New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-02-17
J. r. PITCHERS RESIGNATION.
MUCH TALK CAUSED BY 1T IN IN
sURANCE CIRCLES.
INTEREST IN THE COMING REPORT OF THE
STATE INSURANCE DEPARTMENT On THE
UNITED STATES MUTUAL ACCIDENT

1
STATE INSURANCE DEPARTMENT OK THE
UNITED STATES MUTUAL ACCIDENT
ASSOCIATION REVIVED.
| The resignation Of James K. Pitcher as secretary
| and general manager OF the United States MUTUAL
| Accident Association has revived interest III III
surance circles in the forthcoming special report
| of the State Insurance Department Deputy
Superintendent Shannon has been working on the
books of the company and its allied concern the
| Investment Company OF New-Jersey. since De-
ccInber last 1t said yesterday that the report
would be finished and made public In few
days
Mr.. Pitchers resignation is fixed for February
20 but he has for more than week been
acting in the places which ne nominahy ho'ds.
Surprise is expressed by insurance men that MT
Pitchers action should have been taken before
the report of the Insurance Department. for The
Chronicle insurance journal of this city, mas
been attacking the two concerns and its insin-
uatons are believed to have led 10 the investigation
by the State authorities. These attacks have been
largely directed personally against Mr.. Pitcher.
but those who will speak for the United States
Company assert their confidence in him In spite
of the resignation. which is based on the ground
''The Chronicle charged that the United states
Mutual Accident Association had lost about 5000
the company and the investment Company OF
New-Jersey was ''unbusiness-!ke, one-sded and op-
Accident Association" a reporter was referred by
the treasurer of the Accident Association TO Ben,
jamin &. MENUS who said he not connected
with the association In any specific capacity. Mr.
Nevlus said that 1t impossible for him TO
say whether Mr.. Pitcher would have resigned on
account of his health II these charges and the
attack had not been made. He did not know that
Mr. Pitcher looked like very Ill man. Mr.. Nevlus
said that the charges were false and that neither
the a1iocia ton nor the company had been wrecked
by Mr. Pitcher else Both were
thoroughly solvent. although II was true mat the
membership OF the association smaller than
il last year.
Mr. Nevius said that the investment company
was organized by Mr.. Pitcher in 1890 under
tract by which the company was TO conduct all the
business of an agency department and receive
therefor o. per OF the total assessment income
Of the association. out of this the company was
10 pay all the expenses of the agency depar tment
and II also to guarantee 10 the association
200po risks each year The investment com
pany was first capitalized 100000 and subsc-
quenty reorganiZei with capital OF N.50.0O Mr..
Pitcher has for year or two held even a con-
trolling interest. although at first he had large
majority of the stock. His profit from the invest
ment company in lieu of compensation
from the association. and succeeded contract
from which Mr.. Pitcher derived an income Of about
$4,000 a year. Mr.. Nevius declared that the at
lacks inspired by who discharged
as Mr.. Pitchers private secretary