The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-08-07
AFFAIRS Of BANKERS LIE
PoLICYHOLDERs AT THE ANIMAL.
MEETING GO OVER THE COM
PANY'S BUSINESS
MANAGEMENT WAS ENDORSED
Grounds of Recent Criticism Elk
planned to the Satisfaction of
Those Present-EIeetiOnO of
Directors.

1t did not appear at the annual meet
ing of the policy holders of the Bankers
| Life association, held at the st. Paul Fire
and Marine building yesterday, that
very great number of policy holders were
dissatisfied at the manner In which things
were being conducted by the board of
! trustees
1t was expected that the few criticisms
passed upon the company by the insur-
ance commissioner in his recent report
would stir up considerable contention,
but the report of c. H. Bigelow, one Of
| the trustees, followed by a. lengthy state
ment of the reasons for the change in
the companys system, and the legal
phases Of the matter by General Counsel
I. r. Palmer, made a favorable impress
sion and silenced most of the criticism
expressed by members who were here
tofore uniformed. Mr.. Bigelow and Mr..
Palmer were kept busy answering ques-
tons, but were equal to the occasion.
Mr.. BigeloW reported upon a number of
matters which had been criticised by the
insurance commissioner. The latter of
! fetal, Mr.. Bigelow said had praised the
| general workings of the Bankers Life
association. He had said the management
was honest He had certified the annual
statement and found 1t faultless; he Ehad
declared the ratio of expenses to earnings
was full half lower than in most other
companies, and fourth, the commissioer
mad praised the prompt payment of death
| losses as made by the Bankers Life as
ISOLATION.
The report of Secretary Douglas Put
nam showed a net gain in cash assets of
$55,OO0 for the year ending July 81 The
! secretarys report was referred to an au-
| d1t1ng committee, consisting of A. ].
Daley, of Luverne; Jacob Stone. of Min
neapolis; B. Sommers, Of St. Paul; e.
! W. Durant, of Saltwater and J. M. Mar
lin, or Minneapolis. The committee re-
! ported subsequently that they had verified
the report from the companys books and
records, and after calling attention to
the fact that $4,000 more had been paid
out In death losses during the year than
| had been collected by assessments upon
the old assessment certificate holders. REQ
commended to the board of trustees that
/ hereafter assessments should be made to
pay all death losses on old certificates
without taking recourse to any other
fund.
Some Of the members wanted to know
why w. r. Merriam, one of the trustees,
was still a member of the board whao
I
| year, IN face of the fact that the by
! laws required the dropping of any trustee
VINO did not attend for six consecutive,
months. All this time Mr.. Merriam has
peen drawing SIS per month as trus ZEE.
and doing none of the work
Mr. Bigelow said that it was a fact that
! MI. Merriam had not attended for a. much
longer time than limited by the bv-Ia1ys
Eut the trustees found that the bv-Iaws
| gave them some discretionary novers
| ana, therefore, Mr.. Merriam had been re-.
tanned for the best interests of the COM
pany. Later, it having been found thar
Mr. Merriam would be unable to attend.
he had been asked to resign, and his res
| lgnat1on was on the road
A committee of five consisting Of Tob,,
H. Nickel, of Minneapolis, chairman:
| Rev VIM. c. Pope, of St Paul: 7 M
Martin, of Minneapolis; H. C. Trielofr. Of
Carver, and Geo. F. finland of st. PAM
was appointed by the members to investi-
| gate and report upon the trustees duties
and compensation. The report, which was
unanimous, was as follows:
our committee, appointed To inves+i
satS respecting the duties and services
OF tne trustees of the association, and as
TO the attendance of the trustees at Tho
regular and special meetings and respecto
ing thelr compensation, respectfully re-
1.-The charter and bylaws of Gotta
soclatlon provides for regular monthly
meetings to be held on the first Mondayy
f o. eacn month We are informed that
IheSe monthly meetings have all been
regularly held according to the rules
| OF the association, in addition to which
mere nave been held various special
makes a detailed report of the items IF
all receipts and expenditures, Showing ali
moneys collected belonging to each fund
! and the investments Of each fund in de-
| tail. The amount of losses paid. and tba
schedule of losses reported and the status
OF every claim of every kind against the
| company. There are matters of imnoro
lance respecting the investments Of tha
company to be considered at every req
uiar meeting and considerable portion
81 Toio Inc private time Of the trustees is en-
the interests of the corporation. 40
during the great financial stress
d dnT9iugh w which the company has passed
curing the last lew years, there has NOT
] been the loss Of a dollar through the in
Vestments that have been made by the
oo5rQ OF trustees. Considering this fact
| anu the rate of compensation that other
! men employed by financial corporations
! receive, we believe that the compensa-
qon PAID to the trustees of the Bankers
Lille Association of Minnesota is not ex-
| ceSslVe 1t Is understood no director
draws the special fee OF so for each reg
| uIar or special meeting unless he is
present at the roll call at the beginning
| OF each meeting. We have inquired Of
| the trustees present respecting the con-
| tlnuance of one of the trustees, as such.
CURING his absence from the city of ST
Paul, and we are convinced that the ac-
| ton OF the trustees in so continuing him
| In office as a trustee has been for the best
| interests of the associa ton
| Mr. c. Fl. Bfgelow, whose term of Of
flee expired, was reelected as trustee
and Mr.. S. A. Harris of Minneapolis. was
| elected to fill out the unexpired term of
| Hon. w. r. Merriam
committee of five was appointed to
prepare a statement to be sent to all mem
bers, signed by the committee setting
! forth the condition of the company and
their confidence III its management and
| future.