New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-03-21
FOR a MORE ECONOMICAL MANAGEMENT
GENERAL FIsK's REPORT ON THE MUTUAL
BENEFIT LIFE AssocIATIoN-A MEET.
ING of DIRFCroRa

ING OF DIRECTORS
The Board Of Directors of the Mutual Benefit Life
Association held special meeting In the Stewart
Building yesterday TO consider the report OF the In
sufance Examiner the affairs Of the association.
General Horatlo c. King, director and counsel for
The board, had returned from Albany, where no had
gone to confer with the State insurance authorities
Tie said that the only fault found heN with the man
agemcnt was the taking of $4,000 from tho mortuasy
fund for use the expense account To set this
right, tho members OF the Board OF Directors have
raised loan out Of their own pockets covering tho
sum- This they have done without security az proof Of
their confidence In the standing and stability Of the So
eety. ExCOntroller LoeH, although stn refusing to
serve on the board until the final decision Of tho In
surance Department known, subscribed g., 900 to
this fund, and General King declared positively that
tho new board had found no signs Of wrong doing ON
he part OF President Kent or any other officer There
had probably been mistakes made but there
ground to suppose that the money Of the association
had been diverted TO private uso
The board appointed an expert accountant to over
haul the books and probably tho first official state
ment regarding the actual condition of the associations
affairs will be made when his report Is published The
reserve fund In the Farmes' Loan and Trust Company
amounting to s16s 800, is said TO be intact and can
only be withdrawn for payment Of death claims.
1t has leaked out since the annual meeting OF March
IL, when the members hooted down Anthony Comstock
MAI some OF the directors have been trying for
TO induce President Kent TO Introduce certain ecOnom
cal reforms in the management General Clinton
j. Fisk at that time OF the Executive Committee, a
leading advocate Of reform, made q committee Of
one some weeks prior to the annual meeting to
anime the books and to mako report to tho board
lie should have read this report tho annual meeting
but was hooted down as Anthony Comstook was.
General Fisk, although osted from the board at that
meeting, and prevented from making his report still
felt an interest in the association and forwarded his
report 10 the Insurance Department at Albany.
He found the books admirably kept and all vouchers
In their places-not single In cash-book or
ledger and sorry that the entire administration
of tho associations affairs not as worthy of
praise as its clerical department In examining the
records, he found that during the period when tho
Executive Committee held frequent meetings and dis
cussed all business In open manner. the association
prosperous and It's business conducted with greater
efficiency than subsequently. But since the fall Of
1887, he says, when the Executive Committee gave
the president power TO make contracts with agents
without limiting him to terms, and removed restric
tons to contracts for printing and other expenses,
results have not been so satisfactory. He said that
President Kent was receiving about 900 per
limited 20 5000. lie showed that 10000 had been
lost In reckless advances agents. and that rs 600,
Instead Of the estimated OF a. 900, used I'm
fitting up the expensive Offices In the Stewart Build
Ing, and recommended that cheaper place be ar
ranged for where the rental should not exceed $4,000
done nothing that was not approved by the Board of
Directions.