New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-26
MUTUAL RESERVE HEARING
OFFICERS AND COUNSEL OF THE CoMrANi
APPEAR AT NEUTRALITY-SUSPICIOUS.
MADE AS RESULT OF CHANGES

Albany Aup % (SpecaD.-Superintendent houi'
II Pawn Of the State Insurance Deparlin 49,
a hearing to-day TO Representatives ol - C,,v
Reserve Fund Life Association OF Ne"-'o ~,
AZ examination Of the company has been mace W
SC,b,ef Examiner Isaac vanderpoel OF the e'a.e III
surance Department, and his report is III -. -
Of SUPERINTENDENT Payn. Under secioh 90 "a w
Insurance law the superintendent is reaaii eu "
stse the ofhcfals OF companies so examined an op
nort,n,tv to be heard before the report or .ne
examination is accepted by him. The nearing 'o-
aav was in compliance with that provision.
III. hearing was in secret session. and what the
renort contains cannot be learned IL Is saio 'he'
Tho report OF the examiners now BEFORE oupeii"-
49,. pew gives the results OF their investsa-
49, ~, dozens Of charges made by those Formerly
connected with the Mutual Reserve VINO 90 mo-
hesitate to alege gross mismahae enien- VI w
thousands OF policy holders In the MUTUAL Hes"r'e
many have of late. 1t is asserted. sent letters Oh
inquiry to the State Insurance Department anu
the report of Superintendent Payn dealing with
,,o condition Of the association Is awaited Win
great interest .ao,
The fact that the association appeared yesterday
renresented by President r. A Burnham' VICE
president George D. Eldridge and an array OF
counsel COMPRISING Frank Lawrence Edward Lau-
terbach and Colonel James. would indicate mat IL
had suggestions to make for modincauonS III '''
examiners report
STATEMENT BY THE DEPARTMENT.
Az tho State Insurance Department this AFTER
noon the following statement concerning uo ~
ems Of the head Of the Department in such ques-
lions and the usual course of procedure was inaoe
Acting under instructions from the supern.
..ndsnt Of insurance the chief examiner OF the
Department and his assistants have MAGE y an e
Fund Life Association of the city Of YORK naS
Under the provisions Of the Insurance Jaw. whe -
must 'fSS - w Sdp
then required to rn ssae6 se snd o designate
day when he Will grant them hearing on s 80 81,
report u Is such th u deH The Of
This examination has been forwarded to the super bss
Yurnjshed with copy OF IT, and yesterday was the
day designated for hearing thereon. ,.
me sspnbam: Sy its vcepresident George p
Eldridge and by It's counsel Frank Lawrence ho-
ward Iauterbach and Colonel James.
The hearing was duly closed, and the Insurance
Department has advices TO make pubic unlI
the a has sR 1U Of
the association IN connection with the examiners
report.
statement was published here yesterday which
raid that officers Of the Mutual Reserve Fund LIE
Association Of No 300 Broadway, had been con-
siderably disturbed by the report which the examn
.ers Of the State Insurance Department had made
consequent upon their recent examination into the
affairs Of the company, and that hearing on that
report had been demanded by the connpanys Of
oa TO oG ToTns President @hH
private secretary said that MT Burnnam mao gone n1
to Albany, but that the nearing was d mere ior-
snaiity granted to every company after exsmina-
.Tion. and threw no light on the question whether
the report favorable or not
The secretary further asserted that as the report
had not been made public YET all statements about
1ts contents were mere guesswork, and the motive
of the published article mentioned was plainly TO
DO the company harm regardless OF the truth.
This article further intimated that the company
would encounter some difficulty in collecting It's
August assessments policy holders when the
substance Of the report became known. In reply
TO this the secretary said that nearly all Of the
August assessments had been paid in already. and
the company anticipated no trouble In getting in
the September ones. Moreover. the secretary de-
cared. the examination just made by the experts
of the State Insurance Department made at
The express request Of the company itself.