The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-06-01
GLOBE LIFE TROUBLES.
Policy Holders Uniiing to Oppose the Appoint
ment Of n Receiver.

At a meeting Of the general agents OF the
Globe Mutual Life Insurance Company held in
the St. Jam es Hotel. last evening. the following
gentlemen. claiming to represent 1000 policy
holders In the States Of New York. Pennsylva-
MIA North Carolina. Massachusetts,. Virginia.
Illinois. Missouri Kentucky. Louisiana. and
Tennessee. participated: Jas. G. Mix. Louis
Bauer, Il. Pollard. John s. Rainey. Stephen
Holbrook. +. II. Osborne. Geo. w. Manning.
Mr.. Mix was chosen Chairman and Louis Bauer
Secretary. A preamble and resolution in sub
stance rs follows were adopted:
That the recent action Of the Board Of Trus-
tees in presenting statement Of the assets and
liabilities Of the Globe Mutual Life Insurance
Company, in which the assets are valued at
100000 less than appraised under tho ap-
proyal OF the State Department and in asking
the courts thcreupon to place the company IN
the hands OF a receiver. has been characterized
by such haste as to warrant a doubt as TO
the soundness OF the judgment prompting such
action. That there is Just reason to believe
that the condition OF the Globe Is stronger than
pressure, have successfully arranged with their
policy holders with the approval OF the courts
adyancinG and is likely 10 constantly appre-
ciatc; that the estimate thereof made by the
trustees is upwarrantaby low those OF the
pared and thoroughly reliable;, that the
action OF the trustees is direct con-
trad ctOn Of tho most positive assurances
OF the stability and solvency OF the company.
made by officers OF the company up TO the last
moment; that no previous consultation WAS
proffered or allowed by the Trustees; that
many OF the policy holders have expressed
their willingness 10 make any necessary sacrl.
ilae in order 70 save the company and prevent
the ruin Of their interests involved in the ap
polntment OF a general receiver.
The following resolution was adopted:
ReoteL That. representing the great body Of policy
holders who have insured IN the company on the onsh
Of ogr assurances we protest IN The strongest manner
that request counsel TO move the Court 10 with
hold the appointment Of receiver and take such
action m the premises as VIII allow tie policy holders
time 90 cooperate and unite upon such conce ssiuns as
may suffice TO place the soency Of the company be. Ond
question, aud enable 1t to continue business
MIR. Bauer. .he Secretary OF the meeting In
subseauent conyersa....cn said that larss num-
Der OF the policy holders had e1i..-ssAd their
Willingness 10 have their policies scaled ~ or
company thrown into the hands OF II receiver.
The history OF the Continental and other com
panies. some OF which had been in bankruptcy
for fye years, showed that such proceedings
almost invariably resulted dsastrOusly 10 policy
holders. Mr.. Barrow. the present President.
stock In the company. MIR. Bauer said that
the meeting at which the receivership WAS
agreed upon, was called without the knowl-
edge OF the general agents or even OF the
Actuary or secretary. Had the policy hold
ers. or any considerable portion OF them.
been consulted. this applleation toE receiver
would never have been made. Mr. Bauer added
that other general agents from Canada and
elsewhere. representing 2 900 more policy hold
ers. making 5000 In oil, would be here Monday
70 aid in resisting the action OF the trustees.
They were in earnest and would employ all
honorable and legitimate means to prevent the
disastrous course upon which the trustees
a AZ