The morning call., 1891-12-28
TOO MANY COUPONS.
The Pacific Endowment Leagues
Difficulty.
Lively Meeting of Dissatisfied Brethren and
sistsrs-Angry Women Who Want
Their Money Back

The Pacific Endowment League, which
has done business since March S, 1883, and
has seen many a sister organization of the
.- kind go where tire woudbine twiueth,"
was virtually placed on trial at a meeting of
between two hundred and three hundred
brethren and sisteren" at 80 Bush street
yesterday.
The 'sisteren" were well represented, and
toward the close. after two hours OF re-
preston under Cushing Manual they spake
their little speech in an informal but decided
way,
The issue before the meeting was, ex-
pressed in the simplest terms. the best man
ner of saving the league, which at present
has SI6aIO0 diYiSiOe among 1900 persons,
with an unascertainahie number of coupons
maturing in 1892, more in fact than will
b mature in 1898 and 1894 combined. Theo-
retcaliy each member OF the league is
worth SO. being the dividend of 100000 by
5000. bu; actually there are a number to be
paid $500 each within six months
1t is scTiplurally written that it is more
blessed 20 give than 10 receive. But those
who are TO be extra assessed in order that
the lucky $3.50 coupCn-holders may receive
tier reward do not see it in that scriptural
light and want to do a little receiving on
their own account. Neither do the prospec-
tive DenefciarieS of the coupons maturing
within six months regard with favor sundry
uncontemplated assessments.
THE LADIES THERE.
There are many of the ladies present who
are familiar to frequenters Of the Pacific
Stock Exchange. and there were others who
had come rs Woman's Rights advocates in a
business point Of view. When they over
enthused and rushed into parliamentary or
supplementary tactics, Cushing's Man ual
PLAYED havoc with them.
Chairman Huesch called the meeting to
order shortly after ! O'clock. and it was Just
+ o'clock when motion to adjourn pre-
vailed. Considering the suppressed excite
ment Of 20 many men ana women, who had
an average OF 500 apiece, with nothing def
Lite within grasp the business dispatched
was e. n>iderable and pralSewOItAy.
Alter q collection lad been taken up Tor
temporary hall expenses, Secretary c. II,
E-OWn read the minutes Of the last meeting,
which were adopted.
Then caue the report Of the Committee on
Organ alton. 1t was decided TO take the
points scIiatim.
The irst suag was struck in the clause
which recommended the appointment Of the
C.mm.ttee w the President, ana II was set
ted that the committee should consist of
s-yeh IN all, The President aud Secretary, eX-
liilc.o, and i've members To be elected by the
present meeting.
.
meuts was promptly approved. II was also
agreed that a small temporary assessment
might be levied when necessary for use OF
Eall 10 prevent the taking L p Of a collection.
The report of the Investigating Commit
tee, vital matter, was then taken up.
INVESTIGATING COMMITTEE.
Chairman Hoesch, as enc Of the commit
tee, explained why II was undesirable that
this committee should furnish written re-
port Each member of II was present to
800 raar I.1I ct, -f.-.
mort might have suggested "a Niger on the
fence For himself he could say that
when the committee waited on the Board
OF Directors last Wednesday It had been
received very UOurteOusly and every posi-
be answer to questions had been given.
His own questions eIcited from the Dl-
Tecisrs tile following information: The Pa
ciEc Endowment League was established on
M.rci. :, ISIS. Il was not Incorporated. The
Irtrl pts to November, 1Sgl, were S3Si, SIC the
disbursements S224,5UO, leaving about $780,
tuO. balance. lie reserve fund was credited
with 200, and the emergency fund with
1900. About one hundred coupons had
been bought IL at 10 Per cent discount less
The dies, and ordered Cancelled On the books.
One lady got 500 for a coupon due in Feb
Iuary, by which an Indebtedness of $500
has been eXtinguished.
BUYING COUPONS.
One lady from Petaluma did the same
thing, Coupons maturing after SIX months
are not bought, but whether tie Directors
have the right 10 buy the coupons is a Ques-
ZION. From what he had been able 10 find
out It is az Illegal act, because if you buy
OF enc YOU must buy VI another There are
eight Directors, of whom two have resigned
within the past two mouths The Directors
claim the right to make the ten assessments
and thlTty-slX assessments, forming the
ground Of The present IT, ble, under Section
l Of Tho bylaws Under this rule those
whose coupons do not fail due t. June may
have 10 pay nlnety-SiX assessments, namely
ten monthly assessments for SIX months
and the other thirty-siX. The Directors
claim that 1t is proper to make every man
pay his pro rata, and, on the face Of il, il Is
reasonable. The thirty-siX assessments are
levied On everybody. He found that 6S27
members had Joined since the institution
came into existence. The present member
ship IS 1900 but he did not know how many
have dropped cut since.
CAUSE FOR SuRTH.
Just here ripple Of laughter interrupted
the speaker, but he went on to say that
when he asked the Directors how many
coupons are due next year. so as to TX the
amount OF the assessments required, they
Here willing TO answer but thought II un-
desirable, because they were not ID position
TO give an exact account or how many as
sessments would be levied. A report is now
being prepared according to law for the
Insurance Commissioner, which VIII be
ready within SIX or seven days.
Mr.. H0esch continued that after be and
sibo questions it resolved itself into this ::
Tie Directors asked for feasible PROPOSE
ton n get out OF the present difficulty. and
they would be glad to consider it. One Of
the propositions submitted was that of
equalization, which implied an extension OF
the assessment all thru ugh the United States
and this would take time. Another PROPOSE
lion as gradual reduction in the assess
ment Of those whose coupons matured
monthly up to June, Sc that the last would
pay the least and he would pay very
little II there was anything to be got. After
detailing other propositions submitted to and
by the Directors. MIR. Hoesch repeated that
he did not think the latter had any right to
buy coupons without buying all of them.
However, the Insurance Commissioner had
promised to see that the members would get
tHeir END OF the horn, whether il was the
big or the little end.
FORGOT ONE THING.
-. NJ. l. McCord indorsed the Chairman's
report, but said that Mr. Hoesch had for
gotten one thing, that lie (Hoesch) had Just
been paid his coupon in full.
There was laugh at the Chairman's ex-
pense, but he put in Indignantly: Yes.
but paid SID in one assessment"
Secretary Brown, another committee
member, said the Directors had assured him
that the combined assessments for 1888 and
1924 were not so much as for 1892 alone. He
asked them what was the prospective as
sessment for 1892 and they thought il un.
wise TO answer. He had suggested the use
of the Reserve and Emergency Funds of
SSS,000 and $4,000 respectively in 1892 in
stead OF 1894
Mr.. Gotf of Alameda County, committee
memb Der, said he had failed to obtain a sat
lslactoTy showing as 10 what was done with
the 80 cents a month assessment for px-
penses. On 1000 members that amounted
TO $500
After Mr.. Anderson. the last committee
member, had spoken Chairman Hoesch said
inat II they put in an injunction and tried to
divide the $4,000 among the 1900 members.
by the time the receiver and the Sheriff had
gotten through be wouldn't give members
cents on the dollar for their dividend.
Secretary Brown attempted To introdnce
resolution indorsing the action of the
present Directors, but 1t was voted down.
Inc meeting then proceeded to elect a
IermanPnt EXecnfiNa Cnn,nittnn "a I'll