New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-01-23

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it 1880" invite you to rejoice with the officers of
this association who have tried TO you faithfully
and efficiently association whose commentator
! comes in great from the widow and orphans
| of the policy holder, who in his lifetime, fixed his
trust in this association, and maintained it through
report evil and good-from such these have had
our reward
The medical director untes with his associate officers
| in extending TO you a hearty welcome TO this annual
meeting and submits herewith a OF his labOrs
for 1859.
JAMES W. BOwDEN, Medical Director.
Alfred Taylor, of Taylor & Parker the counsel of
the association was next called for his report. lie
made verbally. and il substantially as follows
at has not been the custom for the counsel 10
make written report to the members OF the associa
ton, but rather briefly to the general condition
of legal affairs and to answer questions that may
| be asked. The year 1859 has brought TO the legal
department but small number Of cases in litigation
There have been some and there remain our books
! at the the close Of the year, of SUCH six
During the year have met with misfortune
once, and when the jury decided under the circum'
stances of the that the money in question should
I've pad. exceptions entered. The board
| directed the amount TO be paid, and it was pad
! Applausel With that exception, the cases have
been favorably decided for the association. There
| has arisen this year a phase of litigation An
effort has been made TO compel the association u
| receive money the overdue payment of policy
| holder and take him back when he could not give
! US evidences of health. The question is whether
that policy holder should get back into the benefits
Of the company, and will have to try whether
or not the association has a right TO defend itself and
not take diseased risks As to loans, every title on
which loans were made examined by Us, ana
they have been found, far As onr judgment can
! CO. perfect We have been compelled during the year
10 refuse some titles presented In addition to hai'
We have examined and certified TO the amounts legally
| PAYABLE and persons to whom legally payable
the benefits under the different policies. These poll
| cieS present various questions under the laws OF
various States and we have examined them "a they
have been brought up and have certified l" inc
various claims that have been paid during The year.
and certified to the persons to whom were pa\aoie
the amounts, so that there full certifying OF the
persons to whom the money was legally payape'
To this we favc given great care, and believe tm'
no error has cTept in during the past SIN or seven
years. (Applause)
Questions were invited by Mr.. Taylor but no one
wanted as ask any. DR.. samuel A. Robinson the
chairman of the Finance Committee, presented the
following report:
Ncw-Yorl1. Jan. 80, 1890.
Your Finance Committee respectfully reports t"t
your Reserve Fund deposit with the Central Trust
! Company of New York is Slj,f13 20 that YOU nave
sg7 800 deposited in the bank Of England under the
control Of the Insurance Department Of Great Britain
$4,000 Province Of Quebec > per cent bonds dcpo'-
lied with the Insurance Department Of Canada. sob
5ot % deposited with the Sooictc de Dcplt> and the
Credit Foncicr Paris. France; $4,000 deposited with
the Third National Bank Of Boston. Mass and -.
Louis G5-1OO per bond OF $1,000 deposited Win
/ the Insurance Department Of Missouri
Your bond and mortgage loans on desirable real
estate in The city IF Ncw-YoIk amount t. sl791,OOo
Of which 10000 is deposited with the Insurance DC
partmcnt of the state Of NeV-lorl and Sl39',oc Is
held by the Central Trust Company Of Ne" YORK a.
provided in the deed Of trust between II ana your as
ISOLATION.
The special Emergency Fund, established in ac-
oordancc with the resolution unanimously adopted 10y
your members at the annual meeting held January -,
l-s9 is deposited with the trustee Of >ad Juno the
American Loan and Trust Company Of Nc"lork ana
is now 100000, making Your total reserve or eNc'
cencv fund on December 81, 1--3. $500 30" 30.
During the year 1--9 your bond and mortgage loans
increased SOL 600 and your interest income from
sJ7 2Gl 81 in 1ss8 to $7219O 20. But FOR the crc'
ton Of the special Emergency Fund Your interest ID
come for 1859 would probably have exceeded $4,000
and 1t promises TO be about 100000 for l-"o.
Yonr loans are all secured by bonds and first
MORTGAGES on improved real estate. we'll located In
the city of New York. \ most conservative valua-
ton of the lands covered by Your mortgages Is Sl2-
800 and Of the buildings thereon Sl-@O,OoO, total
! OF S31e3, 500. To render Your loans sun M'I5
secure, 81 $1,000 Of insurance on the building, is
held by the Central Trust Company, for your bencht
No loan can be made without the personal cxamra-
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committee: the written appraisal and Endorsement Of
| the highest official in the Tax Department Of Nc"
| York man Of large experience Who }, CONSIDERED
the best and most conservative appraiser ID the cN
| and whose integrity j, above suspicion; the written
approval Of the president Of the Central Trust Com
many. the approval Of your directors. after due con
| sideration at regular meeting of the board and
approval Of the title a your counsel, after thorough
| examination in which alwat, require original
official searches.
our rule is not TO loan more than 60 per cent OF
the value Of the property. and the total amount Tow
invested j. less than that. When loan j. made ~"
| Central Trust Company requires the bond and the
| insurance policies before giving the borrower m'
money the mortgage, are Immcdl1icN ied i"i Tc'"''
and when recorded also held bN the Central lTn-t
Company together with the abstract, Of tide ana all
| other PAPER, relating 10 the investment. All the
officers Of vour association combined could not invest
a dollar Of your reserve fund without observing each
| of these precautions, the object being T. render II
impo,,be to pcrycrt any portion Of said fund from H.
| legitimate and constitutional purpose.
| Numerous examinations Of tins department nave
been made By Insurance Commissioners, acuarc, ana
other expert accountants, including celebrated hr
| of chartered accountants from England which va,
emuoycd by English capitalist, 10 examine the book,
| Of American corporations in which they had invested
! These examinations have involved searching scrutiny
Of every paper connected with each loan rom INC
original application the check upon which The Dor
r,yror received the money and not a person engaged
in the examinations has been able 10 ccnsurc anything
! connected with Your business. On the contrary al
| have said they had never known a corporation L"
Mace 80 many cGcctual safeguard, around II, invest
,,crts and though each urged 10 suggest any I'M
movement which might occur 10 him, no one has adj
| vt.ed a change or recommended an addition.
,,luIated description of all your loans is herewith
presented.
The Central Trust Company collects the interest
an ,,o.c Investments holding IL trustee until rceu
I,y requested to transfer to the death fund OF Your
association; which transfer must be made Directly 10
| Tho Fourth National Bank Of New York. not dollar
| - .-..-lrr tllrnnrh The hands Of rNnr OihccTs