The chronicle=news., 1913-03-20
COLORADO LIFE
INSURANCE. CO.
MEETING


iion OF the affairs OF til. Colorado
ilf. Insurance company and de-
tailed account Of tn. meeting OF the
stock khnld.rs OF til. company held
last night w.iS given to the c-S to-
dag 10y DR.. A. II, Sears. president OF
the company. In this statement Dr.
Sears shows where til. published ac-
count OF the meeting In IN" Adrrr-
tis"r was no, entirely In keeping
with III. facts. In short u gath!cd re-
port obtained 10y reporter OF that
uapcr who attended III. meeting In
he guiE- ni u storahold.r. and who.
a. usual. biunicrcd through III"
story IN III. hope OF making some
campaign capital.
Sol " laifa WAS .hos.n by III"
stockholders to act a- chairman Of
til. meeting. The company was ug-
abl. to give . detailed report OF I'll"
condition OWN. to til. tar' that Mr..
El,i.y upon going into III" books Of
Secretary Harry e.an thought that
IL would b.. wis" TO secure the s"f-
vices Of nm export accountant and at
the suggestion of mcmbcfs OF the
boar! of directors II" had "m?luy"i
and prcp,f- ii financial statement Of
,h. cumplny's condition. Mr. Roberts
iIi not have this statement complci"
and III" Stockholders w"r" given u
general Idea OF conditions, Tho prod
.nt asso's amount 'o approximately
sIG.0oo bu, are Ia reality about
sii.o"U. There hny" been 10. 3,
shares of stock with u par value nj
81 cach. Issued and paid for nnd
about 100 shares recently paid for
but not u, issu.. the $4,000 In AS
gets 10 TAX" care care OF the stock is-
su" aud Mr.. Scar says that thu hold
ct. OF this stock are the only bona
I'D. stockholders OF the company
In addition to the $4,000 In as-
sets ih"r. II about S.,.Oo" In notes
which III. company holds aud which
are due ON stock applications on
which part payments have been
made. what bearing these notes
will have upon n final settlement OF
the company or whether there VIII
Uc n settlement with the bona fid-
! stockholders with the usscta m men
, toned In las, nights meeting Is no.
Tor aic to say" declared Mr.. S-nrs.
Mr.. Sears co.rcrts tn" statement
In the Advertiser relative to the ac-
,cptancc OF tn. kiss.I ear from Mr..
Egan by saying that the car was f"-
tanned In u settlement with stock
salesman In New Mexico and not
from Mr. Egan. Upon being asked by
Mrs Kat. Bri"riy as to how much
money H." had put INTO the company
Mr.. Sears replied that lie had cS-
pended between $500 and favU for
the promotion OF the COMPANY
while there had been some money
lost IN the advancement to agents,
Mr. Sears stated II was customary
for companies organizing to advance
expense money to its stock statesmen
aud that II is almost impossible to
secure stock salcsm"H without MAX
ing this advance.
lie further declared that III.
greatest obstacle with which th"
eompany had to contend with WAS til"
strong opposition .sinc.d In certain
circles Of the city Such opposition
combined with the faiiur. of Mr..
Egan after several months OF aner-
gctic work to continue to work for
the success OF the company ar. the
chief causes of the failur. of the
company TO max. progress.
TIL. officers and directors of the
approved of the appoint
mcnt of Il committee by the stock
holders to make an examination OF
the romrany's books and this audit
will he made aud III. committee viii
report back at meeting to he held
On April ..