Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-03-01
POLICY HOLDERS PROTEST.


to BE Litigated.
A meeting Of policy holders in the Mutual
Reserve Fund Life Association Of New
York was held last evening at the Ebbitt
House Gen. D. s. Stanley presided and
Mr.. Watson F. Clark was the secretary.
Speeches were made by the chairman. by
Gen. H. v. Boynton, Mr.. John NJ Carson,
Mr.. Chas L. Frailey and Mr.. 2. Vance Har-
ris and others in regard to the policy OF the
company in increasing the assessment on
policy holders, especially those who are
well along in years. Personal experiences
were related, and 1t was decided to retain
counsel, and General Stanley, General Boyn-
ton and Mr.. Carson were appointed a COM
nlittee to select an attorney to represent
the policy holders. The committee selected
Mr.. Chas. l.. Frailey.
Among the experiences related of the
methods Of the company the chairman,
General Stanley. said he was now paying
30 bi-monthly upon policy of $4,000 He
referred also to the case of Mr.. Edward
Clarke Of the Capitol, who, he said. was
paying largely increased assessments.
General Boynton said his assessment was
doubled five years ago, and recently the
same process was repeated. In his opinion
1t was time to call halt through an in
Junction restraining the association from
collecting these increased assessments. He
believed the methods of the association to
be no better than some which are barred
from the United States mails.
Mr.. John NJ. Carson announced his pur-
pose of refusing to continue his payments.
He advocated legal measures.
Mr.. Charles L. Frailey expressed the be-
lief that the action of the association in in
creasing assessments is due to it's choice to
reorganize upon the basis of the standard
companies, and that it is hoped in this
way to get rid of the older policy holders.
He believed the association should be en-
Joined.
Mr.. q. Vance Harris announced that he
would not continue payments upon a policy
issued to his father.
When the meeting adjourned it was de-
cided to hold another meeting Monday
evening at the same place.
Reference was made by Mr.. Frailey who
Lad been over to New York to investigate
matters, to the action of the policy holders
in that city. In addition to the organiza-
ton of policy holders Of the association,
which was formed Thursday with Francis
B. Thurber as president. there is another
organization of the same kind, known as
the Policy Holders Committee, Mutual
Reserve Fund Life Association" This COM
mittee met yesterday, about 200 policy hold
ers being present or represented by proxy,
ana adopted resolutions, which recite the
action of the committee in preparing a petit
ton to the attorney general at Albany,
with supporting afffdavits, requesting him
to move. in the name of the people of the
state of New York, to enjoin the Mutual
Reserve Fund Life Association from violat-
ing our written contracts by unfairly and
improperly increasing our assessments and
wasting our funds in extravagant salaries
legal fees and commissions to agents for
twisting our old policies into a more expen-
s1ve ana delusive form of insurance, there
by creating the necessity for increased as
sessments to our great loss, as we'll as fore
ing many members out Of the association,
policies"