New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-03-21
This array Of figures IL crowned with present re-
sources amounting TO S472 1863 019 20.
1HE COOPERATIVE COMPANIES.

The COOPERATIVE COMPANIES
When Chapter 256 OF the Laws of 1881 was enacted,
the Department for the first time given the super
vision of the organizations and societies II
H. not the intention Of the Superintendent refer to
PRIOR attempts procure legislation this subject
cept justify Ms action IN endeavorng 10 pro
cure the passage OF an act which would prevent the
graveyard compane. OF other states from opera
IN thl. State The bil was defeated the nsgatiOn Of
the NewYork societies which az that time, 1850 were
awakened 20 the danger 10 their Own Ogu cations IN
The competition ~ fraudulent associations Inc elC-
ton- of the superintendent that before year had
passed away the Ne" lork state Would OF
their notion ask legislation Tor their supervision
and protection, verified. Tie law Of 1881, while
meeting the pressing demands OF that year. was found 70
BE- lacking IN many particulars No provision was made
tons of other states that had, without license been opera
ing New-Iork we're allowed to continue with no right
Of prevention In 1888. with unanmlty the part Of
the societies quite commentaries an eIOfi Mas made TO
procure such legislation Is would remedy existing
and seventy five Of the laws Of that year was
the result; There Is ono 5o'iso mat the
10 honestly managed institutions. which can
be made to serve unaith ful Reference
section -, which provides that IN the event Of charges
being made by the Supcrntendcnt 70 tue Attorney,
General aud by that Official reported 70 the Court, that
The verdict or Jury. selected ID the county where the
company has its principal Office shall De conclusive upon
tie prOpriety OF restraining the organization from con
tnuing Business
-hould and viii he the atm OF the superintendent to
throw around the system all the safeguards that Will add
70 Tie protection OF the members Many Of these organ
oiaS ar serH,s WORTH Purp9se, Ont tIty are a.
suit IN the discontinue of many Of their members There
~
cites, only some of which can survive
THE ORGANIZATIONS THAT ARE FRAUDS.
All organizations that promise 70 pay any definite
amount the member during his lifetime tout regard
20 his physical condition. frauds There il no other
purpose behind such promises except 20 cheat the spp
cant and enrich officials Certain Of them seek to
eyade the by wording their certificates that upon
member arriving at the expectancy OF Ife." what
ever that be. they regard, wi regard A. ply
disability The Transparency OF such attempts
avoid the penalties of the act Is shown by the fact that
the promises pay made 10 mature twenty five,
tbrty and Orynye years after the issuance OF the
certificates and payment Is made II the member
should be physically disabled before these dAtes The
promoters OF enterprises OF this character do not wait
nntii physical disability ensues before lOcketlng the
commission ON the payments male by their victims
The superintendent believes that any organization
placing Ia THESE certificates sum u be paid IN the event
o. deatb, ana receiving tie members contributions on
that amount should be compelled 20 levy and secure
tnncient number VI assessments to pay the claim IN fn
ID the event OF failure to DO the should
be dissolved. There should not longer be permitted an
avoidance OF this liability by hiding the contract
spOnsbihty IN the maze VI words aud technical terms,
the supposed 20 be due. The truth is that where
necessity To keep from the the actual
number belonging the certificates made read
o. deceive.
After referring 20 the decision IN the OF Angis
Mcdonald Receiver OF the Mutual Benefit Association
Rochester the Superintendent suggests that all plans
tibutions Of the members, are fraudulent There Is
INSURANCE OF positive nor can there DC Ia the
very nature OF the business Accommodations Of reserve
FUNDS are proper and wise, when intended 10 ala the ben
assessments that sufficient 20 pay the face OF
the certificates 10 is steal and should De- punl shed the
sene as any larceny That reserve fund Will ever be
suncient some people they believe and
Organizations pretend 20 shOW-tO permanently relieve
eyery one from as faaclOus II is
SuEu In SAFE then, for the people who cannot anoTd