The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-12-18

msns Continued and o. dollars paid for
Asylum; how, by fiction Of bookkeeping, Millions Millions
books Of the company were again Included n 's 40
actuM CASH. receipts Of subsequent years. to eject
the apparent ratio OF expenses Of the company and
you by q few brief examples how the trustees have
dealt with these transactions, to enable you to de-
termne for yourselves how far you may safelv
rely upon the trustees to correct similar abuses.
have told yon OF the $4,000 loan to trustee
and the false statement resorted to by President
winston to conceal 1t from the Finance Com
mlttee. The committee OF trustees appointed to
inquire into that transaction were Lucils Robinson
Alexander Bradford. John wadsworth, David
Hoadley and William Smith Brown. All OF them
stated that when the $4,000 was returned THE
clerk making the weekly statement to the Finance
committee az nrst entered It separately rs 80 much
quentiy, BY direction Of the President, erased the
entry and placed the amount with the general
direction OF the President, The clerk falsiled the
weekly statement and yet with the fact so dis.
reported that lin respect to the management OF
our affairs with integrity, fidelity ana
to condemn ana much to praise" Mr.. Brogn
fosna e evidence td e. Of ntentonsl deception
surprising TO all who knew the s-em asut pa
sitlon In social and religious a git NsA2lsY
mas attained. that, with the aee Ge.r -si
ance OF deliberate false. DC 80 II
ston for the concealment 4n fs-t
action he did not concur W y GOWN
With regard to The restol rgp as Ia.lc.5 20
the life OF President Whist soa ..monY
OF Messrs. William Belts al FL . popham-
both honorable and truth Clearly shows
that Vice President McCurdy .artly by withholding
and partly by misrepresentlng the facts necessary
to guide guide them in the proper performance
a resolution which accomplished a purpose entirely
at variance with their understanding and donating
ten times the amount that was intended. Yet with
MAJ s ai h
Lucius Robinson, in letter written and widely
distributed by the officers after the truth fully
sts in w se to t1
compelled to abandon his policies from poverty and
because 'he supposed his salary tony s275o at tho
up - and that "the Insurance Committee, nndinQ
that he had been forced to abandon Ills policies be-
to support him, at It. once recommended 0't the
restoration Of his policies upon payment Of back
dues and interest," Now the testimony OF the two
members Of the Insurance Committee above named
shows that they acted upon such informatiOn,
and the records Of the company show that instead
had been $4,000 per alnum, and was continued to
be paid after his death in July until the end Of the
20 per cent additional, and that Oh the 9th day Of
March March, preceding his death he was paid $a,75o
and 1855. which would have served TO 70
as MS 0 ys
received August 10, 1859, from the Mutual Life In
s 80
derived from the restored policies in question:.
thus the evidence completely inyaidates Mr.. Rob-
on the 18th Of July, 1869, requested committee Of
Dodge Henry E; Davies, oliver i. Palmer and
David Hoadley. "to ascertain whether any injuSa
tice or wrong had been done the company or any
departure has, in this case, been made from the
lar nature" the chairman Of that committee
reported that the faction OF the Insurance
case and in conformity with many other prece.
cents" You will doubtless be greatly surprised
that such transaction was in "conformty with
many precedents,n and that most energetic
effort, subsequently made by the officers utterly
failed failed to produce single one Of such 'prece-
Great surprise has been expressed that Mr.. Will
liam E. Dodge should have concurred in that re-
informed himself OF the facts; yet his name has
again and again been given as authority that this
transaction was UNSUITABLE and in accordance with
the practice OF the company.
And now hear what = trustee testified to with
alluded in previous communication in the
HERALD. Mr.. william Smith Brown TESTIFIED that
when the report OF the committee was made, re-
officers, sit produced considerable discussion in
the Board, but was adopted at that meeting, II I
that had ever seen up to that time In the Board.
1t was, to my mind, perfectly apparent who the
men were that voted for and voted against 1t.
although the yeas aud nays were not taken. Every
man who received payment for his services through
the officers OF this company-every attorney,
every man who had bank account, with perhaps
one exceptionally men who were deriving bene-
fits, voted for it, The men who had no connection
of the kind with the company, who were perfectly
Tree and independent, were those who voted
against 1t. Still 1t was carried. Subsequently
proposed Its repeal, and # my memory serves me
right twas induced, at the request OF Judge
Bradford to postpone the matter to let 1t lie over"
He further says 81 asked Judge Bradford whether
the bonus was intended to be put upon the Febru-
airy dividend, and told him that If it was continued
to run with the dividends tnat should agitate its
not l therefore paid no more attention to it.
c,d Knew W tnat 1t was In his power ne
entire Of fact that
for it was charged to dividends and buried up
a Ad he s TO Ss seSs az %
was struck With the motion Of Mr. Brady moving
clerks. j Sal Said to irend, after we left the
Board, why were not the officers included :,
these bonuses had been continued: then deter.
mind to secure their repeal, and | waited until I
sa aTe onan aeta a9 get my for 0'lTn had K
would have been killed dead. l therefore
my mnrs 81 the
who had any knowledge OF my intention to offer 1t.
1t led to motion from Mr.. Sprouts to lay my reso.
luton on the table. vote was taken on that
motion, and notwithstanding that the President
and Vice President both sat there and voted upon
think Had there been another officer there we
would have lost it. That led to the appointments
OF committee who reported IN Iavor Oh us repeai
unanimously, and their recommendation passed
with but one dissenting vote, and that vote was
Lucius Robinson's, believe"
This evidence gave rise to bitter feeling against
Mr.. Brown, but 1t was not invalidated by all that
was produced in rebutta.
These facts will give you some insight into the
| internal arrangements OF the Mutual Life which
VIII, doubtless, be very distasteful to those who
nave heretofore been successful in their efforts
for conceament, and who concur in President
Winston's opinion that "there has been far too
much LEAKAGE as to the conduct OF its affairs.
i may also nave treSpaSSeu so lar to hazard the
enforcement OF Mr. Attorney Jewell's threat to me
that 1.-THE publication OF any part OF said examine
tion will be prosecuted by the company the full
extent OF the law" But you can now
form some opinion as to the correct
ness OF my belief that the affairs OF
that company are too greatly controlled by small
minority OF active shrewd, selI-seeking men, ''who
are receiving benefits,v and whose tenure OF 0fce
can only be curtaed by the vigorous and united
efforts Of the policy. holders.