Evening star., 1877-09-14

MEETING OF AGGRIEyKD POLICY HOLD

MkETiNG OF AGGRIEvED POLICY HOLD
ERS.
A meeting OF policy holders in life insur-
snce companies. solvent or otherwise, was
held at the Board OF Trade rooms last even
Ing, MI. ii. Browning in the chair and Mr..
y ID. Barrett secretary. Mr.. W. b. Parisen,
nom me committee TO nominate officers, re-
ported mat they were not ready to submit q
reI ort. For the Information OF some pres
ent The report made at the preceding meeting
as 10 the objects was read.
Ibe chairman stated that the object of the
meeting was not TO fight the companies, but
10 compel them to act honestly-uot TO in
Jure good companies, but to break up the
system OF robbery practiced by some COM
panies.
Mr.. Barrett said he had made study OF
lie insurance companies for the past two or
three years, AID he hal found IL a most in
tricate business which was about as diff
cult to learn as the higher branches OF math-
ematics. He referred 10 the ease with which
few designing men could organize a COM
pany and 10 the fact that at first they would
only insure those who bid fair 10 live long
he Illustrated how companies in q few years
could amass an
ENORMOUS AMOUNT OF ASSETS,
ard stated that be knew of one company start
ing with Sl6 OOO which now has eight or te
millions capital. At present the ,emplat ion
Is too great; but there is a remedy by the
passing ard enforcing stringent Laws. In
Massachusetts the legislature had thrown
SAFE guards around this business, so IL is now
rare that a Massachusetts company fails;
but In this District there is no law whatever
fer the protection OF policy holders. Congress
had provided for The security OF the pub,ic
by making IL obligatory on the national
banks TO secure The holders of their notes by
depOsiting bonds in the U. s. Treasury. aud
policy holders could be secured in the same
way.
Capt. A. Grant at some length referred to a
Hartford company, which started with
capital or slC0 eco, only $1,000 of which was
paid in, and referred also to another COM
pany which he predicted In year will be
beyond the reach Of policy holders.
Mr. Parisen NJ this point, from the COM
mlttee on nominations, reported the names
CT I'll. Browning for president and o ID. Bar
rett for secretary, and they were elected.
Mr.. Henry Bradshaw referred to the false
reports made by New Jersey company,
and asked IL Mr.. Barrett. remedy would
reach such cases, or was there any remedy
shoIt Of
CUTTING THEIR HEADS OFF"
MI. Barrett said that the cheapest thing in
lhe W Nashlngton parEet is perjury, ana re-
feTIed To several Instances which had come
under his observation. The amount OF per
jury In the District is startling, and there Is
10 remedy save strict enforcement OF the
law and speedy retT!bution. Here poor
devil steals a loaf Of bread, and If i: is the
second CffencC he goes To states prison, but
ire peTjCrCr goes scot free. This association,
II II did nothing, would be of great benefit if
II could get mp a public sentiment which
would dc mand that pcrjGrers should be tried
and punished. If there were more coz vic
lions of this class of offenders perjury would
become more rare, and officers OF Insurance
companies would pay more attention to their
O6tbs.
PURPOSES OF THE ORGANIZATION
Mr.. Parisen offered the following paper, as
containing the cardinal objects OF tie organ
ization, and it was adopted. To ascertain
how the funds To meet Liabilities are inves ed.
2 How much OF them are applicable 10 the
risks IN hand. 3. Whether they can be re-
moved out of the reach of creditors who are
the policy holders. I. Whether the aOmpa-
MES are conducting their business In an eco
nomical and prudent or in an eXtrayagant
manner. 5. To urge the formation of sim lar
organizations in every state and territory.
and the desirability of a general convention
of policy holders during the present year TO
nsider anu determine on some general ac-
tiOn for future protection.