The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-05-20


Bankers Life Association, held at Mime
apoHs yesterday afternoon, a committee,
consisting Of prominent business men and
lawyers previously appointed to in
vestigate the affairs and manage
ment Of the company, submitted
their report, which was adopted without
one dissenting voice. The report is in
teresting to the large number of mem
bers throughout the Northwest, and is
therefore published in full.
Mr. Chairman and Policy Holders of the
Bankers Life Association.
Gentlemen-YOur committee appointed
to investigate the standing and methods
Of the business Of the Bankers Life Asso.
Of St Paul leg leave t. submit the fol-
lowing report:
The first meeting Of your committee
vas held on the day following your gen
cral meeting, and The chairman was in
EtruGt6i TO write the folio wing letter to
The Bankers Life Association:
Minneapolis, Mimi. April 10, l9Oo.-M'.
Cortlandt NJ. Taylor Pres't Bankers
Life ASsp., st. Paul, Minnesota.
Dear Sir - At meeting Of Mime
apclis policy holders of the Bankers Life
AssO., held in this city yesterday, a COM
mittee was appointed, OF which the un-
derSiEneG is chairman, for the purpose or
CvnfaTTing with you with a view of In
vestigatng the present status of the as
so"iaUijn, end especially with reference
IL the attitude Of the association toward
fits yoiicy holders. holding policies issued
under the original plan OF business.
VIII view OF making an intelligent
report to the policy holders whom the
coTnmitt5e represents, it is desired that
you fGrnish the committee with the fol-
lowing inf1rmatiG
]. The number Of I0l1cy holders ana
the amount OF Insurance held by them,
DOW in force, written under the original
plan Of the association, and IN TINS con-
nectiOn q statement showing when the
association abandoned its original plan
Of business and entered upon It's present
plan, and the number of policy holders
and The emAInt of outstanding insurance
written upon the present plan; also the
actual number of original policy holders
VINO have been transferred to the present
plan and the number Of applications, IL
any, now pending for such transfer.
2. The amount of the fund accumulated
by the association, under It's original plan
OF business, as the same existed when the
plan was abandoned, and the disposition
tnRt has seen made OF that fund and
It's l,reseut amount and now invested.
S. In giving q statement OF the number
Cf policy holders holding policies under
the original plan 1t is desired that me
statement give the ages of such polcy
4. The reasons which have prompted
the association to abandon Its original
plan o. business and the status or orig
InRl policy holders in the company who
Decline TO enter into the new plan and
surrender their old policies, and upon
what basis such original poIlcy noIuets
VIII stand IN the future in reference TO
the!r insurance In the association, wheth-
er thsir assessments Will remain as they
now are, or whether they Will be ad-
Vanced in the future, also what portloh,
&c any, oS &he reserve fund will be kept
separPts and apart for their protection
This Information is requested on pc
half o. the policy holders represented py
10 mi
{nTCrruRfion viii be given fully and in de-
tail, 70 the end that a full, fair ana com
pleta investigation may be maze Dy inns
SyuIn3ttes and an Intelligent and unbiaS-
ed report submitted to- the Poucy hoIa-
ers It ik desired that this information
BE- furnished at the earliest posslple mo
trHsut and the writer would be opAgeo
Toy c speedy reply as to when Ine IN
Formation can be furnished. Kindly tur-
05sh This information in writing, ana
when the same Is received, 1t is the pur-
nose Of the committee to meet with you,
IL possible, Cor full and free Discussion
5ts the subject matter Of this inquiry
Respectfully yours. - 11o,,,ao,,
"Chairman Of Committee"
And to secure copiee Of the ASSOCIATION 'G
Report sc the Insurance Commissioner OF
Anis sl2te of their business copies eI
die rgIort for the years 1888 are at
On AgrN 18th your committee received
the following letter from the prssidenI
ESFar, u PAU, Msnn., April y, 19OO.-E;; G.
Holiday. Esq, $40 Temple Court, MIN
naa1olis MINI. ,...
Dear Sir - We have, your letter OF
IOth ms ard contents have been ouiy
SCfed. We will take pleasure in forWard-
Ina to you, at the earliest Gaze PIa0.tl.
catle, 6 Gull END compleIe I Mn'T tr,,,i ~
CacE anc every interrogat2Fy, Tely truly
yonia, -C0ruSh'V H M
On April 26th following letter was was
IToCl
kqsSt' Paul. April Is. 19OO.-Enery G: Holll-
day. Esq. $40 Temple Court, Minneap-
e 9.IS1.sr SiI-Your communication of the
18th inst, stating that at a meeuhg q
fhs policy holders Of the Bankers L hle
Asso. held IN the city o. Minmeaot rs;
Ss regards their assets was quest"neG,
and requesting this department 70 IA
form YOU whether such items were eH-
amined, and if so, were they round eS-
s+ntjal AS reported, was received.
"Y Gur inquiry was received HurlnS nay
absence from the city, and I have been
unable to reply before t ms ANNA tam
70 h. made Of the affairs OF TINS COM
many. and ! will state that the assets as
reported are essentially the same DIS Jul
examination would disclose.
81 trust that you will excuse the delay
{ru f. ~ -. 4: oIshaTgn nT; onsr
On April seth, after considerable delay,
which Is explained, your committee r.
cetved tbs following letter from the pres
iient 81 the association TO Wnacn Ia ~ IN IL
racnEd tie call for the meeting held IN
August. first referred to in this letter: -.
"April 2Sth, 190O.-Mr. Ellery =; .o n 1toid
day. Chairman of COMMITTEE S4o 4e'Il-
ne Court Minneapolis, Mimi
% Dear Sir-Further replying t? YOU:
letter of April 10th, written on beh8m o.
the committee OF members o. ent rnr-
ers' Life Association or M1IlleSood2 pc,
nit me TO say that l Will endeayof 20
nnewer your several inquiries in the or
DER in which they are set forth III your
letter. - ,o,i,.,,
holders and the amount OF insurance held
nv Them now in force, written unuer the
o;ieinal plan of the association, ana IN
fl,is connection a statement showing Wilef1
a. association abandoned its original
man of business and entered upon It's
present plan, and the number or PC 9i
holders and the amount OF outslan4l1s
insurance written upon the present pldh
also the actual number of original poncy
holders who have been transferred TO the
nresent plan, and the number OF apPu-
cations, if any, now pending Tor such
transfer" III,
answer (al Number of present policy
holders written under the original pan,
3 0S3, representing i,55S memberships: az! w
An,nunt OF insurance held Dy salQ IFOlcy
holders and now in force, Sl5,Vf6,UoV. (c)
The hrst policy on the new plan was
written February 7th, 1899 Certlhcates
or the old plan were written curing rim I IAN
800 Policies on the new plan to the
iSaV Of $4,000 were written in Feb
r 'ilo $4,000 in March. and $9IoSc in IN
AnIii 1899 I'D Number of policy holoers
S .Ti5'e1 (e SpIRH m lou Of outstanding ns1r
ance written upon the present plan, So
", OO0 81 Actual number of original Ioi,
Jcy holders who have been transferred
To- the present plan, 1,767. representing
5'OSs memberships. CD Number of APP
WIicailons now pending for such trans