Evening star. [volume] (Washington, D.C.) 1854-1972, 1873-07-26


70 tls Edsfer II Tie Star, H'asAs.gten, d. C..
The July humber OF the lSpecfdfor q monthly
PAPER devoted To insurance, contains an account
fredeiick \. Winston, President OF the Mutual
Life Insurance Company OF Ne~ York, from
which the following is an extract:
Editor =" What were the causes OF Mr..
lAetusry) Honsns' retirement from the Mutual
life 2"
WINSTON In brief, unfaithfulncss, incom-
pesSncy, oestlnscy imprscticaeiiity, and insue-
otalnstion, IN my opinion, were the reasons
why the Board nd themselves Of him"
am by profession q life insurance actuary,
anu oepeho, IN measure, for my support upon
tse results OF my labors - such. 4 am also
bound TO protect my character from defAma-
uoh- cannot therefore let the statement
above quoted remain unnotieed. Had MT.
instead Of his opinions, and allowed the nuhlio
TO form their conclusions, notice OF the m a.
ter on my part would have been necessary.
In November, 1859. was the Auditor OF On.
Mutual Life Company, and Mr.. Winston the
PRESIDENT. He brought 10 me for audit the OF :
neis. quarterly statement OF receipts and pay
ments, prepared under his direction by tho
pookkeeper, in such manner that, up0n inyes-
ugston, detected the fact that certain items
naa eeen Improperly withheld in the final pay
menus OF death claims % the representatives o 4.
deceased policy holders, the books OF the com !.
pany having been already prepared under hi
S.;S Win view 70 deprive such parties OF
mert by certifying the same in the usual man.
ner TO be correct. would have been iastifx,ns
~ nm, ard involving myself as an zccompllce m
the perpetrstion OF an act OF dishonesty 20 the
policy-holderS, and a direct Violation OF the
CHARTER OF the company. I, therefore. dec lined
auditing the statement, beyond certifying that
Ine same : was IN accordance with the entries
upon the books of the company" This eertif-
cate ne passionately and Violently erased, with
the threat that IL 4 did not audit the statement
IN tie usual manner. he would find somebo,lv
else for actuary who would.
That in this matter I was unfaithful 20 Mr.
WINSTON IN his scheme for defrauding the benz
Sncisries under certain policies OF the company
sumit' out unfafthful 70 the company never.
That 10 Mr.. Winston l was m this matter i'm
certainly true.
Uron this occurrence, it of course became
necessary that | should be got rid of; but Mr.
winston does little justice his position in the
company by stating that the trustees stermin
ed TO get rid Of me. Ii the trustees had come
TO such determination, IL would have been
practically OF but little moment, unless Mr.
WINSTON so wllled Il. 1 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
Lr"Nies OF such policy holders as, having given
bh' m originally upon the solicitations OF his
az hts, have been too Indifferent or too indo-
lelit 10 cancel them. Each of his trustees holds
~ place by the appointment or federation of
ME. winston, and from time TO time, the most
r. spectable merchants, who have been mem
o. = OF his board, have been got rid of for ex-
citing "obstinacy, impracticabtlity, and in
= oo,ulhsuon; amounting 90 "unfaithful-
n S. 10 Mr.. Winston in regard TO such schemes
ana practices OF his As he may not have been
sOle 10 conceal from the knowledge OF the
Trustees VIZ
hls charge Of incompetency, in that \ was
accountable for the fearful biunder In the dis
tlbutiOn Of surplus ia 1870, and thar said blum
ter " ss occasioned by a mistake OF mine is sim
lIy ubIue. IL was occs-'.rei by the direct
Interference of MIR. Wins on ian onnosition IN
tle decision OF distinguished referees viii N
had been approved, adOptod, and ordered car
leu out BY the Board OF Trustees. and he l. re-
Sponslble for the blundcr. as n well knows
NJ. winston never would have made this charge
against me except under the excitement of feel
lhe grown ont of a circunlsf ancc beyond my
cohtIOl, VIZ. that / lately gave testimony fun-
Ler the compulsory process OF sIbpRnaj before
.he q - muly Committee during an investiga-
non winch resulted In his conviction of m al
leasaGce IN office, OF the uuwarran,cd Us. Of
uust iHHds, ana OF fraudulent attempts az con-
cealment of his conduc- by false and altered
entries in the books OF the company.
s.,p, SHEPPARD Romans.