The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1899-09-26
nuTUAL RESERVE IS SOLVENT.
State Insurance Department Report On
Life Association Made Public.

Albany, Sept. 17.-For over four
months the State Insurance Depart
ment has been examining the affairs
of the Mutual Reserve Fund Life As
sociation OF New York. That ex-
animation was Fl aishe ed several weeks
ago, and the results of the examina-
ton will be made public sometime
tomorrow. The greatest interest at
taches to the Association, for it is
the leading assessment insurance
company in the world.
The Association Is doing business
in all of the New England States,
and its operations extend through
out Canada and all Europe. 1t has
over 100 600 members, insured Cor
about $500, ,o0o, 900.
The greatest interest in the results
of this investigation caused The
World to make special efforts TO get
the findings of the examiners, Isaac
Vanderpol, and the other lengthy
summing up of Mr.. Payn. The
charges made against the manage
ment of the Association by ex officers
and ex-employees ofthe department,
which were expected to create
great sensation, fnd no place at all,
and the Superintendent says he has
ignored these charges.
The famous Fifteen Year Glass
Policies issued by the Association re-
ceive great deal of criticism. These
policies carried dividends, and when
these matured, the Association paid
them by crediting the holders with
the sum due them, SO that instead of
paying assessments and dues holders
received credit for the dividends and
paid the difference. The Superin-
tendent says this should not have
been done, and that if the money
was not paid by these holders the
same as by other members the in
surance should have been lapsed and
the certificate made CT no effect.
The department criticises the con-
tracts made with a former general
agent or manager named Moss.
The report of Mr.. Vanderpoel
makes comparison of the business
in force at the end of 1896 with the
business in force at the close of May
18th, 1899. and shows that the busi-
ness has fallen off
In the assets and liabilities Ex-
amlner Vanderpoel includes in the
~ 70
actually in the Office May is, 1899
The money in transit, which arriv-
ed the next morning was not count
ed in. although these moneys were
for insurance which had been writ
ten. and which was outstanding
The liabilities include all claims up
to May 16, 1899, and the list was kept
open until August %, in order to re-
port all claims by death which had
occurred before May Is, but which
had not been reported. By keeping
the list open in this way death claims
amounting to s5S 600 were added
New York World.
VICE PRESIDENT ELDRIDGE SPEAKS.
George D Eldridge, vice-president
of the Mutual Reserve Fund Life As
sociation, asked about the report on
his Association which was about TO
be made public by the New York In
surance Department, said:
We'll, the report is concluded and
as was the case a year ago, when
similar examination was made, the
Superintendent is compelled tC find
the Association absolutely solvent
"Certain former officers who were
discharged for incompentency and
disloyaltY to the Association have
sought revenge by preferring charges
against the management, and the
only basis for criticism which the
Superintendent finds is in the matter
of agents contracts, which was under
the charge OF two Of the discharged
employees. The Superintendent
criticises the management for allow
ing members of the fifteen-year class
credit for matured dividends on ac-
count of dues and assessments and
holds that these members should
have been compelled to pay their
assessments in cash or lose their in
surance. The management denies al
together having erred in this matter.
for it acted under the advice of able
counsel, but if it did err it discharg-
ed the spirit Of the contracts which
it issued and it relieved the members
holding them of the cost of insur-
ance.
"The new business of the Associa.
ton is being administered under
principles which are fundamentally
sound, and the old business is being
carried under the provisions of the
contracts outstanding and will be sc
carried. although any member hold