Evening star., 1886-11-26
D1SSATISFIED POLICY HOLDERS.
The Affairs Of the National Life Mafur.
ity Association.

4
The Affairs of the National Life Mafur.
| ity Association.
| POLICY HOLDERS WHO DO NOT LIKE 1T BECAUSE
| THE ASSOCIATION PROPOSES To BUY Up POLL
| CIEs-A COMMITTEE APPOINTED To LOOK INTO
| THE MATTER.
Meyers hall on 9Th street is not a large hail.
bu; yesterday the policy holders of the National
| Life Maturity association came fiocking there
through the pouring rain TO discuss together the
| rumors that were abroad relative to the condi-
tion and standing of the association. There
was piano in the center of the hall and a row
| OF chairs along the wall, but there were not
enough chairs 81 go around, and when MIR. j. Il.
V. Ritter, who had issued the call for the
meeting, raped on the piano lid with his UNI
brela the groups OF takers that filed the hall
turned their faces to- the front and took off their
hats. Mr. Ritter said that, as they knew the OBJ
! ject of the meeting there was no need to waste
the time i'll talk, ant. so lie proposed that an or
ganzaition be effected. He declined to act as
chairman himself because, rs he said he might
want TO be on the floor, and Mr.. A. Il. l..
heese was selected. Mr.. X. L.. Smailwood was
| chosen secretary, and when these gentlemen
had taken their position behind the piano
] policy holder arose and moved that com
miiiee of five be appointed 10 to the office of
| the company and look over their books and
certain what was the true condition OF affairs.
Then they would be ready for action. Some
| favored this motion and others did not.
| THE SOLVENCY OF THE COMPANY NOT CUES
TONED.
Mr.. Ritter said that he did not wish TO be un-
derstood saying that the company not
solvent, for he knew that it entirely SO, and
that they had capital of over 100000, and
il II was necessary to pay back the money to
the policy holders it would De found that the
company had 81 .25 for every dollar put in. He
had heard, however, as every one else had, the
offer made by the company to buy UP policies
at 40 cents ON the dollar. and he thought that
fhar n
ment of the company might properly be looked
into. He thought that most important ques-
ton was IN regard to the character OF the or
ganization as Indicated by its charter, and he
had employed his friend, Mr.. II. =. Mouton.
to make an vestigatiOn. He then called upon
Mr. sNouiton, who was present, TO tell his eXpe-
rieIfce.
MR.. MOULToN's INvEsTIGAT1oN.
Mr.. MOulton said that in his search to find
out the nature of this association and its in
corporation, If any. he had been Obliged to go to
the Office of the company, and the secretary
told him that The company organized I'M
der the laws OF West Virginia. and that they
had no printed copy of the charter and the by
laws. He had written TO West Virginia and
expected in few days TO receive q copy OF the
charter. This was the only unfavOrabie thing
he had come across IN his investigation. The Or
ganization under the Jaws of West Virginia was
suspicious circumstance, because all the Wild
cat mining companies and other schemes were
organized under these laws which as he under
stood, did not hold the officers and stockholders
personally liable Tor the contracts entered into
by the company ,aS was the case III this District.
one OF the audience remarked that this was II
mistake.
.'Well, may be mistaken concluded Mr..
Moulton, "but that is my understanding of the
matter"
He then went on to say that, as was well
known, the officers of the company were resputa-
bic citizens, and for this reason there was con-
hdence In the association. He thought, how
ever, that the fact that the association was
Offering to buy up their policies at seventy-tive
cents on the dollar looked bad and was not tair
10 those who remained in.
MIR. LEWIS EXPERIENCE.
Mr.. Lewis then gave his experience. He said
that he owned five policies, which were among
the earliest issued. This month, when he went
to- the office to pay his assessment of $50 he
made some remark to the secretary about the
value OF the policies, and that official had said
to him If he aid not want them that the associ-
alton would buy them for seventy-hve cents ON
the dollar. Mr.. Lewis confessed that this remark
made cold shiver OF suspicion shoot up and
down his backbone, and thea lie went 10 Mr..
Ii. o. HoltZman, particular friend, and also
member OF the board OF managers, and asked
him about the condition OF the association. Mr..
Hoffman had assured him that the association
was all right and fully able to meet all demands.
He explained why the association was making
this otter to the policy holders. Tins first board
OF managers, it seems, had misrepresented the
facts when they told policy holders that the
assessments during the five years would
amount 10 only about $500. 1t was now known
that the assessments would reach 500, and
probably $500, on each 81 100, and in view of
these facts the management had concluded TO
allow all those who had taken out policies
during the first two years under this false
impression to receive back seventy-five per
cent OF the money already paid in. Many had
found the increased assessments very irksOme,
ami rather than that they should lose the COM
pany had made this arrangement. Mr.. Lewis
SAID that MIR, Hoffman had advised him, ii he
was able To keep up the assessments, To mold
to his policy, tor in the end it would pay hand
soIely ali those VINO remained in.
The statement which Mir. Lewis made was
not received with very great satisfaction, and
one of the policy holders pat him through "a
N Wh1f her fpa. ,,.ia
tion had paid him to represent them at this
meeting. and other questions Of a kindred char
acter. all OF which Mr.. Lewis answered, MAIN
tanning that he was merely policy holder in
terested as the others i'll the prosperity oi the
association.
Some said that if they had been deluded in
the first place they now ought to have all their
money, and the response was that the associa-
tion needed some fOr current expenses, and 1t
could not be expected that they Should get all
back. There was quite a loud LII urmur at this
snd P9fy hSae in sru vocs ex
there Was general laugh.
"a FREEzING-oUT PROCESS"
Mr. Smaliwood, the secretary, said that the
Misrepresentation of the first board was not the
only one, because there had been issued an
other circular in which it was stated that the
assessments would reach $3.50, instead OF $3.50.
The monthly assessments continued 10 in
crease, and, as many of the policy holders were
poor, 1t naturally resulted in u "freeZing-out"
process. lie objected to this process, even
though he remained in and profited from it,
lie 1urther believed that the association had no
right TO buy in their policies. The profits OF the
association came from deaths and lapses,
but, unfortunately for the calculations
upon which the association was based,
the people who came into il had all lived and
We're likely TO live for the rest of the five years.
Therefore the profits of the concern must come
mainly from the lapses, and here was the
management paying back to the holders OF poll
cies the money which would otherwise accrue
To those who remained in. He only questioned
the legal right OF the company 10 do this. AT
the same tine he did not think that policy
holders ought TO be forced out.
Ihe discussion ran on for some time, and
then upon motion of Mr.. Gray Il committee was
appointed by the chairman, with power to re-
quest an interview with the officers of the assO-
citation for the purpose OF ascertaning its condi-
tion, whether IL is complying with the contracts
with the policy holders, and to investigate all
matters OF interest to the policy holders. The
following committee was appointed: A. f. l..
Reese, chairman; IL. l.. Stiles, George j. john
son, Franklin Barrett, Geo. X. Gray, ]. T. Fen
Wick, +. u. Sauer, j. +. V. Ritter and H. l..
SmallwOOd.
The LIE DrOit Park Fence.
MEETING OF PROPERTY OWNERS OBJECT TO
lis REMOVAL.
"A meeting OF the property owners OF a DrOif