The Wellington enterprise. [volume] (Wellington, Ohio) 1867-188?, 1884-06-18


also their money, and II they assumed all
the risks and financial responsibilities Of
the association before 1t reached pay
ing basis, by what principle of justice
should they be forbidden to reimburse
themselves for moneys advanced, and to
receive pay for their services, proportioned
to the success and magnitude Of the enter
prise, when by their efforts the associa-
tion had grown TO such numbers as to
furnish a surplus. The contrast with the
policy holders provides that they shall
pay So annual dues to be used exclusively
for expenses, and 80 on the occurrence of
each death of policy holder, no part of
which last shall be used for expenses of
any KIM. The books of the company
show that these requirements have been
religiously complied with.
1t is only because of wise management
and energy that the directors are not now,
as in the beginning, obliged to pay the ex.
penses OF the association from their pri-
vate funds, and if in the course of time the
number of insured should fall below
paying basis they may be obliged to do it
again.
The truth is the Ex-Commissioner of
Insurance, as he well knew, has included
in the sum he mentions as, divided as
profits, the entire salaries Of all officers
and much If not all that has been paid for
time and services and expenses Of those
engaged in its management, whether of
legal, medical or business character, and
it is true that what has been so paid, es-
timated according 10 the value of such
professional services, has been mere pit.
tance, entirely inadequate 10 any just
remuneration for services rendered.
Indeed other business men have refused
TO participate in the management, on the
ground that the salaries paid were not
sufficient compensation for the time neces-
sary TO be given and the risks assumed.
The charge that no reports have been
made has been sufficiently answered by
the secretary, and with regard 10 the 9th.
er charge that no annual meetings OF
policy holders have been held, it should
be said that the charter did not require it,
and its legality was passed upon by those
IN authority at the time 1t was granted.
And IL it be true as charged, that the as
sociation in not legally organized, has no
charter, and is doing business contrary to
law, the blame will have to be shared
General, and Secretary of the State, to
whom the articles of incorporation were
submitted at date of incorporation, aud
to the Superintendent Of Insurance, who has
annually received its reports and acknowl.
edged their correctness and validity. Nor
can that fact under the circumstances il
true, impeach the character, credit Of the
directors or effect the safety and stability
of the association.
The secret of this very unjust attack is
that the Ex.C Commissioner has long been
in the insurance business, connected with
old line companies, and has been educated
to believe that every thing in the nature
of Mutual Company is fraudulent and rot
ten. He has always given the weight ofhis
official influence against them and having
previously arranged 10 again enter the en-
ploy of stock company, on the expiration
OF his official term, he took advantage Of
this opportunity to revenge himself for
difficulty with the officers Of this associa.
ton, growing out Of difference opinion
as to the proper official report to be made
TO the Insurance Department
In conclusion, policy holders have moth.
ing to fear. The business Of the associa.
tion has been honestly and honorably con.
Quoted; its affairs are In q safe condition
and in safe hands; policy holders have
paid no more than they contracted to pay
In the beginning; they have been furish.
cd insurance in the main for less by one
half than can be obtained In any old line
life company; and without doubt 1t is one
of the safest, cheapest and best associa
tions yet devised, and as in the past, will
still continue to merit the confidence Of IL
patrons and the support Of the public.