Evening star. [volume] (Washington, D.C.) 1854-1972, 1880-01-14

themselves, without the knowledge or consent
of the policy holders, salaries averaging, in
tended by them; or whether the pre-
servatfon of the company absolutely re-
CURED that they should loan its surplus
i laE, 1 70 themselves Ems at SIX per cent, IN
which they were themselves lending money was
ten per nt;or whether they 'felt constrained
by sense Of duty when repudiated at the
polls, to use 81 ,200 and upwards, OF the money
OF the company to hire lawyers to keep them in
office, and set at naught the will Of the policy
holders by taking advantage of a technical de-
feet in notice given by themselves, or whether
1t was merely tender regard for the true inter-
ests Of the company which induced them to de-
fer the election for several months, and to i'm
prove the time thus gained by manipulating the
surplus funds TO their own advantage, and pub
fishing, at great cost to the company. an adj
dress praising themselves and vilifying and
Slandering all Who oppose them. Ii the man.
ayers have made such record when '.guided
and controlled solely by the determination to
protect and defend the company" what would
have happened If they had been .'uiScrupulouS
and self-seeking."
The limits which we have prescribed for our
selves will not permit us to go into any extend
ed criticism OF the figures submitted by the
managers but we cannot refrain from calling
attention to two items, which may serve to give
some idea OF the degree OF accuracy with which
the accounts and records Of the company have
been kept. By a careful analysis OF the state
ments contained on PIP. and of the pamph-
let, and comparison with the statement sub
ny lllc (hSD.. ID.
liz it will be found that there is a deficit of
about Sc, 600, or nearly $4,000 if the extra inter-
est due from Mckelden tsee Rep, p. 1917 is taken
into account. By comparing the amount of
same item given to the committee by the secre-
tary (Rep.. p. 49, it will be found that the sec
rotary made an error in this item of about
50, 0O0O0
The managers also take occasion to parade
certain reforms which they have made, or pro-
pose to make after January 1st-two OF them,
n q mr. f1p hn1 i'm
of the fee for making surveys, being in violation
of the bylaws OF the company. 1t should be
borne in mind that although the same managers
had had control for many years, no reforms of
any kind were ATTEMPTED until they were de.
manded by the policy holders, at the last cleo
ton, in manner not to be mistaken. Nor let
1t be supposed that as the managers have shown
tardy disposition to make some concessions to
the demands of the poltcy-holders, there is no
longer any necessity for change Of adminis-
tration. Something has been done, but much
remains to be done, and much that these mana
gers cannot be expected to do. The Illegal
salaries taken by them, which they ought to be
compelled to refund, amount, with simple in
tereSt added to more than s13, 10000. The add-
tional interest which they ought to be required
to pay on the funds of the company in their
hands exceeds in amount s. $50 co. The bonus
received by McKelden on the Marble building
amounts, with interest added to s1,S3S. 90 We
nave called attention to a deficit OF from $1,000
to $4,000 and others may be developed by a care
flll examination. The salaries under the re-
vised schedule are still unreasonable, and no
reduction whatever has been made in the rate
OF insurance, although it has been demonstrated
that 1t might be reduced one-half.
It is due to Mr. William King, who was sue
ceeded in the board last February by Mr.. j. b.
Wilson, to say that he refused to accept higher
salary than $500, and when question was made
about the right OF the managers to vote them
selves Salaries set an example OF honesty to the
other members of the beard by returning every
cent received by him, with interest. OF course,
we do not intend to apply to Mr.. Wilson any
criticism on the management of the company
prior to his election.
Upon this statement of the facts we appeal to
you to express your condemnation of the pres
ent management at the election which viii be
held in few days, and our confidence in your
intelligence and honesty leads us to believe that
the appeal will not be in vain. At the same
time we desire TO impress upon you the neceS-
S1ty OF vigorous and united action without
which nothing can be effected against managers
who have shown disposition to retain control
OF the company at all hazards, and in spite OF
the will of the majority Of the policy holders
CHARLES WALTER, A. C. RICHARDS.
Chairman. AMOS HUNT.
JOHN c. WILSON. JNO. e. KENDALL.
JOHN W. SHILES. ANDREW GLASS.
CHAS. A. CRAGIN, Jr. JNO. JOY EPSON.
CHARLES E. FRASER. WIN. II. CLAGETT.
SAM KER. JAMES FRASER,
Washington, d. c., January l, 1880.
for managers on the reform ticket, and join the
committee in appealing to the policy-holders to
be present at the meeting promptly Monday
morning at O'clock January 49, 1850, at Odd
Fellows Hall.
DR.. j. NJ TONER. REUBEN 3. CLARE.
GEO. Z. DEARING. GEORGE BAUER.
GEO. w. COCHRAN. JOHN X. CONDOR,
4 ID