St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-10

twenty-five and q half certificates-that is
20 say, ~ single, double and half certifi-
cates-have matured, amounting to S15,6 $50,
one-third of which, or about So PIG are by the
terms of the contract to be paid off as far as
can be by the November. assessment. 1t is
estimated that the assessment will net
enough to pay about 20 per cent, and be
taken as full settlement.
After the first ten certificates had matured
by marriage. sometime in the fall of 1885 the
society paid the full amount of the endoW-
ments until about July 1887, since which
time matrimOny has increased faster than
the maximum limit (5) of the monthly as
easements, and the amounts paid have fallen
off gradually until during this year they
have not exceeded 20 per cent of the matured
benefit
in 1889 the payment was about II per cent
but TINS IN consequence OF q misapprOpria-
ton of funds
However disappointing the amount of the
benoht received under the laIer mGturities
the settlement of all endowments have been
in strict compliance with the terms of the
policies Except as stated in 1897. Since the
amount of the benefit has been reduced-say
within year-the amount of The benefit has
been on an average about one-half of the
cost to the individuals AS the number of
paving members is further reduced. the ratio
OF cost over benefit will be largely increased,
until the inevitable result happens of certif-
Gates maturing and no assessments at all to
meet them.
IN one respect the society like all others of
a similar nature seems 10 have been a fair eX-
ample Of autocracy almost complete.
Sec. 10 OF the bylaws, provides that the
COMPENSATION of the president and secretary
shall be ''such portion of said expense fund
as may remain each year after paying the sal
aries OF the other directors, ana paying other
running expenses Of the society"
nder this provision. during the two years
ending December 81 1889, the secretary re-
celved only S25- 1l.G3 for his serYices-the
last eight months of that time. when the
directors were rObbing the endowment fund.
the secretary had 10,374.07, or at the rate of
$i5,5l0 per annum.
Commencing with May and ending with
December 1889, the directors diverted s., 562
from its legitimate purposes The bylaws
had been amended at a meeting In JULY 1887.
so that money received for The reinstatement
OF lapseG certificates was carried bodily into
the expense fund. The amendment does
not positively appear, from the cash book, TO
have been acted upon until May. 1889, but
was then. II was in direct and fragrant vio-
lation Of Sec. of the conditions of the GER
uncate Of membership, or policy.
Ordered 10 wind Up.
The attorney general was instructed
10 wind up the society, and he notified
the secretary, James Tonkin, that as
soon as the pressure OF business in his
Office would permit, he should begin
suit against the said society and have its
business wound up. Mr.. Tonkin'S pre-
decessOr, Z. 3. Walker, who was guilty
of stealing of the endowment funds, had
left the state, and il was necessary to
ascertain his whereabouts in order to
serve papers for his arrest upon the
charge of theft and malfeasance IN office.
and as yet he has not been appehended.
Mr.. TOnkin, who assumed the secretary.
ship in January. 1890, appeared before
the attorney general and desired to be
granted the privilege of winding up the
business and affairs of the society, and
the department understood that he was
given that privilege. and said that he
should proceed to close it up as rapidly
as possible. The attorney general
however, says that he never granted
him any such privilege. but told HIN
that just as soon as he could get to il,
he should prosecute. AS yet this has
not been done; neither has Mr.. TOnkin
closed up the business. lie has cOntin-
ued to levy and collect assessments upon
the certificates monthly, never even
Notifying the Members
that the business was to be wound up.
Mr.. Dearth, in his report, continues
l discovered also that in January last
transfer Of several certificates from the Home
Endowment Association Of Minneapolis, the
business of which Was closed up at the be
ginning of the year in compliance with al
agreement with the insurance department
into said Northwestern Mutual Endowment
society was accepted by Mr.. Tonkin, which
was an unlawful and irregular transaction
and in direct violation Of his (Tcnkin's.