Evening journal., 1897-07-27
Charges OF Bad Management Freely Made
by Those Present, but the President
of the Company Is Not Held Re
sponsible For Its Condition.

arrangements TO transfer as many Of
the 10000 policy holders as are willing
into some old established New York
company Further, II was agreed to
assess each policy holder one-tenth of 1
per cent Of the face value OF each policy
for the expense of enrolment and
transfer.
Only policy holders were admitted to
the hall, and. although hard words were
used during the session, It was con-
ceded that President Rolker is not to
blame for the financial condition Of the
company, because he has only been in
office a few months. since the ejectment
of George A. Litchfield of Boston, whom
he succeeded.
The Rev. Thomas Haywood. chairman
of the policy holders committee. called
the meeting to order Some of those
present had paid $4,000 on a $4,000 poll
cy in 10 years; others whose ASSESS
ments had been increased from $3.50 to
Ss9 and still others whose regular and
special calls had been tripled and even
| quadruped. When called upon now to
pay greater regular Assessments and
extra assessments in view Of the uncer-
tain condition Of the company's finances,
there was no wonder that the veteran
policy holders were emphatic and hard
to keep in order.
Books In Chaotic State.
President Rolker stated that the di-
rectors and the officers Of the company
who were recently appointed found the
books in a chaotic state
He did not exactly know what the
liabilities of the company We're, be-
cause many of the proofs Of death and
death claims had not been regularly
filed.
Proofs of death in numerous cases
were not forthcoming and he could
only roughly estimate the liabilities. In
round numbers. President Rolker said.
the liabilities Of the company were
about $780, 900. OF this he thought that
$4,000 was illegal and noncollectable,
leaving the actual liabilities at about
$500. 900. He would place the assets Of
the company at S702 00O OF this sum
1892 900 was borrowed from the emer-
gency fund.
The company had an equity in the
Massachusetts building, a large Office
building in Boston. Of S205, 900. Cana
dian bonds to the amount of $102 000
investments in South American coun-
tries to the amount Of $4,000. about
$4,000 in mortgages and about $780,
600 In real estate in and about Boston.
IF the policy holders. or a major part
of them, would pay the regular and
extra assessments levied, the income
would be therefrom, President Rolker
said, about S575OOO.
As most Of the liabilities were In the
form OF death claims and as he had
stated many had not compiled with the
rules and requisitions Of the company,
these claims would have to be deferred.
President Rolker next described the
'1ien plan" by which a policy holder,
say with a $4,000 policy, would agree
that If he died within the time that
the men Of his age, according as the
} mortuary tables prescribe, then he
would forfeit a certain proportion Of the
face of the policy.
For example. If a man with a $4,000
policy died within the five more years
: accorded to him by the tables he would
lose $1,000 or $4,000. as may be agreed
on. II he lived longer than the time al.
loted by the tables. then he would gel
the full face value of the policy.
He further explained that many OF
the men whom the life insurance com.
panies had rejected lived longer thar
the men whom they had accepted.
Rolker Creates Surprise.
=
] ing by stating that he would hold al
checks and moneys sent to him ii
trust, and II Il was decided TO close NJ
the affairs Of the company on Aug.
. he would return the money paid In I,
= the policy holders who sent them. III
5 also said that il was not the fault o
. the present officers Of the company tha
, the finances were so bad and declared
q that the district attorney of Boston hat
: assured him that he would soon lool
into the affairs Of the past management
of the association.
I Unless 50 per cent OF the policy hold
e ers had been heard from by check O.
. otherwise by Aug. 8. President RollSe
= added. the board Of directors woul,
q probably vote to close up business H
:. also said that he had consulted his at
torneys and actuaries, and what he hai
told his hearers was on good authority
Some discussion followed among tn
u policy holders. and all agreed wit
e Chairman Haywood that President Rol
a ker was entitled to the thanks Of tn
{ meeting.
\ Chairman Haywood stated the com
;, mittee had been at work since the las
meeting, and he was of the opinio
that the Massachusetts Benefit Lif
Assurance company was "a goner" an
+ that something should be done to pro
n tect the policy holders.
: The committee. he said. had had
q conference with one of the three lead
p ing life insurance companies (old line
. and had received an offer from a hig
official Of the company that was yer
y hattering. He stated that this compa
u ny was one that any policy holder Z
y the Massachusetts would be glad TO sc
II INTO and that IL would receive the poll
y cy holders without medical examina
Is tion. An examination of the assure
n would be made by the agents Of III
"a sompany. and that was all.
F. A motion to empower the committC
= TO carry out its recommendations an
II approving Of its report was made. TIL
was seconded and carried with a rusl