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miums and interest earnings, represents an amount set aside by the company to provide for all unmatured obligations guaranteed under the terms of its policies. Until such obligations arise, this reserve fund is safely invested in broadly diversified and high grade stocks and bonds; thus providing capital needed for the growth of business and industry in many parts of the country.
At year end, 39.23 percent of the company’s assets was invested in conventional firstmortgage loans, 13.25 percent in FHA and VA insured mortgage loans, 35.52 percent in government, public utility, industrial, and other bonds. The balance represented policy loans, real estate, and all other assets. The company’s local office at 1114 Caroline Street, Fredericksburg, Va. managed by Homer J. Lowe is one of 61 such offices operated by the company in the District of Columbia and the States of Virginia, Maryland, West Virginia, Delaware, Ohio, North Carolina, Pennsylvania, Kentucky and Tennessee. More than 1700 .employees 16 of whom are in this area, serve Peoples policyholders.
91.3%