Arizona weekly journal-miner., 1897-09-15
It Is Defended by the New York Life Insurance COmpany's
 Agent.
More is Said About the Bankrupt Company Than About Alleged Efforts tO Protect It's
 Policy Holders.

tees of the Association that their policy holders re-insure in the New York Life Insurance Company.
 The article referred to states, among other things, that request had been sent to the officers of the defunct association and to those of the New York Life for an explana- ton, but, that up to date, no reply had been received.
 enclose you herein an article from the Spectator" of August 26th, 1897, which fully explains the whole transaction. Tho ''Spectator" is an insurance journal of national re- pute, established in 1868, and is devoted to the promotion of the best interests of trust worthy in- surance of all kinds.
 If the readers of the JOURNAL MINER and the policy holders of the Massachusetts Benefit Life Associa. ton desire information, you would be conferring favor upon them, as we'll as performing sn act of justice to the New York Life Insurance Company bv publishing this article in full.
 In the article in the JOURNAL. MINER referred to above. a circular which was issued to their policy holders by the reinsurance com- mittee of the Board of Trustees of the Massachusetts Benefit Life Asso- citation was published m full, but another circular, which was sent to them at the samo time by Mir. John Henry Rolker, the President of the Association, was not published. The ! circular Is as follows:
 "To the Policy Holders of the Mas
 sachusetts Benefit Life Associa- | tion:
 At the Directors meeting, held on August l7, 1897, 1t was decided to suspend the business of this Association, and ask tho proper authorities to take charge of it's affsiTs. The Directors weri forced to take this step in view of the very limited response of the Assessment members to the regular and extra calls levied undersiate of July lst, ! in conformity with the statutes Of | this commonwealth.
 "Enclosed herewith will be found copy of the report and recon mendation of tho Committee on Re- insurance, appointed by the Direc- tors August 10, 1897.
 "The Directors very much regret | that, notwithstanding their utmost efforts to save the Association to it's members. the existing situation as they found 1t upon taking office, and the unwillingness of members ( to support the Association by pay 1 ing assessments which were abso 1 lutely necessary, have rendered those affairs intellectual.
 By order of the Board of Trus- tees. Signed.
 'JoHN HENRY RoLKER,
 "President." There are several iusinuations in the article under discussion which feel called to answer. Were they direct accusations, my task would be easier. One is to the effect that if commission of twenty dollars on each premiums was paid to some one, it is not stated to whom, it would be enough almost to justify wreckiug the company. As a mat ter of fact, this Massachusetts Asso- citation was virtually wrecked year ago, and their affairs have occupied an unusual sbaro of public attention since that time. The fundamental trouble with them is to be found in the fact of tho old management not having the courage of their con yictions and daring to raise the rates of insurance to correspond with the advanced age of their members. The management of the Association knew the necessity for doing this, but postponed the evil day as long as possible, and finally, when they did attempt to advance rates, they were opposed by the policy holders; and then, having al most million of dollars of unpaid death claims to meet and inadequate resources to meet them with, the final end came, and their officers were compelled to give up the task and apply for a receiver.
 To quote the New York Mail and Express of August l4th, 1897: "The failure of the Massachusetts Benefit Life Association is only the begin ming of the end of assessment in- surance. Assessment in surance is cheap insurance, just as a Accent dollar is cheap dollar; one is about as delusive as the other, and neither has anything behind it except a promise to pay"
 When they found that it was inn possible to continue business, the Board of Trustees of the NJ. B, l.. 4. appointed committee on re- insurance to confer with the various old line companies, and endeavor to get as advantageous terms as possi- ble for their policy holders. Their efforts in this direction have been exploited in the eastern papers for some weeks, and when they finally agreed to accept the arrangement offered by President Mccall, of the New York Life Insurance Company, it was considered, by those calcu- lated to know, tribute to the man agement and standing of this com pany, and not "A Shady Transac- tion."
 Your article states that the table of rates sent out were simply the regular rate card of the New York Life Insurance Company, This is incorrect. These rates are lower than any other non participating rates of the company, and are ap-