Commission Adds Second Report on Massachusetts Benefit Life
A state commission appointed by Governor Walcott released a second report on the Massachusetts Benefit Life Association. It notes distrust of managers, contends policy holders were harmed by designations of active and benefit members, and discusses alleged usurpation of rights and legality of past policies.
MENTIONED IN THIS ARTICLE
Walcott
Massachusetts Benefit Life Association
William A. Simmons
Commission
Beacon Hill Notes on Roundly Excoriated Lobbying Session
The Cove street bridge bill moved to a third reading amid muted opposition after a late rush. Rep E B Callender credited for leadership as rail interests mobilized against attempts to regularize lawmakers. The Senate amended the Boston consolidation bill fixing member salaries at 1200 and 1500 for the clerk. A contagious diseases bill affecting Dorchester consumptives homes failed in the House. Street railways committee opposed 3 cent fares on the West End line. A petition by Robert Treat Paine and others seeks authority for municipal street railway plants.
MENTIONED IN THIS ARTICLE
E. B. Callender
House
Senate
Council and Board of Aldermen
Boston
Dorchester
Mr. Rourke
West End
Messrs. Moriarty
Worcester
Rourke
Robert Treat Paine
History of Management Examined
A brief note discusses tracing the history of management practices and leadership structures, noting the evolution of theories and administrative methods over time. It highlights the value of studying past approaches to inform present organizational decision making.
Structure of 1877 Beneficiary Corporation and Its By Law Changes
The charter issued in 1877 to seven founders aimed to aid widows and orphans with a limited $3000 cap. The bylaws tied policy holders to membership, but were repealed on June 13 1879 leaving only original incorporators as members. Policies then issued defined insured class by policy amount and stated expense assessments were used by officers without policyholder accounting.
MENTIONED IN THIS ARTICLE
Commissioner of Corporations
Policyholders and Officers Control of Bygone Insurance Firm
A historical report states that between 1897 and 1880 a small group led by George A. Litchfield William A. Simmons and others seized exclusive control of an insurance association. They allegedly issued 1290 policies at very low rates and distributed expense funds among themselves, with about 14.5 million dollars paid in death claims by 1897 and unclear accounting for funds.
MENTIONED IN THIS ARTICLE
George A. Litchfield
William A. Simmons
John Co. Rand
W. G. Cortell
Willard C., Marcy
Georges. Merrill
Henry B. Peirce
Salmon P. Hibbard
Cyrus S. Haldeman
Simmons
Closed insurance society creates two member classes in 1880
The managers of the society claim exclusive control as a de facto close corporation. They designate two membership classes active and benefit and purchase deceased members’ interests. The insurance commissioner warned repeatedly but suggestions were ignored.
By-Law Change Expands Benefits in Old Insurance Policy Row
The managers led by all except William A. Simmons claim they alone could run the association. In 1881 1290 policies were exchanged altering who could vote by replacing legal representatives with heirs and making insured a benefit member. The change aimed to limit policy holders voice while denoting no status shift in insured rights.
MENTIONED IN THIS ARTICLE
William A. Simmons
Association
Insurance Commissioner
Simmons
Simmons Record Reflects Policy Exchange Allegations
The article cites Mr. Simmons asserting that the exchange of policies was a fraudulent ploy to coerce surrender by policyholders. He claims managers aim to benefit members rather than active policyholders, a view that portrays the conduct as severely improper.
MENTIONED IN THIS ARTICLE
Mr. Simmons
Commission Reforms Save Policy Holders Trust and Finances
The commission declares it need not determine guilt among managers as it has secured administration and by laws changes. It emphasizes protecting 99 percent of policy holders, notes potential funds worth 1 to 2 million, and calls for full discretionary power to examine association transactions beyond the statute.
MENTIONED IN THIS ARTICLE
Commission
Board of Management
Association
New Board Elected and By Law Reforms for Policy Holders
The commission elected a new board: John Henry Rolker, Car roll D Wright, Charles B Hamlin, Louis Windmuller, Hiram A Tuttle, Charles E Adams, Arthur W Pope, Edward Atkins on, William M Bullivant. It also mandates full member rights, profit use for policy holders, and fixed officer salaries. The commission notes the de facto management while not ruling on legal status of policy holder classes.
MENTIONED IN THIS ARTICLE
John Henry Rolker
Carroll D. Wright
Charles 8. Hamlin
Louis Windmuller
Hiram A. Tuttle
Charles E. Adams
Arthur W. Pope
Edward Atkinson
William M. Bullivant
By Laws Change Ends Debate on Powers Vested
The statement notes that under the revised by laws the subjects retain their existing powers and cautions against further agitation on the matter. It emphasizes no additional authorities or actions are warranted at this time.
Policy Holders to Decide Future Admin Action in October
The commission explains policy holders scattered across continents will meet in October to determine the future administration. It notes the date allows full notice and thoughtful consideration of the new management. It reports progress on yearly expense summaries and equitable pre year 189 assessments, finding no misappropriation of the mortuary fund.
MENTIONED IN THIS ARTICLE
Mortuary Fund
Henry W. Bragg
Frank D. Allen
George E. Perrin
Benjamin F. Reach, Jr
George F. Morse
Boston
Major Merrill report highlights growth of level-premium life companies
The Insurance Commissioner’s annual report praises fifteen years of progress for level-premium life firms, notes strong security management, and commends figures in rebates reform. It recalls historic failures and public distrust in earlier insurers, referencing assessments since 1877 and shifts in insurance in force from 1870 to 1880.
MENTIONED IN THIS ARTICLE
Merrill
William E. Russell
Thomas B. Reed
Massachusetts Mutual Life
State Mutual Life
Assess ment insurance critique of Massachusetts Benefit scheme
The piece argues that assess ment life policies fail to deliver promised protections as healthy members leave and claims rise. It condemns the lack of a reserve provision and warns that the plan cannot sustain itself, urging legislative action to halt the experiment.
MENTIONED IN THIS ARTICLE
Insurance Department
Endowment Ason
Fireman Collins Buried in South Boston
Services for Joseph W. Collins of Engine Company 26 were held at Gate of Heaven Church in South Boston. Requiem high mass was sung by Rev. T. F. Brannan with organ by Mary O Reilly and floral tribute by Engine 26. Pallbearers included Capt J F OConnell and Lt J M Murphy. burial followed at Calvary Cemetery.
MENTIONED IN THIS ARTICLE
Joseph W. Collins
Engine Company 26
Gate of Heaven
Boston
T. F. Brannan
Mary O'Reilly
Mary MacEachern
Alice Emmet
Engine 26
J. F. O'Connell
J. M. Murphy
T. C. Haney
G. B. Harvey
Mullen
Reagan
Calvary Ceme
Public Docks and Foreshore Lands Bonds Bill
The harbors and public lands and metropolitan affairs committees report a bill authorizing 400000 for a pier and dock on the north frontage of State flats in South Boston. The bill permits forty year bonds and includes a plan to secure state ownership of foreshore portions in Old Harbor Dorchester Bay Strandway Commercial Point East Boston Wood Island Park with a 150000 bond option and sinking fund.
MENTIONED IN THIS ARTICLE
Boston
State Board
Boston Harbor
Old Harbor
Dorchester Bay
Commercial Point
East Poston
Sumner Street
Wood Island Park
Debate Over Anti Bucket Shop Bill in Senate
The Senate debated the anti bucket shop bill aimed at wagering contracts on securities. Supporters argued it would curb fraud while opponents labeled it class legislation favoring the Stock Exchange. A vote on rejection yielded 27 Yeas and multiple Nays with numerous members paired or undecided.
MENTIONED IN THIS ARTICLE
Senate
Smith
Middlesex
Stock Exchange
Folsom
Suffolk
Morse
Cape
Banco
Towle
Bailey
Yeas
House
Messrs
Harding
Hayes
Lomaseney
Bartlett
Black
Bradford
Brigham
Cook
Crane
Dallineger
Davis
Derbyshire
Everett
Flint
Gauss
Harwood
Holden
Irving Moran
Parsons
Prevaux
Putnam
Quinn
Roberts
Soule
Woodfall
Gallivan
Barsker
Yaa
Barber
Roe
Ives
Nay
House Delays Session to Review Reports and Bills
The House postponed to Tuesday to view the commission report on the Massachusetts Benefit Life Association and the adverse report on Mr McCarthy’s petition. The oleomargarine bill advanced briefly but failed third reading 67 to 76. A measure to stop prison labor for public sale was rejected after debate. Oleomargarine strengthening bill passed to engrossment. The New England Commercial Travellers Association accident business bill faced a strikeout challenge over dues for new members. Debate continued until a quorum expired and adjournment followed.
MENTIONED IN THIS ARTICLE
House
Massachusetts Benefit Life Association
McCarthy
Cullinane
Lawrence
New England Commercial Travellers’ Association
Walute
Medford
Boutwell
Malden
Reidy
Boston
Jones
Melrose
Perry
Natick
Groton Water Company Bill Moves to Third Reading
Senate action shows Mr. Roberts of Suffolk had the Groton Water Company incorporation bill taken from the table and sent to a third reading. Mr. Bailey of Middlesex had the report against transferring Commonwealth Park to Boston taken from the table and accepted.
Also Mentioned on This Page
Massachusetts
Benefit Life Association
Major Merrill
Vien
OLD South Clothing CO
Washington ST
Leopold Morse & CO
New England
Leopold
ARD Company
Washington Street
Col
Brattle
the Square
Insurance
Sach
Collins
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