The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-03-07

association OF course, the old lire
companies have made the most of i to
iniure their most formidable rival. The
wonder is that, under these conditions,
the lapsation has not been greater in
amount than it has been. The legal
ity of the increase has been sustained
in the courts of every State where the
question has been presented. If the qles-
ton shall be family set at rest in like
manner by our own court, the asso-
citation will be upon a firmer founda-
tion than ever before, and will enter
upon a career of increased prosperity ana
usefulness.
The article in question says that lit
is alleged that it (the association Las
been for some time doing large amount
of fake business and that it has poll
cies in it's reports running up in:o the
millions, that have never really been in
force
This is without foundation in fact
Through the fault of one Of its officers
who has since been discharged, Sl73,0GO
of insurance was reported, for which I'D
policies had been issued. The president,
Mr.. Burnham, supposing that It vas al
right included it in his returns. 1t was
afterwards ascertained that a mistake
had been made, and i was correct9i.
The very officer, who was responsible
for the mistake, after his discharge
undertook to take advantage OF
his own wrong by making this CIR.
cumstances the subject OF adverse CRIT
icism of the association and us OH
GERS. The insignificance OF the amount
as compared with the total outstanding
insurance of over 5000 200, 600 shows the
absence of any design to deceive any
one.
It is simply absurd to speak of such
a company as wild cat, or as engaged
in "gouging it's members'S or as carry
ing on flake business" Even the re-
spectacle old line companies who are
rivals of the new and cheaper plan of
insurance, refrain from such unfounded
charges as these.
But to further embarass the company,
it is alleged that the President of the
Mutual Reserve Fund is in trouble; that
he has been served with papers charg
ing him with all sorts of misfeasances
and evil practices in office. 1t is alleged
that policy-holders have applied to the
Attorney General of New York to be al
moval from office, and to make him ac
count for funds which he had misap-
propriated. This is heralded as proof
and confirmation. sarong as holy writ,
that such offences have been committed.
But anybody in this country may serve
uEon anybody else any sort o. papers,
without their being considered evidence
of anything / happen to know the
president personally. He is gentleman
of hoonr and integrity and wouil not
engage in any disreputable or even ques-
tionable practice.
1t will be interesting to inquire who
have been so bold as to make these
charges. The general counsel of the as
ISOLATION, who is a thoroughly reputable
gentleman, informs me that 1.-The appli-
cation to the Attorney General for leave
to bring action to GUST the present man
agament is signed by seven alleged pol
icy-holders, of whom two are discharged
employees, oen the son of discharged
employee, and one other a former agent
of the association whose contract had
been cancelled and who has since made
number of such applications to the pres
ent adm former Attorney General, all
of which have been denied. The other
three hold policies for insignificant
amounts. The charges are stale.
They are the same which had been filed
with the New York Insurance Depart
ment prior to the last examination of
this association by it, and have been
fully disposed of by that examination,
and the action of the Attorney General
on the report thereon, declaring that
there existed no facts warranting or
calling for action. They are the same
charges which were published in one
of the New York city papers six months
ago, and for instigation of the publication
of which former vice president of the
association is now on bail under arrest
for libel. This petition, based on these
old charges, is now presented through
the attorneys of such former vice presi-
dent defendant in the libel suit and evil
IDENTIFY in his interest. The charges are
apparently of the nature referred to by
Governor Roosevelt as charges made to
a State department, but for the primary
purpose of prior publication. They are
simply without foundation and are mere
ly continuation of the warfare that
has been carried on for a year and a
half past by discharged officers and en-
ployes for a purpose which can be easily
surmised At the annual meeting of the
association held about month ago, at
which there were present and repre-
setned more than a majority of the
associations seventy thousand members,
resolutions were adopted heartily en-
dorsing the management and condemning
these attacks. The resolution deals with
this particular matter as follows:
Resolved, that the members of the Mutual
Reserve Fund Life Association in annual meet
ing do most emphaticaly condemn the attacks
and charges heretofore made by former officers
employees whether directed against the associa
ton, its management or any of its individual
officers, all such attacks have had their origin
in unworthy motives, the persons making them
took part in the acts they now condemn. These
attacks only made after they had been
dismissed from the service of the association and
the false and unfomded nature of their charges
against individual officers is illustrated by the
fact that the persons making them have never
ventured to present their charges where theF
ought originally to have been presented either
before the board of directors or at the annual
meeting of the members of the association
Resolved that the members OF the Mutual Re
serve Fund Life Association in annual meeting
do hereby express their entire confidence in the
ability, integrity and devotion to the best IN
terests of the association of Frederick \. Burn
ham, president, George ID. Eldridge, vicepresi-
dent and all their associate officers and direc-
tors. and that the members heartily approve
of their administration Of the affairs of the as
ISOLATION