New-York tribune., 1891-01-29
REPORT OF HON. II. J. RElNMUND, SECOND
VICE-PRESIDENT.

To the President. Directors anu hcHUeTS Vi eo "'""
Reserve Fund Life Association:
Gentlemen: take great pleasure in submitting tt
you this report. and it is with pardonab!c pride that
am able TO point with much satisfaction to the ein
nenty successful results that have accrued from oui
indefatigabe effort, in behalf Of the many thousands
OF our policy holders who have favored us WIN theIi
support encouragement and unfalterlng confidence
during our steady sld triumphant progress OF the
past decade.
our Cash and Invested Assets on December 81
1880 were 293075 80. whereas at the close OF the
year l5s5 they were but $685. SO a. which means tha'
at the end of our tenth We had $3.50 where but
five years previous We had only $1,000.
our Gross Asset, on December 81 last reached the
magnificent figure of $3,95Ol7o 70
At the close of the past wear VIC had nearly s'ooOo
600 more insurance in force than we had on De
ccmber 81 1850 showing an average annual increase
of Sl5.OOOOOO since that date And 1880 PRODUCED
in new business written S37.G97.6o1
We paid to the benefcarics OF our deceased mem
hers during the past year .l4G1J5 o. being ~ 3O1
e23 O5 more than disbursed for Death Claims dur
ing the year 1853. and S402.249 o. more than was
pad during the first five years.
Notwithstanding t:,s large amount paid in death
claims we added last year 10 Cash Reserve or
Emergency Fund the Of S4G7.776 10, making that
fund, on December 81 last S2,772,255 90 or $3.50
where only five years ago we had but ~ 900.
We received in Income durNng the past year $685.
s4s s6 or 81 IA for each 81 received In 1850.
Again, on December 81, 15o5, had in Cash and
Invested Assets but 81 $50 TO each 81 900 Of unpaid
death claims whereas at the close Of the pas year
We had $3.50 for each 81 600 of liability for our
unpaid claims.
our Interest Receipts for the year 1855 were less
than 81 OOO while during 1870 we received S95735 55
or nearly fourteen times the amount received in ihe
fifth year of our existence, which is due principally
10 the fact that we have TO day the large sum Of
S22ll 500 loaned first mortgages on improved
property I'm the city OF New York. and this amount Is
less than 90 per cent OF most CONSERVATIVE Valuation
Of the morgaged property.
That the Mutual Reserve has become an absolute
necessity 10 the insurng public, and that its system
Is a most popular one, is evinced by the following
only 10 per cent OF the new business written lds
wear was Not Taken, while the average oi Tie no
taken policies TO the new business written by th'
three largest level premium companies dhe Equitable
Mutual and New York Life during l799 was more
than 20 per cent. Again. the amount of Insurance
in Force I'm the Mutual Reserve at the close OF lis TENT
wear had reached the extraordinary figure OF @l97.
OO3435, which not equalled by the Equitable
until its twenty bird year. by the Mutual Life unil
its twenty-seventh year, and By the Ncwlork Li'
until its forty-thlrd year.
With that wisdom for which our president, Mr
Harper. is universally noted, our agency system ma
been reorganized BY bringing from Canada 70 the nome
office that pioneer Of managers OF agents. j. d. wells
under whose able supervision Canada has sent 70 Us nj!
lion after million Of business. and In which country :"
have written during the past year three and oneha NIL
lion dollars Of insurance Already has the change beer
found lighy commendable. for during December las
our new business amounted to over five millions Of
dollars while for the same month OF the previous
year We received but s37O0.Ooo, and during the first
three weeks Of January new business received "a'
s2oOOo0o more than for the corresponding weeks
Of last January.
When we consider that under the administration OF
Mr.. Wells a foreign country 1--WE might call IT, pro
duced such an enormous volume OF business. what
nay we expect for the future in his assuming TIC
MANAGEMENT Of our entire agency corps!
Advices from managers lead us u believe
that the balance Of this year will show corresponding
increase in new business and we are confident that