Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-07-25
4 t4RD FROH NR SHEPPARD no
MANS.


The July number Of the Spectator. a
monthly paper devoted TO insurance, contains
an account OF an interview" between its ed.
iior and Mr.. Frederick S. Winston, President
of the Mutual Life Insurance Company of
New York. from which the following is an
extract:
Editor-'What were the causes vi Mr.
(Actuary) Homan+ retirement from the Mu-
tual Lite?"
Winston-''In brief, unfathfulness, incum-
potency, obstinacy, impracticability. and in
subordina,on, in my opinion, were the reas.
ons why the Board rid themselves of him.
am by profession life insurance actuary,
and depend, in a measure, for my support
upon the results of my labors as such. | am
also bound to protect ny character from de-
famation. | cannot therefore let the state
ment above quoted remain unnotced. Had
Mr.. Winston given to his interviewer the
facts instead Of his opinions, and allowed the
public to form their conclusions, no notice of
the matter on my part would have been nee
essary. The facts are these:
In November 1869. / was auditor Of the
Mutual Life Company, and Mr.. Winston the
President. He brought to me for audit the
official quarterly statement Of receipts and
payments, prepared under his direction by the
book keeper, in such manner that upon in
vestigation. detected the fact that certain
items had been improperly withheld in the
final payments OF death claims to the repre-
sentatives of deceased polcyholders, the
books of the company having been already
prepared. under his order. with view to de-
priye such parties of said amounts so due
them. To audit this statement by certifying
the same in the usual manner to be correct,
would have been ,iustifying him, and involv-
in. myself as an accoinplce in tie perpetra-
ton of an act OF dishonesty to the policy
holders and drec, violation of the charter
of the company. |, therefore, declined aud
ting the statement, beyond certifying that the
same 'vas in accordance with the entries up
on tie books Of the company" This certif-
cate he passionately and violently erased
with the threat that if did not audit the
statement in the usual manner he would find
somebody else for actuary who would.
That in this matter l was unfaithful to Mr..
Winston in his scheme for defrauding the
bonefeiares under certain policies of the
company admit, but untathful to the com
pany, never. That to Mr.. Winston | was in
this matter imprecticable, insubordinate, and
obstinate is certainly true.
Upon this occurrence, it of course became
necessary that should be got rid of; but Mr..
Winston does little justice to his position in
the Company by stating that the trustees de-
termined 10 get rid of me. If the trustees
have been practically of but little moment,
unless Mr.. Winston so willed it. was got
| rid of by Mr.. Winston. Ever since he ousted
| Mr.. Collins from the presidency by the secret
| collection of proxies, Mr.. Winston has held
! absolute control of the company by keeping
in his possession proxies of such policy hold
ers as, having given them originally upon the
| solicitation of his agents, have been too in
| different or too indolent TO cancel them.
| oh .,fl IL hold o,,Ia
| appointment or federation of Mr.. Winston,
and from time to time, the most respectable
merchants, who have been members ST his
! Board, have been got rid of for exhibiting
'obstinacy, impracticabilty, and insubordina-
ton" amounting to ''untaithfuness' to Mr..
| Winston, in regard to such schemes and prac-
tlces of his as he may not have been able to
conceal from the knowledge OF the trustees
His charge of incompetency, in that was
accountable for the fearful blunder in the dis
| trlbution of surplus in 1870, and that said
blunder was uccasioned by mistake Of mine
is simply untrue. 1t was occasioned by the
direct interference Of Mr.. Winston in oppo-
sition to the decision of distinguished refer
ees, which had been approved, adopted and
ordered carried out by the Board of Trustees
and he 10 responsible for the blunder, as he
well knows. Mr.. Winston never would have
made this charge against me except under the
excitement of feeling growing out of a cir
cumstance beyond my control, viz, that
lately gave testimony (under the compulsory
Process of sutgna) before the Assembly Com
| mittee during an investigation which resulted
IN his conviction of maltessance in office, of
The unwarranted use of trust funds. and of
fraudulent attempts at concealment Of his
| cohduct by false and altered entries in the
| books Of the company.
SHEPPARD HoNAN,
2ol broadway, \. T., July Is, 1873.