The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-05-20
going data relates to conditions existing

me to add some facts which L think your
committee and the members whom you
represent should know.
1t is reported that at the meeting OF
members referred to in your letter a
charge was made that the Bankers Life
Association is hopelessly insolvent. We
have unpaid death losses to the amount
of $4,000 for which proofs of death have
been received, and no more. Our records
show that the company has not liEgated
/ to exceed fifteen cases during its entire
history, and in most of those cases
was successful The company has no in
| debtedness other than the $12,000 Is it
not unjust to charge a company which
has assets amounting to nearly million
! dollars and liabilities amounting to only
$4,000 with being jnsolvent?
December 31st 1888, the total assets were
$S05, 449. Sc, belonging to members holding
12,O90 membership certificates of 81, 900
each, or S74.S9 of assets per each certifi-
December 31st, 1899, the total assets be-
longing to the members holding certifi-
Gates issued on the old plan were $780,,
1914, belonging to members holding S,Y78
membership certificates of 81, coo each, or
SS9.16 of assets per each certificate out
standing.
April list, 1900, the total assets belong
ing to the members holding certificates
issued on the old plan were 1872 G5S. 80, be-
longing to members holding 7,736 member
ship certificates of 81 900 each, or 1874 "a of
assets per. each certificate outstanding.
The amount of the Guaranty Trust Fund
and the amount of the Mortuary Reserve
L una are InuCH larger IN proportion TO
the number of old membership certificates
outstanding than they were when the
change to the new plan was made.
1t is also said that before the members
present a the meeting of members, who
appointed your committee a printed pam
phlet puTporting to have been copyrighted
by one Edmund D. Carter, and containing
many sensational, startling and abusive
charges against the Bankers Life Asso-
citation, was read. l fearlessly and un-
hesitatingly say that this man Carter is
q irrPGnnGihfn
creature, a man without means, position
or standing in Milwaukee, where he lives
Inc pamphlet referred to, or rather one
OF the same issue, came into our hands
about three years ago, accompanied by
an offer to sell the same with the copy
| right for small sum. 1t is needless to
say no attention was paid to the matter.
For three years this man Carter has
been resorting to all kinds of means to
wreck this company. In 1899 one Alois
q. Bodden, of Milwaukee, at the inStiga-
ton of Carter and upon representations
| made by Carter, applied to the Insurance
Commissioner of Wisconsin to have the
companys license to do business in that
state revoked. Garter prepared all of the
papers and presented them, including his
pamphlet to the Commissioner, who or
dered the company to show cause why its
| license should not be revoked. The COM
pany made full showing and disproved
every charge made by Carter through
Bodden. A printed copy of the Commits
| stoner's decision is here inserted:
VI
ment Of Insurance
In Re Bankers Life Association of Min
This matter came before the department
upon complaint Of Alois G. Bodden, Of
| Milwaukee, who alleges that on or about
the twelfth day of November, 1885, he re-
! ceiVed three policies of insurance each
for Two Thousand Dollars $4,000 from
| the Bankers Life Association of Mime
sofa; upon which he paid, as a premium.
to the a. agent of said associat ton the sum
| Cents ($64.35), and that the application for
Such insurance and the premium paid
thereon were obtained from the said Bod
| den by m1srepI esentatiOn in that he was
! led to believe that the said assertion was
a liked premium company, whereas after
the delivery of the policies he discovered
association.
The complaint also alleges that the as
soclaton is not complying with the pro-
visions of it's articles of INCORPORATION. and
that it has violated several of its proyi-
sion.
Upon the filing of this complaint the asso-
cause, July 18th, why its license should
not be revoked; at this hearing the com
plant filed and the answer submitted by
tne association were given careful con-
sheraton, and after the fullest inVeSti-
cation l find that the policies delivered
We're In strict accordance with those ap-
piled for In the application for insurance
Ihere could have been no misrepresenta-
ton as to the character Of the company,
as upon the estimate of cost blank fur
faca 4 mere appears printed in red in full
| is today, by actual statistics. the strong
est assessment company in America
1t was upon this blank, mailed to the
ASSOCIATION, that the complainant request
ed statement of the cost of insurance.
The literature Of the association does
not hide the fact that the association is
an an assessment company, and for years
the Bankers Life Association of Mime
sofa has been licensed and authorized to
transact an assessment life insurance bus
mess IN Wisconsin, and, during that time
claims.
The, complainant is also in error as to
the charge of violation of the articles of
Incorporation, the error being due. no
doubt: to his being misinformed as to
amendments Of the original articles. No
MISREPRESENTATION or violation of the law
against the Bankers Life Association of
MINNESOTA is hereby dismissed
SSd1gned' William A. Fricke,
GSedI:( commissioner of Insurance
Dated, July 20, 1897.
Since that date he has been endeavor-
ing TO interest with him. some one Of
Strength and influence, and sufficiently
INSCRIPTIONS to engage in the WrecILinr
OF the company, and for the aDDOintrnenf
or receiver, not for the good of the
members men or to save them from harm. but
t tT,ac ne ana ms associates might profit
t5hereoy. During the last year Carter
mas repeatedly said that unless the com
pany gave him $4,000 or 5000 mr. an So ~
nulty OIL $1,000 or $4,000, he would wreck
and a Iipdl,y, nave receiver appointed
ana make much more out of it. and dir
ing that time he has been exertinoe bi11
sell TO the utmost to stir nm directi,,
aIlo indirectly dissatisfaction among is
!IeInperS. 80 Tar as we have been q hIa
10 discover, Carter has not laid himseIf
open to criminal prosecution. h1t +ba
company is after him and Others in 'N q
conn cnms aeyioh Tor conspiracy to wreck the
company IL your committee or any Other
committee of members or anv n1enohar
DeheVes any of the charges Contained ~
Cl1e pamphlet or desires any explanations
concerning any charges therein CO.. tnjr
ed, we shall be much pleased 70 Inv oo'lI-
stTate ana prove to you or them. the ali
SoIute 1alsity and Righteousness ~ a.
Wnole thlng::, Some of the officers Of the
company will endeavor to be nresen+ ~
the meeting of members when voI,r "a a I
poIl IS submitted. If we can be of FIR
'h Perh service nv to you, call upon US.
your inquiries had been directed 70 CO..
olt1ons existing at the close of the veor
we could have given much earIieI 90
by by as the books being closed only ar
siderable time and extra. effor+ 81 co J.l
pare such data for a particular data ~
ing the year. Very truly yours, 1Ui :
-Cortlandt NJ. Taylor.
subsequently, by appointment. voyr
committee met the officers of the assoc;a
T.on IN St Pau! and inquired of them
in the presidents letter contained .li ihss
your you committee verified by such inoni irS
the statements in said letter. ii'4''iiS
ma, mar tne inform alton received has con-
Vlnced US that the finances Of the o -
cation have been conducted in an b0n-
EST, careful and conservative manner
t hnat your committee are of the Opinion
plan. either now or in the earlv ofr ,I5ili
would be necessary on account Of ~