The Washington times., 1894-08-30
MR.. GARDENERS STATEMENT
He Gives the Inside History of the
Endowment Association Transfer.
DECLARES HE ACTED HONESTLY
The Organization is Not a Mutual Corpora
tion-Every Shareholder Was Informed of
the Proposition to Purchase the Stock
Two Hundred and sixty-three Consented.

The long-looked-for statement by Mr.. Law
renee Gardner, relative TO the transfer of the
Washington Beneficial Endowment Association,
of which he is president, to New York concern,
was last night given out 1t is as follows:
I'm letter published sometime ago referred
to the fact that had at oil times been willing
10 give information regarding the affairs OF the
Washington Beneficial Endowment Association
to any person interested in them, having proper
and legal right to inquire. Notwithstanding
such readiness on my part, inquiries were made
of many others, before application to me, by
committee designated at a general public meet
ing, at which the management Of the associa-
tion and /, as its president, were denounced as
guilty of public wrong upon the one-sided state
ments OF persons hostile to the management OF
the company. In the communication above
ferred to said also that would shortly publish
an exposition of the history and conditions OF
the insurance organization which have served
as president
"Since, as well as before, tho publication OF
that letter there have appeared in the news
papers as coming from the comISittee alluded
TO repeated statements of the intention to take
legal measures hostile to tho Beneficial Associa-
tion and TO myself its principal officer. But
the demand for explanation from me con-
tinued. thus find myself in the position OF be-
ing expected TO furnish TO opponents deter
mined to litigate information TO guide their liti-
CATION which they have failed to secure from
other quarters. ! respectfully submit that IL is
almost too much TO ask of any citizen indiyid-
ually, or the officer of corporation, that he
shall respond to demands for information re-
Eardlng business matters In MS cnafEo maze
under such circumstances and with such pur-
pose. Nevertheless, / do propose to make an
unreserved statement of the matters at issue,
convinced of the justice and clear intelligence of
the people of Washington, who will not allow
the circumstances of a straightforward, honor
able and dutiful business transaction, conducted
for the best interests of all concerned, TO be dis
torted by anyone, to the detriment of the pub
lie, or Of individuals who wish only to do what is
right
NOT A MUTUAL CORPORATION.
"Before presenting the financial and business
history of the Washington Beneficial Endow
ment Association and OF the recent sale of its
stock 1t is necessary to ask attention TO feat
ure Of the organization, which, while decisive
and controlling to the legality and methods
of the recent transfer, has been misrepresented
or overlooked in all OF the bitter and unjust de-
nunciations of the company and its officers,
made at public meetings and through the press.
''Ihe ashington Beneficial Endowment As
sociation is not mutual corporation II Is
stock company, 263 shares OF its stock being In
existence A proposition was made 10 purchase
the stock and property OF the company, and at
the same time reinsure its members Every
shareholder of the association was informed that
such proposition had been made. To those
who were out of the city letters were written, in
all of which appeared the following statement:
AZ have received an offer 10 purchase your
stock in the Washington Beneficial Endowment
Association at the same price that has always
been paid Tor IT, ] should advise the accept
ance of the offer The purpose of the purchase
is 10 sell the stock out entire to another COM
pany'
'.On the 9th OF August the holders Of 263 shares
had consented to sell Two hundred and sixty
one shares were voted for the transfer, and
zone against it. Tho transaction was made
unanimously and strictly according 10 law
Every shareholder was consulted, placed his
stock with me for sale at a certain price, and
the money received for it was paid TO me, ant
disbursed il. Personally had forty shares of
stock, the value of which was two thousand one
hundred and twenty dollars ts2,l2Ol, and that
sum / received. The same price per share was
paid TO the others as 10 me, and no more or less.
The sum named was the entire amount that
received out of the transaction in any manner,
shape, or form. l. like the other stockholders,
simply sold what my own, purchased with
my own money, rs | and the others had clearly
both the legal and moral right TO do. The ex-
traordinary insinuation that there was some
thing wrong or dishonorable in this simple and
correct business transaction seems 10 be the
only basis of the cruel attacks that have been
made upon me.
BAsELEss OPEN ASSAULTS.
"In order TO demonstrate in detail how base
less are all tho open assaults, covert insinua-
tions and unwarrantable inferences that have
characterized the criticisms of the association,
have prepared the following statement, which
answers every allegation made, by showing af-
hrmatively the amount of money collected each
year on assessments, the receipts from all other
sources, the death claims paid and the expenses
for each year since | became an officer of the
company, that every one can see for himself
exactly what money has been collected and what
has been done with it.
II assumed the presidency of the company in
1892 / especially ask attention TO the figures
for the years 1891, g2, and 49, in comparison
with those of preceding years showing that,
death claims and consequently OF assessments
collected increased the expenses of the associa-
tion diminished.
Assess Other re- Death rx,o,so.