Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1905-04-21

10 their own use without any account
iLg for the assets 40 used or for the
gains and profits SO, as Aforesaid un-
lawfully and fruudulcutly made by
thom I'M the manipulation Of the assets
The agents were opposed 90 any
change which DID not conserve the IN
terests Of pUllCyho,ders, and had sug-
gested a committee for poiicyhOljers as
trustees appointed boy President RoOse-
Welt, or to designate eX-President Gro
Yer Cleveland, or a committee Of COLI
loge presidents He believed adverse
legislation IN other states could be pre-
vented by prompt action In New York.
Archibald Haynes of Portland, Maine,
followed with similar remarks,
Superintendent Hendricks In reply
said that he had expressed himself
clearly In favor Of naturalization, ana
that be was sure relief could be obtain
cd by legislation, lie said that II
Judge Maddox decides IN the Lord suit
that he has no power To put IN force
the amended charter an appeal viii be
made To the court of appeals or to the
United States courts lie asserted that
he did not believe the Hyde inerests in
sltutod the Lord suits. Mr.. Lord rs OPP
posed TO the naturalization plan, said
Mr.. Hendricks only because he believes
his stock viii be impaired by the
amended charter Mr. Hendricks eN-
pressed himself In favor Of the PROPOSE
ton In the hands OF the attorney-gen-
oral concerning pOliCyhOldrrs' represen-
tation upon the directorate making II
only question of time when policy
holders will be I'M control In closing
Mr. Hendricks said:
And / viii tell you, too that before
/ get through with this company ] will
find out who are dummies ! will find
out absolutely. You can rely on this,
When we get done we viii tell you the
true condition Of the society. ] cannot
weeks or months. but 10 Will De thor
oughly done. In the meantime the
FrIck committee has asked questions
which win take 30 or 40 days to am
sWer"
Another allegation Of the bin sets forth
that one or more Of the officers and
directors under the unlawful and frau
dulcnt guise Of pretenses Of promoting
the business of the corpora ton by add
ycrtising have charged 10 the company
large amounts expended by them for
their own personal use and pleasure
and for which the corporation never
received any benefits land that the
officials have paid back 10 the company
out Of the money taken from the assets
and used for their own benefit and
pleasure, certain large sums Of money
and that these sums are but AN in
significant part Of the amount drawn
out Of the assets of the corporation
and appropriated by the officials Tor
their own pleasure and individual
profit and not for the benefit Of the
corporation or its polcyholders.
The bill asks that an accounting be
given OF the surplus and assets in or
der that the amount Of sur
plus for distribution may be ascer-
tanned A reservation Is made in the
petition whereby all death claims may
be paid should the affairs OF the COM
pany be involved in litigation as re-
suit OF the bill The bill also asks
that the affair be referred to as a
master I'm chancery so that the amount
due to each policyhoder out ~ the
surplus may be determined for the
purpose Of distribution. The petition
further asks FOR Injunction restraining
selling, dealing, manipulating or In
any way disposlng Of the surplus and
assets of the company except 70 pay
death claims and that a receiver be
appointed 10 take charge Of the money
property and assets Of the company
stunt Hendricks statements were APP
plauded by the agents who this after
moo left for Albany, where they VIII
call upon Gov. Higgins tomorrow.