The Sunday globe., 1901-07-07
POLICY HOLDERS.
Strike on the New York Mutual
Reserve Fund,
A VERY PECULIAR INVESTMENT
Mr.. Peter P. Smiths Experience a Sample
Case of Many Thousands Great Graft for
SOmsbOdy-Ths Local Agents Inability 10
Hold tho Risks In Llne-Tha Representative
Of the Home Office.

The Mutual Reserve Fund Life AS
sociation of New York City is In
trouble with policy-holders in this neck
of the woods. The cause Of the trouble
is either the policy.holders do not un.
derstand or appreciate the benevolent
Intentions of the company or the lat
ter is piling on the assessments beyond
the financial endurance and the heat
to which policy-holders are conformity
subjected.
The plan of the company is, as
stated, the assessment one with num-
berless trills, it would take the time
honored Philadelphia lawyer to com.
prehend, So complicated have these
"frills' or provides become that the
company has utterly failed in making
the policy-holder understand them by
the usual method Of correspondence. !
hence 1t was forced to the necessity of
sending on to this city, the past week,
It's special commissioner, Mr. Wilson
Taylor, who, in conjunction with the
local agent Mr.. Il. II. Taylor, 1902 r
laDored with some Of the policy-h hold
ers to come up to the captains desk
and settle. One Peter p. Smith has
filed a notable and final kick, and re.
fuses to pay another penny into the
Golfers Of the Mutual Reserve Fund
Life Association of New York, and
truth compels us to state that Peters
fellow-citizens will sustain him in his
GfriIFn Nnha thaxr hg -,
statement Of facts;
Mr.. Peter P. Smith took out policy
in the Mutual Reserve Fund Life Asso-
citation Feb. 23, 1886, for $4,000, in ia
vor of his wife and heirs. He was as
sessed s11.6O every two months and
$40 extra every February. He has
paid in sixteen annual assessments, ag-
gregating S16O. He has also paid
thirty.seven bimonthly payments of
Sll55 eaoh totalling S346,50; fourteen
bimonthly payments at 1885 each,
amounting to $1S690 ten bimonthly
payments of S20.80, amounting to S2O8;
four at S2455, amounting to S9S. 20,
and six pt S26.40, amounting to
Si5S.4O; a grand total Of l,15S in IF.
teen years It will be observed that
the bimonthly assessments Increased
from Sll.55 to S26.40. The present as
sessment, July LIST, Is S28.30, but that
which made Peter kick was not the in.
creased assessment due July 1st Of
$3.50, but a mysterious printed notice
from the company that he was in.
debted in the sum of S136415. This
was the straw that broke the oamels
back-to pay $1,364.15 in one lump
sum, after having met his assessments
regularly since 1885, and paid his an
nual dues besides of $40 every Febru-
airy. The company, conscious that
Peter wouldn't understand why this
additional assessment was made, sent
him the following typewriter note,
through the local agent
June "a, 1901.
"Mr Peter P. Smith,
Washington, d. G.
DEAR SIR: A representative from
the Home Office will be in this city on
Friday and Saturday Of this week,
June 2S and 29, and will be pleased 20
see you at this office.
He comes by special authority to
treat with the members of your class,
and it will be to your interest to see
him
Yours truly,
n, II. TAYLOR
Local Treasurer.
1902 f st. N. W."
Mr.. Smith responded to the call and
found he was not the only policy-hold- |
er who was anxious to see the repre- |
sentative of the Home Company. In |
the classic language of Foggy Bottom, |
there were others" and they raised a |
howl which drowned Mr.. Smiths .
feeble request for information. The |
Home Office representative was up in .
his business, and instead of addressing
the collective policy.holders on the
beauties and advantages of ,..e Mutual
Reserve Fund style Of insurance, which
might have elected some profanity
from the disgruntled, he quietly took
them individually by the ear, as 1t
were, and poured in a supply Of oil
which was calculated to lubricate the
brains of the most obtuse policy-holder
whoever undertook to beat the assess
ment game of life insurance.
Mr., Smith came through the ordeal
bewildered, the only one set idea re-
naming in his head and not affected
by the oil, was that the sum of ST. /
36415, besides the increased bimonthly
Of $3.50, must be paid {
within thirty days or ne would lose all .
the benefits this benevolent company
intended for him, his heirs and as
signs forever, or words to that effect. !
We have read Mr.. Smiths policy and
his receipts, notifications, the bonds
issued him by the company, and all the
mass of literature sent out to policy
holders from the main office, as well as
The mOrtuary lists of names issued by
The company showing the payment of :
claims to the heirs Of deceased policy !
holders, not only in the United States, !
out ia foreign countries, The Globe re- G
peats that all this mass Of literature !.
has been read and digested, with the /
result that the whole scheme is as I
plausible an enterprise to pay the Of !
icials Of the company handsome sal !
lries, and provide them luxurious Of c
ices, as any assessment life insurance
We have ever had any ken or expert
,nce with
The qulnquannial bond statement
which, on les face, is a gift every five o
Years to the pOlicy-holders Of the NOR p
nary premiums paid the preceding p
I've years, or rather the net amount a
ess the expenses incurred in payment c
If risks, salaries Of officials. official n
'ent, etc, is a catchy instrument and {,
s beautifully engraved. Mr.. Smith a
las one or two he will sell cheap, al n
hough they call for S353.70 each. The F