The Washington times., 1894-08-30
FIRST EFFORT TO SELL

'My honored father was secretary and director
In the association until his death in 1882. At
the annual meeting following his deceaso, after
/ had been advised that should succeed him, it
was intimated to me that could be made sec
retary, but not director. was thus debarred
from having voice in the management of the
company, otherwise than by acting as secretary,
up TO the fall of 1889 During the spring of that
year an effort was made to sell the business of
the association TO another insurance company,
but the negotiations fell through. second at
tempt to sell was subsequently made, but failed
through my opposition, as it did not appear TO
me to be for the best interest of the policy hold
ers to allow the transaction TO go
up to this time the association paid a salary
to its president; every director was paid S5
meeting, there being four meetings month,
and salaries were allowe to them as members
of committees. J. myself, was paid a salary,
secretary, of $1,000 year, the same as l subse-
quently received while president. DR.. r. b.
Donaldson assumed tee presidency for one year
without salary and the following year 1 was
elected to the presidency without any addition
to the salary had been rec Giving as secretary,
thus saving to the association, among other
things, the salary of president. In etfecting
these changes three members were withdrawn
from the board of directors and tho marked de-
crease in expenses notable in the figures of 1891
commenced.
II allude to the circumstances attending this
cutting down of expenses not with the intention
of securing credit to myself, but with reference
to the animus of some who have been instru-
mental in instigating the attack upon the asso-
ment of the directors referred to never in any
way Injured TO my benefit personally, but only to
the general benefit of the company.
HEAVY DEATH WAVE.
"During the past three years the death rate
in our association increased very rapidly Not
only were we afflicted with the heavy death
wave that seem ed to be passing over the insur-
| ance world, but the average age of our member
| ship was increasing at rapid pace that in a
| few years assessments would undoubtedly
| have become 80 heavy that dissatisfied certifi-
| cate holders would have left the company and
| then we could not have met our obligations
| For ability to do business profitably we were
necessarily dependent upon new insurance, of
which ii is almost impossible for assessment
| company to secure anything like q fair share in
| the face of the great general competition, which
| even causes large companies to sacrifice the
| first two annual payments and thus carry in
| surance for two years before the insuring COM
| pany reaps the benefit
| IAN assessment organization with operations
| confined 10 a small locality cannot AFFORD The
| heavy outlay needed 70 secure new business in
| hard times when unsolicited investment in in
| surance is relatively rare and small. With death
| assessments and the age of members thus in
| creasing without corresponding growth in new
| insurance by the young or middle aged it seemed
| to be my duty to examine with great care prop
| ositions for such a REIMBURSEMENT as would se-
4 cure continuance of business without disaster