Evening star. [volume] (Washington, D.C.) 1854-1972, 1877-09-07
Life Insurance.

life insurance companies was held at the
Board OF Trade rooms last evening for the
tect themselves against the dishonest men
vho seek to control over 5000 900 goo trust
Iunds belonging to pOlicy-holders." There
were tnlrty OF forty persons present, among
Decide, W. e. Harper, W. f. Clark, Horatlo
Browning, a. Grant, o. .. Barreti and ]. w.
A temporary organization was effected by
calling Mr.. III. Browning 10 the chair and
appointing Mr.. o. d. Barrett secretary.
Capt A. Grant explained that the object OF
selves-tO prevent the officers and agents of
these life insurance companies from mis-
using the trust funds by specuiating IN real
estate. Some OF these companies are con-
frOlled by as corrupt rings as can be found.
He had hal some experience, and from in
vestigations In New York had learned much,
In lsa5 he carried $4,000 ON his life, for which
he had paid SO eco, and in consequence of
the collapse OF some of the companies there
was but Sl3 GOO remaining on his life tor
which he would not pay % cents on II 900
which he had taken because a goof old
religious brother was the agent. and that has
gone. lie related that ore Of the New York
companies had reported surplus OF ST25 OO1,
and assets, mostly real estate, of 81 900 900.
under oath, and in a few months this COM
pany sent one of their dire ctOrs to court to
Put them in bankruptcy, and the assignee
row fIds that they cannot pay ten cents IN
Tie dollar. IN one instance piece OF prop
erty was put down at sS25 900 which was
assessed al S225 eco and would not sell for
$50 geo. and In another case piece OF prop
erty which will not bring $1,000 had been
morfgaged for $40 Coo. These companies
appear row to be ruled by rings, and they
boldly assert that the policy holder has no
right 10 look into the affairs of the com pany
With view 70 setting forth more fully the
objects and views OF the meeting Mr.. Barrett
read read a preamble setting for b that as the as
sets OF life insurance companies. aggregat-
lrg c00,CG0 eco. IRE entirely under the con-
tToI OF men who use them for their own ben
eht, and that the irregularities of some COM
IaDles have been covered up by false re-
tCInS swOru 10 by the officers, and that as
those who control the companies frequently
TEEN moi onl y 10 have Influence with the
STATE oftters, but with the courts; that the
existing laws fail 20 afford the policy-hoIder
protection; with resolutions declaring that
9 pOicy-hOlders they viii cot consent 10 be
oeiT&uGeG, jEat the directors or officers of
InSclyent companies where irregularities
have been discovered should he prcseclfed:
that tie I. 8. courts should take possess on
q ana Wina Up The affairs of these com
pl1les, mat congress thOUld investigate all
companies deriving their charters from that
body; that companies in the District sHorId
re investigated, and recommending G1 or
lanIZatioh OF policy holders known as the
! re Insurance Policy holders Protective
Cut the country.
NJ. W. B r8risen moved that the resolu.
lion lay over 10 q future meeting
fir. John Trimble, ir., suggested that they
De reieritd 10 committee, AMI he moved
Inc aprO. Itment Of q committee to consider
me subject OF forming permanent organi-
za1on for mutual protection, which was
agreed to. and Messrs. o. ID. Barrett. w X
Parlseu, john Trimble, jr., p. Wailach. c.
Herzbtrg, CAPT. A. Grant and W. c. Harper
were appointed the committee. The rc-0lu-
lions were referred TO this comTnittee, and
he meeting adjourned until Monday even
ing.
meeting Of the Board OF Police last night
I communication was received from Mr..
Blrney, attorne for the District, to the effect
Lat persons cannot be prevented by law from
cunning on the Potomac. The police were
instructed that they could not enforce the
oW on the other eide of the channel. Also.
me from Justice Mills, OF the Police Court,
lotlfying The board of the dismissal of four
BOYS arrested for stealing grapes on the Vir-
slula sldC or the river. Also, one from Mr.
LeoIge NJ. Hickman, cong laIning that on
lis boy, eight wears old, while he had him
Inder arrest. The Major was instructed TO
prefer charges against that officer.
Ire report OF Lieut.. Vernon, in charge of
he detectives for the month of August, SHOWS
p arrests ny Lieut.. Vernon, by detective
,Iaryoe; Miller, 6; CoOmes, Q; McElfresh, 2:
leTles, S2; loss SD ,6G4, OF which amount
s2oUCo was the estimated value OF some pa-
oers in Mexican claim cases
Cficer Janiter was fined So for neglect of
iGder The Influence of LIQUOR while on dufv
I was ordered that the lieutenants look alter
ne discipline and conduct Of the men in their
espG ctlve precincts instead of leaving inc
Whole duty TO the sergeants
Capt. BROCK was granted one weeks leave
N accOGn. of sickness.
-i4r- submitted resolution, which !
vas adopted, that the officers be Instructed |
o notify keepers of baT-rooms that their |
iceIses viii expire upon the 31st of October, |
ND ltal II is unlawful for TEN TO sell u tll /
renewal ofthe license IS approve by the |
soaId OF ioiice; that the applications IL. !
uCn renewal must be presented 10 the board |
n or before the 18th of October, during the !
eInainder OF which month the Board of Po. |
ice VIII hcli special sess ions for the sole |
consideration OF such applications. and that
ia parties carrying On such business after |
he lst OF November will be liable 10 arres. |
md prosecution.
THE EMPLOYMENT OF THE PooR-ieet- |
,lg Of The Financial Cblaganteo Last Ntgtf- |
Not1 outstanding the Indictment weather last |
vening, nearly two dozen of the members !
f the finance committee of the Proposed |
abor exchange met st Willard Hall, al |
''ciOcB. Mr.. Bryan, Is eX Cfficio chairman
made q Few remarks, saying that ii was the |
.eneral desire OF those present, on account of |
heir small number, TO postpone the busi-
less OF the meeting until next Tuesday at the |
,fice OF Messrs. Fitch Il Fox. Mr.. c. c. |
y lizard sent letter 10 the meeting regret |
Jig MS inability 10 unite with the commit |
&c, but expressing his sympathy with the !
movement and his Willingness to respond |
o any demand made upon him. M. Bryan
aid that only two of those appointed on the |
nance committee with whom lie had COM
nunicated had declined 10 serve, and they
we're compelled TO do so. Everything, he |
AID, depended on the perfection and success |
II he hHaLce committee. That committee
vas mainly composed of business men. how
;ver. who knew best how TO operate and he |
lad great confidence in their ability and
Judgment. There was plenty of money in
MS com munlty SOmeWhe re, and their duty
vas &c get at il and spread il. He said be
vas not regular member of the committee,
md did 70. expect TO meet with il again:
lut he left IL with his heartiest and best SYM
'afhy. Col. Lubey made a suggestion tina,
wo or three members be appointed 20 law
ut a plan OF action, so that when the 7egu.
ar meeting OF the finance committee is held
on Tuesday evening all the preliminaries
you'd be arrar ged and they could proceed
directly 10 work. Mr.. Fitch, Colonel Lubey
md Captain a. Il. Smith were selected a. thu
committee. Mr.. Bryan remarked that Cart
\. Il. smith, OF the 9Th Auditors office re-
ported a very kind feeling towards the move
nent throughout his department and that
le lad no doubt that when il was Thoroughly
organized material assistance would be rem
Tered: The meeting then Adjourned until
next Gesdsy evening at the Office OF Fitch
s Fox.
Accommodation T7.eateT-"Blbyu
IS doing as well as could be expected under