The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1883-11-22
Governor Butler Attempting to Justify
His Campaign Charges.
Strange Proceedings of His Insur-
ance Commissioner.
The Maine Company Falsely Charged
with Refusing to Submit to
Examination.
It's officers Make a Statement oil
the Circumstances.
"A REAssURHNG STATEMENT BY
PRESIDENT Dewitt.

in trouble, and that proceedings begun by the
Insurance Commissioner of Massachusetts had
been suddenly stopped, with an intimation
that tho stoppage was because the company
was to be summarily dealt with. The tenor Of
the dispatches was mysterious rather than
definite; but the late edition of the Boston
Traveller contained a fuller account of the
affair, and dispatches received during the eve
the company to do business in Massachusetts
was to be revoked at once. A representative
of the PRESS called at the Office of the company
in this city and found its officers busiIy engaged
in preparing a statement of the circumstances
which appears below, and which it will be
seen, places the action of the Insurance De-
partment of Massachusetts in very question
able light. The President of the company,
John e. Dewitt, Esq, also publishes card
which will go far to reassure the public regard
ing the company's condition. AS the matter
is one of great interest we reprint in full the
story told by the Boston Traveller as well as
the other documents besring on the business
THE TRAVELLERS ACCOUNT OF THE MATTER.
The examination of the Union Mutual Insurance
Company of Maine, which has been foreshadowed
for some time, came to an unexpected full stop yes
terday as has just accidentally transpired at the
State House. 1t seems that insurance Commits
sioner Tarbox some days ago despatched MIR.
Plympton and Mr.. Milton formerly actuary of the
com any to Portland, with instructions to invite
the Insurance Commissioner of Maine to join with
them in thorough examination of the affairs of
the company concerning which numerous letters
have of late been received by the Massachusetts, In
surance Department. When it was ascertained by
the company that an examination was pending it is
alleged that strong efforts brought to bear to
induce Commissioner Tarbox either to forego the
examination altogether to trust it to different
hands. Mr.. Milton's employment in the capacity of
special examiner was particularly resented, the
objection being put upon the ground that he posses
sed an animus against the company
On the other hand it is alleged that he was chosen
to act for the reason that his perfect familiarity
with the company's business would prove an
effectual bar to Misrepresentation OF It's present
financial standing Be this as 1t may the company,
after somewhat protracted negotiations, fatty re-
fused yesterday to give Messrs. Plympton and Mil
ton access t6 its books, and the examiners accord
iney returned to Boston this morning. and reported
to Commissioner Tarbox. The commissioner de-
clines to say anything about the matter to-day
further than that he has taken the subject under
advisement. The exclusion OF the company from
the State of Massachusetts is however, confidently
predicted.
The past history of the suspected company has
been somewhat peculiar. Since its incorporation
in 1848 its principal office was established in
Boston and large part of its board OF direction
was composed of Boston men up to the year 1851.
In that year. as was stated IN the TrayeeI at tne
time, a difficulty arose in its board OF directors
which led to very important change of
programme. The President, John E. Dewitt Of
Boston, was drawing salary OF SzO,OOO per
annum. This was regarded by the Boston direct
ors as exorbitant, and some OF the fresldents 8
business methods were also sharply cticlsed; ME
the matter pending before the board OF direc-
tors the Maine Legislature passed BILL presented,
it's alleged, by the counsel Of the Union Mutual
Company, which provided, IN substance, lnaI an
Maine insurance companies should maintain their
principal offices within the State, and that the ma
jority of the directors should also be residents of
the The hill also the resident directors
power to fill vacancies oecasioned by the eperation
of the bill On the day preceding the dlrectors
meeting at which it was expected that some aetlen
would be taken in relation to the president salary
the Boston directors received notice of the passag
of the act. This action was folowed;ln que @ tlne
by de fdcto removal of the principal offiee to
Portland, and the creation OF new poard OF oIec-
tors, nominated, asserted at the tlme either
by President Dewitt or the attorney OF the compa-
nv Mr. Drummond. The comments of Commission
Clarke upon these transactions occasloned mucn
adverse criticism and have been urged by poitlcal
opponents as proof of corrupt methods OF deailDg
with insurance companies. The annual report Of
date Jan. 1, 1882, contains the following REFER
ences to the company.
Cured In the history of the Union Mutual OF
Maine. Incorporated in 184S, and commencing
business in the following year its charter permitted
the establishment of its principal office in Boston,
where for generation, it has been regarded as
natwoliSed citseR, ranking practically as Massa,
chusetts company. But, in obedience 20 a speclal
mandate of it's legislature, the company has re-
moved its principal office to Portland, where u Is
now domciled IN new aad eieganS s sIS 10
no ol Wnich A.. ainsba and nayne in
vestment. ,.,,o..
But many conpanlSs se ssnr9ons Du ragsrS
record Is uns.anee, au and Sybose INST
for the equtes ol le m rrst o honor
to their integrity and good e. ith Ihey are wen
It an adyance in the right S direction d0mo1 when f
some companies We're prompeeu 70 sn1 Ip ia ~
their dependents from ann1gsnGe e smd
aelay n INC i E;t bIa E df Nag Work tha
me acsion OF me ~ % ~ r Trntad states ifa
Union nlutua oA niaie, u onfostsble subject to
IN lnaklng snon PS n, .;r, ,,1aoae
proper conulCione anu 1, 1iso. or ;, S' e
tng1n ,S III Gnls f a. co,33nanv snhmitted
IAS ~lit1 ooe So t;t Az fo1Ioyr;ry T5o,ras.
INCOME.
Total income for 1882. s9s1 o5s.S4 5s
Net AZ ennreeiation. 68,73247
----------. ---e
Total. 81 ,OS3, 81 .93
DrsBuRsFxFNTs
,z.- - sa;+;xa eo111sA 90
Cash paid for losses ana additons,' !l
premium IN no.es M VI ios'ns useu ~ P"' 19 800 90
Cash paid pi,tedn. for matured endowments aas s,7As,
and additions D}as cr loans nsed IN nav.
fremlnm M no,es UoTs VI io0iS u'eu = as 3so 90
AA'e"S = ''''-'0
crose a,,,npn+ Maid for losses and
Gross aaouas pau ~ ios'es "n0 $3.50 All 10
I,rap,irr, Yotas or loans 1lsed in mr.
chase of surrendered policies, and
yoided by lapse ..,.,.... ......... 34,52000
Cash surrender values, including re-
converted additions applied in pay
ment OF premiums. ;;...;..;;...- 49,; o9,oS9l4
Cash DIVIDENDS pald poncy noloers,
$zlUo.l4; apphed IN payment oi --.oo,
premiums, S4o, ,o4V.of...; 80. 4a,tF'.VA
premium NOTES OF loans useo III pay o.eao 90
menu OF ulVluenus ...ss''''.'.'''. N9,o1S,ov o
Reduction OF premium ''.''.'....., z.ot
o-or e-e %
f,eah noid FOR eo,nniss,ons IN agents 16O 39O 40
for medical examiners fees. 9,095.09
for salaries of officers and of
flee employees. ............. 46,791.31
for taxes and fees. ............ lO6S1.7l
for advertising. ........,. 10,94453
for incidentals. .............. 3l,62777
----------
Total disbursements. .,.......,",,.Sl, ,oo3,776o6
oao-o---- $500 -
Balance. -, 6,O30,O3627
The investment Of assets is given as follows:
- = NJ, s-.4 a, ooE ~, 90
Cost value OF Ieal estate Si's50 ad'o0
Loans on m09rtsage ol reai estate. l,o25,ooo.1SS
conatefai security '...;....; SfooV.Ov
COmpanyS pOuc1eS assigned