St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-07-25
HAD A WARM TIME.
The Affairs Of the Educational
Endowment Association
Are Discussed,
And st. Paul Members Decline
to Accept the Secretary's
New Plans.
officers Urge the Members to
Amieably Settle and Avoid
the Courts.
Manager Flower Submits That
the Stoekyard Talk Is
premature"

The Educational Endowment Insur-
ance company. of Minneapolis, held a
called meeting of the members last
night in the chamber of commerce
buil1ing of this city. There was large
attendance of members from the Twin
Cities. The organization is founded on
the mutual assessment plan, for the
payment to children of its members a
stated sum of money when the child
reaches twelve years of age. 1t has for
its officers and board of directors lead
ing business men of Minneapolis. After
being in operation for some time it was
determined that the association was
not charging enough for MEM
berShlp fees and assessments.
1t was then decided upon recommended
ton of the board to raise the rates to
new members. This gave rise to what
are known as classes "A" and sc" of
members, the old members constituting
what is known as class ''A." Discus
sion arose as to the ACCESSIBILITY of abol-
lShlng class IA" and changing old
members into class &C." and charging
assessments at the increased rates. j.
E. Merritt, secretary of the association,
called meeting of the stockholders to
discuss such measures. That meeting
was held some days ago in Minneapolis.
After considerable discussion. Messrs.
Rothschild, Stringer and Thorn, st.
Paul members, were appointed as
committee to inquire into the financial
and general condition of the association
and to urge larger attendance of men,
berS at the meeting which was held last
night. Lewis Hall, of st. Paul, took the
chair and called last nights meeting to
order. A discussion Immediately arose
as to whether FL. RothschiId, also of st.
Paul, who was chairman of the former
meeting. which adjourned until last
night, should not be entitled to the
privileges of the chair. Some little feel
ing arose at this juncture and Mr.. Hall
assumed an authoritative tone and NAH
ner, and with more nerve than
dignity sought to shut off attempts to
question his right to preside. He told
two gentlemen to shut up, and asserted
his views i'll way that was hardlyIin ac-
cord with decorous usage. Concessions
were made. and hlr. Hall was author
lied to preside upon motion put and
decided by himself as carried.
MI. Strfnger, of the committee APP
pointed at previous meeting, sub
mltted report of Investigations, which
shows. among other things, the follow
ing state of facts:
Among the members there are 200
shares held that mature in 1891, reauir-
ing an outlay Of sol 1854 in Glass "a" Or
the old members and shares in Class
"C' aggregatlng S1,490.
There is a reserve fund of about Sl7,-
900 invested in the Home Loan and
Building Association, so that it would
r1ir, ,I1.1af l,a Nf oi,I
ments in addition to the regular ones to
pay the maturing shares. The income
for the year ending with December,
1889, was 55,025.50. and the expendi-
lures, aside from salary and expenses of
j. II. Merritt, secretary and agent, but
including endOWmentS, was S45, 199 "a.
The annual operating expenses WereS17,-
1922, besides fees of the secretary and
agents. The question submitted by the
committee upon this state of facts was
whether the stockholders would agree
to all join in ClaSS''C'' and pay the rates
of that class, and wind up the member
ship of Glass GA" or submit to an as
sessment Of members in the latter class
for sufficient amount to pay the adow
ments maturing next year.
MI. Haynes, director from Mime
ap0liS, discussed the various business
about an hour, during which he an
Swered many queries. 1t had been
stated that it was not known what
amount of money Secretary Merritt re-
ceived for salary and fees, as no account
had been kept with him. MIR Merritt
made speech, in which he reviewed the
situation and history of the association at
length. He was asked number of
questions, among them being several
relating to his receipts fer services. He
stated that he received about $500
year for his services, a part of which
was fees for membership. After con-
siderable sharp questioning he admitted
that he had no agent employed who re-
ceived compensation. He was asked
several times il his receipts over and
above expenses had not in one year been
$1,000, and in another over $1,000, but
he evaded the question and finally re-
fused to answer.
Upon being asked to resign he said that
he should refuse to do so unless a guar
anCee should be made covering what he
would be entitled to recover at law for
a breach of contract as secretary and
agent. He proposed to hold on until
1894, when his contract expires. The
proceedings grew again even more warm
and interesting than they had previously
been.
A vote was finally reached on a
proposition as to the sentiment of the
meeting on closing up class "a" and
continuing under class &C." The vote
stood 90 against and II in favor of such
action. The feeling has grown strongly
in favor of winding up class "a" by a
division of the reserve fund belonging
to that class among the members.
Mr.. HAYNES advised an amicabie adj
justment of the matter, as any resort to
the courts would inlure the reputation
of the association.
1t was stated by members that not
only Secretary Merritt but some of the
board of directors had been asked to
resign.
1.-The probabilities are,'' said Mr..
Stringer, after the meeting, shat the
old members will pay up their assess
ments and the association go on
smoothly