LIBRARY c OF THP; University of California. Class h"^- tx\^^ S;£HERM. THE BROWN BOOK OF LIFE-INSURANCE ECONOMICS OR COMPLETE DIGEST OF Interest, Surplus Earnings and Expenses IN THE LEADING AMERICAN COMPANIES 1885- J894; J895-1904 FIFTH EDITION Compiled from the Official Records of the Connecticut and Massachusetts Departments BENJAMIN F. BROWN, Author and Publisher Annuity Building, 159 Devonshire Street ^OFTHr^ A BOSTON, MASS. UNIV&RSITY PRICE. $2.00 PER COPY < 1^ ^ Entered According to Act of Congress, in the Year 1905, by Benjamin F. Brown, in the Office of the Librarian OF Congress at Washington, D. C. PREFACE "Honest, truthful criticism of any public man or institution is the purifying breeze in the atmosphere surrounding political and business hfe. Of all institutions in the world life insurance should be subjected to the most searching criticism, not by its enemies, but by its friends. Any honestly conducted company will, if its managers are wise, welcome the pointing out of conditions and methods which have a tendency to weaken its strength or to impair pubhc confidence, and will profit by candid criticism. No man, even a life insurance official, has a monopoly of knowledge or of infallibihty and may be profited by seeing himself occasionally as others see him. Modern sensation mongers however are not critics; they are scavengers — for a consideration." The foregoing is a reproduction of a short editorial which appeared early in February last in the Underwriters^ Review of Des ]Moine.>, Iowa. It will be recognized as curiously prophetic of a situation, certainly not foreseen, hardly even suggested by anything within the range of public view at the time of its writing. It is quoted here because, had it been written for the purpose, it could not more fittingly have expressed sentiments which have actuated and inspired the author of this work from its inception. It hardh' needs saying that such criticism as has been given place in these pages has been directed, not against officials or companies, but solely against methods and conditions which the author knew to be prejudicial to the interests of the assured, even in some instances a menace to solvency. Even in this he has been, up to the present issue at least, far less outspoken than the occasion warranted in certain cases, preferring rather that his readers should draw their own conclusions from the data presented in the exhibits. That much that has been said and shown in previous editions events have already justified, none will be disposed to gainsay. The author has faith that the showings in individual cases in the present edition will prove to be the most unsatisfactory of any for years to come. That recent revelations of wrong doing will be productive of great good in the event none can doubt. The influence of the publicity now obtaining must extend many years into the future. The work of investigation now going on will not operate to tear down or in any way weaken the grand institution, but can only result in placing it upon a firmer and more secure foundation than ever. Benjamin" F. Brown. Ashmont, Boston, October, 1905. IV Ccmplete Digest of Interest, Surplus Earnings and Expenses GENERAL INDEX. PAGES 1 — A Lesson of the Recent Past ....... V 2 — Review of the Past Year ........ VIII 3 — Explanatory Notes and Comments ...... XI 4 — Index to Part i ......... i 5 — Index to Part 2...... ....9 6 — Index to Part 3 . . . . . . . . . -71 A LESSON OF THE RECENT PAST A critical analysis and comparison of the results of business operations in the last few years reveals certain under-surface conditions which can well stand a liberal measure of reform. The fact is made evident that the well-nigh un- precedented "boom" which had its beginning with the return of prosperity in 1897, and which as regards gross output of new business is still (or was until recently) apparently in full swing, has well overpassed its zenith so far as sound and healthy expansion — meaning thereby, business gains proportionate to volume of new issues and rates of expenditure — is concerned. The statement relates specifically to conditions existing in a majority of the twenty-five companies transacting ordinary business whose operations are recorded in this work, the same representing by far the larger proportion of the aggregate outstanding business. In view of the present situation the writer deems the time opportune for a brief review of the movement of the business during the period i897-'o4, beheving that in its history will be found a lesson of value in its bearing on the future. For full six years up to and including 1902 the rate of progression was main- tained substantially without a break. The volume of new issues and gain grew apace with each succeeding year. The ratio of the former to business in force rose rapidly, attaining the high mark of 176 as compared with 138 in '96; while that of gain, gathering added impetus from a steadily progressive decrease in dis- continued business taking place coincidently, mounted by leaps and bounds from $173 to $530 per thousand of new business. Up to this point, in fact, the movement was a repetition, under circumstances much the same, of that which signalized the decade i88o-'9o. That a scale of progress so remarkable was measurably due to the improved business and financial conditions of the time goes without the sapng. Doubt- less, also, the notable "liberaHzing" of pohcy contracts which began early in the period was an important factor so long as its novelty lasted. But here the tre- mendous pace of the years preceding began to show its eflect, and despite the still rising volume of new issues, fa\oring conditions no longer availed to prevent the reaction which was sooner or later inevitable. Already the lapse rate — using the term here as covering all premature terminations — had resumed its upward tendency. From a decade minimum of 406 milhons in 1901 the volume swelled rapidly to a total of 576 millions in 1904, an increase of nearly 42 per cent in the short stretch of three prosperous years. As a result in part, the situation as disclosed by the returns of last year was briefly this: From a total of new paid for business larger by 124 milHons than in 1902 the gain of insurance was 31 millions less, attended by a corresponding "slump" in ratio from 530 to 455, the latter being the lowest figure since '98. Thus, relativelv, was lost in two vears what had taken four in the gaining. (Table VI, p. 8.) ■ VI Complete Digest of Interest, Surplus Earnings and Expenses Nor docs this quite say all. The story would be incomijletc without refer- ence being made to the yearly increasing volume of business upon which pre- mium payments are in default, yet is retained upon the books as insurance actively in force at face value for indefinite after-periods by virtue of the ex- tended insurance provision. It will be remembered that, excepting in the case of two, possibly three, companies, all such business would have figured in annual statements, but a few years since as terminated by lapse or as paid up insurance for amounts much less than original face value. It is however fair to say that, as a rule, the returns indicate no especially noticeable losses in this category. But, as strictly germane to the intent and purpose of this writing, an extreme and wholly exceptional instance should be mentioned, in which, under the earlier conditions, the company's indicated gain (and by consequence the all- companv aggregate) would have been reduced by several scores of millions in any one of the last three years. From all of which it will be understood that present-day gains of insurance are not just what they have stood for in the past. ^ ^ ^ It remains to be shown by discriminative comparison how far the criticism implied in what has gone before has just application, and in about what pro- portion as regards the business affected. In the illustration which follows, Group A represents insurance aggregating $5,770 millions, Group B $1,780 millions; in all 7,550, of a total of $8,508 milHons: Range in volume of new business from $160 to $230 and $130 to $157 respectively: Expenses, Group A, five companies (93 per cent of business) between $10 and $11 per thousand in force, five small companies between $12 and $17: Group B, four companies under, two over, $8. Mean ratios and percentages as per illustration. 1904 New Business per $1000 of Old, or Ratio of Volume Insurance Gained per $1000 of New Business * Same by Equation on basis of $100 of Volume Mean Expense Rate per 81000 of Insurance in Force Group A, Ten Companies Group B, Six Companies Differences in favor of Group B . . Percentages against Group A . . . . $ 179 136 —43 31.6 $ 351 530 + 179 51.0 $ 196 391 -f-195 99.5 $ 10.50 7.80 —2.70 34.6 See Tables IV, V and VI, pp. 5-S, in this connection. ♦Ratio of gain multiplied by 100 and divided by ratio of volume, giving comparative economic value. Put into plain figures that he who runs may read, Group A's results as ad- justed to B's ratios w^ould show up as follows: New business $957,833,000 reduced to $727,813,000 (= Ratio 136). Insurance gained, $336,426,000 increased to $385,741,000 (= Ratio 530). Gross expenses $60,611,000 reduced to $45,030,000 (= Ratio $7.80). In a word, A would have paid initial cost upon 230 millions of new business less, gained 49 millions more and saved, in gross, $15,581,000 in expenses. Complete Digest of Interest, Surplus Earnings and Expenses VII These are conditions, needless to say, that do not appear on the surface. Nor could they be even remotely guessed from closest inspection of the official reports. And, perhaps needless to add, other than the writer none would take the trouble to unearth them. Yet if widely known to the public, who can doubt their eflfect in revolutionizing the distriVjution of the business as between the different companies. The writer has faith that the mere fact of the publicity now obtaining will of itself exercise a powerful influence in promoting reforms that recent events have 'shown to be imperatively necessary in the interests of the assured and to the safe and sane conduct of the business. So may it be. VIII Complete Digest of Interest, Surplus Earnings and Expenses A REVIEW OF THE PAST YEAR Upon a notable happening of the year the writer has commented in an earlier publication substantially as follows : Among the year's events claiming more than passing notice by reason of its teachings was the remarkable recovery which took place in security values from the hardly less remarkable "slump" of 1903. A range of fluctuation so extreme in securities of the highest class in two successive years is an experience doubt- less without precedent in life insurance history. While however in no way affecting the interests of the assured, the occurrence may be presumed to have served a useful purpose in giving needed emphasis to a fact frequently referred to by the writer in connection with the subject of dividend overpayments, namely: that what is technically known and accepted in life insurance as gross surplus is necessarily a somewhat shifty and uncertain quantity, and by no means inva- riably reliable as representing a fund available in entirety for distributive purposes. But here is the story in a nutshell: In 1903 $26,000,000 of so-called sur- plus which had been "accumulating" under the market conditions of several preceding years, vanished from the company balance-sheets, even as a morning mist before the sun, in sums ranging from tens of thousands to millions — only, however, to reappear in 1904 with an additional couple of millions or so (in- cluding a few millions "not claimed as assets" by a New York company) by way of good measure. Yet the fact stands that by neither happening were the companies' actual distributive resources hurt or helped by so much as a dollar. Thus it was, that with $15,600,000 of good net earnings going to surplus in 1903 there was yet a seeming net loss to policyholders of over $10,000,000; while, on the other hand, of an apparent gain of over $36,000,000 (exclusive of the millions above noted) in 1904, no less than $22,700,000 was increment unearned and non-divisible.* It was this and similar experiences in the past that impressed upon the writer the desirability of a showing which should mark a proper distinction as between so-called "gross" and legitimately "earned" surplus. To this end a new column headed "Total Unapportioned Earnings" has been added to the several "Profit balance sheet" exhibits of the present issue. The results are reached by taking as a starting point the surplus of 1879, to which, after eliminat- ing stockholder's capital, market values over cost and P& L items, are added the net or undivided earnings of each successive year, beginning with 1880. In the totals as carried from year to vear we have a summation in which, for a period of twenty-five years at least, no element aside from the actual earnings of the companies has part or place. The figures are interesting and will serve to em- phasize the impolicy, in some cases, actual hazard, of drawing against the un- stable marginal values which on occasions unduly swell surplus, to pay unearned dividends. Such instances have been a subject of "criticism by the writer in previous editions of this work. Three years ago, in drawing attention to the fact that certain companies (unnamed) were, consciously or unconsciously, seriously *Table II, footings, p. 3. Complete Digest of Interest, Surplus Earnings and Expenses IX impairing their strength by the practice, the overdrafts being in most cases more than covered by increase in market values, I said : Making all due allowance for the last named fact, this is obviously not a showing upon which congratulations are in order. In effect it amounts to the substitution of an intangible and unproductive asset for so much hard cash, meaning of course impaired strength and decreased earning power — a sort of burning the candle at both ends, as it were. It re- quires no critical eye to detect that more than one of these companies are subjecting their resources to serious strain. The logical ending if the performance is continued long enough needs no pointing out. Already the "logical ending" has been reached in the case of two of these companies, and in at least one more appears to be imminent in the absence of a drastic change in business methods. In still another instance a reduction in earning power has been sufifered to the extent of $130,000 yearly (on the basis of the company's last year's interest rate) equal to over 11 per cent of the average yearly distributive earnings of the last ten years. It will be well for the few companies that apparently have not as yet taken warning from recent experience to take note of their records in the present issue. NEW The gross new business (ordinary) paid for in twenty-eight com- BUSINESS panics reporting to Connecticut and Massachusetts aggregated $1,544,510,700. Of this sum-total $1,479,267,700 consisted or original policies, as against $1,391,007,000 the year preceding, showing a gain of business upon which new premiums were actually paid of $88,260,700 as compared ^^^th $88- o73>5oo in 1903- INSURANCE There was of ordinary business outstanding at the year's close, IN FORCE paid for and in effect, $9,339,356,000, the increase for the year being $729,875,400. The falling off here is actual as well as relative as compared with the two preceding years, when the gains from new business less in amount by scores of milHons, were $753,445,000 (1903) and $740,906,000 (1902). This unfavorable showing is but a natural result of the overforcing of the business in the last few years, its immediate cause being the heavy increase in waste since 1901, amounting last year alone to over 106 millions in excess of the year preceding. This matter is fully discussed in the opening review. ^ ^ ^ SURPLUS As computed this year for the first time from the data of EARNINGS AND the Connecticut report the distributive earnings of the twenty-eight companies foot up $46,716,196, showing the small gain of but $831,638 over iqo3's total as made up from the same source for purposes of comparison. The change from the New York report is made to secure uniformity from this time on in the matter of assets and liabilities as consisting in all cases alike with actually paid business in force. By that report the earnings of the last two years foot up $48,539,310 and $47,323,240 respectively, showing the still relatively small gain of $1,216,070. The discrepancy of $1,823,114 as between the New York and Connecticut totals for 1904 is due to e.xtra net premium credits (less reserve) on new business out- standing at the closing of the books, but not paid for. This difference is how- X Complete Digest of Interest, Surplus Earnings and Expenses ever accounted for to the extent of $1,450,000 in the case of a single New York company, the only other instance of relative importance being that of a minor companv of the same city, which suffers a net loss of a little over $100,000. The reader will however understand that so far as concerns earnings such losses are only ajjparent and for the time being, and will in the main right themselves in the returns of the present year. But quite apart from this, the fact of the marked relative decrease in earnings since 1902 must be noted as a logical manifestation of results due to conditions already suflficiently discussed. Dividends paid and credited aggregated $33,008,924, showing an increase of $2,724,982 over the payments of 1903, as compared with $3,637,939 in that year over 1902's total. In commenting last year upon this large increase, after stating reasons why such results might be looked for from that time forward, I added the saving clause, that "the rather pronounced reduction in accumu- lated profits of the twenty-year non-profitable tontines (now in practicall}- the first year of their maturity) will not be without its restrictive influence." GROSS SURPLUS The current surplus, general and special, at the year's close stood at $334,027,085, showing the remarkable gain (new capital excluded) of $36,423,668, the largest by many millions on record. The increase is made up from appreciation of securities to the amount of $22,560,672, a net profit balance of $155,724 and net distributive earnings, $13- 706,272, the latter increasing the sum of unapportioned earnings from insurance sources (as distinguished from the gross or current surplus) to $260,846,352.* The actual net appreciation during the year, including the amount before re- ferred to as not claimed, was $27,817,317 as compared with net depreciation in 1903, excluding an item of $2,146,457 (market values over book) voluntarily dropped from assets, $23,807,335. Needless to say these are record figures in both instances, but, as before stated, of no effect upon the interests of the assured excepting in so far as the year of depreciation may have enabled investments in bonds and stocks at prices yielding better returns in interest. This closes the record of a year in which results generally were less satis- factory than, with two possible exceptions, any other of the decade. Fortunately there is reason to anticipate a growing improvement, dating from the present year. And again I say. So may it be. ♦Table II, p. 3. Complete Digest of Interest, Surplus Earnings and Expenses XI EXPLANATORY NOTES AND COMMENTS TABLES I TO This series presents in its several tables and "studies" VI INCLUSIVE the economic results of individual company management for the year 1904. The first two in order are explained in detail in the reprinted text to the twenty-year tables, A-B, on a following page; excepting as to the new column headed "Total Unapportioned Earnings," the full story of which, with its reason for being, is given in the opening review. TABLE III presents a study of the cost of new business with a showing of pro rata results in insurance procured and gained per Sioo expended, wherein obtains the true measure of economy in outlay for new busi- ness. In commenting on this table upon its introduction three years ago, after discussing the pros and cons of the problem, I said: "While perfect accuracy in a showing of this kind is not attainable from the data of the official reports, and for that matter probably would not be even from the books of the com- panies, the results may be accepted as relatively fair and just to all concerned," a conclusion, it may be added, that is borne out by their practical consistence with the showings of the succeeding tables. If any suffer in the comparison, it is not those certainly whose agency, etc., expenses are of the largest, for obvious reasons. The others can afford it. As a sign of the times the marked decrease since 1902 in insurance gained per $100 expended will be noted. As compared with that year only four com- panies show an increase, and with last year, seven. TABLE IV deals with the expense factor in its every essential relation. The premium unit stands for the specific sum of which the expense ratio is a percentage. Multiplying the former by the latter, or dividing gross expenses by insurance in force, in eft'ect the same thing, gives cash cost per $1000 insurance. In the classification of expenses it will be seen that of a gross expenditure aggregating $83,253,000 in round numbers, $52,782,300, or 63.4 per cent was for commissions and agency expenses, $20,250,900, or 24.3 per cent, for costs of administration, and the remainder, $10,219,700, 12.3 per cent, for taxes, fees and real estate expenses. The individual company ratios are self-explana- tory, and will be found instructive. Before discussing the important showing of the linal section, a word of explanation as regards the ratio of volume in the first column and the signifi- cance of its relation to those which follow. Imprimis, a ratio purporting to show the percentage of gain from new business is of itself necessarily incom]:)lcte and misleading, its quantitative value depending wholly upon the relatively greater or lesser volume of new issues of which it is a remainder or net result. It is just here comes in the ratio in question to equalize gain values as between the several companies. The followincf will illustrate: XI r Complete Digest of Interest, Surplus Earnings and Expenses Given: Companies A and B, each having $100,000,000 in force at beginning of the year. A writes $20,000,000 of new bu^siness, B $10,000,000, or $200 and $100 ])er thousand of old, respectively. At the year's close A has gained $10,000,000, B $5,000,000, being in each case 50 per cent, or $500 per thousand, of new issues. Per Contra, A loses by terminations $10,000,000 of old business, B $5,000,000. Thus, other conditions being equal, A's greater waste makes necessary twice B's outlay for new business in order to equal the latter's ratio of gain, so demonstrating the in- equity of the ratio in its economic relation. From which it will be seen to follow, that A's more rapid growth is achieved at a cost disproportionate to its value as compared with B's, the interests of its policyholders being afTected in like degree. It is upon such lines that the final section has been constructed. First, the ratio of volume, ranging from a minimum of $61 to the extreme of $230 per thousand of old; next, that of remainder, or actual gain per thousand of new issues, ranging from loss* to a maximum gain of $638; and finally that of relative or economic value as determined by equation from an assumed basis of $100 as ratio of volume. f In the result each company receives credit for the pro rata value of its gain as compared with that of all others. In view of the heavy expenditure consequent upon the pressure for ex- ceptionally large volume of new business in recent years the relevance of this showing in its bearing on the question of administrative economy will be rec- ognized upon sight. It will be especially noted that, in a majority of cases, it is the relatively small volume that has been productive of the best results, this being attested not alone by the economic, but in many instances, the "actual" ratio. But let the table tell the story in all its bearings. * * * TABLES It has been shown more or less conclusively in the preceding table V, a-b that a large volume of new business is not necessarily a criterion of notable achievement; also, that there is a marked economic distinction as between company growth that is merely rapid, and that which is rational and healthful, even though of lesser degree. There still remains, however, an as yet unconsidered phase of the question involving another interesting problem in administrative economics — or perhaps better to say, the same problem in another phase — which may be thus stated: What is the proper relation of growth to expenditure, and how in such relation would company compare with company? Such is the problem the writer has sought to solve in Table \'. The method is simple and easily comprehended. It consists in the reduction of each com- pany's new business to an amount equal to ten per cent, or $100 per thousand, of that in force at the year's beginning, with corresponding deduction from the actual gain and insurance in force at the year's close, and adjustment of ex- penses in proper proportion. This differs from the plan of the preceding table in placing the companies on an equal footing ab initio, none gaining or losing in the equation by reason of a greater or lesser volume of new business. Thus, as from a horizontal base, is made possible a comparison of company growth and proportional administrative cost with as close an approximation to scientific accuracy as the official data will permit. In a sense, also, the equation may be said to * See next to last section. Table VI, in this connection. t The equation is effected by multiplying ratio of gain by 100, and dividing by ratio of volume. Complete Digest of Interest, Surplus Earnings and Expenses XIII answer another pertinent question of special present interest, viz.: At what rate of expenditure does new business become unprofitable? Perhaps the most striking feature of the exhibit is that presented in the first half of the final section. Quite apart from any question of expense as shown in the latter half, surely there could be no clearer or more convincing illustration of the folly and waste of "rush" methods than is evidenced in the relative gain (or loss) in different companies as thus equitably measured and determined. Comment could add no emphasis to the plain lesson of the ex- hibit, or that of its supplement which follows. The reader will draw his own conclusions. PRACTICAL VS. But on the other hand a low rate of expense does not UNPRACTICAL always stand for economical management. Last year, it will be remembered, I drew a comparison in this con- nection between two well known companies, designated for the occasion as Alpha and Omega, "both standing high in pubUc estimation as regards the particular virtue in question (economy), but operating vjnder widely dissimilar theories as to its practical apphcation." It is worth while to continue the illustration as pointing a moral of a different kind. In the ten years 1 895-1 904 Alpha increased its insurance in force and assets by 37.8 and 40.8 millions, respectively, for each and every million of increase by Omega; accomplishing this at an average expense of 15.08 per cent of income as against 16.31 per cent on the part of Omega. As compared with results shown last year for the decade ending with 1903 this is a material all-round widening of the difference in ratios. It is fair to say that these cases illustrate the extreme in results following low rates of expenditure. TABLE VI In all that relates to quality of business as bearing upon the question of economy this table is the logical complement of its several predecessors. Deducting the total gain from the new business of the year we find that the terminations from all causes (exclusive of lapsed business transferred to term) totalled $708,076,700, of which the great bulk, $576,649,- 500, stands for terminations other than by the natural causes of death and maturity; the latter, $131,427,200 in amount, being equal to but 18.6 per cent of the total. The last two sections amplify the showing of the last section of Table IV by inclusion of a column showing gains from new business, not given in that table for lack of space, and a final column of percentages. These latter are reached by multiplying the ratios of the preceding column by 100 and dividing by the all-company mean ratio (277) at foot of column. The result is a percent- age accurately defining the degree of gain in each company as compared with all others, besides indicating incidentally the comparative permanence or sta\dng quality of its business by whatever conditions affected. XIV Complete Digest of Interest, Surplus Earnings and Expenses TABLES A-B Interest Exhibit — Profit Balance Sheet {Reprinted jrom 1903 Edition.) These tables present a comprehensive exhibit of the earnings and profits from all sources of twenty-eight regular life companies, covering in all but three instances a period of twenty years, ending December 31, 1903. The excep- tions referred to are the Union Central, Prudential, and Phoenix Mutual, all of which entered Massachusetts near the beginning of the last decade, to which period consequently their exhibits are limited. Within the limits of the combined exhibits are merged and classified the net results of all economic conditions incident to the conduct and general management of affairs in the individual compan}-. The sectional and sub- headings of the tables are clearly descriptive, and need only be supplemented by such general remark as may be necessary for drawing attention to certain features of which the significance might otherwise pass unrecognized or be misconstrued. As a complete individual company record of the interest factor in life in- surance, with its fluctuating rates and declining profit-margins during the last twenty years, Table A presents an interesting study in a form convenient for ready reference. Not the least noteworthy of its features as bearing upon the marginal percentages is the ratio in the first section, showing the proportion of productive surplus to each $100 of reserve. Owing in the main to diflferent methods of distribution, this proportion takes on a wide range in different companies. As representing a clear profit-earning quantity, the larger its degree the larger naturally the percentages of accruing profit, and vice versa. The subdivisional percentages in the last column mark the distinction between the reserve and productive surplus as comparative contributors to surplus in- terest, the latter showing the degree in which the several companies benefit by their greater or lesser proportion of interest-bearing surplus. A considerable balance of advantage in this respect rests naturally with the deferred as com- pared with the annual dividend companies, increasing in corresponding pro- portion the sum total of underwriting profits available for dividends. The marginal interest percentages (last in third and first in fourth section) serve a useful purpose as a measure of the sufficiency of earnings for the com- bined requirements of the old 4 per cent and present 3^ and 3 per cent reserves. As indicated above, their degree or quantity depends largely upon the propor- tion of productive surplus as made to appear in third column. In the great majority of cases these percentages will be seen to be far above the danger point from any decline of interest likely to take place for many years to come; but occasional instances will be found where a more or less liberal increase of pro- ductive surplus is advisable for reasons sufficiently apparent. As a final summing up of economic results in the several companies, under diverse conditions and methods of management, Table B is, without question, the most important and interesting exhibit of the series. The table is self- explanatory, but a word as to the manner of its construction may serve to ob- viate possible misapprehension as to certain of its details. The central feature is. of course, the column headed "distributive or dividend earnings " — mean- Complete Digest of Interest, Surplus Earnings and Expenses XV ing such profits only as are legitimately available for distribution — in third column. This item is made up and determined not as would appear as the sum of the two which precede, but from the year's gain of surplus. To this is added the net gain or net loss* by investments, etc., as per preceding column, and to the item so obtained, whether plus or minus, the sum of dividends paid, the result being the year's surplus earnings proper, as above described. This explanation is due for the reason that the first two items of the table are in all cases necessarily a matter of estimate, the former being probably as close an approximation to scientific accuracy as is practically attainable, while the latter is simply the difference between the former and the ascertained profits — as such representing logically the gains and savings from the remaining factors. All that need be claimed for either is an approximation to accuracy sufficient to warrant acceptance in their present application or any likely to be required of them, as well as being fair and equitable to all concerned. TABLES C-D show the individual company results in the preceding tables in summation by years from 1885 to 1904. TABLE E contains a recapitulation of the ten-year column footings in Table B, presenting a showing of comparative results in the two decades of much interest. Each of these exhibits has its use for purposes of reference or comparison. ^ ^ 4"- TABLE F comprises a classified record of the average yearly holdings of different kinds of securities in twenty-eight companies with inter- est earned thereon in each year of the decade ending with 1904. On page 83 a resume of the table shows the yearly increase and trend of the diff"erent kinds of investments, with the steady downward tendency of earn- ings in the two leading classes until within the last year or two. Particularly noticeable is the increasing preference indicated by the figures for bond and stock investments as compared with mortgages, notwithstanding the much more favorable rate of earnings of the latter. It will be observed that no material change has taken place in the mean rate of interest in three \ears past, during which an average of 4.60 per cent has been maintained. The class changes of last year include a decline of two points, to 4.34, in bonds and stocks, a rise of six, to 4.84. in mortgages, of one point in real estate, and a drop of four in miscellaneous, the net result being a drop of a single point in the mean rate. TABLE In this issue is presented for the first time an exhibit of ratios of G, a-b e.xpected and actual mortality for the decade, with individual company averages for the period, also mean and average ratios for each year. In a single instance the figures of the last three years were unobtainable. * The technical " addition " of a minus to a plu.< quantity is in arithmetical result a deduction. XVI Complete Digest of Interest, Surplus Earnings and Expenses As regards the showing of mortality cost in the second (b) table I repeat the remarks of previous years. "It should be unnecessary to say of a showing on these lines that it is not intended for purposes of comparison. All Life insurance men are or should be aware that the wide range of the loss ratios in different companies, while of course in some degree due to selection, indi- cates primarily nothing more than dififerenccs in the average age of outstanding business. The only true gauge of mortality obtains in the relation of the actual to the expected, and comparison upon any other lines would be necessarily misleading and unfair. Not in this connection, certainly, but as an exhibit simply of the trend of natural cost in the companies individually and collectively throughout an extended period the showing is without question one of interest and value." TABLES H-J, This comprehensive series presents a detailed record AND SUMMATION of individual company expenses, etc., covering a period of ten years, with a recapitulation of aggregates and mean ratios or percentages for the period and final summation of aggregates, etc., for each year. Being constructed on the plan of Table IV, all that is essen- tial to their thorough understanding will be found in the explanatory notes to that table. The detailed company records, showing the trend of expenditure and business results from year to year, tell their own stories, some of which will be found unique in conversely difTerent ways. In this connection let me sug- gest a comparison of individual company mean ratios and percentages in Table J with the corresponding ones of the last year or two in Table H. It will be found that some companies have bettered their decade averages in one or more par- ticulars, while others have been less fortunate. Note. In the first column heading of Table J, Summation, p. 97, for "Average In- surance," etc., read Total Insurance in Force Dec. 31. TABLE K This table, showing the business waste and gain for the decade 1 895-1 904, is also fully explained in the text to Table VI. The individual company records speak for themselves, and the reader, as in other cases where explanation or comment is unnecessary, can draw his own con- clusions. Complete Digest of Interest, Surplus Earnings and Expenses. PART I. RESULTS IN 1904. PAGES Table I. : — Interest Exhibit, — Mean Reserves, Gross Earnings, Reserve Requirement, Surplus Interest, etc. ...... 2 Table II. : — Profit Balance Sheet — Surplus Earnings, Dividends, Undivided Earnings, Changes in Security Values, etc. . Table III. : — Cost of New Business, etc., etc. .... Table IV. : — Gross Expenses, Proportional Value Received, etc. . Table V. 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As Reduce by 10 pel cent Equa tion. p '^ cc cc in «9 § cc" cc" in cr:" Cl" oc in og >" 2 Sz 00 00 cc c-l 1 1 = Q o^.s,: m r* CI r-_ in 00 _ "^ «) '-' ^ g oc 2 5: 1^ n ^ o_ Z} J5- c5 0" cc j£ c ^ ■j e ;_ Ditto Hypothcti cal, equal to 10 per cc: of Old Business. c c^ >o c "1 e© g" cc" 00 lO 1^ 0" 5 fc _- s< 00" CO cc m' ci in Cl Zi o cc r^ cc in b- X3 ?l in ,3 J3 ^ Id f- u. • :0 C-l to t^ s Gross w Busii Paid fo In 1!)04 cT t-^ c-f ■^ ^ CO 0' 3 aa '•'5 cc cc J OT cc r— oi o 0' o CI cc CC -.c cc oc 0) cc CO Z — Q 5_ c u "* c c c «g ^ ^- "— ^- 3fc<-> U5 »*"' -^ r-" C"* in 0" e© f2 c GO ^ s cc" ^ ^ c^ h*' Cl Cl" J.E c SP cc c 10 in Cl r- CO to >^ iC 10 CI — ' ^^ c; t^ 00 5 Mi 00 c; , c . £5 t: ./•:££ . c ^, 2 :: Grand Tot 25 Compan lean Exp. Rate per $1000 Ins. ir (Table IV Group A Compan i;s over 1000 Insu Group B Compan ?s under 1000 Insu c E .c OUP E mpanii under Insura - C S3 u: ■* b: c 5.0 5 -Vo oc C _ 1 ^•3 r»'J £c c'J^s cu tS 1 1^ d^ «g2 1** -i '•^ ^ i^ Ui a tJ o 2 Complete Digest of Interest, Surplus Earnings and Expenses. •3DU3UBIUJ3J SSaUlStlfl 55 3AijLMudiU()3 JO xapui § ojOiOJi^so cor^r^cooo lO-rcoO'^ COC0CO35-r OlOCOCO— CO — i>-r^-^ § g 2 SB -UBoiv 001 -Japua ^^ "^ ^H ^H .- " ^^ ^ « ^ • — • — —• •< JO J3AO JUSD JSd i 1 •sniL'A DIU10UOD3 3A!H;jt!d as i^oot~ooio r-o — 3:1^ -rococo O-l-OOOO «3100 01 r^— l — t^^ij. CO OJ u -1U03 8U1AI8 '3iunio,\ CO eo iM M CJ CJ -< TT OJ COOJCQOJtf OJOJCOCOCO COCOCl^ OJ OJ CO i }o obi ■'^'' uopcnbg 1 1 z •sssuisnq A^^N P'000'l$ in 00 o> - < oq 00 -r m r^-f— toco 353i-f<»CCO CTlOCS-^lfl ■0 w t» QC 01 n -^ a> 05^ — -^ 01— ' — COOJ CO*OOIiO-f CO-f-f'-^O to CO J3d uicQ n-'npv 'l" C<5 CO -^ ■* C-l U5 ^ 1 1 10 10 00000 0000 00000 00000 00000 00000 0000 00000 0000c 5 00000000. a 2 05 CO C^ 1 1- t^ :o 0-. — co_ co_ -r - - OJ — -r -r c — 01 -w CO OJ ■ CJ ■ — i 1 •a —" CO cjo" c CO — oj-i-OJO ooiooico-y; — — coooO!-rl-rl OOOO'^O 00')* -H CO* 0" 10 10" eo" CO co_ ouji^coi^ ococo-ro co-oojcst^ 10 00 of CO >o' CO ui t^ co' 0" of i-^T co" --f — 1 CO 1 CO O < 00 OJ 00 Tfl CO 1 CJ OJ OJ *"* ^^ 1 1 10 , CO •3iun|o\ 3AijEjEdui03 v: r^ '- • r^ 00 1- h- 00 -^r-ojoo— oic — cot^ r^ — 01-- — ** -ico (/) SuiAia'ssaiiisny p[o «© CO - •00 -»• 00 QO CO -I^OOOOCO ^^iC^^COCO lOl^wCOO 2 t^ tx 13 3 }o 0001$ ^^ o!J^>I T 00000 0000 OcjjOOO 00000 00000 ^00 * ». L. 00000 0000 00000 00000 00000 PQ O! 35 - t~ -f 10 CO co_ oj_if5oj_ioco t^ojt^oco ooooa-rio CO CO zSiS l-T 0' 0" >0 h-T 10 oi — ■ CO co' of 10 of of of co" 0" of h-" — " of cf 0" of cf 0" -r 5 •a o S5 r- I- . t^ oc -f cr. OJ CO -f OJ -f -I" OJ OJ 1^ c CO >o CO in u 2-2 '^ a '^ w t^ o_ o_ - 'f t~ o rr 10 l^_ 10 >o z^ -r -r ir> CJ r^ oj r- — — 2 oc to -^ 0" cK" ..r 'M" CO CO ^ h-T of lO ;^ : OJ — r^ OJ CO OJ CJ 10 0" , 10" ' 0" CM « OJ ■^ OJ — -r 00 »-' r-^ OJ — > 01 CO — 1 -1- ; t^ O"^"^'" OJ CO CO 1 OJ_ ' — — ; — 1 — ■"B^j/^ 001 o-i-t^co-^ ocoor^ •* -HTf — Of oo-*ot^oj ojt^oooj|0)0 }0 sisBq uo S33b 65 ^' c CO 00 00 CO CO t^ Ob-Ol^t^ OJCO^-HCOt^ 00-1 t^ 01 CO .- 00 (M t^ 05 O^HOOO .-tOJOfOO OCJOI^-»0 o'o -lusjj'aj [BnoijBnbg "^ — '" ^ — CO '^ ^ "" 1 '" 1 " •JB3^ JO SurauiSsg or^w-^o oo'*'-*' -Hiftoo.-* ^-^o-^ojko loocoior^ooo !i ocicooo .< s s 5 33nBjnsni oj jum j3o CO— iio-*a3 ojoi^iooj t^cocj«ooieoi-*'iol -go. oirs-^oo ■^oO'-'O OJ OJ CO OJ 0. OJ OJ — GOCO-fCOlOllO 10 oc «s en 00" 0" of -0 1--' Qc — ' t^ »» -0 t^ IM C>» t^ OJ lO -*" t~r 0" QO" CD co' of 10 co' 0" 00 00' — ' Tf' co' ' Oj' h-' of S oEcS t-- OJ — ■ 10 OD — -r03J CO-rcOlOOJ'-l- 01 =0 Ti._ — %n n^ 00 co_^ o_ oo_ t^ oco—^'i'^t-^ ooodt^ of ooiooojio f — cjiooj fo — t^io CO --3; 10 t>f ira of -»" 10 o" 1-" 0" of 10" r-" 1 0* 0' 1 -r" 1 Q « — 1 CO CO 01 OJ — t- . OJ -r < IB ■" 1 10 , -5> ; ■«• 00 en 1^ OJ -)" 01 _ C5 C<1 to r^ojcoioco cDcocJO loco'-f H O] CO CO 1 i^ c- -^ — CO OJ ic f CO 01 -r 01 r- o co , t^ --3 OJ < CO •0 '- CO OJ OJ 00 OJ — — ojio ocrj-roj ojcoio-r ,coio oc H «© CO 0' co" 1 00" 32 -r of 0" 0" r-^ CD -0" -!<' cd" -r" -r" 0" of co 0" i--" -i<" ' i- : 0" of Q o- CO 1^ — OJ •^ cor^coojoj ooc?jcocooj ojcdooo 10 C3 -— M ■s ■«> OJ I^ 1-iojoocD oii^t^ — o — — |OJ|Oj r- >< u ^ of — ' 00 cs of r^ *^ ' .^ n j CO CO ' -J- z < t _ ^ CO cc ~^ or c — - — OOh-OO CO — COO-hU^^IoO X Cl CO OJ ^ CO ib — CO OCOCJ — CZ) CDOJGOOJ — — OOJOOOO H '*■ OJ ^ CO O) » 10 CO o-*ooooj oor^ioojco 00000^^ ooOjOji •a m" t rv ^ CO 10 10 CO cf cflO — oftO 0U30 — cf -^"lOofof— oNj<"i-^ 0£ ^couo^t^co t^cooicc — ^H..^oco oojcy:cco cj'^-r-^o loojicol u 'Tincii^co ^r-t^io ai i^CJCJCso csffoo-^ ooj-fcof-t r^ 10 X _) t^ — ^ .* .* .>«< •jj" ■- r^ — 00 CO o m z CJ OJ OJ iCC^Ci-^Oi oo»cooco „ — iiot^eooo Ofi^icoj o-wr-iooqotr- "^ o ki OJ .- m oq CO CO OJ t^ -»< ojojoooco — -v f CO t~ 0100010 — 10 00 ' c; CO 00 OS r^ :r •^ r* o> OJ ■* -'. OJ — lOlOO-J-iO Tf — ooooco 00 lO 5 •a aa ^ -^ t-^ "3? CO CO — 0" tr> cfcococfcf ofofiocDio cfcfcooof oojo ' — ■* ic -» C5 CO CO Ci O) CO 00 10 CJ CJ or QOCOOJOJOJ OOJt^OM- 00 t^ S !-• c4" .- *-<' ^ .M — 01 00 of — " of 00" •*" — " of — OJ — — of CO co" Si W CO OJ CO — i CJ -. ^ 1 000050 000«0.s ^ ^_ 0i c CO -r 01 01 c 3J CO 00 CO — " cf o>" cd" i--r 0" cf 0" cf co" 0" 0" co" co' — cap. ** Ci »£3 CO »- t^ — * c^ OJ OJ t^t^ot^r^ -TO co-r — coco t^oj,ooi CJ »-« — fo -rcoio.— CJ — 10 lO 00 10 1 i [ w r- ^ of of — .— -r OC — CO CO ^H ^^ c 00c c c 00000 oocDOc: 00000 c T3 -^ c c C c 00000 ooocc: 00000 2 ct OJ u- — CO ->• — 01 10 C ! — t- of 3- ir^ cc I-' " of co' CO •r io" of — CO CJ OJ — — " 0" o' co' 0' ' lo' en" f' sa ir «9 CO - lO iOf^oo-^10 CO-fOJ-T-OC OlOCOlOCCCO t^ OC o- c- cc — f 00 OJ 00O<— OJGO CO — -rOJO f^f^^^*^^ 0_ CO 1 S^'^'" CO c lO 00 CT ' of I—' >o cfco-rioof odiocci^of of— r^coo CO OJ CO £l-N oi -^ 35 ;= cs ojoj-f-ro CJt^iooJCJ cooio-*o — 00 CO 01 c ■^ CO — — r^ 01 — ^^ ^H OJ ! OJ . ►M >^ •" "" " rC.rCjo- "rt .* CO : of u 0,0 OJ CJ . CJ 3 IS yf U5 i tfT ^1 ^5 c u 1 £ C C c L S c c c •x 'c I r 1 1 c r c c 1 3 i ■c5 3 3 c c 7- J c "5 c t i 2 i 2 c u c c a ■3 'c ^1 ■> «. 1: c p c * 'c c c a c rt 1 ,0 C a r- -3 c C c "^ 1 Complete Digest of Interest, Surplus Earnings and Expenses. 9 PART 2. PAGES Tables A-B: — Interest Exhibit — Profit Balance Sheet, 28 Companies, 1884-1903 .......... 10-65 Tables C-D: — Summation Individual Company Aggregates by Years, Tables A-B 66-67 Table E : — Recapitulation of Individual Company Ten- Year Aggre- gates, Table B ; A Study of Comparative Results in Two Decades 68-70 10 Complete Digest of Interest, Surplus Earnings and Expenses. (•|0D PJ8 335) •snicJjng pajsoAuj Xq puy •3AJ3S3^ Xq p3(UB9 SI ^o\^lA JO ^= ^^ UZ t^ c.fc o ^' ^ ^ ^ ^ (>, c^ (N (N (M Cfl C^ (N (N CO (N CO lO -^ CO Oi ^ 00 T-^ rt uo (N -H^ 03_ 00_ CO_ ' co" lo" CO co" o" ^ CO ^ C^ 05 ■^ '^ CO CO "^ CO --O OO CO iM ^ 05 O 00 05 r^ ^ 00 ■»_ o C'fiC CO o «o ic r^ ^M -^ti oi ■^ »c t^ oo o O — — ' O I^ '^ c-1 r^ CO a: CO 'il 0_ C-^ 0_ --r oT t^ ic co" 05 00 C-) CO CO CO CO CO CO lO LO CC O X 00 I - oo '.o -^ i-o OC iC C^I o t>- Lc ic c' t~- >-<" OC O -t" -f" o iC CO CO O CO •juatuajinbay jo ssaDxg ui 1093 aaj ^■- (•juauisiinba^ oj I^nbg) ' -sjassY jaSpaq OJ iua3 aaj •-H -H (M -H ^^^^^ ^ _ CO ^ J^ ^^ CO CO cc CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO eo CO o 00 01 -H CO lo ^ 00 -^ ^l — _ ^^ --^^ r^ t ^ 10 Oi ^ ^ ov -f 00 J^ 00 CO CO o Oi r^ 00 00 00 o 1^ 1^ O 03 Oi 10 O^ (XI co__ co__ t^ o CO — " r~-^ i--^ t^ t^ O CO t^ CO "O iO '^ CO CO CO r^ 1^ lO CO CO 'f CO lO CO_ C» CO o^ ^^ cT 00 co" of lo" CO CD CO t^ CO CO P'l C^l -H -H C^l 05 CO 00 't C5i CO CO CO 10 !--__ C5_ 00_^ CO__ co^ o" o" co' oT co" CS O CO OC CO O O C O 05 C^lC^lCO-Hrt ^_H^rt. OS a q ^' tT "^ 10 iC o lOiCiCtOiO lOiOiOiOiO 1— ' C.S c b LO lO eo CO o r^ CO CO o o -i<_^ co__ co__ O^ 'I , t^ o" co" 00" iC CO cc CO o r~ 00 CO -^ CO CO co'co^co'co'co" r^ ^ CO 00 0> C5 o CO r^ -* t^__ o^ r-i co_^ r-__ CO co' uo" r-T -(T CO irt --< 00 1^ ^_^__co__co o co^co'co'co'co" CO -^ 00 h- C'l CO -f< -H CO o CO CO ■* 05 cyD C'f oo^o -^"oc O O OC 00 o t^ r^ CO CO CO o CO r^ r^ ^ CO__ vo 0_ cO_^ 0_ e-f CO ■*' co' -f 00 CO CO CO CO CO CO CO iC IC ^ tr: fe ■CO 2 ^ C^) CO CO CO tf: -V ~r m -^ ? «'.y rt " r o ^ 1^ 02 1^ CO CO 00000 LO O: lO -■*' CO 05_ ^__ -f^ o-i_ c::^ -^' o' co' co' co' lO C-1 CO -^ -f t^ -* uO 0> f CO ro CO '.-^ OC — C-l CO 1^ t^ O 1^ "-O -* CO 00000 rt I, f — ■ CO 0C_ -f^ !=_ I^__ C0__ a> co" ic o csT — 1 CO 01 't* lO Tf lO lO t-- O M 2 "C „"^ 2 ^ C__ CO_ ■'ti 't CO -f ^' co" ^" ^" OC CO — • CO O o X CO o --I ^ 00 ^ I^ -H CO 00 00 »o CO CO 00 CO CO lO r>r Tt<" r>r CO 00 O 00 CO CO CO -^ CO >0 CO O CO lO CO >-0 CO '.O CO CO o C5_C0__O5_C0__Tf_ co' r-T c^f irf cT CO 00 C^J >0 CO o_ co_ -- o co_ oo'co'ic'co co" CO CO CO CO CO CO o r^ o — CO CO C5 t^ 00 R, '^^ "R. '^^ R, co' 05" »o oT co' CO CO CO O CO 1.0 »0 CO X 02 IS '^'Q Suipua JC3^\ c o o o c O 02 02 O^ 05 C5 00 (^ CO 10 05 02 02 05 o 00 00 00 X X' -r CO c>i — o C5 O O C5 X X X X X c. X r- CO i.o X X X X X X X X X X Complete Digest of Interest, Surplus Earnings and Expenses. 11 H CO a o gag S '-' O h S'^ S " S h5 I— I ca gj< jj.S V o ^ *^ ra ,j u j;^ W « 3 a CO ^ 00 05_ CO ^ 00* oo" to" -h" e^ lO 0» O ■* 'f -H lO o t^ to I--'* ■*!--. iM_^ oToo oTco^co (M t^ -t< CO 00 CO rj<_ (M__ O t^_ tCt^i-CtCco" CO CO (N CO lO CO -H ^ ,H lO ' oT r-" TtT lo (m" iC t^ c^ •* CD >-i ■* C^ ■* 05 CO O lO Ttl lO (M ^ -+I '^^ o_ O iC Ol oo" oT »c o to" ■* (M 'H >o I i-H (N (N (M I 00 CO eo CO a> •^ t^ (N -^ CO 00 CO 00 !>) (N ' -^" oT ■^'" t^ ic" io o> 00 1^ 't' ■<*< (N (M ■* (N CO CO CO 00 ^ ^ 00 ^ o> 1^ t-^CO O »C CO o" oT ■^' o" — " IM Ol 05 00 C^ CO CO (M I CO iC !N CO CO (M O ■* lO 00 o co__ ^__ o^ co_ ^ co" oo" I--'" r^" cc t^ CO -^ o CO |> lO 'T CO UO co''co'"co co"co" o r^ -H rt CO I^ iC 00 o o> Oi ■* t^ t^ lO o'o'o'oroo 00 iC C^ Ol CO ^»'^„'^_"*-^. CO ^ ^ ^ ^ X CO 05 CO ■^ -H CO 00 CO 00 •* -^ O CO iC O (M 'f CO Tfi (M rt rt (M (M t^ -^ O 00 CO 00 ^ cT o" cc ^ t~^ CO 1^ t^ CO C CO t^ 03 00 Tfl CO IC I^ 05 (N t^ CO r^ CO iC lO^ lO^ o_ c^_ co" 00 lO ic" oT t^ 1— ( to lO 00 O O 03 Oi 00 O (M O t^ O t^ rf -H r^ -^ (M_ ^^ "O 0_ CO__ ' o"r--"(M"ori~-'' CO as 00 o iM 05 r^ 00 t^ CO t>- (M iC >o CO CO LO — 1 00 lO O^ (M__ CO_ '-'^ O I--' 00 CO co" — <" C -^ t^ OO CO CO 00 00 iM 00 r^ 1^ CO -*i -^ IC i-O 05 CO 00 ^ r^' ^ oo ic t--" 00 CD CO 00 CO ■>* CO »C CO rt •* CD t^ t^ ^ (N lO ^ 05 CD co__ o^ r~~ ■*_ co^ Co' CO (m" cd" -^ lO r^ CD CO CO rt iM rt ■<<< 1-1 CO lO •"* CO C5 ■-< OO ^ -- lO (M_ ^. 03_ oq_ co_ ' co" iC CO CO o" •^ CO -^ (M 05 f -* CO CO 'tl CO O 00 00 IM — 4 05 CD 00 05 i-~^-H_oq_cD^05^ CO ic'co'oi'co'' lO r^ -H ^ 05 ■"ti iC t^ 00 CO o o o o o o o o o o r^ 05 r^ CD -H 'i<'"iM'~co CO_ CO^ --<_ "^^^ lO_ I--" oo" '^ a£ ^ CO (N -J Oi 00 (N (N (N .-H --H o o o o OO 05 f CO o o o o o o 05_05 C0_ CO CO C^l CD CD O 05 O O -f -^ O CD ^ O 00 iq^ t^__ •* O co__ 00 0 CD CO CO CO CO iC 00 O t^ iC CO r^ o >o -< t--^ CO__ 05_ <-<^ CO oT of im' oo' h-" -ti O CO 1^ o> 05_ 00__ CO_ "* Cv|_ lO to lO »0 lO Ol O CO O 05 ■^ »o o oi •* 00 O (N iM i-H >-( I^ IM 05 M 05 lO I— ■*! ^ Tfl o t^ t^ 00 -t t-^ C^ if o" 1^ ■^ CO 00 00 iM i-H -H .-H ^ CO Ol (M lO CO O 00 r^ -^ 00 --I O 05 00 CO 00 CO CO -< -^ UO 1^ lO IM O I^ O "O 05 CO lO 03 Ol r~- CD CO O '^ C^ CD CD (M_iO_(M_CO_^CD__ co"crc£rco'o" ■^ ^ (M (^ CO ■. 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S y CO (N (M lO CO 0> lO ^ CO (M C1_CO ^__(N_00 'io~-*"oo'"oro" CO (N O C33 CO CO t^ ^ -^ t^ CO as 1^ ^ t^ t^ Oi Oi CO 05 CO ■-I J^ CO ■«*< (N h- 00__ co'"oo'i CO ■<*< I 1^ O lO CO CO CO f rt< CO •* lO O -^ (N C5 (M IM »-l (M t-~_-H iq^co_co i~-"oo'"or^"o" oi r^ 00 -^ CO co^o_cq^io_cq_ ■^ O t^ 05 Oi Tj< Tjt r- o 00 O5_(M_00 -^^^O^ 'O CO~Q0 OO'CO' ^ ^ O CO o 03 CO CO 1^ CO 00 r O CO (M ■* t- O O CO -* 05 »0 lO 'f CO CO CO 00 (N (N rt iM iC l~- lO "-I CO lO O Ol -^ oo_-*_o_i>_oo lO 05 CO 03 "^ r-< CO CO 00 lO 05 lO CO 00 co_co_c<)_a5_»c_ Oi cc ac a -rf -H 00 Tfi 00 CO CD CO i-H 00 CO ■*CO(N0 (N t^ CD 00 rt —I CO lO CD CO O O CI 05 ^ >c 00 o -^ t--^ic^co_i--^co_ of of ^" CO 00 00 r^ CO lo -^ •^ CO CO 00 r- OlOQ^rti-i ^c a in CO — < t^ C5 Ol Ol O O "* 1^ o_»o_»q_r-_co_ 00 lO Ol oi o» 00 ^^co »o_o_ CD t^Too co'oo" r^ lo CO 05 CO Ol 00 lO CO lO 00 o>_a>_ 00 o_ o i~-rco"of t~-^ o oi o t^ 00 CO__t^cO iO_OJ_ CO 00 CO r^ -^ r^ O o "^ "^ 01^C0__CD '^^^Ol^ -H Ol ■^ lO Ol CO 00 CO ■rj' Ol iC IC CO ■^ LO 00 lO GO 05 o CO •-< iC CO o> of —"of -*~ of o CO CO CO 00 1-1 1^ 1*1 r- CO CDIO*^"^*^ ^^^coco r^ CO — — CO — O O --H lO CO uo r-<_00 co__ ' tCoo CO r-To" i^ r^ »c o> 00 05 >o CO 05 in -H 00 oi in rH -t* r^ 05 CD 00 CD O5_00__00_OI_ oc'co cTco'oo 00 0» t^ CO CO CO in CO --H 05 Ol CO ■* 01 "* O) ■>* CO CO CO O O CO 00 Tti t-» CO CO O 05 iCoTin'of — T CO o o> a> oi --__.-<_ CO^CO_cD_ Tt<"Tjrof of of Ol CO 1^ o o r^ o lO in oi m — < CO o •* CO of — "r-'co" 05 CO CO 00 05 r-<_in__cq^o»_05_ of of of of ^" 15 S^ 05 lO CO 00 OS O O O CO -^ t^ OS "^ OS O ' in in'"r^~of in" o r^ r^ CO -* OS m CD in ■^ CO t^ -^ iJf oi oo o CD t— r^ r--^c>_o_os__r^ of f"^" of 00 o o 00 1* — 1 C0_0I_O)_'f^O co'co ofr'f of CD O) O OS O o t^ CO CO in --_in cD^^h-^^"*^ r-T o" -h" of in" t^ -H in o o -H_h,_c0_0_c0_ of r-^ — T of •-^" CO OS OS Tt* in -H Tj< oj ■* — oo__o_oi_co_' — o o o o o o o o o o o *t. ^- °^. 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(103 pjg 30S) nOiM 00 05 O O o^t^ x> o t^ o 1^ coo CO Ol OS Cc Oi -r 00 •^ OJ o •snidjng pajsaAuj Xq puy lO lO >0 ti CO «o CO 0« O) O OI OJ CO CO CO CO CO CO 00 -^ t^ o ^ -H r^ 05 o CO o Ol OJ "t CO CO t^ CO 00 00 00 •3Aa3S3>i Xq M l^pt^ 00 00 O: 05 Oi X 00 o o Oi O -H O O 05 --< O O O -H o O pauJBo SI ^o]\^^\ JO o^ H "" H a ^ ax's « o O -< OJ 03 ^ O 1^ CO OI O t^ Q j^iO lO iC CO lO •^ "^ CO ^ '^ "*. 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''I, r-_— _CM o_t-_^ co_ co__ L0_ CM_ q co_ CM_x_-q_oo oi_ Insu I> Showi and of Coi Rel Eai co" x" -•" ic" -H* o'"r—"'^'"-H"of CO* Oi" X" lo" c" 1^ co" x" co" — " Oi" -r O Oi Oi X X X t^ t^ t^ -J X O O CO CO LO LO -^ -r -* CO »c •I ; -DaQ 3mpn3 jb3^\ t n Oi ~-> a o o o o o Oi Oi Oi Oi Oi Oi X t^ CO iC Oi Oi Oi Oi Oi X X X X X -r CO Ol — o Oi Oi Oi Oi Oi X X X X X Oi X r^ CO LO X X X X X X X X X X 22 Complete Digest of Interest, Surplus Earnings and Expenses. >^ £ 4) (lOD pjg 33S) •sn(dans pojsaAui Xq pay •3AJ3S3>J Xq panjB3 S! qaiqM JQ oj oj > ? ^ t bo S3 o 2< 3<^ g t5 2; o u ■K bo ^_, E 9^ a Di lU 6^c CD 00 (N r-H t^ j O 05 •— I co_tq_cD^t^io^ oo'c-f lOoTTir t^ CO "*! , (M r^ ^ 00 -H ' t>- CO CO »o o 1-1 00 o lo «o CO I-- CO lO t^ T-H_Tf o 00 r^ oTco CD t^^-*" lO t^ to >— I 05 ^ ■^ Tj< ^ CO O -* 00 CD CO CD CO lO 00 CO (M^^_0 lO 00^ ^"oTco't^TtH" t^ CO iC ^ CO CO CO CO eo CO 05 »0 CO o rt< oo (M 00 -^ •># CO oi ^ o 05 00 00 r^ t^ o o oo o CO (M CO CO lO CO_O3_-H_00 00^ co" ■*" o ■^'~ c-i_r^co_ CO ccT CD^ ic" lO" o o oo o lO CD lO (N CO CD__CO__CO O__00 t--'"oo'"t--'"o'co 05 O CO CO OJ 05 t^ -^ 0 -^^ ■^'" (N't--'" CO CO CO O iC O (M CO t>^i-<^t-»_CO io"'«t~co''e>f ^ ooToToooo Aex n CT3 r-l ;^J C^J «»(M ^ ^ O r-1 00 »o t^ i-i "C CD '**'+' Oi 00 1-H 05_0 co_oo__ .-roo'"ororco'" r- ^ Tt< -^ ^ o cq_(M_oo -^^ tCr-TtCcD CO -< ICO CO o c^ o ^ o 00 i0_^__0_t^0 ;_ic iM_o CO^ ic" «C "i^ lO '18 '^^CI 3tnpu3 i'E3x -^ CO IM ^ O O O O O O o O^ o^ c^ c^ Oi 00 t^ CO lO Oi O 0> 05 Oi oo 00 00 00 00 ■^ CO (M r-l O o o o^ o o 00 00 00 00 00 CT> 00 t^ CD lO 00 00 00 00 00 00 00 00 00 00 Complete Digest of Interest, Surplus Earnings and Expenses. 23 H > CO .2 — 01 3 g "3 r": £; a-i: S "^ p t^ r^ o -< ^ C^ N CO M -^ ko lo CO CO c^ lO t^ r>- CO o ' lor-'oo CO ■^" 00 -H lO -^ -H ^ ^ CO CO CO ■^ to o 00 1^ ^ •- T-H 00 -# eo_--<^t>^oo lO o -H r^ Tj< «5 (M ^ CO co'cTco'co" CO O i-O 00 C^) CO ■^ lO lO lO Tf N 03 o r^ r^ e^) CO 05 05 o_co_oo_05_-H_ •^"-jTTtToo'oo O 00 O 00 •* ■^ CO ^ CO CO r- 05 00 CO CO o ^ CO -^ 00 O •-< CO o oi M t^ OS CO 05 «o 1-1 -^t" a> CO CO lO oo t^ CO Is bj»J OT C CO iM O IM 00 CO o CO O »C CO uo O ^ O CO (M 00 00 O! .-I CO CO CO 05 •<*< Tt< O OO IN O (M i-O (N O O CO -^ t^ i-O w O 00 O iC 05 CO (M C^ 00 Tf CO f-1 cc_^-^_t^ •^"co n" I -"l* IN o S'3 3 3 HO- 1. 7~ CD O lO 1^ O CO -^ (N r^ CO oq_co CO CO 05_ * co'"(N~orooo 05 (M t^ (M -* r^ r^ t^ 00 00 O -^ CO ■<*< CO (N —I 00 lO IN rH^CO lO_t--__00 co'e^'io'cT Ttn" ■-H -H rt 00 -H 00 00 00 t^ 00 CO CO ;_.-<_ ci'ic x"oo cT 00 C35 00 CO (N 00 05 O IN (M 05 r^ (N CO lO 00 CO ^ -^ CO O CO O »0 CI r^ CO IN 05 o 00 l~- lO OO -^ -H 05 1^ ic 00 C5 >0 IN IN O O (^ CO t^ CO 00 IN OC O >0 r>- 05 ■* i-i CD IN CO CO f 00 CO 05 O lO o IN iC 05 (N O (M Tti CO C35 (N (^ CO •* O 05 J3 s (N t^ t^ (N CO CO O i-i CO CO CO_CO__iO ^_(N__ * CO O y-^ '^O OO -r CO --I o r- !N IN IN ^ ^ CO -"ti r}< CO (N CO »0 00 -^ CO o CI CO 00 lo IN »0 IN ■<«< Ol O CO IN -H CO .-<_t>^ L0_0 "*_ oco o »o"in" Oi l^ O LO 't" CO CO -* CO "5 c CO iC — < CD Oi Ol CJ 00 »^ CO t--^CO^lC co_o 'in'-^'ccTi-T^" CO IN CO CO o lO -^ (N ■* O ■*! -H e>i CO CO CO CO ^ •<* -^ 03 — < lO IN CO -H o 03 CO o 00 00 05 r- M UO t^ lO iC CD r^ (N iC (N ■»!< CO_C4_T}<_00_00 CO* oT CO* in" I I — " 5 .. 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O C0 "* t^ IN CO CO 05 CO 1^ IN CO O CO lO ■<1< t^ CO CO IN O CO lO 05 (N lO iC -^ t^ CO CO -H 00 CO OS t^ t^ C5 (N O t^ t-» lO 05 o> r° C~: E rt s o o o o o o o o o o CO_CD_— _^00 •-<_ in"© CO -"jT,^" *^ OO ■"*< CO »0 CD o o o o oo"'*"'' (N m coo o o o o_o_o_^ Co'lN't^" TJ< (^ Tf< ■"f a> IN o o o o o o o o o o t--_co -^^oq^co^ nT o'"oo"--<'r^" O IN O CO C c^ 4J o o bO 3 3 : H 3 OS u CO (lOD i>Jg 33S) •snidins pa)sa.\uj Xq puy vQOl r.H 05 O t^ O-- CO (^ CO CO CO i^oi -r 00 CO CO IC -t '-0 10 CO 00 -H CO "O UO CO 10 -f -t i-O CO iC 02 CO f -f -r -f -t 02 »o O O IC CO 05 ^I^ 00 05 05 O 02 >C CO 10 t-- 00 "O Oi CO 00 OI o) 01 CO OI 1^ 05 03 CO — OI CO CO CO CO CO ■3AJ3S3-y Xq pottiBS s; H3!ilA\ JO '-' '-' ^ ^ -' -< OI -^ Per Cent to Net Reserve, or Actual Surplus Per- centage. 03 CO -r iM CO vpco ic CO CO r- CO t-- CO C32 10 1^ CO 1.0 O) -- CO r-* 00 CO 1-0 -t Ol 00 01 CO -t" — CO CO LO 00 00 — CO OI ^ r-^ ^ y^ Oi '-' 01 O) OI -^ -H ^ 01 05 OI OI Remainder, being Net Profit from Interest. O ^ CO 05 IC ^ (N 03 CO (M liO (M_CO_^iO_cO__ se of oo" co" r-" ^ ^ 't C^ Oi -t CO CO CO (M l 02_ 00__ r^_ -t" t-T CO of of iC iC iC »C "^ CO CO CO n 2; < H z w w . a m 1^ > 1 Di •jn3ui3jinb3)j JO ssaoxa ui JU33 J3(j (N 1^ Tl< CO iC vOM CO Tt< •* lO 00 00 ^ CO -t ^O-f ^ lO lO lO CO 05 01 00 lO 10 -t CO rt Oi CO CO -t t^ iM 10 "O CO CO CO 01 CO 10 ^ OI lO -^^ OI CO OI CO 01 01 OJ ^ -H 05 CO r^ 00 r^ CO CO CO CO 02 02 00 CO CO 00 02 02 02 t^ -H rt 00 02 CO t^ t- CO CO ^ CO CO (■ju3ui3jinb3>j OJ I^nba) ' -sisssy J33p3'j o} }ua3 J3C iC t^ 00 10 •0 02 CO 00 01 01 02 CO OI r^ 02 02 CO -^ CO OI CO CO CO CO ^* ^t^ ^^ ^* ^o iC 10 lO ■^ 10 Tj^ lO CO 10 -^ -* 10 to ^ ^ ^ c.S O 1,325,396 1,167,605 1,008,369 859,417 758,396 1^ 05 t^ ^ (N CM lO CO Oi 05_^_^»o_r> -t<__ -h" oT iC ^ -*" lO »0 00 00 CO 10 ■* CO CO 01 CO o_ 00" >o _i t^ t^ t^ 00 ■^ "^ t~^ 02 -H^oq^oi_t^__02__ t^"tCo"t--"o" CO 01 CO 02 00 CO CO 01 1-1 rH CO iC 00 CO CO •'t' t^ 00 00 r^ '^^CO^^CS^CO^^iO^ co"o"oo"— "co" 1^ r^ 10 »c -f 01 CO t--_ 't" of U a u < <■ H Ratio of Assets to Reser\e, or Net Earning Fund to each $100 of Net Liability. o o o o o Oi 00 O !M -H 00000 CO -t" 05 ^ O) 00000 'T -+ 02 X 00000 02 00 02 CO CO 1 i ^ Tf "rf CO CO CO 01 05 02 ^ -H -"^ CO 02 00 00 02 --H oc t^ t^ 00 X 00000 Net .\mr)unt of Reserve upon which As- sumed Rates of Interest must be Earned. 24,572,160 20,984,610 17,874,340 15,296,950 13,169,280 11,312,590 9,721,380 8,414,310 7,268,640 6,252,730 co" 00 ■^^ co" 00000 02 OJ CO -* 1^ OI t-_^oi^ 02" 00" 1^ l~-" -*" 01 CO t^ 02 01 -1<__t^_^ ^__co__co^ lO" ^" th" co" CO 3,038,670 2,824,110 2,625,230 2,462,480 2,360,030 s 0" -r co" V 28,222,503 24,083,095 20,370,340 17,324,522 14,897,624 12,817,910 10,926,867 9,245,516 7,925,710 6,901,437 CO t>- 5,993,006 5,217,182 4,548,425 4,021,968 3,625,525 3,293,732 3,043,623 2,832,291 2,673,338 2,556,468 CO m 0" CO co •I g •D3Q[ 3uipU3 JB3;^^ t CO coco c^^or^" 'f iM CO O C<1 CO CO lO lO CO oo^ co_ -ff^ o:_^ co__ 00 -t o ^ c^ »C CO 0> CO o 00 O lO t^ 00 IC Ca CO O r-l 0_ i-O^ o^ o^ >o^ ' '+" ^ lo" »i<' oo' lO lO 00 -f o Tf Ol lO ■* CO C rt O t^ —< CO ^ CO -^ "-^ CD ^ •^ t^ 00 CO O O505O5C0O1 C0050000 CO d -- lo r^ CO CO C35 lO O 't_o^co^»rt_oo^ cvf Tt jC tC ^ r- OS CO -^ -*< lO ^ ^ CO CO ^ (^ Tjl ■>* -t< IM 00 CO 00 CO CO 0_'-<__CO__t^ CO'^'^o'cfco" 00 1^ -r CO lo » (N CO 1—1 CO 00 CO O -^ CO -r 00 -t CO 00 r^ ■* -ti CO O O 1^ CO lo o o o C-1 OS ■M CO ■^ lO ■* 05 ^ -^ OS T— t "^ ^ ^H CO -f CO CO lO 00 OS OS e^ 'T OS — ' "+ lO 00 i^ -r OS »o OS t3 (M ^ ^ lO O^ 00 CO CO 00 . r-< ^ rt CO »0 ■* CO CO CO -+ Ol CO lO CO lO 00 X CO CO__CO^lM__u0_»O_ -t" f-" o" o" oo" f o t^ CO 00 (M 0< --I r-H rt .s --^ 5 3'C >^ 5 CO CO CO CO CO r-H O t^ CO -H CO_^ "^^ '^^ C)^ i^, ' Os"os''co'~of oo' ■^ OS t^ -rfi 00 (M CO CO ■* (N C<> C-_^00 co_ ' as" -v os" o" >o" O CO iM CO -t< t^ t^ OS CO -^ CO OS h- O O (M t^ CO O iC IM_^ iM^ -^^ t^^ iO_ co~co'-t'"oo'ar t-- — OS CO •^ CO Tfl _^ r~ CM__ a>_ co" ic" cm" lO" -i"" CD — CO iC -H OS CM 00 f CO o o o o o o o o o o 0O_ 0_ 't^ C^_ CM__ cm" oc" o" cm" ~" t^ ^ -H OS CO CM_ os_ r» »c o_ os" ic" cm" o" o" oi :r f^ i": -r 'T CC" CO x" i.o" ^ ;d CO 1^ o UO_ C0__ — _ OS_ 00 os" os" os" cc x" 'IE '33a 3uipn3 Jt!0^\ -*i CO CM — O c o o o o OS OS OS OS OS OS 00 t^ CO »o OS OS OS OS OS 00 X 00 X 00 'f 00 CM — I O OS OS OS OS OS 00 00 X OC' 00 OS 00 t~- CO iC oc OC' 00 oo 00 00 00 » 00 00 26 Complete Digest of Interest, Surplus Earnings and Expenses. ^ > >-> M aT &i " a « -S « o gw o-^ „ Q) -l — « C5 C3 0) '"^ 2 is 0) ° « a .5 ?i ■2 S-^ cJ -' a •^ S d « S I ja .-2 (•I03 pjg 33S) •snidjng pojsDAUj Xq pny •3AJ3S3>I Xq pooj'Ba St qatvi/tt JO .S '" £ C-r; O a •^nainsjinbaji jo (•5U3ni3JTnb3-g oj IBnbg) ' -sjassv to -a g c u g d D- fi^ OS PL. O u m w MI'S ii Ota 5! ow a c rt 13 «^ o i2 S 5 o ~ 3 T30.2 .9 " ? r- O 4^ 3-6 Efl^ ^' l^' i-< CO 00 — I o 00 »0 (M (M lO l--__"O_-*_00__I--_ , CO CO ■*"i^"cr 'OS ■* (M O CO C lO -^ 00 lO lO 00 00 O t^J^t--;^00 , (n'oTo (n"io" '(N O 03 t^ lO CD CO lO >0 »0 CO •^ Tf (M Ol Oi >o .-H CO o C0_01_t^0> CO CO (m'"(m">o">o~ ■^ CO IM ^ O kO »C lO lO lO SOCO IM i-H O (N iTi lO iC »c »o Tt Tti lO lO lO Oi t^ 1^ CO -* CD O 00 O CO oq^c«3^.-H_cD^cq^ . ic'co'io'cd'co" '-H lo ^ 00 00 Oi 00 00 r^ i> iC IN O O O IN lO O ^ -H ^_^00__CO__-t 05^ iN"ororo''-r r-l 0> (N IN t^ t^ CO t^l> CO o -^ ^ ~p -r lo -H CO >o 1^ cor^ooo: coicoiooo co_oq^05^-t_M__ 1^ t-_t--_05 1^ O o"'o"co'"i^'" -"^'co^t^'-H-TiT lOOO-^l-OCO OOiN-H-^lC rt rt _ rt r-H rt ijq rt rt CO CO CO CO CO CO CO CO CO CO IN O 00 lO CO 05 Irt t^ (35 CO »0_CD_iq^cD_t^ ^"oo^ofc^"^" 05 t^ CO -^ (N ■* ic 05 'i* 00 o >-o •* OS cs oo__'*_r^_»o^Tt<_ i-Tio'lN'ofio" O 00 t^ CO lO ''^ CO CO CO CO loio-^'C'^ Tj^-^u:)'^'* IN Tt< OS CS t^ IN (N r^ 00 iC IN_>0_-^__^__0_ 'ti >0 O OS lO CO CO CD >C »0 OS CD »0 05 »0 O 'f 00 •* 00 IC_IN^-+^U0_01_ co'cTo^'t'o" 00 o OS o ^ Tf lO »o »o »o o o o o o IN t^ I^ CO T-H CO_t^OS_CO_.-<_ AG os' CO oo" os" r^" »^ O -* CO 1-1 OS t^_^IN_^l--^CO^00_^ oo oo o <-! CD CO -H IM OS__00_00 CO IN_^ -^"co t^-'oo o 00 IN CO OS -^ iO_CO^O_00 co_ CO CO''CO (N in" *I8 ''^Q Soipna xea^ (N 00 1^ OS CD O iC O >0 IN ■^ Tfi ^ lo "i^ , Os"o IN'-t'cO ' CO CD OS >n 00 O ■■* OS iC OS O IN ■^ O -H ,-1 CO ^ O CD O CO__^__(N_CO__ c^"os'"c4~crco'" CO CO CO ^H OS •^ -H t^ Tt< O t^coioio-^ •^■^cococo o o o o o OS CO CO 00 00 t^__lN_-'*__C0_O_ OS~CD~^'"t--rr)r 00 CD CD CO -i< (N 05_ iO_ 0_ O IN -H".-r-H~o" oo o oo ^ 00 CO CD lO ^_CO__t--_00 T}H_ lo'co'^oo -^"i--^ ■^ CO ■-< CO 00 o_co__co o^oo_ o'os'oi'oTod" lo r^ -H 00 »c CO CO 00 O CO 0_0_t--_IN_- a> 05 C^ O t^ f^ .-I .-I CO CO 00 00 C0 O 00 o »-0_ '-'5, "O^ ■-<_ 0_ 01 (N IN ^ f o o -^ .-i o IM 05 iM 00 t^ 05 -H t^ d •<}< (M_oc oc_^_e<)_ CO O Oi "Tt^ Ci O C^ CO CO CO P c3 "• o >- a is ."^ a ai S § ?i O U5 O 00 -* >0 00 1-1 rt (M "'-'*- '~~-'*_^„ «© TjT ,-<" rt" (m" r-i~ 00 ^ t^ i-H as 00 iC O O C«5 O (M C<5 (M C^ Tt* ■<»< Tfl ,-1 CO ^ (N — I t^ CO 00 IN (N 05 -^ 00 00 'H 05 O lO -H t^ t^ coco 05 N IM lO (N ■^ -H ic o_co__o^c>»_ CO oi" rt" rt~ ic" CO 05 lO lO --I (N (M ■ ■ ■ I I w B 21^ 3:3 S ° ■/; Ift CO 1^ Tfl CO CO lo 05 ^ ^ O 00 o ^ ^ o -H t^ 00 ■>* (M Tt< rt t-, Tt< .-H (^ OJ O (N CO ul »C lO 05 •-^ oi ■— r^ o C> '— ' "^ r^ o CO ■* 00 CO o t^ -*l 00 C5 05 ic CO lo "-I 00 iO O Oi CO M ^ O ^(N_00_IM__O ''iH"io"co'"r>^o Oi Tt< TJH (N t^ I^ t>. CO CO CO -*l CO Croo"-H~Tjr >-i t^ o -^ »o CO •, >(2 °g p ^ - 00 00 ^ o -H CO O 00 CO -^ CO Tfi 'l^ oo t^ ^ 05 M< tH iC IN lO lO O ^ OO CO CO o ^ r^ IN ■<*< o 05 t^ --I 05 uo CO C0__C0_(N_O_IN__ O -M ^ ^ r^ N- (N IN IN -H CI CO O •<*< CO io^oo^^_^co__oo CO r-H IN IN CO 1-H 0 ■^_oq_co_co i~-^ lo'ci'-^'oTco' 03 ^ o IN r^ IT"" 00 t^ ^ t^ -H IN -H CO »0 O CO t^ CO CO t^ O »C OS -^ 1^ 00 »c ^ lo o 05 -^ o 00 CO CO o o r^ IN CO 00 "-I CO o 00 -^ CO o CO 05 O IN 00 - i-i_CO__CO lO o i--^co'eo'"co 00 00 00 00 00 00 00 00 00 00 28 Complete Digest of Interest, Surplus Earnings and Expenses. 2 a a, CO ►>^^ CO O o W C M ; 0) 3 3 *> 3 S «> 3 43 w o z w o H H Q Z < U z I-) Ch p: u (A (•PD P-ig 33S) •snidjns pajsOAUi .\q puy -H 00 -t •* CO lo 00 00 i< o v^eOJ C^ (M IM CO »o CO (M iM r^ ic »o OS O) OJ M Ol Ol ,-(^^^01 Ol CO CO COCOiO-tiM OOiOfNOJ-t ^oo CO CO t^ 00 i^ 00 lo Oi CO t^ -f CO Ol — t^ CO 05 Ol CO OOCOCOiOu'5 O)»OC0iO-H •3AJ3S3y .0 — -f CO 05 -t< ^ -t ^ 05 ocoiot^i~- •^t^iot--co CO ,_, rt _ ^ Remainder, being Net Profit from Interest. 000000505 Oi-Oi-OOIN cOCOOO-^00 COCO-fiCOO ^__CO^00_00^CO__ "^ "'., 00 f^. "fl AS loToT-t'io'of 00 ■-H~t--rio'"'M" ^0>iOCOCOCO O — 1 CO 05 c^ (N (M (M iM M C^ Ol rt -H rt (M OJ_ CO of OOC0 0505 -^OCOCO-H lOioi--^^ 00000005 05__oi_io io_ r~__ --_ oo_ 05__ CO ofo-o-^-fo- oo'of o'co-i^ 'tOt-OCt^ 01-^OI01C35 r-( OJ rt ^ r-l ,_, ,-H r-1 r-l 00 'O 05- 00 a z < H Z H K . «^ as H Id •ju3iu3jmba^ jo SS33X'g UJ }U03 J3J ^00 00 00 03 o 05 o_ t-- '-^ CO icr^O'-H-H -Hoor^j o} jEnbg) ' -sjassy jaSpaq o; jua^ jsj CO CO CO CO CO CO CO CO CO CO eo cococococo cococococo Interest Required to maintain Reserve. -t 00 00 t^ o CO lo 0" 00" r^ooiocooj r^^-f'to COOO^OOiC CD0 05 — -* 05^ oo__ CO r-__ -H_ ^__ 'ti u2 co_^ oi_ oo-t^-co-oo-r-" r-" CO ■+" r-" o" COOlO^OO lOCO'-I0 of 0" f— ' CO 05 CO r^ t^ i— » t^ CO o__ oo_^ i-o_ co_ o__ ^__co_in CO co_ -h" 00" — <" o" o" co" ic" L'f ^" r-" 00 05 CO CO 00 t^ CO OI I^ COCOCOCOl-'S Tj-t< ooooo ooooo in -f-fTf-fcO COOIOlCOiO ooooo ooooo Net Amount of Reserve upon which As- sumed Rates of Interest must be Earned. 31,251,350 28,687,810 26,246,950 24,099,010 22,146,990 20,301,640 18,726,230 17,253,000 15,945,290 14,612,210 0^ Ol ai 13,474,180 12,447,190 i 1,407,880 10,469,650 9,678,790 8,936,670 8,336,520 7,867,350 7,432,850 7,006,150 t^ Os- « 33,340,005 30,401,937 27,640,491 25,291,023 23,230,884 21,334,678 19,813,513 18,319,707 16,714,749 15,248,894 00 00 10 co- co co- ol 14,062,678 12,985,206 11,879,726 10,890,898 10,037,836 9,223,091 8,551,983 8,074,814 7,684,365 7,357,353 lo 05 o" l ? -DaQ Suipua JB3j\ -tcoo<-HO ooor^coio ooooo 05 05 05 05 05 033505c:505 oC'OOXcooo '*C0OI--O O500t^CO>O 0505050505 0000000000 0000000000 0000000000 Complete Digest of Interest, Surplus Earnings and Expenses. 2^ H w H ^' OlOOOlOiOS OSOlOJt^CC r" 5 O =^ i Ia s = - 5— ^ o cc o a> (N — 1 1^ -H o -ti io_ t^_^ oo_ OT ^_ ' rf lo" o" ffl" o~ 00 cc o o> -f lo iM 00 r- CO o CO lO f lO GO 05 Ol C<» O CO t^ 05 CO lO iC t-- CO C- O CO — < IC CS O GO C5 »0 CO CO S5 SB —I O lO r^ ic (N lO r^ CO (^ ^co'co^'^'oT'tr ^ CO -^ CO -H CO CO rt I -H ■^ r^ CO CO r- co o iM r- o 00 r-^co o o cs" oi co" i:^ -^ I o i^ — I I CS ^ r-^ CS CD 'ti CO O CS 't t-- -ti O 05 00 -* t^ CO -^ r^ cs 00 -^ ic ic -^ 00 CO CO t^ iC 00 •^ N g-b S^ lO -^ CO O CO lO 't* CS lO -^ ^ co" cs" r-' co" r-" 00 lO GO CO CO GO lO ^ 00 t^ -H 05 S5 r^ '-< — 00 r^ CO '*' r-_^ G0_^ cs_ o CO iC iC CO cs »o -^ CO (M CS Li CO CO CO "C ■^ ■^ •r t. M arH' --1 00 CO -t to -H ^ t^ O CO (M_^ 't^ -^ 00^ t>^ ' cT Li TjT lo oT CO CO ic 05 es CO CO 00 (N cs o (M CO r^ CS — ' .-I 05 00 00^ CO_ CO CD_ U1_ d^ ^ -r^ -^ -^ (N -^ CO 05 (N (M rt rt r^ c-" lO OO (N 00 O 05 00 00 t^ t^ CO 00 C! CO CM CO — CM ^ CO CO CO Oi ^^ — -H O Li I-- CO ■* o> Tfi CO ■5.1;; C.^ X O X 05 Oa CO CO X -r X — __ CO_ 00^ CO CO_ ' cm" oT -i>" n" cm" O 1 Li O CM O CO -+ Li X CO Li X t^ -^ CM CM '- ^ .-H O O CO Oi 05 Li Li r^ -r — I O 05 CM Li Li cm" o" Li" — " co" ■* O t^ X t^ -* O CO CO -^ O Li X X OS t ^ X OS CO •S J^^o . 2i W CO o ri I- -^ c" I-' 11 cc — c = c: o o c o c; o o -r Li t^ — j--_ CXLl't-^-n" ■Ji \ — r CO 1^ cr cO_ 3 X_ 0_ yi Li erf cm" r-" M — C: O OS o o o o o o o o o o CO O 11 I-~ 0C_ rC ^" t^ (C o^ t^ CO CO r>\ cs X r — r Li CM c 3 s 5 o 11 S_ X ii c5 O O — CO Li" CM X Li -r CO CO 'T CO CM OS 'IS 390 3urpu3 ye^\ •^COCM — O OXt^cOH OOOOO OS05050505 0S05OSOS05 XXXXX ■^COCM — O OsXt^cOH CSOSOS0502 XXXXX XXXXX XXXXX 30 Complete Digest of Interest, Surplus Earnings and Expenses. "Si CO (103 pig 33S) •sn|djns p3)S3Aux Xq pay '3AJ3S3^ Xq psojea SI ^3]^ll^ jq OSS "i< bo, a (S-cSg^ S ^' fe?^ ^ = lO — I M rH T}< t^ (M ^ CO 1-1 00 »^ O ^ lO 05 00 lo t^ ■* lo o 00 o -* O i-O 00 -* (N Tt<_(N_CO_05_0 05 GO CO Ol 05 •<1< ■* CO (N .-H O lO 00 t^ <£> CO (N ^ »0 O IM__05_I-^(N 00 Co'^'l^-rrfTrir i-O O 05 i» IM C^ (N rt l-H r-l 00 CO CO r^ r^ o c<) CO o -^ ^ Tji CO UO -H ^ 5 sr -« 4> ^ S ^ "SW ^ S oT G i'S es u " a. « '-^'3 2 ii -c - c3 J! ^ ij -rt c 3 'C 4J W m "» « ""« ja c=*^ C S « ^ =^' « ;:3 — ca O 2 «J O ^ I +j . 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't. ^_ oTcO 05 of of CO — ^ O 1^ 00 02 01 CO t^ a> O CO lo o lO 01 , ^"oo" CO lO 03 O CO coo 00 00_^OO^CD CO co~co '^ ^ 00 t^ Tf CO OI r^ 00 -^ -^ O^ CO 02 05 — ' O2_oo CO CO 00 CO t^ lo" of CO o r~ 00 -r t^ CO r-l ■* 00 CO lO to CO CO o o o o to ^ '*^^_^0__0_.-H_ of of r^ o" 00' ■-H 02 o o CO co__— _oq_to__oi__ co'co^of of of r^ 00 -t< to 00 O — -f CO CO .--^-t O CO T-H^ co" cT oT f* to" 10 oc ;0' 02 r^ 0_^ i^_ «^ -^^ co__ of r^ T^ ^ ^ 00000 •^ -^ '^ to t^ to ^- 02 lO OS co'co^of ^"of ■* to O 00 to -^ CO OI O 00000 01 r-l CO to Ol 00 co__a>_oo r-_ o" — <" 00" to" of CO 02 -^ O 't' 00 to 00 CO C32 01 02 1^ t~- to 02 02 to r- r^ T-H_co co^oq_02_ ■^" of crT 1--^ -^^ CO -f 00 -^ '- 00 t^ ■* 00 OJ 01 -* 01 1^ CO CO to 1^ -H -n* ^ CO CO O OI_ 't" t" 02" 00" CO 00 CO to CO —< to CO I^ to CO •«1< CO 01 -H o 00000 Gi 02 02 02 02 02 00 r^ CO to 02 02 02 02 02 00 X 00 00 00 Tl< CO 01 -^ o 02 02 02 02 02 00 00 00 00 00 02 00 t^ CO 10 00 00 00 00' 00 00 00 00 00 00 Complete Digest of Interest, Surplus Earnings and Expenses. 43 M ■X:0 t/3 w m CO n -^ fe - ^ 3 S ■« ^^ 05 GO 05 O O lO 00 O t^ UO 1^ r^ T-i o CO o c^ t^ o r^ IM 00 C«5 ^ iC •^ O ^^ ^ Oi lo" oT ccT 05" t--^ o r— r^ CO CO Oi ro c^^^' ^' "'' „''o''-<''co'"co" lO 00 CT> Ol 04 03 CO CO "^ ^ ^ 5 05 o r^ 00 'ti 10 -- X CO IC oi^ oi^ r-- -t^ -)<^ ' oT co" go" o" go" I-- 00 t^ C I^ t^ C35 05 CO CO CO — 00 o 03 10 cs CO » £ tI.E rt-S H « I-. ,., ^3 O GO 05 CO ^ ■* OQ 05 .-1 CO 'co^io ofco^o' CO o CO r^ CO lO lO 05 IM ^ ^ 'f O CO lO o •— -r CO CO CO 'i"'~oo''co"c0 C5 C5 O 10 CO — t^ 00 O5^C0^O5_iO CO CO '^i 1— ' o O CO O -^ CO 05 -* CO ^ r^ -- CO OC ■* lO 00 lO X — ' 'ti co^cq^t-- O^t--^ oT^'cvTo'co" CO 05 O »-- -ti 0C_O5 CO •^Os ic'~-*'"'t~-*''co cj-r3 '='1; 3 > 3'u (N a> O (M o ^ 01 X »0 CO oi^co^^Tf^io^r-^ ' Tt<"o"co'io'co" r— ^ ^ f-^ 02 X t^ O r^ lO ic o cq^oi CO X ^ to CO -^ ^'"^(orco of ^ O CO O X 10 Oi "^ •^ 02 oo^io^T^^co^oq^ ofcr(or--ro' CO iC CO ^ CO ^__X -* Tt< X i-O X CO S; — O) CO OJ CO -t" X_^0_0)_OJ_02_ crco"r^co'"a5~ 1^ C» CO iM ^ X CO — ' O 'ti cr? J2 c •— -T? 5 Js^^J 10 O O O lO .-I 10 CO r^ CO '-H_CO_^0_C-"o5~ •^ 05 CO "t* CO (N — I -H o O X — ' -H 'f CO -^ CO — O C3 O^r-^^co^o: to co" co" to" o" o" CO CO •* (N X X 05 to X l> ^^ w oj bA rt 3-3 a Oo' t^ 05 CO r- to (N r^ -H 05 oi ro_cc__--_Gq_co^ ' r^ocTr^o"-^ X -H X to t~ '^^^O^X^^^^CO ccT ccT to" to" T^ CO '-^ X X 05 r — f X O) o 0_ 05^ CO^ CO_ 03_ •^ r^ o ^H o5 ■^_^iO__C -t rf CO — I 05 CO to X CO to 03_ !--__ O^ — _^ -^t^ of to" lO^ o" t--^ CO to r^ — 1 01 t>- t^ CO CO c ^ u, a. o .— i'^'>-3 O o « 00000 00000 CO OI CO CO 00000 00000 ^ t^ •* X Ol o« — — 1 to r- to to X ^ to_ x__ co__ r-__ co_ x" of c" ■^" of CO 01 1^ Ol t^ CO CO to to 497,606 457,712 413,081 384,167 364,259 00000 ~ ~ 00000 ^ — s — » — ^ ^ — . CO C5 CO X X C. — . ^t 0. z-. t^ O) OI ^ X L-^ y ,* ^- — 02 to -^ i-^ d — — oi — CO ^ to CO 05 ft lo CO CO r~ to Ol to X OI OI t^ r^ •^ OI -H r^ CO r^ •^ OI -< CO CO CO oi o< (M ^^ ^ rt "IS '^^a Suipna -iBSA ■* CO o» -^ o 00000 Oi Oi Oi o^ o^ 03 X r^ CO to Oi Oi Oi Oi Oi X X X X X -^ CO OI -H o Oi Oi Oi Oi Oi X X X X X 05 X h- CO to X X X X X X X X X X 44 Complete Digest of Interest, Surplus Earnings and Expenses. (■[oo pjg oag) 05 CO r-» t^ r-< M OI -^ -< OI CO o o -- t^ ^ lo 00 CO Oi OI CD i g snidins p3)s3AU[ Xq pay »^iO lO O lO o CO »o ic *o »o kO lO »C lO »C CO CO CD t>- CO t-^ CD '^ 00 00 Tf lo 't CO iC OC Oi o -t t^ CO CO — < o -^ ■^ t^ »o •aAJ3S3^ Xq ^00 05 -H ^ CO Oi o o o^ CO lO -f CO t~ Oi i~- 00 CO «o 3 psoj^s SI qaiqjvL }0 -' '-J-h"^" -• (-1 g t; ^'1 3 , a, O ■* 05 ^ CD CO lO CO Oi t-H CO Tf t^ -^ CO N iC Oi 1^ CD t^ r^ < H H oz s;ce.Srt so CO CO ic t^ r- Oi ■* ici ic 00 CO 00 o Oi OI CO ^ oi -H M OI IC CO lO CO 0^ 0^ OI OI 0< 0^ oi 09 z , e^ rj< o o CO lO 1^ OI Oi Oi ^ ■* CO IM ^ 00 CO 't* Id oo CD -t ;3 >-.*-__ CO O -H 00 o -ti r- CO CO t-- Oi ^ 00 00 r- Oi u:) ^ CO -- -^ t tft |z§- -* O -H^ O '^^ Tfi -f Oi r^ oj (M ^ CO Oi CO lO r^ t^ OI ic 00 00 £• g C k. t« 5^ O Ol CD 00 CO ^^ 05 -H O r^ c^ O -f O lO •* Oi O CO OI Oi CO OI -f I^ -t Oi o s 'rt ^"*;| 2i CO 0^ O^ Oi -H o 00 Oi CO CO ^ ^ CO LO —1 00 to U c C.'S o 00 00 t^ CO CO CO '^ ^ CO ^ o_ CO CO CO CO CO CO OI OI OI ^ o 3 ^^^p CD CO a ■Ju^uI,^i!nbo>J jo CO Oi I' -f 00 iC — 1 OI 't >o o 00 o CO OI en O -f 00 — 1 r- Oi S >-> < ssaDxa ui }uoj joj ^rf ^ Tt< iC lO t^ CO -f 't CO • CO Oi I^ O O .-1 rt ^ oa 0^ CO — OI ^ O OI OI OI OI o^ Oi '3 a* % H ■ns 0) !z; (•ju3ra3iinb3>j oi [Bnbg) ' •s;3ssv -t >0 00 CO lO Oi OI CO -^ -^ 00 CO t^ r- "* OI O t^ CO CO --t OI ^ « jjOiO lO lO iC lO t>^ lO CO CO CO CO lO CO O CO CO CO CO lO lO lO iO CD S >' CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO Ai &5 '^ CO ^« ^ ^ 0) p^ >;s u > r^ 00 -t Oi o lO -* ic r- ■* CO -H o 00 -t Oi CO O Oi CO OI ^ '^ C .: (M CO 04 M ■* lO CO 00 OI 00 ■^ CO CD -H t^ CO CO O 00 I^ ^ LO 03 U I^sl > t-_^05 t-. 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CO O X O 05 CM CM — CM — 00 -H Tf CO 1^ CM — ■ t^ lO — '^ t-- — oc t^ •S \^to. 3 r C O O O C: O o o o c o LO rr x^CM_^i^ r-"— "o"— "co" r- CO CO 05 ci O t^ — CO CO o ^ o o o o c o o o CO 00 C^l CO_ CM_^ -t* cm" cm" co" iC~ CO LO X -f LO CO CO X CM CO c I c^ iW '^ iC -t Oi X CO 05 O O iC CO 02 X X LO S S S 5 o 05_ t, ^_ =^_ —_ x" x" oT — " co" I^ CO CO I^ o o> — ' 1^ — X 0.2 '18 '"'a Snipua k^\ -f CO C^l — o c o c c; o 05 02 C5 Oi Ci 05 X r^ CO LO 02 02 02 02 02 X X X X X -r CO CM — ' O 02 02 02 02 02 X X X X X 05 X f^ CO LO X X X X X X X X X X 58 Complete Digest of Interest, Surplus Earnings and Expenses. (PD PJ£ MS) (N O ^ iC iC U5 00 'f t^ CO CO o 2 •snjdjns pajsoAuj Xq pay >P '-' O O O 05 03 05 O 0> 00 O -t' CO 05 -tl j^ iC lO »o fO o -< r- 00 CO CO I^ CO Ol 05 05 ^ •3AJ3S3>J Xq p3Uit;3 SI qoiqM JQ CO CO M (M IN (N C aj > S 3 1 bo 00 O t t* 05 CO lO iM CO 05 10 4^ kO CO CO lO CO lO CO CO O 03 I^ CO CO CO CO CO CO CO CO "* CO CO CO 1 {A H rM z . CO 05 -H CO CT> — ' 00 ^ IM CO CO s 9 CO *~< tS = ■ O --i jaSpoi o] 5U33 J3J CO CO CO CO CO CO CO CO CO CO .CO Q t^ 00 CO lO 00 -H o 1^ CO OO CO O 'ti IN CO ^ o CO (33 r^ 00 r^ rt s .vi ■-H_ -^^^ |~- 00_^ t^_^ 00_^ lO t-- -H_ CO_^ w Oh £ s| o S O -a o w £i ?i *^ >- -^ o o lo "^ CO ^^ (N 05 lO CO CO »o" -h" 'dT oi" o" CO w 0;.-- C ^ '^l CO 00 --I CO rt CO__ .-H_ 0_ Ol 00 t^ CO uo iO ■* CO 00" O r^ r^ 00 t^ (M 00 00 00 -^ 03 K H < J;_S . ^ CO -t N CO 00 t^ >o ^ t^ CO (Sw ~ !> Mi's CO (M M CO 05^ 05^ oo_^ ^_ r>-__ co__ 00 ."S 73 « £ Sf C-- ae im" (m" oi" co" (m" ^^ lO CO GO ^ 00 oo" ■*" (N Oi r-" CO S3 a> H SEsu (N CO r^ '* H 0$ * H -»-> ii oj ^ rt *^ a o o o o o o o o o o 03 lO Ol lO CO ■^ 05 as CO 05 ^ a C^__ T-H __^ -^_^ 05^ CO O0_ Cft CO_^ C^J_ CO «i B ?^:hc< t^ b (^ IC rt' Co' rt" rf ^ o CO 05 r^ 't* 1--" oo" 03" 03" r-T t>r ■s 2 '^a: s-c Sw ■flj^— C ^ -^ [U rt< CO ^ t^ -H •< ic 1^ ro__ co__ 00 CO 10 CO 03 lO 00 1 w 2; C C 1 c J co" a^ co" co' o 00" co" 't" co" r-T 0" 1 H CO (M C^ Ol M c^ U 3 S" < .2 < 3 1-1 ^ CO CO 00 t^ ^ 00 -^ -fi 10 CO H M 2 00 CO .-1 r^ o CO CO C^ -H 00 :ifi o 00 o_ -^^ o ^^ 03_ o_ ^__ r^^ CO r-T ^" oo" lo" «^ 05 ^ -ti IC 'f ^" ^" co" 00" co" CO r^ 03 C33 •»*< 00 (M__ CO_^ ■^__ 00__ 00__ co_^ 03_^ i^_ r-_ 03_ 05__ s ^ of -t o co" co" ^" 00" co" -*" co" co" CO CO CO C<» (M (M ^ _ rt rt CO "* CO N ^ o o> 00 1^ CO ic I ; oaQ auipua jbs^ o o o o o Oi Oi ^ ^ Oi 0> 03 03 03 03 00 00 00 00 00 Complete Digest of Interest, Surplus Earnings and Expenses. 59 m 9 w I n I o -S f — f o oo —< O iC CO OS '^s^ ^o o as o o "-^ O t^ -f O) CO -^ -i C5 CO r^ t^ o CO IC CO CO ■* 3 ■^ t^ t^ (M O M 00 OS 00 CO -^ t/i s^ rf "^ i-O LO 00 M OC '*■ CM CM -^ OS b ? 3 2_rt CO_ 05_ CO -- lO Q0__ iC_ co_ ^^ -^^ OS Gro Surpl Gene an< Spec: *^ -* (xT c^" CO 't^' ic" co" t--" co" co" «3 CO ^ O CO t^ CO -tl r-l CO — __ — __ ^^ CO__ CO CM__ 00_ CO_ CO__ 0D__ H ■A U OS l"-' CO" lo" 1'" CO co" cm" cm" cm" -h" O »o CO r- lo OS -H CM Ol 00 CM "^ w u C O I^ LO -^ CO — O — CM CM OS S V 3 '- C Ji ■^_^ iC^ (M_^ iO_ t— _^ CO CM CM CO 05 t>-_ sse-§2cB ^ ic co" oT oo~ oo" cm" co" -h" os" co" 0|^-r| 05 lo -^ r^ o rt ^ CO ■*! 00 X 03 0_ l-~ CO ■'t -* CM CO -* CM H 2 2 O c^ (N —1 lo r^ 00 "* CM -f OS -^ U - P •£ ll = ,. O CO CO CO t^ in CO 00 OS t^ o S S J-~_^ to o_ o_ o^ '*. Os_ l^__ ^ CO o r? ^ ^ co" c^" co" t-T oo" S 3 NetCh in Ma Valu Real! Profil Los o" co" lo" — r co" 00 (M C^ -H M 00 CO 'T CO lO CO J§ ■2 =^ o CO ^ 1^ lo CO CO ^ r^ ^ ta! rlio ings anc ;ivel CO o o 00 o OS -H 00 00 t^ -*^ CO OS lO 00 OS OS o ■* CO CO lO 00 CO as CO CM 1^ s n W l:^ CO lO •<*< CO CO CM CM CM ^ < 13 w H b c (N t>- 'ti -~ os" a IM t^ CO iC Ol -^i CO OS O ^ CO z 2^-S O^ 0_ t^ CO "^i TJH C<1 CO lO CO OS < Q Z M ^ 5 rH ,-1 »c" a •y, 3 Q 05 CM -^ CO o CM — ' CO -t OS CO > ■§ -•p'grsli' CO '^ CO — 1 ^ t^ CO o CO o »o a O^ 0_ CO r--_^ co__ ^_ co__ i-'::^ co_ -h_ lO ^ ic" t^ •— " Cl^ lO" x" cm" cm" co" tc" Oi" »C »C 00 05 t^ CM 00 t^ iC CO CO a 3U Q'-' iC Tt< CO (M C<« CM ^ rt rt ^ X CM "E :,- —I Ol 00 »o 00 OS O t^ O O OS slil t^ C2 r^ 02 (>J "* CO Oi O r-^ Tt< ^„ ^^ ^. ~ R. CM rj< -rf ^ t^ CO ^ r^" --o" CO r^" co' 3 ^ '' "c — 1 lO OS -* ^ as" T Distr or Di Ear t^ CO -f iTj r^ t^ -t» CO uO lO I^ ic iC '-'__ as t^ CO ^ lO CO Tf t^_^ o z 1-H 1— I r— ( x" z a <: 00 o r^ (M Oi CM CM •«*< 00 O CO M 5" . or! CO 00 »0 CO t^ Tf lO CD O CO OS Mortal! Gains, Expcns Savings, i co_^ CO .- r^ r-__ 00__ 00_ i-<__ co_ o 'i< D ^ ^'' '*' o" lo" co" ^" i~~" oo" co" iC oT -* O — 1 t^ (N 1-1 lO -" -^ —1 X 04 a & O CO '^ (N -H K CO Oi ^H CO Oi ^ 00 -H CM CO CO O 11^^ O ^ (N CO 1< OS -H CO 'Jf 00 lO i-O 00__ lO ■* ." . o o o c o o o o o o o e "S ^ « o o o o o o o c o o o — -Sjs >,.q • CO -- as T i-o O I^ CO CM CO CM_ Insurance Force, Showing "S and Growt of Compan Related 1 Earning! CO O CO -H CO t^ CO r^ 00 O ^m^ -^ — »o oq CO 05 '*. '^. *""- '^^ ■^- ic r^ -^ OS o o ^_^ lO liO 00_^ CM_ o" — " o" c^ co" co" o" co" co" '«'" cm" O 05 f^ o ^ CO CM O OS 00 -* CM — ' -H -^ ^ ^ ^ ^ ^ _ OS X t^ CO i-O •IS •D3Q Snjpua JB3^\ CD o o o S OS OS OS O OS C5 OS OS OS OS X X X X X 60 Complete Digest of Interest, Surplus Earnings and Expenses. 3 & m •o a « 2 g £ ,-, CO S ci « fl - in" CJ - bO ^S S o !^ o c 41 3 O J a -3 OS 6 o 3 g •^ 3 «J r3 "^ CO TO ^^ « a o *S 71 u o g o u CU H a z < (- u 0) H H Z Ul a .-9 s, a (103 pjg 33S) •sn[djns P3JS3AUI .\q puy -H t^ t^X CM ^'=^. ^. -1 -. =^. Oi ^ CM -H CO CM CO CO CO CM CO CM •0 — C^l — ' CM CO CO CO CO "f CO X X CO CM CM CM CM CM CM CO ■^ X CO -^ kO-* CO CO -^ CO -*<'*< r^ -^ •* lO CO t^ CO OJ CO •^ t -> 10 CO X CO -^ X CO «>• CO CO CO CM lO p3lUB3 SI HOiqAv JO ^ 1 Per Cent to Net Reserve, or Actual Surplus Per- centage. r^ -H lo Tf CO v^CO 10 IC CO CM CM O CO X I^ X 05 05 CO 05 — -r X -H X -t X o> — r^ CO ■* ■<»* in CO m CO CO '-' ^ -' 1 Remainder, being Net Profit from Interest. CM CO -* 10 CO CO »C X "^ 05 x" t--" "O co" x" iC -^ -^ CM ^ CM ■* CO CM -< CO -H t^ X -t C0__O_X__'*__ oT ic •-<* co" -+" Tf lO CO »0 Oi CO -t" X CO CM ■>* CM lO -fi CO r- r^^ iq_ -^^ — <_ CM__ co" cm" x" ic" cm" lO X f 10 ^ X CO X X 05 ^H OS CO CO ^__C0__O Os_— <__ co"-ro"o5"or CO CO CO CM -H 01 CO 05 cm" a z <: Z a a a . |g 'A > Ed 3i •lU3UJ3J!nb3-g JO SS30X3 UI IU33 wj 05 CO CO lO j^ i-O lO lO CO CM r^ 05 — ' ici CO t^ 05 X CM CO »0 CO X — t* X CO ^- CO '* CM CM in in CO in CO c» CO CO t^ ■* lo CO 05 j^t^ X X X t-- CO »0 ■<*< CO <33 t^ t^ i^ r^ t^ X 01 I-- CO iC CO r- r- t- t^ t^ CO CO in X X 1^ r- r^ (•jn3ui3jmb3}j 0} jBnbg) ' spssy a33p31 01 1U33 I3" CO CO CM CM CM CM CM CM CM CM — CO m CM ^ in -^ in 05_CO_.0__0_.X_ cm" 0" 0" ■^ cm" cm cm cm cm cm (n cm cm cm cm co__ CM_^ cm" «i H 1 H < M H Z Rate Per Cent of Ledger Assets. CO 1< X CO -* WOCO CO CO -H CO -f -r r^ -t< ■* 10 CO t^ CO 'f -t CO CO -H lO X CO -f X CO CO CO CO CO CM ^ CO ^^^^^ Tt -fl Tfl T^ Tt< ■* •-t in Tt Tt Tfl ^ ^ ^ ^ CO Gross Interest Earnings. 437,388 405,394 381,113 340,512 312,629 -* CO 03 -r r-^ X lO 03 r^ t^ x_ — __ in CO_. C0_ ^■~ r," -t -t" co" CM — — — 05 CO CO CO CO CM '1<" co" CM CO OS CO CO -H in_ CM_ CM_ 't. o_^ .— " h-T x" — <" t— " o> ^ t^ X X CM CO CM CM CM in -t< X CO -f CM CO f — 1 — <_a5_— _05.r~ co" -h" co" 0" co" m in in in CM CM CM CM CM CO X CM_ >*" t- CO cm" > Hi U a: z ^; T. V, < Ratio of Assets to Reserve, or Net Earning Fund to each $100 of Net Liability. 00000 -f CM '^ 10 ^ CO CM t -t< 10 00000 00000 ^ X CO CO r^ CO 10 00000 cm 10 105.50 106.00 106.50 106.80 106.30 00000 rf CO CO in CO in in CO CO C' CO Net Amount of Reserve upon wliichAs- sunied Rates of Interest must be Earned. 00000 CO CM CO X —' CM_^ lO CM_ CO_ a!_ ae Co' x" x" — " 0" ^0 'O 1- 10 -f t^ as.co__x__co^ oT x' x" r-" t^-" 00000 f CO ■^ CO >n o_. r-_ co__ ic CM__ r-" -r" sT h-" h-" X f CO X -f X 10 CO -^ co"co"co"co"co" X X co" CM -r r-" 00000 — CM CO X in -f_.in_co__cs x__ oT 0" in in" x" in -i< in -H 05_X__t^cO co_ in in" in in~ irT 5,573,790 5,515,160 5,501,120 5,525,050 5,571,360 co" CD_ in" 10,035,962 9,340,181 8,710,032 8,194,134 7,745,376 7,326,114 6,991,919 6,781,414 6,.587,968 6,384,976 X X 0" §. 6,286,954 6,219,217 6,120,188 6,039,575 5,976,556 5,874,435 5,809,567 5,846,682 5,887,415 5,941,710 CM_ co" ■ g 33(1 3uipU3 JB3 \ ■^ CO CM — OS a> Ci SI 05 05 X r^ CO lO 05 0^ X X X X X f CO CM --^ ^ ^ 0^ ^ ^ X X X X X 05 X r^ CO in X X X X X X X X X X Complete Digest of Interest, Surplus Earnings and Expenses. 61 09 .2 'S O 3 " " C. c«0 w O h 3"^ S " « ^^ CO CO X t^ 00 oo 00 GO 00 r^ » (M 'f CC (N "J O (N CO fO ® iC -^__CO__(M__ ^ of oo" t--" r-T oo' CO N C^ C IC ^ 04 CO CO ^ •rfi CO -^ iC 00 C<0 05 'f 't 1^ 05 ^ IM t^ (N r~ -^ O ic uo CO ^ O CO CO CO "I* "C O CO o CO CO »o a> oo 05 CO •«*' ^ c'^'-'W oi lo o t^ CO Tf CO lo X o -* CO Tt* I CO Ol — C5 Ol t^ o -^ lo o X 0^_X_^0_I~-_^CO_ Tt<" of 3'C CO lO t^ CO CO -H -H CO 05 05 Oi 05 lo CO tc 05 X CO IC t-- O ■*! ■* ^ CO CO O^ CO o -^ CO OJ O 'f ^ t^ r^ o ic CO CO CO CO 04 -H M 't* i-O iC 05 O O t^ CO o rt< ^t X CO — ' 1 ^y^. 9.£ 5 Ig^GJ OCOCOOX -^O^OSI^"^ icoixr^x 04010LOCO CO X t^ 05^0 -t_ 03_ 0_ 03_ oi_ * r^" co' o" o" io~ O t^ CO CO to CO O -^ 05 OJ CO CO X O^ CO X Oi O to f to CO o CO r^ oj o oa o X I" r^ t^ o^ X -f X CO CO X CO CO Ol OJ o t^ t^ CO t^ to to "* CO 05 -^ X to --H t^ o ^ CO -t 05 t^ 05 O^ CO CO X CO CO -H X 05 (N CO to r^ o) t^ ^ lO ^ UO 05 O -^ '*' X X t^ X X r^ vm X to Oi X ^ Ol X CO CO o Ol O CO -H lO t^ o t^ o o X -H Ol o o^ to t^ to ^ Ol %.^ »r^ (M CO 'f to CO CO to 00 '^ 05 O O 05 Tf^ o 05 -^ CO O) -H O CO -^ t^ X ■^ CO O X ■* CO o c r — r X O: to X CO O C 05 CO Oi CO C: X t^ CO c — -* S~- Ol r~ o oi o s» CO 05 -^ O Ol to "* CO t^ CO ^ to ■* — O) -^ X CO X X 0> -^ C3 CO CO — ' CO C Ol — m 3 |cUaiK o o o c o o c o o o x^o? co^r- r- x" to" x" o" x" ftS 05 X — ' O) "t" ^^ to CO — o OS o o o c c o o c o o x__ -r_ 'T^ X__ — >__ ■^" of co" co" of to Ol -t* X X O O) O! C CO o o c o o o c o o o O ^ to_^tO__X_ of Tt<" co" o>" x" — ^ 05 ^ — CO 02 oa CO oj o o o o o o o c c o CO CO OI OS -^ O) CO t^ — to '18 '^^Q Snipno jvs\ •^ CO O) -H o o o o o o ^ Oi ^ O^ 02 05 X r>- CO to Oi C^ ^ Oi Oi X X X X X •»t" CO 05 —< O 02 02 O^ C2 02 X X X X X 02 X t^ CO to X X X X X X X X X X 62 Complete Digest of Interest, Surplus Earnings and Expenses. o Q" .. . C30 a> to 0) .5 S fl -13 O O 3 3 , S) 05 P •* 05 lO v^(M M ^ O OS 'T3'7 g to o a t^ O IM lO M lO lO lO CO (N CO Ol 00 lO lO C? CO C CO »C O '^ O Ol iM •jusinaambay jo SS33X3 ni }U33 ja^j (•jnauiaimba^ oj jBnbg) -sjassy jaSpa^ 0} }tia3 jaj ^= ^= CO CO CO CO CO (N Ol (N O 00 oi t^ lo c^ o OO CO O C<1 00 CO CO CO CO (N 't kO 03 o o t^ (N O CO Oi r--^ ^ C5_ lC_ r-H^ t^ (N CO CO uO (^ 2 S " "t; j/^ bo rf C be c.-" S'3 S ^ ^= iC lO lO lO -^ lo ^ ^ ^ ^ C> 05 "^ ' — ' r-H -tl IM O CO CO c_ t~^ CO -t OJ_ tC (-»" tC tC |C "^ o o 05 r^ O CO 00 CO lO (N ■*_ ^ ^'^ f-:, co" oT lo" of co" (N IC O Ca CO R, ^^ '^~ ®, "^^ l-C co" ^ co" co' 00 OO O CO o CO lO 05 O) o 05 O ■— I lO 05 t^ CO iC lO (N lO 't* 00 CO IM lO O iC CO -H CO CO ^ ^ ^ r-f ^ ^ ^ o 05 -* 1^ c^ c^ iO_ -H_ iC -H^ IM_ oT CO oo" of •*'" •^ -t" CO CO Ol IM OJ o IC Ol 1^ iO r- in 00 -r 05 CO OC' t^ CO o t^ ^- in -r CO CO -^ in" in"-*" o in 00 "* CO CO O 00' 1^ CO cocominio icm-^-^-* '18 '330 Snipna i'e3\ -f CO oi — o ooooo O^ O^ O^ Oi o^ oi 00 t^ CO in 05 05 05 05 05 00 00 00 00 00 -t CO oi — o 05 ^ O^ Oi ^ 00 00 00 00 00 03 00 r^ CO in 00 00 00 OO 00 00 00 00 00 00 i Complete Digest of Interest, Surplus Earnings and Expenses. 63 H 09 '2 Ha a P H n « •- 1^ 05 IC ■^ lO CM -H 10 r^ — 00 CO to t^ t^ -)< -H 01 CO ^O 05 Ol uo 05 eo CM CO 03 t^ CO 05 -^ rt Tfl X X (^ CO t^ t^t^ 05 »— t C5 05 r^ X 05 — CM CM eo CM 3 " "'"" in lO X C<) 05 M CO to CO c^i oi C^l -f — CM 10 eo X cro"cM"o5"co" t^co"o"to"o" oo '^t^0"'c^ 05 t^ 00 05 — < C^) t^ — 1 -f "I" 'I" -f eo X CM lO to lO lO CO CO 00 t- CO CO to lO CO CO CO CO CO CO CO CO u 1^ 'I' t^ -f CO 05 05 ■* 00 t^ p- X -^ r^ 0; X to CM 10 CO CO CO '° w S a 00 't 00 00 00 -t 01 CO 02 -t" o- X t^ r^ c^i X — —. 10 CO ii-lgi-sl -H Tt CO 00 t^ -f_CM_^C0_t-_O^ C0__— __iO__CO__— _ CO_^t^_^CM__CO_X__ r- ^i^a^a^oit^ oTco't^^-H'to" Tf r-"cM"i--"co''^" 00" cm" •^" -rf X* 0" Gi Incre Sur fr. Insu ai Inves ^ 1 177 eo 05 00 -^ o- CO -r 00 1 ^ 10 CO X t>- t 2 S- K„ 10 C^l — 1 00 CO 10 CO CM CM -r CO 00 CO to t^ CM 01 a-. 01 00 '^ £ g -1" 03 -^ r--. to -r --o -H — t- — r X — -r CM X 00 CM S< iO_C_h- CO__SR 0__ 0^ -^^ 0_ r-_^ CO iO_^0_C^l_CM CO_^ 05 CO to -^ r^ s s *^ 10" cT cT ci" m" oT to" co" 0" r-^ X o*co"o"r~"c^r x"oro"io"cM" x' 2 ^ ^ (N r-( CO CV) r— t Ci ^ ^ f^ cr. CO t^ 1 CM to 1 ' 1 ^ CO -* Tf 1 ^ t>. "S S •/« — -< CM CM X -* -+ CO -* CO X 00 H •2 . o 10 T)H X' LO to CO CO CO F^ to 00 CO X t^ CM ■* H ^is co_^co_^oo i-i^r-^ to CO CM 0: to W 05_C0 CO__-H_ co_r-_^_^x_^-f_ ai !z; ^ co^ororoToo cSJ 00 00 1^ t tCco"-H"c"x" '+"cm"co"x"co" t^ Q > 3'C CJ rt (N t^ to '* CM 00 to C35 CO COCM f ^ ^ Tj< 1 < m n 7 ' ' 7 ' CM 1 1 1 1 1 w i = _ . 05 ^ 10 CO t^ -H r^ — < j^i CO C-1 — CO CO • • X • • • • X > "--li^g.^ ■^ CO r^ ^ CO r^ to CO 00 to -t • • ~t< . . . . t t^ -*_— 05_C ■* CO h- 00 — Oi Tj< r^ H 5„-^^_ oi » -^ -^ Oi — 1 r^ to X — 1 ^ coco -H CM CO — -H X CR — __0_05 CO CO 1^ C: CO t^ CO to ^ r- CO CM_^-*_^iO_^l--__ CM Mortal Gain Expei Savings, ^lo'— "o'co'-t- o -r 00 CM -^ CO ^H 'sa^CiQC 1 — "^"io"cm"x" cm" 3 oo CM 't CO t X to CM to 1 X CO ' •* 00 00 1 CO O 1 1 1 7 ' CM 1 1 1 i -III CM 1 as r- (N >o CO CM 00 CM ■* CM X X CO r- to to CM r^ o 3 S t-,"*' 10 LO lO CO CM CO lO CO to •0 CO to 05 CM to f X CO CM X co_05_oq^io_i.o_ •* ®_® «^ to 03 C — to C3 to "O CO — CM -asS^ *^ ■*" -t" r-" cm" a^ t>-"x"x"o"x" cm' CM"oo"x"r-"x" cm"-*"— "—"to" to" II ^g QC' 00 CO t^ CO to CO •^ CO CO to 't -^ •^ -^ •* to to — '-' t~- to , P 00000 00000 00000 a gj= =5 - = 000 00000 00000 00000 X ICC i c, "Si; OWt any dtc ngs. t^_ S. *-"_ "-"v "*_ 05_ as_ ■*__ x_ co_ o> C^ CO t^ C"! 00_ 00 X_ CM_ 05_ x" oc" -h" ltT eo~ to" 0" 00 co" cm" cm' a^ 00" 0" co" cm" — "CM"-H"orco" r-" is ^5 Us j^ — . to CO CM 05 ^CM — ^'^^'-^t^^ to to 03 r^ C3 CO CO CO CM CO to r^ lO CO --<_02_t^__X__ 05 —^t^t^^— co_ •^^r--^'*^— _— <_ t--_^ rip^» — "co'"riro'~oo'' crx"t>."t--."x' 0' cm" cm" 00" — " co" to^co^— ^cT cm" ^ ^ ^ T^ft 00 CO 00 CO CO CO 00 ^ ^ -* •* 00 00 CM CM CM CM CO - I'^o t •^ CO ^^ -H X r- CO to ■^ CO CM -H c: X r^ to i ; '33(1 3atpn3 Jbsa. 00000 05 03 32 Oi Ol Oi 0; Sft X X X X X Oi 0^ Oi Oi a X X X X X X X X 00 X X X X X X a 64 Complete Digest of Interest, Surplus Earnings and Expenses. j« 9 CO 5H ^ (no pjg 03S) siijcUng pajsaAUj Xq puy •auasay Xq psujrs SI qomM JO 4^ 11 > 3 3 , j3^ c-r o a iC CO -f 'f 1-1 CO (M -H ^ CO (N O CD 05 5D (M_ CO CO cq_ co_ se O 'l*' (N 00' (m" ^ C 05 o -H 10 CI t^ (N lO --ti CO CO CO r^ Oi 'I* 1-^ 05 (N CO 05 CO CO t^ (N "t -t C " o o £5 S s >-l c 3 u > CO li a. 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CO ^ O t^ lO CI ■* 03 -^ -H O 0> 1-1 CI t^ 00 Si -r CO CO -^ 't O 1^ CO o f r^ lo o «__t-^05^C0_^C0 arcrr-'''^''co" m ci ci r~ CI CO_-H_-^_iO CO oo~oo'"co'"io"io~ C» CO -H CI '^ 05 lo X o o io_'t_r--_oo_o^ o"co"cf x"-o~ O t^ O CO Ci a>_ci_co_^GO__'*_ co'co'cT^'o" ul -H lO ic o lO 00 CO 05 00 0>_C5_-^__--_iq_ co'cTx^aTar CI m CO h- cq 0_— '_CO_i.-5_CI_ o — 1 >o 00 CI >o 00 CO 05 r^ CO^^'^^O^O^CO^^ 'ararco'"ic CO* CO O LO rt oi CO CO 00 •— ' Tf< -*■<*< O CI 05 00 r^ CO CO ■* CO_CS_'»<_0__CO_ t--" LO* CO* cT CO* -i< ci CO -H 00 O 'Tf ^ Ci t- ooor^t^co coioiC'^-^ 00 -< 00 C5 CO CO — I CO »0 O t--_00_^_'O_CO__ t--."t--*rCrt*cr 01 CS t^ lO CO ^ ^ '^ CO CO t^ -*l CO 35 O CO 't* O ^^ C5 ci_o_-^_co_oo__ cT— "— Tco'oo" CO C5 -H CO O O^cO^-^^-^^OS^ CO* CI* CI* cr-^" "IS '^aa Snjpna j^a^ •^ CO d — o o o o o o OJ 05 C5 C5 GJ oi 00 r^ CO >o CJ OJ OJ OJ OJ 00 00 00 00 00 ■* CO d -H O OJ OJ OJ OJ CJ 00 00 00 00 00 CJ 00 r^ CO LO oc 00 00 X '» 00 00 00 oo 00 68 Complete Digest of Interest, Surplus Earnings and Expenses. „, oo IC-^ f t- COU5 •oo ^-.c c<5-r c o Of Of — O oo lOM t^CS ■sauiiiqi^'T 0) oiivy f lo ■-= 1^ I^OO MOS — t^ CSt^ CO- OC^ — -^ MCO — c. l^f loc; c-1 oo — so oo oo f CJ c — o« — « ^M o» C:0 t-00 — o C-. >o t^^ 2 ■T^ ". •*2g .-- .<- oo — f f lOCO O CI COCO C-J — — 00 OO ^M C-ll^ lOCC f 1^ 00 CO r^i^ o-o tCU5 OCOD iCf Oh-" 00 CO •X"^ — CO co" P5 — •ceo o'ci t-C-l r-oo o>o f CO ^ "S !=ao -*— 1 C-J ct^ CO C>)0 ^^ oco C-. o ^- o r-i t^ O C Tj" c S 1 f(M CO 1 CO ! ooo 00 — oco oo 1- o — oo coo CO CO X o — o t^o CO CI O X oo f r- o — oo r- 00 : o r^ CO y: : oo oo oo o o — ^ " OS COf CO — CO r~ o o O „rt ^^ — f — — < f -o o o ►3 s o — o ooo f o o_o o"oo 1^00 Of c»" COI^ — - -O OOt^ 1^00 t^f — o oco — — OO Of — ~ " ~ h-^O I^f f o r^eo oo o_f o_oo_ fo oo" — o o o t— co_ ooo_ o'co ot^ o r^ o — o — CO coo oo •2 5~:cc>- CO—" --^co oco r^r- -hc-i — ^H O CO o o c:t o coo Mi O O CO - : CO f — f o f — oco — o o t^ — CO ii o o oo OO'- CO — Of ooo COf coo SH: — o ^- OCJ ot^ COO ooo t^o f o CICO — o 00 CO r^co OCOi ceo Of — 00 coo CO f CO ot- O f CO f ^^-f coo CO o o o Of Ceo oo fco o — Of O— ^-O l^O O O O O CO t^ C CO ^ f CO CO *^oo r-o oo ooco o CO o — o o ■ O t^ CO ;0 I^^H »— T— ,— o t^— « O— — CO CO t^ — CO — CO : o o o — . — oco «.S o c u :o r^o r^o fr^ oo cof t^^^ o tJ2 f - 1 oo ^oco — CO coo" '-HO Of CO O O CO O 00 o»-< ooo o — Of o^c_ ooo" oo — o f o_ — "f" ceo o"— " o^H kor^ 001^ oo ^- CO ^-oo oo f o f o ^H^^ oo»o ^^eo Of o o ^^ CO oo t^ CO— oo oco oo — o oo ct- ooo oo O f oco COf CIO oo -t£;-.=i c ^ooo ^oco CO^- o' o" 00 o oo oo OOCO OC — « CO ^^ coo — r^ -^ o o — ' —CO coo oo Of f t^ ooo OC f o'—" o'r^' OC CO IJ ME.-- " — '^■ 2 is 2 o c.S-i 3 o < N pt; £ oo cc. -^ (m'o -co" CO — ■ O CO O' o c o o o o o o'co" fo" — O Of CO oo coo CO oo oo oo CO c c c O " ^ t^o f O CI o coo coo cox X oo r^— ' O -f CO O Of o"o — o — o ox X oo CO^T £o — o oco oo o — — 'o' o o c c coco X o o_o Cl' — CO o CO oo oo o_^o_ oco CiO xco x"h-." f o — o Suipuy aptoSQ CO o o oo CO oo oo oo C Oi CO (OX ox ox ox ox ox ox ox ooo ox > < H a. 2 a W o H 33 ^ Complete Digest of Interest, Surplus Earnings and Expenses. 69 — ICO OCO OM coo ot^ iO-r C-. MO CO 00 000 -r Oiro I^CO 0^- co 1 «o-* CO '— < C5 CO CC CO (MOl OiCO 10 UOCl O-f 00 ^ o — 00 - 00 00 ■* — • 00 t^ c^-l< OOJ ■- ■-' rt 10 CC' — '^1 CO f^ 00 01 c 00 00 CO OOI 0: C-) 00 — — -co I^CJ CO • -r ^ n Ol t^-r CO -I'M 001 GC'OI t^ 05 •* t^ M CC « OCO t-O C-l -T -r OM 00 CO^Ol^ ^1* ^_M CCCO COOl oo'c-f n-'cjj" co'o" >c'tC co'co' >o'oo" — ' o'o' cs'— >" 0" ■ t^oo' o'o" co" o"i— " -co t^'co IM03 -H-)4 00 co-r COO r-t^ coo 00 0^ c- ■"J"*- cooo r-t^ ooo ooq_ ","'_ ^."^ •racn co-j< ta O-^ lOt^ .— . : ccoo 00 ^ — .*— CO — oo'co .^'^ cS^ IfOCO CO— • -r CO- CO —1 cc'of uo'm' I - : " --.- t^ : III into Olio -^to -s-co ^- t~o^ 00 or^ 0^ o_ IO'm" -*-i<" co'io oo'o" cir-T i--."o" t--- o'co" o'o" co" o'o" *t-'co ci" o"co •*'t>r coo' — ' ccm 00 00 00 OJ OlO 05f^ ■* OCJ OCO ■♦0 COOO CO 01 ot^ ^- (^ 1^ W 005 rs,^, lOUO CO coo MO 00 00 CO CO 01 O) GO C -T CO t> , CSI 1^ — T)< c-> 00 t^ CO 6c -t* 00 "J" 00 M t~ 1^ M 00 OCO — ■<»■ CO — C MO 000 « O] CO — 00 ^0 r~ o_o_ ^_-* 000 0000 00 00 oo «'« (m'uO cTi— " C:'l--" -ro" i^'m' CJ" •^'cT m'*o co" o'o' m" 0" qo'm' o'o" o'o" .— ' * f liiOi Clio c: r^ o»o C~l — — en 000 a-.— 00 CO 1^ 00 00 ' ^p i— t CO Ci C^ CO O] CO o_ co_ — >_ ot^ t^ — — — 00 t» OCO t^OI Of e tC-rjT — tntS -fc^ C:'o' oc'io m" t^'co -co' .^" *t"'— " 01' — .-*' h^ <- ^ "" CO — Ol ^^ M M 1 oo 005 —10 OCKl o-5< -<o l^oT (N*"of GO CO co'rC -*'cc iC o'm' —of '^'. •^r^ t^^c*: 0" ofo' o'co' 0'— " of c f CC 'I" OCO O-* 000 tli — CO 00 -^ t^ZC OliO c CO CO l^ r^ -f 00 oj Tf c •OCl "_CO_ '—.'O '^oo MO 0_-H M_ — ■ r^ -1* 00 co_ M_— C CO 1^ •^ CO M CO °i ^ — "lO •^^ COlO ^c^" 0'— ' CO h-T m" o'o' co" ^ o"of i-T 00' ^ r> C^rt U5CO 10 oq " " CO C^ coo OCO 10 CO CO t^ ot- 005 00 • CO— coo t^ • t^M M — . t^ 00 1^ M 00 Ol -»1 r~--r> 00 ■* 00 C> C-J COl-O OliO 10 • — 000 r— • CO 00 — ^ "J- C 00 — -* (X >OI^ 10 C5 CO ^_ '^.'^^ o>o '-_00_ M_ • -f— OCO o_ • t-^co OiM M* • •*O0 OM t~M M ir lOC-f Qc'r-" — "c3J" -*■— ' co'o" lor^ ci" ' co'm' 0'—" -f" CO *c" co'co' 0" ' m"co" —of o'o' 0* t- • CQ OC^l oj — u5 ic :c »or^ OS . •TO -JO : coco '. coco MCO ^ — M -n 00 t-1 010 t^.>« ="1^. 10 -f -^ CO . TT — CO 00 1 1 MM coo ■* "= — -h'oo' T-T coc^f 'rfToo 00'— >" !>.'■*" • o'co' 1 co" 0" '■ Co'-h' m' I i-T • II -' CT - X: c^ — Mr-. 1 ' 1 2I= r^-^ 00 coo coo 01^ l-l- 'J. • o-r OTf •r ■ r^ — r^ CO . CSSi Cf- O^D t^ C m (NO oico —■0 >o>o 00 CO 0^ • 00' CO 00 MO 00 • =0-^ m-jC COt^ Oi ^ -«<00 0: 00 CO — 00 CO 00 T*" MOO CO • M 0_ — CO o_ • o_^o_ 00 00 • lOOi tnc^i CO'^ U3 o- eoc-i" cc'-<" -co" co'oi" o"o" crro' r-" : r-'o" —0" r>r • co'co o'o" 0' ; ■^"c-f C^l'iO CCiO W CI c 00 c^ ■rf -^ CI GC •'T -* CC 0— ' -^ . M t^ t^ . 00 00 . oO'^ 0— r^cN 00 -^ i^ t^ OJ — . CO c:3 |.~>ra 00 00 . oc_ . o_co 000 "5 . ^^ t-lo 000 -^ -^ or^ cm'-^" c^'oJ o'iT r-'oT o'co' — ." ■ ^'M CO": co'- I--.' • ^^ 0' 00 c 1 oo CO 00 00 00 00 ■ 00 00 ■ 00 co c ■ oc: ■ — ■ "^ CO d V oo 00 00 00 00 00 ■ 00 00 c • CC CC c • 00 00 _9 a -*o_ a-.-r iooo_ 1^0 10— T corC -^00 OiO • m'-o-- 0" ■ — t^ OM oc'o" oo'o" t^ ■ m" I -c'-f" cot^ o'o" M_ ■ tA coco" c-)tC -t-'r,' Tfci Ol CO 1^ h- 30 CM CO COrt oi ^^r^ r- -roi OCO : »0 00 CI i; l^05 10 IC C^l CO OJ co_co ^H t^ CI . COM M_O0_ o_ : ■*° 0-" coco Cit^ ICOS o_ t-. no co'-T o'o" c"co" —"10 00" 00" ■ coo f-To w^ • Oi-^ oo'-c" m' • t^oT cTcf co"'^'" — " (3J T»< cq ao CO oi MM -HOO 10 ■ cot^ 00 • t^co 00 •^ ■ ■^C^ CCCQ lO-^ 00 (N-< — o«_>o mc-i M • M to co' 1 3 .2 ■*•* •*■* •*■* -*>■* ■*-* ^ ^ ,^ ^ ^T "T T-r I--*- •*^ ■*•* ■<)•■* ■^ '^ Tt«-<*« •^-<*« ocn 002 00 001 OCl 00 OCJ5 00 00 00 00 CO 00 00s COS 005 en 00 CSOO 000 CI 00 OS 00 CSCO c-.oo 000 000 000 000 000 ooo Ci 00 0; '00 Oi 00 ■* •* "cS •c 00 3 73 3 c ^ 00 H 00 00 ■V : 1 £ JS >t cs a '■5 U3 a c E — : 3 3 3 ~ c5 3 3 ~ r3 tfj H ii c fS eH n _. •^ -if e a ^ c c 1 a 3 a § 2 =^ ail c c C3 C3 "n C til in & S .2 — — c s J^ — 1 e 1 2 4. 2 a. 2 c c c a ft. £ ■i a. r. c c 'c 'c i 5 13 i Complete Digest of Interest, Surplus Earnings and Expenses 71 PART 3. Table F: — Individual Company Holdings of Different Classes of pages Securities, 1895-1904, with Rates of Interest Earned; also Table of Yearly Grand Aggregates 72-83 Taljle G (a): — Mortality, Actual to Expected, Percentages 1895-1904 84 Table G (b): — Mortality Cost per $1,000 of Mean Insurance, 1885-1904 85 Table H: — Expense Cost: Gross Expenditure, Its Application, Trend and Economic Results, 1S95-1904 ..... 86-95 Table J: — Expense Cost: Recapitulation of Individual Company Ten Year Aggregates, etc., for Ready Reference .... 96-97 Table K: — Waste and Gain of Business, 1895-1904: Gain as Index of Quality of Business. Summation of All-Company Aggregates by Years . 98-99 72 Complete Digest of Interest, Surplus Earnings and Expenses. _ bfim _ o — o> CO m in CO -)■ 3: CD CO -«• X ■fl- m 35 35 O 3 t- "- ^*^3 5 3^5 in 00 oi CO 01 •* •* in in in - in in CO ■* in CO X- -^ Ol -«• -r -f -r ^ -T- -H" in in ». -a S £ ^pH lO C»5 I- ■*!< ^■N -^ e-i in eo eo ■* M (n" N i~ to S?. g § K g C^ n ei -^ eo ■*' N •»■ ■*'■<(< CO CO of CO CO e<3 e<3 w iA m 00 o o s^iiii in o CO t- X li 1- « o m CD Ol to 35 — ^. % § g ?s en bfi _ lO 50 crj m 2 e 35_ O OJ rH l- ^1 «»^- ■* cc" c" — ' CO of (M* ei" of of of cf 35 o" — t^ of 1- of ci .— ^ Xj CO oi CO H- ;^] in O 35 t- in « CO 04 OJ H C< S •* M 5-< ?1 CI — 1 Ol 01 H- U Af i- m r-i O — t- O C i.n 35 1-1 35 OJ CD CO S 8 S g S u ■* X O 'C C^ 00 -* — in CO 1- 35 CD W5 -l- Cash in Ban and Office = ffl t- O rH ■* -T X o — Xj. r- X 35 to t- 01 o in o H «^' § g ?? g co" of X 3r irf of -^ of CO 00 tf -4 f r S' 5 a u a 0> CO O X X t- LO O X to 05 CO in in^ CD in 35 X t- -T in in in in to in -T -I' Ol Ol lo" CO t- co' to" m" co' of CO* a son eral, cy ves, etc. 05 oo '^> in lo — o> in oi CO 35 X Ol in x) -- O rt -H o X h o :o »c c^» o oi CO in oi m 35 35 ^ CO 35 CO in Ol CO CO 00 (M CD r- HH -* CO X. C. H- X 35 p. CO t- r-i CO o m' t- O Loans Collat Poll Reser etc., «^rf s g s' 2 of in ^ t' CO i' § £? § ^' in" o" x' CO -^ O) 1- to ^ -r 35 X Ol O 01 Hi < t- CO. to CO e^_ '* ■*" CO co" CO I- -* Ol C. 35_ of of of of r-f CD to CO o: 1- « "C ^CO t- to OD O CO ■<* t- 04 O) in Ol X CO —1 CO to -^ X X rt C ^1- r-J 00_ OJ CO CD t^ Ici CO t-^ to r- ^ CO 00 CO rH 00 ffl O -. 05 CO 35 CO ^s^ t-^ t-' o6 -<}! oi t-^ t-^ in co' to in CO ■* -* •« CO C 35 O t^ t^ O CD ■* ,1 O) -* CO CO X o CO in O •» X CD t- ^o o 05 CO in in in ■^* iQ lo t-; O X O 0» e35 ■<(; in t- to 04 O CO in CO id to in CD to "•ji ■*-*■* -* in in in in id w CO -^ CO o >- S5 g g §g ?5 O 05 r^ 05 CO -r in 04 in p^ 01 ^ f-H CO H- O CO to t- X Ol " -♦ 35 t- CO CO H- t- en ffi CO -* x_^ in_ t-^ in X X ■* Ti m O 35 CO -» m €frr-r O CO i-H 00 00 00 t~^ t- CO •^ in t— 1 Ol to 35 X 35 •* -T /; F 1- in I- t- CO I- O 't 1- OJ CO O O 0» C4 in m CO CO in O M O^ ^ (N 04 04 u aj CO 1^ O '* GO to in o o o -» •>* in CO to t- »o « o in X Ol 35 HH in CO IM O rH 0-. O t- -* CO ■* 35 O — l^ 3: ^ — CD 35. o m CO co_ eo_ CD ^_ X to m" in CO in r- r- o. 35 t-^ -*" CO* of o* 00 in 00 in X Oti H^' to to 3°" 32 05 CO O m CD CO t- t~ in to 35 l^ 35 t^ l;^ CO O CD 05 oi in W O r- (N -f 00 -* X^ I- in ■* tO_ GO 35 -. CO_ t- ■* r-T no in co" CO of CO ■** -* of ■>* ■* ^' ■* ■* -** in in V -* S CO 0> 04 OJ IM 01 (N OJ Ol Ol £-g r^CD ^ in 3i o in CO o: o ,-1 in o X CO CD t- O Ol OJ X ^CO O (M 01 CO O l- in M t-; -*■*■-* iri •* 3- CO r- CO -* c •"r CO O CO CO -*■*■*-*' CO ■*-*■* ■* ""u ^ — 1 t- -* CD t- CO CD ,-1 CO o •* t^ -* o 35 —1 CO CO X CO ■* X X in o) bo •— i-H Ol C7- CD O CD .^ — O 35 t— .-* CO X cc in -* r- X 05 in X 1- Ol. CO X O 1— o in X CO -* t- S.5 OS «©CO CD OO CI iC of -.D in of r-" rH m o in o -£ CO* in* to 35 ■* u « ^ a PC Complete Digest of Interest, Surplus Earnings and Expenses. 73 o» _ _ lO ^J ^ ,^ ^ -^ _ X -s CO la ^ X CO = CO ^ . ^_ _ ^ Ol e g g ^ 05 c X X o r-> o r^ zi OS CO ta X- X c ^ CO oi CO ■V •a ^r o» lO -»• " ^ iti in lO' o la ■w "* -^ "^ ■* -t " -«r ■"^ "^ .a •» " " " "^ '^ " "* "* I- GC ~ lO CO 05 CO •^ ■o •^ -, CO ^ c^ T _ 3 ^, la Ol .. CD 2 X ~z o N >ra ^ a> o 05 X ih ■^ CO t^ X ia_ la la »-* CD I" X c CD I- ia ■* L- id CO CO CO "* ■>»■ "* ■w •^ ■^ CO CO CO CO CO ■* ro CO CO CO CO CO CO "' " " •w cc CO iQ OJ la CO 4a ~ CO E CO X o* ^ la ■^ !S __ t;; __ "7 "7 la X i; lO CO o 3o X o X X X; la oS 00 CO c^ CO ia_ t-_ t-^ o o CO OS OS o OS ■* -s^ le X X o CO (N cT eo OS X o ■^ la" CO la' CO CO CO eo o OS CO la o to _ o t^ X CO o ^ _ ^ o ,„ lO ^ o _j ^ -^ ^ c^ Ol o X ._, ^ ~ o -.t CO IQ o o X ci s X CO OS CO CD CO «~ o la -* o •^ IC 1/^ CO o s o< ia_ 00 t- CO x_ OS CO CO C5 IC oc "2 CO SJ CO S" la* CO o la' QC la Ol X CO o< la o '^ X Ol ■^ c5 CO CO CO m CO CO ■M os^ •^ OS x_^ ^ ■^ CO ■^ ia_ t-^ 0| '^ •a_ "^ x_ 05 xr t-^ x" x" "^ *"• "^ *" '"' "^ ^ " CO CO CO -* -* "* -1- t- ^ ~ n ^ CO ~ ■a 2 CD ri j_ o *a -* ■* ,^ CO ^ j_ X ^ g „ •* o ~ o ~ 00 rH CO •* t- a c~. c CO OS o •M >a CO CO X OS 00 '^ »— ; CO la 00 00 g X iC UO la i6 »d o la CO la la -d> la ta la la la la la id id "* "* ■^ "* -w •^ ■»• -* '^ •^ e> w CO s CO CO TO 52 o^ X CO o> ■^ 3 ^ t- OS ^ X OS ■w s ~ CO ^ la oo oi CD ^ 3 (N IM O) o CD X !>1 X ZD cs OS o O) OS o5 OS 7^ X o 00 IN. § CO o_ o_ >a '^ 05^ ia_ OS la X X 2 X 00 OS la c-7 2; t£ oo" o x" CD o" x" ;^ c^ o o OS ■«f la ^^ la ^ la CO 04 X rH Ci oi CO •* •a b^ o_ OS M 00 t-- t- '"' " '"' ^ ^ '"' rf ca (N " IM N -' '^ " ~ "* ^^ '^ * •M lO CO o OS t- __ X ■M o t- t- U3 le CO ,^ CO X o CO Ol r^ t~. la S3 CO ■^ o» cc C^ X o CO c<» CO OS t~ e* OS CO (M CO X X OS o OS •^ la tN. OS o C5 o « -^ e-i c_ S CO la os_ c^ o_ ■* os_ o le ^_ co_ r- os_ Oi 2 la OS t-; 00 la CO o" •o c= O CO co" c" CO id' »-l of of c* X 00 C5 CO 5* CO rt o CO CO X o T X 1 x oc t- X X o la la c CO 'A ■ri c_ x_ ^_ 00 t-;^ t>^ ia_ o. la CO CO o_ OJ x__ 5 CO o» ■rT c-1 ■^ CO CD o CD o» la id" la OS CO c~> S CH CJ O) Cl CO CO CO CO r- t- o "* eo n N CD ~ X ~ _, U-. "7" ~ X CO X ~ CO OS ^ OS ffl CO o la ~ X ~ ^ CO ^ ^ ~ lO ii CO c T-< X iC CO OS CO -»*« >a X CO OS o CO Ol »a la CD CD ■^ ■^ -* •^ "* ■* o la " ^ la' "* "* -^ "* •* ■fl! -* "* ■C I- o o •^ 1- »a X «a r-^ X O CO co CO OS g OS g. X pj* ^ ,_r t^ la ^^ -vC of ^ f-T la" •^ CO ■vjT ^ CO CO CD s CO CO o" ,~r !N M M ri o^ !>) - t- ^ ^ ■^ - o ^ CO (M ^ o o X ~ "Z" la ^ "ZT "-7 ~ ^ _. X ^ "J7 •a ^ co C tJ 10,265,775 10,159,815 9,015,064 7,869,830 7,270,117 7,011,149 6,769,313 6,274,745 5,844,476 5,450,595 7,294,637 6,544,942 5,872,954 5,228,937 4,606,732 4,172,982 3,777,991 3,iJ51,487 3,429,513 3,263,557 2 -* CO O r-l O o o o o o S 2» 35 C5 * . 1 llll S OT C^ OS Cfe X X X X X u Z < 5 o z C ! 1 Complete Digest of Interest, Surplus Earnings and Expenses. 75 o lO S ^ 05 05 lO CO lO t- 1 - o o CI in c in o l- CO CO in (H 00 in c« ?. 00 05 o o o o 00 la CO CI o CI 05 S-. CO co Ss CO CO t- Oj I- 00 in to "* ■^ " ■<* >d id id id -* id id id id id id "* •^ id id id •c -* •^ " '"' "^ •^ !0 * I' ?c CO CO 35 X o s lO oT 05 ei o 00 CO t-^ t- X CO X to X 00 cT CO CO CO CO o t- IC ■* o CO CO c» to lO in o lO CO t- 05 CI s CO o X X X "•f CO c< CI c^ 00 :o o ^ CO to tr- ■* 05 ■^ to c> CJ c ^ X to ~ in X t-» lO o * CJ ~ in ■f 00 Oi 05 00 CJ -JO X I CI in CO CI I- to ■X CO CI oo X CO M to cc ■o to ie o CO .h CO -* •H^ -* t- CI^ m iC (>* CO eq Ci" c o o C5 35 s; X 05 CI CO o (N CO CI IX CI r-1 CI p> CI CI CI CJ « 00 tc 00 ^ ^ o t- ^ in d co to CO ^ t- o X 05 o a to CO ;d o to o CJ CO CO X -* 05 X 35 O c5 -* cc o c ^ "^ c\ 00 CO lO lO. CO tD_ o_ co_. »-l CJ_ t- co_ in ^ -»< ■* -^ o. o o:^ CD o -* ^_ t-_ GO to c" t£ ^ o* to - CO to cf o:" CO CO CO o' id" o id" cT C5 CO J2 Xj ta X IC o ■3- CO CI CO X t- CO 35 s CO '* d P^ r-*_ lO 5_ s. -^ ■^ CO CO ^~i. ^ CO 05_ CO CO to in in CO CO lO ^ id in in ci" a 2 2 " " o ■* ■*" CO co" CO CO CO CO ^ --0 (M CO _ o IC T(< CO ^ CO CO 1^ t- o in in CO t- o t- I- CO C^ in CJ ^ ^H rH -^ rH 53 rH to lO to t- - CO t-; to t- t- CO t-; 35 o to in CO X o f-l o t- d lO la id 5? X CO 00 in CO CO CO C5 to t- X 1 lO_ a\ IC t-_^ s o_ c: X CD 05 X ■* >* o ■* 05_ CO w T-H "^ -* 00 co" 05 00 00 ss rH X of C4 cf to o" in CO cf t-T ■^ t-T 00 t^r cT o" o CD 35 -

l o CO i5 -^ '•S i!i CO a fo IQ CO cf id to c < o co" -»*»" 35 o" •oT o" ^ i-^ ^ cf o" CO ■^ cT co" J^ o" CO -I- 'M ICl oo to lO to X t- to t- t- t- t~ 35 in CO t- CO o « s in cc -* CO CO ff< (M e< IM rH CD in '^ cc « N "^ 00 ^ lO CO t- o ^ -* LO m CI t- 05 Cl in CI j^ ^ o o >a '^ * t- t— X lO C5 s CO IS o o CO CO in m o o t- CO X o s c. S^ oi_ t-;^ ei co_ o lO CO X_ -1^ 35 CO "^ 35 o. In •f ■♦ G0_ 35_ t-^ CO ^_ ^ c^ ■* 3 ■* t-^ 5 (n" CO CO CO 00 ■^ 05 CO X "^ s 00 N c^ 00 in CO ■* o o X CO X CI s o ■* lO CO lO, c^ 05 o^ 05 CI_ 5 ■* 1^ CO ■* lO lO^ t-^_ 35 CO X^ X t- Ci o c^ CD ^. « o oo" t-^ to CO id ■^ CO CO CO CO CO CO CO CO co" CO CO CO CC ^ o" C5 —f 00 t-^ t-T to CO " " •^ M N ^ o 1 00 00 i to" lO •* CO cT "^ o s oo" 77 1 in '«*« ~ "cT ^_, o OS 00 t— to o ill o 05 05 00 1 r-4 22 1 o CT. § 35 X s § 1 2 i i g I 1 X X Us 00 M O "il 8 f a a s a i a a .c s s ^ IS 76 Complete Digest of Interest, Surplus Earnings and Expenses. 3= ■32" ire ri CO iC ire ,_ t- CT. ^ ■^ 1' CD 03 0. •^ ^ CD 03 -^ 10 ^ CD i - ire io ire ire CO CO ire CO ire (-l« M« -1- ■^ ■w ■* ■* -^ -«i' ■^ "' ■* ■* "* ■^ -* " ->• -* -* id «. ^ ^^ :d ^ CO 00 t •* s 00 ire 01 1- CO CO X; M = a — ; t- oj CO in CO X ^ OI X o. Oi « * n M (N rH IN M ji «— ' 25 s cT '^' .-T t-' ^ CO co' t-T t^ t-J" ^'■ T^ >-<" xJ CO CD — • 00 CD "^ t- CD J ih *_ CO X ^ '^ CI ^ ■5 0. co_ CO t-_ ^ ire" ~ ■^ 0" — " of < CO 04 OA ^ " "^ "" iH rH to "C ^?? 3 CO 00 CO ~ X CO O) —1 ~ CO ^ ig ^ 33 — rt c 1— ' ■* 10 X ^- 03 X CO ■* s ire c5 c Oi M 10 id id id id id -* •* CO CO -* -* <^ •* •^ -^ "^ ■^ ■^ -^ "^U ~ ^ U3 2 03 S 03 ^ CO t- O) 03 IM •5 CO x> tC ^ 03 CO ire o« 33 t- X 33 CO s •> t- ^ t-; ire ire_ c_ o_ CO in X CO CO ^ c «■£' 10* (£ CD s' t- CO 0' CD CO 0" " 33" t-^ 33 0. *?! •a CD ^ 33 CO CD CO X CO 10 ire ■^ ■^ CO CO e> S co_ CO 0^ 0^ 33 S3 0: X rH-.^ " r-t ^ " ,_ "^ r-i CO 03 t- ire ^ t- X ~ CO I- CD 10 X 5? Ol CO CD I— < cq X '^ X in CO oi ire o_ « CD OS ■^ f"" ■X ire^ CO 00 03 1-. 00 *-H. lO_ lO_ c. X_ X_ m^ CO co' 00" -»i< la CO CO co' 0* CO of 33 fH in" CO of -^ a+J -rl X c t- X X 33 ire — ' Qiai 'X^ l"^ "^ ■^ -* co_ '^'_ CO ire IT in ire X_ y-^ f^ ■* =i H s " c" 0' 0" ^* X x7 '" CD ^ CO CO CO 0" CO ire" o< ?s « Ol ?5 O) o» m -t3 ^-^ CD CO s 10 X 10 10 IQ in ^ ire CO ggM ¥3~i rS — ' 00 03 ^ oT ^ CD ire" ire' id" 03" -N^ CO t- CO OI C3 CD '^ ^ cc •+• ^'\ x_ x_ >» iO__ t^ "^ CO co_ ire -^ o_ CD_ ■^l ^. 90 CO x' CO -^IT 0" IT ire 3-r CO 06" cT M C-l ^ ^ 3- X X '"* CD t- ■D S si ^'^ _ CO _ « 1" fM _j ■^ ■^ 10 CO ~ CO ,, in CO in rt c CO K CO CO 03 ?^ X t-; ire ■^ •^ m l^ w Bi a CC ■-3* ■* ■* CO ■* •* ■^ •<* •^ ■* ■<(< ■^ -* ■* •>* *<*• '^ -jJ in M „. « T ^ CO X ^ 03 10 CO OJ in ~ C3 ire "^ -* lO CO CO c 33 cs m S.5 '?? Ci I— ^ r^ ^^ 0, 01^ r>l c-l. ir CD X CO 33 .0 CO «c ■n uj' r^ 03' CO CO t~ ^ 03 X r^ go V^ i^ "C ^ of x" co" 1 00 p CO c CD ire CO ire CO C5 33 ^1 c^ i5_ 05 CO ■^ CO ?) X 03 r-. "^ OI u -M oi" '^ ■"■ C3 ! 2 ^: C2 c; " X X X X 00 S 2 33 X 2 X 00 u z. c < « flu ■M s ■5 u 5 (U C S is Complete Digest of Interest, Surplus Earnings and Expenses. 77 .. X ^ ,, ^ ig ^ c, ^ ^ ^ ,j ^, -, ^ -^ X -s* -, CI CI X id id id id " 5 5 5 id CO - ^ ^ n i- X, - -0 - 5 I- in -* -r ^' '^ CO to 05 ~ -1" C-l CO ~ ^ in 33 "7 CO ~ eo t- 10 IC CO ^ cc in ::; S5 C^ ,H 5 S o X 3C Ol m -M ■^ « ■^ CO X L" CJ CO CJ 10 i-j in t- t- « CJ lO US id id li id •^ ^ id CO id id id id id id id iC id id id CO "* "* id " -* -* id •* «i ■* 15 i- ,_ c CO ■* CO ^ CO CO X ^ CD ^ CO in t- CD s C5 35 CO -r CO X 53 X 05 oa id CO la CO CO X c ■^ cn t; CO co CO CD ■* CD a> -* CO Ci t-_ '^ CO CO in CJ ^ CO CI. t- t^ o" CO CO t-^ ^ id CO CO x" id X X ss M in CO ifl 35 CO m X X X X M c: 05 X t- CO CO o 3 c< oi 0^ " CI CI « IM CI o ^ ^ lO X t- QO ~ ^ ^ "s in CO la CI X CO m ~ _ t;; ^. ^ — c oi o » !0 b- t- t- CO CO X X X CO CI ^ 5o CO ■^ '5^^ 00 in CO CD_ ci CO In CO in so 15 ci v' t^ M cT X -^ t^ S8 t- CO Cj" t-- cf X CD £ :* o cc 5 a co in o c-i X X CD CO •^ CO in CO CD 00 X X 00 X t- tr- i) -0< ~ CO CO CI m in X X CO -n CC Ci o X ^ •^J _ 30 _ ^ J^ CO »H ^ 01 j^ in „ X X „ 35 p t- rs X CC X CI r-^ X 35 in ^ 5: CO ^ X -r c:^ rH s co_ lO_ co^ 2^ CO co_ CO 35 0. o_ x_ ■"T CO_ — _ i-^ o '>r o id S ?7 j; Ip *l l-T -9^ tJ" of uri" 35 co' co" 0" r^ in" CO ?t of X ^ fS -^ CO co" 00 t- o c? X X .-1 ''l ~; -^ X X -^_ "T. c;_ "l — _ CO ^ x^ CO ■^ *i t^ -1^ t- co^ 35 35 l- CO c_ ^_ x_ c- trf '-i^ ^' -" id 'Z - = 2 ~ -1- co" co' fM C) C) 'T* CI '^ '^ co CO CO «" co «' CI CI :o »c CO X in CI o CO Ol X X X CO j? ., CJ X m in X ■* 35 lO ^ CO CO X c: O) 10 ■C3 «D CO 35 CD 3 X X •* CC CJ X c:5 in CI id -o CO o id id ■^ " '^ "* ^^ '" '^ t^ t-^ ■^ IQ CO "' CO '~ l-^ '~ t- m id ■«; -v ■* -^ t- t- ~ •-C X X lO .^ CO 00 ■* ^ ^^ -* X „ CO _ „ X _ -T X CO 01 m O CO X in CO X 01 CO in t- in X X ^ 6; CO X is M CO b\ in CJ CO CD X ■^ in ^ Jil -* 35 •=_ CO -* -^ o a in X X t^ c:5 CO ur: t- t^ CO in 05" CD -^l^ X CO 35 CO 35 t* O in CO CO X CI Xi X ?• t- CO c X t- r- (>> ^ s ■^ la o "T o oi 1' ~ in o» C3 ■^ in oc t- CO ,, X X m 3" X J^ _ _ s ~ X CO 01 in c^ c-. s CD in ■* X lO_ t-^ o t- OS e^ CC_ CO ^ CO co_ t- •^ ^^" e-f CO id OJ cc cf CO X CO ■* 10 -^ CD cs « o cs o lO C5 CO X CO CO cc 35 35 ?-?- X S c_ CO IC^ r: in X 00 00 *1 c; -^ CO CO CO co_ co_ CO M oi- '^' -' -' "■ ~ ^ " "" ^ '"' " "^ ^ c> CI e» -' 01 CJ CJ CI — Tl o cs CO ci '^l in CO '* -5 CD c: t— ~ CO ~ u- C- ~ CO CI 35 V3 ■*• o =: Ji CO in X X c M c 7C CO w X 35 -^ CO CJ t- 00 id -^ •* "^ id id id id id id in id id ■^ id "* '^ 0* •^ id "^ " -T ■^ '^ -5- •^ '^ •w -* « o: -* ~ in CO in X _ t' ^j ~ CO ~ ^ ~ _ _ in ^ in X .„ c^ CO t- — i-l CO » x c^ CO c ;o t- c. CO CO C5 c CO in CI ^ io_ ■o t^ o CO CO -^ t- *. t-_ CJ in t- Ci in 't. X "*- CI -w t-^ 00 CO C5 t-^ of 35 co in" s CO id X* ^ 35 in CJ — 35 O iS IM X 01 •^ id o» a CO CI ■* CO c •* in 0* N ^_ C5 t- X x^ x_ CI CC X S in ■^ CO CO >— 1 o< ■* ->* CO CO CO CO CO CJ CJ c< ef (>»' — ~" '^ " ~ "^ "^ ^ ~ t- -^ o CO ^ CO Ol CO CO ~ t- CO CO CO X c ~ 1? s in -5- CO X lO o o o X in in X t; CI CO .1 CO OO 1-; l^ T-J^ CO ^ X s ■^ Cl^ *_ in^ CD "i *-^ co^ — Cl_ c c. CO CD c: c: of 35" CO co" x" tC c' cf" cf CD X •* t-^ C-1 t- t- X CO CI ■3 t- X CD •* CI CI t- in CO 01 o o CO in CO x_ 55^ CD tr- cc CJ X_ t-_ o_ in 00 H f^ id « c: af •^ Ol 0" od CO id" ■^ C5 X I- 1-" CD in" CO CO CO CO co CO CO CO ■^ ~ ~ C-l iC X ~ in CO CO ~ ~ ^ X in CO X _ ~ ^, _ _ -^ . — "t "^ in in in X cc uO X »-H at CD 5 CO do I— t-^ ■^ CO CO in in t~ to X " ^ TT ^ ^ ^ ■^ "^ -^ "* "^ -T ■* •^ ■* ■^ ■w -» ■* "* "* •V ■* "* -* ■w CO ■* -91 CJ -* 53 l-O CJ CD CO o: Ci IQ X ac CO ■* ^^ in X in 01 C5 iS _, „ X CO CO — ' 00 1-4 in CO C5 in CO in CJ X in 0_ -"T 3_ X X CO o o X 00 i- 35 CO t- x_ X X CO X CO '>* CD^ ** CO CO in o t-^ t-^ ,_^ cc ^ CO 00 t-^ c ' ^ c" ^ *■ CD iC CO ^ — r cf 0" ^ y* ^ c" 35 cf co" 0" c Ol t- C2 X CO X ■^ t- CO X X CI in CO c X ss S 00 X X CO ICI 10 m CO CO CO CO t- CO «> CO CD lO in to QO s t- CO ^, "^ t- 35 -f ■* CI ■^ X t- eo CO CO ^ r- i^ CO CO 2 o< *-l OJ CO in X i- t- ■^ rH CO CJ Ic fe 0)_ l- o. lO_ o_ C5 '^ o- t^ ■^ co_ c< Cl_ in eo. CO 00 CO in^ CI ^. ■* t-_ -* x' CO CO Ci cf 35 cc 00 CO 00 x' x" in" in" Tt 00 CO CD C" CO CO « C5 CI X X ■"T m S 5 in in CI c: t- 35 CO c: CJ "S j° CO (M co_ 00 33 lO_ l-^ x_ c:_ c_ CO 5o_ •^ c^ 35^ t"^ ■* ^ •1 in — " C5 id CO o{ c x" 00 t-^ CO CO CO id" CO CO CO CO CO co" CO CO k 3 > s «^L/Fn RNV^ TY 78 Complete Digest of Interest, Surplus Earnings and Expenses. _ Ma ?2£ r^OS ^ 35 IN {: § 3t je ?2 35 CO 10 X Q 1- CO CO 35 a la .1 CO o> ^C^ (N -r -* O C oi ■♦ -.r t- «-S5 -* ■* ->r ■♦ ■* la d d uj d «. T „M O 3: 3-. 3! CO X 0» X 40 CO 01 CO ..-. 3 g,;^ o « ^ X ■v n -9 m n » 1- CO *r5 CO CO CO CO •♦ c; -r ^ 35 m CO CO CO ia T d d d 10 10 d d d d X 00 IQ Si CC a •« X -« o< CO — O) CO t^ ^- Ol 00 •* O CO 35 * M X t- t- -«i 05 t- ^ 35 C S 5 ^ ? s ■B C 55 X C^ d t-H •I ". ''^. "t f"! r-^ ,-1 i"^ 4a »i ul «»^' c^- „- =-: „- 0' t-^ .-." or C5 la* cT o« t- oj cT X :£ Cl^ tc S S5 S 5 5^ i S 5 $ oi_ 35 X t^ S S g d' ^ 3 w Ci i-l < rH r-< son eral, cy ves, etc. ::=■«• t- C 31 CO CO CO CO -"I" to c CO 35 I- eo 15 t- -5- ^ X h 51 40 C^ X O CO ^ X -^ t— X^ 11^ r-J^ (X^ la co_ ci^ 35 -T X 01 » w 35 O Loan! 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HT t- CI CO o< »^ HjT ^H 35" co" co" rH d" m* to ■*^ ■^ CO CO CO 0< (M • c: 84 Complete Digest of Interest, Surplus Ea^rnings and Expenses. •aSBJSAv i^ -^ I^ X oi O a >% 1—1 cS tJ o iC CO iM 00 o c^ o6~ (n" m" CO lO cc rt ^ (M O CO 00 03 03 lO iC CO o o 00__iC_O^— _co_ '*" oo" o" co" c^" I^ 00 lO ^ 00 CO lO CO CO lO 02 CO O 1^ ^ ■^ 00 O CO t^ CO 05 lO lO C5 c^ .-T r-T co~ co^ 05 C5 lO •* r^- as CO ^^ 05 ic 00 O 00 O CO 05 --I ■* t^ r^ liO -H CO CO 05 lO' 1--^ co^ (m" i-^ -H -* 05 CO -^ CO CO r- CO CO (M 05 -^ CO -H ^ Tf t^ -H C co_co_cs_^a>_co_ co'cTcTco'io r^ 'f ^ ic o o ff^ -^ -^ CO O S.t; lO »C CO r^ (M 05 ~ -h" — " oo" co" 00 r^ c^ -^ 00 o t^ ^ o t^ CO •— I »— ' iC CO O5~co"o6"'r~c£r — < 00 CO -^ CO CO ^ rt rt ,-, •ssauisng 3npn3uiuio3 sv3\ O -^ iC CO C3 i-O O CO -^" lO 00 00 00 00 00 O O O — ' CO CO CO l-O l-O ■^ 00 00 X 00 00 lo o -t lo X -t" i-O -t ■^ lO 00 CX) oo CO cc r^ --< lo ic lO 't' ic CO r^ -*" 00 X X X X ■* t^ o; o o CO CO 't i-O CO X X X X X fa" .s a E _ ., ^ o ."? .I* ^ W • 60 - ni C W >H 3 O ^ ^ rtJ2 c c.ti r*1i!oocr Co^^2i2 j2rt5j4)b ^muuw OffiSS:^ ISi^zzz 3 rt 1) D O 5 — ■ 3 Ji > _; 3 ^ f-H ^' 3 I C C 3 4) j= ti c. iS PL| PL| PL| Pk C/} Ci rf t/5 t; 3 O . ■ C g Cli 5 Complete Digest of Interest, Surplus Earnings and Expenses. 85 •33W3Ay ■^.-l050^5 'tC^lOO'— i'^ iC05"*i-<05 >-i003-*05 ■— ic-mico t^ ^ ■* o 00 - y-i a> ao (M -t 00 lO 05 O J^ >C -^ lO ■^O^i-HOl OiCOiMO 05 |> T}< ^ lO CO C^ Ol C^ lO CO 1— I lO .-( 05 -^ O O CO — I CO 00 CC 00 CO COOOCO-^ -^OOIOCO l005-*'-i05 0-*05COO C0t>-(MiOt^ lOCOOSIN-* LOOl-^i— 105 (N-*00COO5 COOOCOCOOO (N'-iI--0-^ -^OiiOOOO OiMOsCOt^ OI^OICOCO IN(Nr^OCO lOOOiOOOS O^^-HTfiiM (Nt^OCOiO IM0003CO COCOCO-— I'* lOOOCO-^O OCOOOiOOl (MOOC^t^iO OO CO 00 lO ^ CO -f ^ CO (N 00_ CO^ O^ 00_^ c^_^ . -r"cf co^r-Too" ' o c^ >o >o to en O C^ 05 't lo "* c^ i.~ 03 i-'Tof t^'Lo'co CO 'f CO O -H co__05 ^„o^ic rt" i-T of — r ^ 00 C uo Ofl CO "TtT rC -iT io~ lo" 00 CO CO O —I O CT> -* CO -t< O Ol lO .- o o_05_o_co ic o" — " oo" of ic" ic t^ r^ o o (M_O_C0^-* O^ co" -h" rt" ^" i-T r^ — I CO oi CO 00 00 CO O i-O CO_ Cl^ t-~.__ 0_ CO o" -h" oo" i^~ »c (M — O (M -^ o o o o o o o o o o 00 05 C- ^ 3 :- c; u O 2 -^ 3 c 3 =S ^a > 3 « > > *J be r! ? 3 rt c! tn i: 3 i> -'"So oS^ M « U -C o o -^ c ,^ c c s ■" u. "c "c 'S ^ > < 86 Complete Digest of Interest, Surplus Earnings and Expenses. Q M B u «; u D i i 1 2 o M * •3niBy\ DnuonoDg aApua-cd -uio3'8niAi8 auinjoA JO 001$ Jad uoiiBnba "T — < O O U5 W 1- CC 1^ 0-. lO CO CO CO CO CO 1/5 Irt .-♦ C"! CI «* 00 "5 O! •^ oo ■«. .^ -^ lO lO o to —< e> •* •» eo M CO CO to » ot CO r^ t^ -~ tC O — 00 CO C( C~) M -^ c; t^ 00 >o ■* O •* to 0> CO U5 CO (M (M M oo 05 05 to lO CO N M CO CI to CM CO OS ■«< U5 CO CM in CO to •* CO OS •* CM lO CO CO CO CO CO o en "5 — o C-» OS OS CO iO CO CO CO CO -"T to — U5 t^ r^ OS O — -> c-1 in o o to t^ CO CO -r 00 •» CO CM CM —I e-i in OS in CO -- -f OS in t^ r- ^1* C-l CO C-l -^ CO O CO t^ — CO CO -r ■* OS OS OS CM i CM •sssuisng /ao^ P 0001$ J3d u\vQ \m-\oy •aiunioA }o opB>i 3uui3 'pio 0} ssauisng a\3M Gross Volume of Paid New Business. s 28,857,000 26,631,900 25,991,300 25,577,300 27,087,800 21,719,100 19,400,500 18,782,500 18,997,400 17,531,100 U5 CO CM 5,790,900 5,840,200 6,356,400 6,177,200 6,450,100 6,293,200 5,901,100 6.397,200 6,111,600 7,298.900 to to_ CM to O < H Z m « w Cm Id > 5 z O •33m;jnsni jo jiuq J3d JS03 qsBj juaJBAinba C-. M (M C-l O 05 f-< C-1 CO O »0 I^ O Oi 00 CI -< o ^ CM CO O OS CO OS C-l OS CO OS c-1 in c?s CO c-l CO in CM CO — in 00 CM 00 to c-l 00 o o o 5D CO «ra in rt t^ 00 — ■ 00 00 00 00 t^ 00 t- — CO (- CO CO 00 CO lO 00 OS t~ t^ t^ 00 CO o CO o o to c-l lO c-l -H lO cr; CO 00 00 oo O — 1 t^ 00 — t^ OS t^ e-1 ■»< •suiniui3jj 0} sasusdxa ssoao CO CO CO to IM N CJ M I- CO CO CO IM C^ M C-1 IM (M CO CM O O C ^ " CM CM CM CM CM -- -■ O CM CO •3J3 'saaj puB saxnx 'o^iQ CO o 65„ ^ 00 O fl 00 00 CO o 1^ !M C-1 r~ C-J o »o •<*< r^ OS o o C-l CO' -t< c-l — -»■ in o CO o CO to CM CO in 00 CO t- CO 00 CM 00 oC in 00 in cm' CO CO CO ""^ -< to O M o oo »C IC CO CO CO CM M (M o -r o to CO »o r^ GO uo CO CM CO CO CO CO CO CO — OS O lO C-J in -^ CO r- CO CM CM -^ CO —1 00 CO -< ■«■ o OS CM o eo" o o_ ■o o oo" 273,161 265,931 271,574 261,574 266,572 246,718 239,329 232,199 228,625 231,243 o CS to" 3 a Id OS a< Q z < s z < OS & z •ssuBjnsni 0001$ lad ijun uinrai3j*< 00 -*< _ o •^ ^ ^ U5 oc o ^ CO ^^ us CS f^ CO us •^ o ^_^ CO o CO ., ■^ h~ 00 Ol e<> f^ OS IM (N IM IM " CO "" CO T IM CM CM CM « CM CM 1 CM 00 o ^ 00 _ oo ^ h- ^^ ^^ ^^ OS •* CO 00 us o _ 00 ■^ ■^ t~- „ CO o us us I^ CO OJ CD CO CO CO Ti< OS ■* >n CO co IM f C-J M •^ C-1 CO C-) OB OB 00 CO CM OB CO 00 C3S CM •* CO CO CO «o tt "5 •0" CO " CO us c^ IM 1 CO ■^ us •<»' ■* (M CM T CO t~ 00 "5 c^ «o ^^ IM o CO r^ oo __^ CSS ■* ^^ CS 00 oc CO „ o C^l t;; CO „ CO o CO CM us o 00 CO o: o OS c r^ CO 00 CO us CO CD us CD us t^ CD 00 00 CD us CO CO o us M " (N N " " " " " " " " o o o o o o o o o Q o o o ~ o o Q ~ o "^ o Q o o ~ o o o ~ ~ ^ o o o o o o o o o o o o o o o o o o o o o o CO •^ >o CO o o OS o CO 00 crs M t^ CD_ us o_ CO CO OS 00 oo o co' "5 Its ■^ oo" OS us r^ CO o" CO us C<1 us t^ CO CO CS t^ ■n* us CO t^ C<1 r- o OS OS c»: C-J r^ t^ OS OS ^ CO CO C!S M 1^ CO CO us CO o Ci o 00 o t^_ t^ oc ■^ us CO o CD ■^ oc ■* o CS ;d_ CS CS__ 00 CO o CM- OB us •^ co" CO CM- N im" oo" d Oi o os" OS- o OS (js" o OS OS d" CO h-- CO us' o" C3s" Cl o f) o t^ ^ us c-q o OB M CM " ^^ " "^ '^ (M «o t^ CO CO 00 ^ 00 00 CO o ■* co 'J' ^ OB ^^ us OS r^ CM ■* •* CO 'Jt CJS ^^ ■^ CM us 1^ o oo 05 t~ 00 U5 05 o cc (M o t^ CO us CO u; us eq t:~ us ^' OB o us o o CO us 00 OS t- 00 us 05 OS oj OS OS <= OS OS OS OS OS 00 00 00 00 00 00 t^ t* t* d 00 d d d d OB d 00 oo, 00 00 <3B o CO c; OS r^ o OS CO •o us -* t^ CS CO 00 CO 00 I^ ^ CO us CO ■* CO us us CO ^ I^ ^ CO 00 00 o C-i CO CO CO o CO ^^ Tf o CO OS CO CO o oo CO CO o OB OB If CS oo t^ OB us 00 CO 00 oo CO 00 OS ^ OJ d OS 00 OS CO r^ CO t>i t--^ [^ d d us ■* d us us ■* ^ CO us CO CO •* CO ^' !M o o us 00 -n< CO oo us oo "^ us ■* o r* us 00 CO ~ us ^ CO ■* ^^ o ^_ 00 05 CO M t^ o CO CO t^ c^ CO o •* o o 00 •* CO OS <:3 us t^ 00 OB o CM CO OB o I^ ^^ ^ -^ N M N CO CO CO CO CO IM IM ci IM IM IM 2 ^; d d d :z M CM CM CO CO ^ CM CO CO CO CO ^H CO 05 1^ ^H ;^ 00 us OB t~ CO 00 us CO 00 CO o CO ''i*" ■^ -* eo" CO- CO 00 l~^ CO OS us co- CO of us CM- OS- us cm" '^- CO c^r -* CO us OB o OS IM CO CM o 00 US 00 •^ •^ CM CO CO CO CD CO us us us ^ ■* us" co_ CD__ •^ co_ CO " o o_ CM_ CM_ co" t-* 00 t^ CO t^ ^^ •* t^ t^ o US M a-. 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OS c^>_ CO (M_ Its CO 00 "* IM ■* o Os_ 00_ CO o oq -^ ■* 00 00 00 CM CD CM CO OS 00 I^ CO OS- co- o' lO c^- rt< oT o 1><- ccT c oT us" co" 00 OB t^ CO CO Its lts CO lO Its ■* ■>»< t^ (M ^ co co o OS o en us CO 00 o CD OS o CO o us CO CO co CO CO eo CO CO CO C-J CJ CO co- us co' OB_ CM- co- cq- CM- CM CM- CM o cm" °i co_^ CO- CM o CO CO t^ lO ^ OS •is CO CO 00 ■* OS us _, us t^ us ^ „ rt OB co ^^ OS co co US •^ •<*< t^ o 00 «o o CO CO o C3S IM o CO CO 00 us CO oo CO o CO 00 CM CS t^ CO o us CO us ■* -s< OJ c^ CO en CO •O" OS 00 CO CJS CD ■* CO us us r^ CO CM 00 CD CO r- o CSS CO 00 lO OS o CO 00 ^ o us CO -f o o CO US- oo' o CD t-- ■*- 00 t^ CO -*• OS OS t^ la lO ■* us o IM IM ^ c^ o 00 1^ CO CO 00 t^ r^ us CO co C^l us OS -^ ■^ ■^ ■^ ■* ■* CO CO CO CO o a cjb' oo" CD d CO- us co- CO us CO US- t^ oo us CO CO o o o o o o o o o o o o o o o o o o o o o o o o o g o o o o o o o CO " CO CO CO us C) c^^ ^- c_ OS_ 00 CO us CO CO CO •<*' 00 o us CO CO c;s_ us" us us' us" us' T)<- ■^ " " •^ " oo" Cb" US US- US § us" •* OS- CO co- co us CO CM- CO CO CO CO Q o o o o o o o o o o o o o c o o o o o o o o o c o Q o o o o ^ o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o CO OS OS CO -^ o CO o_ us OS OS_ (M us co_ 00 CM -.c c:b 00 o ■* CO Os" ■^ CO co" ■* o cf ■^- us co- CO- ci" M co" CO c7" ^ o CS 00 r^ o us ■»»< CO CM „ o OB 00 t^ o us o o o o o OS OS OS OS CS o o o o o CS t3s CS CS CS o o o o o OB OB OS OB o 05 OS OS OS oo 00 00 00 00 OS O: OS OS OS 00 00 00 00 OB crs ess O: CS 00 00 oc 00 oo o i t. g i •3 1 s o c u t- u CM >. 88 Complete Digest of Interest, Surplus Earnings and Expenses. n Q •oniBA aimouoag aAijuaiid ■M -^ :c in OS oo -< f m -f CO O) _^ CM CO -r m CI m tf -uio^SJuiAiiS 3iun('o;\ W 1^ O C-l o >o M CO CO CSI CO -r -r >n « e^j (M c^ -H CO in m 1^ OS ■* t~ C) CO -f CM -^ — 1 -< g JO odlJ -"'^ uoiiBnba 1 I, M c^ o> 00 -< ^H CO O t^ CO CO CO -^ ^ -^ t^ CO ^« OS CO m CO a U D i-i ■< > < o •ssouisnq Avoj^ <» o to 00 1^ t^ OS o CO r- -^ C-l OS O O CO ■^ OS o -^ in CO 9 P0001$"cl ureoi^npy ■<»• •♦ Tf CO CO CO CO ^H CO •n" •>»> in m CO •>!< CM C< CO CO ■oujnio_\ JO o!it;>{ ^^ssss OS 1^ m •* M C^ C^ CO *-• — 1 -i< in OS CO CO 00 OS OS oo 00 CO OS 00 ^^ o oo o CO CD in 00 8u]Aia 'p]o oj ssauisng Maj^ 1 """'"'"'' ,-t ^H «-i ^^ CM ll. o o o o o o o o o o o o o o o o o o o o o o o o o o o .J Gross Volume of Paid New Business. o o o o o o o o o o o o o o o o o a f-i 1^ e^ Gc cc i^ l-_^ -i"_^ in .r, -T CO CO CO_ CO_ os_ — _, CO « « lo —' I-" CO '-6 ■^ C/S CO Cl" -t" ^ cT in' c-i CO co" 1- c/o" -1-" co' o oT > o 00 o -^ --0 r^ o OS CO m OS CO — CI CO CO o > fc 'f OS 00 "^ ^ os_ -r »ra os_ oo_ h-^ co_^ -r i^_ — CO CO O CO t-— CO H o e« -r co" c-f o' oT OS OS OS t'" t'* CO c^ cm" ^ os" os" 00 I^ l-^ CO os" ■♦ » o o» "<5- o ■aauEjnsui jo \\\i\ jad }so3 qsiij juaiBAinby in 00 >o -I- vD — (M t^ — 1 in OS CO OS — — CO ^ CO O O 1-* OS o> 0-. 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CO CO o» -p n m c-i c^ 50 494 329 32 365 277 32 294 223 21 238 197 36 326 240 CO o •* CO 67 414 248 62 442 273 69 516 305 83 572 312 50 427 285 OS ■>»>■* 00 lO oo 'T J 1 1 Gross Volume of Paid New Business. s 47,429,200 41,701,100 38,511,600 34,406,800 32,374,000 36,683,200 30,888,400 29,740,200 26,334,800 28,437,200 m cd' o in co" CO 20,585,500 18,567,600 17,859,400 14,447,000 13,512,000 16,064,500 11,217,600 11,965,200 11,370,400 13,247,000 i co" CO 00 oo" M O < i OS H > z H Q •SDUBjnSUI }0 llUfl J3d jsoj qsTJj luaiBAinbg -t- t^ t^ '.r o <« ^ IT t~ >o 1- 00 C6 CD cq CO ic (M cs r^ 00 C-J CO t^ -»■ I^ CO in -H 00 cc o CO — t^ C-] ■♦ O CO cc O I~ in d CO t^ 1^ r-- r- t^ CO 00 cc CO CO t^ r^ CO CO CD cc -^ IM C: CO r^ (M 1^ ^^ c>j CO o o o o — CO CO 00 00 o 00 oo 00 M — -H o OS O — 00 — in o •>»< -H cq ■* Ol 05 •suin!m3ij 0} sasuad'xg ssojq £^~ o o o o o tO t^ O O CO CD — 1 00 05 CO ■* CO CO CO CO t^ CO OS CD •<>< CD O •* t^ —1 ■* m in -* CD r- 00 cj CD t* in OS •* d CO o CO ■>)>•*■* ■* o CO in o t^ ^§ CO -* 00 "J- cc -"»■■>*•■* CO CO OS OS ^H ^ U5 C-1 O lO — 1 -^ co CO CO ^ ^ ^ CO CD oo t^ CO t^ -< CO tC ^ m ■* CO CO M CO t^ r* r- in CO t^ t-i 00 ^H •DJ3 'it;du3I3 'sAijBjjsimiupv 'oJ)!Q »o IC i/^ U5 »o rr -^ CO to ^H O t^ *n CO ^H LO to to tC to 00 t^ o cs r^ 00 t- CD CO — • in o o t^ CD in in in — • -H CO in c-1 CO CS CO CO C-l t^ in CO m o o O C-J o o CO CO in CO 00 •srannuaij oj '•353 'sno!sstmuio3 S? — . cj d d d o o o o — o in CO t^ 1^ t^ t- cc in cc o - ^ « ^ ^ ' - d < o < B« H 5 H X w o C lb 2,712,564 2,529,765 2,392,654 2,182,035 2,100,961 1,992,703 1,783,124 1,625,233 1,510.119 1,490,217 in t^ co__ oT CO d" 1,391,829 1,276,037 1,187,819 1,127,939 1,054,665 990.302 831,851 741,256 726,266 818,868 CO 00 CO •<1< ©■ Taxes and Fees and Real Estate Expenses. S 510,446 502,327 475,627 474,480 478,358 441,771 385,890 320,904 289,266 278,200 OS CO in ■* 181,169 178,792 183,045 184,608 180,082 t— CO O CO 00 'I" -H CO •>»■ CO o_ t--^ i--_ in in oo" -h" os" d — " t^ -* O O 00 Adminis- trative, Medical, Clerical, etc. 714,560 681,107 685,303 585,810 583,056 507,700 448,713 423,515 403,449 382,403 CO in "*. in" 400,847 293,035 236,682 226,156 228,370 214,801 176,470 179,656 167,134 168,370 lO i e c ■z Complete Digest of Interest, Surplus Earnings and Expenses. 91 t~ ■* 00 00 ^^ CJ o in r- CD CD 00 •* in 00 o ^ t~ p in in r^ in t^ t^ Co _^ — CO OS r^ r* eo 00 t^ in OS OS ■^ CO •^ o t^ t-- t^ CD ■^ 1^ o o C OS 00 I-^ 1^ CS t^ C^l t^ CO CO CO CO C-1 c^ CO C-l CO CO c-l CO CO c-l CO CO CO C-l 7 CO ■* •^ -^ ■^ CO -* eo CO CO eo •* -H 00 o CO ^^ CD o in •r CO CO o ^^ CD in t^ -•r in in ■* 1 o 1^ 00 in -H ^^ o o •* ■* (N OS o -H C-J CO CO f CO o in t" CO OS r^ CO o in Cl CO •9 OS -r m CO (M o us iO •o -»1 O CO m ■^ -^ in N —1 CO ^^ t- in OS ^ e-i in in 00 e-i •^ ^^ ,_, j^ o CD in 1 ^ ^ OS t-- CO ^ CD in ^ 05 O CO CO ■>*< CO e-1 CSI ■* OS C-I C-l OS CO CO CO CD m o « eo CO CO eo o M CO eo " '^ '^ " " " c-l CO CO eo M " " "" " " " " «« " o o ~ ~ ^ o o o o 5-, o o o o o o o o O o o § eo_ ^ o o O o o o o o o ^ o o o o o o o o o o o o o o o o o o o o o o o o o o e-)_ t^ CO e-» t--_ OS C-l_ 00 in o_ C-l_ OS CO o OS OC 't CO_^ Cl CO OS -Jj t^ CO oT CO CO Oi " CO in in" (^ Cs' t^ oo' C-l" in in" o" co" CO co" Cl" o CO " in os" co" in in" in" CO in" ■** CO •^ T-H 00 CO co CO C-l m o o CO CS 00 00 00 CI o ■^ in — ■ CO r~ -K 1^ o ■* o as ■-0 ■^ ^ CD in o CD_ CO_ l>-_^ CO^ CO CO r-^ C-l_ in oo m CO_ OS CO CO CO Cl " ''l oo i cj" oo" to" ■ lo M o J,_ _, in CS CO 00 ^^ r^ o -* ^^ CO OS CO I- ^, ^^ CO J, 1^ o CO O Cl CO t^ CO in ^ ■» 1^ o CO ■^ OS 00 d t^ CS o ■^ '-' 00 ■^ in in CO o c eo CD t^ CO in ^ •— ' o o in 00 oo CO 00 r^ 1-^ t^ r^ r^ CD t^ o d d d d OS d OS d d d t' t~ r- t- OO CO t-^ r^ t^ t^ t^ t- CO o OS OS CO CO OS OS CO _ OS CD I-- in in CO in in t-- o o CC eo 00 CO f. r^ o -^ O CO CO •o t^ CD in in ■* CD '— ' '— ' OS m CO CO CO in 00 o CO co 00 CO Cl t^ eo o eo o CD m -* t^ •«»< ui -^ CO c^' CS< CO CO oi ci CO -^' in in in in in d d d d in 00 00 OS d ^ eo o d d d d M !M C e^ pq o CO ■* CO t^ 00 oo ^ t^ 00 o ^H OS in 50 IC !0 CO oo o -* -* OS o t^ CO in CO o o '-' CO OS CO in O Cl t^ 00 eo CS o CD CO eo CO CO c^ ^ o o c-l ^ OS OS ^ 00 00 00 t^ l~^ l>^ d d d 1^ t~^ = -zv. - CO 2 2 - rt ^ ^ •<*> CO -JD o ^ ^ oo in OS o CO c-l OS o c-l J^ in CO Cl in CD CO eo -H .-. 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"K ". ^^ CO CO in — -* t^ CC •* CO CM_ CO M o c^i" CO oc* ■^ co' 00 OS* o' in CO «* cm" — T co" co" in od oo oo" o" t>r ■^ CO 00 lO 00 00 r^ "^ t^ -^ OS r~ •<)■ t^ m c CO CM in o o — 00 — • OS -H ■a< o OS c-i « S CO ^_^ ^^ C^ C5 oc 00 oc t^ t~ f— < in in CO —_^ !M_ CO_ OS 00 CO CO co_ OS 00 00 l"^ t^ CO in m in in OS ^ ^ ^ ^ o" ^^ - co" O CO 00 t^ -^ t^ C-1 IC C^J t^ in OS CO OS in t~ •» in o OS to in o OS in -^ OS CO O — — ' CO C^ O C^ OC !>■ — to -^ C^ CO in -^ O CM CO CO — < t^ — CO CO CM CO OS CO CM -^ O t^ CO t^ oo o "^ C oo CO OS — <_ CO in -^^ CM CM t^ 00 t^ CO CM CJS O CM f"* ^ -^ Cs^ O t~^ 00* cT co' — *" -^ in t^ -•" CM CO* o os" ■*" •-<' -^ cm" to" O 00 'J'" ->" ■♦" t^" OS* « o" 2" M W W CM -H — -a- CO C35 t^ "5 CO CM r^ 00 t^ CM e^l -H 00 m ■* ■* •* CM CM O -" CM — c OS OS 00 •«< CO -rf CM O CM -^ »-* U3 OO (^ 00 CO CO o t^ o OS t^ 00 o o t^ OS — — CO o o OS 00 t^ in CO CM OS -^ — O ■^ O »0 ■* CO (M ■^ in CO -^ 00 m CM O CO CO CO 00 t^ •»<_ CO_ OS_ t^_ 00 ^^ CO -^ '(T o ci" rC cT in -^ in ^' cc co" in" — <" oo CO go" Cm" OS* -<" os" co" — " oc" oo" oo" "" (35" 00 OO CO t^ lO — 00 -i I^ 1^ CO GO CO O OS CO CO in CO in CM 00 O CO — OS t^ ■* in CO CM ■«!»* O ■^ U5 CO CM CO CO o» c^ e ■•r CO CO CM CM ^- CM CM CM -< ^ - C^ CM -^ ^- CO -j; t^ M CO -M M O — ' CO X' — ' in CM o 00 00 in CO -H CO — ■ 1^ CM CM CO 00 t* o i^ CO c-» r~ ih o CO r^ CM ^^ CM — — in ■»> CO CO in oo — CO OS CM t^ OS O 00 to -«* O OC OS o oc C-J O c: co_ 00 in CM ^^ CO t^ 00 in OS CM CM in oc CM CO OS CO •^ r-T cT c1- — t^ OS o 00 in in in CO C-J 00 C-> OS t~ — 00 •* CO — CM OS CO CO »0 lO -* ■^ -^ '^ M' OS ■<»>' t^ 00 CO in r~ t^ in -^ CO CO o co" in in -^ -^ -^ CO CO CO CO CO TP o o o c o o o o c o o o o o o o o o o c o o o o o o o o o o o o o OS r^ OS ic c^i o o o o — • 00 OS O OS CO OS OS ^^ t--. t^ CO o t^ O CO •* ■* CO O OS OS CO 00 00 OS OS OS CS CO 00 oc I^ 00 CC' 00 t^ CO OS CO in 00 oc t^ O CO cm' 00 t-^ oo OS OS 00 OS OS OS 00 CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO C^ CM CM CM CM CO CO CO CO CO CO CO CO O CM 00 :~ C-, „ ^ r~ t- r^ CM CM CO 00 O 00 O ■* CM CM rt CO ■* 00 CO •* 00 — -> o •* CO C-1 ^ t^ — CO oo C3S O — -^ t^ 00 O ■* t^ OS OS CM 00 CO C-1 — c 1^ CM ■* O — TT OS t^ O CO •^ lO CO iC o o in OS m t^ in CO in CM_^ CM_ OS CO OS —<_ CM_ CM_ OS co__ os^ in CM^ in CO cm" cm"" lO o" — r oT — " o" co' oc' OS — " oo' -<" t-' r-T co" r~" •*" •*" co" cm" cm* oo" •*" CO ^ 00 •^" CO r^ CO '-^ OS 00 CO C: CO O O ^ o t^ 00 *- OS OS OS o 't" ■* m 1^ in in CO — OS o CO r^ CM OS lO N^ co^ -*^ -- 00_ CO_ iO_ CO_ -H t^_ in in co^ — co^ 0_ to CO —_ — •_ t^ o_ co_ in co_ -- oc t^_ co_ ^_ n_ r^ CD CO" lO k«" ifi" m CO CO CO CO CO co" cm" cm" cm" cm" os" CM ■^ CO CO CO CO cm" cm" cm* cm" o" o" CO c o o o o o o o o o o o c o o o Q o o o o o o o o o c Q o o o o o c o o o o o o o o o o o o o o o o o o o o o o o c c t^ CO — co^ co^ IC lO I-^ C^^ lO 00 CM c^ in o OS •* •* 0_ — _ CO t^ C-l_ — _ oc_ •* ^ co" cT Ci t^ ^ O lO '*' ■»*** c^' oc co' cm" os' o' 1<" c" ci" -r -»■" V oo" — " — " cs" CO* co" co" r-" 1--" c" — " ^ Oi OS -^ CM O ^ CO in lo c-1 (M in -^ 00 OS o M- OS 00 t^ — ■ CO 00 in t^ o CO — r^ f OS •* 00 -^ r^ OS cq t^_ I-- CO_ O 00 CO •<«• C5 in OS t^ o in 00 — ' oc CM_ — __ o OS -o-^^ o OS in OS o_ CM_ ■*. CO CO t^ 00 "^ 00 c4" 00 co" 00 CO •flT tC o" r-' ■<■' r-T cm" -9>" o" — " in" os" cm" in os" •^" os" in" cm" o* OS* O lO -^ CO CO CO OS OS OS oc OS O OS 00 00 00 C3 O OS OS 00 t^ t^ CO CO to CO t~ •"(f CO e^ '-' o a> 00 t~ CO in •>5< CO e^ — o OS 00 (^ to m •^ CO CM --^ O OS 00 t^ o in o o o o o 05 O C2 O C: o o o o o en OS OS OS OS o o o o o OS OS en OS OS OS ^ OS OS OS 00 00 00 00 00 OS OS OS o: OS X oc 00 00 00 O OS OS OS OS 00 00 00 00 00 I so c H '> l«) CO 3 •S 1 3 3 s > > a> 8 o 1-i 'a PU cu \f 94 Complete Digest of Interest, Surplus Earnings, and Expenses. a U o M Pi H < > < o H ei as * ■3niB.\ DioionoDg 3.\pEiBd -aio3'8u!.\!8 3uinio\ JO 001$ ^^ noiJBnbg -* -^ ci »o —* «© r-- ^ OS -^ CO -^r CO CI c^ OS Cl -^ -^ OS «♦ 00 CO CO 10 10 to i/^ CO h« OS OS OS •» lO CO CO t^ 'T C-> CO l« 1^ — r* CO i« CI c^^ « « CO •-' eo 1^ -». r^ i~ ■<«■ CO C^ CM CM 00 -r -H to «« CO t^ CM m CM CO CO CO 10 -^ -i« CO CO 1^ c-i -r -^ CO CO CO CM ~ — 00 CI ■* CO CO CI 10 10 «3 UO »0 Ci r^ CO r^ -^ -^ r^ t^ :o — • ^ CM CO t^ 00 t^ — 1^ CO CI CO CM — 1 -^ — • — CO *0 Oi CO CO C» 00 •* 00 ■0 ■* •♦ eo •* 1^ CM 00 Ci to ^ t^ Ci Oi Oi CM CM CM CM CM C4 00 to •V CO CM •sssuisng a\3\j JO 0001$ ^^ uiBo'lBnpv •3Uin[0,\ JO OIJB^ auLua 'piQ 0} ssauisng Avajsi Gross Volume of Paid Kew Business. 20,901,800 17,077,700 15,942,200 17,940,900 14,953,800 15,725,000 14,664,300 13,930,300 11,691,400 14,363,600 o_ •n 32,702,000 30,319,300 29,754,100 30,250,000 29,078,700 29,831,800 28,989,000 28,114,700 25,172,200 22,265,400 1 CO O < H Z 8 H s B h Q ■aouBjnsuj jo jiuq J3d JS03 HSE3 }u3[B.vinbg c= -r — ci e© 10 CO ■* ^ ci 1^ CO -»• •^ -^ lO CM CO 05 lO c cc -1> lO -H t- CO — CO CO CO CO CO CO CO oi to t^ i^ t^ 00 00 t^ cr. -^ r- 00 M 10 oc 00 h- 00 00 — 00 lO — --I t^ 00 rt CO CO CO GO Cs Ci 00 CO CO CO t^ CM Ci Ci c) c» CO r~ CM ■«< CO ■* CO •suimraajj o} sssuadxg ssoJO fe"- e t^ t^ N CO •* 00 M ■>»< ■* « r^ U3 CO ^< £^ t^ CI CO CO — CJl U5 ■<>• CO CO CM Oi Oi 00 10 CO -^ 10 to ■* 00 00 t^ 00 >* 05 CT 10 to CM 00 0> 10 05 — 1 CO rt 10 10 CM -^ rt C) CM CO CM 00 — CM t^ — CM CM CM CM '^ CI CI CO CO »-^ lO CO lO t>- CO •313 'IB3U3I3 's.ujBJjsnnvapv ouiQ 64 4 03 5 09 4 51 63 6 74 8 27 11 67 9 08 15 20 12 CO 07 7 25 7 39 9 26 9 18 11 47 11 09 11 51 10 44 10 76 11 •suiniuj3i CO •^ -^ kO 10 CO r- CO i-^ r>- CO ^^, „ ^„„ e p< Ph < o w Q < H g X W o es O P0.0 1,096,879 974,231 913,019 918,009 890,577 844,271 825,848 694,954 730,702 729,504 C-. CO 00" 1,780,894 1,563,090 1,581,584 1,440,505 1,397,511 1,318,381 1,244,392 1,053,049 907,510 898,010 CO >o •0 eM_ CO Taxes and Fees and Real Estate Expenses. 167,608 185,789 204,897 207,315 223,574 179,311 160,657 158,292 57,010 137,798 CM 00" 00 151,832 110,714 108,081 112,515 103,019 101,921 100,084 83,100 09,921 58,072 s Adminis- trative, Medical, Clerical, etc. 223,745 233,371 195,172 225,231 217,497 240,104 304,239 225,047 1 366,451 270,978 U5 CO 00 I--" 10 cm" 589,088 507,696 546,339 518,997 532,778 483,578 447,300 304,477 341,939 338,505 CO Commis- sions and Agency Expenses. 705,526 555,071 512,950 [485,463 '449,506 418,856 354,952 311,615 307,241 320,728 00 o_ CM •* 1,039,974 938,686 927,104 814,993 701,714 732,882 090,408 000,072 555,050 501,433 •♦ "5 i g w OS Cn Q Z < w o z < z •asuBjnsuj 0001$ -lad Iran uinrai3i(i CO 0000 « 00 CO M 00000 ■^ *« QO 00 c CO CO CO CO oc 00000 00 Ci tr. CO CO C.) _ ^ _, CO CO CO CO f^ tc c^ m CO CM CM CM CM CO IJ5 ■* -^ CO C3 CO CO CO CO CO — CM CO lO CO CO CO CO CO Gross Premium Receipts (Insurance exclusively). 4,819,454 4,260,402 3,919,502 3,593,938 3,298,738 3,047,076 2,674,153 2,460,392 2,349,844 2,258,099 00 OJ «o cc CM- CO 7,396,479 6,586,424 6,022,871 5,340 670 4,706,210 4,190,072 3,850,080 3,402,314 3,186,516 2,991,496 2 Insurance in Force, with Average for Decade. 45,077,500 32,761,400 23,100,800 14,691,200 05,693,700 100,334,600 97,352,800 91,882,200 88,243,300 87,355,200 to 00 209,413,300 191,750,100 175,726,900 159,231,400 143,493,500 136,157,500 120,573,700 100.517,300 93,898,200 84,250,300 CM CM* •Xg jaqmaaaQ Suipng jb3 \ -<• CO (M — 00000 C-. C-. 0; 0-. sn 00 t^ CO "5 01 Ci 05 Cs CO 00 00 00 00 -* CO CM — 00000 C35 Ci Oi CJl 00 t^ "5 Ci Ci Oi Ci Ci cc CO 00 00 QO ° z ^5 1 5- 1 Complete Digest of Interest, Surplus Earnings and Expenses. 95 CO lO -l^ CO o -<■!>< lO (^ —■ w e^ -< — ^ 05 "^ 05 05 O ■* 00 ■* IM I^ CO CO C-1 CO CI O t~ C-l O CO CD O CD 3-. C-1 — CI lO 35 CO O CO ^ 00 o 35 O W "3 00 O 00 CO 00 -* •rr c M C) — — CO t- e- CI CO CO CO t^ CO -1> — O CI 00 CO in "S* CO 00 oa 05 -H CO Cl ^H 35 'i* CO ■^ t* CO CO CO 00 in Cl in CO d CO CO CO CO CO t- ■* IM -H -« C-l >0 -H rt CO CO CO -^ -^ ■* m O O CI 00 cq O 1< -9' 35 CO CI 00 T). •<><-!»< CO CO in CO -^ CO t>- CO O 35 — 1 — ■ CO CO CO CO d O Cl Cl 00 CO — CO o CD in CO 00 r- 00 05 >n CO '-< t^ Cl Cl 00 r- CO -1 1 -1 -»< 35 t^ 00 — in Cl Cl =0 CO 44 9. 01 10. 40 12. 21 12 71 11 93 12 67 13 20 13 85 13 66 13 CI 22 12 98 13 80 12 37 15 98 17 01 15 02 15 60 16 04 17 64 15 m Cl I-- 33 12 40 11 52 11 42 12 92 13 01 13 51 13 57 11 .10 10 .79 10 ,-. ^^ ^H CO ^ C-) cj cq o M ■^ lO '^ CO -*" CI CI CI CI CI CO CI CO 00 CO OI 01 Ol 04 Ol Ol Cl Cl —1 o o Cl CI Cl Cl Cl Cl —.—■ — — CO Cl Cl Cl Cl Cl -- 35 00 r^ -^ Cl — 1 — 1 -- — 1 727,930 681,088 672,748 662,004 619,548 578,242 532,155 481,095 447,472 436,120 o oo" 00 >o" 511,760 575,890 649,844 543,549 517,439 476,748 444,758 431,798 419,731 422,022 m co" 1,123,157 1,099,174 1,074,110 1,047,284 1,011,881 884,387 708,944 584,624 530,900 501,082 CO CO_^ in in 00 73,620 62,039 60,825 56,019 57,062 CO oo 35 t^ O t~ b- O t^ »)■ 00 00 O 00 o cf CD 1-." ■*" CO" lO •«■ -Jf ■* -ui U5 •*" US 62,211 61,103 57,634 48,771 39,908 40,304 33,880 32,051 33,355 30,666 CO 00 00 35^ CO •* 233,291 211,963 227,852 221,641 131,847 136,417 71,927 26,028 24,763 26,159 CO 197,492 206,815 221,283 205,954 176,646 173,187 163,674 154,527 144,868 142,172 CO CD o" 00 170,526 183,713 185,672 194,403 204,217 177,608 171,739 173,833 181,156 167,936 CO o oo o 00_ 323,695 315,919 298,083 300,830 319,220 288,253 258,223 210,994 191,244 194,041 CI m CD C» 450.818 412,234 390,640 400,031 385,840 352,179 321,603 279,009 257,727 250,908 35 00 35 CO o m co" 279,023 331,074 406,538 300,375 273,314 258,836 239,139 225,914 205,220 223,420 CO in co_ 566,171 571,292 548,175 518,813 500,814 459,717 378,794 347,002 314,953 280,882 CO Cl in c o o o o e-i C-) t^ o 35 o o o o o t^ r^ 35 -^ 1^ o o o o o o in « C35 o t^ o o o o o 35 in in 1 00 o Cl 00000 CO 35 t^ CD 00000 -1 CO Cl t^ — s >o -r CO CO — • CO CO CO CO CO O 35 CO CO 1^ CO Cq C4 CI CI CO CO Cl — CI o CO CO CO CO CO 35 00 r^ t^ i^ Cl Cl CI Cl Cl ^ 35 — c — Cl CO 1* ■* -* ^ ^- t^ t^ 1^ 35 CO CO CO CO CO 2,130,660 1,962,310 1,825,801 1,716,298 1,561,409 1,412,644 1,255,903 1,153,057 1,080,329 1,017,436 o 35 lo" 1,380,401 1,385,554 1,418,556 1,285,435 1,189,498 1,175,984 1,085,574 1,046,199 1,024,169 1,082,390 o CO t^ co" t^ o_ Cl" 2,653,622 2,669,528 2.546,938 2,421,699 2,344,109 2,127,057 1,941,970 1,872,004 1,842,163 1,898,946 d CO t~ 00* CO d" d 60,598,800 57,385,200 54,118,600 52,020,700 48,948,700 46,054,800 42,222,400 39,943,400 38,086,800 36,682,100 o o o" o CO •* 41,218,700 43,158,500 44,461,500 40,125,500 38,793,400 39,355,900 38,150,900 37,998,400 37,793,800 38,872,600 Cl" 35 35" CO 07,488,100 63,777,400 61,030,900 56,848,000 58,619,900 57,398,600 62,311,400 50,302,200 48,813,600 48,595,700 m Tf< CO Ol — o o o o o o OS OS OS OS OS 35 00 1^ CO in 35 35 35 35 35 00 CO 00 OO 00 r). 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CO — re -»■ d CM cs CO CO -^ — ' CO CO ■■ CM iO CM CO CO t^ -^ r^ ^ OS 00 CO CM -^ 00 — OS m — CS m CO CO t^ < b^ -- r- co_ CO r; CO CO in CO cc_ •a'_^ in co_ t~ t^ -H CM t^ m OS CS GO 00 2 CO in ^ 1^ CJ 00 CO ^ 00 CO Os" CO h.r t-T co" rC oT t-" ■<)•" co" 0" r-' 0" 00" in" CM* OS (yft CO r* 00 r>- 01 ''^ o_ CO 10 o_ ^- W CM t^ 00 CM ■* m C3S m -J" CO — CO CO CM .-^ CO CD_ 0_ CM CM in CM_ CO 1^ 00 CM cs -- oo_ CJ CM_ — CM t^ -.1*" CO 10 CJ 10 ^ 00 in -^ cc" r-T cm" — " ■»<" os" 0" co" Tj." 0" in" CO ■»" -^ CM* 10 H CM -< --< CO — -« CM 00 t^ CM CM c^ m „_-«_-_ "^ '^ ^^ CS '^ "^ •^ ^ »^ «o -^ t^ ■*** CO 00 CM OS OS 00 CO in CO m OS CO C3S t^ ^ CM ^ 10 CM lO CO r^ 0: OS -«■ OS CM 00 00 CO t^ -. — — CM r^ cx> ,' e-1 C3 1^ ot "1 '". '^. **. °°. "*, '"". "l ^- ~. 1^ 1 CO in co_ •» in ■»>_ lO f^ CO ^ . L. „ o>" — ■' cm" ^'^ CM m -^ CM ^H in OS -^* -^ in csT CO CO rC C3S ^ CM CO CO CM* CM* t." cm' c>" 0" 1^ ^^ r^ CM t^ •O' CM CO -^ t^ C3S CO — — m " f^ ■* 2; ? CO r^ CO_ CM — 00 OS CM t~ •«" 00 oc t^ OS_ 00 —• — CO os^ r- r- CM 'J* OS ■^ (14 QO C.; Cs h-" C^ cs" CD ■^ CM C) — CO -r ■0 m Tf« 00000 00000 00000 00000 00000 c -"I" 00000 00000 00000 00000 00000 i-erage ;urance Force •ing Te ['ears ginning , 1, 189 o_ o_ o_ o_ o_^ 0_ CO o_ c ^ CO lO ^^ ^^ 00 in CO -^ c^" in — " in 0" 0" —" in in co" CO ctT Tj." -T r-" ^" c-r CO CO S AM lO c-i in in — c) 1^ OS OS -a- CO in r^ — CO 00 1^ CO 00 Oi "" m CM_ CM_ co_ o- ai ■«■_ o_ CO -- CO CO m m in CO ^ CM m CO -^ t^ 00 ^ ^^ ^ oT 10 r- Os" CO OS os" os" in •«•" •*" os" ^ r^ Tj^ CM 00 10 0" -j' 00' CO a> <.= ■-£? «|^ (^ «»" « CD in — « c t~ »0 CO CM t^ '^ in 00 — — 00 CM -H ^ ..J. 00 CM OS w CM ^ -v m w I» tO " '"" '"' 10" 10 »o "cT u Penn Mutual — Phoenix Mutual.. Pro\ idcnt L. & T Provident Savings State Mutual OS § si ii 3 i '• i 'a "a i 3niAi3 «| p; s s 1 X c ■2 1 u z p PQ 'PIO "' ssanisng m3j^ S § S 0- g g g 1 & 33_ 3C 5 fN X =" t- u en <;— bc c »r kQ «■ ■>» OJ z » C * ^ •« c ■* cT IT cc " d t^ t-^ C o- I; Oi CO s t- = ^ s? t- s F § ^ " '^ — « 05 00 •C ,, (N « t~ X X X cc t~ •aojOjj ni aouBjnsni ^^ a. ■■£. CC cc t"- 0: cc oj ;ri3D iaj i ■* e» tc <= •* n \c s? ^ g M o a c ■^ cc o S C-. it M e<- t- c © IM a a aj" a . CC i : s ; 1 i CI- p ;o o- cc oc c< Oi lO •** s X c •* «■ ^ *. < f" Q ■* U5 V '§ la X c X (» ) X cc t- CO < IM^ « ^' c (M e* ^ 1£ cc o- t- ©r >. 0^ » a '»S c •4 cc e c § s CO z 33 S i- ? IC X ->!_ t 3 eo «5 0- s I- g g ■ S fS § 2 Si V5 '^ I-* r- ■" H H eo » A ■" s a ^^ f} =0 CO c s cc CO <= CO c « E g gj: ;o as X c c c 00 00 cc t^ 0" 1-1 c S !M cc ^ ? c X I- IC X H H «,W t-^ t- C£ cc ir; IC " ■« in 1= S; s >Q 1 el x x ■ i 1 . 1 1 1 1 -At UNIVERSITY OF CALIFORNIA LIBRARY BERKELEY THIS BOOK IS DUl^N THE LAST DATE STAMPED BELOW to $1.00 per volume affer the sixfhT''"*^"^- '""easing demand may be renewed if annH.\^^^- ■ ^""^b not in expiration of loan period ''PP''<=»t'«n 's made before AUG 11 1926 f!?OV 80 32^ ~5m-7.'2t YDC62733 • Ss