The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-03-26
EUREKA LIFE ASSOCIATION.
The Peculiar Method Employed in
Transferring ITS Certificates.
An Anxious Ohio Man Who Wants $4,000
on the Life of Woman Who Died
at the Age of Eighty-Fiye.

'What do you know about the reliability of
the Eureka Life Association was question
asked journal reporter yesterday by gentle
man who had just received letter from an
anxious policy holder in Ohio The question is
one that is frequently asked, and never salts
factorily answered. The letter from the Ohio
man stated that in February, 1885, he
had taken a policy in the Eureka the
life of an old woman named Mary
Bartholomew, and she had died on the oath of
last February. He had paid assessments to the
amount of Sill, and the policy was for So, LOCO.
After furnishing proofs ofthe woman's death he
had received notice of an additional assessment
of SIS, and with it came circular letter an
nouncing that the Eureka Association on ac-
count of misfortune, had been forced to suspend,
and he was advised to have his certificate of in
surance transferred to the cold Wayne Com
pany, of this city. The letter was dated Feb
ruary Fl, and the following is the explanation
given of the cause of the associations suspen-
sion: 'The treasurer of the Eureka Life Asso-
citation having Hpt with misfortune by reason
of the failure OF the bank with which
he was connected and in which he had the funds
of the association deposited, thereby being forced
to suspend, for the time being, the payment of
vouchers drawn upon him, and in consequence of
which being unable to renew his bond, leaving
the association virtually without treasurer, and
believing that the interests of the members will
be subserved in merging the membership into
another kindred organization" therefore it is re-
solved that the polcy-holders are advised to have
their certificates transferred to the Old Wayne
Company. The circular fails to state who the
treasurer of the Eureka Association was, or with
what bank he was connected, but by examina-
ton of the documents on file in the State insur-
ance department the reporter learned that his
name was E. w. Gray.
Thesuspension of the Eureka was accomplished
so quietly that there has been no mention of it in
the newspapers A journal reporter called at
the Office of the Old Wayne, during the after
noon yesterday, to learn something regarding
the shuttle which is being made between the two
companies Mr.. Miller the secretary of the
Eureka was found at desk in the Office, and he
had evidently moved in to stay. He explained
however, that he had just taken up his quarters
there during the morning.
Has all the insurance of the Eureka been
transferred to the Old Wagner was asked.
"The majority of it has" he replied.
-"If any of the policy holders in the Eureka
should not make this transfer Of their certificates
would they lose their insurancep
''Oh, no; the Eureka viii carry all policies that
are not transferred, but it will not receive any
new members. We expect to have the business
all closed up in few weeks"
care the officers of the Eureka now associated
with the Old Wayne"
81 am connected with it, but not as an officer"
what bank was the treasurer of the Eureka
connected With The circular which you sent
out fails to give his name, and does not even
state where the bank was located"
HE was cashier of the bank at Alliance o.
Our funds were kept on deposit in the Mer
chants Bank, of this city, but he had the money
transferred there. The amount lost by the fail
ure, however was only one assessment"
When asked about the payment of the policy
on the life of Mary Bartholomew, the Secretary
said that it to be paid out of the funds col
lected by the last assessment, and claimed that
the circular advising a transfer of the
certificate had been sent to the holder of the
policy by mistake In speaking of this, the
Ohio man writes that he 'hardly thinks the Old
Wayne will take dead subjects although if they
take them at eighty-fve years it is very near
it" However, he is ready and willing to pay
the assessment of &c. if by so doing he stands
any show of getting the So 000'
The Eureka is the association which figured
so prominently last year in the exposures of
graveyard insurance made by the insurance
commissioners of Ohio. when four men were ar
rested at Washington c.. II. for taking out
policies on aged and decrepit persons. An idea
Of the class of business. which it did may be OBJ
tanned from the records on file in the State in
surance department, which show that out of a
membership Of GAL of these risks 40 were upon
persons aged between eighty-f7e and ninety
years, while the number of policies on persons
of any other age up to fftythree does not ex
coed five.