Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-08-18
A POLICY HOLDERS VIEWS
The Association Had a Right to Sell
Out.
statement of the Relations Past aad
Present Between the Assocta.
ton and Its Patrons.

Mr.. H. L. Mcqueen. who states that he
has policy in the Washington Beneficial
Endowment Association to the amount of
5000. says that the outcry against the on
GERS OF the association and the COMPANY
itseif proceeds on the assumption that the
policy holders are either Joint owners OF the
company or at least are creditors of it.
Both or these Ideas are wrong The asso-
citation was a stock company and its bust
ness was carried on solely for the benefit
OF Its stockholders. 1t belonged to them
absolutely ana could be transferred that
Is, the business itself the actual assets
as Iully as man can sell Il house which
he owns.
he does not doubt the right of the policy
hoIoers to draw out of the association at
any time. and, on the other hand he thinks
IL Is equally plain that the company has
tne right to withdraw from business at any
Tune lie says that no one questions that
the association. up to this time has kent
Its contract with the policy holders which
Is 10 pay certain sum on the death of the
assured IN consideration of payments made
10 IT, valid insurance has been given, he
says, 10 those members who are still liy-
ing. This is what they paid for and moth
Ing else. They have had value received
Inc claim Is made that the officers have
wasted or misapplied the funds of the as
s"clation. 1t makes no difference to the
poHcy holders whether they did so or not
man may do as he will with his own"
AFTER money was paid to the association by
property OF the company. subject only TO
the death claims and to its ordinary IabiI-
tiles The living policy holders had nothing
more to do with 1t.
Mr.. Gar'lner's Only Mistake.
He says that the association evidently
found that their business was becoming
unproftabie. and they did not wish to con-
tinue at a loss. They then locked about
for chance to sell, as, in the opinion OF
Mr. Mcqueen. they had a perfect right to
do. He then says that the only mistake
that MIR. Gardner made was in ATTEMPT
ing to convey the policy holders TO the
purchaser along with the other assets as
II they were merely pieces Of office furni-
ture. He states, however that i'm doing
this he believed he was acting for their
best interests and in the absence of proof
TO the contrary this must be admitted He
Is man of means character and high
standing In the community. / think il is
a legal maxim that every reasonable doubt
must be decided in favor of the accused
me utmost fault with which the accused
can fairly be charged in this matter is
an error of judgment. which is not a very
nigh crime or misdemeanor."
AS to the best course for the policy hold
ers to pursue Mr.. Mcqueen says that for
himself he intends TO remain in the asso-
citation Until he can obtain insurance In
some other company or companies that he
thinks reliable. Probably" he adds
many of the old members viii not be able
to obtain reinsurance All who do so will
be at greatly increasel expense in the mat
ter. Right here is the great hardship. The
whole affair is simply one of the misfor-
tunes Of life, more or less numerous, which
all persons become somewhat acquainted
with before having attained very advanced
age. A spirit Of cheerful resignation and
disposition to make the best of things car
ries one through almost any troubles.
A Public Calamity.
The high standing of the old company
and the great number of persons who are
affected by it's fall make this almost
public calamity. When calamity happens
the first idea Of the great mass of the peo-
pie is to look around for a scapegoat In
the case before us M. Gar liner, being the
most prominent person in sight, is prompt
ly selected.
/ have given no consideration to the idea
of a transfer of my policy to the company
proposed by MI. Gardner. l never heard of
it before, think, and SO far as / can learn
1t is at best a second-a;e enc. As to at
teinpts to Investigate or to reorganize the
old company, l think they will fail of good
results, and any money spent in either I'M
dertakng Will be thrown away"