New-York tribune., 1891-01-29
our mortgage Investments the previous year we're
s1,797 900,

with annual interest thereon OF
s72i9O.29.
significant feature OF our record the past year IL
that Of the thry-seven quarter millions o
dollars OF business written called upon to pay
losses only
sl6.3631O.
about Q-l5) one-nfteenth Of ~ one per cent
The next report that Of the genial and efficient
Medical Director DR.. James W. BOwden.
DIR. Bowden's report having been received and
placed ile DR.. ;. \. Robinson, the chairman OF the
Investment Committee, presented the following report
which was read by DR.. BOwden:
REPORT OF DIX ). A. ROBINSON.
Chairman Investment Committee.
10 the President Directors and Members Mutual lie
FUND Life Association:
Your respectfully reports the 3lst day
December 1890 your kserrc Emergency Fund was as
follows:
Cash on deposit American and Trust Com
pany OF New-York, 100000; cash deposit with the
socete dc Dcpots and Credit toncier Paris france s9'
All ~ cash deposit with the Mercantile National Bank
OF New. York. 10000 cash deposit with the First
National Bank Richmond Va $4,000 cash on deposit
with the Central Trust Company OF NewYor> sliOi3 u,
and cash on deposit with tho Third National Bank oil
Boston, Mass, $40 bonds secured by first mortgages
upon improved and productive real estate In New'forA
city by trust Company, OF New-Nork' a.
trustee - 800 similarly secured deposited with
the Insurance Department Of Newiork 100000; English
consos Oh depo, Court OF Chancery OF England FOR
the Insurance Department OF England $4,000 bonds oil
the Province Quebec $50 OO0 ana bends o! the Dominion
of Canada So 325 81 deposited with the keccverGenerai
OF Canada and St Louis Mo. 36jlOO per cent bond on
deposit with the insurance Department OF Missouri slcoO
total, -, .2SJ.S0.
tabulaed description Of our bond and loans Is
herewith presented
While the valuations herein set forth are very con-
scryatiye they show that 81 ,2l 500 hold
mortgages on land well located in New-Yofk City worth
81 80 000 which there buildings worth S224lo 900
that are insured for our benefit to OF 81 94 500
Ism hotd nd loan
increased @4li5 800, and your interest income from
s72I9O 20 in 1889 to so5.735 % In 1890.
The utmost caution is used in making our loans This
committed is composed Of I've Of your directors and n"
loan can be made without personal examination Oh the
property on based by three Of Us members ana
their written approval OF the investment; the written ap'
pgoyal and indor~cmcnt Of he highest oncal In the Tax
Dep, itmcnt OF NcvYork who is considered the mos'
competent and alive judge OF real estate IN tho
city and who examines each piece of property before
reporting written approval Of the president OF the
Central Trust Company; the approval OF your bohIu Vi
Directors and ccrtinston Of the title by our counsel
after careful examination, In which We always require
original searches complete abstract showing our
to be absolutely first lien upon the properly
Though permitted by loan twothds OF the value
Of the mOftgaged property the tou amount no" m'esVu
is les, than 90 per cent.
All money loaned paid OF the Reserve Fund by IN"
Central Trust Company, In checks drawn TO the ofuf o
the borrower.
The Central Trust Company requires the bonds and In
srrsucc before giving the his money. and
after the mortgages are recorded they also held by said
company, together abstract Of title and all other
paper, relating the investment. The Central trust Oo'
pany holding your precisely 1t holds your cash re-
serve fund.- under the II trust given 1t by your as'oa
ton and transferring the Interest pad upon tAen diecy
your death fund
These precautions no. adoned under the advice o'
authority or the ot law but safeguards which
,e on.,c, OF this association have Voluntarily thrown
around it, reserve fund and far as We know" with
precedent or parallel.
Their efficiency at.esed by the facts that we have
never had occasion 10 focclCe mortgage. have never lost
dollar Of principal interest have no property nor'raSd
which viii yield net rental income rrca'e than the
Interest loaned, and that the total overdue
Interest all u youf loan, i but $50 "hch j. 'N' hS"
sixty days delinquent
RESPECTFULLY submitted.
S. a. ROBINSON. Chairman.
L. +. PHELPS. Controller
Dr. RobinsOn's report was followed by that oi Dr
G. H. Es,ou chairman OF The Death Claims Depart
ment, which was read by secretary Barnum, and
showed that during the year the Mutual Reserve
PAID SIX HUNDRED AND THIRTY THREE DEATH
LOSSES
accrccatlnc I'm amount the sum Of s2.If64os. being
so fG7 In excess Of those pad in the previous year
F. A. Burnlam one Of the counsel of the as'ocia
ton then read a brief but Interesting report, in which
he said:
take pleasure in stating the oncer, aud members
here assembled the BE-. day ~ December l-30
action commenced during the pat year iu which ar
u.st-d a. the attorney o record. Ny Instructions from
te start have been ntip,-e defence O. d'th
claim until had thoroughly satisfied myself th'i " Wa
fraudulent or unjust Aad a %; doubt 70 gi'e ur
beneficiary the benefit INA; doubt haV" been posi-.
,lyelv urohled fftm int o.nr technical defence.
In ease fraud tAo position o' the association being th'
II II cord not defend upon the merits 1t would
MT defend IIcm at al.
But VERY FEW SUITS IL CoMrAEisoN WITH
TIE AMOUNT or IT'S BUSINESS.
have been brought against c association during the a.;
yeaf and in view Of uc and liberal policy pursued
by It, officer. numhr Of slt- il likely T. decrease IN
inverse ratio the increase 81 it. business. But Ltc
attention s required fom counsel ia such uatf-. HI
,imr bcing ,MoGy occupied ln determining the various
oue,tons which o necessity frequently - who
the proper Lncacar- TO receive the more than - 100000
wAich the ha, dCfls the pat year dbuFs"d
- the wsiu, ard orphans m dec'u-ed mcU4b.r-,
In the OF the title, TO the real c.tatc 10 loans
uuon which The ch-f part ~ the accumulated reserve f.
Invested lastly in seeing - It that those who max"
war uron association and 10, system keep within tho
limits Of the law notable instance during the past
twelve months successfully prosecuted IN criminal
court the Publisher malicious libel and the sa!utary
result Of thi, proceeding has been IN the almost
entire cessation Of similar attacks since tnat time.
4LK \ PERSONAL LAAMINAIION OF EVEHl
DEATH CLAIM
ever paid by the association. aud with actual knowledge
f tine fact, attending payment Of withn
the past year unhc-itdtnsy state Without fear Of
ccs,uI contradiction that the ASSOCIATION has always
prouptly pad h and every honest death claim la uii,
and that there never life organization
In the world Ot magnitude where the duties Of
It's It's department Of lsated business were
light and posit.Oh this rep unfcmunerdIe.
Next IN order came the forty third report Of the
auditors, samuel ". Wray, Of Philadelphia. and John
j. AcAcr, Of Albany, y. y. Their statements
follows
goEIY.TuIRD REPORT OF AUDITORS BY AUDITOR
SAMUEL W. WtAY
NcW-Ioih Jan. 23. 1891.
T. H. Harper, c,q., President Mutual Reserve Fund Life
Association:
Dear sir beg submit the following the result
NJ our Examination, completed this ,atc the death