Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-08-30
Mr.. GARDENERS LETTER
It is Discussed at q Meeting of the Certid-
cate Holders Committee.
Full Text Of the Document Which
Has Been So AnxioDsly Looked for,
by Many People.

Mr. Lawrence Gardner has made public
his Compromised statement regarding the
recent sale of the stock of the Washington
Beneficial Endowment Association, Of which
he was president, to the Commercial Al
lance Life Insurance Company Of New
York. The document is printed further on
in full. 1t was the subject of general dis
cussion this morning b. the numerous peo-
pie directly and indirectly interested in the
controversy that has arisen over the trans
action, and was also the subject of a meet
ing, which convened at noon in the Office
of Mr.. Simon Wolf. Of the committee Sc
lected in the early stages Of the affair to
represent the certificate holders Of the En-
dowment Association. Mr.. Wolf presided
over the meeting. which was attended by
Mr.. Robert Ball. Mr.. Horatio Browning.
Mr.. H. ID. Norton, MIR. VIM. J. Miller and
Mr.. Franklin Mackey. While every gentle
man had perused Mr.. Gardner's letter sew
eral hours before. it was read to them again
by Mr.. T. Percy Myers and pretty thor
oughly dissected and examined in the dis
cussion which followed.
AS result Of the deliberations a reso-
luton was adopted providing for the APP
pointment OF committee Of three, with
the chairman of the main committee as It's
ex-off1cio chairman, whose duty it should
be to draft statement to be published and
addressed to the policy holders of the
Washington Beneficial Endowment Asso-
citation, showing what had been done by
the main committee up to the present time.
What the Committee VIII DO.
1t is understood. however. that the new
committee, which consists Of Mr.. VIM. j.
Miller. Mr.. H. o. Claughton and Mr.. Simon
Wolf, will go beyond the scope Of the pow
ers apparently laid down by the language
of the resolution. 1t Is believed that the
committee will take up Mr.. Gardner's state
ment, published below. and consider 1t
seriatim and compare. 1t with his former
utterapces, documentary and otherwise, in
committee will also advise the policy hold
ers of the Washington Endowment Asso-
citation as to the best final action to be
taken in regard to their certificates. and,
ward to with a great deal of interest.
The Gardner Letter in Full.
Mr. Gardner's letter is as follows:
I'm letter published some time ago
referred to the fact that had at all times
been willing to give information regarding
the affairs OF the Washington Beneficial
Endowment Association to any person in
terested 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
meeting. at which the management of the
association and l, as its president, were de-
nounced as guilty of public wrong upon the
one-stded statement o.. persons hostile to
the manasement OF, the company. In the
communication above referred to I said
also that l would shortly publish an expo
insurance organizaa6h Which l have served
as president.
Since as we'll as before, the publication
OF that letter there's haye appeared in the
newspapers as coming from the committee
alluded to repeated Statements OF the inten-
tton to take legal measures hostile to the
beneficial ASSOCiafiNn n a
principal officer. R4t the demand for an
explanation from me continued. thus
find myself In the position Of being ex-
pected to furnish 10 opponents determined
to litigate information ITO Puide their liti-
cation. which they have failed to secure
from other quarters. respectfully submit
that 1t Is almost tee much to ask Of any
citizen individuality or-Ias the officer of a
mafds for Information regar ling business
matters in his charge made under such cir
cumstances and with such purpose. Never
theless. l do propose to make an unre-
served statement of the matters at issue
convinced Of the Justice and clear intelli-
gence OF the people Of Washington. who
will not allow the circumstance Of a
straightforward. honorable and dutiful bus
mess transaction. conducted for the best tn
terests of all concerned, to be distorted by
any one, to the detriment Of the public or
Of individuals who wish only to do what Is
right
Before presenting the financial and bust
ness history of the Washington Beneficial
Endowment Association and Of the recent
sale of its stock. it Is necessary to ask at
tention to a feature of the organization.
which, while decisive and controlling as to
the legality and methods of the recent
transfer. has been misrepresented or over
Cooked in all of the bitter and unjust de-
nunciations of the company and its officers.
a nr1hlln thrnlph
press.
THE Washington Beneficial Endowment
Association Is not mutual corporation. 1t
Is a stock company, 2S3 shares of'its stock
being in existence. A proposition was made
to purchase the stock and property of the
company, and at the same time reinsure its
MEMBERS. Every shareholder of the asso-
citation was informed that such a PROPOSE
ton had been made. To those who were
out of the city letters were written, in all
of which appeared the following statement:
~ have received an offer to purchase
your stock in the Washington Beneficial
Endowment Association at the same price
that has always been paid for 1t. l should
advise the acceptance Of the offer. The
purpose of the purchase is to sell the stock
out entire to another company
"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 none against 1t. The trans
action was made unanimously, and strictly
according to law. Every shareholder was
consulted, placed his stock with me for sale
al certain price. and the money received
for 1t was paid to me, and I disbursed 1t.
Personally had forty shares of stock the
value Of which was two thousand one
hundred and twenty dollars C$2, 12W and
that sum l received. The same price per
share was paid to the others to me- and
no more or less. The sum named was the
entire amount that l received out Of the
transaction In any manner. shape. or FORM
l, like the other stockholders. simply sold
what was my own. purchased with my own
money, as and the others had clearly both
the legal and moral right to do. The ex-
traordlnary insinuation that there was
something wrong or dishonorable in this
simple and correct business transaction
seems to be the only basis of the cruel at
tacks that have been made upon me-
Answering Sundry Criticisms.
I'm order to demonstrate in detail how
baseless are all the open assaults, covert in
situations and unwarrantable differences
that have characteSiSed the. criticisms OF
the association. hate Prepared the follow
Ing statement. which answers every allie
cation made. by SHOWING affirmativeIy the