The Portland daily press., 1898-01-26
UNION MuTuALs ANIMAL.
LARGO Attendance of Pp;icyhoIders Who
Manifest Much Satisfaction with tine
Results for 1897.

Large Attendance oi ~SJ
Manifest Much Satisfaction With the
Results for 1897.
There was large and representative
gathering of policy holders of the Union
Mutual Life Insurance company OF thls
city, at the annual meeting held yester-
day. Among those present were many OF
the prominent men of Portland and else
where, the attendance being larger ana
more enthusiastic than any previous year
in the history of this favorite home 1nsti-
tuition.
The meeting was called to order by
President Fred E. Richards, and the an
nual report of the directors to the policy
holders was read by Vice President
Arthur l.. Bates. Hon. e. B. Winslow
moved that the report be published and
distributed in the usual manner
Upon motion of Arthur W. Merrill, it
was voted tosproceed to the election of
four directors, and President Richards
appointed Theodore G. Woodbury., Col.
E. E. Boothby and Stephen G. Perry a
committee to receive, sort and count
votes. This committee subsequently re-
ported the election of the following
directors for a term of three years:
Edward A. Noyes, Hon. Josiah H. Drum
mond and Frank E. Allen of Portland
and David g. Hamilton of Chicago.
John e. Warren of Westbrook moved
that the report Of the committee be &C
cepted, and r. G. Bradford moved that
the secretary be directed to notify the
gentlemen of their election.
President Richards in behalf of the
management then welcomed the many
policyholders who were in attendance,
and proceeded to explain more in detail
the feature Of the plan for the improve
ment OF the company's Chicago property,
known as the University grounds, which
consists of ten acres of the highest land
on the south side of the city of Chicago,
one block west of Lake Michigan. He
stated that the property had been carried
| along, since the title had been obtained,
waiting for the times to.improve, and the
good fortune which we have now is to see
the wave of prosperity which dawned in
the West nearly year ago, moving east
ward, and already Chicago is blessed with
an era of prosperity such as it has not en-
| ioyed for certainly more than one decade.
He stated that, assuming that the
valuation by the assessors of Chicago
were made at one tenth the real value of
property, as is understood to be the case,
the University grounds are evidently con-
sidered by them to be worth s465, 400 at
the present time, but the property stands
in the assets of the company at only s36l,-
$50. rs. By the present plans it is believed
that within three years announcement
can be made to tho policyholders that the
property has been disposed OF at profit
over what would have been received If it
had been undertaken to make sale in one
single block.
In regard to the home office building
President Richards stated that the valuR-
| ton of it had never been changed in the
assets since the present management took
charge of affairs, although during that
| time a large sum had been expended in
arranging the magnificent banking rooms
for the Portland National bank, that out
lay being charged off to current expenses.
Soon after those Improvements were made
| he had been told by the insurance COM
missioner of Massachusetts,, in an inter-
view, that it seemed TO that official as
though the management ought to add
that expenditure to the valuation of the
building, as by establishing such finan-
cial institution on the ground floor of one
corner of the building the value of the
property had been increased $4,000.
President Richards said that he believed
that was correct view, for there now is
in the building three successful financial
institutions with an aggregate working
capital of eleven million dollars He then
explained the intimate relations between
the Union Mutual and the Union Safe
Deposit and Trust company, and set forth
the splendid financial condition of the
latter institution. Mr.. Richards's re-
marks were receivedsswith much applause.
ln Theodore G. Woodbury. said the report
spoke for itself and did not need any
endorsement by the policy holders but the
matter of developing the property owned in
Chicago was quite a large enterprise, and
because he thought it was always pleasant
for the officers of any company to feel
that they are supported by the persons for
whom they are working he submitted the
following resolution, which was unani-
mously adopted:
Resolved, That it is the sense of the
policyholders of the Union Mutual Life
insurance company that the plans now
being carried out in regard to the Chicago
real estate owned by the company meet
with their hearty endorsement.
VIM. M. Marks said that it seemed to
him that this meeting called for some ex-
preston of appreciation on the part of the
policyholders, when such a report of the
condition and prosperity of the Union
Mutual is presented. He certainly felt
like heartily congratulating the officers
from the President to the smallest official
for the splendid results which could only