Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-01-15

changes IN the Southwestern were
Drought about without notice to the
members or policy holders; that there
after the said officers did not fulfil and
are not nbw fulfilling the duties they
owe 70 THE association, but on the con
trary held the proxies previously ob-
tanned TO transfer the property and
business to the Conservative Life In
surance Company, of Los Angeles,
Cal; that President Edwards and other
ofilceYs of the Los Angeles company
NOW have under their control proxies to
be Used at the annual meeting TO be
hsiR January Is, obtained ostensibly to-
Vots compliance with the stipulated
Premium laws of the state, but in real
itE 10 dispose of the business to another
Company without Just compensation or
feturn to the Southwestern or its
infembers. The plaintiff asked that
temporary writ of injunction be issued
restraining and enjoining defendants
from taking any action whatever look
ing toward the election of officers Or di-
rectors from voting any of the said
proxies, and from assigning or trans
ferring the same and from in any man
ner iwhatsoev attempting to arrange
a consolidation of the Southwestern
and the Conservative Life. of Los
Angeles. or any other company; that on
the final hearing of the injunction the
defendants be required to produce all
the books and papers of the South
western and that a receiver be up
pointed to take charge of the affairs OF
the company and manage the business
until otherwise directed by the colrt.
Judge l,aswell at once issued an oreler
for an injunction after perusing the
application and the papers We're placed
in the hands of Sheriff Shoemaker for
service. When the notice was served on
Mr. Halbert in the company's office he
declared that he had no interest in the
proceedings further than that he was a
Iolicy holder.
LEFT TIIElNf AT SEA.
The policy holders reconvened shortly
ssfter IL O'clock, but the news of the m
junction had reached the committees
while they were deliberating and little
bad been done. Mr.. Cooper. after the
recess and after the serving of the in
junction, did not wish to go counter to
the courts orders and refused TO act
further as secretary Of the meeting.
What best to do under the circum-
stances was a problem for the meeting,
as there was a division of sentiment re
Searding the right of the stockholders to
10 any business because of the injunc-
ton. Some wanted to proceed, elect Of
ficers and ignore the action Of the Des
AIoines parties, while others, led by Mr..
Allen of Dies Moines. favored adjourn
rent until it could be determined what
effect the injunction would have. Final
L a committee of three. composed OF
Eyron Webster and ]. l.. Carney OF this
city, and Mr.. Wilson. of Grinnel, was
appointed to confer With the organiza-
ton and credentials committees and de-
Stermine the legal status of the policy
Folders, and to report at 1870 p. MI, ia
which hour adjournment was taken
THE AFTERNOON MEETING.
When the meeting Of policy holders
reconvened at o'clock all except the
holders We're excluded from the room.
In the meantime the committee APP
pointed had made an effort Ia have the
Dies Moines attorneys wltitulas .Irai,
application for receiver in their in
junction, suit. Attorney Hewitt tele.
graphed his associate for advice on this
point and pending word from them thu
committee submitted is recommends,
|stions To the policy holders and the sit.
uaiion yeas thoroughly discussed. Late
word came from Dies NIoiness denying
the requests made for a change IN tn,
|iajunction.
DIR. David w. Edwards, president O
the Conservative life. of Los Angeles
9Niiber S. Tupper vice president ane
George i. Cochran, counsel for The same
lsconcern, We're in the city for the pur.
pose of securing the transfer IF thu
business to them and We're anxious I,
secure a llearing before the stockhold
ers, which they finally succeeded in do
ing at a late hour this afternoon.
| The committee reported. thru Nj
| Allen, of Des Moines, that several O
tire members had previously conferre.
with the state auditor and had Learned
! thar several companies had attemptes
/ to buy the Southwestern. Among thes
weresa small Des Moines concern an,
| the National, of Minneapolis. but tn,
auditor had refused to consent to tn
transfer Of the guarantee fund and tn,
onl yone he had favorably considered
was the offer Of the Conservative, o
/ California which agreed 10 maintain
/ its office In this CITY for the benefit o
4 the fiwestern business and to leav
/ the reserve fund in this state. He ia
vored the transfer to the Conservative
as best for the company, Mr. II. G
NIichaels. one OF the policy holders 0
this city, asked Mr.. Allen if he was no
working in the interest of Mr. Halbert
At a late hour the California PROPOSE
ton was still under consideration an
the meeting was divided as to the RICH
of the company to take a vote on tn
4 question owing to the injunction.
There was considerable talk anon
i the policy holders of demanding an ac
counting from ex President Haiber
4 and other officers, and the aid of Til
courts may be sought to accomplis
this. One thing is generally conceded
and that is that the Southwestern wa
4 organized on the wrong plan and ha
been selling insurance below cost. Now
as its policy holders advance in age
death losses will become greater thai
4 the low premiums can pay Som
means is sought whereby the holder
may be saved a loss of their entir
policies.
.THE DEVILS AUCTION"
Many New Features in Yates Bi
4 Spectacle ut the Odeou Frfda