New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-03
TO SUE n. 7. LIFE HEADS.
POLICYHOLDERS' DEMAND
Seek to Make Mccall and Perkins
Return Cam pmgn Funds.

Seek to Make VI ct all ana PerhfnS
Return Campaign Funds.
William Hepburn Russell. Of Russell & winslow,
acting for policyholders Of the New-York Life. has
sent TO the board of trustees = request that they
bring suit Immediately against President Mccall
and George W Perkins to recover the $4,000 spent
in campaign contributions II the trustees take
no action suits viii he brought against MeSsrs'
Mccall and Perkins in behalf of the polcyholders,
say the lawyers They ask. in case the trustees
decide to bring suit. that they do II through coun
sci under the rAuence or control OF PRESIDENT
Mccall and Mr.. Perkins.
Russell & winsow also have written to Attorney
General Mayer asking him for permission 10 orns
an action or suit in equity to compel these onl-
GERS associate trustees or directors 10 re
fund any campaign contributions 10 any party III
national State or municipal campaigns. or any
other sums expended without corporate action or
lawful authority for influencing or controlling legis-
lafion at Albany or any other capital The law
yers name as their clients Walter Goodyear Lem
ueI D. Lilly and William B. WinsloW' with other
policyholders.
In their letter to the trustees the lawyers say in
part:
ts the hGulS S Of the moneys of the Life
Insurance Company is fraud upon me Pollo og
holders Of the company, wrongful use ana E4m
version of The corporate moneys and an unla"Iui
porafion for political purposes to political party
that said contributions We're and are without al5
h3sy OF of he R Y Life COMPANY
END Of snf Of public policy and public morals
IN the event that you do not make reasonably
pao1ested We hereby notify you that for and In
ef Of our said clients and b for the mIe ane
Insurance. Company shall, in the names OF our
sac TeereseHt who desire to Join IN such actions
proceed TO bring such actions at law or suits IN
S yT1o5sfuIiy taken from the treasury Of the New
York Life Insurance Company and applied TO puF
eIIr in
dent Mccall and Trustee Perkins.
To Attorney General Mayer they wrote:
w. are convinced that the only way in which the
very grave public questions involved in this matter
can y s De f e Sf q poeySos brougt
in behalf Of the New-York Life Insurance Com
torE to account for their misuse the corporate
funds in their hands We do not 6eeTe Ina {9s . an
cihc evil. and we therefore ask you to consent consent
TO the inTnfuo 6 s 0y US other pocyhoders as may
Join with them. OF such suit or action
Mr.. Russell said last night:
W. ar. Of the opinion that Section IS Of the IN
surance law is not applicable to polcyaoide[b s
suit Of the kind that we Propose 70 sbouI9 ike to
have the consent of the Attorney Genera Wh3Tn
fskinR suc action IN the premises believe
justifed by the facts and The law /, 49,. sauna or
separate action to seek to hold PreSdgnt M Nc
sponsbie for the s2sSooS placed in the hands Of
Judge Hamilton and expended by him or disposed OF
Believe are illegal and constitute fraudulent mis-
o. ne ard IF its poIicyhoIders by President Nc
Cali and the other trustees
CHURCFMEN-s COMMENT,
Commenting on the disclosures made by the in
surance investigating committee and the resolu-
lions introduced at the diocesan convention by the
Rev John Marshall Chew. OF Newburs, Bishop
Potter declared Yesterday that the Church would
take action quickly that subject when the proper
time came TO act AT present. when the fnvestiga-
ton is under way and many Of the affairs presented
before # are incomplete, II would be highly I'M
rrore- for snv action TO be taken said Bishop
The Rev. Dr.. William r. Huntington. Of Grace
Church, has sent Mr.. Chew letter assuring
him of entire accord in the spirit Of the resolu-
tions DR.. Huntington would not talk about the
letter Yesterday further than to say that II ex-
pressed accurately his sentiments. A preacher
could do no than express publicly his views.
said DR.. Huntington. adding:
The Church has expressed herself ]
When Bishop Potter asked about the express
sions of Nj Chew. he said:
There's really nothing say about Mr. Chew.
OF course. he's getting great deal OF advertising
that it would be premature for US TO take any
When the time comes for US properly TO act you'll
see that we act qgTRy enough me PRINCIPLE OF
member is at liberty 20 get up and introduce any
When Bishop Potter was told Of ?t,, what Dr. Hunt
many minds; he IS entitled TO his opinion
When the committee resumes its sessions to-
morrow it is expected that John A. Mccall, presi-
dent of the New-York Life. will be asked to take
the stand He will be examined by James McKeen
purely insurance features the situation, such
as the wisdom of the deferred dividend plan so
far the polcyhqIders are concerned and the
accumulation Of a surplus. Mr. McKeen has been
studying these insurance features closely When
Mr.. McKeen is through with Mr. Mccall, MI
Hughes Will probably resume his end Of the
animation Of the New-York Life men. ". F. Thum-
mel. of the Mutual, returned this city Sunday
and has sent word Mr.. Hughes that he will
: testify whenever mis- presence is desired
Ex-President Cleveland is expected from New
Hampshire in three or four days When he arrives
meeting OF the Ryan trustees will be held 10 FIX
the date for filling the few vacancies in drec-
torate Of the Equitable. The trustees will he IN !
terested IN an amended plea filed with Alexander
Green. counsel for the Equitable by A Edward |
Woodruff in the Tu suit. This new plea attacks
the validity Of the transfer Of the Hyde stock to
Thomas F. Ryan and therefore attacks the right
Of the trustees TO hold Office
kr Woodruff. in behalf of Mr. T1III saws that
Syde could not convey a proper title TO the 5a2
shares OF stock. as he not thirty wears old
and was prevented by his fathers will from dis
posing OF the stock before he reached that age
The trustees. not having received a proper title
from Mr.. Ryan. says the plea. had caused to he |
elected as directors persons not bona hde owners
q stock or polcyholders
No meeting of policyholders Of the NeT-yorl
Life was held Yesterday. as had been arranged by
the Rev A Lincoln Moore. Of the Riverside Ba ptist
Church Mr.. Moore held a consultation boweyer
with his lawyer. A Judson Hyatt. and will hold
another at his home this morning. when various
poicyholders may be present and take some action
asking Mr.. Mccall 10 resign c H Venner who
has sent letters 10 Mr.. Mccall advising resignation
sent letter Yesterday to the of the New
York Life in which he declared that they shoi,Jd
Mr. MCf Call and