Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1905-10-03
Head of Western Indea.a...y
Life Company Bastt d.
POLICYHOLDERS CLAIM lie
HAS ABSORBED ALL THE FUNDS
Chicago Life Insurance Concern iD
the Lime Light Shows That
Treasury Has Long Been
a Vacuum.

chicago, Oct. 2.-Individual bank
ruptcy proceedings were began today
against f. |. Rosenfeld. manager o!
the Western Life Indemnity company
already the subject of much investlga-
tion en- the Nart of several policy hold
ers, and If the new move meets wi (.
success. Rosenfeld will be compelled
TO testify concerning his interests In
the Western Life Indemnity company.
The Involuntary bankruptcy proceed
ing against Rosenfeld, individually
was filed in the United States district
court by Attorney Salmon Levison for
the complainants. while Judge Kohl.
saat in the United States circuit court
was hearing arguments by Attorney
Isaac Mayer defending Rosenfeld
General Moulton and the insurance
company against an accounting the
appointment of a receiver for the in
surance company and the reference Of
the entire difficulty to a master in
chancery.
ROsenfeld Branded as Criminal.
Chicago Oct 2.-R. /. Rosenfeld
general manager of the Western Life
Indemnity company, was described as
a "trafflcker for his own personal pro-
fit and in utter disregard of the right[
petition presented before Judge Kohl
saat, in the federal court today. Ros-
enfield is charged with making $50 900
by his purchase of contract as gen.
eral manager. and the assets of the
company are set forth as vastly small
er than its liabilities The Security
Life and Annuity company with which
ii is proposed to merge the Life in
demnity is declared to be small
concern which has not sufficient
strength and financial ability to per.
form the policy contracts of the In
demnty company"
The intervening petition was drawi'
In behalf of Mrs. Ida Gtratton. widow
OF james Strattou, OF New Orleans
who, 1t Is alleged, holds an unpaid
death certificate for $4,000 against the
Indemnity company.
The assets of the company are set
down on the first of the year as $4SS,-
600 ana are said to have dwindled un
der Rosenfed's management until
they are now but $313.000.
The bill asserts that there are thou
sands of outstanding policies amount
ing In the aggregate to $l3. 600, 900. II
submits that the assets of the com
pany are nowhere near sufficient tC
pay the liabilities. 1t asserts that since
May last, Resented has refraineG
from sending TO polcyholders the Gus
tnmary monthly statement regarding
the condition of the mortuary fund
THE proposed merger" says the
bill, would mean the transfer of the
members and assets Of the Western
Indemnity Life to Rosenfeld."
1t Is alleged that under the law the
Security and Annuity company has no
rfer 10 AI..
Western Indemnity company and that
death claims under such transfer
would be null and void
Stead May Now Take Charge.
Chicago Oct 2.-William III. Stead
attorney general of Illinois, may now
take complete control of the inVestiga
ton in the affairs of the Western Life
Indemnity Insurance company an(
bring about a settlement which vii
be agreeable to the policy holders
While arguments for the appointmen
of a receiver for the company and 70,
an accounting were in progress before
Judge G., c. kohlsaat. in the Unitet
States circuit court today, Attorney
Walter w. Hawk. who represents a
number of alleged unpaid policies
declared that a movement is on foot
whereby the policy holders and Off
eials of the company will each place
in the hands OF the attorney. genera
all of the charges and information
concerning the company
Two new intervening petitions were
presented before this action.
Company's Treasury Empty.
State Insurance Examiner Pfouts has
made his report on the condition OF
the Western Life Indemnity company
at the close of business August 81.
The gross assets he found to be 1914
944; total liabilities and deductions
$151,46S; balance to protection con-
tracts. S223,43S.