The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-07-20
SHORT TERM ORDERS.
Boston Brokers In Town
Buying Up Claims Against
Those Which Have
Failed.


Boston brokers or their agents, intent
upon buyiug up the claims of victims
of the various short term orders that ARE
now In the hands of receivers. The H.
surance Commissioner of Massachusetts
recently issued a pamphlet on ASSESS
ments and Fraternal Beneficiary Cor
porations, II contains t~xts, tables aud
abstracts froa Part II. of the Massachu-
setts Insurance Report for 1898. relating 10
life insurance OF The asses sneut plsn
aud the fraternal beneficiary order.
Under the heading of Brief Endow-
ment Obituaries' the report gives th e
names of forty-four endowment a ssocia-
tions which are now in the han 8 of
receiv ers. The Solid Rock. North Ameri-
can Endowment Associates. Order OF
Safety, The Royal Ark. Knights anu
Ladies of Protection. Royal Assurance
League. Union Endowment, Order of the
World, Comm ercial Endowment Associa.
ton, Massachusetts Five Year Federation.
Guardian Endowment Society, The Iron
Hall, National Three Year Benefit Order,
Golden Grail, Mutual One Year Benefit
Order, Massachusetts Prudential Order,
household Benefit Association, Contiu-
entail fraternity. Order OF the Helping
Hand, Industrial Benefit Order. Nom
Secret Endowment Order, Golden Tenn
pie, Sons and Daughters of America,
American Protective League. Industrial
Order of Auierica. American Co-Opera-
tive Union, Catholic Crusaders of the
Holy, Cross. Order OF the North Star,
ternal Circle, Benevolent Union, Bay
State League, Mystic Seven, Annual
Friend, Order of the Rainbow, Progress
sive Benefit Order, United States Two
Year Benefit Order. Knights and Ladies'
of Columbia. Order Of Aegis, National
Congress of Friends, Friendly Aid So
ciety, Peoples Favorite Order, Golden
Lion, Ordersof The Red Cross and the Iu-
~ternational Benefit Order.
osTo BROKERS IN TOWN.
The advent of BosLon brokers buying
mp such claims in Jersey City is brought
about mainly by the fact chat there are
IN this city quite a numbsr of members
OF the defunct order of the Fraternal Cir
Gle. A sign on the second floor OF the
Iuamersen Binding. No. 147 Montgom-
cry street, and another at No. 101 Mont
goInery street, that claims
against that defnnct order will be
bought. though the brokers will buy up
a claim against u OF the forty-four
orders mentioned above. Eight more OF
these orders have gone into the hands OF
receivers sine. tue Insurance Conlnis-
sioners' report was completed. These in
clude the Abraham Lincoln Benefit As
ISOLATION, the American Cooperative
Union, the Order of Nine Hundred Dol
lars, Order Of U nifty, United Order Of
Equity, etc.
The printed report of the Massachusetts
COMMISSIONS contain these words. under
the heading of Exit the Endowments;"
with the passage of the act to wfud up
the affairs OF the eight remaining Massa-
chusetts endowment orders, the last OFF,
clal chapter in this extraordinary Craze
will be written, and 1t only remains for
. h. o.a ~ l.. 81 n~A f4n nos
officers, with those previously appointed
by decree OF the court TO close up ac-
counts aud distribute the remaining
assets.
''The statement of their cond ition
disappears from the insurance report and
their returns no longer disfigure the rec
ords OF The department. During their
brief existence the fifty six corporations
of this class gathered Il mem bership of
1864, eco and collected from the certificate
holders over $l2, sou. 900. From this sum
less than 9 per cent. of the membership
received in payment of the earlier ina
tured certificates over $4,000. 900, while
about $500, 900 was paid In claims for SICK
ness, e large proportion of this to certif-
cate holders il excess of their contriou-
tio2s, and with the natural result OF the
immediate disappearance Of these en-
riched members from the rolls at the cost
OF those remaining.
WHERE THE MONEY E
"Nearly 81, 600 .000-one-half undenlably
If not undisg uisedly a steal-went into
the POCKETS of the promoters aud obi
GERS as Expenses" leaving at the end
only ABOUT $500. GOO Tor distribution to
the remnant of 330, 0o0 members, only Il
trife more than was gobbled by the 3d.
600 who got in ION the ground floor"
which list. of course, included all the
'supremes, their sisters. cousins aud
,--A TIT = N..J 49,. -.N ~ ~ ~hlS.o
tions upon She certificates issued by these
corporations il exemplifyiug their won-
derfui new system of finance for the
benefit of the poor peoDle, and towards
meeting which q paltry $4,000 900 was
RltogetheIc collected, WAS neariysl2U. 600. 900
1t is doubtful in the world's history,
whether in the South Sea bu bible, the
Dutch tulip mauia or the Mississippi
scheme, presents a parallel to the ghost
dance which the people were led by
this wild and foundationless gambling
i~nfatuatiun.
without one line of restrictive legis-
lation. fostereG and encouraged by the
now admittedly unfortunate statute
which gave them birth, all but eight of
the ffty-six Massachusetts cor
porations fell to pieces by the
inherent weakness Of the scheme.
Leaving only that small remnant, two of
these III the hands OF the court. and at
least four others too weak to make
the effort necessary to dying, to be closed
up under the provisions of the law under
consideration. The Iron Hall. tue father
of the whole pernicious brood, collapsed
over a year ago blistered with fraud, de-
ceiS and incompetsncy, aud its apostle
Somerby is IL fugitive from justice. As
the Insurance Commissioner had pre-
dicted, when the first OF these concerns
fell the rest toppled like u row of BRICKS"
CAR INSPECTORS PROTECTIVE ASS0-
CATION.