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ment ot these securities show a degree of care
in their selection rarely exhibited by any
Since the organization of the Kansas Mutual
Life It has never foreclosed a mortgage, and
on December SI, 1393, there was not a dollar of
principal or interest due and unpaid.
This statement alone shows the highest
skill and fidelity In managing that branch ot
the company's business.
I recommend the careful examination of the
reports to me ot Mr. Ulte and Messrs. Good Sl
Fellows. , , .
In conclusion let me add that in undertak
ing this examination officially, as superin
tendent ot the Insurance department of this
tate, I hare considered it my function to be
absolutely impartial and, at the same time,
udlcial in my findings, and as a public official
lave aimed thus to make both the examina
tion and my conclusions, always having be
fore me the obligations of my office and the
oath to which I subscribed; and I feel certain
that I have absolutely done my duty, both to
the public and to the company, without fear,
favor or prejudice.
S. H. Snidsr,
Superintendent of Insurance.
MD. R. HITS, INSURANCE LAW.
"ATTOBNET AT LAW.
"Topika, Kan May 5, 18M.
"Hon. & H. Snider, Superintendent of Insurance,
"Sib Under your direction I commenced an
examination of the Kansas Mutual Life Asso
ciation, of Topeka. Kan., on the 7th day of
April, 1894. I herewith submit my report ot
findings and conclusions, after an exhaustive
and searching examination of every certifi
cate and policy contract issued by the com
pany since its organization In 1882. I also
carefully examined the securities of the com
' pany and the details ot its business, verifying
the mathematical computations of its re
serve, etc I find as follows:
"The company, under the certificate of auth
ority issued by your department, transacts a
life Insurance business under the provisions
of the old line life insurance laws of Kansas,
enacted in 1871, to regulate the business of
"The provisions of this act require that life
companies of this state must deposit with the
treasurer of the state of Kansas the sum of
one hundred thousand dollars capital I find
the Kansas Mutual Life has on deposit with
the state treasurer approved securities in
compliance with the provision above referred
to to the amount of one hundred thousand
dollars. This amount being derived from the
surplus funds of the company, growing out of
the contributions of its members, and used
for this purpose by a vote of the members of
"The provisions of the law above referred to
also require the deposit by such life com
panies of an amount equal to the net present
value of all policies outstanding, estimated
according to the American Experience Tables
of Mortality, and four and one-half per cent
"I find that the Kansas Mutual Life has so
deposited an amount equal to the net present
value of all outstanding policies upon which
premiums have been paid. The aggregate de
posit on January 1, 1894, amounting to $139,
"I find that the company Issues the following
forms of policies : Ordinary life, limited pay
ment life, endowment and renewable term.
"All of these contracts are carefully drawn
upon the forms approved and used by the
standard life Insurance companies.
"The rate of premium being invariably esti
mated upon the Actuaries' or Combined Ex
perience Table and four iter cent. Interest, a
more Stringent ruie ia mvur u mo puiii;jr
holder than the American table and four and
one-balf per cent The loaning of the net
premium for expense Is reasonable and the
officers of the company have constantly kept
the expense of management and procuring of
new business within the amount derived from
"I carefully examined the computations of
the actuary of the company In the estimate of
the reserve upon all of the poller contracts In
force, and find his calculations absolutely cor-
In this connection I think the work of Mr.
Blakely, the actuary of the company.entltled
to the highest praise, both for extreme ac
curacy in computation and conservatism In
drafting the policy contracts.
"I find that the company is placing in some
of Its policies guaranteed cash values after
the third year. I have examined these con
tracts and rigidly applied the tables to them
for the purpose of determining the ability of
the company to fulfill their terms. The result
of my investigation along this line satisfies
me that the company can undoubtedly carry
out the agreement made without calling upon
funds other .than the contributions of the
member holding such policy, even if the pres
ent death rate of the company should be
"I find the renewable term policies Issued
by the company to be in effect the same as
those used by the Provident Savings Life, of
New York, a company managed by the dis
tinguished Sheppard Homans, probably the
most thorough life Insurance man in this
country. , M . ..
The reserve upon these policies is carefully
computed according to the same standard
tables as are applied to other forms of policies
issued by the company.
"These contracts are Issued in the several
approved forms known as yearly renewable
term, ten and twenty year renewable term,
"At these policies expire at the intervals for
which rates are made, the reserve is much
less than upon regular life policies, where the
rate of premium is so made as to keep the
payments level through the entlie life as
nrari. It In worthy of note that these policy
contracts were made by the company under
the personal supervision or tne late uervin
Tabor, actuary, and author of the Three Sys
tems ot Life Insurance.'
rha tAm tt natural nremium (yearly re
newable term) insurance is the foundation of
all others, the reserve being scientifically de
termined upon the American or Actuaries'
"Rflfnrn the comcanr. bv a meeting of Its
members, determined upon a compliance with
the 01d Line Life Insurance Laws,' it tran
sacted an assessment life Insurance business.
Of the nollclee Issued during such time there
re sow outstanding 144. These certifljatea
are not agreemente upon the part ot the com
pany to pay any definite sum, out the amount
payable to the beneficiaries is wholly depend
ent upon the result of an assessment of the
members liable therefor. These policies can
have no possible effect upon the present con
dition of the company or its ability to meet
its maturing obligations.
"As these certificates become claims by rea
son of the death of the assured an assessment
is made to pay the claim.
"It seems hardly necessary to state that
Eurely after death assessment certificates
ave no present value. Failure to pay an as
sessment works an immediate forfeiture and
creates no liability whatever upon the com
pany to return any part of previous contribu
tions, for the simple reason that such contri
butions are wholly exhausted In the payment
OI at) mil C1BHUB UUVt luupci Mireuaoo.
"I find that for all other policy contracts
made by the company the reserve now In the
hands of the state treasurer is more than
required by the laws of the state of Kansas.
"I devoted considerable time to the records
of the company as reciting the history ot its
mThenarration is instructive and excellent
From the organization of the company down to
this time the record discloses the most anxious
Mffard by the present management for the
best interests of its policy and certificate
h"NoIstep of even minor Importance was
taken without deliberation and due consider
ation for all of the interests entrusted to the
care of the officers and directors.
"No change in the plans of the company was,
mada until the fullest opportunity was given
to members to see the effect and approve the
"I carefully examined into the expense
ItamsTas shown by the books and the report of
Messrs. Good A Fellows, the expert account-
"ThisnW'been one cent diverted
from the mortuary or other sacred trust funds
to pay management or other expenses inci
dent to the procuring ot new business.
"The practice of the management in care
fully looking ahead and depending upon sur
plus in the profit and loss account for the
payment of tne expenses necessarily incurred
bv a life company in the extension of terri
tory cannot be too highly commended.
"The ratio of expense of the Kansas Mutual
Life has been, by me, compared from data at
hand with the ratio of expenses of similar
companies at the same age, and I find the re
sult highly favorable to the company under
C-lS conffion, I wish to say that the result
ot an examination, which I believe onunid .in
its severity, establishes the i fact that the Kan
sas Mutual Life is in splendid condition.
"The records of the company show patience,
Industry and high executive ability upon the
part of the managing officers, and. so far as It
U i woBsible to Judge the future by the past,
your Ixamner Ts confident that these gentle
men possess all ot the requisites necessary to
successfully conduct the affairs ot the com-
P "They are fully aware ot the serious responsi
bility resting upon them, and their adminis
tration is a guarantee to the members of the
company that their contributions will be
guarded by honesty, and invested with In telli
gence. Signed D-
"Topeka, Kas., May 7, 1894.
"Hon. S. H. Snider, Superintendent of Luurance,
Mate of Kansas, Topeka:
' "DeabSib In accordance with your instruc
tions, we have examined the books, accounts
and vouchers of the Kansas Mutual Life asso
ciation, of Topeka, Kas., tor the year 18J3, and
we herewltn nana you wiu 'u w
and schedules of the same duly certified.
"1 Balance sneei, uecemuur ,
2 statement of Income and disbursements
for the year 1893. ,
3-8tatement of net invested assets, Decern-
ber30,1893. , .
4 Summary or mortuary miiua.
"5 Summary of reserve funds.
"ft-8chodule of accounts payable.
"7 Schedule of accounts receivable.
"8 Summary of cash on hand.
Memorandum, death claims paid.
"10 Memorandum interest on bonds and
H Memorandum m lutioooo uu
of insurance for 1893.
"All of which are seir-expianaiory.
unr. .1 thn fnnt.tnca nf the several
TV O BiBU luti.o v. ri- -------
cash books from the organization of the asso
ciation in 1882 to December 30, 1893, and, with
the exception or an error i, wro iuuuu w.-
r6" Voucher We found vouchers on file for all
payments made and the same charged to their
PrP.ccourit9. . ... M ,
-veatn vtaimtiuvii uuusrw..
this connection is highly commendable, and
in arnnilninff thfl nanera in each case we find
that payments are made promptly.
"We have carefully scrutinized their meth
ods of doing business during our examination,
and, in our opinion, they are correct and busi
"Under their system of book-keeping tne ae
tails of their business are readily to be ascer-
commendable ana likely to insure me utmost
accuracy. . , .
"We wish especially to commena tne mau-
.... tV,a nfflnnra mil lOavVa In VAAnlni? thfl
nnnnnts rwl nnnpg nf tha naanrintlon Pare-
fully posted to date, and their practice of
taking a weekly trial balance, not only Indi
cates attention tc tneir dusidbhh uu uo
want ot their policy-holders, but also fur-
of serious error or loss. In making the exami
nation, tne aamiraoie conaition ui mo uwi
and records oi tne association greawy iacm
A1 All 9 TBftflr
"We are glad to take this occasion to express
our appreciation of the courtesy of the officers
.nA amnlAiu nf tho aaanatirn and their
willingness to do every thing possible to en
able us to make the examination exhaustive.
rwe have tne honor to do your ooeaient ser-
Public Accountants and Auditors, Chicago,
new i or ana jaiuuuu.
Th "Dcr sxd the Flsaa" ia a comi
cal. icBtmctiys tad inUxssly interest
tag bock. Of cooiie it U political. Sea
Chicago, May 14, 1894.
Wheat Cash, 56 cents; July, 57 cents;
Cobn Cash, 3?Jh cents; July, S8)a' cents;
Sept, $3 cents.
Oats Cash, SV cents ; July, 29J cents.
roBK Cash Jll-U
Kansas Citt, May 14, 1894.
Cattle Shipping steers, $aso4.40; native
cows, $1.80C(t3."J5; stockers and feeders, Jil0(J
S3.85; bulls, $'1503..35.
Hofls Bulk of sales, KSO04.85; lights, york
era and pigs, $4.40(!H85.
W. S. Tough A Son, managers of the Kansas
City Stock Yards horse and mule department,
report the horse market as being particularly
active. To the surprise of everyone there
were more nice horses with quality and
finish and a greater number of buyers than at
any time during the past season. Notwith
standing this, prices are unchanged, if any
thing a little weaker, except on the extra nice
ones. The southern trade continues strong on
nice toppy drivers. Heavy draft horses are
Extra draft, 4 to 7 years 9100 00 $135 00
Good draft " " 60 00 " 90 00
Extra drivers " " 100 00 175 00
Good drivars" " J00 90 OC
Saddle good to extra 75 00 " 175 00
southern mares and geldings. . 25 00 " 75 CO
Western range, unbroken, 30 00 " 60 00
Western ponies 12 50 " 90 00
Market fairly active. Some considerable de
mand for good miners. Trices about steady at
VA, 4 to 7 years, extra $ 45 00 t 60 CO
14 " " good 85 00 " 50 00
hands 4 to 7 years, extra 75 00 " 90 00
15 " " " good 70 00 " 80 00
15W " " " extra 100 00 130 00
15 " " " good 90 00" 100 00
16 to 16, good to extra 100 00 " 135 00
Silberman Bros., 313 and 214 Michigan street
Chicago, get out a weekly report of the wool
market which they will be glad to send on ap
plication. They say :
"The present view of the wool market shows
stocks of desirable wools very much depleted.
The future for such wools looks bright Those
who will shear well-bred and well-fed sheep
this spring need have no fear but what they
will obtain fair prices tor their wools, as good
long, strong staple wools will meet with an
active demand. The tariff question, at present
writing, still remains in an unsettled condl
tlon and, ot course, a great deal depends on
the action our representatives in Washington
may take ; yet action of any sort would be bet
ter than the present uncertainty, Most grades
of wool are now on a free trade basis, though
short, brash v. and defective wools will proua
bly experience a further decline in the event
or rree iraue.
Trices for Kansas and Nebraska wools are:
Fine (heavy) 9o to 10c
Fine (choice) loo to 13c
Fine medium 11c to l.'So
Medium 13o to 15c
Low medium 13c to 15c
Coarse 13c to 14c
Cotted, etc 8c to K)o
Black loc to nc
111 III VI
Agrioultura ia the leading business ot
tha West and haa better proepeota for
competanoe and for profit in the future
thananj oiner industry, oena poaiai
card for free sample copy of the Karsaa
Farmer, with supplement of benefits.
Address, Kansas Farmer Company, To
Yea cuffht to read the caw book Tha
Do3 aad the Flcsa." See premium llzi.
Don't f&il to look over our booklbt
uadar the head cf rnssiiutcs. Our
books &ra few but they &ra taecm?
Coin?, for educational ptsrpccts.
Manufacturer t Consumer.
Lowest prices ever made. A fall line of
grades. Write for quotations.
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Connecting the Commercial Centers and rich
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That depends upon how yoa sell yoar Wool, if you
ship it direct to market and to tho right house. ' It
does Pay It Is no experiment. Our shippers testify to ft
unanimously. We will not only obtain the highest market
price for your Wool, If youshlpus.butwewlllsend yoa quick
returns. We are revolutionizing tha Wool trado by our
Prompt Sales and Quick Returns, we have done what
tho Wool trade said was Impossible. Instead of faking Biz to
twelve months to make returns for Wool, as most houses do,
we make returns in that many days, and oar shippers back ns
up in this statement. Write for Prices on Wool and see tho
testimonials of our shippers. We are not an exclusive Wool
bouse, but handle Hay, Grain and Produce of ail kinds. ,
Gunncna, nonmoorj a co.,
toilsslos Mints, Hi So. Water ii::t, CM::;?,
lull ka air4
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