The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-12-07
.DEPEW, PERKINS,
M|'CA ]! MUST GO.
Senator'S Resignation to Be
Sought and Insurance Men
to Be Retired.


to Be Retired.
i. Now York, Dec. THE trustees Of
the New YorkHLife now realize that
pubic opinion demands the retirement
of John A. Mccall as president. Some
Of the trustees have asked John Clafin
to take the presidency. Mr.. Clafin, it
IS understood, has declined because of
the pressure Of other business. Other
of the trustees who believe Mr.. Mccall
must go. MI. Mccall himself declares
ne mas no intention Of getting out;
hash t been asked to get out and that
the polcyholders want him to stay. He
admits that Perkins is going to retire.
80 Seeks Depew's Head.
Chauncey NJ: sDepew will be asked to
resign his seat in the United States SEN
ate: A resolution demanding that he
Tetlre. owing to his connection with
trodueed on the first day Of the ap.
preaching session Of the New York
legislature. IF no one else offers it,
Senator Bracket Of Saratoga, who,
more than any other man in the legis-
!ature, contributed to bringing about
the investigation Of insurance compa.
MES, will present it. &r o.
1t is believed, however, that Senator
DepeW, responding to powerful infu-
ences OF political and business char.
fore he is asked to do SO. It is said
upon reliable authority that the Van
'derb1lts will urge the senator to retire
from politics and devote his time to
the railroad business. ~
Why He Should Quit.
Senator Bracket, in making known
today his determination to force the
retirement re- Of Senator Depew,, said:
I, have hay, seen Mr.. Depew's state.
Ing. hisssposition as United States sen.
ator and knows of no. reason, legal OF
emotional, why he should do SO. And
yet i believe that he will. It : is i'm,
possibleIasHto fight. this stars in. their
courses, and the LOGIC ic.o Of present events
"With no wish .tosstrike at man who
is down, and so. pitifully down as is
Senator Depew, believe that he must
and will resign, and that very soon
Inc republican party, must purge. itself
from this insurance situation with an
unspar1ng hand, must, do it SO complete
~ that no one can doubt the cleanliness
OF the result whensreached.' y
Bequeathed Premiums.
! The first witness to appear, before the
| insurance investigation committee TO-DAY
was William A: Butts, paymaster Of the
Mutual Reserve Life Insurance company
OF this city. Mr.: Hughes, counsel fol
the COMMITTEES, asked him for an &C.
count OF the payments made by the com
Pany to Mrs. Harper heir Of the estate
as commissions on premiums which Mr.
Harper bequeathed to his estate and tt
be paid after his death. The witness
/ was temporarily excused and j.. M. Hy
1Iiand. bookkeeper Of the Mutual Reserve
was called and identified entries in. the
books Of the company showing pay
ments: OF $780, each ito Mrs. Harper II
! 1895 and 1885, Some of them. were
| checked with the initials, of Frederick
N. .Burnham, president Of the Mutua
As Mylsnd # sa4,a IS now Mrs
Orlando p. DermAn, having married
since Mrs.Harper's death, The tota
amount paid to, her by the Mutual Re
serve company under the will Of Ed
ward B. Harper witness said, was
,$l34,067, and: she. is still being, paic
i one-third of. 20 cents on each ST ,0O(
insurance in force prior to 1895. Wit
| ness did not know that any money. in
LINE Harper account was paid to Presi
dent Fl. A. Burnham. 10y.
$4,000 to Burnham. H.
:, William A. Butts, the paymaster
then went on the stand. He said h.
gave $4,000 to President F. A. Burn
ham from the contingent fund in 1896
Witness did not. know what the presi
dent did with the money. . -: ;,
George D: Eldredge, vice ,presiden
OF the Mutual Reserve company, wa
called and asked il he had not pre-
paid to Mrs. Harper. was $48 600 AM
to-, the Harper family $4,000. .Th
| witness said he did not intend to hav,
given such testimony. He was asked
why ne had not opposed such payments
as having been made under an illega
| contract, as the company had once con
tended in suit, brought by one Of tn,
heirs. He said he understood tn,
courts decided it was legal in the pre-
Vlous suit. Mr.. Hughes said the poin
was never adjudicated, as the compa
ny's answer alleging illegality va
withdrawn. Witness said he did mo-
know why the $4,000 was paid to Presi
dent Burnham. 10y = -:
J. = 5Ff5 -'~S'"'AAA$s Wiz I o4ACyAOAuSI.
a small insurance company, the Sc
curlty Mutual Life association of Bing
hamton,, N. T.. was investigated yos
terdaay, by the Armstrong committee
and It developed that the game of beat
ing the policyholders out of thei
money which had been PLAYED on suc]
a magnificent scale in the great insnr
ance corporations, is not unknown t.
the officers Of the smaller concern. +
was shown: ..-1r.. -. :
That the Binghamton company wa
started on the proverbial shoestring'
IN 1886; for a number Of years it's of
fcers worked faithfully and industri
ously to build It up, and in 1893, whe
it had been fairly launched upon
prosperous career, the officers devise
a peculiar scheme to get good shar
OF the prosperity :..a s. 49,
MIXED the Life, Company.
4 It being purely mutual company
with every dollar In its treasury sur
posedly belonging to the policyholder.
the men in control formed the Agenc
& Investment company, a stock corpol
: alton, which has since very successful
: mllked' the insurance company.
The Agency and Investment comp;
ny guaranteed to make good any deici
in the funds Of the Life company, an
, for this the Life company made a COZ
Il. !. 4 -.