The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-12

but kept in this account as ar entirety, ex-
cept that the prepaid policy holders have
received 6 per cent. interest per annum,
and the Withdrawing members have been
paid 8 per cent. for the average time the
amount credited to the loan fund.
The closest attention was given Mr..
Eitel as he read off the figures, beWildering
as they must have been to most of the
policy holders.
NUMEROUS SUGGESTIONS.
A half dozen men had suggestions to Of
fer the instant the report was submitted.
But Attorney Merrill Moores, one of the
lawyers engaged in the litigation, had the
first resolution to offer. 1t was to the eff
feet that Judge Harvey, who created the
receivership, be requested to select from
the list of policy holders a committee of
five responsible business men-barring law
yers and insurance men-to examine the re-
port of the receiver and ascertain if the
business should be continued, whether it
should be as a straight ~out-and-out insur-
ance company or a combined life insur-
ance company and building and loan 1nStl-
tuition. The report, he said, was worthy of
the most careful consideration, but without
such consideration the report as read was
Scottsburg, asked to amend the report by
instructing the court to appoint three of
the committee from the list of policy hold
ers living out of the city. The motion as
amended was put, but was voted down..
William Bosson suggested that the commit
tee be appointed by the stockholders. .
The stockholders don't know anybody"
sang out a voice in the crowd.
There are no stockholders, anyhow"
cried out another, they are policy hold
ers." This created a laugh and the meet
ing grew jolly for a while and Robert
Clark, a policy holder who had a good deal
to say, suggested that with all due respect
to the receiver, he doubted if that officer
knew anything about the report himself.
Senator Wood then engaged the attention
of the chair,
The Iife's all knocked out of this COM
pany," he asserted. land no committee can
make it solvent. The affairs are in the best
condition for q settlement they will ever
be and right noW's the time TO wind it up.
Once having lost the confidence of the peo-
pie it can never be restored. Let's wind
it up and see what we've got"
There was a general murnur of dissent
and cries of mo, no." from the back of
the room.
AR you a policy holder?' yelled a man
far up in front, addressing Senator Wood.
II represent a hundred policy holders, !"
was the reply.
But are you one?"
mo, I'm not" admitted the senator.
Then you have no right to speak
LEFT 1T TO THE COURT.
AT this juncture Senator Shockney pushed
his way to the front and addressed the
meeting. 'I move that a committee of five
be appointed to investigate the manage
ment of this concern" he concluded. But
the motion was not received with favor.
mo, no, not that" cried a dozen men.
c. E. Coffin intimated that no fair investi-
cation could be made at this time on ac-
count of the peculiar state of the litiga-
tior.
Let the receiver wind up the company"
suggested a man in the gallery, but this
was followed by a chorus of protests.
Captain Ritter advised that the whole
matter be left in the hands of the court
to figure out and this seemed to be the
simplest way of disposing of the meeting.
There is no action we can take at this
time" urged the speaker, but we will be
in a position to do something in ten or
fifteen days. We can do nothing but adj
journ now and trust this matter to the
court. If these officers have acted square
it will be shown and if they have wrecked
Captain Ritter said it looked to him as if
w. r. Myers. the president of the COM
pany, had done the manly thing in making
the application for a receiver. The meet
ing then adjourned to wait the end of the
litigation in the Superior Court.