New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1917-08-04

! This was blarney, or hot air, which
was efficacious. 1t had a phenomenal
growth up to 1890, it's membership
! then was about $4,000, having coun-
ellis in SO states, the District of Co
lumbia and Dominion of Canada.
The extra assessments in that year,
1890, came quite frequently and con-
tinued until the bottom was kicked
out Of the bucket, notwithstanding
the fact that the members were led
to believe that their assessments
would always remain the same and
that they never would be any older
in the eyes of the organization.
The supreme president carried
| $1,000, he reduced it to $500 in 1890,
! retaining his membership so he coulo,
l presume, draw his stipend of $1,000
yearly.
On or about 1894, the supreme
council hired an actuary at a cost Of
several thousand dollars TO prepare
new table of rates. thereby increas-
| ing the assessments one-half of the
| former rates. When the supreme
council approved Of those revised
| rates 1T issued circulars stating that
| this action was imperative in order
! to. eliminate the obnoxious extra as
| sessments
1t is an undoubtable fact that when
| the new rates became operative the
extra assessments increased. They
averaged three per month. It's men,
F.! bership then decreased to 10000.
In 1904 the supreme council Sc
| cured the services of Myles NJ. Daw-
| son, actuary, of Brooklyn, n. Y, to
| make a re-rating in assess1ne nt, his
| services amounted to several more
| thousands of dollars.
The members were then informed
| that this re-rating- would be per-
petuated for the present and future
members, regardless of it's increase or
| decrease in membership. AS they
| were adequate to pay all just obliga-
! tons, thereby making the organiza-
| ton strong as a rock on mid
| ocean. All members were then as
sessed at their attained age, SO that
a member So years of age would have
| to pay about $50 yearly for each
| $1,000 insurance This had been
| quite a boost but it's difficulties and
| perplexities had not ceased as events
| will show. It's membership, Deem
| Der 81, 1915 was 1929, against So
| 900 in 1890.
| In it's valuation report filed with the
| insurance department of the state Of
| New York for the year ending Decem-
Der 81, 1915, it showed actual solv-
ency of approximately 81 per cent.
In the year 1904 it adopted the fol-
| lowing amendment to its bylaws:
| Section S. reserve fund shall be
| accpm ulated and maintained upon
| the following basis, viz:
| For each certificate in force in Sep
| ternher 1904 the net select and I'LL
| timate reserve thereon by the C. B.
| Us experience table and interest at
| four per centum, such reserve shall
| be Sufficient by aforesaid standards,
! together with the ultimate net pre-
| NUNS fixed by ages on September 1,
| 1904 for members on that day if I'M
| der age of 70, if aged 70 or over and
| fixed by ages last birthday, upon ad-
| mission of members admitted after
September 1, 1904, to keep these rates
! throughout life and to- assure the
| payment of all benefits.
The above section was not enforced
| as the supreme body of the society
| believed that with the increase of
rates they would be able to create
| the required reserve, which they
partly did for a number of years, but
| it became manifest from the state
ment filed by the society for the years
! 1913, 1914 and 1915 that it was not
! collecting enough money to meet it's
| current death claims and was re-
| quired to draw on it's reserve.
On January 25, 1917, the supreme
! council voted unanimously to have
| the necessary reserve liens charged
| against the certificates of all men,
| bers, the same to go into effect on
| February 1, 1917.
| For the year ending December 81,
! 1915, the C. B. l.. paid out S91, 698
more than it took in according to the
| report of the insurance commissioner
| Of Connecticut.
The local council organized in 1885.
| One of its charter members, died last
| April. He held benefit certificate for
| $1,000, payable at death. He paid all
assessments levied by the c. B. l.. for
so years, his beneficiaries were noti-
fed that they would receive only
1928, $777 being charged against his
claim Of $1,000. He paid into
the benefit fund over $1.400. Gold
| Brick manipulations are antiquated
when com pared with this transa ction,
the difference being that the former
C. B. L. is legalized, regardless of
moral obligations.
The Legion had a good foundation
to start with in the ecclesiastical
appreciation which it received. The
majority of it's members being COM
posed of the horny-handed sons of
toll and in their simplicity placed the
greatest confidence in the c. B. L.,
owing to the high endorsem ents ac-
corded it. The beneficiaries of the
members who died prior to the re-
action, won; the mem bers and eX-
members who survived. lost. Well
their wives can manicure their finger
nails on the dashboard, and can ut
Ater silent implications on the c. B. l.,