The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1883-06-01
PROMPT AND VIGOROUS
A Popular Company Endorsed by
its Iowa Branch How the Pol
icy Holders are Secured.

n Now I6dtuTc VI Iut 1uSuThuCt LII
brogIio--The Waterloo Equitable Puts
its Endowment Fund in First
National Bank.
Etc. Etc.
Iowa City Republican.
The uncertainty Of life, as attested
in the sudden death of friends whom
we regard as. enjoying the best of
health. and the least likely to die,
brings the necessity of insurance to
the immediate attention of all think.
ing men. Especially is this the case
where families and friends are de-
pendent upon the strong arm of
father. brother. son or even upon
some heroic, industrious woman in
the household. TO afford protection
in cases where the great reaper
makes unexpected inrOads. they have
been wisely organized corporations,
hose object is to provide Il fund for
such persons us comply with their
laws and become members. Hence
we have Il large number of life in.
sllrance companies, most of which
especially the deserving Ones--are
ilourishing and are doing most excel.
lent work. Until within few years
ago, the people depended entirely
upon the SO called Old.time companies
that are expensive both in securing
membership and in the management
OF the affairs thereof. Policy holders
of these companies, in order to derive
benefits from then, were compelled
to die, it might he said, and ut any
rate, there was Il long and tedious
road to travel before the end WAS
reached.
This condition of affairs did not
suit the active, go.ahead Americans,
and the result was, that the Mutual or
PEOPLE INSURANCE COMPANIES
were organized, their distinctive
features being the more reasonable
fees for admission, the more direct
supervision Of the affairs of the or.
ganization by the policy holders
themselves, and above all, the III
rangement whereby direct and sub.
stantial benefit could he enjoyed by
immediate future. These mutual
companies have been constantly i'm
proved, and as the outgrowth of all
the best plans, especially that of the
endowment principle, the people of
Iowa were given one company in par
ticular that deserved their confidence
and won their patronage. We refer
to the Equitable Mutual Life and
Endowment Association of Waterloo.
This organization, of which we have
heretofore spoken, and the plan Of
the organization, which has been laid
before our readers and commended,
has obtained Il strong foOthOld in
Iowa City. Some months ago branch
society, with roll of over fifty mem
bers. was organized here. Dr.. M. b.
Moon was elected President, Lowell
Swisher. Treasurer, and Will HOhen-
schuh, Secretary, and permanent
organization effected. a number of
our best citizens Joined and spoke
kind word wherever they could do so
for the socisty. At the annual meet.
ing Of the society last March our
branch organization was represented,
and its delegates had Il voice in the
examination OF the affairs of the com.
pany and i'm the election of the direc-
tory for the ensuing year.
After visit to Waterloo, the dele.
gates were more favOrably impressed
than ever with the condition of the
company and especially with the
wonderful growth of its membership.
Although organized little over Il
year, the Society had nearly thirteen
hundred members. To-day its mem.
bership is over t,cenfy-One handred.
The endowment plan by which mem.
hers are paid S. 900 at the end of ten
years. with light annual dues ana
certainty of $500 in case OF death.
and other excellent features, made
the growth of the Equitable de.
scrvedly rapid. All over Iowa, tins
tlonrishing Waterloo company was
looked upon rs il marvel of growth
and sure organization for security.
In the midst of this state of affairs
the company and il many friends
were astOnished few days ago by IN
announcement from the Auditor of
State that he had revoked it's certili.
cate and returned its deposits made
in accordance with law. This is es-
peclally surprising from the fact that
not only had the Society complied
with the law in regard TO depOsiting
the amount required 10y law, but also
had deposited their entire endowment
fund. in gilt edge bonds and mort
cages.
In response to inquiries from mem.
hers the Equitable officers. promptly
issued Il circular in which the follow.
ing clear statement appeared:
The present week has brought to your
hands the published statement that your As
sociation' ) Certificate, from Auditor OF State,
has been revoked. This is misleading, and
calculated to cause alarm, from the faci that
no reasons are assigned In the dispatch, and
that only four associations are named, white
there exists i'm the State many Of various
grades and kinds. Only four were mentioned
because these four emily hud made their
port deposited their securities and received
the Auditors Certificate for 1888. None others
could bc revoked, because nothing To revoke.
The revocation does not charge any wrong
doing of the Equitable" or want OF conf
deuce ON the part If the Auditor, but IL SIM
DIV n statement that he does not now believe
that the law imposes npon MIN the duty al
rccciS ing ana nOlulnx our SECURITIES, ana iS-
suing Il certificate therefor.
On the contrary, he plainly states his rcct r.
milton of the right of the Equitable IN con-
time to transact its appropriate business of
Life Insurance, ana mas repeatedly, vo'.n
iarily expressed great confidence in the
"Equitables" plan and management.
That the Equitable" will continue To live,
grow and prosper increasingly In the future,
cannot, therefore, be questioned; and i'm this
circular letter we present the evidence that
the Auditor refusing to hold our securities
they are placed as safely, and for the same
purpose, and under the same rules prescribed
by law, as before, and viii continue to be so
deposited.
to organize and conduct the Equitable" in
str let conformity to law. and after person.
able interview with Hon. w. V. Lucas-the
then Auditor OF State-fOllOwed his and All
vice strictly, and, as a result, has had its de-
post and the certificate OF authority contin-
iously until the present time.
The Equitable" was advised Of the pro-
fessed change Of opinion of the present Audi
tor, about the 18th Of March-lcss than two
port, additional securities, and issuing the
certificate Of authority. Believing that he
Inexperienced the principles and plans or
this Association, ana determined the secure
ties OF the members should continue I'm the
public vaults-if possible-the Counselor and
Secretary were sent to DesMoines-the Sec
rotary a second time--thc Counselor to Dav-
export and MISUNDERSTANDING large ex-
Dense i'm attorneys fcca and travel, besides
valuable time
At ali interviews the Authorities were as
sured the Equitable Is a law-abiding citi-
zen ready to comply with every law, ami the
Interpretation thereof by the proper authori-
tics Assurances were returned that our
plan was far more perfect, equitable, and EN-
titled to recognition under the law, as ut
present construed by the Auditor. than pre-
viousIy suppOsed-and thirty days gostpon-
ment OF decision was granted. what In
tiuences In the interim. have determined the
dcc,sion adversely, and before the thirty
days had elapsed, we do not know. This much