Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1905-12-07
.H0LD-UP BY
low A MANI.
INSURANCE INVESTIGATION WIT.
NESS DECLARES COMPANY
WAS WcTIMlzED
ACCUSES MAX BEEHLER
Vice President Eldredse Of the Mutual
!, Reserve Life Insurance Co. Says
Aggregate Amount Paid Alleged
erafters Was $4,000, Distributed In
Several States.

Washington, d. c., Dec. g.
Senator Chauncey Depew will
tender his resignation as a direct
or Of the Equitable Life to the
board Of directors at It's next
meeting.
New York. Dec. 6. - At the an
nual meeting Of the : Equitable
Life Assurance society today, Sir
William Mather of Manchester,
England. Alexander C., Humph-
reys and J. Edward Swanstrom Of
New York, Tom Randolph of st.
Louis, George e. vieter, Wallace
L. Pierce, Thomas T. Eckert, Dan
iel A. Tompkins. T. Dewitt Cuyler
Thos. Spratt, Frank 8. Witherbe,
James Mcmahon ande Eben B.
Thonls, were elected directors. All
the directors except Eckert and
Cuyler were nominated by Grover
Cleveland and his co-trustees and
all are policy holders.
New York, Dec. 6. George D.
first vice president Of the
Mutual Reserve Life was again a wit.
ness before the insurance Investigate
ing committee today. He was exam.
ined regarding the legal expenses OF
the company and its foreign invest.
ments.
Instances in which the Mutual Re.
serve Life Insurance company
paid an aggregate OF about
$4,000 in what Vice President
George D. Eldredge of that company
called ".hold-ups" were related to the
life insurance Investigating committee
by Eldredge.
One instance Of ''hold-up'' Eldredge
said was In 1890 when MIX Beehler
"a so-called examiner" of the Iowa in
surance department came to- New
York with his son as an assistant, ex
amined the Mutual Reserve Life insur
ance company and presented to 1t a
bill for $489 for the examination
Rather than pay the bill the company
withdrew it's business from Iowa, but
a little later paid that bill and anoth
er Of $346 to Max Beehler for verifi
cation of his previous examination IL
order to get permission again to de
business in the state.
Paid Lawyer $4,000.
In another case. in 1898, Eldredge
testified, the company paid $4,000 te
John Mcdonald. Philadelphia lawyer
who has been active in organizing the
policy holders Of the Mutual Reserve
Life Insurance company into move
ment which charged President Burn
ham of that company with mis-
management and demanded his re
moval. The charges also reflected
upon Eldredge's management as vic'
president and the threat was made tt
ask for the appointment Of re
ceiver for the company.
Engaged in this movement Of pol
icy-holders also was ]. S. Hoffecker
former auditor of the company, wht
had been dismissed or who had re
signed. Before leaving the company
Hoffecker informed Burnham that HI
resigned because their ideas as Il
common monesty differed SO mucl
and because he knew of so many qnes
tinnabie transactions of which Burn
ham had approved.
Eldredge declared Hoffecker wa
not dismissed until he had demanded
an increase in salary from $35 to $40,
a week and practically said 1t wa
safer for the company to keep hin
than to let him go, In view of what HI
knew about the company.
"lIlegaI Fees" In Missouri.
Eldredge told also how he tried t,
secure license Ior his company to d,
business in Missouri in 1898 and fount
that it would have to employ w. Fl
Phelps as attorney before it could d,
SO. Phelps got the license for tn,
company in three days and was pait
$4,000 as illegal fees" Eldredge said