Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1884-07-04
MUTUAL CRoOKEDyEss.

y (Columbus Sunday Hcrald)f
/, '''Thcrs's nd use in talking" And
it is folly to toattempt to provide
by law for tile Incorporation OF life or
other insurance companies from whici, the
element OF profit is excluded. The more
stringent tie provisions OF law against
profits the more money the managers con-
trive to squeeze out OF the membership oi
mutual companies. Is it to be expected
that successful business men, and "hanor-
able" gentlemen who have held high pub
lie trusts, will fool away HEIR time hy act
ing a3 directors, officers and attorneys Of
lie insurance companies unless they be
literally compensated Il il to lie pre-
sumed that honorable" men will permit
their 'honors ble" names and records To be
used as traps to catch guls for nothing
Nay, verify.
The case OF the "Cilizen's Mutual Re-
lief Insurance Company" OF Wellington,
Ohio, is n shining example. The law pre-
scri Des that such Il company shall not be
operated Cor gain or profit. Yet ii appears
that some S700 0O0 have been divided as
profits among thirteen persons Ont OF some
ten thousand who constitute the member
sl,ip-the parties receiving the 'di7idends.
being directors, officers and attorneys Of
the company. The law is specific in pro
viding against profits. Nevertheless some
| half dozen attorneys, who were among
the managers of the company pnt IN II
plea OF ignorance oi the statute. There is
a widespread belief among the people
that II great many lawyers are guilty oi
knowing very little about law, and here
| is confession ot the fact, though one oi
them is an ex-Judge of the Supreme
Court and others OF them have held high
official positions,
The company had nm income Of $4,000
a year, derived from an annual assessment
OF 50 ON each member Tie legitimate
expenses amounted to about one.lorth %
The money collected There WAS surplus
in the treasury. That surplus WIS lying
idle, doing no one any goud. II permitted
To accun,ulate from year 10 yenr, The resul
might be n serious contraction Oi the cur
reucy. Therefore, lhe directors, officer
and attorneys concluded that HE wHy 4
avoid trouble and prevent II stril grncy II
the money market, WAS 10 divide til
money among themselves, though lin tli
eye of the law, and III point ol TACT, enc
OF the 10 900 persons who constituted ti
membership had an equal interest IN it.
II The money had been divided cqnll
among all the members they would hay
received an average OF only 81 eacl
"Mulual relieI" such as that would hav
been 'mulual" niockery. BIZ, when III
managers "mutunlly relieved" the mem
bcrship oil $4,000, aud mutually reliey
ed' each other in gums ranging irol
81, 200 10 1920 that counted fnr some
thing The recipient will be able 10 pur
chase a farm OF u cargo of cheese.
And we are told that these gentleme
have committed 10 criminal oilens
They simply misapprehended their puwel
under The law. But, all the same, The
have in their pockets $40, 900 of other pc,
pies money, aud, being innocent OF AN
intentional wrong, they propose 10 kee
it. The company will he dissolved, an
the conlding memherr will lose their il
vealmenl, amounting TO S2,000000 or So,
100000 Great is "WutuaW hunbug.