Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1881-11-05
RISKS
TAKEN BY sPtCULAI0HS UPON THOSE
WITH ONE FOOT IN THE GRAVE.
Millions of Dollars Of Insurance Upon Octo'
genarians of this City-Business Men
and Capitalists Infected With the
Money Making Aania-An
interesting Article on
the Matter,


its readers an idea OF an Illicit insurance
business that is being carried On IN our
midst that has all the surlac Indicators
OF the most gigantic fraud ever attempt
ed in this or any other locality. ms
50 called Insurance Is more JANUARY
known as the graveyard Insurance
or death rattle risks, while there are
numberiess other names that have at
tacheG themselves 10 the nSlarlouS ousl-
ness. Ii is OF rather recent origin IN
these paris, bat it has developed won
deriully ia very short sine, untIi 1t
has assumed such proportions thar the
attention Of insurance agents tine !egid-
mate ones) and business men
generally has been drawn to its size anu
they are now counseling with eaCh
other concerning the best means OF OBJ
structing it's further progress ana ltS
final expulsion from the community
The graveyard business was hrst miro
duced here by men OF no character IN
other words, birds OF prey, |"o period.
ically infest all cities Tor the purpose ol
bleeding the guileless and gulInS the
willing. They worked little cautiously
at first until they got the lay OF tue
land" then they became more bold IN
their undertakings and INSCRIPTIONS IL
their execution. At first eligible risks
were taken at good rates; the character
of the companies represented were
youched for by their agents as lrre-
proachable and this backed by docu.
mentarv evidence OF the strongest post
BILE nature. ,
,lnr N nj w heel
ing began to niGble at the DAT
held out 10y the Immense
returns that would result from the
investment OF few dollars IN the
scheme, and in a short time dozens anu
scores OF Wheeling men were WILLY,
eagerly anxious to place money on most
any GOOD risk, as septuagenarlah or
An Octagenaran, while a nlnety-year OLD
subject was regarded with the same
teelipg by one OF these spe liators tlat
miner would gaze upon a newly dis
covered gold mine During the last
three months the business has 50 rant
fed and extended that 1t
il confidently asserted theie
ara q OOO 900 OF insurance upon sub
iects whose tenun of life is as rotten an
the company which holds the risks
upon their 'feeting lives. The manner
OF procedure is very simple and very
effective. Inquiry in any locality VIII
soon develop the whereabouts OF some
bed ridden, poverty stricken, Old person
whose death SIS in momentary, or al
least in daily anticipation, ard this IS
their victim. They sound the members
OF the family, partially reveal the ma
ture Of their intentions, and otter as IN
earnest ten or twenty per cent. OF the
net proceeds as an incentive TO 60 opera
ton. To Young man or woman this
appears as very aIiuring, ana
policy is soon drawn
up in the regular form OF lie policies,
the consent of the assured Tote IN ant
ul1 mG,tis) having been obtained through
the intercessiOn of the corrupted rela'
tive, and then nature is depended upon
for the rest, and in most eases she gen
eral!v is reliable, for the old man or wo.
man must be pretty lar gone before
these enterprisiug fellows tackle them,
and all the premOnltOry symptoms OF
death are as familiar to them az TO the
most experienced physician. The iun-
eral over, proofs OF death are obtained.
The latter most gene ally from some
absolute physician, and then the
proceeds OF the transaction are awaited
with feverish anxiety Tor some days.
These proceeds are obtained in this wise:
A policy holder becomes, 'ior ell practl'
cal purposes" member OF the com
pany. These members are assessed so
much for each thousand dollars held by
them to pay the losses sustained by a
death or number OF deaths. The latter
are frequent and consequently so are
the assessments. A better idea OF the
manner of obtaining the means OF set
tlement is contained in the followlng
description Of the operations oil one OF
these companies, by victim:
INV a. Sessments came regular and
were promptly met up to the middle OF
July last. They then suddenly stopped
for three months. Thinking that posi-
bly there was something wrong, made
inquiry by letter. The result was as
tonishing. was informed that my
policy had been cancelled owing to a
dereliction in not meeting my assess
ments, but | could bereinstated by nav
| inc another examination OF the assured
| and by paving up the back assessments
| for three months These the Secretary
| had placed at $50, which, at Sl.25 for
each death, would fix the mortality rate
in that time at 10, 10 for one mouth, or
one every three days.
"The assessment notices furnished
read: 'On the death Of John Jones and
several Others But one name was
mentioned. | have never received a
! notice since July. and had there been
any sent could not have failed to get
! them and to have paid the assessments.
have since written to the company for
Il detailed statement Of the assessments.
together with what had already paid
in, but no reply was made"
These assessments finally became so
frequent that the policy holders kick
out of the traces and allow their policies
to lapse. Another flock of victims is
then driven together and policies issued
10 them on the same risk, il it is tough
enough to outlive the Tirst batch.
There are in this city now several de-
crepit, tagged out, blind, deaf, limbless
subjects. who are just waiting
to die" who have each over
| 100000 upon their lives. One
of these died within the last few weeks
and the yultures are awaiting the pro-
ceeds of their policies, over a hundred
thousand dollars in all. A REGISTER
man met one OF the benelciaries last
night jubilant over the death.
"How much money will YOU realize
by this DEATH" We inquired.
"Well, have 81, 900 on Mrs. Gray )
life and will get fifty per cent. OF that
! 1t will cost me ten per cent. on account
of expenses incurred on variousaCCounts,
Some OF this will 90 to the members OF
her family"
"Does this thing cost you much
money to keep up?'
"Well, it costs money. II one OF the
old chaps goes off suddenly il pays, but
they often fool US, then they are dead
stock. We Just have to pay and pay in
| 9th ers until there is mighty little mar
gin left us
"How do you fix up the policy"
We'll, they sign papers, obtain the
| signature OF the assured, or the mark, II
he cannot write, and DO all there would
be done ii the policy were in their favor,
! and FIR this we have TO paw anywhere