Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-07-20
ASKS FOR A RECEIVER
Prominent G hicagoanW Wants Ma.
tional Life Insurance Com
pany Investigated
wETHERELL SAYS HEwAs DUPED
Alleges He Was Induced While Border
ing on Physical and Mental Collapse
to Sign Bill of Sale Transferring His
Stock Without consideration-Asks
Courts for Relief.

Chicago. July 2o.-The Record-Herald
tsays: Oscar d. Wetherell, former city
comptroller, has brough. proceedings in
| the circuit court to have a receiver APP
pointed for the National Life Insurance
Company and the National Life Build
| ing, 157 to 161 LaSalle street. The bill
alleges that Albert NJ. Johnson, Eugene
NJ. Prussing, Edward Shedd and others
entered into conspiracy to defraud
him of the National Life Insurance
Company.
| Wetherell claims that Shedd and
Prussing confederated with other per-
sons to take advantage of his weak
physical condition. which bordered on
mental collapse. to influence him to
| sign bill of sale transferring the stock
| to Johnson without consideration. He
lalleges that without his knowledge
Prussing was acting in the dual capaci-
| ity as his attorney and Cor Shedd and
johnson at the same time.
| When seen at his home Saturday
might and acquainted with the charges,
Mr. Prussing declared they were false
from beginning to end. He declined,
however. to discuss them before read
ling the detailed allegations in the bill
filed in court.
According to Wethereli, he was prac-
tically the owner of the company prior
to June 9, 1902 controlling the owner
ship of GAGS shares of it's capital stock.
About the same time 1t Is said he was
indebted on promissory notes to the ex-
tent of 100000, to secure which he had
pledged 9,010 shares CT the capital
stock Of the company. Albert NJ. john
son and Edward A. Shedd. it is csssrged,
became the holders of the notss and
also of the capital stock.
Attorney Prussing, it is said. held be-
fore the complainant the danger OF his
loss of the shares of stock thru the
exercise of the legal holders of the two
promisory notes of the alleged powers
Of sale contained in them. Shedd and
Prussing worked upon his mental con-
dition, it is declared, by continually
calling his attention to this proposition.
Acting under claim of ownership Of
the stock, it is declared, Shedd, john
son and Prussing took control of the
National Life Insurance company and
caused new certificates of stock to be
issued. They also caused an election to
be held, 1t is said, at which Louis G.
Phelps, f. A. Shedd. S. b. Shedd. r. +.
Sackett, Johnson and others were cho-
sen as directed.
Subsequent to June 8, 1902, it is
charged, Shedd. Johnson and Prussing
filed or caused Edward Bornemann.
Fletcher Dobyns and Harriet Meisler,
employees of Prusslng to file with the
secretary of state, a declaration for the
formation Of a corporation known as
the National Life Building company, to
which the National Life Building was
transferred. Johnson subscribed for
5000 shares of stock in the corporation,
it is said, and E. w. Ratcliff is alleged
to have subscribed for 5000 shares.
Wetherell asks that the bill of sale
of his stock, as alleged, be declared
void; that an accounting be taken: that
the National Life Building company be
required to transfer the National Life
Building to the National Life Insurance
company, and that the newly elected
officers of the latter be declared ursurp-
erS.
He also asks for a decree declaring
him to be the owner of $40 shares OIL
stock In the National Life Insurance
company, the appointment of receiver
for the stock, the building and the in
surance company, and new election of
officers for the latter upder the super
vision of a master in chancery