New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-01-26
THE OFFICERS PRAISED.
MUTUAL RESERVE FUND ANNUAL MEETING


LIFE INSURANCE POLICY.
,arce and interested audience was present ycs-
lsrdav at the annual meeting Of the Mutual keserve
rund life Association held In the main on1ces OF
the organization in the Potter Building. Althou2n
Al. address of the president and tho reports OF thc
sther officers occupied several hours IN their pro
seutation no WEAKNESS was to be seen rs inc iohs
array of facts and figures showing the prosperity
of this system OF life insurance was set 'ortn Oh
She contrary when the resolutions were onered ana
She speeches hudatory OF the work and success OF
the organization, were delivered. genuine enthnsl-
ann pervaded the crowded assembage which re-
NAMED to listen and applaud until long after
nightfaI.
The energetic PRESIDENT Edward B. Harper,
called the meeting to order at p. M, and began
ct once to deliver his annual address 1t Is
strongly wordcd paper. fortified with data giving
evidence Of the rapid progress made In 1888 ana
bFistling with determined aggressiveness when
che executive alluded to the instrumentalitles
alleged TO be used by opposing insurance companies
20 bring into disrepute the system and operation
Of the Mutual Reserve.
Among prominent insurance men present were
Ex-Governor Rice, of Maine; w. A. Brannon, OF
St. Louis; e. G. Clark. of WATERFOWL; ex-Bank
Superintendent Lamb, of NewYork; j. NJ Hopper,
Of Boston; T. W. johnson, of Baltimore; B w. 7
TOfS w.ws 81 WiS,l tMast q 4 r se, Bsss
j. p, of New-YOrk; Wilfred g; Potter of Elmira
John ]. Acker, of Albany; NJ. CUNNINGHAM, OF
Pennsylvania; B. G: Bloss, the first president OF
r. T. Braman, OF Brooklyn; J. d. Wells, OF Toronto
PRESIDENT HARPERs ADDRESS.
President Harpers address gave history OF
che incorporation of the association and of the
acts of the Legislature which legalized the bust
ness of assessment life insurance; which prohibited
the collection of any assessment not voluntarily
paid; eXempting the money due to widows ana
orphans from the payment of the debts OF the
insured, as well as from city, county ana STATE
taxation. In 6S5 the State Superintendent OF
the Insurance Department with a retinue OF
actuaries and accountants, a lawyer and a phys1-
elan, made thorough examination into the affairs
Of the association and reported that It's system
as well its accounts were correct, aud thai the
association was entitled to the confidence OF the
people" The president said
Many Official examinations have since been made,
among by the commissioners OF the States
Of Ohio, Michigan, Wisconsin, Minnesota and RHODE
Island The three examinations not completed
until in December last At least 100 examinations have
been made by bank experts, auditors accountants ana
men, the association has met the unqualified
all these examiners They have shown ~
that association legally and constitutonaiy organ
ICED and incorporated % that every honest death claim
has paid ~ that the books and accounts are care
fully aud correctly kept "a that every dollar OF the re
eeps have honestly and correctly Appropriated (ol
that our Tontne Reserve Emergency Fund has been
carefully guarded and invested in rsclass interest bearing
securities, provided by law and (e that the general
of the affairs of the association were cohroeu
by competent, reliable intelligent and experienced III
surance
The President refers to the steadily increasing
volume of business the increasing disbursements
70 widows ana orphans, and the accumulation OF
cash assets in the Tontine Reserve or Emergency
Fund as showing that the Association was eStap-
Eshed upon correct and scientific system, Whlcn
requires its members TO pay but the actual coss
of insurance from year to year. Any excess OF
money collected outside or expenses IS heIu az
Central Trust Company of New-York, as provided
by deed between the two companies "A member
OF five years standing Is allowed DIVIDENDS IRON ON
this fund which are added to the amount OF ms
policy A dividend of 81 per cent has Just beeh
declared participated in by all members who have
been connected with the Association since 1852
The interest passes into the Death funo account
INTERESTING STATISTICS GIVEN.
Continuing the president gave these facts about
the business of the company:
In spite OF obstacles thrown in our way our business
for the year foots up more than s35'OOOoOo our IN
surance in force amounts to 1885, 100000. The
In for the has been more than
90 per cent-more than half million OF dollars Every
honest death claim for 1887 has been paid when or before
Il became due. Our assets amount TO s22OO'OOo our
surplus 100000 Tontne Reserve or Emergency
Fund 10 81 100000 total death claims we have
paid exceed already 81, 100000. We have effected
year aggegang So 100000 by the reoucuoh
OF premiums below rates charged by old system
saving from the same source since the GATE Vi our
Organization exceeds s14,0O0,oo0
The presidents address throughout was re-
ceived with many demonstrations Of favor. 1t
was followed by the reports of Vice-President
Alfred Taylor Secretary F. F. Braman, Treasurer
c. r. Bissell Medical Director DR.. j. W. Bowden,
Counsellor Parker. Controller Henry j. Reinmund
Chairman Robinson, Of the Investment Committee;
Auditor Samuel w. Ray, and William Miller,
Director of Agencies.
p G. Bloss, the first president of the Association,
congratulated the membership on its short but
brilliant history.
A schedule presented showed that the sum of
1904 800 was invested In bonds and mort cages
on property in the city of New-fork, valued at
the directors to adopt and execute certain addition
oil plans and systems Of participation in the Re-
serve Fund and accommodations, was agreed to.
THANKS GIVEN TO The OFFICERS.
The following resolutions. presented by ex-
Governor Rioe, amended by exBank Superin-
tcndent Lamb, were unanimously adopted after
stirring addresses by both the members named,
In which the management received great praise
and the " old companies were vigorously de-
nOunccd.
Whereas The members Of the Mutual Reserve Fund
Life Association annual session assembled have heard
deep and great pleasure the reports OF E. b.
Harper president and OF the other ocers the heads OF
departments, and
Whereas, The statements therein contained have i'm
pressed deeply into firm belief in the principles
Premium Plan OF Life Insurance and con-
nrmed reliance guiding hands and clear fnte
gence Of the Executive Management OF this association
and
The state OF facts reported exists after the
persistent attacks Of enemies and the most loya
resistance thereto upon Of ocers for the
benefit OF our members therefor
Resolved That the thanks OF the members OF the Mutual
Reserve Fund Association and they hereby extended
TO f. b. Harper president, and TO all the other ohcers
the heads OF departments for the satisfactory reports
submitted us, for the faithful performance OF their
respective trusts constant FIRE OF csumny ana
abuse which has never since the beginning OF the
association, and all for the Integrity which has ever
characterized their efforts in our behalf
Resolved, fai in the plan and In the onicers
atinn In nRtened by what we have heard