New-York tribune., 1891-12-29
TROUBLES OF LIFE ms URANCE MEN,
THEIR BUSINESS AS BAD AS THE FIRE COM
PANIEs'-THE LIFE UNIONS AFFAIRS.

THEIR BUSINESS AS BAD AS THE FIRE CON-
PANIEs'-THE LIFE UNIONS AFFAIRS.
The lively time which Ralph Marden. the exsecretary
OF the Life Union Insurance Company. OF New-Yorl
stirred up among the pocyhoders Of that corporation
has not vet subsidized and committee is now at work
on tho books OF the company to see IL there have
been any irregularities the part of the officers No
Irregularities suspected, it Is said, but at De
same time the books are being thoroughly examined
and the 2,l0O policyholders, who ed h have from
SO 600 to $1,000 invested In the Life Union will not
be satisfied until the report OF the committee has been
made. The committee began is work yesterday, but
will not be ready to make a report for week or ten
days. At that time special meeting will be called
to hear the result OF the investigation.
The troubles OF life insurance companies during the
year 1901 have been numerous as those OF the
fire insurance concerns. Life insurance men do not
deny that the year closing has been one OF the
worst on record for them. Hardly company dolnB
business east OF the Rocky Mountains has made large
profits I'm comparison with previous years. and instead
Of dividends being paid, ever since last March the
majority Of the companies have been compelled TO
draw on the surplus to pay losses The grip, In
surance say the cause Of large expenditures
and in marine circles the OF life during 1891 has
been larger than it eas been for many years. The
result OF much bad business will probably be that
some OF the companies will be forced to consolidate
with others, and If the grip epidemic carries away
tons will be all the more numerous.
The losses sustained by the Life Union Of New-York
have not been 80 heavy those Of some other COM
panies but it will probably be forced to join hands
with some other company, on account OF me dissat
faction which the deposed secretary created among te
policy holders But the consolidation win not be
with the Citizens Mutual Life Insurance Company
that proposition having been almost unanimously re-
1ccted.
"The dissatisfaction among the policy holders was
caused by the exsecretary' said Of the directors
yesterday. Gle was angry because he had been
discharged on account n failure to meet the e1pecta
tions OF the company, and he sought tc create an
uneasy feeling among the 2,1O0 members by sending
out an alarming circular. He succeeded in getting
fifty signatures, which the bylaws require before
special meeting could be called, and when rhe call
was sent out there naturally liberal response,
as the policy holders were afraid they were going to
lose the money they had invested. Mr.. Marden has
certainly had revenge II he desired to SIR up an
uneasy feeling because the policy holders after all
the discussion etc. feel alarmed. The result OF the
hole business will be that the Life Mutual VIII 10
forced by IT'S members to join some other company,
but that part Of the business Will depend largely
upon the report made by the committee appointed 10
examine the rootS as the members Of this committee
will also report how much business the company mas
ben doing during the past two years" M ~,
secretary says that Mr. Marden did perfectly rght IN
sending out the circular and In calling the spec'ai
meeting. .u, ,s
running behind" said he, "and 1t was largely due
TO bad management. He felt that 4 the Life Mutual
joaped hands With some company that was managed @
wV Be- MAT ne Lite Mutual Will consolidate with
seiAe 0pmtAsv beliss lssk. eevufAi onos have neen