Baxter Springs news. [volume] (Baxter Springs, Kan.) 1882-1919, 1905-10-12
MUST RETURN FUNDS
Nis,ouri's Superintendent of Insur-
ance Makes This Demand.
Notifies New York Life officials
That Certain Sums Must BE Re-
turned or License Will be
Revoked.

Superintendent of Insurance Vandiver
Saturday sent a communication to
President John A. Mccall of the New
York Life Insurance company demand
ing that the $14S,70 $50 campaign fund
contribution be replaced in the treas
7ry of the company under penalty OF
revocation of the compauy's license 10
transact business in Missouri for fall
nre to comply with the demand. In
the communication Superintendent
Vandiver also informs President Nc
Call that the Missouri department OF
insurance will insist on new presi-
lent, vice president and financial COM
mittee for the New York Life lnsur-
snce company just as soon as the d.
rectors can possibly effect the reorgan-
ization.
His communication to John A. Nc
Call in part follows:
Dear Sir: The recent startling dis
closures in regard to the management
of the funds of the New York Life
Insurance company, and particularly
the testimony of yourself and other
officers of the company given before
the investigating committee OF the
New York legislature, make 1t my duty
as superintendent of insurance for the
state Of Missouri to communicate to
your company the views and require
ments of this department, to the enc
that policy holders in this state may
not be defrauded of any portion OF the
dividends or surplus earnings that
are justly due them on the premiums
they have paid.
The public has been very properly
taught by yourself and other officials
OF great insurance companies that the
funds of n mutual company constitute
a flduciary trust, held and admins
tered for the sole use Of those named
as beneficiaries, many Of whom ara
or will be widows and orphans, and
many thousands Of people have taken
insurance in your company because
OF this very fact and the assurance
that every dollar of its assets belongs
to the policy holders.
And. therefore, this department
must insist that all funds so used by
you or by your order, and particularly
the sum Of $14S,7O2.5O, which amount
you confess to having contributed out
of the funds of the company to the
republican national campaign COM
mittee for the years 1896. 1900 and 1904
must be replaced in the treasury OF
said New York Life Insurance compa-
nv within the next 80 days. Notice Is
hereby served upon the New York
Life Insurance company, through you
as its president, that unless this re-
quirement is met, or assurances given
that It will be met without unneces-
sary delay, I, as superintendent Of in
surance for the state Of Missouri, will
proceed under the provisions Of sec
ton 1922 r. s., Missouri, to cancel
or revoke the license Of the company
to do business in this state.
But. from the facts already disclosed
It is evident that the interest OF the
policy holders In the New York Life
Insurance company, as well as Of the
public generally, demand a change In
the management Of the company.
This department will, therefore, insist
that new president and vice presi-
dent and financial committee be put
IN charge of the Affairs Of the company
- soon a. its board Of directors may
Be able to effect the change