New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-01-28

death claims in full usually long before me same were
due
SPECIAL EMERGENCY FUND.
As provided by the resolution Of General Isaac IL.
Shields OF PHILADELPHIA and unanimously adopted at the
annual meeting held January % 1889. the Special
Emergency Fund has been increased within the year
from sa5O 600 10 100000 which amount * hed IN SIX
Of tho strongest and leading banking corporations OF our
country. detailed statement of such deposits Will be
shown In the Auditors Report. The OBJECT OF t' spec
i'll Emergency Fund provided in SAID resolutoh l. to
enable the Association t. anticipate the payment Of Its
death claims after assessment has been MADE without
being compelled to wait for the payment OF such Mortu
any Calls by the members, and the practical experience
Of the Association In connection with The Special Emer
gency Fund has fully demonstrated the wisdom displayed
in tie adoption Of the aforesaid resolution
INVESTED ASSETS
As will be shown By detailed statement, WHICH VIII
be presented to each member Of the Association Sl04
600 have been invested during the past year III Dohu ana
mortgage being first lien upon improved property tn
the city Of N,v-York increasing the amount Of such
loans heli by the Association TO S22e0OO. and proluc
ing Interest income TO the Association OF moro than
500 900 vear An examination Of The detailed state
mcnt will show ne datc when each loan was made the
record book in which It IS recorded by the city "hclas
the amount Of the principal unpaid the rate ol Interest
the value OF the land morgased the vIue ot inc Oud
irgs: the amount Of Insurance held by the Company
the buildings for the protection Of the loan. and the
exact location Of the property IN each instance Is gwen
that every member OF the Association may personally
examine cause to be examined every piece OF prop
cr;y upon which the money OF tie Association Is
loaned and thereby VIII be enabled 10 judge for him
self 10 the security and care exercised By the Officers
Of the Association in making said investments.
II IS n fact worthy Of note that the Mutual Reserve
Fund LII, Association the only life Insurance company
furnishing similar information to it, members.
The with which loan, made b. the Association
Is also entitled {, careful consideration.
The Central Trust Company OF NeWYorlr IS the dc
posory Of the Reserve Fund which represented by
these loans. Hon. Michael Coleman By mutual con
sent Of the two organizations who was the former
president OF the Board Of Tux Commissioners and the
official Appraiser Of tho Insurance Department Of the
State Of New York has been and is the appraiser Of all
applications for loans, and no loan be made with
out his approval; In addition thereto. three members
Of the Board Of Directors OF the Mutual Reserve Fund
Life Association arc Obliged 10 inspect the property
before the loan IS made, and certify In writing to
the Board Of Directors that they approve Of said loan
and the amount ~ be loaned does not exceed two
thirds the value Of the property. n the Board OF Di-
rcctors approve Of said loan. the is then sub
mitted n the president Of the Central Trust Company
who must also approve said loan, otherwise 1t cannot
be made.
The bond and mortgage Is taken In the name Of the
MutIn Reserve Fund Life Association. II the title
Is found correct by the counsel n the Association the
loan Is made. but the mortgage and bond is held by
the Central Trust Company a, trustee, thus speculation
pcculatlon the part Of the officer u the Assoc
alton f. absolutely pre- !udei through the system
adopted by the Association for the protection Of the
members.
NOT 4 DOLLAR EVER LOST
Special attention is called the fact that covering
the entire period ~ tho Mstry ~ the Association
not dollar has ever been lost 81 either tie principal
or interest upon any loan mad" by The Assooia
ton. Neither have any lssc- ly of said loans
over been charged on to profit and loss account a
similar statement doubt cannot De made By any
other n'c insurance organization IN the world.
INCOME.
Tho cash income during l-9I nom all sources was
s37o4IeG+i. while for the year 1890 1t was
s33-s -ls.sG maldng net Increase for the year OF
1918,
DEATH CLAIMS.
We have dlshursed Tor death claims during tho
past year e. $50 30 making our total death claim
payments 20 December ~ last over sl2OoOOoO OF
a yearly u more than - 10000 since the
date ~ organization. and We Lad I'm our Reserve
Emergency Fund NJ tsc close Of the year 10000 for
each :lo0O Of outstanding death claims In process Of
approval and adjustment.
NEW BUSINESS.
During the yenr 1891 received now applications
FOR membership the amount Of s5OOi0.G15 Of which
there has been accepted and written s4f3Is.0d5.
Amount rejected. returned unapprovcd held In
pcnsc. s5.7oO.6oO. This vast amount Of business