New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-01-24
A PROSPEROUS YEAR.
MUTUAL RESERVE FUND LIFE INSURANCE
ASSOCIATION.
IT'S ANNUAL MEETING AND THE REPORTS
OF ITS OBSERVATION-DISCLOSURES
HARPER,S ADDRESS.

Fund life Association was held yesterday al 10
IN the Potter Building, and although the proceedings
lasted until late in the evening the room was cro"ueu
throughout the meeting, and the closest attention was
maid by the members 10 the reports OF the presiueht
and other officers Of the association Tncre were
FREQUENT outbursts Of applause and murmurs OF ap-
prevail ..a,
Eng. G. f. Blandin, London, Eng stephen H. Tying,
paris: Eugene Meelu, Florence, Italy; O. A. Tuthil,
New-York; W. @. Page, New-York; Major John Hop
per Boston; Edward +. PRrr, Chicago; General Isaac
H. Shields, Philadelphia; Samuel W. Wray, Phlladel
phIa; John J. Acker Albany H. r. Josselyn, Detroit
T. A. osborne, New-York the Rev. j. c. Drum, New
York; McClintock Bernts, Brooklyn; A c. WALL
Goshen: W. @. Pueckler, New.York; r. O. Jones,
Nc,v.York. g. W. skellsn, New-York; W. Miller
Montolar n j.: j. W. Knit, New-York; W. IL
Butts Brooklyn J, A. Lackey, New-York; @. r. Nc
Chesney Rochester; b. W. T. AmSden, Sing Sing; AL
mont Barnes Yonkers; william II. Barber, New York;
r. Harrison Jones, Bayonne, N. j.; Leslie e. Martini
Brooklyn; Edward Thomas, New-York; A. II. Dennis
ton, woodslde, 8. t. Dr. r. B. Glen, New.York; w.
H. A Doeyes, New-York; q. j. Moore, West1eld,
Mass II. f. Merrman, Jersey City; j. g. West, Harry
A. Scott Baltimore; p. @. Bloss, Albert G. Rogers
and Alfred Taylor, Eew-York; 8. A. Robinson: f. s.
Parkes Brooklyn; Edward Moffatt J. b. Brauner,
Major J. r. Barton and Franklin Underhil New
York; George @. Colin, IT,, Charles II. Gausernan,
j. A. Stevenson and Il. I. Braman, Brooklyn; Charles
r. Wlghte, Harlem; W. Gardner, Hew-zeaand; James
Moore Daniel jerome Carroll and Fl. Pennock, in,
New-York; tho Hon. Henry L. Lamb, Troy; Dr. James
W. Bowden New-York; y. Denning, Brooklyn; W. o.
Lord, WORK; A. C. Bl0ss, New-York; Frederick
c. Merrill New-York J. d. Wells, Toronto; Nevili
W. Gloss, Bath Beach @. +. Laurie, New-York; tho
Hon. H. J. Reinmund, New-York w. d. Huntley,
philadelphia; j. T. Clark, Eew-York; H. X. Beck,
Columbus, Ohio; II. A. Cooper, Albany; F. Il. Bald
wln New-Yofk; W. A. Hancock, Newark, N. j.; III. f.
Homes, Albany l. Y Knight, Washington; Or. Il. NJ.
\ Ne mfr
FAN River; L. r. Morris, W. J. Foot, r. L. Jones,
Brooklyn; l. Y. Manning, Red Bank N, j.; +. Bald
win, j. n. Townsend, Z. f. Leeds, E. f. Knapp, W.
r. Carr W. Rhodes, J. 7. Walker, II, Pennock, 4.
Cooper, @. @. Colin, New-York, and General Il. l. l.
Hardcastle, Easton, Penn.
President Edward Ii. Harper, calling the meet
Ing to order promptly at nOon received with loud
applause and after the secretary had read tho notice
converting the meeting read his annual address, In
which he said:
Tho work of another year IS completed One more more
Of oiA the 6Istory OK our assosison-1sss~ always
VIII VI A he iound record Of The most aotabe events
that have ever transplrcd since It's org aniEatlon
my pleasure and privilege to present TO you my
annual report and each year IN succession these
DS %ss h Ssys 5oS IN a1a e length
time since Incorporation BY any other lie Insurance
lust closed has brought to US a greater measure Of
success than has ever before been my privilege 70
report
| He then pointed out the advantages Of tho new
| system OF assurance over the old methods, a. tho
report showed that the amount collected By the asso-
citation from rs members and paid into tho reserve
emergency fund eqGalled only third OF tho amount
collected By the old system life Insurance companies
while tho expenses wero only ono third the average
| Of tho level premium companies, based upon each
900 policy carried. The average rate collected,
for all ages was fl0 10 per $1,000, OF 20 per cent
less than the average under the old systcm He con-
unued;
We have paid within tho year TO tho widows and
| orphans OF our deocSed members Sl,5soOOO ana
fnd hes Increased during tho year 1855 BY than
100000 and had our mortality eaSalled The mersy
eight years IN existence. tho mortality OF ITO New.
York Life for the same year. In us ioriyt,h year VI
existence or for any previous year I'm the history OF
these organizations our rates OF mortuary premiums
based upon hs age Of en would aSe s s@ essurd
and permitted the accumulation OF the total loading o.
y PEI Sea T ffr s B. sSsPon Of one or Two
history q The Ss%Yos d sS S9 sor Se o w0a me
current receipts applicable TO tho surplus reserve emer
eency fund for tho payment OF current DEAN elalms
~ ~ FouItabie Ise insurance Company for the past
| twentyelght years.
Tho repor. went on to state that in 1853 the
interest accrued from tho surplus reserve emergency
| fund was s57o8i o. end as this source Of Income
members, ana advocated the system Of the insured
only paying his quota Of tho death losses. In review
ing the business for last year the report continued;
The death claims paid by our associaton within
| the past twelve months amount 10 the sum OF
| 81 $50 900, which was distributed among nearly 400
widows and furnished protection and home 10 upwart
| OF Zoo orphan chIldrom OF our deceased members.
The report also showed that Investigations had been
made by the auditors and individual members OF the
association which showed equally favorable results.
After referring 10 Misrepresentation 10 the
Citations financial soundness and good faith, which II
stated fully rofuted by the facts and figures IN
tho associations books and records, the report said
We received applications for admission to member
ship during the past year covering insurance TO the
amount OF fortyOne millions of dollars lappiause OF
total Insurance in force December 81, 1883, was
s1Gs,oo2,soo Our net increase for the year, after
mates thirteen millions Of dollars. (AppauseJ
We have already paid during The past eight years
bers more than s5,76ooOo,, and We have saved 70
be rates charged for SH0 ordinary s
per s tables Of the Level premium ls s e Of Tnse
millions OF dollars. (Applause.l
President Harper then said that during the last
year the safes OF tho association had been repeatedly
broken open at tho instlgation Of opponents Of the
association and lists Of the associations members
had been stolen for the purpose Of vfylng the In
sttution by circulating defamatory statements. He
finished his report by thanking the executive officers
OF the association for the manner in which they had
worked during the last year
Vico-P President Alfred Taylor then addressed the
meeting and declined reelection to the board Of di
rectors, his term of office having expired. He then
read the report Of the Executive Committee in which
Il said;
At the close Of the year 1894 the cash assets of
tho association were s3145s3 "a. Four years had
then passed-four more years have now been added.
The time has doubled and tho cash assets &C the close
OF 1888 are 81 ,053753 61-more than six times
greater than at the close OF the first half OF its his
tory Six times Is the ratio and actual increase OF
cash assets IN four years Is 81 $50 so 81. Tho net
Increase during tho last year IA S557 666 &C. showing
that than one-thrd OF the ea.ire increase has
been accomplished during the year 1883, and that
the assets have Increased almost % per cent in one
| year.
The total assets Of the association December 81,
1883, were ao,742,391 90, an Increase during tho