The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-05
BENEFIT LIES DIFFICULTIES.
Liabilities 81 Ss. 900 Greater Than Assets
Policy Holders Plan for Reinsurance.

Liabilities 81 So. 900 Greater Than Assets
Policy Holders Plan for Reinsurance.
The affairs of the Massachusetts Benefit Life
Association had another airing at the office of
A. Edward Woodruff, a lawyer. In the Equitable
building yesterday afternoon. The condition of
this company has been the subject of investiga-
ton by a committee appointed by the Governor
of Massachusetts, for a year. Several days ago
q number of the policy holders in this State and
New Jersey, believing, as they said, that tho
company was insolvent, sought the opinion of
Mr.. Woodruff upon the question of whether
there was any equity remaining for the policy
holders in the assets Of the company.
Mr.. Woodruff stated that 1t would be impossi-
BILE to give an opinion upon that question with
out an extended examination Of the books of the
company, and he did not believe the company
would permit such an examination He sug-
gested, however, that possibly the policy bold
ers might get some Of the they
wanted by inviting John Henry Rolker of Hos
ton, President Of the company, to attend an adj
journed meeting of the policy holders. The sug-
gestion was acted upon, and Mr.. Rolker was
present at a meeting held in Mr.. Woodruff's
Office last week. According to u statement made
by Mr.. Woodruff yesterday, Mr.. Rolker. in
response to questions from the policy holders,
said that the assets of the company were
S702, 900, and that the liabilities. deducting
what he styled fraudulent claims, were $780,
900. leaving an excess of liabilities over assets
OF 81 ZOO. Some O. thu policy holders held
that the alleged frau ulent claims should be in
cluded in the liabilities, since whether or not all
or any part of them were fraudulent could be
de determined only by the courts. But, this
question waived. they wanted to know from Mr..
E6olker how he puTp1sed raising the 81 Ss. 900.
iis!.d Sl d $$sfA s isG H. r. RelEsar, sse9 =:
ing to Mt, Woodruff, answered that the
levying an assessment on the policy holders. A
few weeks ago. the regular 6i-monthly assess
sequently a second call was sent out for an as
sessment of about double the. amount of the
regular assessment. 1t Is said that whether the
company can continue to do business or not will
depend upon how these calls arc answered. on
or before Aug. Is. -.
After learning so much from the President Of
the company. the policy holders OF New York
and New Jersey. or 80 many OF them as were
ton from Mr.. woodruff t6at, possibly, one Of
the old.line companies of this city could be in
SS oidsrs y IN l'1 shs Ma e iscSSS %a%0e so@ 81 1nS Z R0i tSs
average age limit were not too high. Everybody
SffessS ve, i1fe %b fefs t sSnsF RsH' jia ama : ef
Elizabethport was the Chairman, was appointed
'oESs upon the suggestion. .,o,.s,no D.. NJ
Woodruff, caused a circular to be issued to pol.
,Gy holders, If which 1t was stated that an old
would reinsure policy holders in the Massachu-
seiis Beneiit Life at an acceptable rate. Ac-
To,dihg 70 the circular, any one holding a Poicy
IN the Massachusetts company, irrespective of
age; might reinsure In the New York company
Without medical examination The name. age,
present address. number and date OF policy. to-
gether with a registration fec OF 81 for every
Sl'oOOoi insurance carried, were asked for. to
MIR. Woodruff.
AT the meeting yesterday Mr.. Woodruff stated
tS ~, ne circular issued misrepresented the
tocts, that 1t had been sent out without his
knowledge. and that his office address had been
Rrrinled on the circular without his consent;
iutTtTOf he tRndnFa hi EnGlDnAttnn lR RnnnR
tothe committee. The resignation was accepted.
Alter the meeting Mr.. Woodruff told a sun re-
porter that the New York company which was
willing TO do the reinsuring would under no cir
Sgmstances take all OF the policy holders OF the
massachusetts, company. What the company
had agreed TO do was to take in policy holders OF
me Massachusetts company whose ages were
below 90 years. There will be other meetings
=. me policy holders at Woodruf's Office every
DAY this week.