_ are exchange ”1‘ ll ‘7 ,;;SILYER AND this. Speech of Secretary Carlislc } at Chicago. He Addresses a. Mass Meeting of Work- ' ingmen on the Currency Question. Makes? It Clear That Cheap Money Always was and Always Will Be the Wage Earner's Enemy—Free Coinage Means Silver Monometallism and Reduced Pur- chasing Power of Wages—Such Has Been the Experience ‘Vith Depreciated Silver in Chile, Japan and Mexico and With ‘ Our Depreciated Currency—Would Rob Workingmen of Billions Of Dollars De- posited In Savings Banks and Building and Loan Associations and Invested In Insurance Policies. We reprint below in full Secretary Carlisle's clear, forcible and unanswerable speech to the labor organizations of Chicago, at the Audito- rihm, on April 15: MR. PRESIDENT AND GENTLEMEN—Iem her‘e this evening in response to a communication received several months ago from a number of gentlemen connected with various labor or- ganizations of this city inviting me to address them and their fellow workingmen upon the currency and financial questions, which were ‘then and are still agitating the minds of our people in all parts of the country. When that communication reached me, it was not in my power to designate a time when my oflicial duties would permit me to come here, but I promised to hold the matter under considera- tion and Come whenever it might be possible to do so, and I now congratulate myself upon my good fortune in having at last found an ' opportunity to meet this great assemblage of laboring people and to discuss in their pres- ence what I consider one of the most impor- tant economic questions that can possibly on- gage the attention of wage earners in this or any other country. The Wage Earner’s Interest In Good Money. Whether the general business of the people shall be transacted with good money or bad money, whether the.wages Of labor shall be paid in a sound and stable currency, with full purchasing power in the markets where they for the necessaries of life, or in a depreciate 11d fluctuating currency, hav- ing no fixed value and therefore bearing no permanent relation to the current prices of commodities. are questions which afi’ect the comfort and happiness of every home and the peace and prosperity of every community. While all are deeply interested in the settle- ment of these questions it is unfortunately the case that all will not be equally affected by an erroneous decision upon thenl. The wealthy man, the man who has accumulated property or boarded money, is always exempt from many of the most serious consequences or a financial or industrial disturbance. He has both means and credit, and, while he may be . subjected to much loss and inconvenience, neither he nor his family will be pinched by hunger or compelled to go without raiment or shelter. It is thepoor man and the man of moderate means—the man who has not been fortunate enough to accumulate property or money, but who depends upon his wages or upon the prod- ucts of his own labor for the means of sup- porting himself and his family—that always feels the first and most disastrous effects of a business or industrial depression, no matter whether it results from a depreciated and fluc- tuating currency or from other causes. Such a man has nothing to dispose of but' his labor and nothing with which to support himself or his family but his wages or the proceeds of his own labor, and any policy that even tem- - porarily suspends or obstructs the industrial progress of the country by diminishing the demand for the products of labor, or by im- pairing the capacity or disposition of capital to employ labor. must be injurious to his in- terests and inflict more or less suffering upon all who are dependent upon him. Labor~ can- not be boarded: the idle day is gone forever; lost wages are never‘ reimbursed, and there- fore steady employment and good pay in good money are essential to the comfort and happi- ness of the American laborer and his wife and \ children, and he will be unfaithful to himself and to them if he does not insist upon the adoption and maintenance of such a policy as ,will most certainly preserve the value and sta- bility of all our currency and promote the regular and profitable conduct of all our in- dustrial enterprises. He cannot prosper when the country is in distress, when its industries are prostratcd, it commerce paralyzed, its credit broken down or its social order dis- turbed, nor can he prosper when the fluctua- tions of the currency are such that he cannot certainly know the value of the dollar in which his wages are paid or estimate in ad- vance the cost of the necessaries of life. Whether we shall or shall not have a. long period of financial. commercial and industrial disturbance in this country. and whether 13.- bor shall be deprived of permanent employ- ment or be partially employed and inade- quately paid, are questions directly and neces- - sarily involved in the demand now seriously made by many of our fellow citizens that the Unit-ed States, without the co-operation of any other government ill the world, and in oppo- sition to the ‘ established policy of every other great civilized and commercial nation, shall authorize the free and unlimited coinage of full legal tender silver at the rate of 16 to 1, notwithstanding the true market ratio be- tween the two metals is about 31 to 1, or, in other words, that the United States alone shall .declare by law that 16 ounces of silver are» equal in value to 1 ounce of gold, when it is an indisputable fact everywhere recognized that in all the markets of the world. in silver standard countriesas well as in gold standard countries, 16 ounces of silver are worth only about one-half as much as 1 ounce of gold and will purchase only about one-half as much of the necessaries of life. \Vhat Free Coinage Really -Means. The naked proposition is that the United States shall coln, at the public expense, for the exclusive benefit of the individuals and cor- porations owning the bullion, all the silrer that may be presented at the mints into dol- lars containing 371% grains of pure silver, or 412%" grains of standard silver, worth intrin- sically about 51 or 52 cents, deliver the coins to the depositors of the bullion and compcl all the other people in the country to receive these coins at a valuation of 100 cents each in the payment of debts due them for property sold, for labor and service of all kinds, for pensions to soldiers and sailors and their wid- ows and children, for losses sustained under policies issued by life and other insurance companies, for deposits in savings banks. trust companies, building associations and other in- stitutions, for debts due to widows and orphans by guardians, executors and administrators Of decedents, estates and other trustees, for sala- ries of all civil. military and naval officials and the compensation of private soldiers and seamen, and, in short, for every kind of obli- gation- recognized by thelaws of the land, ex-' cept only in cases where the prudent capitalist has taken the precaution in advance to con- tract for payment of debts due him in gold or its equivalent. To say nothing of the gross partiality and manifest injustice of such a policy, its imme- diate effect would be to contract our currency to the extent of about $620,000,000 by stopping the use of gold as money and putting a. pre- mium upon the coins of that metal equal, or about equal, to the difference between the in. trinsic value of the gold dollar and the intrin- |ic value of the silver dollar. Gold coins would at once become a commodity and ‘would be bought and sold by speculators in the market just are they were during the war, when we had a depreciated paper currency. The value .of the silver dollar would fluctuate from day to any, moving up and down with the rise and fall of the commercial price of the bullion con- tained in it, as the Mexiésn dollar does now, A»...— and the premium on' the gold dollar would of course fluctuate to the same extent, thus af- fording an opportunity to bullion brokers and Specula’tOIs to buy and sell it at a profit. It would cease to be used as money, because no man would pay his debtjn gold dollars or in paper redeemable in gold dollars, worth 100 . cents, when the law permitted him to pay it in silver dollars. worth only 51 or 52 cents“ The sudden withdrawal of $620,000,000 from the volume of currency in the country would un- : doubtedly produce a. financial and industrial disturbance far more disastrous to the inter- ests of labor than hasever been experienced in our history, and no man who has a particle of sympathy for working men and women and their dependent families can contemplate the possibility of such a calamity without feeling that it is his duty, Whether he occupies a pub- lic or a private station, to employ every hon- orable means at his command to avert it. While the sudden expulsion of $620,000,0m in gold from our stock of money would itself be sufficient to create a financial disturbance un- paralleled in the history of this or any other country the situation would be very greatly aggravated by the fact that - the purchasing power of all the remainder of our currency -would be suddenly reduced about one-half: we should have only about two-thirds as much currency as we have now, and at the same time 'it would be so depreciated in value that it would require about twiceasmuch as we have now. to transact the business of the country, provided there should be any business transact. . . Double Standard 3 Failure. The attempt to maintain what is called the double standard of value—that is, to attempt . to keep the legal tender coins of the two met- als, gold and silver, in use as money at the same time, upon a ratio of value fixed by law -—has repeatedly been made by kings and par- liaments in, every civilized country in the world, and it has failed again and again in every one of them, and it requires no gift of prophecy to foresee that it must continue to fail so long as self interest constitutes a con- trolling factor in the business affairs of men. Without trespassing upon your patience to review the. monetary history of other coun- tries in which this experiment has been made and failed it may be advantageous to refer briefly to our own experience upon this sub- ject. When it was determined to adopt a monetary system for the United States and establish a mint, Alexander Hamilton and Thomas Jefierson, two men who difiered widely upon almost every public question and whose names as founders and leaders of their respective parties will live as long as our po- litical literature is read. agreed that in deter- mining what should be the coinage or lbgal ra- ' tie between gold and silver the ‘true relative commercial value of the two metals in the markets of the world must first be ascertained. and that this relative value, when ascertained, should be incorporated into the statute as the basis of the proposed system of coinage. Al- though they were party leaders, they were statesmen and patriots, and when they were called on to consider this great business ques- tion affecting all the private afiairs of their fellow citizens they gave it a thorough and impartial investigation upon its merits, with- out regard to the effect their decision might have upon their own political fortunes or upon the political fortunes of their followers. The “Fathers" Not Disturbed by This De- lusion. , These great meh were never disturbed for a moment by the delusion that congress could fix by statute the actual or relative values of gold and silver any more than it could fix by statute the actual or relative values of a pound of lead and a pound of iron. They knew that gold and silver, like all other exchangeable things, are commodities and that their value will be fixed in the markets of the world. They knew that it was entirely competent, in fact necessary, for congress to declare the ra‘ tio upon which the two metals should be coined at the mint, if they were to be coined at all, but they knew equally well that if the ratio so declared did not correspond substantially with the ratio which the commercial world had es- tablished, the coins of the two metals could not be kept in use as money at the same time, and consequently, as I have already said, they determined to ascertain the commercial ratio and to adopt it. They reached the conclusion that the true commercial ratio at that time was 15 to 1—that is, that 15 ounces of silver were equal in value to 1 ounce of gold and accordingly the act of 1792, which was our first ooinagelaw, authorized the coinage of the two metals at that ratio. At the ratio thus established the silver dol- lar contained 371% grains of fine silver and the gold contained 21% grains of fine gold, but it was soon discovered that a mistake had been made and that 371% grains of fine silver were not in fact equal in value to 24% grains of fine ”gold, and the consequence was that, although the difference between the value of asilver dollar and the value of a gold dollar was only about one cent and one~eighth of a cent, silver drove gold out of use and out of the country, and from that time we had silver monometal- - lism until after the passage of the acts of 1834 and 1837. The fact that the silver was put into the form of :1. coin and made legal tender the same as gold, and that both dollars were declared to be Wort-h 160 cents each, did not increase the value of the 3711/4 grains of silver to any extent whatevm'. The people could not be de- ceived 'by more words printed in a statute: they soon learned that the metal contained in the silver dollar was not equal in value to the metal contained in the gold dollar. and they paid silver to their creditors and boarded the gold or sent it out of the coun- try. Evcn our new and full weight silver coins would not circulate or remain in the country, because congress, by various act-s, made certain foreign coins legal tender in the gmyment of debt-:5, and as they were generally '0 worn by abrasion as to be of less weight than the new domestic coins they drove our dollars and half dollars, and to a large extent our quarters and dimes also, out of use as money. Our own coins were exported and used at their bullion value in making purchases and paying debts abroad, and Mr. Jefferson himself, who had then become president of the Unit-ed States, issued an order on the first day of May. 1806, stopping the coinage of silver dollars at our mints. No more silver dollars were coined until 1836, 30 years afterward, and then only 1,000 of theln were issued from the mints. Restoration'of Gold Standard In 18'.“ Gold having left the country, congress, I. 1834, . during the administration of Andrew Jackson, determined to restore it to the circu- lation and, in order to accomplish that result, the legal ratio was changed from 15 to 1 to about 16 to l—that is, the law so amended as to provide that the gold eagle. or $10 piece, should contain 232 grains of pure gold. which made the dollar consist of 23 1-5 grains, but by the act of 1857 it was changed to 23.22 grains,. which now constitutes the dollar alld unit of value. This was a slight overvaluation of gold in the coinage. because 23.22 grains of fine gold were not in 'fact worth as much in the mar- kets as 371%, grains of fine silver. Although the difference in value was very small, it proved sufficient- to change the whole character of our metallic currency, and under this ratio gold and silver exchanged places. Silver went out of the country and gold came in, and from that time until after tho passage‘of the act of 1878 we had practical gold monometallism, except during the period of the war. when we had no metallic money of any kind. When the great civil war began, we had no silver in circulation except the subsidiary coins author- ized by the act of 1853, but we had gold and paper redeelnable‘in gold, and it was not long before we had another practical illustration of the natural law that the inferior or less valu- able legal tender currency will expel the su- perior or more valuable legal tender currency from circulation. . Paper Currency of War Period. Early in 1862 congress, most unwisely, in my opinion, authorized the issue of legal tender paper to circulate as money, and the usual and inevitable result followed. Gold ceased to be used as money and the banks and the treasury having suspended specie payments,,the coun- try was floodednvith a depreciated currency worth at times less than 500ents on the dollar. Later on fractional paper currency was an- thorized by congress, and the efi‘ect of 'this was to drive out of circulation‘even the light- weight subsidiary coins. and for many years not. a single piece of metallic money of any kind was used by the people except on the Pa.- cificpoas‘t, whore gold Continued to circulate \ ‘ - l _ ' [CONTINURD oN7TH PAGE.) at its actual intrinsic value without regard to the fictitious value which the acts of congress attributed to the legal tendcrpaper. I will endeavor to show you hereafter what .efiect this depreciated currency had upon the wages of labor and upon the prices of com- modities which the laborers were compelled to purchase with their-wages, my purpose at the present moment being simply to prove, by our own experience. that it is impossible to retain in circulation at the same time legal tender gold and silvcr coins of the lame denomina- tion at any ratio which does not correspond with the actual commercial values of the two metals in the markets of the world, and that. therefore, the free and unlimited coinage of legal tender silver by the United States alone at the ratio of 16 to 1, when the true commer- cial ratio is about 31 to 1. would instantly con- tract the currency by the expulsion of all the gold now in the country. If the overvaluation of silver to the amount of a little over 1 per cent in the coinage law of 1792 expelled gold and established silver mono- metallism, and if the overvaluation of gold to the extent of less than 1 per cent in the acts of 1834 and 1837 expelled silver from circulation and established gold monometallism, is not the conclusion irresistible that the free and un- limited coinage of legal tender silver at the present time, at an overvaluation of nearly 100 per cent, would at once place the country upon a monometallic silver basis? This ques- tion does not seem to me to be open to serious argument, and when it is proposed that the United States shall, in defiance of our own ex- perience during a period of 89 years and in de- fiance of the experience of other nations dur- ing many centuries, authorize the free coinage of legal tender silver at such a. ratio, it is the duty of the people and especially the duty of the laboring people to pause before it is too late and carefully consider whether they will , deter- mine to overthrow their existing monetary system and substitute in its place the depre- ciated silver monometallism of Asia and Mex- ico and the small states and republics of Can- tral and South America, with their low rates of v .3es and their high rates of exchange. Under the coinage act of 17 92 we had silver. but no gold. and under the acts of 1834 and 1837', with free coinage of both metals, we had gold, but no silver except the token subsidiary coins after 1853, while now, with gold as the standard and limited coinage of silver, we have both gold and silver as full legal tender money in larger amounts than ever before in our his- tory, and the coins of the two metals are kept equal in purchasing power by the credit and resources of the government, notwithstanding the difference in their intrinsic value. Real Question—Shall We Have Silver ' lilonometallism? We have now about $620,000,000 in gold and $413,000,000 in full legal tender silver, besides $78,216,677 in subsidiary silver coins, which are legal tender in payments not exceeding $10. and the real question for the people to de- cide is whether they will continue to use the coins of both metals or adopt a monetary sys- tem which always has and always will drive one of them out of the country. I aln not here, therefore, this evening to advocate the exclu- sive use of gold coin as money, or to oppose a conservative and safe use of silver coin as money along with gold 2111.1 at a parity with gold, but I am here to ins.st that we shall not abandon the present legal standard of value, expel all the gold from the country and adopt silver monometallis; , with free coinage of a nominal dollar we...) intrinsically only 51 or 52 cents. I am here to insist that the mints of the United States, which were constructed and are maintained and operated at the ex- pense of all the people. shall not be used for the exclusive benefit of the owners of silver bullion under a law giving them the right to have 51 or 52 cents’ worth of their silver coined free of charge and stamped as a dollar and compelling you and all others to receive it from them as a dollar. A .1 the mint-s of the United States, operated to 1 ;-.;ir full capacity and doing no other work, cor. . .1 not coin into standard silver dollars two- thii'us of the annual production of silver in our nan country, but, notwithstanding this, it is s... .cusly proposed to offer free coinage to all the silver in the world at a legal valuation almost double its commercial value in the markets of the foreign. countries where it is produced. The annual production of silver in the world is about $216,000,000 at our coinage rate, and the annual capacity of our mints to Coin standard silver dollars is only about $40,- 000,000. Last year we coined $43,983,475 in gold and $9,069,480 in silver, so that if our mints were devoted exclusively to the free coinage of standard silver dollars the addition to our stock of metallic money would be about 815,- 000,000 less every year than it is now, and it would not be good money after it Was coined. More than 15 years would elapse before we could at this rate coin enough depreciated sil- ver dollars to supply the place of the good gold dollars expelled from the country, and in the meantime a complete revolution would have to be effected in our commercial rela- tions with other nations and in all our domes- tic business afiairs, including a readjustment of the wages of labor, the price of commodities, the rates of municipal, state and federal taxa- tion, charges for transportation and every other matter involving the use of— money or credit. We should descend by a single step from the highest standard of value to silver monomctallism, with a contracted and at the same time depreciated currency, 3 financial experiment which has no precedent in the monetary interest of the world. Fortunately when changes have heretofore been made in the circulation by the substitu- tion of the coins of one metal for the coins of the other, the difierence in their value has been very small and the process of substitu- tion has been gradual and created no great financial disturbance. Under the act of 1-792 the legal ratio was only a little over 1 per cent, and yet, within less than one year after the enactment of that statute, congress was compelled to re-enforce our stock of money by making certain foreign coins legal tender in the payment Of debts, and on the same day of the passage of the act of 1&4, which put the country on a gold basis by undervaluing sil- ver about 1 per cent, congress passed another statute making the gold coins of Great Britain, Portugal, Brazil, France, Mexico and Colom- bia legal tender by weight, in the payment Of debts, thus providing as far as possible against a contraction of the currency on account of the expulsion of silver from the circulation. During the war, when gold was leaving the country. legal tender treasury notes were rapidly issued, under authority of congress, to take its place, and instead of a contraction of the currency We had an expansion. After the war, when it was determined to change the character of our currency again by the re- sumption of specie payments, the law was en- acted four years in advance of the time when it was to take effect in order that ample op- portunity might be afforded to adjust the busi- ness of the people to the altered conditions. Now, however, all the conservative and pru- dential considerations that have usually con- trolled in the settlement of great financial Iquestions seem to be utterly disregarded, and we are confronted by an organihed and ag- gressive movement to destroy by a. single blow the measures of value upon which all existing contracts are based and thus subvert the very foundations of our monetary system, without allowing a. single day to prepare for the change. In the general confusion and disorder re- sulting from such a radical measure what will be the condition of the American laborer? Will he be benefited or injured by reducing the value of the money in which his wages are paid and at the same time increasing the prices of the commodities for which his wages are expended? ‘ Effect on the Wageworkers. After struggling for more than a quarter of a century, through labor organizations and otherwise, to secure a rate of wages which would make- the proceeds of a day’s work equal to the cost of a day’s subsistence for the workingman and his family, you are asked by the advocates of free coinage to join them in .destroying one-half of the purchasing power of the money in which you are paid and im- pose upon yourselves the task of doubling the is, to struggle for another quarter of a cen- tllry, or perhaps longer, to raise your wages in a depreciated currency to a; point which “will—enablip-~you-.tos_purchase with them as much of tho necessaries of life as youcan purchase now—and if, after years of conten- tion, privation and industrial disorder,*y,ou should at last [succeed‘in so adjusting wages i that they, would procure" at the higher prices the difierence in value between the coins and, nominal amount of your wages hereafter—that - 4 i T OF NE W YORK. RICHARD A. McCURDY, President. Statement for the Year indies lecaniherlld, I39 According to the Standard of the Insurance Department of the State of New York. ' INCOM E, Received for Premiums ‘ '- - K - - S 39,93,4I4 20 From all Other Sources -. - - ' - lo,|09,28| 61 . DISBURSEMENTS, ‘ To Policy-holders for claims by Death ' f - - - ' s |2,595,”3 .39 To Policy-holders for Endowments, Dividends, eic. - - - ”342,455 5| l0,18l,005 64 336,213,515 14 For all Otherviccounis - - ' - - -\ . ASSETS: niled Slates Bonds and other Securities - - - -‘ First lien Loans on Bond and Mortgage . - -' - Loans on Stocks and Bonds - - - - . Real Estate - - - - — . - — I cash in Banks alld Trust companies '- - - . - 11,543,929 6 Il,09l,525 60 22,161,666 65 -, 412,660,396 on 6,535,555 66, Accrued Interest, Niel Deferred Premiums, eic- - _ - - - ‘ ‘ ' * $234,144J48 42 Reserve for Policies and other Liabilities ,_ — - - - - 205,0l0,633 12 Surplus - - - - - - - - - 3 231133194 10 Insurance and Annuities in force - ‘ - -- - S 9l8,698,33‘3 4.5 \ \ I have carefully examined the foregoing Statement and find the same to be correct liabilities caICul-ated by the Insurance Department CHARLES A. PRELLER, Auditor. F rrm the Surplus a dividend will be appm tioned as usual Report of the Examining Committee. Office of the Mutual Life Insurance Company of New York '10 THE HONORABLE, THE BOARD OF TRUSTEES OF THE MUTUAL LIFE INSURANGE COMPANY OF NEW YORK The undersigned, a ComInittee apppointed by your honorable body on the twenty. third day of December, I896, to examine the Annual Statement of the Company, and to verify the same, .espectfully ’ RpEPORFI" That, pursuant to the power and authority thereby conferred, the Committee have at various dates between the date of the said reference and the date cf this Report ahead: (:1 at the office of the Company, and have been waited on by the Treasurer, the Comptroller, the Auditor and and the. Cashier, together With the the respective aSSIStants of such oflicel s, and have care- fully gone over all the items contained 1n the sold Statement: and have found the same to be correct. They have examined, and counted every certificate of stockZ bond and other obligation held by the Company, and compared the price at which the same are carried in said Statement With the market quotations and find the same not exceedmg such quotations—in fact, in manv cases b ‘: w them. They have examlned and count ed the bonds and mortgages on real property held by the Company, and find the 5.11116 to be as stated. They have also vel'lfied the valuatlons of the Company’s holdings of real Lestate and have v'erified the deposits of money in the various banks and trust companies, and have counted the cash on hand held by the (1.1511431 the Committee certify that all the books, papers. documents and evidences of title of every description necessary in such examination have been freely submitted to the Committee by the said officers and their assxstants, and that the same accurate, in good order and well kept. - . . ‘ And the Committee further certify that the Investments of the Company are of a high order, and that the System and methods adopted by the Company In recording Its transactions and caring for the assets are entitled to commendation ROBERP OLYPFIANT J. HOBART HERRTCK JAMES N. JARVIE CHARLES D. DICKEY. JR! JAMES C. HOLDEN_ CHARLES R. HENDERSON All of which is respectfully submltted NEW YORK. JANUARY 25, 1.897.“ . .-The company has issued an order whereby women can be insured Without the extra charge heretofore required. More definite Information on the subject will be furnished by the local agent, Mr. A H, Camp. , ‘ Board. of Trustees GEORGE G. HAVEN . ADRIAN ISELIN JR.- GEORGE S. BOWDOIN. THEO. A. HAYEMEYER WILLIAM C. WHITNEY WILLIAM BOCKEEELLER JAMES N. J'ARVIE' CHAS D. DICKEY JR. ELBRIDGE T. GERRY HENRY H. ROGERS Jso. W AUCHINCLOSS F REDIRIC CROMWELL l - * fl HEODORE MORFORD 1 | 1 SAMUEL D. BABCOCK I l' J ULIEN '1‘. DAVIES ! l RICHARD A. MCCURDY JAMES C. HOLDEN HERMANN C. VON POST LEWIS MAY OLIVER HARRIMAN BOBEB'I‘ OLYPHANT ' ! ROBERT SEWELL S, V. R. CBUGER _ CHARLES R. HENDERSON 5 RUFUS W. PECRHAM J. HOBART HERBICK WM P DIXON ROBERT A. GRANNISS V. ILLIAM BABCOCK STUYVESANT FISH AUGUSTUS D. JUILLIARD CHARLES E. MILLER WALTER H GILLETTE H. \A ALTER W-EEB GEORGE F. iiARER DUDLEY OLCOTT C ROBERT A GRANNISS Vice-President. WALTER R. GILLETTE, General Manager. , . HENRY E. DUNCAN, J R. Corresponding Secretary: _ ALBE RT KLAMRO H, Assistant Secretary. FBEDERIC CROMW ELL. Treasurer. _ , JOHN A. FONDA, Assistant Treasurer JAMES TIMPSO . 2d Assis’ant Treasurer. WILLIAM P, SANDS, Cashier. - EDWARD 1’. HOLDEN, A5 sistant Lashier. EMORY MOOLINTOOK, Actuary. I} . — ' JOHN TATLOCK, JR , Assistant Actuary, , CHARLES A, PRELLER,’ Auditor. WILLIAM W7! RICHARDS, Compirolierf C. CLIFFORD GRETSINGER, Assistant Auditor. HENRY S. BROWN, Assistant Comptroller. 7 JOHN C. ELLIOT, Superintendent of Domestic gencies. ' EDWARD LYMAN SHORT, General Soli itor. ‘ MEDICAL DIRECTORS: ELIAS J. MARSH, M. D- ISAAC F. LLOYD, 2d Vice-Pl esident. WILLIAM J. EASTON, Secretaly. GR‘ANVILLEM. WHITE, M. D sonn W. msHPL-S} 7 : "Pica." leer- 1“? 6 | I 6,125,662 15 are ‘= l 75 ; MUTUAL 1.111: 1118131116356 l 1 1’9.“ l l
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