The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-03-30
JOINED THE MARION TRUST
The Amicable Investment Company
Winds Up Its Affairs.
The First Months Certificates Paid on a
COmprOmise-But Seventeen Paying
Members Remaining Out of 5000.

Still another of the many insurance com
panes" operated on the assessment plan, of
which the late lamented Marion Trust, under the
management of the sainted Collier, was tue pio-
| neer and chief exponent, has suceumbed to the
| inevitable. after making brave stagger to pay
the first maturing certificates, and has acknOwl-
| edged its inability to make everlasting fortunes
| FOR its members. Not only has it done that, but
| 1t has publicly announced it's Intention of wind
ing up its affairs" as its officers are pleased to
term Its retirement from the field. A day
or two ago Mr.. Horace Speed, a well-known
young attorney, received a letter from
/ client IN Missouri stating that he had been per-
suaded into taking out a certificate in the
"Amicable Investment Company" of this city,
and that he had paid the first seven monthly as
sessments of S. each; but finally, becoming
somewhat dubious of the company's ability to do
great things, and wearying of contributing with
such unfailing regularity, he allowed his policy
| to lapse by failing to ante when called upon for
| the eighth and ninth assessments. He de-
sirous of knowing whether the company
| responsible, what the value of his policy
| 1.-THE face value of which was ST ,0O0)
would be when 1t reached maturity, and
| other information Of general character. With
| a view to serving his client requested Mr..
Speed repaired to the companys office at 81 Cir
Gle street, in the Ross block Outside the railing
dividing the office into two divisions stood two
men who said they were stockholders, and in re-
Spouse to his inquiries after the manager, youth
of twenty stepped to the front. Mr.. Speed
planned the nature of mis- visit, and engaged the
young man in a conversation, of which the fol-
| lowing is the substances:
| THE AMICABLE METHODS.
| Fan pat his
| eyes"
| "How9"
"By paying up the two lapsed assessments and
| a forfeit of S5"
| "Why the Forfeit"
| because it is the rule"
"And any one can allow policy to lapse. and
J then have it reinstated under these conditlonsf"
/ eyes,
suppose he does SO, how much will his policy
| be 5ii2"
1 81 don't know"
! Can you form any ideap
J "Wiil it be worth anythingF
! 81 don't know"
Mr. speed turned to go, but as be laid his hand
! on the door-knob, the young man hailed him:
| "Sayl"
| "Well2"
ali you are really friend of that MANS tell
him not to make the policy good"
| 'Why9
Because the machine is busted"
| "Busted2'
| "rhaUs it."
| "Well, you are still making and receiving as
| sessments amt youl"
| Yes"
Mr. Speed conveyed to the Young man the in
| telligence that he would advise his client do
as he had suggested, and left. Journal
| porter learning that the Amicabe was approach
| ing dissolution called at Its office, after Mr..
| Speeds departure, and found Mr.. Joseph Beatty,
president, and DIR. c. T. Bedford, secretary, in
| charge. After explaining the reason for the call,
The officers referred to admitted thar the con-
| Germ was about TO wind up its affairs"
THE WORTH OF A POLICY,
GLOW many policy holders have youl" asked
| the reporter.
| about 3,o00-that is, we have issued that
| many certificates"
chow many have been paid Off"
"Ony those that matured the first month,
january eighty in ALL"
| "What did each receiver"
| Each got 5000"
| "With so large mem bership, how did they re-
Because all but less than 400 of the 5000
| lapsed before they came due"
"HOw many OF the 400 then paying remain
nowY"
Assessments twelve and thirteen come due
| Saturday, and only seventeen have yet paid"
| "Wlll any more pay2"
| at Is doubtful"
"How can you, with Justice to the man whose
certificate does not mature for months, take his
| money nOwf"
Justice to those whose certificates now ma
| ture demands it,"
"HOw much would you have had to assess each
paying member to pay off the maturing certii-
Gates of the first month at the face value4'
| About eighty times 1928, or 1920 each"
| "How much did you assess themf
| "About S42 each We had to do just the best
| we could. A lawyer representing a certificate
| holder way up in the hundreds came in and told
| us that unless every cent on that policy was
paid and every part Of the agreement carried
out to the letter at once he would apply for a
| ceiver. We hustled around among the policy
| holders, got them TO agree to accept compro-
mse paid them what we could, and here we are"
"How much Will next months policy holders
get7'
"Can't tell They will get their share of all
the money IN our hands. Maybe nobody will
pay up-in that case they will get nothing"
| LEAF BY LEAF THE ROSES FALL.
Within the last two weeks several of the more
obscure assessment companies with which Indi-
annapolis has been burdened for the last year or
more, and which have done so much to bring
the town into disrepute and cast odium on
the State where such concerns are permitted to
flourish, have gone out of existence, the GER
tificate-holders being the only losers in nearly
every case. There still score more of
them in existence, and grave varders" are be-
coming nearly common. The downfall of
Collier and the utter collapse of the Marion
Trust has done much to interfere with their
growth and progress, and the lines are being
pretty closely drawn on all of them A series of
wrecks in this particular branch of industry
may be expected within the next sixty days.
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