force Dec. 31, 1907. 

Number. Amount. Total No. - Total Amount. 

Whole life, . . . 112,018 $209,039,941 00 

Endowment, . . 21,491 35,846,525 00 

* Increased during 1908 by stock dividend of $400,000, the validity of which is in litigation in 
the Ohio courts. See text of report. 



THE UNION CENTRAL LIFE INSURANCE CO. 



235 



All other, 

Reversionary additions, 



Whole life, . 
Endowment, 
All other, 
Reversionary additions, 



Whole life, . 

Endowment, 

All other, 

Reversionary additions, 



Whole life, . 
Endowment, 



Whole life, . 
Endowment, 
All other, 



Whole life, . 
Endowment, 
All other, 



Total, 



Number. Amount. Total No. Total Amount. 

4,467 $11,990,651 00 

1,677,542 00 137,976 $258,554,659 00 



Issued during the Year. 

10,177 $24,146,595 00 

2,716 4,662,230 00 

1,296 5,039,850 00 

483,785 00 



Old Policies revived. 

204 $409,480 00 

44 77,500 00 

24 69,500 00 

3,318 00 



Old Policies increased. 

$89,152 00 
10,000 00 



Transfers, Deductions. 
944 $1,499,852 00 
353 524,189 00 

212 621,785 00 



1,509 $2,645,826 00 

Transfers, Additions. 

214 $566,785 00 

66 127,000 00 

1,229 1,952,041 00 



1,509 $2,645,826 00 



Terminated during the Year. 

Whole life, . . . 6,298 $14,597,796 00 

Endowment, . . 1,743 3,877,608 00 

All other, . . . 1,147 3,456,882 00 

Reversionary additions, - 164,633 00 



14,189 34,332,460 00 



272 559,798 00 



99,152 00 



152,437 $293,546,069 00 





9,188 


$22,096,919 00 








How terminated. 






By death, 


1,109 


$2,347,663 00 






maturity, 


603 


983,633 00 






expiry, . 


458 


913,449 00 






surrender, 


819 


2,688,536 00 






lapse, 


4,854 


10,051,947 00 






decrease, 


- 


684,013 00 






Not taken, . 


1,345 


4,427,678 00 


9,188 


22,096,919 00 



236 



UNION MUTUAL LIFE INSURANCE CO. 



In Force Dec. 81, 1908. 





Number. Amount. 


Total No. Total Amount 


Whole life, . 


115,371 $218,154,305 00 




Endowment, 


22,221 36,321,458 00 




All other, 


5,657 14,973,375 00 




Reversionary additions, 


2,000,012 00 


143,249 $271,449,150 









UNION MUTUAL LIFE INSURANCE COMPANY, PORTLAND, ME. 

Incorporated July 17, 1848. Commenced business Oct. 1, 1849. 

Fred E. Richards, President. J. Frank Lang, Secretary. 

Income. 

First year's premiums on original policies, .... $101,096 20 

Dividends applied to purchase paid-up additions, . . . 28,651 82 

Surrender values applied for paid-up insurance, . . 23,573 23 

Total new premiums, .... $153,321 25 

Renewal premiums, less $552 . 89 for reinsurance, . . . 2,039,966 87 

Dividends applied to pay renewal premiums, . . . . 33,922 09 

Surrender values applied to pay renewal premiums, . . . 8,626 05 



Total renewal premiums, 



$2,082,515 01 



Total premium income, ....... 

Consideration for supplementary contracts not involving life 
contingencies, ......... 

Interest on mortgages, ..... $56,328 44 

on collateral loans, .... 70,862 24 

on bonds and dividends on stocks, . 387,173 76 

on premium notes and policy loans, . 37,746 86 

on bank deposits, .... 2,837 03 

on other debts, .... 908 70 

Discount on claims paid in advance, . . 289 66 

Rent, including # $10,316. 66 for occupancy of 
own buildings, ...... 



5,235,836 26 
7,722 00 



52,654 17 608,800 86 



Profit on sale or maturity of real estate, $50; bonds, $4,617.50 

stocks, $595, 

Borrowed money, ......'.. 

Profit and loss, ......... 

All other, ......... 



Total income, . . . . . 

Ledger assets, Dec. 31, 1907, .... 

Total, 

Disbursements. 
Death claims and additions, .... 
Matured and discounted endowments and addi- 
tions, ....... 



5,262 50 

368,805 22 

421 92 

4,957 29 



$3,231,806 05 
13,352,001 54 



$16,583,807 59 

$717,844 05 
115,977 33 $833,821 38 



Annuities involving life contingencies, . . . 

Premium notes voided by lapse, .... 
Surrender values paid in cash, .... 

applied to pay renewal premiums, . 

applied to purchase paid-up insurance, 



2,452 77 

74,027 03 

215,280 94 

8,626 05 
23,573 23 



UNION MUTUAL LIFE INSURANCE CO. 



237 



Dividends paid policy holders in cash, 

applied to pay renewal premiums, . 
applied to purchase paid-up additions, 

Total paid policy holders, .... 
Investigation and settlement of policy claims, 
Supplementary contracts not involving life contingencies, 
Commissions to agents: new policies, $40,785.44; renewals 

$129,577.95, 

Salaries and allowances for agencies, .... 

Agency supervision, traveling and other agency expenses, . 
Medical examiners' fees, ...... 

Salaries of officers and home office employees, . 

Rent, including $10,316.66 for occupancy of own buildings, 

Advertising, printing, postage, etc., 

Legal expenses, .... 

Furniture and fixtures, . 

Repairs and expenses on real estate, 

Taxes on real estate, 

State taxes on premiums, 

Insurance department licenses and fees, 

All other licenses, fees and taxes, . 

Loss on sale or maturity of ledger assets, 

Decrease by adjustment in book value of ledger assets, 

Borrowed money repaid, ..... 

Interest on borrowed money, ..... 

Profit and loss, ....... 

All other disbursements, . 

Total disbursements, ..... 

Balance, ....... 

Ledger Assets. 
Book value of real estate, 
Mortgage loans on real estate, 
Loans secured by collateral (schedule A), 
Loans to policy holders, 
Premium notes on policies in force, 
Book value of bonds and stocks (schedule B), 
Cash in office, ..... 

Deposits in trust companies and banks not on interest, 
Deposits in trust companies and banks on interest, . 
Agents' balances (net), ...... 

Temporary notes taken for premiums, 



$44,600 


14 


33,922 


09 


28,651 


82 


. $1,264,955 45 


605 


45 


5,506 


93 


170,363 


39 


22,993 


75 


21,520 


27 


5,365 


00 


87,534 


01 


25,281 


23 


15,761 


13 


4,676 88 


886 


87 


25,589 


38 


12,006 


89 


. • 39,453 


74 


4,215 


71 


2,837 


27 


58,291 


68 


21,957 29 


368,805 


22 


724 82 


375 


90 


4,548 


04 



. $2,164,256 30 
$14,419,551 29 



Total ledger assets, 



$1,036,295 08 

1,101,935 50 

1,433,321 25 

913,020 70 

44,294 00 

9,674,539 09 

841 67 

27,206 51 

102,523 96 

11,429 16 

74,144 37 

$14,419,551 29 



Non-Ledger Assets. 



Interest due and accrued on: 

Mortgages, 

Bonds, 

Collateral loans, 

Premium notes, 
Rents due and accrued, 



$17,181 00 

97,860 19 

6,484 27 

25,958 68 

2,181 79 



149,665 93 



238 



UNION MUTUAL LIFE INSURANCE CO. 



Uncollected premiums, . 
Deferred premiums, 

Total, . 
Deduct loading, 

Net uncollected and deferred 
premiums, 



New Business. 

$16,837 88 
10,466 03 

$27,303 91 
6,006 86 



Renewals. 

$211,438 83 
128,212 52 

$339,651 35 
74,723 29 



$21,297 05 $264,928 06 



All other assets, ...... 

Gross assets, ...... 

Assets not admitted. 
Agents' debit balances, . . . . 

Premium obligations and loans in excess of net 
value of their policies, .... 

Book value of stocks and bonds over market, . 
Loans on collateral in excess of market value, . 
Special deposits, $1,191,258.58; liabilities in off- 
set, $1,191,258.58. . 

Admitted assets, ..... 

Liabilities. 

Net value of all outstanding policies, as computed by the Massa- 
chusetts Insurance Department on the Actuaries' table of 



,225 11 
127 50 



• 


$14,855,569 83 


). 

$11,430 42 




1,327 
89,839 
13,478 


00 

72 
75 


116,075 89 



$14,739,493 94 



mortality, with interest at 4 per cent., and the American table 
with interest at 3 per cent., 
Deduct net value of risks reinsured, 

Net reserve, .... 

Present value of supplementary contracts not involving life 
contingencies, ......... 

Death losses in process of adjustment, . . $31,608 51 

Death losses reported, . 36,208 90 

Matured endowments due and unpaid, . . 2,083 25 

Death losses and other policy claims resisted, . 1,000 00 



$13,689,557 00 

3,184 00 

$13,686,373 00 

40,171 00 



Premiums paid in advance, .... 
Unearned interest and rent paid in advance, 
Commissions to agents due or accrued, 
Miscellaneous accounts due or accrued, . 
Medical examiners' and legal fees due or accrued, 
State, county and municipal taxes due or accrued, 
Dividends or other profits due policy holders, . 
Unassigned funds (surplus), . ... 

Total liabilities, ..... 

Premium Note Account 

Premium notes on hand Dec. 31, 1907, 
Received during 1908, old policies, 



70,900 66 

2,453 73 
2,920 45 
550 00 
10,000 00 
5.000 00 
35,000 00 
8,139 86 
877,985 24 

$14,739,493 94 



Used in payment of losses and claims, 

Used in payment of dividends to policy holders, 

Redeemed by maker in cash, . 

Premium notes on hand Dec. 31, 1908, 



$52,638 00 
784 00 



',273 00 
924 00 
931 00 



$53,422.00 



9,128 00 
$44,294 00 



UNION MUTUAL LIFE INSURANCE CO. 



239